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Global & Regional M&A Report Q1-Q3 2019 Including League Tables of Financial Advisors

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Content

Overview 03

Global 04

Global Private Equity 09

Europe 14

US 19

Latin America 24

Asia Pacific (excl. Japan) 29

Japan 34

Middle East & Africa 39

M&A and PE League Tables 44

Criteria & Contacts 79

mergermarket.com Mergermarket Global & Regional Global Overview 3 M&A Report 3Q19

Global Overview Regional M&A Comparison

North America USD 1.32tn -0.4% vs. YTD 18 Inbound USD 197.3bn 3.9% Outbound USD 268.3bn -7% PMB USD 230.8bn 3.8x

Latin America USD 56.3bn 3.2% vs. YTD 18 Inbound USD 35bn 38.2% Outbound USD 4.8bn 12.8% EMU USD 20.5bn 57.3% 23%

53% Europe USD 573.5bn -29.4% vs. YTD 18 1.3% Inbound USD 248.3bn -34% Outbound USD 187.1bn 20.2% PMB USD 146.3bn 6.1%

MEA USD 125.1bn 141.7% vs. YTD 18 Inbound USD 38.8bn 13.6% Outbound USD 9.3bn -61.3% Ind. & Chem. USD 71.2bn 6.3x 5% 15.3% 2.3% APAC (ex. Japan) USD 383.5bn -28.5% vs. YTD 18 Inbound USD 78.8bn 1.3% Outbound USD 72.4bn -29.5% Ind. & Chem. USD 85.6bn -4.2%

Japan USD 33.6bn 8.6% vs. YTD 18 Inbound USD 11.3bn 5.7x Global M&A USD 2.49tn -11.4% vs. YTD 18 Outbound USD 67.6bn -48.1% Technology USD 12.8bn 70.3% Cross-border USD 911.4bn -14.6% vs. YTD 18 The % values on the map indicate Top sector: PMB USD 405.8bn 51.1% vs. YTD 18 market shares in global M&A

mergermarket.com Mergermarket Global & Regional Global Analysis 4 M&A Report 3Q19 Global

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector USD 2.49tn Date Geography 89.5 03-Jan Bristol-Myers Celgene USA Pharma, Squibb Company Corporation Medical & Biotech Value of global M&A in 1Q-3Q 2019, down 11.4% on last year

88.9 09-Jun United Raytheon USA Defence Technologies Company Corporation

86.3 25-Jun AbbVie Allergan Republic of Pharma, Ireland Medical & Biotech USD USD

70.4 27-Mar Saudi Arabian Saudi Basic Saudi Arabia Industrials & Oil Co Industries Chemicals 262.9bn 424.6m Corporation (70% Stake) Lowest quarterly US Average disclosed deal M&A value since 1Q16 value, the highest on record 54.4 09-May Occidental Anadarko USA Energy, Mining (USD 254.6bn) Petroleum Petroleum & Utilities Corporation Corporation

mergermarket.com Mergermarket Global & Regional Global Analysis 5 M&A Report 3Q19

Global

The slowdown in dealmaking spread to the US market in 3Q19, which will be going through severe merger control scrutiny, is USD 394.1bn spent by private equity firms so far this year, causing global M&A to drop 11.4% YTD on last year to USD only the tenth largest deal of the year so far. But it exemplifies buyout activity is not too far from the record levels seen this 2.49tn (across 13,304 deals). Activity was particularly subdued the strength of European outbound M&A, which at USD 187.1bn time last year (USD 457.7bn). in the difficult to interpret third quarter of the year, when USD is up more than 20% on last year and at its highest YTD level European private equity firms have been showing particularly 622.2bn worth of deals were struck globally, down 21.2% on since 2016. strong interest for North American assets. Six buyouts above 3Q18 (USD 789.7bn) and with 1,164 fewer deals than last year. It also serves as a reminder that in spite or perhaps because USD 1bn have already been conducted by European sponsors The US market, which had so far seemed immune to the of slowing global economic growth, which, according on North American soil this year, five of which in 3Q19. Deals global downward trend at play since the middle of last year, is to a recent Organisation for Economic Cooperation such as BC Partners’ acquisition of a 51% stake in Canada, starting to be impacted. At USD 262.9bn in 3Q19, US M&A has and Development (OECD) report, could, in 2019, be the Montreal-based security services group Garda World Security fallen to its lowest quarterly value since 1Q16 (USD 254.6bn). weakest since the 2008 financial crisis, appetite for large in July or Permira’s take-private of US-based life sciences Worth USD 1.25tn YTD, US M&A is still marginally up on the transformative deals is still strong among corporates. So far company Cambrex in August have helped take the cross- same period last year (USD 1.23tn), just about retaining a 50% this year, 31 megadeals (> USD 10bn) took place, only the border buyout activity between the two continents to record YTD share of global M&A activity, down from 52.5% in 1H19. second time since 2008, that more than 30 such deals are levels. recorded within the first nine months of the year. Marred by the trade and tech war between Washington and Beijing and persistent political instability in Hong Kong, YTD With regards to large deals, the Pharma, Medical & Biotech M&A activity in Asia is down 26.5% over last year to USD (PMB) sector never fails to deliver and managed to put three “Whether they are 417.2bn. China and Hong Kong accounts for only 7.8% of deals in this quarter’s global top 10, including the creation of a global M&A activity so far this year, down from 11.4% last year mighty generic drugs maker through the combination of US- motivated by the desire to and a far cry from 2015, when they were responsible for 15.6% based Mylan and Pfizer’s Upjohn, which is itself expected to of the total global value of deals. In fact, the largest deal of engage in M&A, as reported. get more growth, or a way the year so far in the region was struck between Japan and Whether they are motivated by the desire to get more growth, Australia with Asahi’s AUD 16bn (USD 11.3bn) acquisition of or a way to secure future survival, deals are getting larger. to secure future survival, Australia-based brewery Carlton & United Breweries (CUB) On the back of the longest equity bull market in history, and from Anheuser-Busch InBev in July. amid persistently low interest rates, corporates have ample deals are getting larger” After an abysmal performance in 1H19, Europe has enjoyed a cash reserves and appealing debt financing options at very relative recovery over the summer, with the value of deals their disposal to pursue M&A. This context and the growing in 3Q19 reaching USD 166.5bn across 1,551 transactions down feeling that it will not last forever are pushing valuations up. only 2.3% compared to 3Q18 (USD 170.5bn across 1,974 deals). At USD 424.6m YTD, the average size of deal with a disclosed Beranger Guille, Global YTD, European M&A is still down 29.4% compared to the same value is up from USD 380.1m in 2018, and the highest on period last year. Mergermarket record by some margin. Editorial Analytics Director The largest deal of the quarter, London Stock Exchange’s USD Private equity’s unquenchable thirst has been another source 27bn acquisition of US-based financial data provider Refinitiv, of great consolation for global dealmakers. With a disclosed Mergermarket Global & Regional Global Analysis 6 M&A Report 3Q19

31 7.8% -21.2% Global share of China and Global M&A value decrease Hong Kong M&A, down from from 3Q18 to 3Q19 Number of megadeals 11.4% the previous year (> USD 10bn) announced so far this year

USD -29.4% USD 27bn 622.2bn Value of LSE-Refinitiv deal, Value of Global M&A in European M&A value YTD the largest deal in 3Q19 3Q19, down 21.2% on last decrease on last year year

mergermarket.com Mergermarket.com Mergermarket Global & Regional Global Analysis 7 M&A Report 3Q19

Chart title 1 Chart title 1 ChartGlobal title Quarterly2 Breakdown Trend ChartGlobal title Sector 2 Breakdown Trend 2014 - 2019 1Q-3Q18 - 1Q-3Q19

1100 4000 21000

1000

3500 18000 900 1,199.8 1,120.0 753.9 3000 800

826.2 15000 959.5 952.2 700

2500 Deal Count 789.7 12000 600 869.8 622.2

2000 ) (USDbn Value Deal 838.5 500 860.5 715.4 1093.8 Deal Value (USDbn) Value Deal 9000 1500 1079.3 400 854.7 960.0 1,040.5 756.8 300 963.2 6000 1000 741.6

200 391.7 523.1 391.7 3000 366.5 331.4 500 948.1 912.7 268.6 257.5 761.5 763.2 100 307.6 226.9 629.5 570.9 284.2

0 0 0 2014 2015 2016 2017 2018 2019 Pharma, Medical Industrials Energy, Mining Technology Business Other & Biotech & Chemicals & Utilities Services

Q1 Q2 Q3 Q4 2018 2019

Deal Count

mergermarket.com Mergermarket Global & Regional Global Analysis 8 M&A Report 3Q19

Global League tables

Financial advisor league table by value

Ranking 3Q19 3Q18 Regional ranking comparison

3Q19 3Q18 Company name Value Deal % Value Value Europe US Asia Japan Middle Latin (USDm) count change (USDm) Pacific East & America Africa 1 1 Goldman Sachs & Co 981,313 259 15.5% 849,790 1 1 2 4 3 4 2 3 JPMorgan 790,938 210 17.6% 672,574 3 2 6 11 1 19 3 2 Morgan Stanley 764,274 188 -4.1% 796,696 2 3 4 1 5 3 4 4 Citi 581,529 154 -4.3% 607,569 7 5 3 18 6 2 5 7 Evercore 559,497 120 55.0% 360,877 4 4 23 13 27 24 6 5 Bank of America Merrill Lynch 512,472 149 15.9% 442,279 5 6 1 20 4 1 7 9 Credit Suisse 288,538 116 -10.2% 321,255 10 7 7 92 18 18 8 6 Barclays 251,945 137 -32.6% 373,593 12 8 16 14 11 - 9 16 RBC Capital Markets 188,365 80 92.0% 98,124 36 9 144 - 17 39 10 14 PJT Partners 171,506 30 14.8% 149,337 9 10 128 - 122 15 11 8 Lazard 167,975 166 -51.1% 343,812 6 14 18 7 9 14 12 20 Jefferies 162,904 131 91.1% 85,236 14 11 32 28 10 76 13 11 Centerview Partners 147,875 41 -26.0% 199,707 23 12 44 - 21 - 14 27 HSBC 135,457 43 87.7% 72,180 16 32 13 15 2 12 15 13 UBS Investment Bank 127,036 98 -17.9% 154,737 11 27 9 12 15 8 16 10 Deutsche Bank 126,922 78 -57.9% 301,566 13 15 11 24 16 - 17 12 Rothschild & Co 116,808 208 -37.4% 186,603 8 25 5 8 12 16 18 60 Dyal Co 102,889 2 380.3% 21,420 - 13 - - - - 19 107 Klein and Company 75,893 4 1314.1% 5,367 100 58 - - 7 - 20 23 Moelis & Company 70,940 79 -11.8% 80,466 35 17 54 21 8 56

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 9 M&A Report 3Q19 Global Private Equity - Buyouts

Buyouts - Quarterly Breakdown (2015-2019) Buyouts - Top Five Deals (3Q19)

Value Deal Details 600 4000 (USDbn)

111.4 Announcement Bidder Company Target Company Target Target Sector 480 130.3 3200 Date Geography

Deal Count 14.1 08-May EQT Partners - Zayo Group USA Telecommuni- 138.4 Digital Colony Holdings, Inc cation 360 129.5 108.8 2400 Partners 124.6 152.5 consortium

240 107.9 1600 13.4 02-Jun Blackstone Group GLP Pte Ltd (US USA Real Estate 108.6 180.3 Deal Value (USD bn) (USD Value Deal 172.8 Logistics Assets) 168.2 122.6 120 103.5 800 138.9 112.5 65.7 73.6 90.6 11.8 04-Feb Hellman & Ultimate Software USA Technology Friedman - Group Inc 0 0 2015 2016 2017 2018 2019 Blackstone Group consortium

Q1 Q3 Deal Count 10.2 10-May IFM Investors Buckeye Partners, USA Energy, Mining Q2 Q4 LP & Utilities

Buyouts 3Q19 3Q18 Change 10.1 16-May EQT Partners Nestle Skin Health Switzerland Pharma, Deal Value USD 394.1bn USD 457.7bn -13.9% - Abu Dhabi SA Medical & Investment Biotech Deal Count 2,467 Deals 2,860 Deals -393 Authority consortium mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 10 M&A Report 3Q19 Global Private Equity - Exits

Exits - Quarterly Breakdown (2015-2019) Exits - Top Five Deals (3Q19)

Value Deal Details 600 3000 (USDbn)

500 111.7 Announcement Seller Target Target Target Bidder 152.9 2400 Date Company Company Geography Sector Company 127.3 127.0 Deal Count 38.5 16-Jan Kohlberg Kravis First Data USA Business Fiserv, Inc 400 Roberts & Co Corporation Services 155.2 1800 137.8 143.7 95.4 300 112.2

1200 27 01-Aug Blackstone Refinitiv USA Business London Stock

Deal Value (USD bn) (USD Value Deal 130.6 200 191.1 Group; CPPIB; Services Exchange 164.6 120.3 125.1 GIC; Thomson Group Plc Reuters 600 100 Corporation 136.2 109.7 95.2 94.8 103.2 8.1 14-Jan Temasek Ascendas- Singapore Real Estate CapitaLand 0 0 Holdings Pte Singbridge Pte Limited 2015 2016 2017 2018 2019 Ltd

Q1 Q3 Deal Count Q2 Q4

6.7 02-May Apax Acelity USA Pharma, 3M Company Partners LLP; Medical & Exits 3Q19 3Q18 Change CPPIB; PSP Biotech Investments Deal Value USD 326.2bn USD 449.4bn -19.4%

Deal Count 1,711 Deals 1,950 Deals -239 5.6 24-Jun Altamir Altran France Business Capgemini Amboise; Apax Technologies SA Services SA Partners SAS mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 11 M&A Report 3Q19

Buyouts - Investors’ activity

European investors targeting North American assets (1Q-3Q periods) USD 28.4bn

2010 Value of transatlantic buyouts 2011 in North America by European 2012 investors YTD 2019 2013

2014

2015

Deal Count Deal 2016 47.8% 6

2017 Share of North American Number of buyouts above 2018 buyout value across global USD 1bn conducted by

2019 buyout value (YTD 2019) European sponsors on North American soil in 2019

0 10 20 30 40 50 60 Buyouts above USD 1bn Number of Buyouts

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 12 M&A Report 3Q19

Buyouts - Regional Breakdown

Regional Breakdown - Market Share (%) by Deal Count

USA EMEA USD 165.9bn Deal Value 39.4% USD 139.2bn 43.4% Deal Value 971 Deal Count 1,072 Deal Count

Asia-Pacific USD 62.6bn 12.9% Deal Value 318 Americas Deal Count (excl. USA) USD 26.4bn 4.3% Deal Value 106 Deal Count

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 13 M&A Report 3Q19

Global Private Equity League tables

Global (buyouts+exits) league table by value Global (buyouts+exits) league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 5 Bank of America Merrill Lynch 116,860 41 133.6% 50,017 1 8 PwC 15,370 80 23 57 2 3 Citi 91,156 34 22.5% 74,415 2 6 Lincoln International 1,244 65 -2 67 3 6 Evercore 87,601 38 132.8% 37,636 3 1 Goldman Sachs & Co 71,485 63 -21 84 4 2 Morgan Stanley 72,367 40 -39.9% 120,354 4 3 Rothschild & Co 26,340 62 -7 69 5 1 Goldman Sachs & Co 71,485 63 -45.4% 130,845 5 13 Jefferies 58,612 61 11 50 6 4 JPMorgan 63,805 43 -1.6% 64,854 6 5 Deloitte 2,978 58 -9 67 7 7 Barclays 58,850 49 56.5% 37,603 7 4 William Blair & Company 9,638 56 -13 69 8 16 Jefferies 58,612 61 133.7% 25,083 8 10 KPMG 2,740 51 -4 55 9 8 Credit Suisse 49,355 31 32.8% 37,174 9 16 Barclays 58,850 49 5 44 10 9 Deutsche Bank 48,114 22 29.5% 37,158 10 2 Houlihan Lokey 4,197 48 -23 71 11 19 Canson Capital Partners 31,000 2 82.4% 17,000 11 11 JPMorgan 63,805 43 -8 51 12 13 UBS Investment Bank 27,982 28 -10.3% 31,209 12 15 Harris Williams - 43 -4 47 13 11 Rothschild & Co 26,340 62 -16.6% 31,595 13 14 Lazard 21,568 42 -7 49 14 15 RBC Capital Markets 22,948 34 -19.7% 28,568 14 12 EY 2,535 42 -9 51 15 14 Lazard 21,568 42 -25.8% 29,081 15 29 Bank of America Merrill Lynch 116,860 41 16 25 16 246 Qatalyst Group 17,477 7 - - 16 7 Morgan Stanley 72,367 40 -25 65 17 70 TD Securities 16,964 7 775.8% 1,937 17 9 Robert W. Baird & Co 5,388 40 -15 55 18 53 PwC 15,370 80 367.5% 3,288 18 21 Evercore 87,601 38 2 36 19 10 Macquarie Group 11,830 25 -62.7% 31,754 19 23 Raymond James 1,424 37 3 34 20 97 HSBC 10,889 8 1103.2% 905 20 32 Piper Jaffray & Co 1,419 37 18 19

mergermarket.com Mergermarket Global & Regional Europe Analysis 14 M&A Report 3Q19 Europe

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector Date Geography USD 573.5bn 86.3 25-Jun AbbVie Allergan Republic of Ireland Pharma, Medical & Biotech Value of YTD European M&A, down 29.4% versus YTD 2018 26.9 28-Feb Novartis Alcon Switzerland Pharma, (Shareholders) Medical & Biotech

10.4 31-Jul EssilorLuxottica GrandVision Netherlands Consumer 23% 22.4% 10.1 16-May A consortium led by Nestle Skin Health Switzerland Pharma, EQT Partners AB and Medical Abu Dhabi Investment & Biotech Authority European share of Private equity buyout global M&A, down share of European M&A, 7.6 20-Aug Elanco Animal Health Bayer Animal Germany Pharma, from 27.4% in 2018 the second highest Incorporated Health Medical & Biotech percentage on record

mergermarket.com Mergermarket Global & Regional Europe Analysis 15 M&A Report 3Q19

