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Global & Regional M&A Report H1 2018 Including League Tables of Financial Advisors

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Content

Overview 03 Global 04 Europe 09 US 14 Latin America 19 AsiaPacific (excl. Japan) 24 Japan 29 Middle East & Africa 34 M&A and PE League Tables 39 Criteria & Contacts 74

mergermarket.com Mergermarket Global & Regional Global Overview 3 M&A Report H1 2018

Global Overview Regional M&A Comparison

North America US$ 877.1bn +29.8% vs. H1 17 Inbound US$ 117.7bn -32.4% Outbound US$ 179bn -9.5% EMU US$ 161bn +0.7%

Latin America US$ 45.6bn +62.3% vs. H1 17 Inbound US$ 18.4bn +38.4% 30.99% Outbound US$ 1.4bn -72.1% Ind. & Chem. US$ 21.4bn +624.5%

Europe US$ 600.9bn +26.5% vs. H1 17 45.23% 0.88% Inbound US$ 284bn +38.4% 19.08% Outbound US$ 108.6bn -21.1% PMB US$ 121.9bn +127.1% 1.47% MEA US$ 28.4bn -27.7% vs. H1 17 Inbound US$ 22.7bn -36.9% Outbound US$ 18.7bn -22% EMU US$ 11.4bn +54.5%

APac (ex. Japan) US$ 370bn +33.1% vs. H1 17 Inbound US$ 56.3bn +53.2% 2.35% Outbound US$ 82.9bn +52.1% Technology US$ 66.8bn +97.1%

Japan US$ 17bn +17.3% vs. H1 17 Inbound US$ 1.3bn -76.7% Global M&A US$ 1.94tn +28.3% vs. H1 2017 Outbound US$ 111.4bn +229.1% Consumer US$ 4.4bn +295.9% Cross-border US$ 740.3bn +11.6% vs. H1 2017 The % values on the map indicate Top sector: EMU US$ 338.9bn +24.9% vs. H1 2017 market shares in global M&A mergermarket.com Mergermarket Global & Regional Global Analysis 4 M&A Report H1 2018 Global

Value Deal details (US$bn) Announce- Bidder company Target company Target Target sector ment date geography US$ 1.94tn 79.7 8-May-18 Takeda Pharmaceutical Shire Plc Republic of Pharma, Medical & Company Limited Ireland Biotech Value of M&A in H1 2018, the strongest

67.9 8-Mar-18 Cigna Corporation Express Scripts USA Business Services first six months since the crisis Holding Company

58.9 29-Apr-18 T-Mobile USA Inc Sprint Corporation USA Telecoms

46.6 12-Mar-18 E.ON SE innogy SE Germany Energy, Mining & 28.3% 26 Utilities

Value increase from H1 Number of megadeals 40.7 25-Apr-18 Comcast Corporation Sky Plc United Media Kingdom 2017 to H1 2018 (> US$ 10bn) announced in H1, four short of the FY 2017 total

mergermarket.com Mergermarket Global & Regional Global Analysis 5 M&A Report H1 2018

Global

• The momentum seen in Q1 2018 has carried over into the • Headline dealmaking has swung to more developed areas second quarter, pushing global M&A to its highest post-crisis so far this year with an increase in blockbuster consolidation. “It appears the stars are value on Mergermarket record with US$ 1.94tn (8,560 deals) Almost three-quarters of the global value has targeted the announced so far. Q2 (US$ 1.01tn) became the most active US and Europe this year, up from 64.9% in H1 2017 with the aligning for M&A in 2018. quarter since Q4 2016 (US$ 1.03tn) by value, breaching the top ten deals all targeting the two areas, while the respective US$ 1tn mark for only the fourth quarter since the crisis. A deal count share has remained steady. Acquisitions of Express Financing remains cheap buoyant M&A market has led to six deals above the US$ Scripts and Sprint have pushed US activity to US$ 807.9bn, its 20bn mark announced in Q2 including Takeda’s proposed third highest YTD value on record, with the country receiving while tech innovation US$ 79.7bn takeover of Shire – the year’s largest deal so far. It half of the top ten deals in the first half of the year. Meanwhile, appears that the stars are aligning for M&A in 2018. Financing Europe now accounts for just under a third of the global value is causing traditional remains cheap while tech innovation is causing traditional up from 22.4% in YTD 2017 following four deals above US$ corporates to fight back against newer, more innovative 20bn in Q2, including China Three Gorges/EDP (US$ 27.4bn) corporates to fight back firms and shareholder pressure is leading to more spin-offs, and Vodafone’s acquisition of Liberty Global’s German and divestment programmes, and transformational, sector-altering CEE assets (US$ 21.8bn). Asia has also seen an increase in against newer, more acquisitions. M&A compared to H1 2017, yet has seen its global share dip from 27% in YTD 2017 to 19.1% this year. innovative firms” • With dealmakers now having to contend with a greater level of political intervention and protectionism, the majority of the • The changing media landscape, with the introduction of increase in global M&A has been driven by domestic M&A. Netflix and Amazon’s move into the space in recent years, YTD deals conducted domestically this year have surpassed has caused a surge in Media M&A as traditional players such Jonathan Klonowski, US$ 1tn for only the third time on Mergermarket record with as Comcast and Disney look to protect their market share. US$ 1.12tn announced so far. The introduction of tariffs, the The battle for Sky continues to rumble on and the sector has Research Editor (EMEA) growing threat of trade wars and greater scrutiny over deals reached US$ 78.9bn so far this year, its highest YTD figure on may be somewhat responsible for a drop in the impact of Mergermarket record. With the DOJ approving the AT&T/Time cross-border M&A. Earlier this year President Trump ensured Warner merger and Amazon’s ongoing pursuit of sporting TV that Qualcomm’s pursuit of Broadcom did not take off and in rights - including Premier League football and the ATP World the first six months of the year, only 38.2% of the global M&A Tour - the uptick seen in the space shows no sign of abating value was generated by cross-border activity – almost a six and the sector is on course to breach the US$ 100bn barrier percentage-point drop compared to H1 2017. Six of the largest for the third successive year. Industrials & Chemicals has ten deals in H1 2018 were domestic deals, including T-Mobile’s been the most targeted sector by the number of deals, while US$ 58.9bn takeover of Sprint, announced in late May. With seeing a considerable 21.9% increase in the value. The sector governments around the world looking increasingly insular, is also going through large-scale changes with areas such as this wave of domestic M&A may be a sign of further things to artificial intelligence, machine learning, IoT, and driverless cars come in the second half of the year and beyond. all pushing corporates to invest. mergermarket.com Mergermarket Global & Regional Global Analysis 6 M&A Report H1 2018

US$ 1.12tn 59.7% 2.1x Tech (US$ 178.5bn) value increase Pharma, Medical & Biotech (US$ compared to H1 2017 (US$ 111.8bn) 212.8bn) value increase compared to Value of domestic M&A in H1 H2 2017 (US$ 100.4bn) 2018, the highest YTD value on Mergermarket record (since 2001) US$ 271.7bn

72.7% US$1tn Value of private equity buyouts so far this year, the highest YTD value on record Share of global M&A value Q2 2018 value, 9.1% higher than Q1 targeting Europe and the US, up from around 65% in H1 2017

mergermarket.com Mergermarket.com Mergermarket Global & Regional Global Analysis 7 M&A Report H1 2018

Chart title 1 Chart title 1 ChartGlobal title Quarterly2 Breakdown Trend ChartGlobal title Sector 2 Breakdown Trend 2013 - 2018 H1 2017 - H1 2018

800

4000 20000

700 18000 3500

1,201.0 16000 600

3000 827.1 1,030.1 921.3 14000 500 2500 12000

873.3 Deal Count 400 2000 571.7 853.7 10000 872.4 717.3

8000 (US$bn) Value Deal 300 Deal Value (US$bn) Value Deal 1500 1011.8 658.2 1,039.4 758.3 6000 964.2 1000 739.6 200

561.2 4000

500 927.3 100 762.2 752.7 2000 568.5 626.8 447.1

0 0 2013 2014 2015 2016 2017 2018 0 Energy, Industrials Pharma, Business Technology Other Mining & Utilities & Chemicals Medical Services & Biotech

Q1 Q2 Q3 Q4 H1 2017 H1 2018

Deal Count

mergermarket.com Mergermarket Global & Regional Global Analysis 8 M&A Report Q1 2018

Global League tables

Financial advisor league table by value

Ranking H1 2018 H1 2017 Regional ranking comparison

H1 H1 Company name Value Deal Value % Value Europe US Asia Japan Middle Latin 2018 2017 (US$m) count (US$m) change Pacific East & America Africa 1 1 Goldman Sachs & Co 663,221 190 438,517 51.2% 1 1 3 1 1 4 2 2 Morgan Stanley 650,733 148 318,882 104.1% 2 2 1 3 2 3 3 4 JPMorgan 511,920 146 275,986 85.5% 3 3 2 2 5 10 4 5 Citi 395,591 120 243,100 62.7% 4 9 5 6 16 9 5 3 Bank of America Merrill Lynch 324,741 96 284,942 14.0% 6 4 4 17 3 1 6 6 Lazard 294,538 98 188,256 56.5% 5 10 6 26 12 12 7 15 Evercore 276,068 75 83,844 229.3% 7 5 26 4 67 17 8 7 Credit Suisse 243,347 89 163,495 48.8% 11 6 17 9 9 11 9 9 Deutsche Bank 212,962 62 148,668 43.2% 13 12 9 11 17 26 10 11 Barclays 197,396 91 126,034 56.6% 10 8 12 14 6 16 11 12 Centerview Partners 187,387 22 104,527 79.3% 30 7 354 10 80 - 12 10 Rothschild 148,478 144 135,163 9.9% 8 20 18 19 11 15 13 28 PJT Partners 124,119 13 26,828 362.6% 18 11 146 12 - - 14 8 UBS Investment Bank 113,262 71 148,722 -23.8% 9 21 7 16 8 69 15 31 Nomura Holdings 96,616 42 24,253 298.4% 12 57 32 5 92 82 16 17 RBC Capital Markets 69,004 53 61,527 12.2% 26 16 27 - 84 28 17 13 Perella Weinberg Partners 68,824 18 87,596 -21.4% 19 25 207 154 88 - 18 64 Sumitomo Mitsui Financial Group 66,940 28 8,507 686.9% 622 14 377 7 - - 19 26 Robey Warshaw 65,964 3 30,503 116.3% 14 17 340 146 - - 20 81 Mizuho Financial Group 62,197 20 4,943 1158.3% 699 15 204 8 - -

mergermarket.com Mergermarket Global & Regional Europe Analysis 9 M&A Report Q1 2018 Europe

Value Deal details (US$bn) Announce- Bidder company Target company Target Target sector ment date geography US$ 600.9bn 79.7 8-May-18 Takeda Pharmaceutical Shire Plc Republic of Pharma, Medical & Company Limited Ireland Biotech M&A targeting Europe this 46.6 12-Mar-18 E.ON SE innogy SE Germany Energy, Mining & year, 63.8% higher than Utilities H2 2017 (US$ 367bn)

40.7 25-Apr-18 Comcast Corporation Sky Plc United Media Kingdom

39.6 23-Mar-18 Consortium formed by Abertis Spain Construction ACS SA, Atlantia SpA Infraestructuras SA 25.6% 31% and Hochtief AG

27.4 11-May-18 China Three Gorges Energias de Portugal Energy, Mining & Q2 2018 (US$ 334.6bn) European share of YTD Coporation Portugal SA Utilities (76.73% Stake) European M&A increase global M&A value, up by value versus Q1 from 26.7% in FY 2017 2018 (US$ 266.4bn)

mergermarket.com Mergermarket Global & Regional Europe Analysis 10 M&A Report H1 2018

Europe

• Mirroring the surge in global M&A, Europe saw a sizeable 38.4% ahead of YTD 2017 (US$ 205.2bn, 683 deals). uptick in the first six months of the year with several big-ticket “Despite areas of political • The UK continues to be the most active country in Europe deals pushing the continent to its highest H1 value since the by both the number of deals and aggregate value, receiving financial crisis. So far this year there have been 3,199 deals uncertainty, specifically in 629 transactions worth US$ 147.4bn so far this year – over targeting Europe worth a total US$ 600.9bn indicating that 50% higher than both H1 and H2 2017 values. This has largely the continent may be on course to breach the US$ 1tn mark Italy and Spain, European been due to the battle for Sky, which saw Comcast make a in 2018 for the first time since 2008. Following takeovers of US$ 40.7bn offer for the media giant in late April. With the UK Shire (US$ 79.7bn), Sky (US$ 40.7bn) and EDP (US$ 27.4bn) M&A has kicked on in edging closer to its breakaway from the European Union, the the second quarter was particularly active hitting US$ 300bn, high levels of domestic consolidation seen in the last nine the first time Europe has reached the landmark figure in a the second quarter” months have continued, with supermarket chains Sainsbury’s quarter since Q2 2014 (US$ 309.8bn), which included the and Asda agreeing a US$ 10bn deal in May. Meanwhile, after Medtronic/Covidien and Holcim/Lafarge deals. Despite a slow start to the year German M&A is on the rise with US$ areas of political uncertainty, specifically in Italy and Spain, 95.4bn invested into the country so far this year. The second European M&A has kicked on in the second quarter and the Jonathan Klonowski, quarter of the year saw Vodafone acquire Liberty Global’s continent accounted for just over a third of global dealmaking German and CEE assets for US$ 21.8bn. by value in H1 for the first time since the crisis. Research Editor (EMEA) • Private equity activity in Europe has remained active, • Following a slow 2017, Asian firms have been aggressive eclipsing 2017’s H1 post-crisis buyout record of US$ 72.8bn once again in the continent, conducting the first and third (717 buyouts), registering US$ 80.7bn (635 buyouts) across largest deals in Europe in Q2. In early May, Takeda made an the first six months of the year. The extraordinary levels offer to acquire Irish biopharma firm Shire for US$ 79.7bn. of capital held has pushed private equity firms to act and This was followed by China Three Gorge’s proposed US$ European buyout activity is now on course to breach the 27.4bn takeover of Portuguese energy firm EDP, the first US$ 100bn barrier for the fifth successive year. The largest Chinese acquisition into Europe valued over US$ 20bn announcement in Q2 was the US$ 5.4bn takeover of German since ChemChina/Syngenta in 2016. These two deals have firm Techem by Casse de Depot et Placement du Quebec, propelled Asian dealmaking in Europe to US$ 142.6bn, Ontario Teachers’ Pension Plan and Partners Group, pushing just 20.2% behind the record US$ 178.7bn set in 2016, the number of buyouts worth over US$ 1bn this year to 23. which included takeovers of ARM, Supercell, and KUKA. With eye-watering fundraising raised in recent years, an ample Asian investment accounts for around half the foreign amount of dry-powder remains for private equity firms to investment into Europe, demonstrating that despite increased deploy in H2 and firms such as Costa Coffee, Cory Riverside, protectionism and government intervention in both regions, and Jenbacher are reportedly all in the process of multi- Asian interest in European assets remains strong. Overall billion sales. foreign investment has been a significant factor behind the growth in European M&A, reaching US$ 284bn (569 deals) mergermarket.com Mergermarket Global & Regional Europe Analysis 11 M&A Report H1 2018

US$ 142.6bn 2.2x 8.6% Energy, Mining & Utilities value Media share of European M&A increase (US$ 109.3bn) compared value this year, up from 0.5% in H2 Asian investment into Europe so far to H2 2017 2017 this year, just 20.2% behind the record annual value set in 2016 (US$ 178.7bn) US$ 80.7bn

57.8% 6 Value of private equity buyouts in H1 2018, the highest H1 value UK M&A increase (US$ 147.4bn) Number of deals worth over versus H1 2017 (US$ 93.4bn) US$ 20bn targeting Europe this year on Mergermarket record

mergermarket.com Mergermarket.com Mergermarket Global & Regional Europe Analysis 12 M&A Report H1 2018

Chart title 1 Chart title 1 ChartEurope title 2Quarterly Breakdown Trend ChartEurope title Sector2 Breakdown Trend 2013 - 2018 H1 2017 - H1 2018

300

1000 10000

900 9000 250

800 213.8 8000

292.2 190.7 200 700 7000 272.3

600 6000 157.9 203.8 176.3 Deal Count 150 500 179.6 5000 177.6 334.6 158.9 (US$bn) Value Deal 400 4000 Deal Value (US$bn) Value Deal 100 309.8 268.2 300 3000 262.5 198.1 200.5 200 2000 50

206.9 266.4 100 174.2 1000 136.3 178.6 163.9

0 0 0 2013 2014 2015 2016 2017 2018 Pharma, Energy, Industrials Media Telecoms Other Medical Mining & Utilities & Chemicals & Biotech

Q1 Q2 Q3 Q4 H1 2017 H1 2018

Deal Count

mergermarket.com Mergermarket Global & Regional Europe Analysis 13 M&A Report H1 2018

Europe League tables

Europe league table by value Europe league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Goldman Sachs & Co 328,162 79 27.4% 257,635 1 1 PwC 10,923 124 -33 157 2 3 Morgan Stanley 309,304 57 86.0% 166,319 2 5 Rothschild 125,646 120 -6 126 3 5 JPMorgan 278,080 64 89.4% 146,856 3 4 Deloitte 3,578 111 -19 130 4 6 Citi 245,462 49 70.7% 143,796 4 3 EY 3,868 96 -39 135 5 4 Lazard 183,153 64 16.0% 157,928 5 2 KPMG 44,173 92 -61 153 6 2 Bank of America Merrill Lynch 159,469 41 -22.5% 205,872 6 8 Goldman Sachs & Co 328,162 79 14 65 7 31 Evercore 153,538 26 1214.0% 11,685 7 7 JPMorgan 278,080 64 -5 69 8 10 Rothschild 125,646 120 18.7% 105,878 8 6 Lazard 183,153 64 -12 76 9 7 UBS Investment Bank 89,458 39 -20.3% 112,299 9 10 Morgan Stanley 309,304 57 0 57 10 23 Barclays 85,365 32 353.4% 18,828 10 11 Citi 245,462 49 -3 52 11 9 Credit Suisse 83,515 30 -22.4% 107,656 11 13 Oaklins 364 49 5 44 12 27 Nomura Holdings 82,935 5 490.2% 14,052 12 19 Clearwater International 912 42 3 39 13 8 Deutsche Bank 82,914 27 -24.8% 110,327 13 12 Bank of America Merrill Lynch 159,469 41 -4 45 14 21 Robey Warshaw 65,964 3 116.3% 30,503 14 20 UBS Investment Bank 89,458 39 1 38 15 11 BNP Paribas 58,335 24 -28.1% 81,182 15 15 Lincoln International 1,367 38 -5 43 16 20 Societe Generale 56,369 11 80.6% 31,208 16 9 BDO 882 34 -26 60 17 18 Mediobanca 51,654 18 45.2% 35,578 17 36 Barclays 85,365 32 13 19 18 24 PJT Partners 51,258 5 212.8% 16,388 18 24 UniCredit Group 3,824 31 0 31 19 13 Perella Weinberg Partners 48,246 4 -9.3% 53,209 19 18 ALANTRA 2,035 31 -8 39 20 61 Santander Global Corporate Banking 45,770 9 1385.1% 3,082 20 14 Credit Suisse 83,515 30 -13 43

mergermarket.com Mergermarket Global & Regional US Analysis 14 M&A Report H1 2018 US

