GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS 1Q 2017 Q1 2017

GLOBAL M&A FINANCIAL ADVISORY RANKINGS

The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The CONTENTS tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity- 1. Introduction swaps, joint ventures, private placements of common equity and convertible securities, and the cash 2. Global M&A Heat Map injection component of recapitalization according to Bloomberg standards. 3. Global M&A Regional Review 4. Global M&A League Tables Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We 5. Americas M&A Regional Review provide a global perspective and local insight into unique deal structures in various markets through a 6. Americas M&A League Tables network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. 8. EMEA M&A Regional Review Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal 9. EMEA M&A League Tables trends. 12. APAC M&A Regional Review 13. APAC M&A League Tables Visit {NI LEAG CRL } to download copies of the final release and a full range of market specific league 16. Disclaimer table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/.

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

DATA SUBMISSIONS AND QUERIES

Contact Phone Email North America Meaghan Burke +1-646-324-1537 [email protected] EMEA Madeeha Ahmad +44-20-3525-3754 [email protected] Asia Pacific Ee Wen Tay +65-6231-3404 [email protected]

General M&A queries may be submitted to: [email protected], [email protected], [email protected]

©2017 Bloomberg Finance L.P. All rights reserved. Global M&A Heat Map

Western Europe Eastern Europe USD 278.4B USD 11.7B 1. 16.4% North America 1. of America Lynch 34.3% 2. Inc 28.7% 2. AG 15.9% USD 441.2B 3. VTB Capital ZAO 10.3% 1. Morgan Stanley 24.4% 3. Ltd 22.1% 2. & Co 22.9% 3. JP Morgan Chase & Co 19.2%

Asia Pacific USD 234.8B 1. Goldman Sachs & Co 14.4% 2. Morgan Stanley 13.5% Middle East & Africa 3. UBS AG 9.3% Latin America & Caribbean USD 19.6B USD 45.0B 1. Lazard Ltd 13.6% 1. Group AG 40.3% 2. Goldman Sachs & Co 12.6% 2. Morgan Stanley 10.5% 3. Morgan Stanley 11.5% 3. Barclays PLC 5.7%

Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for Q1 2017.

2 Global M&A Regional Review Global M&A: Premium Breakdown • The global merger and acquisition activity reached $729.0 billion in Q12017, representing the lowest 2% 3% 0% quarterly volume since Q12014. Johnson & Johnson’s announced acquisition of Actelion Ltd for $29.8 0‐10% 12% billion was the largest transaction for the period. 10‐25%

• transactions reached a Q12017 volume of $174.4 billion, accounting for 23.9% of the global 2017 volume for the period. Advent International Corp’s pending acquisition of STADA Arzneimittel AG for $5.3 25‐50% 37% billion was the largest announced private equity buyout for the quarter. 50‐75% • Asset sales targeting the energy sector have increased 239.8% in volume year‐on‐year to $39.1 billion. Q1 46% 75‐100% Royal Dutch Shell PLC’s announced sale of its Athabasca oil sands project to Canadian Natural Resources Ltd |

for $8.26 billion was the largest global energy asset sale in Q12017. 100%+

Global M&A: Highlights of Q1 2017 Global M&A: Industry Breakdown Total Amount % YoY Review Summary Date TargetAcquirer Seller Value Industry (Bln.) % of Total Change Number of deals 9,783 Financial $173.0 23.4% 17.2% 1/26/2017 Actelion Ltd Johnson & Johnson ‐ $29,762.2 Volume (Bln.) $729.0 Consumer Non‐cyclical $147.5 20.0% ‐5.1% Avg Deal Size (Mln.) $74.5 Energy $115.3 15.6% 142.4% 2/10/2017 Mead Johnson Nutrition Co Reckitt Benckiser Group PLC ‐ $17,809.8 M&A Consumer Cyclical $88.0 11.9% ‐26.0% Top Adviser Industrial $62.3 8.4% ‐18.6% 2/1/2017 ONEOK Partners LP ONEOK Inc ‐ $17,378.2 Morgan Stanley Communications $50.7 6.9% 16.4% Number of deals 74 Utilities $41.5 5.6% 3.7% 1/16/2017 Luxottica Group SpA Essilor International SA Delfin Sarl $16,608.8

Volume (Bln.) $141.1 Technology $36.8 5.0% ‐23.3% Global United Kingdom of Avg Deal Size (Bln.) $1.9 Basic Materials $19.8 2.7% ‐76.0% 3/31/2017 Bradford & Bingley assets Multiple Acquirers Great Britain and $14,699.3 Northern Ireland Diversified $4.0 0.5% ‐38.2%

Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown Amount % Change % Change $1,400 12,000 Deal Type (Bln.) Deal Count Volume $1,200 10,000 Company Takeover $390.8 ‐4.9% ‐14.3% $1,000 Cross Border $353.1 1.2% 0.9% 8,000 $800 Private Equity $174.4 1.1% 3.4% 6,000 $600 Asset Sale $166.3 18.1% 58.4% 4,000 $400 Tender Offer $103.4 28.0% 14.6% Venture Capital $24.4 ‐0.3% ‐30.1% $200 2,000 Spin‐off $2.7 ‐2.0% ‐89.8% $0 0 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 Minority Purchase $89.1 2.2% ‐3.2% Majority Purchase $50.5 11.8% ‐10.7% Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). 3 Global Announced Deals 01/01/2017 ‐ 03/31/2017 Cross Border Announced Deals 01/01/2017 ‐ 03/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 19.4 141,119 74 2 24.7 ‐5.3 Bank of America Merrill Lynch 1 25.0 88,205 24 14 10.5 14.4 Goldman Sachs & Co 2 18.1 132,053 75 1 32.2 ‐14.1 Goldman Sachs & Co 2 24.2 85,370 48 1 40.9 ‐16.7 Citigroup Inc 3 16.2 118,219 51 5 16.5 ‐0.2 Citigroup Inc 3 22.6 79,827 27 10 14.6 8.0 Bank of America Merrill Lynch 4 16.2 117,887 43 7 13.0 3.2 Morgan Stanley 4 22.1 78,146 41 2 37.9 ‐15.8 JPMorgan Chase & Co 5 14.3 104,376 55 3 20.2 ‐5.9 Lazard Ltd 5 18.7 65,927 34 4 24.1 ‐5.5 Rothschild & Co 6 11.6 84,519 61 13 6.4 5.2 JPMorgan Chase & Co 6 16.3 57,607 25 3 27.6 ‐11.3 Lazard Ltd 7 11.4 82,923 55 4 17.2 ‐5.8 Rothschild & Co 7 15.1 53,423 39 16 9.9 5.2 Credit Suisse Group AG 8 10.2 74,059 37 8 12.6 ‐2.5 Credit Suisse Group AG 8 11.8 41,731 16 5 21.4 ‐9.5 Barclays PLC 9 9.0 65,492 44 6 15.0 ‐6.0 Robey Warshaw LLP 9 8.8 31,082 3 ‐‐8.8 BNP Paribas SA 10 5.6 40,666 16 37 1.1 4.5 ALANTRA 10 8.5 29,890 8 49 0.4 8.0 Partners Inc 11 5.5 39,832 33 14 6.4 ‐0.9 BNP Paribas SA 11 8.3 29,179 9 36 1.3 6.9 UBS AG 12 5.3 38,406 31 10 10.2 ‐4.9 Deutsche Bank AG 12 8.1 28,693 12 11 13.9 ‐5.8 RBC Capital Markets 13 5.0 36,145 31 18 4.3 0.6 UBS AG 13 7.5 26,430 19 6 18.7 ‐11.3 Deutsche Bank AG 14 4.5 32,895 22 9 11.5 ‐7.0 RBC Capital Markets 14 6.3 22,335 10 29 2.2 4.1 Robey Warshaw LLP 15 4.3 31,082 3 94 0.2 4.1 HSBC Bank PLC 15 6.2 21,774 8 9 15.9 ‐9.7 ALANTRA 16 4.1 29,890 11 84 0.2 3.9 Barclays PLC 16 4.7 16,686 15 8 16.3 ‐11.6 HSBC Bank PLC 17 3.5 25,780 11 12 9.7 ‐6.2 SpA 17 4.7 16,609 1 ‐‐4.7 LLC 18 2.7 19,914 13 17 5.8 ‐3.1 Kotak Mahindra Bank Ltd 18 4.0 13,978 6 136 0.0 3.9 Mediobanca SpA 19 2.3 16,609 1 48 0.8 1.5 Evercore Partners Inc 19 3.8 13,375 13 15 10.3 ‐6.5 Raymond James & Associates Inc 20 2.2 15,717 24 113 0.1 2.1 Axis Bank Ltd 20 3.8 13,272 2 96 0.1 3.7 TOTAL 729,091 9,786 747,037 TOTAL 353,279 3,599 350,074