Europe

With growing concerns over the Eurozone economy, resulting buyouts announced so far this year accounts for 22.4% of YTD share on record. The weakening of German firms may in the ECB announcing another round of stimulus, European total activity, ahead of all annual figures bar 2006 (25.3%). result in a rise in interest in large and upper-mid cap assets, M&A has taken a downturn, supported only by the ongoing while activity the Mittlestand remains fairly subdued. The Take-privates remain a key avenue for buyout firms and, due to strength of the private equity market. Mirroring wider global pipeline points to private equity interest in a number of high- the vast amounts of dry-powder available, there appears little activity, dealmaking targeting Europe fell 29.4% versus Year- profile situations, including BASF’s construction chemicals unit sign the trend is coming to a halt. The YTD deal count (USD To-Date (YTD) 2018. The largest deal in Europe in the third and Thyssenkrupp’s elevator business. 37.1bn, 25 deals) has reached its highest point since 2007 (31 quarter saw EssilorLuxottica acquire Grand Vision for USD deals) while the combined value has already surpassed the Meanwhile political uncertainty continues to hamper Italian 10.4bn. The deal is one of a number in the retail and leisure 2018 full-year total (USD 35.2bn). This includes Advent’s USD M&A (USD 26.7bn), falling 48.9% versus the equivalent period spaces announced in Q3 pointing to defensive consolidation 5.2bn offer for UK-based defence company Cobham. in 2018 (USD 52.3bn). Dealmakers, however, may be cautiously in under-performing sectors more severely exposed to an optimistic that the formation of a new coalition will bring economic downturn. Take-privates were prevalent in the UK where private equity greater confidence to the market. firms have taken advantage of the fall in sterling to acquire Following a strong second quarter, foreign investment into international assets. The proposed Cobham takeover is a Despite the buoyant private equity activity, European Europe has again fallen, demonstrating the lack of confidence prime example, given a large proportion of the firm’s revenues dealmakers will continue to worry about the state of M&A with many have in conducting high-profile acquisitions in Europe in derive from work in the United States. the seemingly unrelenting geopolitical upheaval appearing the current climate. Takeovers by Chinese investors continue to affect investment. While private equity looks set to stay to drop, plummeting to the lowest YTD value since 2013 (USD Foreign investment has also begun to see an uptick as, in healthy it remains unclear how corporates will react in the 4.5bn) as political pressure curtails dealmaking. Just USD a similar vein to the months following the 2016 referendum, fourth quarter, and into 2020. 7.5bn has been spent so far this year, down 60.9% versus the cheaper UK assets have been targeted. Recent transactions equivalent period last year. include the USD 6.1bn tie-up between Takeaway.com and Just Eat, and CK Asset Holdings’ USD 5.5bn acquisition of Greene “With many corporates Despite a clear fall from Q2, US investment into Europe King. remains robust and is on course to reach one its highest sitting on their hands due annual totals on Mergermarket record. Europe continues to Overall the UK has seen mixed activity so far this year, down be a key destination for US firms looking to invest abroad, 43.8% by value versus YTD 2018, with many corporates to lack of confidence in the accounting for 67.2% of activity outside the country by value. deciding to delay investments while the current political situation and the threat of a no deal Brexit scenario persists. Deals in the opposite direction also appear to be on the rise, market, private equity has pushing outbound M&A higher, following a slow 2018. The Germany, which suffered a 0.1% decrease in GDP in Q2 and third quarter saw LSE’s USD 27bn acquisition of Refinitiv, the may be on course to hit a recession, saw an uptick in M&A seen its influence grow” largest deal from Europe into the US since the USD 60.6bn value in Q3 – driven by private equity interest in large-cap tie-up between BAT and Reynolds American in early 2017. assets. Buyouts targeting the country have reached USD 23.4bn this year, the second highest YTD value on record, only With many corporates sitting on their hands due to lack of behind 2007 (USD 27.3bn). As a result, buyouts account for Jonathan Klonowski, confidence in the market, private equity has seen its influence a 43.2% share of the country’s overall M&A value, the highest grow in 2019. The USD 128.5bn (1,025 deals) of European Research Editor (EMEA) mergermarket.com Mergermarket Global & Regional Europe Analysis 16 M&A Report 3Q19

USD 130.1bn +6.1% +28.1%

Value of European investment into Increase in PMB M&A (USD Rise in tech M&A value (USD 146.3bn) to its highest YTD 49.8bn) versus the equivalent the USA, already ahead of the full- value on record period last year (USD 38.9bn) year 2018 value (USD 127.9bn)

USD 23.4bn -43.8% -34% Value of German buyouts Drop in UK M&A Fall in European inbound M&A this year, the second highest (USD 114.5bn) versus the value (USD 248.3bn) down from equivalent period last year USD 376.4bn in YTD 2018 YTD value on record (USD 203.8bn)

mergermarket.com Mergermarket.com Mergermarket Global & Regional Europe Analysis 17 M&A Report 3Q19

Chart title 1 Chart title 1 ChartEurope title 2Quarterly Breakdown Trend ChartEurope title Sector2 Breakdown Trend 2014 - 2019 1Q-3Q18400 - 1Q-3Q19

350 1000 10000

900 165.8 9000 300

800 214.1 8000

293.3 250 195.4 170.5 700 7000 199.7

600 Deal Count 200 202.9 6000 373.1 166.5 Deal Value (USDbn) Value Deal 179.8 500 166.5 5000 179.8 366.4 150 Deal Value (USDbn) Value Deal 400 4000 269.0 309.5 193.3 300 3000 100 262.6 199.6 259.2 146.3 200 137.9 2000 116.2 114.3 50 275.0 76.3 63.3 209.4 100 180.5 1000 49.8 44.5 163.6 174.6 147.7 38.9 31.8 0 0 0 Pharma, Medical Industrials Energy, Technology Consumer Other 2014 2015 2016 2017 2018 2019 & Biotech & Chemicals Mining & Utilities

Q1 Q2 Q3 Q4 2018 2019

Deal Count

mergermarket.com Mergermarket Global & Regional Europe Analysis 18 M&A Report 3Q19

Europe League tables

Europe league table by value Europe league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 300,580 115 -23.6% 393,525 1 2 PwC 25,254 242 -17 259 2 2 Morgan Stanley 244,558 73 -25.5% 328,339 2 1 Deloitte 14,963 209 -70 279 3 3 JPMorgan 228,744 92 -29.6% 324,939 3 5 KPMG 6,812 170 -43 213 4 7 Evercore 154,172 50 -13.0% 177,286 4 3 Rothschild & Co 101,029 169 -45 214 5 6 Bank of America Merrill Lynch 142,136 61 -20.7% 179,200 5 4 EY 7,699 153 -61 214 6 5 Lazard 116,909 112 -38.6% 190,283 6 8 Goldman Sachs & Co 300,580 115 -1 116 7 4 Citi 116,868 76 -60.4% 294,932 7 7 Lazard 116,909 112 -7 119 8 8 Rothschild & Co 101,029 169 -35.9% 157,532 8 9 JPMorgan 228,744 92 -15 107 9 18 PJT Partners 99,515 9 56.9% 63,441 9 13 Citi 116,868 76 1 75 10 11 Credit Suisse 92,391 44 -9.4% 101,995 10 11 Morgan Stanley 244,558 73 -6 79 11 15 UBS Investment Bank 84,929 51 19.6% 71,001 11 10 Oaklins 896 73 -14 87 12 10 Barclays 83,612 61 -33.0% 124,794 12 12 Lincoln International 1,148 69 -10 79 13 9 Deutsche Bank 59,587 39 -53.1% 127,053 13 20 Bank of America Merrill Lynch 142,136 61 5 56 14 28 Jefferies 53,929 46 90.4% 28,318 14 21 Barclays 83,612 61 9 52 15 14 BNP Paribas 49,679 46 -32.3% 73,372 15 19 ALANTRA 4,098 58 1 57 16 27 HSBC 38,681 26 17.4% 32,947 16 16 Clearwater International 2,084 52 -11 63 17 - Canson Capital Partners 31,000 2 - - 17 29 Grant Thornton 194 52 6 46 18 13 Nomura Holdings 27,733 21 -67.8% 86,057 18 15 UBS Investment Bank 84,929 51 -13 64 19 12 Robey Warshaw 27,000 1 -69.1% 87,249 19 26 Evercore 154,172 50 3 47 20 34 PwC 25,254 242 30.2% 19,402 20 17 Daiwa Securities Group / DC Advisory 2,562 48 -12 60

mergermarket.com Mergermarket Global & Regional US Analysis 19 M&A Report 3Q19 US

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector Date Geography USD 1.24bn 89.5 03-Jan Bristol-Myers Celgene USA Pharma, Squibb Company Corporation Medical & Biotech Total combined deal value in the US year-to-date, the second 88.9 09-Jun United Raytheon USA Defence Technologies Company highest on Mergermarket record Corporation

54.4 09-May Occidental Anadarko USA Energy, Mining Petroleum Petroleum & Utilities Corporation Corporation USD 137% 42.6 18-Mar Fidelity National Worldpay USA Business Information Services 838m Services Average deal size of Year-do-date Deal value disclosed deals 1Q-3Q increase in Pharma, Medical 41.3 08-Mar DuPont de Dow USA Industrials & (Highest on & Biotech, compared to Nemours Chemicals (Shareholders) Mergermarket record) the same period in 2018

mergermarket.com Mergermarket Global & Regional US Analysis 20 M&A Report 3Q19

Driven by mega deals, the average deal size among disclosed for USD 89.5bn. In August, Celgene announced it would sell facing a large amount of uncertainty that could cause declines deals increased 39% in the US compared to the same period operations related to the Otezla drug to Amgen, for USD 13.4bn, in M&A activity. Global currency values and trade policies are last year. Through 3Q19, the average deal size of disclosed in connection with the merger. In another blockbuster merger in among things expected to see changes between the third and deals in the US was USD 831m, compared to USD 596m for the pharmaceutical space, Pfizer announced at the end of July fourth quarter which could factor into economic sentiment average disclosed deal values through 3Q18. it would merge its Upjohn unit with rival Pharmaceutical giant as more investors believe we are entering an end of cycle Mylan in a Reverse Morris Trust transaction worth USD 24.6bn. economic period. Overall, activity in the US through the third quarter increased by value compared to the same period last year, despite seeing In a media deal years in the making, CBS and Viacom a decrease in the numbers of deals announced. So far in 2019, announced in August they will recombine 14 years after their the US has seen 4,057 deals announced worth a combined split in 2005, in a deal worth USD 20bn. As over-the-top USD 1.25tn, compared to 4,787 deals announced worth a (OTT) content providers such as Netflix, Amazon and Hulu have combined USD 1.23tn from 1Q-3Q 2018. presented an increased threat in the media entertainments space, traditional players have been pursuing consolidations as “Amid sluggish global economic Activity in 3Q declined by both count and value, with 1,206 a defensive strategy. The deal – which has been in the works for deals worth a combined USD 262.9bn, down32% by value from growth and Federal Reserve rate some time – faced some early challenges in the board room, the same period last year, (1,565 deals announced worth a this news service reported last year. combined USD 387bn in 3Q18). cuts in already historically low Outside investors have continued to make large acquisitions Small and mid-market deals appear to be most affected by in the US, with 204 deals announced in 3Q worth a combined interest rate conditions, despite the decline, with over 75% of activity by value in 3Q deriving USD 82.5bn. Inbound deals were led by the London Stock from deals worth at least USD 1bn. Out of a total 1148 deals Exchange’s USD 27bn acquisition of Refinitiv, the US-based strong year-to-date activity, the announced in 3Q worth a combined USD 262.9bn, there were financial data provider, announced on August 1. The transaction, 50 deals worth at least USD 1bn which combined are worth third quarter saw a significant the largest deal announced in the US in 3Q19, marks the USD 199bn. second-largest inbound deal from the UK on record, behind the slowdown” Deals in the Pharmaceutical, Medical, and Biotech sectors led 57.83% stake acquisition of tobacco giant Reynolds American, activity by value in the US, with 444 deals worth a combined by British American Tobacco in 2017 for USD 60.6bn. USD 229bn announced so far this year. Dealmakers started Overall, there have been 697 inbound deals announced so 2019 with expectations that deals would unfold in the space, far in 2019 worth a combined USD 228bn, up 8% by value Philip Segal, with big pharma companies eyeing a large pipeline of attractive compared to the same period last year, (839 inbound deals potential targets, this news service reported in February. announced worth a combined 211.2bn in 1Q-3Q 18). Head Analyst (Americas) Activity in the sectors marks the highest on record (since Looking ahead, M&A activity by value can be expected to 2001), slightly above the previous peak seen in 2015, (457 deals increase compared to 2018 and could potentially surpass the worth a combined USD 224bn). Activity was led by Bristol- highest activity in the country on record, (5,462 deals worth a Myers Squibb’s announced merger with Celgene Corporation combined USD 1.8tn in 2015). However, market conditions are mergermarket.com Mergermarket Global & Regional US Analysis 21 M&A Report 3Q19

USD USD 96bn 89.5bn USD Value of the Celgene-Bristol- Myers Squibb deal, the largest Combined value of 165bn transaction announced YTD 2019 Mega deals (> 10bn) in 3Q19 Combined Technology deal value 1Q-3Q 2019

USD 8.7bn 50 76% Deal Value of Brookfield Infrastructure Deals worth at least USD 1bn Activity by value of deals in 3Q acquisition of Genesee & Wyoming, announced in 3Q worth > USD 1bn the largest Transport buyout in US

mergermarket.com Mergermarket.com Mergermarket Global & Regional US Analysis 22 M&A Report 3Q19

Chart title 1 Chart title 1 ChartUS titleQuarterly 2 Breakdown Trend ChartUS Sectortitle 2 Breakdown Trend 2014 - 2019 1Q-3Q18 - 1Q-3Q19

400

2000 6500

350 6000 1750 5500 300 509.5 508.8 5000 1500

325.7 4500 250 1250 346.9 502.6 4000

412.2 262.9 Deal Count 3500 200 392.5 463.6 387.1 1000 384.7

3000 (USDbn) Value Deal 424.7 150 Deal Value (USDbn) Value Deal 750 391.2 294.9 2500 284.5 509.9 421.1 469.1 2000 228.8 100 500 184.8 293.6 1500 389.6 326.8 161.7 164.8 160.9 153.1 145.6 1000 250 50 96.6 112.8 357.1 416.9 472.9 321.1 500 219.8 254.6

0 0 0 2014 2015 2016 2017 2018 2019 Pharma, Medical Technology Business Energy, Industrials Other & Biotech Services Mining & Utilities & Chemicals

Q1 Q2 Q3 Q4 2018 2019

Deal Count

mergermarket.com Mergermarket Global & Regional US Analysis 23 M&A Report 3Q19

US League tables

US league table by value US league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 815,285 177 46.9% 554,852 1 1 Goldman Sachs & Co 815,285 177 -43 220 2 3 JPMorgan 646,282 137 51.8% 425,651 2 2 JPMorgan 646,282 137 -20 157 3 2 Morgan Stanley 602,169 112 13.8% 529,214 3 3 Houlihan Lokey 12,321 116 -25 141 4 7 Evercore 542,321 96 103.2% 266,863 4 4 Morgan Stanley 602,169 112 -27 139 5 5 Citi 437,270 89 33.1% 328,650 5 8 Jefferies 156,782 108 3 105 6 6 Bank of America Merrill Lynch 343,975 95 9.9% 313,097 6 6 Barclays 213,566 102 -11 113 7 8 Credit Suisse 241,920 76 -2.6% 248,392 7 7 Evercore 542,321 96 -11 107 8 4 Barclays 213,566 102 -36.2% 334,580 8 11 Bank of America Merrill Lynch 343,975 95 2 93 9 15 RBC Capital Markets 175,948 60 156.8% 68,522 9 5 Citi 437,270 89 -39 128 10 12 PJT Partners 163,552 27 15.0% 142,167 10 9 Raymond James 5,842 85 -12 97 11 17 Jefferies 156,782 108 131.3% 67,776 11 17 Lazard 96,164 82 7 75 12 10 Centerview Partners 146,254 39 -23.9% 192,069 12 16 William Blair & Company 14,521 79 3 76 13 40 Dyal Co 102,889 2 380.3% 21,420 13 10 Credit Suisse 241,920 76 -20 96 14 9 Lazard 96,164 82 -51.9% 199,839 14 13 Piper Jaffray & Co 4,429 76 -3 79 15 11 Deutsche Bank 93,853 44 -45.9% 173,527 15 18 Lincoln International 2,013 72 -1 73 16 39 Wells Fargo Securities 64,121 34 165.6% 24,139 16 29 PwC 5,294 66 20 46 17 16 Moelis & Company 62,454 65 -7.9% 67,781 17 15 Moelis & Company 62,454 65 -11 76 18 22 Guggenheim Partners 59,784 28 6.1% 56,348 18 14 Stifel/KBW 14,646 65 -12 77 19 36 BMO Capital Markets 44,425 37 60.2% 27,725 19 19 Rothschild & Co 30,793 61 -10 71 20 31 TD Securities 42,026 16 40.9% 29,830 20 12 Robert W. Baird & Co 14,074 61 -24 85

mergermarket.com Mergermarket Global & Regional Latin America Analysis 24 M&A Report 3Q19 Latin America

Value Deal Details (USDm)

Announcement Bidder Company Target Company Target Target Sector Date Geography 8,641 05-Apr ENGIE SA; Caisse Transportadora Brazil Energy, Mining USD 4.7bn de Depot et Associada de Gas & Utilities Placement du (90% Stake) Quebec; Engie Brasil Energia Value of the largest deal announced

4,715 24-Jul Companhia Almacenes Exito Colombia Consumer in Latin America in 3Q19 – Brasileira de Distribuicao Companhia Brasileira de Distribuicao acquisition of Almecenes Exito 4,200 25-Jan The Boeing Embrae Brazil Industrials & Company (commercial Chemicals aviation business) (80% Stake) 1,728 06-Jun Sonae Sierra Aliansce Shopping Brazil Real Estate Brasil Centers 38% 102%

Increase in inbound deals by Increase in Latin American value compared to last year buyouts by value 1,701 23-Jul Banco Santander, Grupo Financiero Mexico Financial Santander Services (16.68% Stake)

mergermarket.com Mergermarket Global & Regional Latin America Analysis 25 M&A Report 3Q19