Value Deal details (US$bn) Announce- Bidder company Target company Target Target sector ment date geography US$ 807.9bn 67.9 8-Mar-18 Cigna Corporation Express Scripts USA Business Services Holding Company Third-highest H1 value on 58.9 29-Apr-18 T-Mobile USA Inc Sprint Corporation USA Telecoms Mergermarket record (since 2001)

30.2 30-Apr-18 Marathon Petroleum Andeavor Corporation USA Industrials & Corporation Chemicals

26.7 26-Mar-18 Brookfield Property General Growth USA Real Estate Partners LP Properties Inc 31.1% 2,593 (65.86% Stake)

23.1 29-Jan-18 Keurig Green Dr Pepper Snapple USA Consumer US value increase over Lowest H1 deal count Mountain Inc Group Inc H1 2017 (US$ 616.3bn) since 2013 (1,848)

mergermarket.com Mergermarket Global & Regional US Analysis 15 M&A Report H1 2018

US

• As growing tensions over tariffs and a trade war dominated from industry disruptor Netflix, which has spurred competitive the news, dealmakers continued to embrace the hunt for bids by old line Media companies willing to pay high prices for “Pressure from industry prime assets in the first half of 2018. In H1 2018, US M&A valuable content producers, which could have spillover effects deal value rose by 15.9% to US$ 807.9bn from US$ 697.1bn into the rest of the entertainment industry later this year. disruptor Netflix has spurred recorded in H2 2017 and by 31.1% from US$ 616.3bn recorded • Following Congress’ partial rollback of the Dodd-Frank in H1 2017. However, total deal count fell by 247 transactions competitive bids from old banking rules, Financial Services is expecting an increase in compared to H2 2017 (2,840) and by 293 transactions M&A, according to Mergermarket intelligence. H1 2018’s top compared to H1 2017 (2,886). Various established industry line Media companies deal in the sector came from the banking sub-sector – Fifth giants, under fire from disruptors Amazon and Netflix, Third Bancorp’s US$ 4.6bn bid for MB Financial. Through the continued to demonstrate a willingness to pay high prices willing to pay high prices for first half of the year, Financial Services recorded 222 deals for the most valuable targets on the market. As a result, the worth US$ 36.2bn, a 21% decrease in value with 22 fewer average value for disclosed deals in the first half of the year valuable content producers, deals compared to H1 2017, though activity is expected to jumped 51.4% to US$ 736.7m from US$ 486.5m in H1 2017, pick up in H2. As investors become more familiar with the and 24.8% from US$ 590.2m in H2 2017. which could spill over into details of last December’s tax reform package and companies • In the year since Amazon bought Whole Foods, the begin to repatriate cash, some gains are expected to go the rest of the entertainment transaction continues to impact the business world, spurring toward M&A. several headlining mega-deals, including Cigna/Express • Government scrutiny of deals with China amidst escalating industry later this year.” Scripts and CVS/Aetna. Late in Q2 this year, Amazon again trade tensions saw a 94.3% plunge in Chinese bids for US made headlines with its US$ 1bn purchase of online pharmacy companies by value for a first half of the year from a high in PillPack, winning out over Walmart and officially entering 2016, with deal count almost halved. Eyes were on Chinese the retail pharmacy space after speculations in recent regulatory body MOFCOM, the final regional approval needed Elizabeth Lim, months, a fear which had instigated the two aforementioned for Qualcomm to complete its US$ 51.9bn bid for NXP, which transactions in nervous anticipation. Dealmakers interested at the time of writing is still pending. Meanwhile, the Trump Research Editor (Americas) in following suit down the vertical mega-merger route but Administration is under negotiations with China over a deal concerned about regulatory scrutiny breathed a sigh of relief with Chinese telecom firm ZTE, which Congress voted in April in June when a US district court ruled in favour of AT&T in to ban from doing business in the US. By the end of H1 2018, its US$ 105bn bid for Time Warner, having been sued by the largest Chinese purchase of a US company fell well below the Justice Department on antitrust grounds more than a the billion-dollar mark: Harbin Pharmaceutical Group’s bid for year and a half ago. The following day, Comcast approached an undisclosed stake in nutritional supplement maker GNC for Twenty-first Century Fox’s board with a US$ 77.4bn proposal, US$ 300m. prompting a bidding war with Disney who in turn increased its original US$ 68.4bn bid for Fox from last December to US$ 84.1bn. Such a move is indicative of the immense pressure felt mergermarket.com Mergermarket Global & Regional US Analysis 16 M&A Report H1 2018

+28.6% -40.8% -54.3% US inbound M&A value decrease Fall in Chinese investment into the from H1 2017 (US$ 199.3bn) to H1 US from H1 2017 (US$ 4.3bn) to H1 Value increase of Disney’s revised 2018 (US$ 118.1bn) 2018 (US$ 1.9bn) offer price per share for Fox

US$ US$ 58.9bn 11 Value of Sprint/T-Mobile, the 12bn largest US deal of Q2 2018

US Media M&A value in H1 2018, a Number of mega-deals (>US$ 14.4% decrease from H1 2017 10bn), five more than in H1 2017 (US$ 14bn) (six)

mergermarket.com Mergermarket.com Mergermarket Global & Regional US Analysis 17 M&A Report H1 2018

Chart title 1 Chart title 1 ChartUS titleQuarterly 2 Breakdown Trend ChartUS Sectortitle 2 Breakdown Trend 2013 - 2018 H1 2017 - H1 2018

300

2000 6000

250 5000 1600 508.9

200 4000 503.0 1200 346.5

398.2 Deal Count 463.5.6 150 3000

423.2 800 231.1 405.5 (US$bn) Value Deal Deal Value (US$bn) Value Deal 298.9 2000 100 399.3 468.5 317.7 299.1 400 389.6 326.1 1000 50 177.1 408.5 357.8 317.2 179.9 219.5 253.2 0 0 0 2013 2014 2015 2016 2017 2018 Business Energy, Industrials Technology Pharma, Medical Other Services Mining & Utilities & Chemicals & Biotech

Q1 Q2 Q3 Q4 H1 2017 H1 2018

Deal Count

mergermarket.com Mergermarket Global & Regional US Analysis 18 M&A Report H1 2018

US League tables

US league table by value US league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Goldman Sachs & Co 399,692 143 10.3% 362,230 1 1 Goldman Sachs & Co 399,692 143 22 121 2 2 Morgan Stanley 393,148 92 55.4% 253,035 2 2 JPMorgan 290,603 103 0 103 3 3 JPMorgan 290,603 103 34.4% 216,263 3 3 Morgan Stanley 393,148 92 0 92 4 4 Bank of America Merrill Lynch 196,230 59 -5.3% 207,289 4 4 Houlihan Lokey 13,693 79 -11 90 5 13 Evercore 191,005 65 141.1% 79,228 5 6 Citi 157,338 77 6 71 6 6 Credit Suisse 184,026 65 33.1% 138,280 6 12 Barclays 171,832 73 18 55 7 11 Centerview Partners 180,611 20 72.8% 104,527 7 17 Raymond James & Associates 7,667 70 24 46 8 10 Barclays 171,832 73 57.6% 109,038 8 10 Jefferies 42,243 66 9 57 9 5 Citi 157,338 77 -7.6% 170,287 9 5 Evercore 191,005 65 -10 75 10 7 Lazard 147,053 44 9.8% 133,901 10 8 Credit Suisse 184,026 65 4 61 11 19 PJT Partners 118,298 11 340.9% 26,828 11 7 Bank of America Merrill Lynch 196,230 59 -5 64 12 8 Deutsche Bank 113,799 35 0.2% 113,583 12 26 Moelis & Company 31,746 54 19 35 13 123 Raine Group 59,327 3 7082.4% 826 13 23 Robert W. Baird & Co 7,768 49 12 37 14 42 Sumitomo Mitsui Financial Group 59,117 4 965.2% 5,550 14 13 Piper Jaffray & Co 8,642 47 -7 54 15 52 Mizuho Financial Group 58,945 2 1244.5% 4,384 15 11 Stifel/KBW 13,507 46 -11 57 16 15 RBC Capital Markets 45,557 40 -8.3% 49,702 16 18 William Blair & Company 11,798 46 0 46 17 26 Robey Warshaw 44,149 2 147.5% 17,835 17 9 Lazard 147,053 44 -13 57 18 34 Guggenheim Partners 43,146 14 366.8% 9,242 18 14 Rothschild 41,605 44 -6 50 19 17 Jefferies 42,243 66 23.5% 34,217 19 20 Lincoln International 2,713 42 2 40 20 16 Rothschild 41,605 44 8.1% 38,504 20 15 RBC Capital Markets 45,557 40 -8 48

mergermarket.com Mergermarket Global & Regional Latin America Analysis 19 M&A Report H1 2018 Latin America

Value Deal details (US$m) Announce- Bidder company Target company Target geography Target sector ment date US$ 18.4bn 15,326 16-Mar-18 Suzano Papel e Fibria Celulose SA Brazil Industrials & Celulose SA Chemicals Q2 2018’s deal value, up 31% 4,066 17-May-18 Tianqi Lithium Sociedad Quimica y Chile Industrials & over Q2 2017 (US$ 14bn) Industries Inc Minera SA Chemicals (23.77% Stake)

3,266 16-Feb-18 Enel Chile SA Enel Generación Chile Chile Energy, Mining & (40.02% Stake) Utilities

3,064 17-Apr-18 Enel SpA AES Eletropaulo Brazil Energy, Mining & Utilities 1.8% 2.9%

2,075 12-Jun-18 Louis Dreyfus Biosev SA Brazil Consumer Q2 market share of Q2 market share of global Company BV (78.47% Stake) global M&A by value, M&A by deal count, on par with Q2 2017 down from Q2 2017 (3.2% market share)

mergermarket.com Mergermarket Global & Regional Latin America Analysis 20 M&A Report H1 2018

Latin America

• The year began with perhaps even more uncertainty than 23.8% stake in Sociedad Quimica y Minera from Canada’s in previous years, with Latin America facing no fewer than six Nutrien, and Enel Chile’s US$ 3.3bn bid for a 40% stake in “As Latin America, China, presidential elections, including in its three most populous Enel Generación Chile. nations – Brazil, Mexico, and Colombia. To the north, its and Europe all face trade • The best-performing sector by value was Industrials & neighbour the US began imposing tariffs, appeared to be in Chemicals, claiming US$ 21.3bn and 42 transactions, including the beginning stages of a trade war, and vowed to renegotiate tensions with the US, the top two deals of H1 2018, while Consumer topped deal NAFTA. Despite all of this domestic and cross-border political count totals with 44 transactions worth US$ 2.8bn. Consumer and economic uncertainty, the region’s dealmaking jumped each region may look also accounted for Latin America’s fifth-largest deal for H1 62.3% in H1 2018 with US$ 45.6bn in total deal value from 2018 – a US$ 2.1bn bid by the Netherlands-based agricultural US$ 28.1bn in H1 2017, though with 43 fewer deals. In fact, toward each other, with goods company Louis Dreyfus for a 78.5% stake in Brazil- deal values had seen a gradual uptick year on year since a based sugar, ethanol, and renewable energy firm Biosev. 62.9% drop in value to US$ 24.6bn in H1 2015 following a increased partnerships Energy, Mining & Utilities (EMU), often the region’s top sector, plunge in the global commodities market. A third of total value ranked second by deal value and third by count, with US$ was due to the top deal of H1 2018 – Brazil’s Suzano Papel e likely on the horizon.” 12.7bn and 42 transactions. Aside from the Chilean Enel deal, Celulose’s US$ 15.3bn bid for domestic target Fibria Celulose, the third-largest in the region, EMU also accounted for the a manufacturer of pulp and paper. Without the transaction, fourth-largest transaction of the period, with Italy-based M&A value was still 7.8% higher than in H1 2017. Enel’s US$ 3.1bn winning bid for Brazil-based AES Eletropaulo. Elizabeth Lim, • Dealmakers expect an increase in M&A later this year, • Inbound M&A continued to be a strong component in in a sign that investor confidence may be returning to the Latin America, rising 38.4% to US$ 18.4bn from US$ 13.3bn Research Editor (Americas) region, according to Mergermarket intelligence. Brazil, Latin in H1 2017. However, winds appear to be blowing in from new America’s dominant economy, has been gradually trying to directions. While activity from the US fell 39% to US$ 1.5bn move past its recent battles with political corruption. Scandal in the first half of the year from US$ 2.5bn during the same had claimed popular former president, Luiz Inácio Lula da period last year, activity from China increased 89.5% to US$ Silva, currently in prison while simultaneously considered the 5.1bn, a record at this point in the year, from US$ 2.7bn in H1 frontrunner in Brazil’s upcoming election in October, as well as 2017. Activity from Europe also grew, with deal flow expanding his successor, Dilma Rousseff, impeached two years ago. Her 28.9% to US$ 7.4bn from US$ 5.7bn in H1 2017. As Latin own successor, Michel Temer, has also faced investigations. America, China, and Europe all face trade tensions with the Nevertheless, Brazil was the top country for M&A by both US, each region may look toward each other, with increased deal value and count in the region, with US$ 27.2bn and 128 partnerships likely on the horizon. transactions. Chile ranked second, by both deal value and count, with US$ 9.7bn and 32 transactions. Chile was also home to the second- and third-largest deals of the period – China’s Tianqi Lithium Industries’ US$ 4.1bn purchase of a mergermarket.com Mergermarket Global & Regional Latin America Analysis 21 M&A Report H1 2018

+73.3% US$ 5.1bn US$ 1.5bn

Highest inbound H1 value from Lowest inbound H1 value from the Brazilian M&A value increase in H1 China on record US since 2009 (US$ 1bn) 2018 from H1 2017 (US$ 15.7bn)

US$ 4.1bn US$ 21.4bn US$ 27.2bn Tianqi Lithium Industries (China)/ Sociedad Quimica y Minera (23.8% stake)

Highest Industrials & Chemicals Highest H1 value in Brazil since (Chile) - largest deal of Q2 2018 value in LatAm for any half year on 2012 (US$ 31bn) Mergermarket record (since 2001)

mergermarket.com Mergermarket.com Mergermarket Global & Regional Latin America Analysis 22 M&A Report H1 2018

Chart title 1 Chart title 1 ChartLatin title America 2 Quarterly Breakdown Trend ChartLatin title America 2 Sector Breakdown Trend 2013 - 2018 H1 2017 - H1 2018

25

135 700

28.6 600 20 108

500

38.1 15 81 400 25.6 44.2 Deal Count

19.6 29.5 300

Deal Value (US$bn) Value Deal 10 54 Deal Value (US$bn) Value Deal 22.4 39.9 30.2 24.9 24.2 18.4 200

21.4 27 5 11.2 14.0 12.2 100 27.3 24.8 17.8 11.9 14.9 14.1 0 0 0 2013 2014 2015 2016 2017 2018 Industrials Energy, Consumer Business Financial Other & Chemicals Mining & Utilities Services Services

Q1 Q2 Q3 Q4 H1 2017 H1 2018

Deal Count

mergermarket.com Mergermarket Global & Regional Latin America Analysis 23 M&A Report H1 2018

Latin America League tables

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 9 Bank of America Merrill Lynch 21,564 9 737.1% 2,576 1 1 Banco Itau BBA 21,085 10 -7 17 2 5 Banco Itau BBA 21,085 10 526.8% 3,364 2 10 Bank of America Merrill Lynch 21,564 9 4 5 3 1 Morgan Stanley 14,058 9 140.7% 5,840 3 5 Morgan Stanley 14,058 9 1 8 4 6 Goldman Sachs & Co 6,136 8 96.0% 3,130 4 6 Goldman Sachs & Co 6,136 8 2 6 5 - Sinolink Securities Co 4,066 1 - - 5 2 Banco BTG Pactual 3,074 8 -8 16 6 17 Banco Bradesco BBI 3,418 5 194.7% 1,160 6 15 Citi 2,937 7 3 4 7 - Mediobanca 3,266 1 - - 7 9 Credit Suisse 2,556 7 2 5 8 2 Banco BTG Pactual 3,074 8 -38.9% 5,027 8 25 JPMorgan 2,577 6 4 2 9 4 Citi 2,937 7 -16.9% 3,533 9 4 Lazard 1,727 6 -5 11 10 12 JPMorgan 2,577 6 16.5% 2,212 10 3 Banco Bradesco BBI 3,418 5 -8 13 11 3 Credit Suisse 2,556 7 -39.3% 4,214 11 12 Rothschild 920 5 0 5 12 11 Lazard 1,727 6 -23.8% 2,265 12 17 KPMG 550 5 1 4 13= - Jefferies 969 1 - - 13 31 EY 547 5 3 2 13= 28 Rabobank 969 1 128.0% 425 14 51 LXG Capital 398 5 4 1 15 15 Rothschild 920 5 -28.4% 1,285 15 8 PwC 495 4 -2 6 16 7 Barclays 583 2 -80.1% 2,925 16 18 Artica Invest - 4 0 4 17 - Evercore 560 3 - - 17 - Evercore 560 3 3 - 18 34 KPMG 550 5 101.5% 273 18 7 Santander Global Corporate Banking 428 3 -3 6 19 56 EY 547 5 1508.8% 34 19 - Greenhill & Co 284 3 3 - 20 82 Vinci Partners 542 2 - - 20 32 Oaklins 130 3 1 2

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 24 M&A Report H1 2018 Asia Pacific (excl. Japan)