Global Private Equity Announced Deals 01/01/2017 ‐ 03/31/2017 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 24.0 41,767 29 11 8.3 15.6 Credit Suisse Group AG 2 16.7 29,098 9 5 15.2 1.5 Goldman Sachs & Co 3 12.9 22,452 24 1 26.1 ‐13.2 Citigroup Inc 4 12.4 21,604 17 6 13.1 ‐0.7 JPMorgan Chase & Co 5 12.2 21,222 22 3 18.0 ‐5.8 Barclays PLC 6 11.9 20,768 17 4 16.4 ‐4.5 Bank of America Merrill Lynch 7 8.8 15,365 12 2 18.9 ‐10.1 Centerview Partners LLC 8 7.2 12,619 8 54 0.3 7.0 Rothschild & Co 9 7.2 12,520 27 16 6.1 1.1 RBC Capital Markets 10 6.4 11,209 14 8 11.9 ‐5.5 UBS AG 11 5.9 10,327 10 9 11.3 ‐5.4 Lazard Ltd 12 4.1 7,171 20 10 10.5 ‐6.4 Moelis & Co 13 4.1 7,100 8 27 1.2 2.9 Deutsche Bank AG 14 3.7 6,495 8 7 13.1 ‐9.3 Evercore Partners Inc 15 3.4 5,940 10 42 0.6 2.9 AlixPartners LLP 16 2.7 4,763 2 ‐‐2.7 HSBC Bank PLC 17 2.7 4,716 3 21 1.8 0.9 Societe Generale SA 18 1.9 3,372 1 59 0.2 1.7 Highbury Partnership Pty Ltd 19 1.8 3,080 1 ‐‐1.8 BMO Capital Markets 20 1.7 2,914 3 46 0.5 1.2 TOTAL 174,396 2,801 168,702

4 Americas M&A Regional Review Americas M&A: Country Breakdown Amount % YoY • Total deal volume in the Americas declined 7.2% in Q12017 to $340.4 billion compared to the same Country (Bln.) % of Total Change period last year. The Americas maintained its position as the most sought-after region, contributing United States $279.0 81.9% -14.3% 46.7% to the global deal activity for the period. Canada $43.3 12.7% 104.4% • The energy sector was the most targeted for transactions, accounting for 23.8% of the region's total Brazil $11.2 3.3% 200.9% volume. The announced acquisition of ONEOK Partners LP by ONEOK Inc for $17.4 billion was the British Virgin Islands $3.9 1.2% 300.3% sector’s largest deal globally for the quarter. • Deals with announced values over $1.0 billion accounted for 68.3% of the Americas’ total volume with Mexico $1.3 0.4% 62.7% $232.5 billion in transactions. Reckitt Benckiser Group PLC’s pending acquisition of Mead Johnson Chile $0.3 0.1% -95.9% Nutrition Co for $17.8 billion was the region’s largest deal for Q12017. Colombia $0.0 0.0% -99.4% Bermuda $0.0 0.0% 32.5%

Americas M&A: Highlights of Q1 2017 Americas M&A: Industry Breakdown Total Value Amount % YoY Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 4,220 Energy $81.7 23.8% 149.1% 2/10/2017 Mead Johnson Nutrition Co Reckitt Benckiser Group PLC - $17,809.8 Volume (Bln.) $340.4 Consumer Non-cyclical $78.6 22.9% -17.3% Avg Deal Size (Mln.) $80.7 Financial $62.6 18.2% 30.7% 2/1/2017 ONEOK Partners LP ONEOK Inc - $17,378.2 Consumer Cyclical $30.8 9.0% -57.0% Top Adviser Utilities $30.1 8.8% -12.0% 3/13/2017 Mobileye NV Intel Corp - $14,132.0 Morgan Stanley Technology $21.7 6.3% -25.1% Number of deals 40 Canadian conventional Industrial $16.3 4.7% -21.3% 3/29/2017 Cenovus Energy Inc ConocoPhillips $13,199.7 natural gas assets Volume (Bln.) $96.6 Communications $15.8 4.6% -24.2% ReviewGlobal M&A | Q1 2017 Avg Deal Size (Bln.) $2.4 Basic Materials $5.8 1.7% -63.7% 1/9/2017 Williams Partners LP Williams Cos Inc/The - $11,400.0 Diversified $0.1 0.0% -88.3%

Americas M&A: Quarterly Volume Americas M&A: Deal Type Breakdown Amount % Change % Change $1,000 6000 Deal Type (Bln.) Deal Count Volume Company Takeover $204.2 -4.9% -18.8% $800 5000 Cross Border $135.9 8.7% -11.6% 4000 $600 Private Equity $89.4 -3.2% -0.4% 3000 Asset Sale $88.0 31.7% 65.4% $400 2000 Tender Offer $35.5 35.7% 445.9% $200 1000 Venture Capital $13.3 -8.0% -19.3% Spin-off $2.0 4.3% -90.8% $0 0 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 Minority Purchase $22.0 -4.8% -15.6% Majority Purchase $10.5 24.3% 34.5% Volume $(Bln.) Deal Count

Quarterly Volume represents any involvement (target, seller, or acquirer). 5 US Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 US Announced Deals (Target or Seller) 01/01/2017 ‐ 03/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 25.9 107,452 48 6 21.6 4.3 Morgan Stanley 1 29.6 96,975 41 5 24.4 5.2 Goldman Sachs & Co 2 24.3 101,020 54 1 45.4 ‐21.1 Goldman Sachs & Co 2 29.6 96,921 44 1 47.6 ‐18.0 Bank of America Merrill Lynch 3 19.7 81,861 28 8 19.9 ‐0.2 JPMorgan Chase & Co 3 22.9 74,986 38 8 21.5 1.4 Citigroup Inc 4 18.6 77,311 34 2 28.0 ‐9.4 Barclays PLC 4 15.2 49,828 31 4 30.9 ‐15.7 JPMorgan Chase & Co 5 18.4 76,260 40 5 21.8 ‐3.5 Bank of America Merrill Lynch 5 13.4 43,786 24 7 22.6 ‐9.2 Credit Suisse Group AG 6 15.0 62,114 18 13 6.2 8.8 Citigroup Inc 6 12.9 42,394 27 2 31.6 ‐18.7 Lazard Ltd 7 13.3 55,296 32 3 28.0 ‐14.7 Evercore Partners Inc 7 10.4 34,186 26 9 13.8 ‐3.3 Barclays PLC 8 13.0 53,865 34 4 27.4 ‐14.4 RBC Capital Markets 8 8.9 29,243 18 12 7.3 1.7 Evercore Partners Inc 9 9.4 38,897 30 9 12.2 ‐2.8 Lazard Ltd 9 7.7 25,080 30 3 31.2 ‐23.5 RBC Capital Markets 10 7.9 32,674 21 12 7.0 0.9 Rothschild & Co 10 7.4 24,186 17 24 1.9 5.5 ALANTRA 11 7.2 29,762 6 129 ‐ 7.2 Deutsche Bank AG 11 6.7 21,984 11 6 23.1 ‐16.4 Deutsche Bank AG 12 6.6 27,346 15 7 20.4 ‐13.8 HSBC Bank PLC 12 6.5 21,182 2 16 4.1 2.4 HSBC Bank PLC 13 5.9 24,696 6 19 3.6 2.4 Centerview Partners LLC 13 6.1 19,914 13 10 9.7 ‐3.6 Rothschild & Co 14 5.9 24,530 25 16 4.3 1.6 Robey Warshaw LLP 14 5.4 17,810 1 ‐‐5.4 Centerview Partners LLC 15 4.8 19,914 13 10 11.1 ‐6.3 Raymond James & Associates Inc 15 4.6 15,017 16 51 0.2 4.4 Robey Warshaw LLP 16 4.3 17,810 1 ‐‐4.3 Credit Suisse Group AG 16 3.7 12,051 14 14 4.3 ‐0.6 Raymond James & Associates Inc 17 3.7 15,242 19 58 0.2 3.5 UBS AG 17 3.5 11,406 8 23 2.0 1.5 UBS AG 18 3.6 14,870 13 15 4.3 ‐0.7 Moelis & Co 18 3.2 10,418 16 29 1.4 1.8 Moelis & Co 19 2.5 10,418 17 34 1.2 1.3 BDT & Co LLC 19 2.7 8,793 2 ‐‐2.7 TD Securities Inc 20 2.4 9,834 4 62 0.1 2.2 TD Securities Inc 20 2.7 8,789 2 76 0.0 2.6 TOTAL 415,539 4,376 391,308 TOTAL 327,837 3,598 345,346