Latin America

Propelled by inbound activity, Latin American M&A has been involved domestic bidders. In July, Companhia Brasileira de healthy so far in 2019. Overall, Latin America saw 442 deal Distribuicao, a Brazil-based retail conglomerate acquired “In a post-election year when six announced worth a combined USD 56.3bn, relatively flat a 55.3% stake in Almacenes Exito, a Colombia-based Latin American countries held compared to the same period last year, (493 deals announced supermarket chain operator from France-based Casino worth a combined 58.1bn in 1Q-3Q 2018). Inbound activity Guichard Perrachon, for USD 4.7bn. In September, Brookfield presidential elections, a robust went from making up around 44% of all activity by value in 1Q- Infrastructure Partners sold its 99.2% stake in Colombian 3Q 2018 to over 60% of all activity in the region. So far this electrical power company Empresa De Energia De Boyaca, to M&A market in 2019 had been year, there have been 199 inbound deals worth a combined Canada-based Northland Power for USD 795m. USD 35bn, up over 38% by value compared to 1Q-3Q 2018, Buyouts in Latin America saw an increase compared to last somewhat anticipated” (208 inbound deals worth a combined USD 25.3bn). year, with 41 buyouts worth a combined USD 4bn, nearly Deals in Latin America’s biggest sector, Energy, Mining, and, doubling by value over fewer deals, (53 buyouts worth a Utilities, have made up 36% of all activity by value so far this combined USD 2bn). The largest buyout in Latin America Philip Segal, year, with 65 deals announced worth a combined USD 20.5bn. during the third quarter was the USD 500m buyout of Activity in the sector is up over 60% by value compared to Laboratorios Sanfer, the Mexico-based pharmaceutical Head Analyst (Americas) the same period last year, despite a slight decline in deal company announced in August by Canada’s Caisse de Depot count. A lot of activity in the sector has come from Brazil- et Placement du Quebec. based Petroleo Brasileiro, which continued to make significant Softbank Group ramped up acquisitions in Brazil in the third divestitures in Q3. quarter, participating in three buyouts in the country worth a Petrobras’ divestments have accounted for over 20% of all combined USD 600m. While the Japan-based institution had M&A activity by value in the region so far this year. In Q3, the previously made only two acquisitions in Brazil, so far in 2019 company made four divestments worth a combined USD 1.8bn. Softbank has made six acquisitions in the country worth a Since the beginning of the year Petrobras made ten disposals combined USD 1bn. worth a combined USD 12.5bn, in line with the company’s In a post-election year when six Latin American countries held 2019-2013 Business and Management Plan. presidential elections, a robust M&A market in 2019 had been Colombia proved to be an attractive market for dealmakers somewhat anticipated. Looking ahead, and despite a slowing outside the country, seeing the most inbound activity on economic growth on the continent, Latin America should, in Mergermarket record year-to-date. The outlook on Colombia’s the short term at least, continue to be a source of value for economy is generally positive in the short and medium investors both domestically and abroad. term, with growing consumer spending and lower effective corporate tax rates expected to support sentiment. Out of the 45 deals announced worth a combined USD 8.5bn in Colombia this year, only 13 deals worth under USD 600m mergermarket.com Mergermarket Global & Regional Latin America Analysis 26 M&A Report 3Q19

USD 12.5bn 62% USD 2bn

Increase by value consumer Value of Real Estate Combined deal value of deals YTD transactions in Latin America Petrobras divestments YTD

USD 500m 32 555.5% Largest buyout in Latin Total inbound deals into Increase in YTD combined deal America: Laboratorios Sanfer Colombia YTD value in Colombia compared to (highest on record) last year acquisition by Caisse de Depot

mergermarket.com Mergermarket.com Mergermarket Global & Regional Latin America Analysis 27 M&A Report 3Q19

Chart title 1 Chart title 1 ChartLatin title America 2 Quarterly Breakdown Trend ChartLatin title America 2 Sector Breakdown Trend 2014 - 2019 1Q-3Q18 - 1Q-3Q19

150 800

140

130 700 20

120 28.6 600 110

100 15 500 90

38.1 Deal Count 80 22.2 44.4 400 70 19.5 18.1

Deal Value (USDbn) Value Deal 10 29.4 Deal Value (USDbn) Value Deal 20.5 60 9.3 300 50 18.0 39.9 13.1 30.1 12.7 40 25.3 24.2 21.1 200 11.6 5 10.1 30 21.8

20 11.4 13.8 6.2 12.2 100 5.0 24.8 27.7 4.8 10 3.4 3.2 11.9 14.9 14.1 16.5 1.6 0 0 0 2014 2015 2016 2017 2018 2019 Energy, Mining Consumer Financial Industrials Technology Other & Utilities Services & Chemicals

Q1 Q2 Q3 Q4 2018 2019

Deal Count

mergermarket.com Mergermarket Global & Regional Latin America Analysis 28 M&A Report 3Q19

Latin America League tables

Latin America league table by value Latin America league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Bank of America Merrill Lynch 19,125 12 -25.8% 25,786 1 2 Banco BTG Pactual 5,950 26 3 23 2 7 Citi 15,840 15 184.6% 5,565 2 1 Banco Itau BBA 5,146 26 2 24 3 4 Morgan Stanley 15,088 9 -13.9% 17,518 3 10 Citi 15,840 15 7 8 4 6 Goldman Sachs & Co 13,133 13 84.6% 7,115 4 8 Goldman Sachs & Co 13,133 13 3 10 5 31 BR Partners 12,150 9 2892.6% 406 5 6 Bank of America Merrill Lynch 19,125 12 0 12 6 - Credit Agricole 11,140 5 - - 6 14 Rothschild & Co 3,385 12 5 7 7 26 Santander Global Corporate Banking 11,123 10 1975.2% 536 7 17 Santander Global Corporate Banking 11,123 10 3 7 8 49 UBS Investment Bank 9,265 4 13135.7% 70 8 7 Morgan Stanley 15,088 9 -2 11 9 5 Banco BTG Pactual 5,950 26 -38.7% 9,705 9 29 BR Partners 12,150 9 6 3 10 - Inverlink 5,510 3 - - 10 13 Deloitte 1,119 9 1 8 11 3 Banco Itau BBA 5,146 26 -78.1% 23,510 11 21 Greenhill & Co 647 9 4 5 12 23 HSBC 4,978 3 759.8% 579 12 30 Scotiabank 1,052 8 5 3 13 - Corredores Davivienda 4,715 1 - - 13 5 Oaklins 1,016 8 -6 14 14 15 Lazard 3,888 4 119.4% 1,772 14 11 Vinci Partners 620 8 0 8 15 - PJT Partners 3,557 1 - - 15 9 JPMorgan 1,448 7 -2 9 16 16 Rothschild & Co 3,385 12 219.9% 1,058 16 3 Banco Bradesco BBI 1,892 6 -9 15 17 2 Banco Bradesco BBI 1,892 6 -92.0% 23,587 17 4 Credit Suisse 1,585 6 -9 15 18 12 Credit Suisse 1,585 6 -43.5% 2,806 18 - Credit Agricole 11,140 5 5 0 19 8 JPMorgan 1,448 7 -72.3% 5,219 19 16 KPMG 1,043 5 -2 7 20= - Astoria Capital Partners 1,266 2 - - 20 19 BNP Paribas 805 5 0 5 20= - Riza Capital 1,266 2 - -

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 29 M&A Report 3Q19 Asia Pacific (excl. Japan)

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector Date Geography 11.3 19-Aug-19 Asahi Group CUB Pty Ltd Australia Consumer USD 383.5bn Holdings Ltd Asia Pacific (excl. Japan)

8.1 14-Jan-19 CapitaLand Ascendas- Singapore Real Estate M&A value in 1Q-3Q19, the Limited Singbridge Pte Ltd lowest value since 2013

6.8 26-Feb-19 Hanergy Mobile Hanergy Thin Hong Kong SAR Energy, Mining & Energy Holding Film Power Utilities Group Limited Group Limited (32.49% Stake)

6.0 08-Mar-19 ArcelorMittal SA; Essar Steel India India Industrials & 15.4% 80.7% Nippon Steel Ltd Chemicals Corporation Share of global market Australia’s outbound M&A M&A in 1Q-3Q19, compared value year-on-year increase 5.8 26-Jan-19 Henan Henan Luohe China Consumer Shuanghui City Shuanghui to 19% in 1Q-3Q18 in terms of deal value Investment and Industrial Group Development Co Ltd Co Ltd

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 30 M&A Report 3Q19

Asia Pacific (excl. Japan)

M&A activity in APAC excl. Japan recorded USD 118.7bn across India, a poor performer in the first half of 2019, reversed year-on-year to USD 26.04bn over the same period, turning 786 deals in 3Q19, equal to a 25.8% decrease year-on-year its downward trend in 3Q19 generating USD 17.3bn, a year- Australian into the largest outbound dealmaking market in in terms of value (3Q18: USD 160bn; 1067 deals) in line with on-year 52.1% increase in deal value. Infrastructure deals APAC excl. Japan. In May, IFM Investors acquired US-based the downward trend in the first half of the year. The first three have been an M&A growth engine for the second largest liquid petroleum products pipeline operator Buckeye Partner quarters of 2019 generated 2471 deals valued USD 383.5bn, M&A market in APAC ex Japan. In July, a consortium led by for USD 10.2bn. In August, Macquarie Infrastructure and Real the lowest activity since 2013. Brookfield Infrastructure acquired India’s Tower Infrastructure Assets (MIRA) bought German chemicals firm Currenta for Trust for USD 3.66bn. However, India aggregated 1Q-3Q19 USD 3.9bn. And in June, MIRA acquired a 39% stake in UK- However, the largest deal of the year so far materialised over results (USD 52.7bn; 288 deals) are still lagging behind those based gas distributor Cadent Gas for USD 2.5bn. the last quarter – the AUD 16bn (USD 11.3bn) acquisition of of the same period in 2018 (USD 82.4bn; 343 deals). Australia-based brewery Carlton & United Breweries (CUB) by The outbound landscape could have been shaken up if Japan’s Asahi from Anheuser-Busch InBev. This transaction South East Asia, which hogged the limelight with a stellar the USD 36bn proposed acquisition of the London Stock contributed to a surge in dealmaking value in the consumer performance in the first half of the year, slowed down the Exchange by the Hong Kong Stock Exchange had materialised. sector during 3Q19, which jumped year-on-year by 80.1% to pace of its M&A activity in 3Q19 generating USD 18.4bn across However, the London Stock Exchange rejected the potential USD 21bn (3Q18: USD 11.7bn) despite a 40.7% decrease in deal 84 deals, equal to a year-on-year 13.9% decrease in value deal and observers have been skeptical on whether about count (3Q19: 67 deals; 3Q18: 113 deals). and a 25.7% decrease in volume (3Q18: USD 21.3bn across 113 its chance to be revived, especially due to political and deals). regulatory reasons. The CUB mega deal cemented Japan’s entrenched position as the most active M&A inbound dealmaker in Australia. Private equity buyout activity in APAC excl. Japan edged up Bank of Japan’s low interest rate and lower competition from in 3Q19 compared to 2Q19 but remained weak as previously Chinese players amid a Sino-US trade war provide more M&A predicted. YTD, private equity buyouts almost halved in value “China and Hong Kong, opportunities for Japanese bidders. year-on-year to 57.3bn (1Q18-3Q18: 104.4bn) and decreased 30.9% in deal count to 286 deals (1Q18-3Q18: 414 deals). China and Hong Kong – the largest M&A market in APAC the largest market in APAC excl. Japan – continued their lacklustre performance in 3Q19, With 32 deals valued USD 9.5bn, private equity exits activity generating USD 52.7bn across 381 deals (3Q18: 84.9bn; 521 recorded its worst 3Q performance since 2014 and the worst continued their lacklustre deals). The region recorded USD 194.5bn across 1170 deals quarter performance since 2Q17. The largest PE exit in 3Q19 from January to September 2019, equal to a year-on-year was India’s hotel chain owner and operator Oravel Stays USD performance in 3Q19” decrease of 35.4% in terms of value and 21.8% in terms of 2bn sale to private investor Ritesh Agarwal. YTD, just 124 deal count. private equity exits valued USD 40.75bn were logged in, equal to a 38.3% year-on-year decrease in deal count and a 60.1% The trade and tech war waged by Washington against Beijing decrease in value. Riccardo Ghia, and persistent political instability in Hong Kong, led YTD US investment into China and Hong Kong to decrease by 46.3% While Chinese outbound activity is still dragged down by Research Editor (APAC) in value to USD 5.2bn and 52.4% in deal count vs last year. stricter domestic regulatory controls and a continuous Meanwhile, US outbound investment to Japan increased 7.8x crackdown in the US and the EU on Chinese acquisitions, in value to USD 9.8bn over the same period. Australian outbound M&A surged in deal value by 80.7% mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 31 M&A Report 3Q19

USD 11.4bn 1 Mega deal above USD 10bn 80.1% (Carlton & United Breweries) Value of the CUB - Asahi transaction, Consumer M&A value year-on-year increase in 3Q19 the largest deal in 1Q-3Q19 (best performing sector)

USD 46.3% USD 57.3bn 40.8bn Value decrease in US outbound Value of PE buyouts in Value of PE exits in 1Q-3Q19 investment to China and 1Q-3Q19, the lowest value since 2014 Hong Kong (1Q-3Q19)

mergermarket.com Mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 32 M&A Report 3Q19

Chart title 1 Chart title 1 ChartAsia title Pacific 2 (excl. Japan) Quarterly Breakdown Trend ChartAsia title Pacific 2 (excl. Japan) Sector Breakdown Trend 2014 - 2019 1Q-3Q18 - 1Q-3Q19

200

900 4500

800 4000

160 293.6 700 3500

194.9 600 249.2 3000 120 178.5 170.3 500 152.8 2500 Deal count 160.1 199.9

400 2000 173.4 182.8 80

123.9 (USDbn) deals of Value ) (USDbn deals of Value 232.6 300 118.8 1500 217.5 122.7 149.1 144.1 89.4 89.5 200 168.9 1000 115.4 40 85.6 64 60.2 100 195.9 500 48.5 38.8 141.4 140.9 158.7 33.2 45.3 42.6 114.9 149.4

0 0 0 2014 2015 2016 2017 2018 2019 Industrials Financial Energy, Mining Consumer Technology Other & Chemicals Services & Utilities

Q1 Q2 Q3 Q4 2018 2019

Deal Count

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 33 M&A Report 3Q19

Asia Pacific (excl. Japan) League tables

Asia Pacific (excl. Japan) league table by value Asia Pacific (excl. Japan) league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 8 Bank of America Merrill Lynch 50,942 25 27.0% 40,111 1 2 PwC 13,484 105 22 83 2 1 Goldman Sachs & Co 48,606 34 -55.0% 108,009 2 1 KPMG 13,709 59 -28 87 3 2 Citi 40,290 29 -45.2% 73,480 3 3 Deloitte 18,237 48 -34 82 4 4 Morgan Stanley 38,244 33 -42.0% 65,937 4 4 EY 8,881 47 -24 71 5 16 Rothschild & Co 32,629 25 95.1% 16,727 5 5 Goldman Sachs & Co 48,606 34 -19 53 6 3 JPMorgan 32,084 24 -51.5% 66,089 6 9 Morgan Stanley 38,244 33 -2 35 7 18 Credit Suisse 30,854 22 97.4% 15,634 7 15 CITIC Securities 29,214 31 4 27 8 12 CITIC Securities 29,214 31 27.7% 22,885 8 6 Citi 40,290 29 -18 47 9 5 UBS Investment Bank 29,125 29 -48.6% 56,650 9 7 UBS Investment Bank 29,125 29 -15 44 10 - Wells Fargo Securities 25,008 6 - - 10 17 Huatai Securities 23,978 26 2 24 11 6 Deutsche Bank 24,769 17 -46.6% 46,417 11 16 Bank of America Merrill Lynch 50,942 25 -1 26 12 21 Huatai Securities 23,978 26 68.7% 14,212 12 10 Rothschild & Co 32,629 25 -10 35 13 20 HSBC 22,334 18 55.5% 14,360 13 8 JPMorgan 32,084 24 -11 35 14 13 Deloitte 18,237 48 -14.4% 21,308 14 13 Macquarie Group 12,112 23 -7 30 15 7 China International Capital Corporation 17,825 22 -59.4% 43,952 15 12 Credit Suisse 30,854 22 -9 31 16 9 Barclays 17,507 12 -49.6% 34,709 16 11 China International Capital Corporation 17,825 22 -10 32 17 37 Nomura Holdings 17,177 9 215.6% 5,442 17 30 Guotai Junan Securities 3,466 19 8 11 18 19 Lazard 16,096 14 9.5% 14,697 18 27 HSBC 22,334 18 5 13 19 14 KPMG 13,709 59 -27.3% 18,855 19 18 Deutsche Bank 24,769 17 -5 22 20 34 PwC 13,484 105 138.5% 5,653 20 21 China Securities 11,625 15 -5 20

mergermarket.com Mergermarket Global & Regional Japan Analysis 34 M&A Report 3Q19 Japan

Value Deal Details (USDm)

Announcement Bidder Company Target Company Target Target Sector Date Geography USD 5.2bn 5,193 16-Aug Fortress Unizo Holdings Japan Real Estate Investment Company Group LLC Limited Value of the potential combination

4,154 08-May SoftBank Corp Yahoo Japan Japan Technology Unizo-Fortress, the largest Corporation (31.75% Stake) deal targeting Japan in 3Q19

3,755 12-Sep Yahoo Japan ZOZO Inc (50.1% Japan Technology Corporation Stake)

2,200 01-Jul Applied Kokusai Electric Japan Technology Materials, Inc Corporation 8.6% 44.8% 1,215 06-Aug Kirin Holdings Fancl Japan Industrials & Chemcials Company, Ltd Corporation Year-to-date increase Share of outbound (32.94% Stake) in Japan M&A by value transactions targeting (USD 33.6bn, 320 deals) the US in 3Q19 compared to YTD 2018 (USD 11.9bn, 14 deals) (USD 31bn, 348 deals)

mergermarket.com Mergermarket Global & Regional Japan Analysis 35 M&A Report 3Q19