Value Deal details (US$bn) Announce- Bidder company Target company Target Target sector ment date geography US$ 370bn 16.0 09-May-18 Wal-Mart Stores Inc Flipkart Internet Pvt India Technology Ltd (77% Stake) H1 2018 value, the second highest 14.0 29-May-18 A group of 12 investors Zhejiang Ant Small China Financial Services YTD figure on Mergermarket record and Micro Financial Services Group Co Ltd

10.7 25-Apr-18 Bharti Infratel Limited Indus Towers Limited India Telecoms US$ 9.5 02-Apr-18 Alibaba Group Holding Ele.me China Business Services Ltd; Zhejiang Ant Small 33.1% and Micro Financial Services Group Co Ltd 40.7bn

8.2 10-May-18 Wanhua Chemical Yantai Wanhua China Industrials & Combined value of the M&A value increase Group Co Ltd Chemical Co, Ltd Chemicals three megadeals in H1 compared to H1 2017, with 2017, contributing 11% 90 more transactions of the region’s value

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 25 M&A Report H1 2018

Asia Pacific (excl. Japan)

• Continuing the strong start seen in Q1, Asia-Pacific • The most attractive sector in the region remained (excluding Japan) M&A recorded a solid first half supported Industrials & Chemicals by deal count with 348 transactions, “Innovation has been the key by a steady flow of high-profile deals in the second quarter. contributing 21% to the region’s overall deal activity in H1. The region registered 1,850 deals valued at US$ 370bn in H1 Regarding the deal value, Technology replaced Industrials & driver behind activity in the 2018, up 33.1% by value with 90 more deals compared to H1 Chemicals and became the top sector in H1 2018, driven by 2017 (US$ 277.9bn, 1760 deals), marking the second highest the aforementioned Walmart-Flipkart US$ 16bn megadeal. first six months of the year, YTD value on Mergermarket record (since 2001). The growth The sector witnessed 263 transactions totalling US$ 66.8bn in value can mainly be attributed to three megadeals (>US$ with a remarkable 97.1% value growth compared to H1 2017 with Chinese firms looking 10bn) worth a combined US$ 40.7bn– accounting for 11% of (US$ 33.9bn, 242 deals). Innovation has been the key driver the H1 2018 deal value. The top deal in the first half of 2018 behind activity in the first six months of the year, with Chinese to be at the forefront” was the US$ 16bn retail giant Walmart’s acquisition of a 77% firms looking to be at the forefront. In H1 2018, three out of stake in Flipkart, one of India’s largest online marketplaces. the top five deals in the region were related to this trend, including the US$ 14bn buyout of Chinese online payment • After a quiet first quarter, cross-border activity saw a platform Ant Financial, and the US$ 9.5bn acquisition of Amy Wu, Senior revival in Q2. Inbound M&A registered 271 deals worth US$ food delivery platform Ele.me by Alibaba and the Flipkart 56.3bn, rising 53.2% compared to H1 2017. India was the most acquisition. Research Analyst attractive target in the region by both deal value and count. The country announced 78 inbound investments valued at • In line with the global trend, private equity activity an aggregate US$ 26.1bn, contributing 46.4% of the region’s recorded 211 buyouts accounting for US$ 64.7bn, continuing foreign investment. Meanwhile, outbound M&A soared to US$ its upward trajectory in 2018, despite a fall in the number of 82.9bn, increasing 52.1% compared to H1 2017 and reaching deals. With a surge of blockbuster investments, both total deal the second highest H1 value on Mergermarket record (since value and average buyout size (US$ 380.8m) in the region 2001) – thanks to the contribution of Chinese investors. After increased, recording the highest H1 value on Mergermarket the slowdown in 2017, Chinese outbound M&A recorded 130 record. Technology was the most attractive sector for transactions valued at US$ 63.4bn. Utilities have reportedly investors by deal count, representing 23.2% of buyouts in the long been on the radar of Chinese companies and the sector region. Exits were another highlight in the first half with the saw the largest investment by a Chinese firm since 2016 with region registering 128 deals worth a total US$ 72bn, up 3.4x the US$ 27.4bn takeover of EDP by stated-owned power in value with 25 more deals compared to H1 2017. Thanks to company China Three Gorges. Largely affected by increased the exits of Flipkart (US$ 16bn) and Idea Cellular (US$10.7bn) protectionism and Trump’s controversial trade policies, announced in the second quarter, the region’s exit figures Chinese M&A into USA witnessed a sharp drop – down 54.3% marked the highest H1 value on record. by value with 14 fewer deals, compared to 36 deals worth US$ 4.3bn in H1 2017.

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 26 M&A Report H1 2018

US$ 380.8m -54.3% 97.1% Drop in value of Chinese Tech M&A value increase investment into the US compared compared to H1 2017 Average buyout value in Asia- to H1 2017 Pacific (excl. Japan) this year, the highest figure on record

US$ 72bn

46.4% 52.1% Exit value in H1 2018, the highest

Indian share of Asia Pacific (excl. Outbound M&A increase versus YTD value on Mergermarket record Japan) inbound M&A by value H1 2017

mergermarket.com Mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 27 M&A Report H1 2018

Chart title 1 Chart title 1 ChartAsia title Pacific 2 (excl. Japan) Quarterly Breakdown Trend ChartAsia title Pacific 2 (excl. Japan) Sector Breakdown Trend 2013 - 2018 H1 2017 - H1 2018

140

900 4050

120 800 3645

296.5 3240 700 100

2835 600 239.4 177.4 2430 80 171.8 156.5 500 Deal count

2025 400 60

173.2 of deals (US$bn) Value 115.2 139.8 171.5 1620

Value of deals (US$bn) deals of Value 86 300 232.3 40 1215 118.1 213.4 105.5 200 169.3 150 140.8 810 20 81.2 107.9 100 195.8 405 137.1 156.6 114.9 140.6 83.1 68.9 0 0 0 2012 2013 2014 2015 2016 2017 2018 Technology Industrials Energy, Financial Real Estate Others & Chemicals Mining & Utilities Services

Q1 Q2 Q3 Q4 H1 2017 H1 2018

Deal Count

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 28 M&A Report H1 2018

Asia Pacific (excl. Japan) League tables

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Morgan Stanley 58,816 20 1.2% 58,103 1 5 Deloitte 3,148 32 4 28 2 21 JPMorgan 52,611 19 344.2% 11,844 2 4 Goldman Sachs & Co 51,216 31 -3 34 3 2 Goldman Sachs & Co 51,216 31 3.6% 49,456 3 3 PwC 1,679 31 -15 46 4 4 Bank of America Merrill Lynch 46,448 21 13.9% 40,787 4 1 EY 12,708 30 -31 61 5 8 Citi 41,594 28 105.2% 20,271 5 2 KPMG 6,479 30 -28 58 6 32 Lazard 41,087 16 640.7% 5,547 6 14 Citi 41,594 28 11 17 7 3 UBS Investment Bank 40,385 24 -8.8% 44,280 7 12 UBS Investment Bank 40,385 24 5 19 8 161 Millennium Investment Banking 28,708 2 11114.1% 256 8 18 Rothschild 11,054 24 10 14 9 19 Deutsche Bank 28,616 12 131.4% 12,364 9 10 Bank of America Merrill Lynch 46,448 21 1 20 10 5 China International Capital Corporation 28,586 18 15.9% 24,660 10 7 Morgan Stanley 58,816 20 -4 24 11 6 CITIC Securities 19,171 17 -12.1% 21,807 11 16 Huatai Securities 9,474 20 4 16 12 24 Barclays 18,982 9 96.0% 9,684 12 9 JPMorgan 52,611 19 -2 21 13 12 EY 12,708 30 -8.0% 13,811 13 13 Macquarie Group 11,964 19 1 18 14 34 Haitong Securities 12,281 10 165.6% 4,624 14 8 Credit Suisse 11,369 19 -2 21 15 7 Macquarie Group 11,964 19 -42.1% 20,677 15 6 China International Capital Corporation 28,586 18 -7 25 16 193 Hina Group 11,392 5 7064.8% 159 16 15 CITIC Securities 19,171 17 1 16 17 20 Credit Suisse 11,369 19 -6.6% 12,176 17 24 Lazard 41,087 16 6 10 18 9 Rothschild 11,054 24 -37.1% 17,567 18 20 China Securities 9,895 14 1 13 19 28 China Renaissance Holdings 9,927 13 14.1% 8,697 19 19 China Renaissance Holdings 9,927 13 -1 14 20 30 China Securities 9,895 14 39.9% 7,071 20 17 Somerley Capital 3,300 13 -2 15

mergermarket.com Mergermarket Global & Regional Japan Analysis 29 M&A Report H1 2018 Japan

Value Deal details (US$m) Announce- Bidder company Target company Target sector Seller Company ment date US$ 111.4bn 3435 19-Apr-18 Itochu Corporation FamilyMart UNY Consumer Holdings Co Ltd (8.65% Stake) Japanese outbound M&A 1143 24-Jan-18 Sekisui House Reit Inc Sekisui House Financial in H1, already higher than FY Residential Investment Services Corporation 2017 value (US$ 77.9bn)

1117 20-Feb-18 Mitsubishi Corporation Mitsubishi Motors Industrials & Corporation Chemicals (10.76% Stake)

990 2-Mar-18 Nippon Life Insurance MassMutual Life Financial Massachusetts Company Insurance Company Services Mutual Life Insurance (85.1% Stake) Company US$ 17bn 7

871 27-Feb-18 Nippon Steel & Nisshin Steel Co., Ltd. Industrials & Sumitomo Metal (48.96% Stake) Chemicals Value of M&A targeting Number of Japanese Corporation Japan in H1, a slight increase outbound deals worth on H1 2017 (US$ 14.5bn) over US$ 1bn this year

mergermarket.com Mergermarket Global & Regional Japan Analysis 30 M&A Report H1 2018

Japan

• Japanese buyers continued to be active in making by foreign investors on Mergermarket record. outbound deals with US$ 90.5bn across 61 transactions “Several private equity- • Consumer was the top sector in Japan by value in the recorded in Q2 2018, the highest quarterly value on first half of the year, registering US$ 4.4bn across 38 deals, Mergermarket record (since 2001). The quarter saw Japan’s related deals are quadruple the deal value compared to the same period largest ever outbound deal, with Takeda Pharmaceutical’s in 2017 (28 deals, US$ 1.1bn). The largest transaction saw US$ 79.7bn offer for the Ireland-based biotech company, still ongoing and are Itochu deciding to tender an 8.7% stake in FamilyMart UNY, Shire. During the first half of 2018, the US was still the most the chain convenience stores operator, for US$ 3.4bn, the preferred target for Japanese firms by deal count, registering expected to buoy the largest Japanese consumer deal since 2015. At the same 41 transactions worth a total US$ 15.5bn, 15 deals fewer than time, deal flow in the Industrials & Chemicals field was active H1 2017. Meanwhile, China and Singapore were the only region’s PE activity for in the first half of the year with the announcements of 41 countries that saw billion-dollar deals in the Asia Pacific transactions with a combined value of US$ 3.4bn. The sector region from Japan this quarter, absorbing US$ 2.6bn and the rest of the year” is likely to continue to be active in H2, with Hitachi reportedly US$ 1.1bn worth of capital respectively. Three investments contemplating the sale of its stake in Clarion, according to made by the serial-acquirer Softbank were among the top Mergermarket intelligence. 10 outbound deals in Q2, targets being China’s Manbang Group, GM Cruise in the US, and India’s Paytm E-Commerce, • Private Equity activity on the whole was relatively subdued Danni Sun, reflecting its continued interest in innovative and technology- in Q2 2018. PE buyouts experienced the lowest quarterly driven enterprises. value since Q2 2016, with seven deals worth US$ 137m Senior Research Analyst, announced. Overall, there have been 22 buyouts in the first • Following an outstanding performance in Q4 2017 (124 six months of 2018, on par with H1 2017 despite a 78.8% Asia-Pacific deals, US$ 11.3bn), M&A activity targeting Japan has seen a drop by value (US$ 690m). However, several private equity- slight downward trend since the start of the year, dropping related deals are still ongoing and are expected to buoy to US$ 9.1bn (126 deals) in Q1 and to US$ 7.9bn (88 deals) in the region’s PE activity for the rest of the year, according Q2. The second quarter value was almost entirely generated to Mergermarket intelligence. The second round of bids by by domestic dealmaking, with US$ 7.8bn (81 deals) registered. both strategic investors and PEs for Primo Japan, backed by However, looking at the YTD activity, Japanese M&A the Hong Kong-based private equity firm Longreach Group, witnessed a stable increase in value in H1 2018 (US$ 17bn, 214 are expected to be due soon. Panasonic has also opened deals) compared to H1 2017 (232 deals, US$ 14.5bn), despite the bidding for the divestment of its surveillance camera 18 fewer deals. In the meantime, a total of US$ 1.3bn inbound manufacturing business, which has attracted several US- deals across 17 transactions were announced in the first based PE firms, including Bain Capital and Carlyle. half of 2018, recording a historically low value since 2006. In the second quarter, activity fell 87.2% by value to US$ 159m with one fewer deal compared to a year earlier (8 deals, US$ 1.2bn), marking the second lowest quarterly deal value made mergermarket.com Mergermarket Global & Regional Japan Analysis 31 M&A Report H1 2018

US$ 15.7bn 2.1x 21 Outbound Technology investment Number of Japanese investments increase versus H1 2017 into the US in Q2, just four short of Domestic M&A value in H1, up the Q2 record set in 2017 from US$ 11.6bn in H2 2017

US$ 79.7bn

+10 4.4% Value of Takeda’s offer for Shire, the largest Japanese Increase in number of deals in Japanese share of Asian M&A, Consumer targeting Japan down from 6.2% in FY 2017 outbound deal on record

mergermarket.com Mergermarket.com Mergermarket Global & Regional Japan Analysis 32 M&A Report H1 2018

Chart title 1 Chart title 1 ChartJapan title Quarterly 2 Breakdown Trend ChartJapan title Sector 2 Breakdown Trend 2013 - 2018 H1 2017 - H1 2018

6

80 500

450 70 5

400 16.2 60 35.3 4 15.2 350

50 13.9 300 Deal count 3 40 250 17.1 11.3

7.3 200 of deals (US$bn) Value

Value of deals (US$bn) deals of Value 30 21.6 2 26.3 9.4 4.8 13.5 19.7 150 20 5.1

15.2 100 1 9.1 7.9 10.8 5.5 10 17.1 50 13.5 9 9.1 8.1 7.1 9.1 0 0 0 2012 2013 2014 2015 2016 2017 2018 Consumer Industrials & Financial Technology Real Estate Others Chemicals Services

Q1 Q2 Q3 Q4 H1 2017 H1 2018

Deal Count

mergermarket.com Mergermarket Global & Regional Japan Analysis 33 M&A Report H1 2018

Japan League tables

Japan league table by value Japan league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 3 Goldman Sachs & Co 158,674 8 1674.7% 8,941 1 1 Nomura Holdings 92,941 35 2 33 2 1 JPMorgan 158,396 7 1123.2% 12,949 2 2 Sumitomo Mitsui Financial Group 66,940 27 -5 32 3 2 Morgan Stanley 145,097 19 1454.2% 9,336 3 4 Mizuho Financial Group 62,197 20 0 20 4 5 Evercore 138,995 4 1561.2% 8,367 4 8 Morgan Stanley 145,097 19 10 9 5 6 Nomura Holdings 92,941 35 1026.7% 8,249 5 3 Daiwa Securities Group 2,576 15 -10 25 6 13 Citi 80,082 3 4704.0% 1,667 6 5 GCA Corporation 744 10 -8 18 7 4 Sumitomo Mitsui Financial Group 66,940 27 686.9% 8,507 7 7 Deloitte 401 9 -4 13 8 9 Mizuho Financial Group 62,197 20 1158.3% 4,943 8 12 Goldman Sachs & Co 158,674 8 2 6 9 11 Credit Suisse 59,966 2 2266.5% 2,534 9 37 Frontier Management 336 8 6 2 10 - Centerview Partners 59,518 2 - - 10 13 JPMorgan 158,396 7 2 5 11 15 Deutsche Bank 59,130 3 4649.4% 1,245 11 9 KPMG 871 6 -1 7 12= - PJT Partners 58,945 1 - - 12 15 Plutus Consulting 596 5 0 5 12= - Raine Group 58,945 1 - - 13 34 YAMADA Consulting Group 194 5 3 2 14 32 Barclays 16,500 2 9605.9% 170 14 21 Evercore 138,995 4 1 3 15 10 Daiwa Securities Group 2,576 15 -16.0% 3,068 15 20 AGS Consulting 269 4 0 4 16 23 UBS Investment Bank 1,765 3 216.3% 558 16 10 Citi 80,082 3 -4 7 17 8 Bank of America Merrill Lynch 1,260 3 -75.7% 5,192 17 40 Deutsche Bank 59,130 3 2 1 18 - Qatalyst Group 1,200 1 - - 18 22 UBS Investment Bank 1,765 3 0 3 19 30 Rothschild 1,070 2 296.3% 270 19 16 Bank of America Merrill Lynch 1,260 3 -1 4 20 12 KPMG 871 6 -64.1% 2,427 20 18 DC Advisory 748 3 -1 4

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 34 M&A Report H1 2018 Middle East & Africa

Value Deal details (US$bn) Announce- Bidder company Target company Target Target sector ment date geography US$ 26.6bn 6.9 07-May-18 International Flavors & Frutarom Industries Israel Industrials & Fragrances Inc Ltd Chemicals

3.1 19-Mar-18 KLA-Tencor Orbotech Ltd Israel Technology Value of M&A targeting the Corporation Middle East & Africa in H1 2018, 1.5 18-Feb-18 Compania Espanola Abu Dhabi National Oil United Arab Energy, Mining & de Petroleos SAU Company (Umm Lulu Emirates Utilities concession) (20% 15.6% higher than H2 2017 Stake); Abu Dhabi National Oil Company (Sateh Al Razboot concession) (20% Stake) 1.5 18-Mar-18 Total SA Abu Dhabi National United Arab Energy, Mining & Oil Company (Lower Emirates Utilities Zakum Off Shore Concession) -48.9% 15 (5% Stake); and Abu Dhabi National Oil Company (Umm Shaif and Nasr fields) (20% Stake) MEA value decrease from Number of deals worth

1.1 8-Mar-18 Sanlam Ltd; and Saham Finances SA Morocco Financial Services Q1 2018 to Q2 2018 over US$ 500m this year Santam Limited (53.37% Stake)