Canada Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 Canada Announced Deals (Target or Seller) 01/01/2017 ‐ 03/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE JPMorgan Chase & Co 1 46.4 39,634 11 3 25.3 21.1 JPMorgan Chase & Co 1 52.6 28,581 6 18 1.6 51.0 Goldman Sachs & Co 2 33.9 28,942 7 1 47.3 ‐13.4 RBC Capital Markets 2 34.8 18,931 9 2 27.0 7.8 RBC Capital Markets 3 28.7 24,526 13 17 7.6 21.1 Goldman Sachs & Co 3 32.8 17,819 3 7 12.0 20.7 Lazard Ltd 4 17.0 14,552 3 2 26.3 ‐9.3 Bank of Nova Scotia/The 4 21.5 11,675 5 3 16.5 5.0 TD Securities Inc 5 14.2 12,102 11 19 5.0 9.2 Lazard Ltd 5 15.2 8,262 2 ‐‐15.2 Morgan Stanley 6 13.9 11,865 4 5 22.8 ‐8.9 TD Securities Inc 6 10.7 5,813 10 4 14.0 ‐3.3 Bank of Nova Scotia/The 7 13.7 11,675 5 6 17.3 ‐3.6 Barclays PLC 7 10.3 5,596 3 6 13.2 ‐3.0 Barclays PLC 8 12.2 10,384 6 7 16.1 ‐4.0 Citigroup Inc 8 8.6 4,685 2 10 4.2 4.4 Citigroup Inc 9 11.5 9,804 5 20 4.7 6.7 Morgan Stanley 8 8.6 4,685 2 ‐‐8.6 Bank of America Merrill Lynch 10 8.8 7,511 2 9 13.9 ‐5.1 Bank of America Merrill Lynch 10 7.9 4,300 1 43 ‐ 7.9 Rothschild & Co 11 6.9 5,915 5 28 1.1 5.8 Credit Suisse Group AG 11 6.3 3,432 3 43 ‐ 6.3 BMO Capital Markets 12 6.1 5,203 7 14 11.7 ‐5.6 Evercore Partners Inc 11 6.3 3,432 2 25 0.3 6.0 Credit Suisse Group AG 13 5.9 5,009 4 8 15.3 ‐9.4 CIBC 13 4.6 2,506 4 1 27.1 ‐22.5 Centerview Partners LLC 14 5.7 4,903 3 ‐‐5.7 Ltd 14 3.7 2,018 3 19 1.2 2.5 AlixPartners LLP 15 5.6 4,763 2 ‐‐5.6 & Co 15 2.7 1,478 2 43 ‐ 2.7 UBS AG 16 4.6 3,951 4 13 12.1 ‐7.4 BMO Capital Markets 16 2.6 1,433 4 8 9.1 ‐6.5 Evercore Partners Inc 17 4.2 3,602 3 39 0.1 4.1 Peters & Co Ltd 17 1.7 915 2 28 0.2 1.5 Societe Generale SA 18 4.0 3,372 1 ‐‐4.0 Raymond James & Associates Inc 18 1.3 700 6 36 0.0 1.3 HSBC Bank PLC 18 4.0 3,372 2 ‐‐4.0 Desjardins Capital Markets 19 1.2 673 2 ‐‐1.2 PJT Partners Inc 20 3.8 3,211 1 ‐‐3.8 Deloitte LLP/United Kingdom 20 1.1 594 1 ‐‐1.1 TOTAL 85,393 850 88,696 TOTAL 54,377 609 24,449

6 Latin America Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 Brazil Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 27.4 4,717 7 5 19.7 7.7 Morgan Stanley 1 21.2 2,617 6 17 ‐ 21.2 Credit Suisse Group AG 2 19.7 3,398 3 7 11.1 8.6 Banco Bradesco BBI SA 2 19.7 2,427 8 8 8.8 10.9 Barclays PLC 3 14.9 2,560 4 ‐‐14.9 Credit Suisse Group AG 3 10.5 1,298 1 ‐‐10.5 Banco Bradesco BBI SA 4 14.1 2,427 8 14 1.8 12.3 UBS AG 4 5.9 728 1 9 7.9 ‐2.0 Banco Bilbao Vizcaya Argentaria SA 5 13.3 2,294 3 6 11.1 2.2 Barclays PLC 5 3.7 460 2 ‐‐3.7 UBS AG 6 7.8 1,338 3 12 2.9 4.9 PricewaterhouseCoopers LLP 6 3.4 415 4 ‐‐3.4 PricewaterhouseCoopers LLP 7 2.4 415 5 ‐‐2.4 Banco Itau BBA SA 7 3.0 368 9 5 14.7 ‐11.7 Banco Itau BBA SA 8 2.1 368 9 3 25.4 ‐23.2 HSBC Bank PLC 8 2.0 250 1 ‐‐2.0 Bank of Nova Scotia/The 9 2.0 350 1 ‐‐2.0 Goldman Sachs & Co 9 1.8 225 2 17 ‐ 1.8 HSBC Bank PLC 10 1.5 250 1 19 0.2 1.2 Co Ltd 10 1.2 147 1 ‐‐1.2 SA 11 1.4 238 2 2 27.1 ‐25.7 Bank of America Merrill Lynch 11 1.0 118 2 6 10.4 ‐9.4 Goldman Sachs & Co 12 1.3 225 3 26 ‐ 1.3 Cooperatieve UA 12 0.8 101 3 ‐‐0.8 BNP Paribas SA 13 1.1 194 1 18 0.5 0.7 Banco Safra SA 13 0.5 59 2 ‐‐0.5 Haitong Securities Co Ltd 14 0.9 147 1 27 ‐ 0.9 Banco do Brasil SA 14 0.5 56 1 ‐‐0.5 Bank of America Merrill Lynch 15 0.7 118 2 13 2.2 ‐1.5 Banco Votorantim SA 14 0.5 56 1 ‐‐0.5 Cooperatieve Rabobank UA 16 0.6 101 3 ‐‐0.6 Artica Participacoes e Assessoria Financeira Ltda 16 ‐‐217 ‐‐ Lazard Ltd 17 0.4 65 3 10 4.5 ‐4.1 KPMG LLC 16 ‐‐1 ‐‐ ‐ Banco Safra SA 18 0.3 59 2 ‐‐0.3 Arab Banking Corp BSC 16 ‐‐117 ‐‐ Banco do Brasil SA 19 0.3 56 1 ‐‐0.3 A3 Capital Assessoria em Fusoes e Aquisicoes 16 ‐‐1 ‐‐ ‐ Banco Votorantim SA 19 0.3 56 1 ‐‐0.3 Banco Indusval SA 16 ‐‐1 ‐‐ ‐ TOTAL 17,228 235 27,418 TOTAL 12,320 107 5,726