Japan

M&A activity in Japan is gaining momentum despite growing Chinese bidders, which also continued to be the largest conflict of interest arising from cross-ownership among geopolitical uncertainty and global economic concerns. The outbound destination for Japan in terms of both deal value Zaibatsu in Japan, by forcing listed parent conglomerates to first three quarters of 2019 generated 320 deals worth USD and deal count (USD 11.9bn, 14 deals) in 3Q19, representing restructure their subsidiaries through a series of spin-off and 33.6bn, equal to a year-on-year 8.6% increase in value. These 44.8% of total outbound activity. Financial Services sector buyouts. Japanese private equity buyout investments surged positive results stand in stark contrast with most of APAC M&A deals accounted for 83.2% of total outbound deals to by 7.3x in YTD 2019 (USD 5.3bn, 32 deals) compared to YTD excl. Japan, which has been adversely affected by an ongoing the US in 3Q19, with Tokyo Century Corporation’s USD 9.9bn 2018 (USD 719m, 40 deals) in terms of deal value. Private trade confrontation between Washington and Beijing. acquisition of 75.5% stake of Aviation Capital Group leading equity exits also skyrocketed during the last quarter, recording the outbound deal value to the US. USD 2.3bn worth of deals across 7 deals in 3Q19 alone, more US-based Fortress Investment Group’s USD 5.2bn tender offer than the entire fiscal year in 2018 (USD 1.7bn, 26 deals) by for Unizo Holdings Company is expected to be the largest Inbound activities skyrocketed to USD 11.3bn across 28 deals deal value. The largest exit was led by KKR’s USD 2.2bn sale of Japan-targeted deal in YTD 2019 if completed, turning Real in YTD 2019, 5.7x larger compared to YTD 2018 (USD 2bn, Kokusai Electric Corporation to Applied Materials in 3Q19. Estate into the second largest sector in Japan in 3Q19 in 23 deals). US bidders contributed USD 9.8bn to YTD 2019 terms of deal value (USD 5.2bn; four deals). Meanwhile, the inbound deal values. Japan outperformed China to become Buyout activities in Japan are expected to gain even stronger Technology sector remained the most active sector in terms the most popular Asian destination of outbound investment momentum. Bain Capital will set up a new buyout fund in of deal value both in 3Q19 (USD 6.1bn; 12 deals) and in YTD for US companies, shifting focus from China (USD 3.6bn Japan targeting mid-sized cap companies as private equity 2019 (USD 12.8bn; 39 deals). across 14 deals in YTD 2019, equal to a 63.2% decrease investment has been encouraged by negative interest rates year-on-year versus USD 9.6bn, 41 deals in YTD 2018) amid and the government’s determination in improving corporate Buoyant outbound activity was once again driven by loose tense trade negotiations between the world’s two largest governance, while Carlyle Group is also expecting to raise its monetary policy and the search for investment opportunities economies. Meanwhile, Japanese inbound investment from fourth private equity fund worth USD 1.8bn. overseas amid low domestic growth. Japanese outbound the US increased by 8.8x in YTD 2019 (USD 9.76bn, 13 deals) dealmaking recorded a 29.6% increase in terms of deal value compared to YTD 2018 (USD 1.11bn, seven deals). in YTD 2019 (USD 67.6bn, 243 deals) compared to YTD 2018 (USD 52.2bn after excluding the USD 78.1bn Takeda-Shire deal, The Japanese government is expected to tighten restrictions “M&A activity in Japan 235 deals). Asahi Group’s USD 11.3bn takeover of Australian on foreign inbound investment on high-tech sectors due to brewing manufacturer Carlton & United Breweries (CUB) was national security concerns. Foreign bidders will be increasingly is gaining momentum the largest outbound deal since the beginning of the year, subjected to screening from the government, which will have turning the Consumer sector into the sector with the highest the power to block deals related to the acquisition of at despite growing values in outbound dealmaking in 3Q19. least a 10% stake in domestic targets in certain sectors. The proposed regulation, which is already in place in the defence Outbound dealmaking activity in Financial services (USD 11bn, geopolitical uncertainty” sector, is expected to be expanded to 20 more industries seven deals) remained brisk in 3Q19 as Japanese financial including computer circuits and semiconductors. institutions continue to search for profit in higher-interest rate regions since their ultra-low interest rates at home slashed its According to Mergermarket Intelligence, Japan’s Ministry of loan income. Economy, Trade and Industry unveiled a new set of guidelines Joji Sekinuma, in June 2019 to improve corporate governance and address US is a favourable destination due to less competitions from Analyst (APAC) mergermarket.com Mergermarket Global & Regional Japan Analysis 36 M&A Report 3Q19

USD 2.3bn 70.3% 29.9% Increase in tech M&A value Increase in Industrials & Value of PE Exit deals in 3Q19, more (USD 12.8bn), versus YTD Chemicals M&A value, (USD 2018 (USD 7.5bn) 5.9bn), versus YTD 2018 than the whole 2018 (USD 1.7bn) (USD 4.5bn)

USD 67.6bn 7.3x 5.7x Value of YTD outbound M&A, up 29.6% compared to the Increase in PE Buyouts value Increase in Inbound M&A value in YTD 2019 (USD 5.3bn) in YTD 2019 (USD 11.3bn, 28 equivalent period in 2018 versus YTD 2018 deals) versus YTD 2018 (USD 52.2bn excluding Takeda-Shire) (USD 719m) (USD 2bn, 23 deals)

mergermarket.com Mergermarket.com Mergermarket Global & Regional Japan Analysis 37 M&A Report 3Q19

Chart title 1 Chart title 1 ChartJapan title Quarterly 2 Breakdown Trend ChartJapan title Sector 2 Breakdown Trend 2014 - 2019 1Q-3Q18 - 1Q-3Q19

13 80 500

12 450 70 11

400 10 60 35.3 15.2 350 9

50 8 300

Deal count 7 40 11.4 250 17.1 16.3 6

200 5 12.9

30 21.6 ) (USDbn deals of Value Value of deals (USDbn) deals of Value 9.4 14.9 4 14.1 19.7 13.3 150 5.1 4.8 11.7 20 3 100 7.5 4.5 5.9 9.1 8.6 2.7 8.3 10.6 5.5 11.3 2 2.4 10 17.1 50 2.1 1 1.6 9.1 9.0 9.1 7.1 7.5 0.3 0 0 0 2014 2015 2016 2017 2018 2019 Technology Industrials Consumer Pharma, Financial Other & Chemicals Medical Services & Biotech

Q1 Q2 Q3 Q4 2018 2019

Deal Count

mergermarket.com Mergermarket Global & Regional Japan Analysis 38 M&A Report 3Q19

Japan League tables

Japan league table by value Japan league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Morgan Stanley 34,835 28 -78.1% 159,248 1 4 Deloitte 15,434 45 14 31 2 5 Nomura Holdings 27,391 42 -72.4% 99,329 2 1 Nomura Holdings 27,391 42 -12 54 3 6 Mizuho Financial Group 21,626 32 -73.9% 82,942 3 6 Daiwa Securities Group / DC Advisory 8,041 33 5 28 4 2 Goldman Sachs & Co 20,192 12 -88.0% 167,868 4 3 Mizuho Financial Group 21,626 32 -9 41 5 17 Deloitte 15,434 45 248.9% 4,424 5 2 Sumitomo Mitsui Financial Group 13,953 30 -13 43 6 8 Sumitomo Mitsui Financial Group 13,953 30 -80.7% 72,114 6 5 Morgan Stanley 34,835 28 -1 29 7 29 Lazard 13,439 7 1577.8% 801 7 12 PwC 5,766 25 15 10 8 18 Rothschild & Co 13,073 8 513.8% 2,130 8 7 GCA Corporation 2,130 15 -10 25 9 16 Daiwa Securities Group / DC Advisory 8,041 33 37.4% 5,853 9 8 Goldman Sachs & Co 20,192 12 -1 13 10 48 PwC 5,766 25 3085.6% 181 10 24 EY 2,954 9 5 4 11 1 JPMorgan 5,611 8 -96.7% 170,992 11 25 Rothschild & Co 13,073 8 5 3 12 19 UBS Investment Bank 5,068 5 162.5% 1,931 12 9 JPMorgan 5,611 8 -4 12 13 4 Evercore 4,506 3 -96.8% 140,445 13 14 Plutus Consulting Co 858 8 1 7 14 14 Barclays 4,049 6 -75.5% 16,500 14 10 KPMG 401 8 -4 12 15 87 HSBC 3,501 1 - - 15 11 Frontier Management 353 8 -2 10 16 92 Macquarie Group 3,019 2 - - 16 23 Lazard 13,439 7 3 4 17 54 Grant Samuel 3,019 1 2153.0% 134 17 19 AGS Consulting 1,001 7 2 5 18 7 Citi 2,972 6 -96.3% 80,816 18 15 YAMADA Consulting Group Co 913 7 0 7 19 32 EY 2,954 9 429.4% 558 19 32 Barclays 4,049 6 4 2 20 15 Bank of America Merrill Lynch 2,580 5 -68.8% 8,264 20 17 Citi 2,972 6 0 6

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 39 M&A Report 3Q19 Middle East & Africa

Value Deal Details (USDbn)

Announcement Bidder Target Target Target Sector Date Company Company Geography 70.4 27-Mar Saudi Arabian Saudi Basic Industries Saudi Arabia Industrials & USD 125.1bn Oil Co Corporation (70% Stake) Chemicals

8.8 05-May Total SA Anadarko Petroleum Mozambique Energy, Value invested into MEA in 2019, Corporation (Algerian assets Mining & in the Berkine basin) (24.5% Utilities 2.4x higher versus YTD 18 Stake); Anadarko Petroleum Corporation (Assets in Ghana in Jubilee field) (27% Stake); Anadarko Petroleum Corporation (Assets in Ghana in TEN fields) (19% Stake); Anadarko Petroleum Corporation (Assets in Mozambique in Area 1) (26.5% Stake) USD 4.0 24-Feb Kohlberg Kravis ADNOC Oil Pipelines LLC United Arab Energy, Roberts & Co LP; (40% Stake) Emirates Mining & 6 BlackRock Inc Utilities 8.3bn 4.0 29-Jan Abu Dhabi Union National Bank United Arab Financial Commercial Bank Emirates Services Number of deals above Value of Private Equity USD 500m in 3Q19, with exits in 2019, surpassing all 3.4 24-Jun Fuhrer Family; B Communications Ltd Israel Technology three above USD 1bn annual values since 2014 Searchlight (36.89% Stake) Capital Partners, LP

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 40 M&A Report 3Q19

Middle East & Africa

The Middle East & Africa (MEA) region has experienced a the same number in Q2 and six in Q1. In 2018 there were 16 the purchase of US data analytics firm Tableau for USD 15bn. slowdown in M&A during Q3, with 82 deals worth USD 9.4bn such transactions. Looking ahead, dealmakers will closely follow how regional being recorded, representing the lowest quarterly value since Moving forward, ongoing situations include Dana Gas’ plans to tensions unfold, while monetary policy, particularly in the US 3Q15 (USD 6.1bn, 119 deals). offload its assets in Egypt, which are valued at more than USD will remain a factor, given the reliance of local currencies on The dip in dealmaking contrasts with a blockbuster H1, when 500m, and Exxon Mobile’s intended divestment of its oil and the US dollar and the possible effect on oil prices. 220 transactions amounting to USD 115.7bn were announced, gas fields in Nigeria, which could fetch up to USD 3bn. Orion driven by the USD 70bn SABIC deal. The Year-to-date (YTD) Oil are also pursuing a 40% stake in the Mengo-Kundji-Bindi figures stand at 125.1bn and 302 deals, 2.4x higher value-wise (MKB) block onshore Congo (Brazzaville), likely valued in the compared to the same period in 2018 (USD 51.8bn, 337 deals) region of USD 700-USD 800m. “The Middle East & despite 35 fewer deals. In the Middle East (excl. Israel) 65 transactions have been Africa (MEA) region has The largest transaction struck in Q3 saw PepsiCo acquire recorded so far this year worth a total value of USD 94.7bn, South African food manufacturer Pioneer Food Group for out of which eleven deals and USD 2bn are attributable to experienced a slowdown USD 1.8bn, in a push to improve its presence within the region. Q3. Heightened geopolitical tensions appear to have resulted The deal follows a tough year for local food producers, which in a dip in both value and volume in comparison to Q1 (USD in M&A during Q3... have been struggling amid a slower retail environment and dry 89.3bn, 35 deals) and Q2 (USD 3.4bn, 19 deals). weather which has hit produce. The third largest deal in Q3 was the exit by Oman’s Looking ahead, dealmakers Other high-profile deals in Africa include Total’s acquisition of Renaissance Services and Singapore’s Affirma Capital from Anadarko’s African assets for USD 8.8bn in Q2, whereby the UAE’s Topaz Energy and Marine, which was acquired by DP will closely follow how French firm cements its position in the continent while also World for USD 1.1bn. The transaction is intended to improve DP gaining greater exposure to LNG. Lukoil has also increased its World marine logistics capabilities. regional tensions unfold, interests in the region with the acquisition of a 25% stake in Elsewhere in the UAE, ADNOC agreed to sell a further 6% one of New Age’s marine licenses in Congo for USD 800m. while monetary policy, stake in its oil pipelines network to GIC for USD 600m, As a result, Africa as a whole has seen USD 19bn change bringing its holding down to 51%. The deal follows a string particularly in the US hands across 147 deals, marking the strongest YTD value of divestments made earlier this year by ADNOC, worth a figure since 2016 (USD 24.3bn, 214 deals) despite registering a combined USD 10.6bn. will remain a factor” decrease in volume compared to previous years (YTD 2018: 171 Interest in the technology sector continues to drive Israeli deals; YTD 2017: 204 deals), pointing to higher valuations on M&A, which has reached 90 deals worth USD 11.3bn so far announced deals. this year. Salesforce conducted the largest deal this quarter, So far this year 12 deals above the USD 1bn mark were acquiring ClickSoftware from Francisco Partners for USD Mohamed Rais, announced across MEA, three of them in Q3, compared to 1.4bn. The deal was announced after Salesforce completed Research Analyst (EMEA) mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 41 M&A Report 3Q19

USD 38.8bn 57 USD 1.8bn Number of deals targeting Value of PepsiCo’s acquisition of the tech sector, up from 40 Pioneer Food, the largest South Value of foreign investment into in YTD 2019 African deal this year MEA this year, already ahead of the full-year 2018 value (USD 38.1bn)

USD 19bn USD 15bn USD 10.7bn 2019 private equity buyout 2019 African M&A value, Value of M&A from Asia, its highest YTD value since Americas and Europe into the value, already higher than full- 2016 UAE, the highest figure on year 2017 and 2018 figures record

mergermarket.com Mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 42 M&A Report 3Q19

Chart title 1 Chart title 1 ChartMiddle title East2 & Africa Quarterly Breakdown Trend ChartMiddle title East2 & Africa Sector Breakdown Trend 2014 - 2019 1Q-3Q18 - 1Q-3Q19

150 525

63 135 472

9.4 120 420 54

105 20.6 367

45 90 315 Deal Count 22.1 36 75 262 71.2

17.7 60 10.9 210 (USDbn) Value Deal Deal Value (USDbn) Value Deal 95.1 27 34.9 24.5 45 12.3 17.1 157

20.7 10.0 18 30 9.6 105 16.9 6.1 24.8 24.9 19.4 9.4 29.7 9 15 52 15.8 17.7 9.7 11.4 13.7 11.5 7.6 8.6 6.9 6.4 4.8 4.2 4.3 0 0 1.9 2014 2015 2016 2017 2018 2019 0 Industrials Energy, Technology Financial Telecoms Other & Chemicals Mining & Utilities Services

Q1 Q2 Q3 Q4 2018 2019

Deal Count

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 43 M&A Report 3Q19

Middle East & Africa League tables

MEA league table by value MEA league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 JPMorgan 92,427 19 711.0% 11,397 1 4 JPMorgan 92,427 19 5 14 2 10 HSBC 79,557 9 1576.6% 4,745 2 9 Citi 74,013 14 8 6 3 1 Goldman Sachs & Co 78,944 11 385.7% 16,255 3 1 Rothschild & Co 4,517 12 -6 18 4 4 Bank of America Merrill Lynch 76,239 9 870.7% 7,854 4 3 PwC 1,125 12 -3 15 5 2 Morgan Stanley 74,854 6 390.6% 15,258 5 7 Goldman Sachs & Co 78,944 11 2 9 6 9 Citi 74,013 14 1415.4% 4,884 6 18 HSBC 79,557 9 5 4 7 - Klein and Company 70,364 1 - - 7 16 Bank of America Merrill Lynch 76,239 9 5 4 8 40 Moelis & Company 12,635 8 3510.0% 350 8 10 Lazard 11,292 9 3 6 9 17 Lazard 11,292 9 420.8% 2,168 9 2 EY 169 9 -9 18 10 34 Jefferies 5,081 8 565.9% 763 10 34 Moelis & Company 12,635 8 6 2 11 8 Barclays 4,779 5 -7.3% 5,158 11 26 Jefferies 5,081 8 5 3 12 6 Rothschild & Co 4,517 12 -27.3% 6,215 12 5 Morgan Stanley 74,854 6 -5 11

13 - Radhan 3,369 1 - - 13 23 Deutsche Bank 2,478 6 3 3 14 - Mediobanca 3,240 1 - - 14 21 Deloitte 1,593 6 2 4 15 15 UBS Investment Bank 2,846 4 -13.3% 3,284 15 17 Barclays 4,779 5 1 4 16 22 Deutsche Bank 2,478 6 86.9% 1,326 16 - Nedbank Capital 1,011 5 5 0 17 69 RBC Capital Markets 2,249 3 2711.3% 80 17 25 Investec 1,010 5 2 3 18 13 Credit Suisse 1,992 4 -46.2% 3,702 18 22 UBS Investment Bank 2,846 4 1 3 19 - PSG Capital 1,882 4 - - 19 13 Credit Suisse 1,992 4 -1 5 20 - Intrepid Partners 1,850 1 - - 20 - PSG Capital 1,882 4 4 0

mergermarket.com Mergermarket Global & Regional League Tables 44 M&A Report 3Q19

M&A Rankings by deal value and deal count for a wide range of regions

M&A and PE Financial Advisory League Tables

mergermarket.com Mergermarket Global & Regional League Tables 45 M&A Report 3Q19

Global Advisory League tables

Global league table by value Global league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 981,313 259 15.5% 849,790 1 2 PwC 40,461 372 16 356 2 3 JPMorgan 790,938 210 17.6% 672,574 2 1 Deloitte 41,685 315 -90 405 3 2 Morgan Stanley 764,274 188 -4.1% 796,696 3 5 Goldman Sachs & Co 981,313 259 -27 286 4 4 Citi 581,529 154 -4.3% 607,569 4 3 KPMG 20,441 245 -89 334 5 7 Evercore 559,497 120 55.0% 360,877 5 7 JPMorgan 790,938 210 -22 232 6 5 Bank of America Merrill Lynch 512,472 149 15.9% 442,279 6 4 EY 16,007 210 -92 302 7 9 Credit Suisse 288,538 116 -10.2% 321,255 7 6 Rothschild & Co 116,808 208 -44 252 8 6 Barclays 251,945 137 -32.6% 373,593 8 8 Morgan Stanley 764,274 188 -31 219 9 16 RBC Capital Markets 188,365 80 92.0% 98,124 9 10 Lazard 167,975 166 -10 176 10 14 PJT Partners 171,506 30 14.8% 149,337 10 9 Citi 581,529 154 -51 205 11 8 Lazard 167,975 166 -51.1% 343,812 11 15 Bank of America Merrill Lynch 512,472 149 7 142 12 20 Jefferies 162,904 131 91.1% 85,236 12 11 Houlihan Lokey 15,532 141 -31 172 13 11 Centerview Partners 147,875 41 -26.0% 199,707 13 14 Barclays 251,945 137 -6 143 14 27 HSBC 135,457 43 87.7% 72,180 14 19 Jefferies 162,904 131 11 120 15 13 UBS Investment Bank 127,036 98 -17.9% 154,737 15 16 Lincoln International 2,857 126 -8 134 16 10 Deutsche Bank 126,922 78 -57.9% 301,566 16 18 Evercore 559,497 120 -10 130 17 12 Rothschild & Co 116,808 208 -37.4% 186,603 17 12 Credit Suisse 288,538 116 -33 149 18 60 Dyal Co 102,889 2 380.3% 21,420 18 21 Raymond James 7,292 106 -12 118 19 107 Klein and Company 75,893 4 1314.1% 5,367 19 23 Daiwa Securities Group / DC Advisory 11,696 99 3 96 20 23 Moelis & Company 70,940 79 -11.8% 80,466 20 20 UBS Investment Bank 127,036 98 -21 119

mergermarket.com Mergermarket Global & Regional League Tables 46 M&A Report 3Q19

EMEA Advisory League tables

Europe league table by value Europe league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