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 35 M&A Report H1 2018

Middle East & Africa

• In contrast to the trends seen globally, M&A targeting the • Following a number of active years in the continent, African Middle East & Africa (MEA) has had a mixed start to the year. M&A has struggled in the first half of 2018, reaching US$ “In contrast to the trends With US$ 26.6bn invested in the region so far, activity has 4.9bn, its lowest H1 value since 2003 (US$ 4.9bn) following risen 15.6% versus H2 2017, yet has dropped 32.5% against a number of regime changes across Africa in the last couple seen globally, M&A the first half of 2017. The region received five deals worth over of years. The largest deal in the second quarter saw Kellogg’s US$ 1bn in H1, including the US$ 6.9bn takeover of Frutarom acquire an undisclosed stake in Tolaram Africa Foods for US$ targeting the Middle by International Flavors & Fragrances – the largest deal to 420m, the largest deal into Nigeria this year. North African target MEA so far this year. This was the only deal in the top M&A represents just under half of the continent’s YTD activity East & Africa has had a ten to be announced during Q2 which resulted in a 48.9% following two deals over the US$ 500m mark. This included drop in value from Q1 (US$ 17.6bn) to Q2 (US$ 9.2bn). There Eni’s US$ 934m sale of a 10% stake in the Zohr oil field in mixed start to the year” were three high profile investments into Europe in the second Egypt. However, African M&A may see a turn in fortunes in quarter, namely QIA purchasing a 9.18% stake into Rosneft the near future with Egypt is likely to be active throughout (US$ 4.4bn), Emirates NBD’s takeover of Denix Yatirim (US$ 2018. Several Egyptian energy assets are currently indeed 3.2bn) and SABIC acquiring 24.99% of Clariant (US$ 2.5bn). going through sales processes, according to Mergermarket Jonathan Klonowski, intelligence. • Middle Eastern M&A (excluding Israel) has reached its Research Editor (EMEA) third highest value on Mergermarket record with US$ 10.8bn • Despite growing geopolitical uncertainty, tech innovation (46 deals) registered so far this year. The region therefore has once again driven international dealmakers to Israel accounts for a 39.3% share of MEA M&A, up from 22.2% in with US investors particularly active in the opening half of H1 2017. The UAE in particular has had an active start to the 2018. The US has conducted a total of ten deals into the year with 25 deals worth a combined US$ 7.8bn announced, country so far this year worth a combined US$ 10.2bn, representing a 70.5% increase on the FY 2017 value of US$ already representing the second highest annual total on 4.6bn. This was largely driven by seven divestments by the Mergermarket record only behind FY 2017 (US$ 16.9bn). Abu Dhabi National Oil Company (ADNOC), including CEPSA’s Israel has received a number of smaller deals in the tech US$ 1.5bn investment into UAE-based oil fields, in its ongoing space from leading industry players, such as Canon’s US$ restructuring to become more dynamic, opening the country 90m takeover of BriefCam, a video analytics company, and up to foreign investors in the process. ADNOC’s divestments Palo Alto Networks’ acquisition of cyber solutions firm Cyber and more stable commodity markets have led to a surge in Secdo for US$ 83m. Israeli firms’ ongoing desire to innovate dealmaking in Energy, Mining & Utilities (EMU) M&A with 13 indicates that similar types of investment will be seen deals worth US$ 7.8bn, meaning the sector is just three deals throughout 2018. short of the annual Mergermarket record of 16, set in 2014.

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 36 M&A Report H1 2018

US$ 10.8bn 75.6% 40.2%

Middle Eastern M&A (excl. Inbound share of total MEA M&A H1 2018 Energy, Mining & Utilities Israel) value, the third in H1 2018 share of MEA M&A highest figure on record

US$ 9.6bn

10 -74.4% Value of MEA outbound M&A in Q2, Number of deals from the US into African M&A decrease from Q1 87.8% higher than in Q1 (US$ 5.1bn) Israel so far this year, already the (US$ 4bn) to Q2 (US$ 1bn) 2nd highest annual total

mergermarket.com Mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 37 M&A Report H1 2018

Chart title 1 Chart title 1 ChartMiddle title East2 & Africa Quarterly Breakdown Trend ChartMiddle title East2 & Africa Sector Breakdown Trend 2013 - 2018 H1 2017 - H1 2018

20

100 500 18

90 450 16

80 22.1 400

14 70 350

12 60 300

11.2 Deal Count 15.5 10 50 24.5 34.9 250 11.8

Deal Value (US$bn) Value Deal 8 40 13.7 200 Deal Value (US$bn) Value Deal 20.5 9.7 9.6 6 30 150

10.5 21.6 6.2 4 20 24.7 100 19.3 9.4 29.6 2 10 17.9 50 12.4 7.4 8.5 9.6 0 0 0 2013 2014 2015 2016 2017 2018 Energy, Industrials Technology Financial Consumer Other Mining & Utilities & Chemicals Services

Q1 Q2 Q3 Q4 H1 2017 H1 2018

Deal Count

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 38 M&A Report H1 2018

Middle East & Africa League tables

MEA league table by value MEA league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Goldman Sachs & Co 11,094 6 -68.5% 35,244 1 7 JPMorgan 6,506 8 1 7 2 4 Morgan Stanley 10,995 4 -30.2% 15,758 2 2 Rothschild 1,985 7 -5 12 3 8 Bank of America Merrill Lynch 7,188 3 37.0% 5,247 3 6 Goldman Sachs & Co 11,094 6 -1 7 4 37 Greenhill & Co 6,872 1 2716.4% 244 4 1 EY 52 5 -10 15 5 6 JPMorgan 6,506 8 -42.4% 11,290 5 12 Morgan Stanley 10,995 4 0 4 6 27 Barclays 3,899 3 679.8% 500 6 18 Lazard 1,811 4 1 3 7 - Sberbank 3,209 1 - - 7 96 Standard Bank Group 270 4 3 1 8 9 UBS Investment Bank 2,594 2 -37.5% 4,150 8 8 Bank of America Merrill Lynch 7,188 3 -3 6 9 12 Credit Suisse 2,502 2 13.0% 2,215 9 25 Barclays 3,899 3 1 2 10 10 HSBC 2,502 1 -7.1% 2,692 10 3 PwC 231 3 -6 9 11 3 Rothschild 1,985 7 -87.8% 16,211 11 13 UBS Investment Bank 2,594 2 -2 4 12 13 Lazard 1,811 4 4.5% 1,733 12 34 Credit Suisse 2,502 2 1 1 13 - Kempen & Co 1,727 1 - - 13 11 Investec 1,108 2 -3 5 14 31 Investec 1,108 2 179.8% 396 14 4 Citi 642 2 -6 8 15 - Santander Global Corporate Banking 764 1 - - 15 24 Deutsche Bank 563 2 0 2 16 2 Citi 642 2 -97.0% 21,529 16 38 Macquarie Group 301 2 1 1 17 25 Deutsche Bank 563 2 -19.6% 700 17 10 Rand Merchant Bank 283 2 -3 5 18 - Pangaea Securities 385 1 - - 18 5 KPMG 35 2 -6 8 19 22 Macquarie Group 301 2 -66.1% 889 19 - Burbidge Capital 14 2 2 - 20 28 Rand Merchant Bank 283 2 -41.4% 483 20 - Restrukturierungspartner jwt & Co - 2 2 -

mergermarket.com Mergermarket Global & Regional League Tables 39 M&A Report H1 2018

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 40 M&A Report H1 2018

Global Advisory League tables

Global league table by value Global league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Goldman Sachs & Co 663,221 190 51.2% 438,517 1 5 Goldman Sachs & Co 663,221 190 25 165 2 2 Morgan Stanley 650,733 148 104.1% 318,882 2 2 PwC 14,632 167 -46 213 3 4 JPMorgan 511,920 146 85.5% 275,986 3 4 Deloitte 13,960 165 -20 185 4 5 Citi 395,591 120 62.7% 243,100 4 8 Morgan Stanley 650,733 148 16 132 5 3 Bank of America Merrill Lynch 324,741 96 14.0% 284,942 5 6 JPMorgan 511,920 146 -9 155 6 6 Lazard 294,538 98 56.5% 188,256 6 7 Rothschild 148,478 144 -7 151 7 15 Evercore 276,068 75 229.3% 83,844 7 1 KPMG 51,139 133 -89 222 8 7 Credit Suisse 243,347 89 48.8% 163,495 8 3 EY 16,793 131 -69 200 9 9 Deutsche Bank 212,962 62 43.2% 148,668 9 10 Citi 395,591 120 13 107 10 11 Barclays 197,396 91 56.6% 126,034 10 9 Lazard 294,538 98 -22 120 11 12 Centerview Partners 187,387 22 79.3% 104,527 11 12 Bank of America Merrill Lynch 324,741 96 -4 100 12 10 Rothschild 148,478 144 9.9% 135,163 12 18 Barclays 197,396 91 22 69 13 28 PJT Partners 124,119 13 362.6% 26,828 13 11 Houlihan Lokey 16,591 91 -16 107 14 8 UBS Investment Bank 113,262 71 -23.8% 148,722 14 13 Credit Suisse 243,347 89 -5 94 15 31 Nomura Holdings 96,616 42 298.4% 24,253 15 25 Raymond James & Associates 7,999 79 25 54 16 17 RBC Capital Markets 69,004 53 12.2% 61,527 16 14 Evercore 276,068 75 -11 86 17 13 Perella Weinberg Partners 68,824 18 -21.4% 87,596 17 16 UBS Investment Bank 113,262 71 -1 72 18 64 Sumitomo Mitsui Financial Group 66,940 28 686.9% 8,507 18 19 Jefferies 48,408 71 4 67 19 26 Robey Warshaw 65,964 3 116.3% 30,503 19 17 Lincoln International 3,131 71 0 71 20 81 Mizuho Financial Group 62,197 20 1158.3% 4,943 20 20 Oaklins 1,950 71 4 67

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EMEA Advisory League tables

Europe league table by value Europe league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Goldman Sachs & Co 328,162 79 27.4% 257,635 1 1 PwC 10,923 124 -33 157 2 3 Morgan Stanley 309,304 57 86.0% 166,319 2 5 Rothschild 125,646 120 -6 126 3 5 JPMorgan 278,080 64 89.4% 146,856 3 4 Deloitte 3,578 111 -19 130 4 6 Citi 245,462 49 70.7% 143,796 4 3 EY 3,868 96 -39 135 5 4 Lazard 183,153 64 16.0% 157,928 5 2 KPMG 44,173 92 -61 153 6 2 Bank of America Merrill Lynch 159,469 41 -22.5% 205,872 6 8 Goldman Sachs & Co 328,162 79 14 65 7 31 Evercore 153,538 26 1214.0% 11,685 7 7 JPMorgan 278,080 64 -5 69 8 10 Rothschild 125,646 120 18.7% 105,878 8 6 Lazard 183,153 64 -12 76 9 7 UBS Investment Bank 89,458 39 -20.3% 112,299 9 10 Morgan Stanley 309,304 57 0 57 10 23 Barclays 85,365 32 353.4% 18,828 10 11 Citi 245,462 49 -3 52 11 9 Credit Suisse 83,515 30 -22.4% 107,656 11 13 Oaklins 364 49 5 44 12 27 Nomura Holdings 82,935 5 490.2% 14,052 12 19 Clearwater International 912 42 3 39 13 8 Deutsche Bank 82,914 27 -24.8% 110,327 13 12 Bank of America Merrill Lynch 159,469 41 -4 45 14 21 Robey Warshaw 65,964 3 116.3% 30,503 14 20 UBS Investment Bank 89,458 39 1 38 15 11 BNP Paribas 58,335 24 -28.1% 81,182 15 15 Lincoln International 1,367 38 -5 43 16 20 Societe Generale 56,369 11 80.6% 31,208 16 9 BDO 882 34 -26 60 17 18 Mediobanca 51,654 18 45.2% 35,578 17 36 Barclays 85,365 32 13 19 18 24 PJT Partners 51,258 5 212.8% 16,388 18 24 UniCredit Group 3,824 31 0 31 19 13 Perella Weinberg Partners 48,246 4 -9.3% 53,209 19 18 ALANTRA 2,035 31 -8 39 20 61 Santander Global Corporate Banking 45,770 9 1385.1% 3,082 20 14 Credit Suisse 83,515 30 -13 43

mergermarket.com Mergermarket Global & Regional League Tables 42 M&A Report H1 2018 H1

EMEA Advisory League tables

UK league table by value UK league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 7 Morgan Stanley 95,233 18 28.4% 74,141 1 1 Rothschild 53,068 57 -2 59 2 1 Goldman Sachs & Co 92,575 34 -39.8% 153,684 2 5 Goldman Sachs & Co 92,575 34 3 31 3 3 JPMorgan Cazenove 65,992 26 -31.4% 96,216 3 3 PwC 1,573 31 -6 37 4 10 Robey Warshaw 65,964 3 116.3% 30,503 4 7 JPMorgan Cazenove 65,992 26 -3 29 5 16 Barclays 63,682 18 377.1% 13,347 5 2 KPMG 1,769 24 -16 40 6 6 Bank of America Merrill Lynch 59,920 20 -21.2% 76,028 6 14 Clearwater International 724 21 3 18 7 35 Evercore 53,716 16 1356.9% 3,687 7 9 Bank of America Merrill Lynch 59,920 20 -3 23 8 11 Rothschild 53,068 57 82.1% 29,147 8 4 Deloitte 1,198 20 -12 32 9 2 UBS Investment Bank 50,134 9 -51.3% 102,950 9 15 GCA Corporation 315 20 3 17 10 14 PJT Partners 49,030 4 224.9% 15,091 10 32 Jamieson Corporate Finance 7,737 19 10 9 11 9 Citi 38,840 17 2.7% 37,803 11 11 Morgan Stanley 95,233 18 -2 20 12 13 Credit Suisse 31,310 17 59.4% 19,641 12 25 Barclays 63,682 18 7 11 13 84 LionTree Advisors 21,852 2 6346.0% 339 13 12 Citi 38,840 17 -2 19 14 20 RBC Capital Markets 21,168 8 99.4% 10,616 14 22 Credit Suisse 31,310 17 4 13 15 29 Greenhill & Co 14,562 5 184.5% 5,119 15 20 BDO 371 17 3 14 16 4 Deutsche Bank 13,937 8 -84.2% 88,430 16 23 Evercore 53,716 16 3 13 17 5 Lazard 12,257 13 -84.4% 78,595 17 39 Macquarie Group 11,004 16 9 7 18 68 Gleacher Shacklock 12,101 1 2480.2% 469 18 24 Oaklins 124 16 3 13 19 45 Jefferies 11,032 12 434.8% 2,063 19 48 Livingstone Partners 425 14 8 6 20 26 Macquarie Group 11,004 16 91.0% 5,761 20 18 RSM UK 6 14 -1 15

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Ireland league table by value Ireland league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1= 2 Goldman Sachs & Co 82,444 4 990.5% 7,560 1 4 Davy Corporate Finance 872 7 0 7 1= 1 Morgan Stanley 82,444 4 957.0% 7,800 2= 9 Goldman Sachs & Co 82,444 4 2 2 3 - Citi 80,283 2 - - 2= 8 Morgan Stanley 82,444 4 2 2 4 53 JPMorgan 79,744 3 - - 4 53 JPMorgan 79,744 3 2 1 5= 17 Evercore 79,744 1 57269.8% 139 5 60 Rothschild 2,317 3 2 1 5= - Nomura Holdings 79,744 1 - - 6 14 BDO 73 3 1 2 7 - Lazard 2,400 1 - - 7 - Citi 80,283 2 2 - 8 60 Rothschild 2,317 3 - - 8 - UBS Investment Bank 2,041 2 2 - 9 - UBS Investment Bank 2,041 2 - - 9 1 KPMG 687 2 -8 10 10 26 Jefferies 2,041 1 5271.1% 38 10 5 EY 384 2 -2 4

DACH league table by value DACH league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 4 Goldman Sachs & Co 118,972 23 127.3% 52,335 1 2 KPMG 989 25 -7 32 2 5 Citi 75,596 13 59.8% 47,309 2 9 Goldman Sachs & Co 118,972 23 10 13 3 1 Bank of America Merrill Lynch 60,889 12 -24.6% 80,774 3 4 PwC 360 20 -3 23 4 8 Lazard 55,261 9 73.9% 31,770 4 10 JPMorgan 42,198 19 6 13 5 11 Deutsche Bank 54,332 8 592.0% 7,852 5 5 Rothschild 52,113 18 -2 20 6 12 Rothschild 52,113 18 802.9% 5,772 6 1 EY 323 17 -15 32 7 15 BNP Paribas 51,451 4 1537.0% 3,143 7 27 UBS Investment Bank 27,756 14 7 7 8 7 Perella Weinberg Partners 46,646 2 2.5% 45,517 8 11 Citi 75,596 13 2 11 9 10 JPMorgan 42,198 19 430.0% 7,962 9 3 Deloitte 112 13 -14 27 10 3 Morgan Stanley 39,283 10 -25.1% 52,439 10 24 Bank of America Merrill Lynch 60,889 12 4 8

mergermarket.com Mergermarket Global & Regional League Tables 44 M&A Report H1 2018

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Germany league table by value Germany league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Goldman Sachs & Co 81,781 10 58.9% 51,477 1 5 PwC 173 14 -1 15 2 8 Deutsche Bank 54,332 8 677.2% 6,991 2 3 KPMG 148 12 -5 17 3 7 Citi 50,694 7 313.0% 12,274 3 7 Lincoln International - 12 -2 14 4 3 Bank of America Merrill Lynch 50,356 5 1.2% 49,782 4 1 EY 175 11 -13 24 5 10 Rothschild 47,595 10 982.7% 4,396 5 6 GCA Corporation - 11 -3 14 6 15 Lazard 46,795 3 2325.9% 1,929 6 8 Goldman Sachs & Co 81,781 10 0 10 7= 12 BNP Paribas 46,646 1 1953.1% 2,272 7 4 Rothschild 47,595 10 -5 15 7= 6 Perella Weinberg Partners 46,646 1 2.5% 45,517 8 25 UniCredit Group 75 10 4 6 9 2 Morgan Stanley 31,720 8 -37.8% 50,992 9 17 JPMorgan 22,464 9 2 7 10 18 UBS Investment Bank 23,658 6 1377.7% 1,601 10 11 Clearwater International 45 9 0 9 11 9 JPMorgan 22,464 9 311.3% 5,462 11 16 Deutsche Bank 54,332 8 1 7 12= - LionTree Advisors 21,815 1 - - 12 15 Morgan Stanley 31,720 8 1 7 12= - Robey Warshaw 21,815 1 - - 13 30 goetzpartners 6,891 8 3 5 14 50 goetzpartners 6,891 8 3245.1% 206 14 55 William Blair & Company 203 8 5 3 15 5 Macquarie Group 6,682 5 -85.3% 45,517 15 2 Deloitte 33 8 -11 19 16 32 RBC Capital Markets 2,687 1 353.9% 592 16 9 ACXIT Capital Partners 12 8 -1 9 17 - Qatalyst Group 2,276 1 - - 17 13 Citi 50,694 7 -1 8 18 4 Credit Suisse 2,250 3 -95.4% 49,122 18 26 Quarton International 58 7 1 6 19 - Centerview Partners 2,150 1 - - 19= 23 ALANTRA - 7 1 6 20= 39 Barclays 2,032 1 400.5% 406 19= 54 Restrukturierungspartner jwt & Co - 7 4 3 20= - Handelsbanken Capital Markets 2,032 1 - -

mergermarket.com Mergermarket Global & Regional League Tables 45 M&A Report H1 2018