Latin America Announced Deals (Target or Seller) 01/01/2017 ‐ 03/31/2017 Brazil Announced Deals (Target or Seller) 01/01/2017 ‐ 03/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Banco Bradesco BBI SA 1 17.3 2,427 8 13 2.5 14.7 Banco Bradesco BBI SA 1 21.5 2,427 8 7 10.0 11.5 Morgan Stanley 2 15.3 2,147 4 4 27.4 ‐12.1 Morgan Stanley 2 19.0 2,147 4 16 ‐ 19.0 UBS AG 3 9.5 1,338 3 11 4.0 5.5 Credit Suisse Group AG 3 11.5 1,298 1 ‐‐11.5 Credit Suisse Group AG 4 9.2 1,298 2 6 15.4 ‐6.2 UBS AG 4 6.4 728 1 8 9.0 ‐2.6 Banco Itau BBA SA 5 2.6 368 9 2 35.2 ‐32.6 Banco Itau BBA SA 5 3.3 368 9 5 16.8 ‐13.5 Bank of Nova Scotia/The 6 2.5 350 1 ‐‐2.5 HSBC Bank PLC 6 2.2 250 1 ‐‐2.2 HSBC Bank PLC 7 1.8 250 1 18 0.3 1.5 Goldman Sachs & Co 7 2.0 225 2 16 ‐ 2.0 Banco Santander SA 8 1.7 238 2 12 2.6 ‐0.9 PricewaterhouseCoopers LLP 8 1.6 185 3 ‐‐1.6 Goldman Sachs & Co 9 1.6 225 3 24 ‐ 1.6 Haitong Securities Co Ltd 9 1.3 147 1 ‐‐1.3 Banco Bilbao Vizcaya Argentaria SA 10 1.4 194 2 5 15.4 ‐14.0 Bank of America Merrill Lynch 10 1.0 118 2 16 ‐ 1.0 BNP Paribas SA 10 1.4 194 1 17 0.6 0.7 Cooperatieve Rabobank UA 11 0.9 101 3 ‐‐0.9 PricewaterhouseCoopers LLP 12 1.3 185 4 ‐‐1.3 Banco do Brasil SA 12 0.5 56 1 ‐‐0.5 Haitong Securities Co Ltd 13 1.0 147 1 ‐‐1.0 Banco Votorantim SA 12 0.5 56 1 ‐‐0.5 Bank of America Merrill Lynch 14 0.8 118 2 24 ‐ 0.8 Banco Safra SA 14 0.3 29 1 ‐‐0.3 Cooperatieve Rabobank UA 15 0.7 101 3 ‐‐0.7 Artica Participacoes e Assessoria Financeira Ltda 15 ‐‐216 ‐‐ Lazard Ltd 16 0.5 65 3 9 6.2 ‐5.8 Arab Banking Corp BSC 15 ‐‐116 ‐‐ Banco do Brasil SA 17 0.4 56 1 ‐‐0.4 A3 Capital Assessoria em Fusoes e Aquisicoes 15 ‐‐1 ‐‐ ‐ Banco Votorantim SA 17 0.4 56 1 ‐‐0.4 Banco Indusval SA 15 ‐‐1 ‐‐ ‐ Banco Safra SA 19 0.2 29 1 ‐‐0.2 Pacific Growth Equities LLC 15 ‐‐1 ‐‐ ‐ Guggenheim Capital LLC 20 ‐‐1 ‐‐ ‐ TOTAL 14,065 208 19,762 TOTAL 11,298 94 5,000

7 EMEA M&A Regional Review EMEA M&A: Country Breakdown Amount % YoY • M&A deals involving EMEA-based targets reached $214.0 billion in Q12017, representing a 20.3% Country (Bln.) % of Total Change increase from the same period last year. The region experienced its strongest first quarter of deal United Kingdom $60.6 28.3% 136.2% volume since Q12007. Switzerland $31.6 14.8% -36.3% • Deal activity targeting the consumer cyclical sector increased 199.5% year-on-year to $37.6 billion. The Italy $31.2 14.6% 178.0% sector’s growth is mainly attributed to Esslior International SA’s announced two-step acquisition of Luxottica Group SpA for $26.1 billion. This is the largest deal targeting the sector globally. France $20.5 9.6% -7.4% • Johnson & Johnson’s announced acquisition of Switzerland-based Actelion Ltd for $29.8 billion was the Germany $16.2 7.6% 57.3% largest transaction in Q12017 and accounted for 13.9% of EMEA’s volume for the period. Spain $10.7 5.0% 0.4% • Cross border transactions accounted for $148.8 billion in transactions, representing 69.5% of the overall Netherlands $5.8 2.7% -11.7% volume for the region. The United Kingdom, Switzerland and Italy were the most targeted for cross Finland $1.3 0.6% -52.3% border transactions in the region. EMEA M&A Highlights of Q1 2017 EMEA M&A: Industry Breakdown Total Value Amount % YoY Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 2,655 Consumer Non-cyclical $52.9 24.7% 58.4% 1/26/2017 Actelion Ltd Johnson & Johnson - $29,762.2 Volume (Bln.) $214.2 Financial $52.5 24.5% 22.5% Avg Deal Size (Mln.) $80.7 Consumer Cyclical $37.7 17.6% 176.7% 1/16/2017 Luxottica Group SpA Essilor International SA Delfin Sarl $16,608.8 Energy $26.4 12.3% 347.5% United Kingdom of Top Adviser Industrial $23.8 11.1% 50.6% 3/31/2017 Bradford & Bingley assets Multiple Acquirers Great Britain and $14,699.3 Citigroup Inc Northern Ireland Communications $7.7 3.6% 9.4% Number of deals 23 Utilities $6.2 2.9% 98.5% 1/19/2017 Zodiac Aerospace Safran SA - $10,234.0

Volume (Bln.) $76.5 Basic Materials $4.2 2.0% -91.9% ReviewGlobal M&A | Q1 2017 Avg Deal Size (Bln.) $3.3 Technology $1.9 0.9% -52.5% 1/16/2017 Luxottica Group SpA Essilor International SA - $9,507.6 Diversified $1.0 0.5% -75.1%

EMEA M&A: Quarterly Volume EMEA M&A: Deal Type Breakdown Amount % Change % Change $500 4,000 Deal Type (Bln.) Deal Count Volume $400 Company Takeover $110.6 -8.1% -3.3% 3,000 Cross Border $149.0 -0.5% 19.3% $300 Private Equity $53.5 8.5% 41.4% 2,000 $200 Asset Sale $56.9 7.7% 115.4% Tender Offer $55.4 5.3% -22.6% 1,000 $100 Venture Capital $3.5 21.2% -7.4% Spin-off $0.1 -25.0% -95.1% $0 0 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 Minority Purchase $22.5 13.6% 6.3% Majority Purchase $17.7 -11.1% 119.9% Volume $(Bln.) Deal Count

Quarterly Volume represents any involvement (target, seller, or acquirer). 8 Europe Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 Europe Announced Deals (Target or Seller) 01/01/2017 ‐ 03/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Bank of America Merrill Lynch 1 33.8 95,627 25 16 10.7 23.1 Bank of America Merrill Lynch 1 30.9 77,124 21 12 11.9 19.0 Citigroup Inc 2 28.2 79,995 23 9 19.2 9.1 Citigroup Inc 2 30.7 76,705 24 18 5.1 25.6 Lazard Ltd 3 21.9 61,933 30 4 26.1 ‐4.2 Lazard Ltd 3 23.9 59,623 23 11 14.5 9.4 Morgan Stanley 4 21.6 61,200 32 1 44.6 ‐23.0 Rothschild & Co 4 22.8 57,001 42 7 23.9 ‐1.1 Goldman Sachs & Co 5 21.1 59,646 33 2 40.0 ‐18.9 Credit Suisse Group AG 5 22.2 55,389 11 2 32.7 ‐10.5 Rothschild & Co 6 20.4 57,855 46 14 18.3 2.1 BNP Paribas SA 6 16.0 39,921 13 20 3.9 12.1 Credit Suisse Group AG 7 19.6 55,532 14 3 26.2 ‐6.6 Morgan Stanley 7 14.9 37,314 25 1 37.6 ‐22.7 BNP Paribas SA 8 14.1 39,921 13 21 3.1 11.0 Goldman Sachs & Co 8 14.1 35,259 27 4 30.6 ‐16.5 JPMorgan Chase & Co 9 11.0 31,134 18 5 25.9 ‐14.9 ALANTRA 9 12.0 29,890 7 35 0.8 11.1 Robey Warshaw LLP 10 11.0 31,082 3 44 0.5 10.5 JPMorgan Chase & Co 10 11.7 29,209 15 3 32.1 ‐20.4 ALANTRA 11 10.6 29,890 7 38 0.7 9.9 UBS AG 11 7.8 19,397 12 6 27.1 ‐19.4 Deutsche Bank AG 12 10.0 28,229 12 8 19.4 ‐9.5 Mediobanca SpA 12 6.7 16,609 1 22 3.0 3.7 HSBC Bank PLC 13 8.3 23,410 8 6 23.2 ‐14.9 Kotak Mahindra Bank Ltd 13 5.5 13,811 3 ‐‐5.5 UBS AG 14 7.2 20,478 14 7 22.1 ‐14.9 Axis Bank Ltd 14 5.3 13,272 2 ‐‐5.3 Mediobanca SpA 15 5.9 16,609 1 25 2.4 3.5 Robey Warshaw LLP 14 5.3 13,272 2 39 0.6 4.7 Kotak Mahindra Bank Ltd 16 4.9 13,811 4 ‐‐4.9 Barclays PLC 16 5.3 13,108 13 19 5.0 0.3 Axis Bank Ltd 17 4.7 13,272 2 121 ‐ 4.7 Deutsche Bank AG 17 4.0 9,972 10 14 6.3 ‐2.3 Barclays PLC 18 4.6 13,108 13 13 18.8 ‐14.1 Bank of Nova Scotia/The 18 3.3 8,262 1 ‐‐3.3 Bank of Nova Scotia/The 19 3.8 10,762 2 40 0.5 3.3 Greenhill & Co Inc 19 1.9 4,682 1 45 0.5 1.4 BMO Capital Markets 20 1.8 5,146 3 60 0.2 1.6 HSBC Bank PLC 20 1.8 4,398 7 5 28.9 ‐27.2 TOTAL 283,252 3,134 243,844 TOTAL 249,737 2,801 195,568