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EMEA Advisory League tables

UK league table by value UK league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 95,565 46 -22.1% 122,737 1 4 PwC 4,627 65 6 59 2 2 Morgan Stanley 68,883 27 -40.7% 116,168 2 1 Rothschild & Co 42,107 58 -32 90 3 4 Barclays 61,109 32 -31.8% 89,592 3 3 KPMG 2,082 55 -10 65 4 3 Bank of America Merrill Lynch 57,987 26 -36.4% 91,173 4 2 Deloitte 1,805 48 -25 73 5 5 JPMorgan Cazenove 50,957 34 -41.8% 87,611 5 6 Goldman Sachs & Co 95,565 46 0 46 6 17 Jefferies 44,076 27 103.9% 21,621 6 10 Lazard 34,244 35 1 34 7 7 Evercore 43,130 30 -36.6% 68,080 7 7 JPMorgan Cazenove 50,957 34 -8 42 8 8 Rothschild & Co 42,107 58 -32.1% 62,039 8 14 Barclays 61,109 32 4 28 9 14 Credit Suisse 41,186 17 58.1% 26,044 9 12 Grant Thornton 188 31 -2 33 10 11 UBS Investment Bank 37,052 20 -31.9% 54,424 10 15 Evercore 43,130 30 3 27 11 12 Lazard 34,244 35 10.1% 31,098 11 16 Morgan Stanley 68,883 27 1 26 12 - Canson Capital Partners 31,000 2 - - 12 22 Jefferies 44,076 27 5 22 13 6 Robey Warshaw 27,000 1 -69.1% 87,249 13 21 Bank of America Merrill Lynch 57,987 26 2 24 14 13 Deutsche Bank 24,149 15 -18.9% 29,789 14 27 Daiwa Securities Group / DC Advisory 1,885 26 5 21 15 9 Citi 21,439 18 -64.9% 61,017 15 11 EY 1,573 25 -8 33 16 118 TD Securities 16,125 2 4846.3% 326 16 9 Houlihan Lokey 2,851 24 -11 35 17 26 HSBC 12,970 13 83.4% 7,073 17 28 Lincoln International 440 21 0 21 18 10 PJT Partners 10,889 4 -81.8% 59,894 18 30 UBS Investment Bank 37,052 20 2 18 19 22 Mediobanca 9,868 3 27.4% 7,743 19 18 Macquarie Group 7,883 20 -6 26 20 18 RBC Capital Markets 8,776 14 -56.8% 20,303 20 24 ALANTRA 1,536 20 -2 22

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EMEA Advisory League tables

Ireland league table by value Ireland league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal Count Deal 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 2 Goldman Sachs & Co 101,071 8 24.9% 80,898 1 5 KPMG 369 13 6 7 2 3 JPMorgan 90,163 7 13.6% 79,350 2 7 Goldman Sachs & Co 101,071 8 3 5 3 1 Morgan Stanley 87,720 3 4.8% 83,733 3 8 JPMorgan 90,163 7 2 5 4 5 Evercore 87,006 3 10.7% 78,618 4 1 IBI Corporate Finance 93 6 -5 11 5 - PJT Partners 86,270 1 - - 5 12 PwC - 6 2 4 6 4 Citi 9,700 2 -87.7% 78,737 6 79 Investec 68 5 4 1 7 10 Lazard 9,614 3 300.6% 2,400 7 2 Davy Corporate Finance 1,888 4 -4 8 8 85 Robert W. Baird & Co 7,700 1 - - 8 39 Barclays 330 4 3 1 9 28 Wells Fargo Securities 1,906 2 707.6% 236 9 48 Houlihan Lokey 236 4 3 1 10 14 Davy Corporate Finance 1,888 4 113.3% 885 10 4 Deloitte 148 4 -3 7

DACH league table by value DACH league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 2Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Bank of America Merrill Lynch 60,205 16 -8.6% 65,844 1 1 EY 3,279 50 -1 51 2 8 JPMorgan 53,628 23 5.6% 50,792 2 3 Deloitte 618 48 10 38 3 1 Goldman Sachs & Co 52,146 30 -58.9% 126,727 3 4 PwC 11,204 40 4 36 4 11 UBS Investment Bank 50,107 17 60.8% 31,163 4 2 KPMG 1,247 37 -7 44 5 12 Credit Suisse 45,242 16 99.3% 22,695 5 5 Rothschild & Co 23,413 35 3 32 6 2 Citi 29,722 16 -64.8% 84,445 6 6 Goldman Sachs & Co 52,146 30 1 29 7 5 Lazard 29,549 24 -51.3% 60,663 7 11 GCA Corporation 828 25 2 23 8 6 Rothschild & Co 23,413 35 -59.5% 57,843 8 7 Lincoln International 345 25 -2 27 9 10 Morgan Stanley 21,683 9 -50.5% 43,771 9 19 Lazard 29,549 24 9 15 10 4 Deutsche Bank 21,166 14 -65.7% 61,660 10 8 JPMorgan 53,628 23 -1 24

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EMEA Advisory League tables

Germany league table by value Germany league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 41,978 21 -50.7% 85,219 1 1 EY 2,030 42 8 34 2 10 JPMorgan 37,668 18 23.9% 30,411 2 5 Deloitte 526 34 10 24 3 4 Bank of America Merrill Lynch 31,380 11 -40.4% 52,693 3 4 PwC 284 28 4 24 4 5 Lazard 25,597 17 -51.0% 52,197 4 2 KPMG 1,025 26 -3 29 5 15 Credit Suisse 21,805 6 250.1% 6,228 5 14 Goldman Sachs & Co 41,978 21 9 12 6 6 Citi 18,877 11 -63.1% 51,136 6 6 Rothschild & Co 4,712 21 -1 22 7 9 Morgan Stanley 15,381 8 -56.7% 35,539 7 8 GCA Corporation 794 21 2 19 8 2 Deutsche Bank 11,773 10 -79.7% 57,998 8 3 Lincoln International 345 19 -7 26 9 11 UBS Investment Bank 9,420 5 -60.6% 23,880 9 7 UniCredit Group 258 19 -2 21 10 73 Duff & Phelps 7,691 2 6152.8% 123 10 9 JPMorgan 37,668 18 4 14 11 14 Macquarie Group 7,552 11 -42.3% 13,078 11 26 Lazard 25,597 17 8 9 12 8 Perella Weinberg Partners 6,440 5 -86.2% 46,646 12 18 Carlsquare 16 15 4 11 13 - Guggenheim Partners 6,356 1 - - 13 33 Bank of America Merrill Lynch 31,380 11 4 7 14 45 Allen & Company 5,603 1 699.3% 701 14 21 Citi 18,877 11 1 10 15 32 Nomura Holdings 5,299 3 209.3% 1,713 15 11 Macquarie Group 7,552 11 -2 13 16 30 HSBC 4,920 1 182.6% 1,741 16 23 Daiwa Securities Group / DC Advisory 155 11 1 10 17 3 Rothschild & Co 4,712 21 -91.1% 53,171 17 25 Deutsche Bank 11,773 10 1 9 18 18 Barclays 4,316 7 10.5% 3,906 18 16 IMAP M&A Consultants - 10 -2 12 19 16 Jamieson Corporate Finance 2,884 2 -46.3% 5,374 19 37 MCF Corporate Finance 11 9 2 7 20 - FIH Partners 2,600 2 - - 20 52 Oaklins 7 9 5 4

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EMEA Advisory League tables

Austria league table by value Austria league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal Count Deal 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 - HSBC 7,350 2 - - 1 1 Deloitte - 10 1 9 2 - Lazard 4,981 3 - - 2 9 KPMG 120 6 3 3 3= 16 Bank of America Merrill Lynch 4,920 1 18122.2% 27 3 - Lazard 4,981 3 3 0 3= 46 Perella Weinberg Partners 4,920 1 - - 4 4 EY 106 3 -1 4 3= 6 UBS Investment Bank 4,920 1 99.2% 2,470 5 - HSBC 7,350 2 2 0 6 5 JPMorgan 3,561 2 30.6% 2,726 6 6 JPMorgan 3,561 2 -1 3 7 37 Goldman Sachs & Co 2,430 2 - - 7 37 Goldman Sachs & Co 2,430 2 1 1 8 - Moelis & Company 2,430 1 - - 8= - ACXIT Capital Partners - 2 2 0 9 1 Citi 1,131 1 -83.1% 6,676 8= 3 MP Corporate Finance - 2 -3 5 10 21 KPMG 120 6 - - 8= 11 PwC - 2 0 2

Switzerland league table by value Switzerland league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 16 UBS Investment Bank 40,687 12 710.8% 5,018 1 11 Rothschild & Co 18,581 13 4 9 2 6 Bank of America Merrill Lynch 28,825 5 119.6% 13,124 2 2 UBS Investment Bank 40,687 12 -5 17 3 5 Credit Suisse 23,487 12 77.7% 13,217 3 7 Credit Suisse 23,487 12 0 12 4 3 JPMorgan 20,773 6 -19.4% 25,781 4 6 PwC 10,920 11 -2 13 5 15 Rothschild & Co 18,581 13 262.1% 5,132 5 1 Goldman Sachs & Co 15,326 10 -7 17 6 1 Goldman Sachs & Co 15,326 10 -63.1% 41,508 6 16 Lazard 11,229 8 2 6 7 18 Evercore 13,985 6 217.3% 4,407 7 5 EY 1,143 7 -6 13 8 9 Lazard 11,229 8 32.6% 8,466 8 32 Lincoln International - 7 4 3 9 43 PwC 10,920 11 5252.9% 204 9 9 JPMorgan 20,773 6 -3 9 10 2 Citi 10,845 5 -63.0% 29,320 10 20 Evercore 13,985 6 2 4

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France league table by value France league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Morgan Stanley 36,418 13 16.4% 31,285 1 1 Rothschild & Co 20,359 69 -14 83 2 2 Lazard 32,165 42 -14.8% 37,743 2 2 Lazard 32,165 42 -6 48 3 6 BNP Paribas 30,569 24 82.6% 16,743 3 7 Credit Agricole 21,417 32 6 26 4 8 Citi 25,985 9 91.2% 13,589 4 5 BNP Paribas 30,569 24 -6 30 5 13 Credit Agricole 21,417 32 173.7% 7,826 5 13 EY 447 24 2 22 6 4 Rothschild & Co 20,359 69 -25.5% 27,322 6 4 Natixis 4,029 23 -11 34 7 5 Goldman Sachs & Co 18,951 11 10.8% 17,097 7 11 PwC 3,449 19 -5 24 8 21 Bank of America Merrill Lynch 14,517 7 312.9% 3,516 8 14 Societe Generale 2,760 19 1 18 9 1 JPMorgan 14,119 12 -72.3% 50,940 9 6 KPMG 645 18 -12 30 10 12 HSBC 13,177 6 51.1% 8,721 10 19 Oaklins 100 16 2 14 11 212 ING 11,439 7 - - 11 12 Lincoln International 98 16 -7 23 12 43 Santander Global Corporate Banking 9,574 4 780.8% 1,087 12 50 Edmond de Rothschild Corporate Finance 1,457 15 10 5 13 181 BR Partners 8,641 1 - - 13 37 ALANTRA 1,092 15 8 7 14 27 UBS Investment Bank 7,376 10 249.9% 2,108 14 3 Deloitte 57 15 -28 43 15 16 Deutsche Bank 6,699 6 50.7% 4,445 15 20 Morgan Stanley 36,418 13 0 13 16 14 Evercore 4,906 4 -5.7% 5,202 16 17 Clairfield International - 13 -3 16 17= - Corredores Davivienda 4,715 1 - - 17 8 JPMorgan 14,119 12 -12 24 17= - Inverlink 4,715 1 - - 18 10 Cambon Partners 619 12 -12 24 19= - Allen & Company 4,400 1 - - 19 34 Degroof Petercam 521 12 4 8 19= 56 Wells Fargo Securities 4,400 1 694.2% 554 20 16 Clearwater International 420 12 -4 16

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Benelux league table by value Benelux league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Lazard 26,526 18 14.5% 23,158 1 1 Deloitte 9,712 43 -27 70 2 12 Rothschild & Co 17,700 29 93.3% 9,158 2 7 PwC 2,463 37 12 25 3 5 Citi 17,385 14 21.8% 14,276 3 3 KPMG 213 34 3 31 4 6 Goldman Sachs & Co 13,104 11 -4.7% 13,753 4 4 Rothschild & Co 17,700 29 2 27 5 25 Nomura Holdings 13,104 4 633.7% 1,786 5 9 ING 12,386 24 3 21 6 19 Bank of America Merrill Lynch 12,653 7 394.3% 2,560 6 - GCG 19 24 24 0 7 27 ING 12,386 24 676.6% 1,595 7 5 Oaklins 193 22 -5 27 8 13 BNP Paribas 12,347 7 207.0% 4,022 8 6 Rabobank 2,336 21 -6 27 9 48 Centerview Partners 10,219 2 1683.4% 573 9 2 EY 931 21 -12 33 10 23 Deloitte 9,712 43 399.1% 1,946 10 8 Lazard 26,526 18 -3 21

Iberia league table by value Iberia league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 23 Rothschild & Co 9,482 12 210.7% 3,052 1 1 PwC 5,847 48 -11 59 2 1 Goldman Sachs & Co 7,427 9 -87.4% 58,965 2 2 Deloitte 2,091 28 -23 51 3 2 Citi 6,026 10 -89.5% 57,124 3 3 EY 1,141 22 -19 41 4 7 JPMorgan 6,025 7 -87.4% 47,806 4 15 Arcano Partners 1,619 17 9 8 5 6 Santander Global Corporate Banking 5,978 16 -87.6% 48,276 5 6 Santander Global Corporate Banking 5,978 16 5 11 6 16 PwC 5,847 48 -36.5% 9,206 6 7 ALANTRA 762 13 2 11 7 5 Morgan Stanley 5,735 8 -88.8% 51,044 7 10 Rothschild & Co 9,482 12 3 9 8 8 Lazard 5,701 11 -87.4% 45,259 8 9 Lazard 5,701 11 2 9 9 9 AZ Capital 4,996 11 -88.7% 44,316 9 24 AZ Capital 4,996 11 6 5 10 33 Banco Bilbao Vizcaya Argentaria 4,584 6 161.3% 1,754 10 4 KPMG 89 11 -18 29

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Spain league table by value Spain league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 23 Rothschild & Co 9,482 10 210.7% 3,052 1 1 PwC 5,826 42 -15 57 2 1 Goldman Sachs & Co 7,427 9 -87.3% 58,605 2 2 Deloitte 1,525 25 -17 42 3 2 Citi 6,026 10 -89.5% 57,124 3 3 EY 1,141 22 -16 38 4 16 PwC 5,826 42 -36.5% 9,173 4 16 Arcano Partners 945 16 9 7 5 6 Santander Global Corporate Banking 5,775 14 -87.8% 47,512 5 7 Santander Global Corporate Banking 5,775 14 4 10 6 5 Morgan Stanley 5,735 8 -88.7% 50,747 6 19 Lazard 5,701 11 5 6 7 8 Lazard 5,701 11 -87.2% 44,388 7 8 ALANTRA 762 11 1 10 8 7 JPMorgan 5,403 6 -88.5% 46,950 8 9 Rothschild & Co 9,482 10 1 9 9 9 AZ Capital 4,829 10 -89.1% 44,316 9 11 Citi 6,026 10 2 8 10 32 Banco Bilbao Vizcaya Argentaria 4,584 6 161.3% 1,754 10 24 AZ Capital 4,829 10 5 5 11 87 BNP Paribas 3,707 4 - - 11 5 Goldman Sachs & Co 7,427 9 -1 10 12 26 Nomura Holdings 2,892 4 17.2% 2,467 12 39 Eurohold 86 9 6 3 13 10 Mediobanca 2,583 5 -93.9% 42,169 13 13 Morgan Stanley 5,735 8 1 7 14 - HSBC 2,558 1 - - 14 4 KPMG 22 8 -16 24 15 15 Bank of America Merrill Lynch 2,458 3 -79.0% 11,683 15 28 Norgestion - 7 2 5 16= - China International Capital Corporation 1,974 1 - - 16 23 JPMorgan 5,403 6 1 5 16= - Shenwan Hongyuan Group Co 1,974 1 - - 17 21 Banco Bilbao Vizcaya Argentaria 4,584 6 0 6 18 - Macquarie Group 1,966 2 - - 18 44 CaixaBank 1,572 6 4 2 19 - Credit Agricole 1,849 4 - - 19 45 Daiwa Securities Group / DC Advisory 252 6 4 2 20 - PJT Partners 1,795 1 - - 20 30 Mediobanca 2,583 5 1 4