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Austria league table by value Austria league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 37 JPMorgan 2,684 4 - - 1 2 Deloitte 79 6 -2 8 2 13 Rothschild 2,292 3 4144.4% 54 2 37 JPMorgan 2,684 4 3 1 3= - BNP Paribas 956 1 - - 3 19 Rothschild 2,292 3 2 1 3= 1 Citi 956 1 -78.5% 4,438 4 11 UniCredit Group 45 3 1 2 5 - TN Capital Advisors 725 1 - - 5= 5 ALANTRA - 2 -1 3

6= - Carnegie Investment Bank 148 1 - - 5= 1 KPMG - 2 -7 9 6= 14 EY 148 1 543.5% 23 5= 8 PwC - 2 0 2 8 - Barclays 94 1 - - 8= - BNP Paribas 956 1 1 - 9 8 Deloitte 79 6 -57.5% 186 8= 12 Citi 956 1 0 1 10 23 UniCredit Group 45 3 - - 10 - TN Capital Advisors 725 1 1 -

Switzerland league table by value Switzerland league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 16 Goldman Sachs & Co 37,191 13 4234.6% 858 1 3 KPMG 841 14 5 9 2 3 Citi 26,633 6 -13.0% 30,597 2 16 Goldman Sachs & Co 37,191 13 10 3 3 6 JPMorgan 22,424 7 735.2% 2,685 3 9 UBS Investment Bank 4,098 9 4 5 4 - Greenhill & Co 13,573 3 - - 4 6 JPMorgan 22,424 7 0 7 5 2 Bank of America Merrill Lynch 10,533 7 -66.0% 30,992 5 13 Bank of America Merrill Lynch 10,533 7 4 3 6 1 Credit Suisse 9,957 6 -68.2% 31,284 6 22 Citi 26,633 6 4 2 7 5 Lazard 8,466 6 -71.6% 29,841 7 2 Credit Suisse 9,957 6 -3 9 8= 26 Centerview Partners 7,702 1 1825.5% 400 8 14 Lazard 8,466 6 3 3 8= - Dyal Co 7,702 1 - - 9 11 Rothschild 2,226 6 2 4 10 92 Morgan Stanley 7,563 2 - - 10 1 PwC 187 6 -5 11

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France league table by value France league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 15 JPMorgan 41,719 13 384.0% 8,620 1 1 Rothschild 13,614 39 -6 45 2 4 Lazard 29,551 23 -28.4% 41,260 2 2 Lazard 29,551 23 -9 32 3 11 Morgan Stanley 29,173 10 81.5% 16,074 3 8 Deloitte 367 22 5 17 4 - Ardea Partners 14,843 1 - - 4 3 BNP Paribas 8,022 16 -12 28 5 2 Rothschild 13,614 39 -80.0% 68,202 5 6 Natixis 2,011 15 -5 20 6 - Guggenheim Partners 11,099 1 - - 6 13 Lincoln International 1,028 14 3 11 7 7 Goldman Sachs & Co 10,035 7 -67.4% 30,738 7 9 Cambon Partners 271 14 1 13 8 1 BNP Paribas 8,022 16 -89.8% 78,541 8 23 JPMorgan 41,719 13 6 7 9 3 Citi 7,431 6 -87.4% 58,802 9 5 Credit Agricole 4,450 12 -8 20 10 8 Societe Generale 7,353 6 -75.5% 30,052 10 24 UBS Investment Bank 1,201 12 5 7 11 5 Credit Agricole 4,450 12 -89.1% 40,920 11 16 KPMG 943 12 1 11 12 12 Bank of America Merrill Lynch 4,251 3 -71.8% 15,067 12 14 DC Advisory 296 12 1 11 13 23 Evercore 4,011 5 76.0% 2,279 13 12 Morgan Stanley 29,173 10 -1 11 14= - Bucephale Finance 2,228 1 - - 14 19 Clearwater International 246 10 1 9 14= 36 Callisto 2,228 1 289.5% 572 15 29 Clairfield International 28 8 2 6 14= - PJT Partners 2,228 1 - - 16 11 Goldman Sachs & Co 10,035 7 -5 12 14= - VCP Capital Partners 2,228 1 - - 17 53 CM-CIC Conseil 17 7 4 3 Unternehmensberatungs 18 15 PwC - 7 -4 11 18 - Arpwood Capital 2,100 1 - - 19 7 Citi 7,431 6 -12 18 19 39 Messier, Maris et Associes 2,087 4 379.8% 435 20 4 Societe Generale 7,353 6 -18 24 20 9 Natixis 2,011 15 -93.2% 29,414

mergermarket.com Mergermarket Global & Regional League Tables 47 M&A Report H1 2018

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Benelux league table by value Benelux league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 JPMorgan 26,321 10 -18.1% 32,133 1 8 Oaklins 110 19 7 12 2 6 Lazard 19,387 12 50.1% 12,914 2 2 Deloitte 8 19 -4 23 3 20 HSBC 15,273 3 838.1% 1,628 3 6 Rothschild 4,253 18 1 17 4 9 Evercore 12,765 3 181.0% 4,543 4 12 Rabobank 145 17 7 10 5 - The Valence Group 12,545 1 - - 5 7 EY 165 16 1 15 6 3 Morgan Stanley 9,018 9 -51.5% 18,587 6 4 Lazard 19,387 12 -6 18 7 8 Citi 4,815 5 -46.3% 8,969 7 11 Accuracy 664 12 1 11 8 14 Rothschild 4,253 18 38.3% 3,075 8 5 KPMG - 11 -7 18 9 48 BNP Paribas 3,642 4 2148.1% 162 9 10 JPMorgan 26,321 10 -1 11 10 2 Goldman Sachs & Co 3,507 5 -83.4% 21,090 10 15 Morgan Stanley 9,018 9 1 8

Iberia league table by value Iberia league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Morgan Stanley 70,642 6 791.3% 7,926 1 1 PwC 5,484 26 -4 30 2 15 Lazard 69,929 8 3482.4% 1,952 2 2 Deloitte 882 21 -8 29 3 3 Citi 57,280 8 741.0% 6,811 3 3 EY 343 20 -4 24 4 16 Goldman Sachs & Co 48,967 7 2442.4% 1,926 4 4 KPMG 39,858 14 -7 21 5 2 JPMorgan 46,770 6 520.4% 7,539 5 13 Lazard 69,929 8 1 7 6 12 Societe Generale 45,576 3 2148.4% 2,027 6 6 Citi 57,280 8 -4 12 7 10 Santander Global Corporate Banking 45,558 8 1655.6% 2,595 7 10 Santander Global Corporate Banking 45,558 8 -1 9 8 22 AZ Capital 44,316 2 3116.0% 1,378 8 24 Goldman Sachs & Co 48,967 7 3 4 9 11 Mediobanca 41,564 3 1829.6% 2,154 9 11 Morgan Stanley 70,642 6 -2 8 10 36 Credit Suisse 40,031 2 5795.6% 679 10 12 JPMorgan 46,770 6 -2 8

mergermarket.com Mergermarket Global & Regional League Tables 48 M&A Report H1 2018

EMEA Advisory League tables

Spain league table by value Spain league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017 H1 H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 2 Citi 57,280 8 741.0% 6,811 1 1 PwC 5,484 26 -3 29 2 16 Goldman Sachs & Co 48,607 6 2423.7% 1,926 2 2 Deloitte 882 20 -5 25 3 3 JPMorgan 45,914 4 609.5% 6,471 3 3 EY 343 20 -4 24 4 12 Societe Generale 45,576 3 2148.4% 2,027 4 4 KPMG 39,858 11 -9 20 5 10 Santander Global Corporate Banking 44,794 7 1869.0% 2,275 5 6 Citi 57,280 8 -4 12 6 21 AZ Capital 44,316 2 3116.0% 1,378 6 11 Santander Global Corporate Banking 44,794 7 -1 8 7 1 Morgan Stanley 43,264 5 445.8% 7,926 7 23 Goldman Sachs & Co 48,607 6 2 4 8 15 Lazard 41,680 5 2035.2% 1,952 8 24 ALANTRA 1,141 6 2 4 9 11 Mediobanca 41,564 3 1829.6% 2,154 9 7 Rothschild 593 6 -5 11 10 34 Credit Suisse 40,031 2 5795.6% 679 10 10 Morgan Stanley 43,264 5 -3 8 11 19 KPMG 39,858 11 2225.4% 1,714 11 15 Lazard 41,680 5 -1 6 12 - Key Capital Partners 39,622 2 - - 12 12 JPMorgan 45,914 4 -3 7 13 - EQUITA S.I.M 21,656 2 - - 13 17 Deutsche Bank 11,350 4 -1 5 14 8 Deutsche Bank 11,350 4 247.4% 3,267 14 22 UBS Investment Bank 4,238 4 0 4 15 13 PwC 5,484 26 172.4% 2,013 15 21 Bank of America Merrill Lynch 1,593 4 0 4 16 14 UBS Investment Bank 4,238 4 116.2% 1,960 16 31 Lincoln International 21 4 1 3 17 82 Houlihan Lokey 1,841 2 - - 17 20 Societe Generale 45,576 3 -2 5 18 - Gualtieri & Associati 1,841 1 - - 18 19 Mediobanca 41,564 3 -2 5 19 26 Nomura Holdings 1,713 2 70.3% 1,006 19 8 Arcano Partners 329 3 -7 10 20 28 Evercore 1,647 1 88.7% 873 20 14 Oaklins 44 3 -4 7

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Italy league table by value Italy league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 11 Goldman Sachs & Co 54,578 9 2147.9% 2,428 1 4 UniCredit Group 3,248 17 1 16 2 2 Mediobanca 51,553 16 76.4% 29,222 2 8 Mediobanca 51,553 16 7 9 3 13 Credit Suisse 45,341 4 2040.7% 2,118 3 6 Deloitte 678 15 2 13 4 16 Lazard 44,697 10 H1 2455.6% 1,749 4 5 Rothschild 8,091 13 0 13 5 8 Morgan Stanley 43,570 3 1265.0% 3,192 5 2 PwC 2,618 13 -8 21 6 10 KPMG 40,926 9 1505.6% 2,549 6 3 EY 1,037 13 -4 17 7 3 Citi 40,195 3 46.2% 27,492 7 56 EQUITA S.I.M 22,160 11 10 1 8 77 Societe Generale 39,622 2 - - 8 7 Lazard 44,697 10 0 10 9= - AZ Capital 39,622 1 - - 9 17 Banca IMI/Intesa Sanpaolo 694 10 5 5 9= 5 JPMorgan 39,622 1 680.3% 5,078 10 22 Goldman Sachs & Co 54,578 9 5 4 9= - Key Capital Partners 39,622 1 - - 11 1 KPMG 40,926 9 -18 27 9= 22 Santander Global Corporate Banking 39,622 1 3702.5% 1,042 12 9 Vitale & Co 414 8 -1 9 13 42 EQUITA S.I.M 22,160 11 19169.6% 115 13 10 Fineurop Soditic 1,109 7 -1 8 14 24 Deutsche Bank 9,924 3 939.2% 955 14 24 Ethica Corporate Finance 321 7 3 4 15 1 Rothschild 8,091 13 -73.6% 30,688 15 31 Lincoln International 850 6 3 3 16 6 Bank of America Merrill Lynch 3,857 3 -13.3% 4,447 16 46 Barclays 3,711 5 4 1 17 15 Barclays 3,711 5 94.9% 1,904 17 28 Credit Suisse 45,341 4 1 3 18= - Jefferies 3,533 1 - - 18 47 Robert W. Baird & Co 1,216 4 3 1 18= - Leopoldo Zambeletti 3,533 1 - - 19 26 BNP Paribas 1,177 4 1 3 20 12 UniCredit Group 3,248 17 50.9% 2,153 20 21 Morgan Stanley 43,570 3 -1 4

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Nordics league table by value Nordics league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 - LionTree Advisors 18,378 3 - - 1 1 PwC 3,191 38 -3 41 2 44 Barclays 16,146 5 6920.0% 230 2 2 EY 1,246 27 3 24 3 7 Nordea 15,076 8 142.2% 6,224 3 8 Deloitte 1,298 24 11 13 4 5 Morgan Stanley 13,234 8 80.1% 7,349 4 16 Carnegie Investment Bank 4,292 15 7 8 5 4 Goldman Sachs & Co 10,142 6 22.9% 8,249 5 7 ABG Sundal Collier Holding 928 14 1 13 6 12 JPMorgan 8,621 5 109.8% 4,109 6 9 SEB 2,712 12 2 10 7 17 Rothschild 8,591 9 265.4% 2,351 7 4 KPMG - 11 -7 18 8 1 Bank of America Merrill Lynch 5,641 4 -73.8% 21,561 8 12 DNB Markets 731 10 1 9 9 26 Citi 5,540 7 465.9% 979 9 13 Rothschild 8,591 9 0 9 10 14 Deutsche Bank 5,316 6 35.0% 3,937 10 10 Nordhaven Corporate Finance 66 9 -1 10 11 - Ondra Partners 4,441 1 - - 11 33 Oaklins - 9 4 5 12 36 Carnegie Investment Bank 4,292 15 590.0% 622 12 19 Nordea 15,076 8 1 7 13 - Jamieson Corporate Finance 3,943 5 - - 13 22 Morgan Stanley 13,234 8 2 6 14 28 BNP Paribas 3,440 2 267.9% 935 14 25 Access Partners 2,221 8 3 5 15 - Societe Generale 3,440 1 - - 15 26 Lazard 1,683 8 3 5 16 38 Macquarie Group 3,357 4 599.4% 480 16 3 Danske Bank 1,431 8 -12 20 17 21 PwC 3,191 38 137.2% 1,345 17 43 Citi 5,540 7 4 3 18 20 SEB 2,712 12 85.9% 1,459 18 21 Clearwater International 40 7 0 7 19 33 Evercore 2,688 2 250.9% 766 19 - HLP Corporate Finance 17 7 7 - 20 2 Handelsbanken Capital Markets 2,230 5 -88.6% 19,594 20= 74 Global M&A Partners - 7 5 2 20= 32 MCF Corporate Finance - 7 2 5

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Denmark league table by value Denmark league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 - Morgan Stanley 11,669 2 - - 1 2 Deloitte 128 10 2 8 2 47 Nordea 10,635 5 - - 2 1 PwC 78 10 -1 11 3 15 Barclays 10,497 2 4463.9% 230 3 24 EY 789 8 6 2 4 - LionTree Advisors 10,497 1 - - 4 3 Clearwater International 40 7 0 7 5 1 Deutsche Bank 4,352 2 10.5% 3,937 5 47 Nordea 10,635 5 4 1 6 3 Rothschild 3,989 4 99.0% 2,005 6 20 ABG Sundal Collier Holding - 5 3 2 7= - Jamieson Corporate Finance 3,180 2 - - 7 4 Rothschild 3,989 4 -1 5 7= - Macquarie Group 3,180 2 - - 8 7 Danske Bank 1,104 3 -2 5 9= 2 Goldman Sachs & Co 2,268 1 9.8% 2,066 9 8 Nordic M&A - 3 -2 5 9= 5 JPMorgan 2,268 1 69.9% 1,335 10 - Morgan Stanley 11,669 2 2 -

Norway league table by value Norway league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 12 BNP Paribas 3,440 2 267.9% 935 1 3 ABG Sundal Collier Holding 661 7 -2 9 2= - Barclays 3,440 1 - - 2 4 DNB Markets - 7 -1 8 2= - LionTree Advisors 3,440 1 - - 3 - Deloitte 981 6 6 - 2= - Societe Generale 3,440 1 - - 4 1 Pareto Securities 107 6 -9 15 5 - Clarksons 1,770 2 - - 5 8 PwC - 6 -1 7 6 - Goldman Sachs & Co 1,251 2 - - 6 6 Arctic Securities 431 4 -3 7 7 21 Carnegie Investment Bank 1,160 3 1557.1% 70 7 2 Danske Bank 52 4 -6 10 8 - Deloitte 981 6 - - 8 20 DHT Corporate Services - 4 2 2 9 10 SpareBank 1 Markets 900 3 -18.3% 1,102 9 18 Carnegie Investment Bank 1,160 3 1 2 10 22 SEB 769 3 1140.3% 62 10 12 SpareBank 1 Markets 900 3 -1 4

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Sweden league table by value Sweden league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 5 Goldman Sachs & Co 6,623 3 373.1% 1,400 1 1 PwC 3,134 19 -8 27 2 2 Bank of America Merrill Lynch 5,641 3 -70.8% 19,310 2 2 EY 721 18 5 13 3 11 Citi 5,355 5 458.4% 959 3 7 Deloitte 291 12 5 7 4 7 Rothschild 5,250 6 310.8% 1,278 4 6 SEB 2,016 11 4 7 5 44 Nordea 4,441 4 5901.4% 74 5 15 Carnegie Investment Bank 2,813 9 5 4 6= - LionTree Advisors 4,441 1 - - 6 31 Lazard 1,570 7 5 2 6= - Ondra Partners 4,441 1 - - 7 18 Rothschild 5,250 6 3 3 8 3 JPMorgan 4,232 3 153.1% 1,672 8 22 ABG Sundal Collier Holding 324 6 3 3 9 15 PwC 3,134 19 299.7% 784 9 23 Nordhaven Corporate Finance 66 6 3 3 10 37 Carnegie Investment Bank 2,813 9 2991.2% 91 10 25 UB Capital - 6 3 3