UK Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 Germany Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 39.0 46,015 15 8 10.9 28.1 Deutsche Bank AG 1 30.0 7,690 6 14 4.7 25.4 Goldman Sachs & Co 2 36.1 42,579 13 5 17.3 18.8 Morgan Stanley 2 20.5 5,251 2 5 9.3 11.2 Bank of America Merrill Lynch 3 34.6 40,884 10 3 18.2 16.4 Bank of America Merrill Lynch 2 20.5 5,251 2 8 6.3 14.2 Robey Warshaw LLP 4 26.3 31,082 3 23 2.3 24.0 Goldman Sachs & Co 4 10.5 2,695 4 6 8.7 1.9 Credit Suisse Group AG 5 19.7 23,289 4 16 3.9 15.9 UBS AG 5 9.6 2,451 5 2 14.0 ‐4.4 Deutsche Bank AG 6 17.2 20,260 2 7 14.6 2.6 Citigroup Inc 6 7.8 1,990 2 16 3.1 4.6 JPMorgan Chase & Co 7 16.7 19,672 8 4 17.4 ‐0.7 Jefferies LLC 7 4.7 1,205 2 ‐‐4.7 HSBC Bank PLC 8 15.6 18,444 3 9 9.8 5.9 Macquarie Group Ltd 8 3.3 855 1 ‐‐3.3 Rothschild & Co 9 15.3 18,022 17 1 19.9 ‐4.6 Lazard Ltd 9 2.9 743 2 1 18.5 ‐15.6 UBS AG 10 12.2 14,381 4 10 8.2 4.0 Joh Berenberg Gossler & Co KG 10 2.7 699 1 ‐‐2.7 Axis Bank Ltd 11 11.2 13,272 2 ‐‐11.2 Barclays PLC 11 2.5 642 2 9 6.3 ‐3.8 Kotak Mahindra Bank Ltd 11 11.2 13,272 2 ‐‐11.2 GCA Corp 12 1.3 344 2 ‐‐1.3 Citigroup Inc 13 9.9 11,666 6 13 6.4 3.4 Rothschild & Co 12 1.3 344 5 17 2.5 ‐1.2 Barclays PLC 14 7.9 9,335 4 6 14.7 ‐6.8 Ernst & Young 12 1.3 344 3 11 5.5 ‐4.1 Lazard Ltd 15 4.5 5,274 4 2 18.8 ‐14.3 Deloitte Touche Tohmatsu ILA Group Ltd 12 1.3 344 1 19 1.3 ‐ Greenhill & Co Inc 16 4.0 4,682 1 37 0.7 3.3 Catalyst Capital Group Inc/The 12 1.3 344 1 ‐‐1.3 BMO Capital Markets 17 3.2 3,800 1 33 1.0 2.3 Goetzpartners Corporate Finance GmbH 17 0.8 205 2 ‐‐0.8 Abu Dhabi Investment Co 18 2.4 2,815 1 ‐‐2.4 Yuanta Securities Co Ltd 18 0.2 53 1 ‐‐0.2 Swiss Life AG 18 2.4 2,815 1 ‐‐2.4 Mizuho Financial Group Inc 19 0.0 7 1 ‐‐0.0 Deloitte Touche Tohmatsu ILA Group Ltd 20 2.1 2,450 3 48 0.3 1.8 Cooperatieve Rabobank UA 20 ‐‐1 ‐‐ ‐ TOTAL 118,053 1,214 48,140 TOTAL 25,606 539 17,341

9 France Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 Italy Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE BNP Paribas SA 1 68.2 39,921 11 6 19.5 48.6 Citigroup Inc 1 77.1 27,068 3 3 38.3 38.8 Rothschild & Co 2 64.6 37,841 15 1 61.7 2.9 Rothschild & Co 2 74.4 26,116 6 6 20.5 53.9 Citigroup Inc 3 57.1 33,455 9 ‐‐57.1 BNP Paribas SA 2 74.4 26,116 2 16 3.5 70.9 Mediobanca SpA 4 28.4 16,609 1 ‐‐28.4 Mediobanca SpA 4 47.3 16,609 1 3 38.3 9.0 Lazard Ltd 5 20.7 12,141 5 7 17.8 2.9 Bank of America Merrill Lynch 5 12.6 4,430 5 2 40.7 ‐28.1 Bank of America Merrill Lynch 6 20.0 11,709 3 5 24.9 ‐4.9 Morgan Stanley 6 2.7 952 2 19 1.6 1.1 Morgan Stanley 7 11.4 6,664 5 2 53.0 ‐41.6 Barclays PLC 6 2.7 952 1 10 6.2 ‐3.5 Goldman Sachs & Co 8 6.1 3,597 3 11 12.7 ‐6.6 Lazard Ltd 8 2.5 879 5 1 53.8 ‐51.3 Societe Generale SA 9 5.8 3,402 2 10 13.5 ‐7.7 Goldman Sachs & Co 9 1.3 438 2 ‐‐1.3 HSBC Bank PLC 10 5.8 3,372 1 12 11.3 ‐5.5 Robert W & Co Inc 10 1.0 350 1 ‐‐1.0 Credit Agricole Corporate & Investment Bank SA 11 1.0 608 6 3 45.6 ‐44.6 EnVent Srl 11 0.4 151 1 ‐‐0.4 Credit Suisse Group AG 12 1.0 575 2 4 45.4 ‐44.4 ALANTRA 12 0.4 128 2 25 0.3 0.1 MTS Health Partners LP 12 1.0 575 1 ‐‐1.0 PricewaterhouseCoopers LLP 13 0.3 118 5 ‐‐0.3 Kotak Mahindra Bank Ltd 14 0.9 539 2 ‐‐0.9 SunTrust Robinson Humphrey Capital Markets 14 0.3 102 1 ‐‐0.3 Evercore Partners Inc 14 0.9 539 1 ‐‐0.9 Banco Santander SA 15 0.1 44 2 ‐‐0.1 Nomura Holdings Inc 16 0.9 527 1 ‐‐0.9 Deutsche Bank AG 16 0.1 32 2 31 ‐ 0.1 PNC Group Inc/The 17 0.7 432 1 ‐‐0.7 Nomura Holdings Inc 17 ‐ 2 1 20 0.9 ‐0.9 Barclays PLC 18 0.7 405 3 17 3.3 ‐2.6 Societe Generale SA 18 ‐ 2 18 2.4 ‐2.4 Perella Weinberg Partners LP 19 0.5 289 1 ‐‐0.5 Credit Suisse Group AG 18 ‐ 1 ‐‐ ‐ Robert W Baird & Co Inc 20 0.4 254 1 ‐‐0.4 RBC Capital Markets 18 ‐‐1 ‐‐ ‐ TOTAL 58,582 455 34,838 TOTAL 35,104 186 15,255