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Italy league table by value Italy league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Mediobanca 15,255 29 -76.4% 64,695 1 1 PwC 5,562 40 8 32 2 1 Goldman Sachs & Co 11,989 7 -82.9% 69,969 2 2 KPMG 2,886 31 1 30 3 15 Banca IMI/Intesa Sanpaolo 7,497 11 -42.2% 12,974 3 4 Mediobanca 15,255 29 2 27 4 13 EQUITA S.I.M 7,270 7 -70.5% 24,664 4 5 Deloitte 1,200 28 2 26 5 16 Bank of America Merrill Lynch 7,076 6 -29.7% 10,067 5 3 UniCredit Group 2,332 24 -6 30 6 33 UBS Investment Bank 7,017 8 235.4% 2,092 6 8 Rothschild & Co 4,939 18 -1 19 7 25 PwC 5,562 40 31.5% 4,231 7 10 Vitale & Co 1,108 18 2 16 8 14 Rothschild & Co 4,939 18 -62.5% 13,175 8 6 EY 420 18 -8 26 9 8 JPMorgan 4,562 6 -90.0% 45,578 9 9 Banca IMI/Intesa Sanpaolo 7,497 11 -8 19 10 6 Morgan Stanley 4,090 2 -91.2% 46,229 10 7 Lazard 3,172 11 -8 19 11 59 HSBC 3,383 2 645.2% 454 11 21 Fineurop Soditic 882 11 4 7 12 19 Moelis & Company 3,240 1 -65.8% 9,475 12 18 Lincoln International 306 10 2 8 13 3 Lazard 3,172 11 -94.2% 54,546 13 17 UBS Investment Bank 7,017 8 0 8 14 7 KPMG 2,886 31 -93.7% 46,087 14 14 Ethica Corporate Finance 237 8 -1 9 15 9 Societe Generale 2,627 5 -93.9% 42,982 15 11 Goldman Sachs & Co 11,989 7 -8 15 16 24 Barclays 2,547 6 -63.7% 7,019 16 12 EQUITA S.I.M 7,270 7 -6 13 17 22 UniCredit Group 2,332 24 -69.7% 7,709 17 24 BNP Paribas 1,099 7 1 6 18 34 Evercore 1,775 2 -8.7% 1,945 18 22 K Finance 272 7 0 7 19 44 Credit Agricole 1,456 2 63.6% 890 19 39 ALANTRA 269 7 4 3 20 4 Citi 1,341 2 -97.3% 50,479 20 19 Bank of America Merrill Lynch 7,076 6 -1 7

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Nordics league table by value Nordics league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 9 Goldman Sachs & Co 48,219 25 207.0% 15,704 1 1 PwC 12,378 59 -8 67 2 5 Morgan Stanley 29,987 13 53.6% 19,529 2 3 Deloitte 2,012 47 10 37 3 8 Citi 27,046 16 56.4% 17,291 3 2 EY 1,616 36 -5 41 4 7 JPMorgan 26,814 10 48.2% 18,096 4 9 ABG Sundal Collier Holding 3,259 26 7 19 5 10 Rothschild & Co 19,497 12 82.2% 10,699 5 20 Goldman Sachs & Co 48,219 25 14 11 6 4 Deutsche Bank 19,464 6 -2.6% 19,992 6 6 Carnegie Investment Bank 4,300 25 5 20 7 6 Barclays 19,441 9 2.9% 18,885 7 14 Danske Bank 12,743 24 10 14 8 68 Credit Suisse 14,651 5 4849.7% 296 8 5 SEB 13,859 21 0 21 9 2 SEB 13,859 21 -37.3% 22,119 9 4 KPMG 948 21 -2 23 10 35 Danske Bank 12,743 24 526.8% 2,033 10 10 Citi 27,046 16 -1 17 11 20 BNP Paribas 12,706 7 233.4% 3,811 11 21 Nordhaven Corporate Finance 5 16 5 11 12 1 Nordea 12,558 15 -43.3% 22,151 12 12 Nordea 12,558 15 -1 16 13 18 PwC 12,378 59 189.3% 4,279 13 26 Morgan Stanley 29,987 13 4 9 14 11 Bank of America Merrill Lynch 11,784 8 32.3% 8,904 14 8 DNB Markets 4,428 13 -6 19 15 14 Evercore 11,021 4 97.1% 5,591 15 30 MCF Corporate Finance 64 13 5 8 16 13 Lazard 7,957 7 27.1% 6,260 16 11 Rothschild & Co 19,497 12 -5 17 17 17 Jefferies 7,926 11 80.3% 4,397 17 40 Jefferies 7,926 11 5 6 18 28 SpareBank 1 Markets 6,853 9 161.7% 2,619 18 13 Pareto Securities 3,699 11 -4 15 19 34 DNB Markets 4,428 13 105.0% 2,160 19 61 Grant Thornton - 11 7 4 20 23 Carnegie Investment Bank 4,300 25 36.6% 3,148 20 15 JPMorgan 26,814 10 -3 13

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Denmark league table by value Denmark league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal Count Deal 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 5 Citi 14,076 6 64.0% 8,585 1 2 Deloitte 389 17 2 15 2 7 Goldman Sachs & Co 11,448 5 110.5% 5,438 2 1 PwC 1,254 14 -2 16 3 3 Barclays 8,960 2 -31.5% 13,087 3 4 EY 461 13 3 10 4 12 Bank of America Merrill Lynch 8,492 4 227.9% 2,590 4 6 Danske Bank 7,432 10 3 7 5 14 Danske Bank 7,432 10 331.3% 1,723 5 20 KPMG 77 7 4 3 6 39 BNP Paribas 6,750 2 35426.3% 19 6 3 Clearwater International 37 7 -6 13 7 9 Rothschild & Co 6,305 4 54.1% 4,092 7 10 Nordic M&A - 7 2 5 8 11 JPMorgan 5,832 3 91.0% 3,054 8 8 Citi 14,076 6 1 5 9 13 Lazard 5,807 3 163.4% 2,205 9 11 FIH Partners 4,052 6 2 4 10 20 FIH Partners 4,052 6 555.7% 618 10 12 Carnegie Investment Bank 589 6 2 4

Norway league table by value Norway league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 16 SEB 7,480 7 473.6% 1,304 1 2 ABG Sundal Collier Holding 2,769 17 4 13 2 3 Goldman Sachs & Co 7,248 4 85.5% 3,908 2 4 PwC 53 12 0 12 3 9 SpareBank 1 Markets 6,853 9 161.7% 2,619 3 3 DNB Markets 3,787 11 -2 13 4 24 Jefferies 6,332 3 895.6% 636 4 5 Arctic Securities 1,750 10 1 9 5 6 Morgan Stanley 5,582 3 63.2% 3,420 5 7 SpareBank 1 Markets 6,853 9 1 8 6 4 BNP Paribas 4,500 1 18.7% 3,792 6 1 Pareto Securities 3,676 9 -5 14 7 8 Nordea 4,217 6 29.2% 3,263 7 16 Carnegie Investment Bank 1,200 8 4 4 8 41 Danske Bank 3,831 5 10845.7% 35 8 18 Nordhaven Corporate Finance 5 8 4 4 9 25 DNB Markets 3,787 11 506.9% 624 9 12 SEB 7,480 7 2 5 10 13 Citi 3,750 2 133.8% 1,604 10 30 Nordea 4,217 6 4 2

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Sweden league table by value Sweden league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Goldman Sachs & Co 27,880 17 101.9% 13,806 1 1 PwC 11,107 34 -4 38 2 10 Morgan Stanley 21,949 9 212.2% 7,030 2 3 Deloitte 1,595 26 7 19 3 4 JPMorgan 20,982 7 56.9% 13,372 3 2 EY 1,305 18 -8 26 4 2 Deutsche Bank 19,464 6 29.9% 14,981 4 15 Goldman Sachs & Co 27,880 17 9 8 5 - Credit Suisse 11,208 3 - - 5 4 SEB 7,181 14 -4 18 6 14 PwC 11,107 34 173.2% 4,065 6 6 Carnegie Investment Bank 2,691 11 -1 12 7 8 Rothschild & Co 11,060 6 52.4% 7,255 7 10 KPMG 419 10 0 10 8 11 Evercore 11,021 3 116.0% 5,103 8 30 Morgan Stanley 21,949 9 4 5 9 6 Citi 9,220 7 -0.3% 9,248 9 24 Danske Bank 1,011 9 3 6 10 1 SEB 7,181 14 -62.5% 19,128 10 68 Grant Thornton - 9 7 2

Finland league table by value Finland league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal % Value Value (USDm) count change (USDm) (USDm) count change (USDm) 1 4 Nordea 8,060 6 279.5% 2,124 1 1 PwC 19 13 1 12 2 - Morgan Stanley 7,827 3 - - 2 32 Danske Bank 1,434 8 7 1 3 - Goldman Sachs & Co 3,750 1 - - 3 6 MCF Corporate Finance 42 8 2 6 4 11 Barclays 3,649 3 1961.6% 177 4 10 Nordhaven Corporate Finance - 8 3 5 5 2 SEB 3,539 4 26.5% 2,798 5 2 KPMG 452 7 -4 11 6 - Citi 3,539 2 - - 6 18 Nordea 8,060 6 4 2 7 46 Bank of America Merrill Lynch 2,297 2 - - 7 13 Carnegie Investment Bank 565 6 2 4 8 - ABG Sundal Collier Holding 2,198 1 - - 8 12 EY 68 6 2 4 9 - Handelsbanken Capital Markets 1,576 2 - - 9 8 Initia Corporate Finance 58 6 0 6 10= - Deutsche Bank 1,576 1 - - 10 5 Access Partners 328 5 -1 6 10= 55 Lazard 1,576 1 - -

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CEE league table by value CEE league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 15 Citi 10,204 11 366.8% 2,186 1 5 PwC 883 18 5 13 2 80 Bank of America Merrill Lynch 5,698 7 - - 2 1 Deloitte 1,199 17 -7 24 3 - Credit Suisse 5,195 3 - - 3 3 KPMG 658 15 -4 19 4 2 JPMorgan 3,673 4 -28.1% 5,112 4 2 EY 782 12 -11 23 5 1 Rothschild & Co 3,354 6 -36.7% 5,296 5 11 Citi 10,204 11 6 5 6 20 UBS Investment Bank 2,089 4 164.1% 791 6 80 Bank of America Merrill Lynch 5,698 7 6 1 7 102 Macquarie Group 2,010 2 - - 7 6 Rothschild & Co 3,354 6 -4 10 8 - Guggenheim Partners 1,882 1 - - 8 4 UniCredit Group 221 6 -7 13 9 - BTIG 1,209 1 - - 9 10 VTB Capital 810 5 0 5 10 30 Deloitte 1,199 17 359.4% 261 10 16 Lazard 452 5 1 4 11 4 Goldman Sachs & Co 1,147 4 -72.4% 4,162 11 27 VCP Capital Partners 80 5 3 2 Unternehmensberatungs 12 27 PwC 883 18 168.4% 329 12 7 Oaklins - 5 -2 7 13 7 VTB Capital 810 5 -77.1% 3,530 13 8 JPMorgan 3,673 4 -1 5 14 5 Sberbank 805 4 -80.0% 4,025 14 28 UBS Investment Bank 2,089 4 2 2 15 - Evercore 800 1 - - 15 9 Goldman Sachs & Co 1,147 4 -1 5 16 22 EY 782 12 7.4% 728 16 19 Sberbank 805 4 1 3 17 3 BNP Paribas 776 2 -83.0% 4,572 17 - Renaissance Capital 593 4 4 0 18 38 KPMG 658 15 366.7% 141 18 107 Patria Corporate Finance 297 4 3 1 19 - Renaissance Capital 593 4 - - 19 13 Santander Bank Polska 251 4 -1 5 20 - Danske Bank 475 2 - - 20 - Credit Suisse 5,195 3 3 0

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Russia league table by value Russia league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal % Value Value (USDm) count change (USDm) (USDm) count change (USDm) 1 - Credit Suisse 4,841 2 - - 1 6 Citi 4,464 5 3 2 2 4 Citi 4,464 5 346.4% 1,000 2 1 VTB Capital 810 5 0 5 3 3 JPMorgan 3,319 3 89.8% 1,749 3 4 Sberbank 805 4 1 3 4 - Bank of America Merrill Lynch 3,168 3 - - 4 - Renaissance Capital 593 4 4 0 5 - Guggenheim Partners 1,882 1 - - 5 11 JPMorgan 3,319 3 2 1 6 - BTIG 1,209 1 - - 6 - Bank of America Merrill Lynch 3,168 3 3 0 7 12 Deloitte 1,160 2 1060.0% 100 7 - Credit Suisse 4,841 2 2 0 8 2 VTB Capital 810 5 -77.1% 3,530 8 15 Deloitte 1,160 2 1 1 9 1 Sberbank 805 4 -80.0% 4,025 9 8 Goldman Sachs & Co 133 2 0 2 10 - Evercore 800 1 - - 10 3 Advance Capital - 2 -2 4

Turkey league table by value Turkey league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal % Value Value (USDm) count change (USDm) (USDm) count change (USDm) 1 - Bank of America Merrill Lynch 585 2 - - 1 3 Pragma Corporate Finance 222 5 1 4 2 - Dome Group 405 1 - - 2 13 PwC 112 4 2 2 3 8 Unlu & Co 404 2 -18.9% 498 3 2 Raiffeisen Bank International 112 3 -1 4 4 11 Pragma Corporate Finance 222 5 146.7% 90 4 10 IS Investment Securities - 3 1 2 5 25 Barclays 214 2 - - 5 - Bank of America Merrill Lynch 585 2 2 0 6 - EDNAM Capital 180 1 - - 6 9 Unlu & Co 404 2 0 2 7 - Financial Technology Partners 165 1 - - 7 17 Barclays 214 2 0 2 8 - Credia Partners 137 1 - - 8 27 Deloitte 38 2 1 1 9 16 PwC 112 4 387.0% 23 9= 16 3 Seas Capital Partners - 2 0 2 10 2 Raiffeisen Bank International 112 3 -95.1% 2,265 9= 1 EY - 2 -4 6

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Africa league table by value Africa league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal % Value Value (USDm) count change (USDm) (USDm) count change (USDm) 1 8 Lazard 9,400 5 1,314 615.4% 1 - EY 100 6 - - 2 1 JPMorgan 3,865 3 3,833 0.8% 2 10 Lazard 9,400 5 3 2 3 - PSG Capital 1,882 4 - - 3 - Nedbank Capital 1,011 5 - - 4 25 Moelis & Company 1,850 2 350 428.6% 4 11 Investec 1,010 5 3 2 5 - Intrepid Partners 1,850 1 - - 5 3 Rothschild & Co 201 5 9 -4 6= 17 Centerview Partners 1,815 1 862 110.6% 6 - PSG Capital 1,882 4 - - 6= - UBS Investment Bank 1,815 1 - - 7 2 Standard Bank Group 729 4 9 -5 8 - Nedbank Capital 1,011 5 - - 8 1 PwC 447 4 10 -6 9 12 Investec 1,010 5 1,106 -8.7% 9 7 JPMorgan 3,865 3 4 -1 10= - Bank of America Merrill Lynch 975 2 - - 10 - HSBC 523 3 - - 10= 4 Evercore 975 2 2,437 -60.0%

Israel league table by deal count Israel league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal % Value Value (USDm) count change (USDm) (USDm) count change (USDm) 1 - Radhan 3,369 1 - - 1 - Citi 3,073 5 - - 2 - Citi 3,073 5 - - 2 3 JPMorgan 2,627 3 3 0 3 5 JPMorgan 2,627 3 6,168 -57.4% 3 - RBC Capital Markets 2,249 3 - - 4 - RBC Capital Markets 2,249 3 - - 4 - Jefferies 1,200 3 - - 5 1 Goldman Sachs & Co 1,679 2 9,097 -81.5% 5 24 PwC 236 3 1 2 6 - Jefferies 1,200 3 - - 6 - Schwartz Investment House 44 3 - - 7 - Lazard 1,195 2 - - 7 1 Goldman Sachs & Co 1,679 2 5 -3 8 - Credit Suisse 850 1 - - 8 - Lazard 1,195 2 - - 9 11 UBS Investment Bank 631 1 684 -7.7% 9 - ROTH Capital Partners 207 2 - - 10 - Blair Franklin Capital Partners 564 1 - - 10 16 Canaccord Genuity Group 150 2 1 1

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Americas league table by value Americas league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Goldman Sachs & Co 820,126 186 43.8% 570,299 1 1 Goldman Sachs & Co 820,126 186 -46 232 2 3 JPMorgan 658,036 153 47.8% 445,178 2 2 JPMorgan 658,036 153 -14 167 3 1 Morgan Stanley 625,862 126 9.6% 570,998 3 3 Morgan Stanley 625,862 126 -26 152 4 7 Evercore 543,853 99 101.6% 269,830 4 4 Houlihan Lokey 12,321 116 -29 145 5 4 Citi 446,267 104 27.8% 349,100 5 9 Jefferies 156,782 109 3 106 6 5 Bank of America Merrill Lynch 369,292 107 8.1% 341,538 6 10 Bank of America Merrill Lynch 369,292 107 2 105 7 8 Credit Suisse 249,932 83 -3.2% 258,273 7 6 Barclays 222,695 107 -10 117 8 6 Barclays 222,695 107 -34.8% 341,377 8 5 Citi 446,267 104 -40 144 9 14 RBC Capital Markets 186,519 74 132.6% 80,173 9 7 Evercore 543,853 99 -16 115 10 12 PJT Partners 169,089 28 14.4% 147,754 10 11 Raymond James 6,645 93 -11 104 11 17 Jefferies 156,782 109 131.0% 67,862 11 14 Lazard 100,378 91 8 83 12 10 Centerview Partners 147,128 40 -23.4% 192,069 12 8 Credit Suisse 249,932 83 -29 112 13 43 Dyal Co 102,889 2 380.3% 21,420 13 12 Deloitte 19,216 83 -12 95 14 9 Lazard 100,378 91 -51.4% 206,603 14 20 William Blair & Company 14,638 81 4 77 15 11 Deutsche Bank 95,260 50 -47.1% 180,118 15 25 PwC 6,172 80 15 65 16 40 Wells Fargo Securities 64,121 34 163.1% 24,371 16 19 Piper Jaffray & Co 4,429 76 -3 79 17 16 Moelis & Company 62,651 67 -9.4% 69,115 17 23 RBC Capital Markets 186,519 74 0 74 18 22 Guggenheim Partners 60,217 29 6.9% 56,348 18 22 Lincoln International 2,267 73 -2 75 19 27 BMO Capital Markets 47,417 47 14.5% 41,402 19 16 Rothschild & Co 34,428 72 -8 80 20 13 UBS Investment Bank 47,185 46 -44.7% 85,252 20 21 Stifel/KBW 16,014 68 -9 77

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US league table by value US league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