Finland league table by value Finland league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Access Partners 2,200 6 -69.7% 7,263 1 2 PwC - 9 2 7 2 21 JPMorgan 2,121 1 6970.0% 30 2 - HLP Corporate Finance 17 7 7 - 3 - SEB 981 3 - - 3 9 KPMG - 7 3 4 4 17 ICECAPITAL Securities 424 3 473.0% 74 4 5 Access Partners 2,200 6 2 4 5 - Lenner & Partners 397 1 - - 5= 13 MCF Corporate Finance - 5 2 3 6 14 Rothschild 309 1 4.4% 296 5= 12 Nordhaven Corporate Finance - 5 2 3 7 5 Danske Bank 275 1 -87.3% 2,162 5= - Oaklins - 5 5 - 8 29 EY 236 4 - - 8 15 EY 236 4 1 3 9= - Barclays 177 1 - - 9 31 Carnegie Investment Bank 111 4 3 1 9= - Macquarie Group 177 1 - - 10 - Initia Corporate Finance - 4 4 -

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CEE league table by value CEE league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 59 BNP Paribas 4,396 2 - - 1 2 EY 325 9 -9 18 2 5 JPMorgan 4,022 5 142.9% 1,656 2 4 Deloitte 124 9 -2 11 3 4 Rothschild 3,483 4 93.9% 1,796 3 1 KPMG 26 7 -12 19 4 - Barclays 3,440 2 - - 4 3 PwC 10 6 -7 13 5= - LionTree Advisors 3,440 1 - - 5 10 JPMorgan 4,022 5 2 3 5= 8 Societe Generale 3,440 1 203.9% 1,132 6 5 UniCredit Group 501 5 -3 8 7 - Sberbank OAO 3,209 1 - - 7 44 Trigon Group 144 5 4 1 8 - Goldman Sachs & Co 3,027 3 - - 8 19 Oaklins 51 5 3 2 9 14 Morgan Stanley 2,576 3 627.7% 354 9 7 Rothschild 3,483 4 -1 5 10 - VCP Capital Partners 2,276 2 - - 10 - Goldman Sachs & Co 3,027 3 3 - Unternehmensberatungs 11 30 Morgan Stanley 2,576 3 2 1 11= - Bucephale Finance 2,228 1 - - 12 - Citi 1,511 3 3 - 11= - Callisto 2,228 1 - - 13 33 Superia Corporate Finance 622 3 2 1 11= - PJT Partners 2,228 1 - - 14 51 Advance Capital 220 3 2 1 14 - Citi 1,511 3 - - 15 12 Globalscope Partners 56 3 0 3 15 1 VTB Capital 934 2 -58.8% 2,265 16 59 BNP Paribas 4,396 2 1 1 16 22 Superia Corporate Finance 622 3 401.6% 124 17 - Barclays 3,440 2 2 - 17= - Augusta & Co 570 1 - - 18 - VCP Capital Partners 2,276 2 2 - 17= - Swedbank 570 1 - - Unternehmensberatungs 19 2 UniCredit Group 501 5 -74.9% 1,995 19 6 VTB Capital 934 2 -5 7 20 10 EY 325 9 -62.2% 860 20 70 Lazard 287 2 1 1

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Russia league table by value Russia league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 - Sberbank 3,209 1 - - 1 14 Advance Capital 220 3 2 1 2 6 JPMorgan 1,749 1 509.4% 287 2 1 VTB Capital 934 2 -5 7 3 1 VTB Capital 934 2 -58.8% 2,265 3 8 Morgan Stanley 348 2 1 1 4 5 Morgan Stanley 348 2 -1.7% 354 4 - KPMG 16 2 2 - 5 - Citi 325 1 - - 5 - Sberbank 3,209 1 1 - 6 - Goldman Sachs & Co 299 1 - - 6 9 JPMorgan 1,749 1 0 1 7 14 Advance Capital 220 3 - - 7 - Citi 325 1 1 - 8 - Scotiabank 162 1 - - 8 - Goldman Sachs & Co 299 1 1 - 9 - Deloitte 100 1 - - 9 - Scotiabank 162 1 1 - 10 - Numis Securities 91 1 - - 10 - Deloitte 100 1 1 -

Poland league table by value Poland league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1= - BNP Paribas 956 1 - - 1 22 Trigon Group 144 5 4 1 1= - Citi 956 1 - - 2 5 UniCredit Group 214 3 1 2 1= 5 Rothschild 956 1 -29.0% 1,347 3 3 PwC 10 3 -1 4 4 1 UniCredit Group 214 3 -86.5% 1,584 4 11 JPMorgan 45 2 1 1 5 20 Trigon Group 144 5 1100.0% 12 5 7 EY 32 2 0 2

6= - Central Europe Trust-Polska Sp. z o.o. (CET) 85 1 - - 6 2 Bank Zachodni WBK 9 2 -3 5 6= - Clairfield International 85 1 - - 7= - CMT Advisory - 2 2 - 8 - VCP Capital Partners 48 1 - - 7= 1 KPMG - 2 -4 6 Unternehmensberatungs 9= - BNP Paribas 956 1 1 - 9 3 JPMorgan 45 2 -96.7% 1,369 9= - Citi 956 1 1 - 10 12 EY 32 2 -70.4% 108

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Turkey league table by value Turkey league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017 H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 - Sberbank 3,209 1 - - 1 24 Pragma Corporate Finance 64 3 2 1 2= - Deutsche Bank 1,172 1 - - 2 4 Unlu & Co 443 2 0 2 2= 1 Morgan Stanley 1,172 1 -37.8% 1,883 3 1 Raiffeisen Bank International 92 2 -1 3 4 6 Unlu & Co 443 2 30.3% 340 4 - Alfa Investment 27 2 2 - 5 9 IS Investment Securities 165 1 108.9% 79 5= 22 3 Seas Capital Partners 7 2 1 1 6 11 Raiffeisen Bank International 92 2 53.3% 60 5= - Ventura Partners 7 2 2 - 7 12 EY 80 1 60.0% 50 7 6 Odin Financial Advisors - 2 0 2 8 24 Pragma Corporate Finance 64 3 - - 8 - Sberbank 3,209 1 1 - 9 - Alfa Investment 27 2 - - 9= - Deutsche Bank 1,172 1 1 - 10 - Industrial Development Bank of Turkey (TSKB) 16 1 - - 9= 3 Morgan Stanley 1,172 1 -1 2

Africa & Middle East league table by value Africa & Middle East league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Goldman Sachs & Co 11,094 6 -68.5% 35,244 1 7 JPMorgan 6,506 8 1 7 2 4 Morgan Stanley 10,995 4 -30.2% 15,758 2 2 Rothschild 1,985 7 -5 12 3 8 Bank of America Merrill Lynch 7,188 3 37.0% 5,247 3 6 Goldman Sachs & Co 11,094 6 -1 7 4 37 Greenhill & Co 6,872 1 2716.4% 244 4 1 EY 52 5 -10 15 5 6 JPMorgan 6,506 8 -42.4% 11,290 5 12 Morgan Stanley 10,995 4 0 4

6 27 Barclays 3,899 3 679.8% 500 6 18 Lazard 1,811 4 1 3 7 - Sberbank 3,209 1 - - 7 96 Standard Bank Group 270 4 3 1 8 9 UBS Investment Bank 2,594 2 -37.5% 4,150 8 8 Bank of America Merrill Lynch 7,188 3 -3 6 9 12 Credit Suisse 2,502 2 13.0% 2,215 9 25 Barclays 3,899 3 1 2 10 10 HSBC 2,502 1 -7.1% 2,692 10 3 PwC 231 3 -6 9

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Americas league table by value Americas league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 2 Morgan Stanley 427,430 102 66.8% 256,200 1 1 Goldman Sachs & Co 413,030 151 24 127 2 1 Goldman Sachs & Co 413,030 151 12.9% 365,835 2 2 JPMorgan 309,648 110 1 109 3 3 JPMorgan 309,648 110 34.4% 230,360 3 3 Morgan Stanley 427,430 102 2 100 4 4 Bank of America Merrill Lynch 217,194 67 2.9% 211,150 4 6 Citi 160,547 83 9 74 5 13 Evercore 191,963 69 140.8% 79,706 5 4 Houlihan Lokey 13,693 79 -13 92 6 7 Credit Suisse 187,800 71 32.9% 141,354 6 13 Barclays 172,332 74 17 57 7 11 Centerview Partners 180,611 20 72.8% 104,527 7 18 Raymond James & Associates 7,789 73 21 52 8 10 Barclays 172,332 74 56.6% 110,042 8 9 Credit Suisse 187,800 71 5 66 9 5 Citi 160,547 83 -7.2% 173,054 9 5 Evercore 191,963 69 -8 77 10 6 Lazard 153,537 51 6.0% 144,891 10 8 Bank of America Merrill Lynch 217,194 67 -2 69 11 21 PJT Partners 123,885 12 361.8% 26,828 11 10 Jefferies 42,243 66 6 60 12 8 Deutsche Bank 120,370 38 5.6% 114,038 12 26 Moelis & Company 31,746 55 17 38 13 131 Raine Group 59,327 3 7082.4% 826 13 7 Lazard 153,537 51 -21 72 14 46 Sumitomo Mitsui Financial Group 59,117 4 965.2% 5,550 14 15 Rothschild 48,145 51 -5 56 15 56 Mizuho Financial Group 58,945 2 1244.5% 4,384 15 25 Robert W. Baird & Co 7,768 49 10 39 16 14 RBC Capital Markets 53,812 48 -4.0% 56,082 16 11 RBC Capital Markets 53,812 48 -11 59 17 16 Rothschild 48,145 51 20.4% 39,982 17 17 Piper Jaffray & Co 8,642 47 -8 55 18 27 Robey Warshaw 44,149 2 147.5% 17,835 18 14 Stifel/KBW 13,507 46 -11 57 19 36 Guggenheim Partners 43,146 14 366.8% 9,242 19 19 William Blair & Company 11,798 46 0 46 20 18 Jefferies 42,243 66 21.6% 34,739 20 22 Lincoln International 2,713 42 0 42

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US league table by value US league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Goldman Sachs & Co 399,692 143 10.3% 362,230 1 1 Goldman Sachs & Co 399,692 143 22 121 2 2 Morgan Stanley 393,148 92 55.4% 253,035 2 2 JPMorgan 290,603 103 0 103 3 3 JPMorgan 290,603 103 34.4% 216,263 3 3 Morgan Stanley 393,148 92 0 92 4 4 Bank of America Merrill Lynch 196,230 59 -5.3% 207,289 4 4 Houlihan Lokey 13,693 79 -11 90 5 13 Evercore 191,005 65 141.1% 79,228 5 6 Citi 157,338 77 6 71 6 6 Credit Suisse 184,026 65 33.1% 138,280 6 12 Barclays 171,832 73 18 55 7 11 Centerview Partners 180,611 20 72.8% 104,527 7 17 Raymond James & Associates 7,667 70 24 46 8 10 Barclays 171,832 73 57.6% 109,038 8 10 Jefferies 42,243 66 9 57 9 5 Citi 157,338 77 -7.6% 170,287 9 5 Evercore 191,005 65 -10 75 10 7 Lazard 147,053 44 9.8% 133,901 10 8 Credit Suisse 184,026 65 4 61 11 19 PJT Partners 118,298 11 340.9% 26,828 11 7 Bank of America Merrill Lynch 196,230 59 -5 64 12 8 Deutsche Bank 113,799 35 0.2% 113,583 12 26 Moelis & Company 31,746 54 19 35 13 123 Raine Group 59,327 3 7082.4% 826 13 23 Robert W. Baird & Co 7,768 49 12 37 14 42 Sumitomo Mitsui Financial Group 59,117 4 965.2% 5,550 14 13 Piper Jaffray & Co 8,642 47 -7 54 15 52 Mizuho Financial Group 58,945 2 1244.5% 4,384 15 11 Stifel/KBW 13,507 46 -11 57 16 15 RBC Capital Markets 45,557 40 -8.3% 49,702 16 18 William Blair & Company 11,798 46 0 46 17 26 Robey Warshaw 44,149 2 147.5% 17,835 17 9 Lazard 147,053 44 -13 57 18 34 Guggenheim Partners 43,146 14 366.8% 9,242 18 14 Rothschild 41,605 44 -6 50 19 17 Jefferies 42,243 66 23.5% 34,217 19 20 Lincoln International 2,713 42 2 40 20 16 Rothschild 41,605 44 8.1% 38,504 20 15 RBC Capital Markets 45,557 40 -8 48

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 2 Morgan Stanley 251,306 63 73.2% 145,112 1 1 Goldman Sachs & Co 199,572 87 18 69 2 1 Goldman Sachs & Co 199,572 87 15.0% 173,529 2 2 Morgan Stanley 251,306 63 10 53 3 3 Bank of America Merrill Lynch 142,824 26 -0.5% 143,611 3 4 JPMorgan 125,305 53 4 49 4 7 JPMorgan 125,305 53 124.1% 55,918 4 6 Citi 106,445 46 5 41 5 18 Centerview Partners 107,767 12 425.6% 20,502 5 11 Barclays 82,689 45 15 30 6 4 Citi 106,445 46 -12.2% 121,238 6 3 Houlihan Lokey 10,095 44 -8 52 7 8 Lazard 106,106 24 91.7% 55,339 7 7 Credit Suisse 74,245 38 -1 39 8 10 Barclays 82,689 45 73.7% 47,600 8 8 Jefferies 21,828 36 3 33 9 5 Credit Suisse 74,245 38 -36.2% 116,412 9 9 Evercore 73,095 35 3 32 10 14 Evercore 73,095 35 192.7% 24,975 10 15 Raymond James & Associates 1,964 34 10 24

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Morgan Stanley 200,264 25 256.6% 56,157 1 3 Goldman Sachs & Co 195,043 36 11 25 2 2 Goldman Sachs & Co 195,043 36 284.9% 50,673 2 5 Robert W. Baird & Co 3,062 26 8 18 3 12 Centerview Partners 160,524 10 1060.5% 13,832 3 4 Morgan Stanley 200,264 25 4 21 4 3 JPMorgan 90,912 15 114.0% 42,489 4 8 Barclays 55,247 23 7 16 5 6 Deutsche Bank 89,046 8 209.1% 28,804 5 1 Houlihan Lokey 2,478 23 -9 32 6 18 Lazard 85,596 11 1088.7% 7,201 6 11 Jefferies 6,952 20 5 15 7 24 Evercore 84,109 15 2240.3% 3,594 7 12 Lincoln International 1,518 20 5 15 8 5 Credit Suisse 82,446 16 185.1% 28,914 8 18 Raymond James & Associates 1,904 17 5 12 9 29 PJT Partners 60,738 3 2139.6% 2,712 9 6 Credit Suisse 82,446 16 -1 17 10 46 Sumitomo Mitsui Financial Group 58,945 2 5513.8% 1,050 10 2 JPMorgan 90,912 15 -16 31

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Goldman Sachs & Co 139,464 46 -4.8% 146,505 1 1 Goldman Sachs & Co 139,464 46 6 40 2 2 JPMorgan 101,618 46 -29.7% 144,504 2 2 JPMorgan 101,618 46 7 39 3 8 Barclays 78,041 27 20.2% 64,914 3 8 Jefferies 23,267 35 7 28 4 4 Morgan Stanley 72,420 30 -11.6% 81,946 4 5 Houlihan Lokey 10,296 35 3 32 5 12 Credit Suisse 65,937 24 108.8% 31,572 5 9 Citi 46,586 34 7 27 6 10 Bank of America Merrill Lynch 64,226 29 68.7% 38,076 6 12 Raymond James & Associates 3,183 33 7 26 7 11 Citi 46,586 34 28.5% 36,245 7 6 Morgan Stanley 72,420 30 -1 31 8 9 Evercore 44,208 27 -10.2% 49,246 8 14 Bank of America Merrill Lynch 64,226 29 7 22 9 7 Lazard 29,291 16 -61.2% 75,482 9 7 Barclays 78,041 27 -1 28 10 13 RBC Capital Markets 25,267 24 -15.0% 29,710 10 3 Evercore 44,208 27 -12 39

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Goldman Sachs & Co 118,240 50 66.7% 70,914 1 2 Goldman Sachs & Co 118,240 50 15 35 2 4 JPMorgan 117,750 34 253.0% 33,355 2 3 JPMorgan 117,750 34 2 32 3 3 Morgan Stanley 108,630 30 193.7% 36,983 3 6 Morgan Stanley 108,630 30 6 24 4 9 Credit Suisse 79,096 19 318.4% 18,903 4 1 Houlihan Lokey 8,670 30 -6 36 5 5 Evercore 75,818 22 128.5% 33,184 5 17 Raymond James & Associates 3,492 30 17 13 6 22 PJT Partners 68,968 6 1158.5% 5,480 6 4 Evercore 75,818 22 -7 29 7 20 Deutsche Bank 68,143 12 982.5% 6,295 7 15 Moelis & Company 10,978 22 7 15 8 10 Centerview Partners 65,896 9 284.6% 17,135 8 14 Bank of America Merrill Lynch 23,885 21 6 15 9 50 Raine Group 59,327 3 7082.4% 826 9 7 Jefferies 9,763 21 -2 23 10 - Sumitomo Mitsui Financial Group 58,945 2 - - 10 11 Credit Suisse 79,096 19 1 18