Benelux Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 Iberia Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Citigroup Inc 1 48.2 25,226 5 11 4.6 43.6 Morgan Stanley 1 20.5 3,832 3 ‐‐20.5 Rothschild & Co 2 41.7 21,802 7 2 26.8 14.9 Citigroup Inc 2 19.3 3,609 6 2 9.9 9.4 BNP Paribas SA 3 31.7 16,609 1 22 1.0 30.7 JPMorgan Chase & Co 3 17.1 3,195 2 11 1.0 16.0 Mediobanca SpA 3 31.7 16,609 1 ‐‐31.7 Abu Dhabi Investment Co 4 15.0 2,815 1 ‐‐15.0 Lazard Ltd 5 30.5 15,966 13 1 28.2 2.3 Swiss Life AG 4 15.0 2,815 1 ‐‐15.0 JPMorgan Chase & Co 6 22.8 11,917 3 9 4.8 18.0 UBS AG 6 14.0 2,626 3 7 2.5 11.5 Bank of Nova Scotia/The 7 20.6 10,762 2 ‐‐20.6 Goldman Sachs & Co 7 13.2 2,473 3 21 ‐ 13.2 Goldman Sachs & Co 8 16.7 8,763 10 4 12.6 4.2 TAP Advisors LLC 8 7.2 1,344 1 ‐‐7.2 Morgan Stanley 9 14.7 7,684 6 5 10.1 4.6 HSBC Bank PLC 8 7.2 1,344 1 ‐‐7.2 Bank of America Merrill Lynch 10 14.7 7,683 4 ‐‐14.7 Lazard Ltd 10 6.3 1,188 3 3 9.0 ‐2.7 BMO Capital Markets 11 7.3 3,800 1 ‐‐7.3 Financial Corp 11 5.5 1,022 1 ‐‐5.5 TD Securities Inc 12 4.8 2,500 1 ‐‐4.8 Barclays PLC 12 5.1 952 1 ‐‐5.1 Barclays PLC 13 3.8 1,998 3 ‐‐3.8 Bank of America Merrill Lynch 12 5.1 952 2 ‐‐5.1 Credit Suisse Group AG 14 3.3 1,738 2 39 ‐ 3.3 BNP Paribas SA 14 3.5 663 2 12 0.9 2.6 PJT Partners Inc 15 3.3 1,700 2 ‐‐3.3 Kotak Mahindra Bank Ltd 15 2.9 539 1 ‐‐2.9 Guggenheim Capital LLC 15 3.3 1,700 2 ‐‐3.3 Evercore Partners Inc 15 2.9 539 1 ‐‐2.9 KPMG Corporate Finance LLC 17 2.4 1,261 5 39 ‐ 2.4 Nomura Holdings Inc 17 2.8 527 1 ‐‐2.8 NSM VIE ABN Amro 18 2.0 1,055 3 39 ‐ 2.0 PricewaterhouseCoopers LLP 18 2.0 370 2 4 7.4 ‐5.4 Cooperatieve Rabobank UA 19 0.6 322 7 38 0.0 0.6 Banco BPI SA 19 1.4 256 1 22 ‐ 1.4 PricewaterhouseCoopers LLP 20 0.6 305 7 33 0.2 0.4 Banco Comercial Portugues SA 19 1.4 256 1 22 ‐ 1.4 TOTAL 52,338 357 18,089 TOTAL 18,742 175 13,891

10 Nordic Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 Eastern Europe Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co 1 15.1 2,097 2 15 4.3 10.8 Morgan Stanley 1 16.4 1,915 3 5 2.4 14.0 Morgan Stanley 2 9.1 1,271 4 6 11.6 ‐2.5 Deutsche Bank AG 2 15.9 1,850 1 27 ‐ 15.9 NC Advisory UK LLP 3 9.1 1,263 1 ‐‐9.1 VTB Capital JSC 3 10.3 1,206 3 4 8.7 1.7 Lazard Ltd 4 8.1 1,131 2 7 11.5 ‐3.4 PricewaterhouseCoopers LLP 4 8.2 954 7 7 2.0 6.2 Nordea Bank AB 5 6.9 961 2 36 0.1 6.8 Ernst & Young 4 8.2 954 2 24 0.1 8.0 Wells Fargo & Co 6 5.9 822 1 ‐‐5.9 Evercore Partners Inc 6 6.3 740 1 ‐‐6.3 UBS AG 6 5.9 822 1 10 6.1 ‐0.2 Lazard Ltd 7 3.9 453 2 13 0.7 3.2 Citigroup Inc 8 4.7 650 2 11 5.1 ‐0.4 KPMG Corporate Finance LLC 8 1.9 226 4 11 1.1 0.9 Nomura Holdings Inc 8 4.7 650 1 ‐‐4.7 Rothschild & Co 9 1.8 215 4 3 9.4 ‐7.6 Motilal Oswal Investment Advisors Pvt Ltd 10 4.4 607 1 ‐‐4.4 Solon Advocaten BV 9 1.8 215 1 ‐‐1.8 Bank of America Merrill Lynch 10 4.4 607 1 8 6.8 ‐2.5 Littlebanc Advisors LLC 9 1.8 215 1 ‐‐1.8 Skandinaviska Enskilda Banken AB 12 3.5 484 6 3 37.6 ‐34.2 Citigroup Inc 12 1.0 118 1 ‐‐1.0 Barclays PLC 13 3.3 460 2 17 2.5 0.8 MKB Bank Zrt 13 0.6 69 1 ‐‐0.6 DNB ASA 14 2.8 395 3 24 0.5 2.4 Banco Safra SA 14 0.3 29 1 ‐‐0.3 Sisu Partners Oy 15 2.6 354 1 ‐‐2.6 Taiga Capital 15 ‐‐1 ‐‐ ‐ JPMorgan Chase & Co 16 2.3 320 2 9 6.1 ‐3.9 Goetzpartners Corporate Finance GmbH 15 ‐‐1 ‐‐ ‐ Macquarie Group Ltd 16 2.3 320 1 42 ‐ 2.3 Bank Polska Kasa Opieki SA ‐ Grupa Pekao SA 15 ‐‐1 ‐‐ ‐ Danske Bank A/S 16 2.3 320 2 16 2.5 ‐0.2 JPMorgan Chase & Co 15 ‐‐3 7 2.0 ‐2.0 Robert W Baird & Co Inc 19 1.9 270 1 ‐‐1.9 SpA 15 ‐‐1 7 2.0 ‐2.0 PricewaterhouseCoopers LLP 20 1.9 263 13 27 0.4 1.5 Gazprombank JSC 15 ‐‐1 ‐‐ ‐ TOTAL 13,900 466 26,559 TOTAL 11,664 266 13,769

Africa/ME Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Lazard Ltd 1 13.9 2,721 4 8 7.0 6.9 Goldman Sachs & Co 2 12.6 2,478 3 1 26.1 ‐13.5 Morgan Stanley 3 11.6 2,270 4 15 4.0 7.6 Perella Weinberg Partners LP 4 11.1 2,170 1 17 1.5 9.6 HSBC Bank PLC 4 11.1 2,170 2 ‐‐11.1 Credit Suisse Group AG 4 11.1 2,170 1 13 5.4 5.6 Nomura Holdings Inc 7 9.3 1,828 3 ‐‐9.3 Citigroup Inc 8 7.8 1,532 4 6 9.6 ‐1.8 Rothschild & Co 9 7.6 1,498 5 4 14.0 ‐6.3 Bank of America Merrill Lynch 10 7.5 1,478 2 38 ‐ 7.5 RBC Capital Markets 11 5.7 1,109 2 ‐‐5.7 Cenkos Securities PLC 11 5.7 1,109 1 ‐‐5.7 UBS AG 11 5.7 1,109 1 9 6.9 ‐1.3 JPMorgan Chase & Co 14 4.9 955 1 5 11.4 ‐6.5 Centerview Partners LLC 15 1.4 278 1 ‐‐1.4 Deutsche Bank AG 15 1.4 278 1 10 5.5 ‐4.1 PricewaterhouseCoopers LLP 17 0.6 108 2 22 0.5 0.1 SunTrust Robinson Humphrey Capital Markets 18 0.5 102 1 ‐‐0.5 I&M Holdings Ltd/Kenya 19 0.2 39 1 ‐‐0.2 Cytonn Investments Management Ltd 19 0.2 39 1 ‐‐0.2 TOTAL 19,634 368 20,025