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US North East league table by value US North East league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Morgan Stanley 341,360 59 5.5% 323,562 1 1 Goldman Sachs & Co 305,427 99 -30 129 2 5 Citi 312,510 54 101.5% 155,095 2 3 JPMorgan 264,005 70 -12 82 3 2 Goldman Sachs & Co 305,427 99 17.9% 259,137 3 2 Morgan Stanley 341,360 59 -31 90 4 10 Evercore 289,437 53 192.3% 99,013 4 4 Houlihan Lokey 6,193 55 -19 74 5 4 JPMorgan 264,005 70 40.9% 187,414 5 5 Citi 312,510 54 -17 71 6 3 Bank of America Merrill Lynch 119,840 54 -41.1% 203,390 6 12 Bank of America Merrill Lynch 119,840 54 12 42 7 18 RBC Capital Markets 118,242 34 274.2% 31,600 7 9 Evercore 289,437 53 -4 57 8 34 Dyal Co 102,889 2 826.9% 11,100 8 6 Barclays 99,173 53 -11 64 9 6 Barclays 99,173 53 -20.2% 124,353 9 8 Jefferies 53,142 51 -9 60 10 9 Centerview Partners 94,815 30 -18.1% 115,833 10 10 William Blair & Company 9,421 50 0 50

US Mid West league table by value US Mid West league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 293,833 47 20.9% 243,077 1 1 Goldman Sachs & Co 293,833 47 -15 62 2 4 JPMorgan 254,930 35 133.4% 109,205 2 9 JPMorgan 254,930 35 8 27 3 7 Evercore 225,215 28 149.3% 90,350 3 14 William Blair & Company 9,169 34 11 23 4 2 Morgan Stanley 202,963 27 -2.9% 209,021 4 2 Houlihan Lokey 3,363 33 -9 42 5 8 Credit Suisse 133,802 19 52.7% 87,652 5 3 Robert W. Baird & Co 8,838 31 -10 41 6 11 Bank of America Merrill Lynch 122,985 23 70.8% 71,986 6 7 Lincoln International 140 30 0 30 7 9 Barclays 109,157 27 46.6% 74,480 7 18 Evercore 225,215 28 7 21 8 10 PJT Partners 89,105 6 20.7% 73,852 8 4 Morgan Stanley 202,963 27 -7 34 9 12 Citi 81,345 20 16.4% 69,882 9 5 Barclays 109,157 27 -6 33 10 3 Centerview Partners 48,854 4 -70.1% 163,625 10 15 Stifel/KBW 7,115 27 4 23

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Americas Advisory League tables

US South league table by value US South league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 295,139 63 41.0% 209,261 1 1 Goldman Sachs & Co 295,139 63 -7 70 2 4 JPMorgan 233,534 47 45.0% 161,095 2 5 Jefferies 86,048 54 -1 55 3 7 Bank of America Merrill Lynch 169,294 38 72.6% 98,062 3 3 Houlihan Lokey 4,632 54 -9 63 4 6 Evercore 156,178 40 51.8% 102,853 4 9 Raymond James 3,138 50 6 44 5 3 Citi 146,207 32 -9.9% 162,215 5 2 JPMorgan 233,534 47 -16 63 6 2 Barclays 111,492 45 -40.0% 185,749 6 7 Barclays 111,492 45 -2 47 7 8 Credit Suisse 105,524 33 17.5% 89,791 7 13 Piper Jaffray & Co 2,352 41 4 37 8 11 Jefferies 86,048 54 109.5% 41,072 8 6 Evercore 156,178 40 -9 49 9 5 Morgan Stanley 81,679 38 -38.5% 132,749 9 11 Bank of America Merrill Lynch 169,294 38 -2 40 10 41 Centerview Partners 52,502 9 813.4% 5,748 10 8 Morgan Stanley 81,679 38 -6 44

US West league table by value US West league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Goldman Sachs & Co 151,336 55 1.2% 149,574 1 1 Goldman Sachs & Co 151,336 55 -12 67 2 1 Morgan Stanley 105,750 39 -44.1% 189,229 2 4 JPMorgan 103,861 48 1 47 3 2 JPMorgan 103,861 48 -40.4% 174,266 3 2 Morgan Stanley 105,750 39 -15 54 4 14 Bank of America Merrill Lynch 67,947 28 12.5% 60,424 4 3 Houlihan Lokey 2,379 39 -13 52 5 4 Credit Suisse 56,103 21 -56.1% 127,929 5 8 Jefferies 13,782 38 5 33 6 5 Deutsche Bank 47,622 16 -51.0% 97,134 6 9 Barclays 29,752 35 3 32 7 11 Citi 47,050 20 -28.5% 65,805 7 16 Piper Jaffray & Co 1,355 32 5 27 8 20 RBC Capital Markets 32,862 17 111.5% 15,539 8 22 Lazard 26,901 31 13 18 9 39 Guggenheim Partners 29,940 12 620.9% 4,153 9 7 William Blair & Company 5,496 30 -4 34 10 9 Barclays 29,752 35 -57.2% 69,486 10 5 Raymond James 3,003 30 -16 46

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Americas Advisory League tables

Canada league table by value Canada league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 8 Morgan Stanley 63,732 22 75.8% 36,251 1 2 Deloitte 2,481 30 -5 35 2 1 Goldman Sachs & Co 54,671 14 -3.8% 56,828 2 7 RBC Capital Markets 24,980 26 4 22 3 5 TD Securities 45,244 20 -5.0% 47,627 3 4 CIBC World Markets 16,565 25 -5 30 4 9 Barclays 44,234 11 37.8% 32,102 4 17 Morgan Stanley 63,732 22 10 12 5 2 Bank of America Merrill Lynch 37,878 12 -25.5% 50,830 5 3 Scotiabank 9,087 21 -13 34 6 17 Jefferies 32,572 8 115.4% 15,125 6 9 Canaccord Genuity Group 2,558 21 0 21 7 4 Citi 29,444 12 -40.4% 49,397 7 5 TD Securities 45,244 20 -7 27 8 18 Evercore 29,122 8 107.1% 14,065 8 24 JPMorgan 25,179 18 10 8 9= 15 Canson Capital Partners 27,000 1 58.8% 17,000 9 1 BMO Capital Markets 24,085 18 -21 39 9= - Robey Warshaw 27,000 1 - - 10 12 PwC 548 17 1 16 11 12 JPMorgan 25,179 18 14.9% 21,923 11 16 Raymond James 1,514 15 0 15 12 11 RBC Capital Markets 24,980 26 -16.8% 30,024 12 10 Goldman Sachs & Co 54,671 14 -3 17 13 6 BMO Capital Markets 24,085 18 -39.3% 39,706 13 15 National Bank Financial 7,673 13 -2 15 14 26 UBS Investment Bank 23,341 7 244.2% 6,782 14 20 EY 192 13 2 11 15 10 CIBC World Markets 16,565 25 -46.6% 31,031 15 13 Bank of America Merrill Lynch 37,878 12 -3 15 16 19 Credit Suisse 15,890 12 20.5% 13,188 16 8 Citi 29,444 12 -9 21 17 45 Fort Capital 13,930 5 1125.2% 1,137 17 26 Credit Suisse 15,890 12 4 8 18 13 Centerview Partners 10,581 5 -37.8% 17,000 18 21 Lazard 8,251 12 2 10 19 63 Perella Weinberg Partners 10,201 3 2450.3% 400 19 14 Barclays 44,234 11 -4 15 20 - Sandler O'Neill & Partners 9,635 1 - - 20 6 KPMG 44 10 -14 24

mergermarket.com Mergermarket Global & Regional League Tables 66 M&A Report 3Q19

Americas Advisory League tables

Latin America league table by value Latin America league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

mergermarket.com Mergermarket Global & Regional League Tables 67 M&A Report 3Q19

Asia Pacific Advisory League tables

Asia Pacific (excl. Japan) league table by value Asia Pacific (excl. Japan) league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

mergermarket.com Mergermarket Global & Regional League Tables 68 M&A Report 3Q19

Asia Pacific Advisory League tables

Asia (excl. Australasia & Japan) league table by value Asia (excl. Australasia & Japan) league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Citi 37,381 26 -35.3% 57,753 1 4 PwC 12,073 77 20 57 2 5 Morgan Stanley 33,730 27 -23.0% 43,820 2 3 EY 7,874 42 -18 60 3 10 Bank of America Merrill Lynch 30,610 19 49.4% 20,487 3 1 KPMG 12,541 38 -25 63 4 1 Goldman Sachs & Co 29,222 23 -61.8% 76,416 4 2 Deloitte 16,007 34 -28 62 5 8 CITIC Securities 29,214 31 27.7% 22,885 5 11 CITIC Securities 29,214 31 4 27 6 3 JPMorgan 28,391 19 -50.7% 57,546 6 12 Morgan Stanley 33,730 27 1 26 7 17 Huatai Securities 23,978 26 68.7% 14,212 7 6 Citi 37,381 26 -10 36 8 19 HSBC 22,334 18 60.8% 13,892 8 14 Huatai Securities 23,978 26 2 24 9 23 Credit Suisse 20,666 21 84.7% 11,190 9 5 Goldman Sachs & Co 29,222 23 -15 38 10 4 China International Capital Corporation 17,825 22 -59.4% 43,952 10 7 China International Capital Corporation 17,825 22 -10 32 11 6 Deutsche Bank 16,501 9 -46.4% 30,761 11 16 Credit Suisse 20,666 21 1 20 12 16 Rothschild & Co 16,234 15 9.7% 14,803 12 18 Bank of America Merrill Lynch 30,610 19 1 18 13 9 Barclays 16,125 9 -29.2% 22,769 13 9 JPMorgan 28,391 19 -8 27 14 11 Deloitte 16,007 34 -20.9% 20,248 14 25 Guotai Junan Securities 3,466 19 8 11 15 7 UBS Investment Bank 15,598 15 -34.2% 23,720 15 23 HSBC 22,334 18 6 12 16 - Wells Fargo Securities 14,820 5 - - 16 13 Rothschild & Co 16,234 15 -11 26 17 12 KPMG 12,541 38 -29.7% 17,842 17 10 UBS Investment Bank 15,598 15 -12 27 18 33 PwC 12,073 77 129.8% 5,253 18 15 China Securities 11,625 15 -5 20 19 22 China Securities 11,625 15 -4.5% 12,177 19 46 JM Financial 9,337 14 8 6 20 29 Somerley Capital 9,693 13 56.2% 6,204 20 17 Somerley Capital 9,693 13 -6 19

mergermarket.com Mergermarket Global & Regional League Tables 69 M&A Report 3Q19

Asia Pacific Advisory League tables

Australasia league table by value Australasia league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 5 Bank of America Merrill Lynch 21,652 7 9.1% 19,845 1 1 PwC 1,462 30 1 29 2 2 Goldman Sachs & Co 20,930 15 -35.4% 32,391 2 2 KPMG 1,402 23 -4 27 3 25 Rothschild & Co 16,670 12 754.9% 1,950 3 3 Macquarie Group 11,816 19 -7 26 4 1 UBS Investment Bank 15,116 15 -56.8% 35,002 4 4 Deloitte 2,633 16 -9 25 5 26 Nomura Holdings 14,307 2 690.9% 1,809 5 7 Goldman Sachs & Co 20,930 15 -2 17 6 3 Macquarie Group 11,816 19 -62.6% 31,595 6 5 UBS Investment Bank 15,116 15 -7 22 7 13 Lazard 11,358 3 63.2% 6,960 7 13 Rothschild & Co 16,670 12 2 10 8= 14 Credit Suisse 10,188 1 52.2% 6,694 8 12 Morgan Stanley 6,209 10 0 10 8= 139 Evercore 10,188 1 - - 9 18 Deutsche Bank 8,268 8 0 8 8= - Intrepid Partners 10,188 1 - - 10 20 Gresham Advisory Partners 1,319 8 0 8 8= - Wells Fargo Securities 10,188 1 - - 11 15 Bank of America Merrill Lynch 21,652 7 -2 9 12 7 Deutsche Bank 8,268 8 -52.0% 17,217 12 21 Moelis & Company 980 7 0 7 13 4 Morgan Stanley 6,209 10 -73.3% 23,267 13 16 JPMorgan 5,473 6 -3 9 14 11 JPMorgan 5,473 6 -38.0% 8,823 14 53 Baker Tilly International 75 6 3 3 15 18 Grant Samuel 3,436 3 29.7% 2,649 15 41 Jefferies 2,610 5 2 3 16 6 Citi 2,909 3 -83.2% 17,276 16 11 EY 1,007 5 -7 12 17 19 Deloitte 2,633 16 1.6% 2,592 17 25 Greenhill & Co 735 5 -1 6 18 24 Jefferies 2,610 5 24.3% 2,099 18 36 Sternship Advisers 252 5 1 4 19 15 Jamieson Corporate Finance 2,510 1 -53.3% 5,374 19 - William Blair & Company 1,726 4 4 0 20 - Centerview Partners 2,200 1 - - 20 32 Barclays 1,382 4 0 4

mergermarket.com Mergermarket Global & Regional League Tables 70 M&A Report 3Q19

Asia Pacific Advisory League tables

Greater China league table by value Greater China league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 6 CITIC Securities 29,214 31 27.7% 22,885 1 4 CITIC Securities 29,214 31 4 27 2 8 Huatai Securities 23,978 26 68.7% 14,212 2 6 Huatai Securities 23,978 26 2 24 3 20 HSBC 18,285 15 207.2% 5,952 3 1 China International Capital Corporation 17,825 22 -10 32 4 1 China International Capital Corporation 17,825 22 -59.4% 43,952 4 14 Guotai Junan Securities 3,466 19 8 11 5 13 China Securities 11,625 15 -4.5% 12,177 5 30 HSBC 18,285 15 9 6 6 54 Credit Suisse 11,544 7 924.3% 1,127 6 8 China Securities 11,625 15 -5 20 7 3 Citi 10,901 5 -70.8% 37,343 7 16 PwC 1,301 14 3 11 8 19 Somerley Capital 9,693 13 56.2% 6,204 8 9 Somerley Capital 9,693 13 -6 19 9 23 China Merchants Securities 9,080 8 65.7% 5,481 9 2 Deloitte 2,532 13 -18 31 10 9 UBS Investment Bank 7,887 8 -42.3% 13,665 10 5 Goldman Sachs & Co 7,127 12 -13 25 11 2 Goldman Sachs & Co 7,127 12 -82.0% 39,583 11 3 China Renaissance Holdings 4,362 12 -17 29 12 - TC Capital International 6,864 2 - - 12 46 Haitong Securities 3,483 12 8 4 13 192 BaoQiao Partners Capital 6,820 1 10392.3% 65 13 11 JPMorgan 3,764 11 -4 15 14 35 Rothschild & Co 6,671 5 174.8% 2,428 14 13 KPMG 2,033 11 -1 12 15 101 Tianfeng Securities 6,394 4 1535.3% 391 15 60 ZTF Securities 2,090 10 7 3 16 4 Morgan Stanley 6,113 8 -75.5% 24,975 16 26 Shenwan Hongyuan Group Co 4,605 9 2 7 17 14 Bank of America Merrill Lynch 5,280 6 -50.6% 10,691 17 25 China Merchants Securities 9,080 8 1 7 18 30 Shenwan Hongyuan Group Co 4,605 9 25.7% 3,663 18 7 UBS Investment Bank 7,887 8 -12 20 19 10 China Renaissance Holdings 4,362 12 -66.5% 13,031 19 12 Morgan Stanley 6,113 8 -4 12 20 125 Huaxi Securities 4,058 3 1504.0% 253 20 179 Huarong Securities 2,404 8 7 1

mergermarket.com Mergermarket Global & Regional League Tables 71 M&A Report 3Q19

Asia Pacific Advisory League tables

India league table by value India league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 7 JM Financial 9,337 13 -7.2% 10,062 1 1 EY 6,266 27 0 27 2 8 Deloitte 8,795 7 -6.0% 9,354 2 10 JM Financial 9,337 13 7 6 3 5 EY 6,266 27 -40.5% 10,528 3 50 RBSA Advisors 4,610 11 10 1 4 26 RBSA Advisors 4,610 11 309.1% 1,127 4 2 KPMG 2,256 10 -9 19 5 44 Ambit 4,063 5 3124.6% 126 5 22 ICICI Securities 3,625 9 5 4 6 39 ICICI Securities 3,625 9 1332.8% 253 6 14 Deloitte 8,795 7 2 5 7 18 Kotak Investment Banking 3,241 3 28.8% 2,517 7 24 Morgan Stanley 2,736 7 4 3 8 11 Morgan Stanley 2,736 7 -50.3% 5,506 8 3 Avendus Capital 552 7 -9 16 9 6 KPMG 2,256 10 -77.8% 10,168 9 23 Singhi Advisors 165 6 2 4 10 22 Axis Capital 1,859 4 18.5% 1,569 10 6 PwC 82 6 -2 8

South Korea league table by value South Korea league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 9 PwC 11,118 54 231.7% 3,352 1 1 PwC 11,118 54 15 39 2 4 KPMG 9,024 16 118.3% 4,133 2 2 KPMG 9,024 16 -11 27 3 - China International Capital Corporation 5,800 1 - - 3 6 Credit Suisse 5,696 8 1 7 4 3 Credit Suisse 5,696 8 13.2% 5,033 4 12 Citi 5,599 8 4 4 5 7 Citi 5,599 8 60.5% 3,489 5 4 Deloitte 2,978 8 -7 15 6 5 Goldman Sachs & Co 5,423 6 44.0% 3,765 6 3 EY 776 8 -8 16 7 1 Morgan Stanley 5,220 7 -31.9% 7,662 7 9 Morgan Stanley 5,220 7 3 4 8 16 Deloitte 2,978 8 111.7% 1,407 8 11 Goldman Sachs & Co 5,423 6 2 4 9 15 Deutsche Bank 2,168 2 39.0% 1,560 9 10 JPMorgan 1,388 4 0 4 10 14 Samsung Securities 1,844 3 16.2% 1,587 10 7 Samsung Securities 1,844 3 -2 5

mergermarket.com Mergermarket Global & Regional League Tables 72 M&A Report 3Q19

Asia Pacific Advisory League tables

Japan league table by value Japan league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

South East Asia league table by value South East Asia league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Morgan Stanley 24,791 11 14.2% 21,706 1 5 Morgan Stanley 24,791 11 1 10 2 9 Bank of America Merrill Lynch 23,252 10 276.7% 6,172 2 37 PwC 1,420 11 8 3 3 10 JPMorgan 22,236 5 297.2% 5,598 3 8 Bank of America Merrill Lynch 23,252 10 3 7 4 1 Citi 19,781 10 -12.0% 22,489 4 7 Citi 19,781 10 2 8 5 24 Goldman Sachs & Co 18,916 5 863.1% 1,964 5 4 EY 825 8 -5 13 6 39 Barclays 15,009 5 2271.1% 633 6 3 Rothschild & Co 8,439 7 -6 13 7 - Wells Fargo Securities 13,800 2 - - 7 6 Credit Suisse 7,801 7 -3 10 8 3 Deutsche Bank 13,400 2 -22.2% 17,218 8 1 KPMG 2,058 7 -8 15 9 5 Rothschild & Co 8,439 7 -15.8% 10,024 9 2 Deloitte 1,797 7 -7 14 10 8 Credit Suisse 7,801 7 21.3% 6,429 10 19 UBS Investment Bank 7,368 6 2 4

mergermarket.com Mergermarket Global & Regional League Tables 73 M&A Report 3Q19

Private Equity Advisory League tables*

Global (buyouts+exits) league table by value Global (buyouts+exits) league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