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Canada league table by value Canada league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 3 Goldman Sachs & Co 37,677 11 12.4% 33,516 1 2 BMO Capital Markets 23,741 25 4 21 2 2 TD Securities 31,798 18 -9.5% 35,124 2 8 Scotiabank 16,872 19 8 11 3 9 Morgan Stanley 28,634 7 116.3% 13,239 3 3 TD Securities 31,798 18 -2 20 4 10 Citi 28,105 10 126.4% 12,413 4 4 Deloitte 4,490 18 -2 20 5 8 Lazard 27,532 6 64.6% 16,730 5 9 CIBC World Markets 12,805 17 6 11 6 14 BMO Capital Markets 23,741 25 156.6% 9,253 6 1 RBC Capital Markets 17,316 13 -12 25 7 6 Bank of America Merrill Lynch 22,420 7 19.3% 18,795 7 6 Goldman Sachs & Co 37,677 11 -2 13 8 1 JPMorgan 21,937 7 -48.9% 42,971 8 30 GMP Securities 5,599 11 7 4 9 4 RBC Capital Markets 17,316 13 -43.7% 30,778 9 26 Canaccord Genuity Corp 4,687 11 5 6 10 15 Centerview Partners 17,000 2 98.4% 8,569 10 19 Citi 28,105 10 2 8 11= - Canson Capital Partners 17,000 1 - - 11 10 National Bank Financial 4,807 10 -1 11 11= 66 Guggenheim Partners 17,000 1 4827.5% 345 12 25 PwC 1,996 10 4 6 13 7 Scotiabank 16,872 19 -9.5% 18,641 13 15 Raymond James & Associates 805 9 0 9 14 5 Barclays 14,199 8 -45.4% 26,003 14 17 Barclays 14,199 8 0 8 15 12 CIBC World Markets 12,805 17 10.9% 11,543 15 18 Morgan Stanley 28,634 7 -1 8 16 20 Jefferies 10,311 6 173.7% 3,767 16 13 Bank of America Merrill Lynch 22,420 7 -2 9 17 23 PJT Partners 10,187 2 227.0% 3,115 17 5 JPMorgan 21,937 7 -10 17 18 13 Credit Suisse 9,605 7 -10.8% 10,765 18 11 Credit Suisse 9,605 7 -3 10 19 17 Rothschild 6,949 6 29.7% 5,358 19 12 Macquarie Group 2,980 7 -3 10 20 61 Deutsche Bank 6,872 3 1410.3% 455 20 22 Lazard 27,532 6 -1 7

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 9 Bank of America Merrill Lynch 21,564 9 737.1% 2,576 1 1 Banco Itau BBA 21,085 10 -7 17 2 5 Banco Itau BBA 21,085 10 526.8% 3,364 2 10 Bank of America Merrill Lynch 21,564 9 4 5 3 1 Morgan Stanley 14,058 9 140.7% 5,840 3 5 Morgan Stanley 14,058 9 1 8 4 6 Goldman Sachs & Co 6,136 8 96.0% 3,130 4 6 Goldman Sachs & Co 6,136 8 2 6 5 - Sinolink Securities Co 4,066 1 - - 5 2 Banco BTG Pactual 3,074 8 -8 16 6 17 Banco Bradesco BBI 3,418 5 194.7% 1,160 6 15 Citi 2,937 7 3 4 7 - Mediobanca 3,266 1 - - 7 9 Credit Suisse 2,556 7 2 5 8 2 Banco BTG Pactual 3,074 8 -38.9% 5,027 8 25 JPMorgan 2,577 6 4 2 9 4 Citi 2,937 7 -16.9% 3,533 9 4 Lazard 1,727 6 -5 11 10 12 JPMorgan 2,577 6 16.5% 2,212 10 3 Banco Bradesco BBI 3,418 5 -8 13 11 3 Credit Suisse 2,556 7 -39.3% 4,214 11 12 Rothschild 920 5 0 5 12 11 Lazard 1,727 6 -23.8% 2,265 12 17 KPMG 550 5 1 4 13= - Jefferies 969 1 - - 13 31 EY 547 5 3 2 13= 28 Rabobank 969 1 128.0% 425 14 51 LXG Capital 398 5 4 1 15 15 Rothschild 920 5 -28.4% 1,285 15 8 PwC 495 4 -2 6 16 7 Barclays 583 2 -80.1% 2,925 16 18 Artica Invest - 4 0 4 17 - Evercore 560 3 - - 17 - Evercore 560 3 3 - 18 34 KPMG 550 5 101.5% 273 18 7 Santander Global Corporate Banking 428 3 -3 6 19 56 EY 547 5 1508.8% 34 19 - Greenhill & Co 284 3 3 - 20 82 Vinci Partners 542 2 - - 20 32 Oaklins 130 3 1 2

mergermarket.com Mergermarket Global & Regional League Tables 62 M&A Report H1 2018

Asia Pacific Advisory League tables

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Morgan Stanley 58,816 20 1.2% 58,103 1 5 Deloitte 3,148 32 4 28 2 21 JPMorgan 52,611 19 344.2% 11,844 2 4 Goldman Sachs & Co 51,216 31 -3 34 3 2 Goldman Sachs & Co 51,216 31 3.6% 49,456 3 3 PwC 1,679 31 -15 46 4 4 Bank of America Merrill Lynch 46,448 21 13.9% 40,787 4 1 EY 12,708 30 -31 61 5 8 Citi 41,594 28 105.2% 20,271 5 2 KPMG 6,479 30 -28 58 6 32 Lazard 41,087 16 640.7% 5,547 6 14 Citi 41,594 28 11 17 7 3 UBS Investment Bank 40,385 24 -8.8% 44,280 7 12 UBS Investment Bank 40,385 24 5 19 8 161 Millennium Investment Banking 28,708 2 11114.1% 256 8 18 Rothschild 11,054 24 10 14 9 19 Deutsche Bank 28,616 12 131.4% 12,364 9 10 Bank of America Merrill Lynch 46,448 21 1 20 10 5 China International Capital Corporation 28,586 18 15.9% 24,660 10 7 Morgan Stanley 58,816 20 -4 24 11 6 CITIC Securities 19,171 17 -12.1% 21,807 11 16 Huatai Securities 9,474 20 4 16 12 24 Barclays 18,982 9 96.0% 9,684 12 9 JPMorgan 52,611 19 -2 21 13 12 EY 12,708 30 -8.0% 13,811 13 13 Macquarie Group 11,964 19 1 18 14 34 Haitong Securities 12,281 10 165.6% 4,624 14 8 Credit Suisse 11,369 19 -2 21 15 7 Macquarie Group 11,964 19 -42.1% 20,677 15 6 China International Capital Corporation 28,586 18 -7 25 16 193 Hina Group 11,392 5 7064.8% 159 16 15 CITIC Securities 19,171 17 1 16 17 20 Credit Suisse 11,369 19 -6.6% 12,176 17 24 Lazard 41,087 16 6 10 18 9 Rothschild 11,054 24 -37.1% 17,567 18 20 China Securities 9,895 14 1 13 19 28 China Renaissance Holdings 9,927 13 14.1% 8,697 19 19 China Renaissance Holdings 9,927 13 -1 14 20 30 China Securities 9,895 14 39.9% 7,071 20 17 Somerley Capital 3,300 13 -2 15

mergermarket.com Mergermarket Global & Regional League Tables 63 M&A Report H1 2018

Asia Pacific Advisory League tables

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Morgan Stanley 57,189 16 2.8% 55,653 1 1 EY 11,248 28 -22 50 2 2 Goldman Sachs & Co 47,836 25 9.8% 43,573 2 4 Goldman Sachs & Co 47,836 25 -2 27 3 3 Bank of America Merrill Lynch 43,649 15 21.3% 35,995 3 2 KPMG 3,020 22 -17 39 4 26 JPMorgan 41,217 12 408.4% 8,107 4 7 Deloitte 2,627 22 0 22 5 4 UBS Investment Bank 37,505 17 14.3% 32,816 5 18 Citi 37,169 20 8 12 6 7 Citi 37,169 20 100.2% 18,566 6 11 Huatai Securities 9,474 20 4 16 7 29 Lazard 35,662 10 545.0% 5,529 7 20 Rothschild 9,485 19 9 10 8 152 Millennium Investment Banking 28,708 2 11114.1% 256 8 5 China International Capital Corporation 28,586 18 -6 24 9 5 China International Capital Corporation 28,586 18 28.7% 22,210 9 3 PwC 1,362 18 -13 31 10 34 Deutsche Bank 19,771 9 421.5% 3,791 10 17 UBS Investment Bank 37,505 17 5 12 11 6 CITIC Securities 19,171 17 -12.1% 21,807 11 10 CITIC Securities 19,171 17 1 16 12 24 Barclays 17,542 8 84.4% 9,513 12 6 Morgan Stanley 57,189 16 -6 22 13 31 Haitong Securities 12,281 10 165.6% 4,624 13 15 Bank of America Merrill Lynch 43,649 15 2 13 14 179 Hina Group 11,392 5 7064.8% 159 14 16 China Securities 9,895 14 1 13 15 15 EY 11,248 28 -11.4% 12,698 15 14 China Renaissance Holdings 9,927 13 -1 14 16 25 China Renaissance Holdings 9,927 13 14.1% 8,697 16 12 Somerley Capital 3,300 13 -2 15 17 28 China Securities 9,895 14 39.9% 7,071 17 13 JPMorgan 41,217 12 -3 15 18 8 Rothschild 9,485 19 -44.5% 17,099 18 38 Avendus Capital 1,421 11 5 6 19 23 Huatai Securities 9,474 20 -0.6% 9,533 19 23 Lazard 35,662 10 1 9 20 168 JM Financial 9,325 3 4782.2% 191 20 8 Haitong Securities 12,281 10 -10 20

mergermarket.com Mergermarket Global & Regional League Tables 64 M&A Report H1 2018

Asia Pacific Advisory League tables

Australasia league table by value Australasia league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 13 JPMorgan 11,394 7 137.2% 4,803 1 3 Macquarie Group 9,493 16 0 16 2 1 Macquarie Group 9,493 16 -53.7% 20,505 2 2 PwC 350 15 -2 17 3 9 Deutsche Bank 9,256 5 8.0% 8,573 3 11 Deloitte 527 11 3 8 4 14 Lazard 6,803 8 120.0% 3,092 4 20 Credit Suisse 5,836 10 6 4 5 20 Credit Suisse 5,836 10 189.2% 2,018 5 7 UBS Investment Bank 4,708 10 1 9 6 21 Citi 4,742 9 178.1% 1,705 6 15 Citi 4,742 9 4 5 7 3 UBS Investment Bank 4,708 10 -59.1% 11,503 7 28 Lazard 6,803 8 6 2 8 11 RBC Capital Markets 4,348 4 -40.4% 7,293 8 5 Goldman Sachs & Co 4,186 8 -2 10 9 10 Goldman Sachs & Co 4,186 8 -47.8% 8,022 9 1 KPMG 3,459 8 -15 23 10 5 KPMG 3,459 8 -66.5% 10,329 10 10 JPMorgan 11,394 7 -1 8 11 12 Bank of America Merrill Lynch 3,020 7 -38.0% 4,873 11 9 Bank of America Merrill Lynch 3,020 7 -1 8 12 - goetzpartners 2,687 1 - - 12 25 Grant Thornton 98 7 4 3 13 - Emindobiz 2,250 1 - - 13 18 Deutsche Bank 9,256 5 1 4 14 - Scotiabank 2,217 3 - - 14 21 Rothschild 1,569 5 1 4 15 46 Barclays 1,661 2 871.3% 171 15 12 RBC Capital Markets 4,348 4 -3 7 16 2 Morgan Stanley 1,627 4 -86.7% 12,268 16 17 Morgan Stanley 1,627 4 0 4 17 29 Rothschild 1,569 5 235.3% 468 17 23 Allier Capital 217 4 1 3 18 22 EY 1,460 2 3.6% 1,409 18 - Euroz Securities 163 4 4 - 19 - Canaccord Genuity Corp 1,343 2 - - 19 - Argonaut 151 4 4 - 20 16 Nomura Holdings 1,296 3 -52.0% 2,699 20 100 Oaktower Partnership 125 4 3 1

mergermarket.com Mergermarket Global & Regional League Tables 65 M&A Report H1 2018

Asia Pacific Advisory League tables

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Morgan Stanley 47,721 10 42.3% 33,546 1 5 Huatai Securities 9,474 20 4 16 2 6 UBS Investment Bank 35,642 13 85.5% 19,211 2 1 China International Capital Corporation 28,586 18 -6 24 3 5 Bank of America Merrill Lynch 33,767 5 64.8% 20,485 3 4 CITIC Securities 19,171 17 1 16 4 22 Lazard 31,708 6 582.0% 4,649 4 2 Goldman Sachs & Co 15,324 15 -4 19 5 115 Millennium Investment Banking 28,708 2 11114.1% 256 5 9 China Securities 9,895 14 1 13 6 3 China International Capital Corporation 28,586 18 28.7% 22,210 6 14 UBS Investment Bank 35,642 13 5 8 7 9 Citi 20,898 10 37.6% 15,186 7 7 China Renaissance Holdings 9,927 13 -1 14 8 4 CITIC Securities 19,171 17 -12.1% 21,807 8 6 Somerley Capital 3,300 13 -2 15 9 71 Deutsche Bank 18,226 7 2806.9% 627 9 76 Deloitte 1,977 13 10 3 10 2 Goldman Sachs & Co 15,324 15 -43.7% 27,224 10 8 Morgan Stanley 47,721 10 -3 13 11 23 Haitong Securities 12,281 10 167.7% 4,588 11 21 Citi 20,898 10 4 6 12 135 Hina Group 11,392 5 7064.8% 159 12 3 Haitong Securities 12,281 10 -9 19 13 18 China Renaissance Holdings 9,927 13 14.1% 8,697 13 16 Guotai Junan Securities 2,798 8 0 8 14 20 China Securities 9,895 14 39.9% 7,071 14 83 Deutsche Bank 18,226 7 5 2 15 17 Huatai Securities 9,474 20 -0.6% 9,533 15 - Sinolink Securities 4,612 7 7 - 16 86 Citi Orient Securities 8,347 2 1572.7% 499 16 36 Rothschild 2,014 7 3 4 17 - Sinolink Securities 4,612 7 - - 17 19 Kingston Corporate Finance 390 7 0 7 18 29 JPMorgan 3,904 4 22.3% 3,193 18 22 Lazard 31,708 6 0 6 19 12 Platinum Securities Company 3,609 3 -66.0% 10,600 19 55 Everbright Securities Company 639 6 3 3 20 7 Somerley Capital 3,300 13 -80.6% 16,975 20 20 Bank of America Merrill Lynch 33,767 5 -1 6

mergermarket.com Mergermarket Global & Regional League Tables 66 M&A Report H1 2018

Asia Pacific Advisory League tables

India league table by value India league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Goldman Sachs & Co 29,111 6 106.9% 14,068 1 1 EY 9,385 15 -3 18 2 9 JPMorgan 27,654 3 745.9% 3,269 2 4 Avendus Capital 1,171 10 4 6 3 25 Barclays 16,537 3 9296.0% 176 3 2 KPMG 1,048 10 1 9 4 19 Citi 9,485 6 2534.7% 360 4 14 Goldman Sachs & Co 29,111 6 4 2 5 10 EY 9,385 15 439.1% 1,741 5 11 Citi 9,485 6 3 3 6 23 JM Financial 9,325 3 4782.2% 191 6 15 Bank of America Merrill Lynch 6,433 5 3 2 7 - SBI Capital Markets 6,632 1 - - 7 - Arpwood Capital 2,286 4 4 - 8 2 Bank of America Merrill Lynch 6,433 5 -52.0% 13,399 8 6 Axis Capital 1,264 4 -1 5 9 7 Morgan Stanley 4,774 2 -62.3% 12,668 9 10 JPMorgan 27,654 3 0 3 10 - Arpwood Capital 2,286 4 - - 10 33 Barclays 16,537 3 2 1

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 8 Morgan Stanley 3,874 2 190.2% 1,335 1 1 PwC 1,164 16 -3 19 2 5 Credit Suisse 3,427 3 68.0% 2,040 2 2 EY 946 7 -9 16 3 18 JPMorgan 2,843 2 510.1% 466 3 5 Deloitte 596 5 -4 9 4 - Rothschild 1,946 2 - - 4 4 NH Investment & Securities 782 4 -5 9 5 13 Bank of America Merrill Lynch 1,507 2 124.6% 671 5 3 KPMG 340 4 -12 16 6 - Macquarie Group 1,233 1 - - 6 11 Credit Suisse 3,427 3 0 3 7 3 PwC 1,164 16 -56.2% 2,659 7 9 Samsung Securities 822 3 -1 4 8 10 Deutsche Bank 1,134 1 37.3% 826 8 6 KR & Partners 257 3 -4 7 9 2 EY 946 7 -86.9% 7,209 9 8 Morgan Stanley 3,874 2 -2 4 10 12 Samsung Securities 822 3 15.1% 714 10 16 JPMorgan 2,843 2 0 2

mergermarket.com Mergermarket Global & Regional League Tables 67 M&A Report H1 2018

Asia Pacific Advisory League tables

Japan league table by value Japan league table by deal count

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 3 Goldman Sachs & Co 158,674 8 1674.7% 8,941 1 1 Nomura Holdings 92,941 35 2 33 2 1 JPMorgan 158,396 7 1123.2% 12,949 2 2 Sumitomo Mitsui Financial Group 66,940 27 -5 32 3 2 Morgan Stanley 145,097 19 1454.2% 9,336 3 4 Mizuho Financial Group 62,197 20 0 20 4 5 Evercore 138,995 4 1561.2% 8,367 4 8 Morgan Stanley 145,097 19 10 9 5 6 Nomura Holdings 92,941 35 1026.7% 8,249 5 3 Daiwa Securities Group 2,576 15 -10 25 6 13 Citi 80,082 3 4704.0% 1,667 6 5 GCA Corporation 744 10 -8 18 7 4 Sumitomo Mitsui Financial Group 66,940 27 686.9% 8,507 7 7 Deloitte 401 9 -4 13 8 9 Mizuho Financial Group 62,197 20 1158.3% 4,943 8 12 Goldman Sachs & Co 158,674 8 2 6 9 11 Credit Suisse 59,966 2 2266.5% 2,534 9 37 Frontier Management 336 8 6 2 10 - Centerview Partners 59,518 2 - - 10 13 JPMorgan 158,396 7 2 5

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 6 Citi 20,570 4 592.6% 2,970 1 59 Rothschild 5,206 10 9 1 2 1 Morgan Stanley 15,120 4 66.1% 9,104 2 7 KPMG 2,215 7 0 7 3 - Deutsche Bank 14,411 2 - - 3 12 Bank of America Merrill Lynch 3,717 6 2 4 4 3 China International Capital Corporation 14,293 3 301.7% 3,558 4 3 Goldman Sachs & Co 3,525 5 -4 9 5 15 JPMorgan 7,780 4 559.9% 1,179 5 2 EY 143 5 -5 10 6 46 Rothschild 5,206 10 4064.8% 125 6 21 Citi 20,570 4 2 2 7 12 Bank of America Merrill Lynch 3,717 6 138.1% 1,561 7 8 Morgan Stanley 15,120 4 -2 6 8 19 Lazard 3,652 2 356.5% 800 8 6 JPMorgan 7,780 4 -3 7 9 4 Credit Suisse 3,615 4 6.4% 3,397 9 1 Credit Suisse 3,615 4 -6 10 10= 99 Credit Agricole 3,527 1 - - 10 13 RHB Investment Bank 1,308 4 0 4 10= 56 Evercore 3,527 1 3818.9% 90 10= - Societe Generale 3,527 1 - - mergermarket.com Mergermarket Global & Regional League Tables 68 M&A Report H1 2018