11 APAC M&A Regional Review APAC M&A: Quarterly Volume $600 6,000 • Deal activity targeting the Asia Pacific region reached $174.2 billion in Q12017, representing a 14.3% $400 4,000 decrease from the same period last year. The region experienced its lowest quarterly deal volume since Q32014. $200 2,000 • Greater continued to be most sought-after for transactions in the Asia Pacific region, accounting $0 0 for 53.3% of the region’s total deal activity. Domestic deals accounted for 95.7% of Greater China’s deal volume. • The announced merger of Vodafone India Ltd and Idea Cellular Ltd to create the largest telecom Volume $(Bln.) Deal Count operator in India was not only the largest announced M&A transaction in Q12017, but was also the third largest acquisition of an Indian company on record. Australia/NZ M&A: Quarterly Volume • Matrix Partners was the most active buyer in the region, participating in 16 rounds of financing via its $80 600 $60 four investing Asia-focused funds that have a cumulative size of $1.5 billion. 400 APAC M&A: Highlights of Q1 2017 $40 Total Value 200 Summary Date Target Acquirer Seller (Mln.) $20 Number of deals 2,900 $0 0 3/20/2017 Vodafone India Ltd Idea Cellular Ltd Vodafone Group PLC $12,679.0 Volume (Bln.) $174.2 Avg Deal Size (Mln.) $60.1 Metro Group China Resources 1/12/2017 China Co Ltd $5,403.1 Co Ltd National Corp Volume $(Bln.) Deal Count

Top Adviser Hengda Real Estate Greater China M&A: Quarterly Volume 1/2/2017 Multiple Acquirers - $4,312.9 Morgan Stanley Group Co Ltd $300 2000 Number of deals 18 Alinta Energy Holdings Chow Tai Fook Capital 3/16/2017 Multiple Sellers $3,079.5 1500 Pty Ltd Ltd $200 Volume (Bln.) $24.6 ReviewGlobal M&A | Q1 2017 1000 Avg Deal Size (Bln.) $1.4 Yingde Gases Group Co $100 3/1/2017 PAG - $2,830.7 500 Ltd $0 0 APAC M&A: Breakdown Amount % Change % YoY Volume $(Bln.) Deal Count APAC Industry Breakdown Financial Deal Type (Bln.) Deal Count Change 2% Communications Company Takeover $76.6 0.2% -15.3% Japan M&A: Quarterly Volume 3% 4% Industrial Cross Border $68.0 -4.5% -6.1% $100 1000 5% Consumer Cyclical Private Equity $31.5 -0.4% -23.4% Asset Sale $20.4 2.8% -19.2% 7% 32% Consumer Non-cyclical $50 500 Tender Offer $12.5 39.4% 3.4% 9% Technology Venture Capital $7.6 -7.4% -48.1% Basic Materials 11% Spin-off $0.6 7.1% -78.9% $0 0 15% Energy 12% Minority Purchase $44.6 2.2% -0.5% Utilities Majority Purchase $22.3 21.7% -45.9% Volume $(Bln.) Deal Count Diversified Graphs represent any regional involvement (target, seller, or acquirer). 12 APAC Ex‐Japan Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 APAC Ex‐Japan Announced Deals (Target or Seller) 01/01/2017 ‐ 03/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co 1 13.1 26,254 21 1 27.8 ‐14.7 Morgan Stanley 1 14.6 23,499 14 10 5.6 9.0 Morgan Stanley 2 12.6 25,350 18 3 27.2 ‐14.5 Goldman Sachs & Co 2 13.7 22,034 15 1 12.3 1.4 UBS AG 3 10.9 21,938 14 5 25.5 ‐14.6 UBS AG 3 13.2 21,210 13 3 11.1 2.1 Rothschild & Co 4 9.6 19,297 14 19 3.0 6.6 Rothschild & Co 4 11.3 18,182 11 18 3.0 8.3 Bank of America Merrill Lynch 5 8.0 15,967 10 10 6.0 2.0 Bank of America Merrill Lynch 5 8.7 13,962 4 12 5.2 3.5 Kotak Mahindra Bank Ltd 6 6.7 13,439 5 100 0.1 6.7 Kotak Mahindra Bank Ltd 6 8.3 13,439 5 91 0.1 8.3 Axis Bank Ltd 7 6.6 13,311 4 58 0.4 6.3 Axis Bank Ltd 7 8.3 13,311 4 52 0.5 7.7 Robey Warshaw LLP 8 6.6 13,272 2 ‐‐6.6 Robey Warshaw LLP 8 8.2 13,272 2 ‐‐8.2 Citigroup Inc 9 2.7 5,338 9 14 4.0 ‐1.3 Somerley Group Ltd 9 3.1 4,962 12 23 2.2 0.9 Lazard Ltd 10 2.7 5,322 10 17 3.2 ‐0.5 JPMorgan Chase & Co 10 3.0 4,850 3 4 8.5 ‐5.5 Somerley Group Ltd 11 2.5 4,962 12 29 1.4 1.1 CITIC Securities Co Ltd 11 2.7 4,424 4 14 4.1 ‐1.3 JPMorgan Chase & Co 12 2.4 4,867 6 4 26.5 ‐24.1 Lazard Ltd 12 2.5 3,980 5 16 3.3 ‐0.9 CITIC Securities Co Ltd 13 2.2 4,424 4 21 2.7 ‐0.5 Deutsche Bank AG 13 2.3 3,667 4 38 1.2 1.1 Deutsche Bank AG 14 1.8 3,667 4 44 0.8 1.0 China International Capital Corp Ltd 14 2.3 3,649 6 5 8.4 ‐6.2 China International Capital Corp Ltd 15 1.8 3,649 7 2 27.2 ‐25.4 Highbury Partnership Pty Ltd 15 1.9 3,080 1 ‐‐1.9 Barclays PLC 16 1.7 3,334 4 35 1.2 0.5 Co Ltd 16 1.8 2,818 6 41 1.1 0.7 Highbury Partnership Pty Ltd 17 1.5 3,080 1 ‐‐1.5 Deloitte Touche Tohmatsu ILA Group Ltd 17 1.6 2,500 2 55 0.4 1.1 Guotai Junan Securities Co Ltd 18 1.4 2,818 6 46 0.7 0.7 Haitong Securities Co Ltd 18 1.6 2,498 13 19 2.9 ‐1.4 Haitong Securities Co Ltd 19 1.3 2,644 14 24 2.0 ‐0.7 Credit Suisse Group AG 19 1.4 2,246 13 2 12.0 ‐10.6 Deloitte Touche Tohmatsu ILA Group Ltd 20 1.3 2,500 3 52 0.4 0.8 Nomura Holdings Inc 20 1.3 2,099 4 31 1.4 ‐0.1 TOTAL 200,557 2,894 267,964 TOTAL 161,329 2,436 175,649

APAC Private Equity (Any Involvement) 01/01/2017 ‐ 03/31/2017 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 15.4 7,792 10 11 6.4 9.0 Goldman Sachs & Co 2 14.1 7,130 9 1 30.2 ‐16.1 Lazard Ltd 3 8.5 4,308 4 8 9.2 ‐0.7 UBS AG 4 7.2 3,649 3 3 24.0 ‐16.8 Rothschild & Co 5 6.4 3,246 3 20 1.8 4.6 Highbury Partnership Pty Ltd 6 6.1 3,080 1 ‐‐6.1 Barclays PLC 7 6.1 3,072 3 13 4.4 1.6 JPMorgan Chase & Co 8 4.7 2,400 2 4 20.2 ‐15.5 CIBC 9 4.2 2,120 1 ‐‐4.2 CITIC Securities Co Ltd 10 4.1 2,080 1 ‐‐4.1 Sumitomo Mitsui Financial Group Inc 11 2.8 1,425 4 44 0.1 2.7 Wells Fargo & Co 12 2.8 1,398 1 ‐‐2.8 Citigroup Inc 13 2.3 1,142 3 9 7.2 ‐4.9 Bank of America Merrill Lynch 14 1.9 952 3 19 2.0 ‐0.2 Inc 15 1.6 819 3 ‐‐1.6 Macquarie Group Ltd 16 1.5 765 3 7 18.2 ‐16.7 Nomura Holdings Inc 17 1.4 698 3 18 2.3 ‐0.9 Ernst & Young 18 1.2 595 2 16 2.6 ‐1.4 Centerview Partners LLC 19 0.9 429 1 27 0.8 0.1 Skandinaviska Enskilda Banken AB 20 0.6 320 1 ‐‐0.6 TOTAL 50,605 660 61,467