US (buyouts+exits) league table by value US (buyouts+exits) league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 4 Bank of America Merrill Lynch 86,835 23 134.6% 37,015 1 8 Jefferies 47,017 41 7 34 2 17 Evercore 85,095 30 769.6% 9,786 2 1 William Blair & Company 7,809 38 -13 51 3 5 Citi 68,975 17 95.6% 35,265 3 5 Harris Williams - 37 -2 39 4 1 Morgan Stanley 48,324 21 -40.5% 81,279 4 9 Barclays 43,535 36 3 33 5 12 Jefferies 47,017 41 186.6% 16,405 5 15 Piper Jaffray & Co 1,395 33 14 19 6 7 Barclays 43,535 36 70.7% 25,507 6 6 Lincoln International 685 33 -2 35 7 2 Goldman Sachs & Co 37,829 32 -47.3% 71,736 7 2 Goldman Sachs & Co 37,829 32 -15 47 8 3 JPMorgan 35,683 20 -8.2% 38,865 8 3 Houlihan Lokey - 32 -13 45 9 13 Deutsche Bank 35,375 14 142.3% 14,597 9 16 Evercore 85,095 30 12 18 10 8 Credit Suisse 24,418 16 19.5% 20,442 10 4 Robert W. Baird & Co 1,207 30 -11 41

*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 74 M&A Report 3Q19

Private Equity Advisory League tables*

Europe (buyouts+exits) league table by value Europe (buyouts+exits) league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 29,839 21 -11.5% 33,729 1 4 PwC 13,230 53 14 39 2 6 JPMorgan 27,222 20 22.9% 22,142 2 1 Rothschild & Co 23,203 49 -10 59 3 2 Rothschild & Co 23,203 49 -21.8% 29,687 3 2 Deloitte 1,688 44 -7 51

4 19 Bank of America Merrill Lynch 22,387 11 243.8% 6,511 4 6 EY 2,085 35 0 35 5 13 Credit Suisse 22,355 8 171.5% 8,234 5 3 KPMG 663 33 -8 41 6 3 Citi 18,832 12 -36.2% 29,512 6 9 Lincoln International 487 30 -1 31 7 8 Lazard 18,245 25 6.0% 17,205 7 8 Lazard 18,245 25 -6 31 8 35 PwC 13,230 53 360.0% 2,876 8 16 ALANTRA 1,901 23 4 19 9 7 Deutsche Bank 11,739 7 -39.9% 19,527 9 11 GCA Corporation 644 22 -6 28 10 12 Macquarie Group 10,101 14 11.7% 9,041 10 12 Goldman Sachs & Co 29,839 21 -6 27

Asia Pacific (excl. Japan) (buyouts+exits) league table by value Asia Pacific (excl. Japan) (buyouts+exits) league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 9 Bank of America Merrill Lynch 5,733 3 31.6% 4,358 1 2 PwC 984 17 7 10 2 23 HSBC 4,796 3 455.7% 863 2 7 KPMG 2,077 10 3 7 3 1 Morgan Stanley 3,274 4 -86.3% 23,894 3 9 Deloitte 1,161 7 1 6 4 64 Jefferies 2,545 3 - - 4 4 EY 393 5 -4 9 5 4 UBS Investment Bank 2,534 3 -77.0% 11,020 5 1 Morgan Stanley 3,274 4 -7 11 6 34 KPMG 2,077 10 626.2% 286 6 3 Goldman Sachs & Co 2,047 4 -5 9 7 2 Goldman Sachs & Co 2,047 4 -90.4% 21,363 7 10 Citi 1,664 4 -1 5 8 11 Citi 1,664 4 -45.8% 3,069 8 31 Daiwa Securities Group / DC Advisory - 4 2 2 9 7 Credit Suisse 1,522 3 -71.4% 5,329 9 15 Bank of America Merrill Lynch 5,733 3 0 3 10 86 Shenwan Hongyuan Group Co 1,338 1 - - 10 23 HSBC 4,796 3 1 2

*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with target dominant geography being Europe and Asia-Pacific (excl. Japan) mergermarket.com Mergermarket Global & Regional League Tables 75 M&A Report 3Q19

Private Equity Advisory League tables*

Global Buyouts league table by value Global Buyouts league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Morgan Stanley 50,678 16 -16.6% 60,739 1 5 PwC 12,746 53 23 30 2 4 Bank of America Merrill Lynch 50,039 17 44.0% 34,741 2 1 Deloitte 1,742 40 2 38 3 6 Deutsche Bank 41,107 12 68.5% 24,391 3 4 EY 1,404 37 1 36 4 12 Barclays 35,544 24 106.4% 17,219 4 3 KPMG 1,447 29 -7 36 5 3 Citi 34,998 18 -25.0% 46,645 5 2 Goldman Sachs & Co 32,225 26 -10 36 6 5 JPMorgan 33,276 17 2.7% 32,387 6 11 Barclays 35,544 24 5 19 7 9 Credit Suisse 32,713 15 58.4% 20,654 7 16 RBC Capital Markets 17,682 21 6 15 8 2 Goldman Sachs & Co 32,225 26 -44.9% 58,515 8 7 Citi 34,998 18 -3 21 9 11 RBC Capital Markets 17,682 21 -4.7% 18,554 9 24 Bank of America Merrill Lynch 50,039 17 6 11 10 14 Rothschild & Co 17,587 14 25.3% 14,032 10 9 JPMorgan 33,276 17 -2 19

US Buyouts league table by value US Buyouts league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Morgan Stanley 34,796 7 -19.2% 43,074 1 3 Barclays 24,413 15 1 14 2 10 Deutsche Bank 32,855 8 213.3% 10,487 2 1 Goldman Sachs & Co 16,620 12 -10 22 3 3 Bank of America Merrill Lynch 28,758 8 -5.1% 30,288 3 16 Evercore 13,188 12 7 5 4 8 Barclays 24,413 15 65.9% 14,713 4 5 RBC Capital Markets 9,814 12 1 11 5 4 Citi 20,633 9 -18.9% 25,440 5 7 Jefferies 5,417 10 -1 11 6 5 JPMorgan 17,684 6 -26.5% 24,065 6 13 Citi 20,633 9 2 7 7 1 Goldman Sachs & Co 16,620 12 -64.0% 46,130 7 8 Deutsche Bank 32,855 8 -2 10 8 7 Credit Suisse 14,003 8 -12.5% 15,996 8 10 Bank of America Merrill Lynch 28,758 8 0 8 9 16 Evercore 13,188 12 258.9% 3,675 9 2 Credit Suisse 14,003 8 -6 14 10 86 Qatalyst Group 11,790 1 - - 10 4 Morgan Stanley 34,796 7 -5 12

*Based on advisors to bidder on buyout deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 76 M&A Report 3Q19

Private Equity Advisory League tables*

Europe Buyouts league table by value Europe Buyouts league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 71 Credit Suisse 17,320 5 5229.2% 325 1 4 PwC 11,263 35 16 19 2 2 Rothschild & Co 16,467 10 17.4% 14,032 2 1 Deloitte 1,016 31 -1 32 3 10 JPMorgan 15,592 11 128.8% 6,815 3 2 EY 1,011 31 6 25 4 25 Bank of America Merrill Lynch 15,548 5 427.8% 2,946 4 3 KPMG 377 16 -8 24 5 6 Goldman Sachs & Co 13,565 10 34.6% 10,080 5 7 GCA Corporation 265 13 -1 14 6 5 Citi 11,442 5 -7.3% 12,345 6 28 Lincoln International 64 12 7 5 7 46 PwC 11,263 35 923.0% 1,101 7 12 JPMorgan 15,592 11 2 9 8 35 Lazard 11,208 9 484.1% 1,919 8 16 ALANTRA 1,258 11 4 7 9 22 Macquarie Group 9,588 7 187.5% 3,335 9 8 Rothschild & Co 16,467 10 -2 12 10 18 UBS Investment Bank 8,533 5 123.3% 3,821 10 10 Goldman Sachs & Co 13,565 10 -1 11

Asia Pacific (excl. Japan) Buyouts league table by value Asia Pacific (excl. Japan) Buyouts league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal Count Deal 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 8 Bank of America Merrill Lynch 5,733 3 280.4% 1,507 1 2 PwC 563 10 4 6 2 - Jefferies 2,200 2 - - 2 3 KPMG 1,070 6 0 6 3 3 UBS Investment Bank 2,123 2 -78.4% 9,833 3 1 EY 393 5 -2 7 4 2 Morgan Stanley 1,907 2 -82.3% 10,746 4 10 Deloitte 717 4 1 3 5 5 Goldman Sachs & Co 1,776 3 -23.0% 2,305 5 16 Bank of America Merrill Lynch 5,733 3 2 1 6 11 Credit Suisse 1,390 2 16.2% 1,196 6 8 Goldman Sachs & Co 1,776 3 0 3 7 15 HSBC 1,295 2 70.2% 761 7 5 Citi 1,238 3 -1 4 8 6 Citi 1,238 3 -46.0% 2,291 8 - Jefferies 2,200 2 2 0 9 - Samsung Securities 1,165 1 - - 9 7 UBS Investment Bank 2,123 2 -1 3 10 26 KPMG 1,070 6 497.8% 179 10 6 Morgan Stanley 1,907 2 -1 3

*Based on advisors to bidder on buyout deals with target dominant geography being Europe and Asia-Pacific (excl. Japan) mergermarket.com Mergermarket Global & Regional League Tables 77 M&A Report 3Q19

Private Equity Advisory League tables*

Global Exits league table by value Global Exits league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 14 Evercore 74,053 25 427.3% 14,043 1 3 Lincoln International 1,125 50 -4 54 2 12 Bank of America Merrill Lynch 66,821 24 337.4% 15,276 2 2 Rothschild & Co 8,753 48 -9 57 3 4 Citi 56,158 16 102.2% 27,770 3 10 Jefferies 49,659 47 12 35 4 9 Jefferies 49,659 47 174.3% 18,103 4 1 William Blair & Company 7,510 46 -11 57 5 1 Goldman Sachs & Co 39,260 37 -45.7% 72,330 5 9 Harris Williams 10,579 40 3 37 6 3 JPMorgan 30,529 26 -6.0% 32,467 6 6 Goldman Sachs & Co 39,260 37 -11 48 7 - Canson Capital Partners 27,000 1 - - 7 4 Houlihan Lokey 2,873 37 -15 52 8 8 Barclays 23,306 25 14.3% 20,384 8 5 Robert W. Baird & Co 4,578 34 -16 50 9 2 Morgan Stanley 21,689 24 -63.6% 59,615 9 14 Raymond James 699 32 5 27 10 11 Credit Suisse 16,642 16 0.7% 16,520 10 12 Lazard 10,360 31 0 31

US Exits league table by value US Exits league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 15 Evercore 71,907 18 1076.7% 6,111 1 4 Harris Williams 8,747 34 0 34 2 13 Bank of America Merrill Lynch 58,077 15 763.3% 6,727 2 8 Jefferies 41,600 31 8 23 3 10 Citi 48,342 8 392.0% 9,825 3 1 William Blair & Company 6,009 31 -14 45 4 5 Jefferies 41,600 31 232.7% 12,502 4 2 Houlihan Lokey 2,129 30 -7 37 5 - Canson Capital Partners 27,000 1 - - 5 5 Lincoln International 630 30 3 27 6 2 Goldman Sachs & Co 21,209 20 -17.2% 25,606 6 13 Piper Jaffray & Co 1,060 27 10 17 7 7 Barclays 19,122 21 77.2% 10,794 7 3 Robert W. Baird & Co 867 25 -12 37 8 4 JPMorgan 17,999 14 21.6% 14,800 8 7 Raymond James 352 25 0 25 9 1 Morgan Stanley 13,528 14 -64.6% 38,205 9 12 Barclays 19,122 21 2 19 10 94 TD Securities 12,150 2 - - 10 6 Goldman Sachs & Co 21,209 20 -5 25

*Based on advisors to target/seller on exit deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 78 M&A Report 3Q19

Private Equity Advisory League tables*

Europe Exits league table by value Europe Exits league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal % Value Value 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Goldman Sachs & Co 16,274 11 -31.2% 23,649 1 1 Rothschild & Co 6,736 39 -8 47 2 5 JPMorgan 11,630 9 -24.1% 15,327 2 5 PwC 1,967 18 -2 20 3 3 Citi 7,390 7 -57.0% 17,167 3 3 Lincoln International 423 18 -8 26 4 6 Lazard 7,037 16 -54.0% 15,286 4 8 KPMG 286 17 0 17 5 16 Bank of America Merrill Lynch 6,839 6 91.8% 3,565 5 7 Lazard 7,037 16 -1 17 6 4 Rothschild & Co 6,736 39 -57.0% 15,655 6 6 Deloitte 672 13 -6 19 7 7 Credit Suisse 5,035 3 -36.3% 7,909 7 14 ALANTRA 643 12 0 12 8 9 Deutsche Bank 4,487 4 -26.7% 6,123 8 13 William Blair & Company 384 12 0 12 9 - PJT Partners 4,179 2 - - 9 9 Goldman Sachs & Co 16,274 11 -5 16 10 25 Robert W. Baird & Co 3,711 9 123.0% 1,664 10 19 Jefferies 3,298 11 1 10

Asia Pacific (excl. Japan) Exits league table by value Asia Pacific (excl. Japan) Exits league table by deal count

Ranking 3Q19 3Q18 Ranking 3Q19 3Q18

3Q19 3Q18 Company name Value Deal Count Deal 3Q19 3Q18 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 36 HSBC 3,501 1 3332.4% 102 1 6 PwC 421 7 3 4 2 2 Morgan Stanley 1,367 2 -89.6% 13,148 2 37 KPMG 1,007 4 3 1 3 - Shenwan Hongyuan Group Co 1,338 1 - - 3 9 Deloitte 444 3 0 3 4 31 ICICI Securities 1,311 2 948.8% 125 4 39 Daiwa Securities Group / DC Advisory 187 3 2 1 5 6 China International Capital Corporation 1,255 2 -66.5% 3,751 5 1 Morgan Stanley 1,367 2 -6 8 6 35 KPMG 1,007 4 841.1% 107 6 33 ICICI Securities 1,311 2 1 1 7= - Harris Williams 1,000 1 - - 7 22 China International Capital Corporation 1,255 2 1 1 7= - William Blair & Company 1,000 1 - - 8 50 Avendus Capital 205 2 1 1 9 - Reimei Global Advisors 508 1 - - 9 38 HSBC 3,501 1 0 1 10 41 Deloitte 444 3 825.0% 48 10 - Shenwan Hongyuan Group Co 1,338 1 1 0

*Based on advisors to target/seller on exit deals with target dominant geography being Europe and Asia-Pacific (excl. Japan) mergermarket.com Mergermarket Global & Regional Criteria & Contacts 79 M&A Report 3Q19

Criteria Contacts

Research Analyst (EMEA) All data is based on transactions over USD 5m and is Production Commercial Mohamed Rais Global Editorial Analytics [email protected] Americas based on the Mergermarket’s M&A deals database. Director +44 20 3741 1190 Kurt Viehl Deals with undisclosed deal values are included where Beranger Guille Head Analyst (Americas) [email protected] [email protected] +1 212 390 7812 the target’s turnover exceeds USD 10m. Deals where +44 20 3741 1186 Philip Segal [email protected] Asia Head of Research (Asia) +1 212 574 7877 the effective stake acquired is less than 30% will only Laurence Edwards Gerry Tee Analyst (APAC) [email protected] be included if the value is greater than USD 100m. [email protected] +852 2158 9771 +852 2158 9741 Joji Sekinuma Full deal inclusion criteria can be found here. [email protected] EMEA Head of Research (EMEA) +852 2158 9796 Ben Rumble Trend data: Based on the dominant geography League tables: Based on the dominant Andrea Putaturo [email protected] of the target company and excludes lapsed geography of the target, bidder or seller, and [email protected] +44 20 3741 1007 and withdrawn bids. Sector trends based on excludes lapsed and withdrawn bids. Private +44 20 3741 1274 the dominant sector of the target. equity buyout league tables are based on advisors advising the bidder only on buyout Research Editor (APAC) Global cross-border M&A: Based on the deals with target dominant geography being dominant geography of the target and bidder the country/region and excludes lapsed and Riccardo Ghia company being in a different region. [email protected] withdrawn bids. Private equity exit league +852 2158 9704 Deal Submissions Press Relations Inbound: Global/US/Japan: The dominant tables based on advisors advising the target/ geography of the target is X and the dominant seller on exit deal with target dominant Research Editor (EMEA) Americas Americas geography of the bidder is any other country geography being the country/region and excluding X. Europe/Asia/Africa & Middle East: excludes lapsed and withdrawn bids. Private Jonathan Klonowski Jason Loria Lindsay Spivak [email protected] [email protected] The dominant geography of the target is X and equity buyout and exit combined league tables [email protected] +1 646 378 3122 +1 212-390-7801 the dominant geography of the bidder is any are based on advising the bidder on buyout +44 20 3741 1293 other region excluding X. deals AND the target/seller on exit deals, Deputy Head of Research (EMEA) Asia Asia excluding lapsed and withdrawn bids. Equal Outbound: Global/US/Japan: The dominant rankings are based on having both identical Marie-Laure Keyrouz John Capulong Candy Tam geography of the bidder is X and the dominant values and deal counts reported in one table. [email protected] [email protected] [email protected] geography of the target is any other country +44 20 3741 1282 +852 2158 9723 +852 2158 9706 excluding X. Europe/Asia/Africa & Middle East: All values are in USD The dominant geography of the bidder is X M&A Trends and Top Deals correct as of 10am Global PE Specialist EMEA EMEA and the dominant geography of the target is (GMT), 29-Sep-2019. Cut off date 29-Sep- any other region excluding X. 2019 Mate Taczman Michael Richards Ioiana Luncheon [email protected] [email protected] [email protected] Top deals: Based on the dominant geography League Tables correct as of 10am (GMT), +44 20 3741 1361 +44 20 3741 1294 +44 203 741 1391 of the target company. 01-Oct-2019. Cut off date 30-Sep-2019. mergermarket.com Mergermarket Global & Regional 80 M&A Report 3Q19

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