Private Equity Advisory League tables*

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Goldman Sachs & Co 104,129 54 24.4% 83,708 1 2 Goldman Sachs & Co 104,129 54 5 49 2 2 Morgan Stanley 67,604 43 -5.6% 71,579 2 4 William Blair & Company 11,679 44 3 41 3 4 JPMorgan 54,620 34 10.4% 49,493 3 8 Morgan Stanley 67,604 43 7 36 4 5 Citi 45,863 21 1.2% 45,334 4 1 Rothschild 18,408 41 -9 50 5 3 Bank of America Merrill Lynch 28,541 17 -59.6% 70,681 5 6 Houlihan Lokey 9,888 38 -1 39 6 7 Deutsche Bank 25,988 17 0.3% 25,917 6 17 Lincoln International 1,711 37 12 25 7 8 Barclays 25,609 28 13.1% 22,649 7 7 JPMorgan 54,620 34 -4 38 8 19 Evercore 23,911 20 117.2% 11,010 8 22 Barclays 25,609 28 9 19 9 6 Credit Suisse 22,026 22 -34.6% 33,673 9 10 Deloitte 4,515 28 -6 34 10 11 Rothschild 18,408 41 11.1% 16,564 10 15 Robert W. Baird & Co 4,268 28 2 26

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 2 Goldman Sachs & Co 61,346 33 60.7% 38,171 1 2 Goldman Sachs & Co 61,346 33 7 26 2 4 Morgan Stanley 51,232 25 71.2% 29,924 2 1 William Blair & Company 10,879 33 0 33 3 3 JPMorgan 38,247 22 6.6% 35,875 3 4 Houlihan Lokey 9,395 28 2 26 4 10 Citi 25,465 9 101.4% 12,641 4 8 Morgan Stanley 51,232 25 7 18 5 1 Bank of America Merrill Lynch 22,324 9 -51.1% 45,657 5 13 Barclays 20,041 23 9 14 6 9 Barclays 20,041 23 38.2% 14,506 6 5 JPMorgan 38,247 22 -2 24 7 - Canson Capital Partners 17,000 1 - - 7 3 Jefferies 6,692 21 -5 26 8 6 Deutsche Bank 13,265 9 -15.8% 15,754 8 9 Robert W. Baird & Co 2,691 20 4 16 9 5 Credit Suisse 11,816 14 -58.7% 28,598 9 15 Raymond James & Associates 808 20 6 14 10 8 Centerview Partners 11,440 4 -21.8% 14,621 10 20 Lincoln International 625 20 9 11

*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 69 M&A Report H1 2018

Private Equity Advisory League tables*

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 25 Evercore 19,954 9 650.2% 2,660 1 1 Rothschild 17,995 37 -6 43 2 1 Goldman Sachs & Co 18,222 13 -47.1% 34,423 2 11 Clearwater International 848 26 14 12 3 8 Rothschild 17,995 37 41.7% 12,700 3 12 GCA Corporation 284 20 8 12 4 3 Citi 14,350 9 -48.6% 27,909 4 5 Deloitte 879 19 -5 24 5 - JPMorgan 13,866 10 - - 5 30 Jamieson Corporate Finance 10,824 18 12 6 6 - The Valence Group 12,545 1 - - 6 6 DC Advisory 2,677 17 2 15 7 9 Lazard 11,183 15 5.8% 10,569 7 2 PwC 1,181 17 -18 35 8 10 Deutsche Bank 10,839 6 6.7% 10,163 8 9 Lincoln International 1,086 16 3 13 9 37 Jamieson Corporate Finance 10,824 18 506.0% 1,786 9 3 KPMG 812 16 -13 29 10 39 Macquarie Group 8,554 4 459.8% 1,528 10 8 Lazard 11,183 15 2 13

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 2 Goldman Sachs & Co 18,165 6 294.4% 4,606 1 2 Goldman Sachs & Co 18,165 6 -1 7 2 - Hina Group 9,813 3 - - 2 25 Morgan Stanley 9,032 5 4 1 3 17 Morgan Stanley 9,032 5 1600.9% 531 3 12 Credit Suisse 4,529 4 2 2 4 7 Credit Suisse 4,529 4 170.5% 1,674 4 9 Deloitte 89 4 1 3 5 - China Renaissance Holdings 4,463 2 - - 5 - Hina Group 9,813 3 - - 6 1 Bank of America Merrill Lynch 4,358 3 -29.2% 6,154 6 5 Bank of America Merrill Lynch 4,358 3 -1 4 7 5 Macquarie Group 3,483 2 28.4% 2,713 7 10 Lazard 1,632 3 1 2 8 6 JPMorgan 2,507 2 -1.5% 2,546 8 7 UBS Investment Bank 1,167 3 0 3 9 - Emindobiz 2,250 1 - - 9 1 EY 213 3 -9 12 10 - Deutsche Bank 1,884 2 - - 10 - BDA Partners 174 3 - -

*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 70 M&A Report H1 2018

Private Equity Advisory League tables*

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 4 Goldman Sachs & Co 50,866 25 158.8% 19,651 1 5 Goldman Sachs & Co 50,866 25 8 17 2 2 Citi 33,995 11 22.5% 27,753 2 8 Barclays 14,824 16 2 14 3 3 Morgan Stanley 30,290 13 12.2% 27,008 3 1 EY 495 16 -17 33 4 6 JPMorgan 29,178 13 56.0% 18,701 4 11 Houlihan Lokey 877 15 3 12 5 1 Bank of America Merrill Lynch 23,831 8 -20.0% 29,789 5 3 KPMG 450 14 -7 21 6 21 Evercore 19,269 9 329.8% 4,483 6 6 Morgan Stanley 30,290 13 -3 16 7 5 Deutsche Bank 19,030 11 -0.5% 19,117 7 15 JPMorgan 29,178 13 3 10 8 - Canson Capital Partners 17,000 1 - - 8 10 Credit Suisse 13,321 12 -1 13 9 7 Barclays 14,824 16 -13.7% 17,175 9 4 Deloitte 3,412 12 -7 19 10 8 Credit Suisse 13,321 12 -19.0% 16,441 10 7 Citi 33,995 11 -4 15

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 6 Goldman Sachs & Co 41,526 16 239.8% 12,222 1 1 Goldman Sachs & Co 41,526 16 6 10 2 3 Morgan Stanley 28,487 9 78.7% 15,943 2 2 Barclays 14,741 14 4 10 3 2 JPMorgan 27,626 9 69.6% 16,292 3 6 Morgan Stanley 28,487 9 1 8 4 1 Bank of America Merrill Lynch 22,324 6 -6.2% 23,807 4 5 JPMorgan 27,626 9 1 8 5 5 Citi 17,000 3 37.9% 12,331 5 7 Credit Suisse 10,616 9 1 8 6 - Canson Capital Partners 17,000 1 - - 6 3 Jefferies 784 9 -1 10 7 8 Barclays 14,741 14 41.7% 10,406 7 4 RBC Capital Markets 7,275 8 -1 9 8 9 Deutsche Bank 13,065 7 25.8% 10,384 8 12 Houlihan Lokey 384 8 3 5 9 4 Credit Suisse 10,616 9 -20.5% 13,351 9 10 Deutsche Bank 13,065 7 0 7 10 7 RBC Capital Markets 7,275 8 -31.0% 10,550 10 11 Bank of America Merrill Lynch 22,324 6 0 6

*Based on advisors to bidder on buyout deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 71 M&A Report H1 2018

Private Equity Advisory League tables*

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 34 Evercore 16,072 4 2391.8% 645 1 34 GCA Corporation 166 11 8 3 2 - The Valence Group 12,545 1 - - 2 1 EY 303 10 -13 23 3 1 Citi 10,947 5 2.9% 10,638 3 3 KPMG 169 10 -5 15 4 7 Goldman Sachs & Co 6,673 6 21.7% 5,481 4 19 DC Advisory 2,034 9 5 4 5 94 Societe Generale 5,954 3 - - 5 4 Deloitte 324 9 -6 15 6 8 Rothschild 5,602 7 3.1% 5,433 6 11 Clearwater International 321 9 3 6 7 2 Deutsche Bank 5,465 3 -37.4% 8,733 7 5 Rothschild 5,602 7 -4 11 8 - Santander Global Corporate Banking 5,458 2 - - 8 2 PwC 429 7 -14 21 9 - AZ Capital 4,694 1 - - 9 24 Goldman Sachs & Co 6,673 6 3 3 10 - Leopoldo Zambeletti 3,533 1 - - 10 22 BNP Paribas 1,625 6 3 3

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 3 Macquarie Group 3,483 2 32.8% 2,623 1 5 Macquarie Group 3,483 2 -1 3 2 - Emindobiz 2,250 1 - - 2 2 Goldman Sachs & Co 1,396 2 -2 4 3= 1 Bank of America Merrill Lynch 1,507 1 -74.1% 5,824 3 28 Citi 923 2 1 1 3= 4 JPMorgan 1,507 1 -27.5% 2,080 4 1 EY 143 2 -7 9 5 5 Goldman Sachs & Co 1,396 2 -28.3% 1,948 5 - Emindobiz 2,250 1 1 - 6 17 Lazard 1,350 1 411.4% 264 6 4 Bank of America Merrill Lynch 1,507 1 -2 3 7 28 Citi 923 2 - - 7 7 JPMorgan 1,507 1 0 1 8 10 Credit Suisse 768 1 -17.4% 930 8 17 Lazard 1,350 1 0 1 9 - Morgan Stanley 582 1 - - 9 12 Credit Suisse 768 1 0 1 10 - Deutsche Bank 500 1 - - 10 - Morgan Stanley 582 1 1 -

*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 72 M&A Report H1 2018

Private Equity Advisory League tables*

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Goldman Sachs & Co 53,263 29 -16.9% 64,057 1 2 William Blair & Company 9,429 36 3 33 2 2 Morgan Stanley 37,314 30 -16.3% 44,571 2 1 Rothschild 12,806 34 -5 39 3 4 JPMorgan 25,442 21 -17.4% 30,792 3 10 Morgan Stanley 37,314 30 10 20 4 16 Lazard 13,407 17 72.6% 7,769 4 3 Goldman Sachs & Co 53,263 29 -3 32 5 10 Rothschild 12,806 34 15.0% 11,131 5 15 Lincoln International 901 27 12 15 6 5 Citi 11,868 10 -32.5% 17,581 6 6 Robert W. Baird & Co 4,087 25 2 23 7 39 Jamieson Corporate Finance 10,824 21 506.0% 1,786 7 5 Houlihan Lokey 9,011 23 -4 27 8 21 Barclays 10,785 12 97.0% 5,474 8 4 JPMorgan 25,442 21 -7 28 9 9 PJT Partners 10,601 4 -23.0% 13,765 9 39 Jamieson Corporate Finance 10,824 21 15 6 10 - Hina Group 9,500 2 - - 10 12 Harris Williams & Co 825 20 4 16

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 6 Morgan Stanley 22,745 16 62.7% 13,981 1 1 William Blair & Company 8,629 28 3 25 2 1 Goldman Sachs & Co 19,820 17 -23.6% 25,949 2 2 Houlihan Lokey 9,011 20 -1 21 3 3 JPMorgan 10,621 13 -45.8% 19,583 3 8 Harris Williams & Co 825 18 3 15 4 - PJT Partners 10,601 4 - - 4 11 Raymond James & Associates 808 18 6 12 5 5 Centerview Partners 9,290 3 -35.5% 14,413 5 3 Goldman Sachs & Co 19,820 17 1 16 6 22 Houlihan Lokey 9,011 20 324.2% 2,124 6 7 Robert W. Baird & Co 2,510 17 2 15 7 7 William Blair & Company 8,629 28 -6.0% 9,175 7 14 Morgan Stanley 22,745 16 6 10 8 42 Citi 8,465 6 2630.6% 310 8 18 Lincoln International 625 15 7 8 9 8 Jefferies 5,908 12 -19.6% 7,347 9 4 JPMorgan 10,621 13 -3 16 10 14 Barclays 5,300 9 29.3% 4,100 10 5 Jefferies 5,908 12 -4 16

*Based on advisors to target/seller on exit deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 73 M&A Report H1 2018

Private Equity Advisory League tables*

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 8 JPMorgan 13,821 7 62.0% 8,531 1 1 Rothschild 12,393 30 -2 32 2 10 Rothschild 12,393 30 70.5% 7,267 2 18 Jamieson Corporate Finance 10,824 18 12 6 3 1 Goldman Sachs & Co 11,549 7 -60.1% 28,942 3 21 Clearwater International 527 17 11 6 4 18 Lazard 10,865 9 347.1% 2,430 4 19 Lincoln International 276 11 5 6 5 23 Jamieson Corporate Finance 10,824 18 506.0% 1,786 5 2 PwC 752 10 -4 14 6 26 Deutsche Bank 5,374 3 275.8% 1,430 6 7 Deloitte 555 10 1 9 7 41 Macquarie Group 5,374 2 1019.6% 480 7 16 Lazard 10,865 9 3 6 8 2 Morgan Stanley 5,357 8 -80.6% 27,581 8 41 Cambon Partners 261 9 6 3 9 22 Evercore 3,882 5 92.7% 2,015 9 8 GCA Corporation 118 9 0 9 10 32 Credit Suisse 3,744 2 281.3% 982 10 13 Morgan Stanley 5,357 8 2 6

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

Ranking H1 2018 H1 2017 Ranking H1 2018 H1 2017

H1 H1 Company name Value Deal % Value Value H1 H1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 2 Goldman Sachs & Co 16,769 4 530.9% 2,658 1 2 Goldman Sachs & Co 16,769 4 1 3 2 - Hina Group 9,500 2 - - 2 11 Morgan Stanley 8,450 4 3 1 3 6 Morgan Stanley 8,450 4 1491.3% 531 3 10 Credit Suisse 3,761 3 2 1 4 - China Renaissance Holdings 4,463 2 - - 4 - BDA Partners 174 3 3 - 5 3 Credit Suisse 3,761 3 405.5% 744 5 6 Deloitte 48 3 1 2 6 9 Bank of America Merrill Lynch 2,851 2 763.9% 330 6 1 PwC 39 3 -1 4 7 - Deutsche Bank 1,384 1 - - 7 - Hina Group 9,500 2 2 - 8 16 UBS Investment Bank 1,021 2 780.2% 116 8 - China Renaissance Holdings 4,463 2 2 - 9 7 JPMorgan 1,000 1 114.6% 466 9 14 Bank of America Merrill Lynch 2,851 2 1 1 10 - Cadence Advisory 899 1 - - 10 18 UBS Investment Bank 1,021 2 1 1

*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 74 M&A Report H1 2018

Criteria Contacts

All data is based on transactions over US$ 5m Production Commercial Deal Submissions Head of Research, Americas Americas Americas and is based on the Mergermarket’s M&A deals Lana Vilner Kurt Viehl Jason Loria database. Deals with undisclosed deal values [email protected] [email protected] [email protected] +1 646 378 3151 +1 212 390 7812 +1 646 378 3122 are included where the target’s turnover exceeds US$10m. Head of Research, Asia Asia Asia

Deals where the effective stake acquired is less than Gerry Tee Laurence Edwards John Capulong [email protected] [email protected] [email protected] 30% will only be included if the value is greater than +852 2158 9741 +852 2158 9771 +852 2158 9723 US$100m. Full deal inclusion criteria can be found here. Head of Research, EMEA EMEA EMEA

Kathleen Van Aerden Ben Rumble Andrea Putaturo Trend data: Based on the dominant geography League tables: Based on the dominant [email protected] [email protected] [email protected] of the target company and excludes lapsed geography of the target, bidder or seller, and +44 20 3741 1280 +44 20 3741 1007 +44 20 3741 1274 and withdrawn bids. Sector trends based on excludes lapsed and withdrawn bids. Private the dominant sector of the target. equity buyout league tables are based on Research Editor, Americas advisors advising the bidder only on buyout Press Relations Global cross-border M&A: Based on the deals with target dominant geography being Elizabeth Lim dominant geography of the target and bidder Americas the country/region and excludes lapsed and [email protected] company being in a different region. +1 212 686 3016 withdrawn bids. Private equity exit league Chrissy Carney Inbound: Global/US/Japan: The dominant tables based on advisors advising the target/ Research Editor, Asia [email protected] geography of the target is X and the dominant seller on exit deal with target dominant +1 646 378 3118 geography of the bidder is any other country geography being the country/region and Jasmine Wu excluding X. Europe/Asia/Africa & Middle East: excludes lapsed and withdrawn bids. Private [email protected] EMEA The dominant geography of the target is X and equity buyout and exit combined league tables +852 2158 9770 Olivia Cummins the dominant geography of the bidder is any are based on advising the bidder on buyout Research Editor, EMEA [email protected] other region excluding X. deals AND the target/seller on exit deals, +44 20 3741 1129 excluding lapsed and withdrawn bids. Equal Outbound: Global/US/Japan: The dominant Jonathan Klonowski rankings are based on having both identical [email protected] geography of the bidder is X and the dominant values and deal counts reported in one table. +44 20 3741 1293 geography of the target is any other country excluding X. Europe/Asia/Africa & Middle East: All values are in US$. The dominant geography of the bidder is X M&A Trends and Top Deals correct as of 8am and the dominant geography of the target is (GMT), 29-Jun-2018. Cut off date 28-Jun-2018 any other region excluding X. League Tables correct as of 10am (GMT), 02- Jul-2018. Cut off date 30-Jun-2018. Top deals: Based on the dominant geography of the target company. mergermarket.com Mergermarket Global & Regional 75 M&A Report H1 2018

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In M&A, information is the most valuable currency. Mergermarket reports EMEA Americas Asia on deals 6-24 months before they become public knowledge, giving our 10 Queen Street Place 330 Hudson St. 16/F, Grand Millennium Plaza subscribers a powerful competitive advantage. With the largest network London 4th Floor 181 Queen’s Road Central of dedicated M&A journalists and analysts, Mergermarket offers the most comprehensive M&A intelligence service available today. Our reporters EC4R 1BE New York, NY 10013 Hong Kong are based in 67 locations across the Americas, Europe, Asia-Pacific, the United Kingdom USA Middle East and Africa. +44 203 741 1000 +1 212 500 7537 + 852 2158 9790 [email protected] [email protected] [email protected]

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