13 AU & NZ Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 Japan Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Lazard Ltd 1 15.7 3,097 2 14 1.9 13.8 Goldman Sachs & Co 1 24.6 10,132 7 19 1.3 23.4 Highbury Partnership Pty Ltd 2 15.6 3,080 1 ‐‐15.6 JPMorgan Chase & Co 2 20.2 8,302 4 4 20.0 0.2 UBS AG 3 14.9 2,938 4 5 45.7 ‐30.9 Evercore Partners Inc 3 20.2 8,294 3 29 0.4 19.7 Deutsche Bank AG 4 14.8 2,915 2 9 3.6 11.2 Morgan Stanley 4 15.6 6,402 7 1 36.3 ‐20.7 JPMorgan Chase & Co 5 14.1 2,787 4 6 42.0 ‐27.9 Lazard Ltd 5 12.2 5,001 2 5 12.0 0.1 Deloitte Touche Tohmatsu ILA Group Ltd 6 12.7 2,500 2 23 0.3 12.4 KPMG Corporate Finance LLC 6 11.0 4,510 4 33 0.3 10.7 Morgan Stanley 7 12.4 2,450 2 37 ‐ 12.4 Mizuho Financial Group Inc 7 8.3 3,424 29 3 23.4 ‐15.1 Macquarie Group Ltd 8 11.0 2,170 9 2 49.5 ‐38.6 Daiwa Securities Group Inc 8 6.6 2,720 24 14 2.9 3.7 Citigroup Inc 9 7.3 1,433 1 8 7.4 ‐0.1 Sumitomo Mitsui Financial Group Inc 9 6.2 2,543 32 7 6.3 ‐0.2 Goldman Sachs & Co 10 7.3 1,433 3 1 51.4 ‐44.2 Barclays PLC 10 4.6 1,870 3 15 2.1 2.5 Skandinaviska Enskilda Banken AB 11 1.6 320 1 ‐‐1.6 Banco Bradesco BBI SA 11 4.2 1,732 1 ‐‐4.2 Danske Bank A/S 11 1.6 320 1 ‐‐1.6 PJT Partners Inc 12 4.1 1,700 2 ‐‐4.1 Barclays PLC 13 1.3 262 1 ‐‐1.3 Guggenheim Capital LLC 12 4.1 1,700 2 ‐‐4.1 Bank of America Merrill Lynch 13 1.3 262 1 14 1.9 ‐0.6 Nomura Holdings Inc 14 3.3 1,340 13 2 28.3 ‐25.0 Azure Capital Pty Ltd 15 1.3 253 1 ‐‐1.3 Credit Suisse Group AG 15 3.2 1,298 1 6 7.4 ‐4.2 Credit Suisse Group AG 16 1.3 252 3 7 41.9 ‐40.7 Bank of America Merrill Lynch 16 3.1 1,261 1 21 1.1 2.0 Gresham Partners Ltd 17 0.9 172 3 3 48.9 ‐48.0 Moelis & Co 17 1.1 468 1 24 0.9 0.3 Rothschild & Co 18 0.6 119 3 19 0.7 ‐0.1 Citigroup Inc 18 1.1 450 3 10 5.3 ‐4.2 Jefferies LLC 19 0.5 100 1 ‐‐0.5 HSBC Bank PLC 18 1.1 450 2 ‐‐1.1 Moelis & Co 20 0.5 88 2 13 2.0 ‐1.6 GCA Corp 20 0.9 356 10 27 0.6 0.3 TOTAL 19,750 402 25,096 TOTAL 41,126 768 57,332

South Korea Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 China Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co 1 22.6 4,020 4 13 1.1 21.5 Morgan Stanley 1 8.1 8,925 8 4 30.8 ‐22.7 Credit Suisse Group AG 2 7.7 1,363 2 1 28.6 ‐20.9 UBS AG 2 5.2 5,728 6 3 35.1 ‐29.9 Samsung Securities Co Ltd 3 4.7 840 3 4 10.7 ‐6.0 Rothschild & Co 3 4.3 4,777 5 26 1.8 2.5 Rothschild & Co 4 4.7 832 1 ‐‐4.7 Goldman Sachs & Co 4 4.2 4,636 8 2 36.2 ‐32.0 Morgan Stanley 5 3.3 584 1 10 2.1 1.2 JPMorgan Chase & Co 5 4.1 4,530 2 5 30.5 ‐26.4 PricewaterhouseCoopers LLP 6 2.3 407 2 2 12.2 ‐9.9 CITIC Securities Co Ltd 6 4.0 4,424 4 17 3.9 0.1 Ernst & Young 7 2.1 380 1 5 9.4 ‐7.2 Somerley Group Ltd 7 3.8 4,211 5 39 0.5 3.4 Daiwa Securities Group Inc 8 2.0 350 1 ‐‐2.0 Deutsche Bank AG 8 3.3 3,667 4 41 0.4 2.9 Co Ltd 9 1.1 186 1 ‐‐1.1 China International Capital Corp Ltd 9 3.3 3,649 7 1 39.6 ‐36.3 KPMG Corporate Finance LLC 10 0.6 110 3 12 1.9 ‐1.2 Guotai Junan Securities Co Ltd 10 2.6 2,818 6 29 1.0 1.5 Xandar Capital Pte Ltd 11 0.2 26 1 ‐‐0.2 Haitong Securities Co Ltd 11 2.4 2,638 13 22 2.9 ‐0.5 PI Financial Corp 12 0.1 17 1 ‐‐0.1 Deloitte Touche Tohmatsu ILA Group Ltd 12 2.2 2,450 1 58 0.1 2.1 Chanceton Capital Partners Ltd 13 0.0 3 1 ‐‐0.0 Citigroup Inc 13 1.7 1,913 3 18 3.6 ‐1.9 Lazard Ltd 14 ‐‐1 9 2.7 ‐2.7 DBS Group Holdings Ltd 14 1.7 1,853 2 ‐‐1.7 JPMorgan Chase & Co 14 ‐‐1 7 3.3 ‐3.3 Nomura Holdings Inc 15 1.7 1,828 2 30 0.9 0.8 Huafu Securities Co Ltd 16 1.6 1,820 1 ‐‐1.6 Huachuang Securities Co Ltd 17 1.4 1,548 1 81 0.0 1.4 Centerview Partners LLC 18 1.1 1,249 2 ‐‐1.1 Co Ltd 19 0.9 958 4 10 5.2 ‐4.3 Credit Suisse Group AG 20 0.8 920 3 6 30.3 ‐29.4 TOTAL 17,766 384 16,555 TOTAL 110,642 1,095 184,074

14 Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 SE Asia Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co 1 20.1 7,632 8 12 2.7 17.4 Morgan Stanley 1 12.7 2,603 6 8 20.3 ‐7.6 Morgan Stanley 2 14.5 5,495 3 5 6.0 8.4 Lazard Ltd 2 8.3 1,700 2 27 0.8 7.6 Highbury Partnership Pty Ltd 3 8.1 3,080 1 ‐‐8.1 Citigroup Inc 3 4.7 952 1 11 8.7 ‐4.0 Lazard Ltd 3 8.1 3,080 1 ‐‐8.1 Barclays PLC 3 4.7 952 1 ‐‐4.7 Rothschild & Co 5 7.4 2,831 1 ‐‐7.4 Bank of America Merrill Lynch 3 4.7 952 3 12 8.5 ‐3.9 UBS AG 5 7.4 2,831 1 25 0.6 6.8 CIMB 6 4.5 918 9 23 1.6 2.9 Barclays PLC 7 5.6 2,120 1 14 2.1 3.5 Rothschild & Co 7 4.4 900 1 12 8.5 ‐4.1 CIBC 7 5.6 2,120 1 ‐‐5.6 Goldman Sachs & Co 8 4.2 865 4 1 48.0 ‐43.7 Nomura Holdings Inc 9 5.5 2,099 3 ‐‐5.5 Credit Suisse Group AG 9 2.7 542 7 3 37.0 ‐34.4 JPMorgan Chase & Co 10 5.5 2,080 1 10 3.2 2.3 Astramina Advisory Sdn Bhd 10 2.5 501 6 ‐‐2.5 CITIC Securities Co Ltd 10 5.5 2,080 1 ‐‐5.5 Maybank 11 2.4 498 8 9 15.2 ‐12.7 Goldin Financial Holdings Ltd 12 3.9 1,472 1 ‐‐3.9 Bank 12 1.5 314 2 37 0.2 1.3 Optima Capital Ltd 12 3.9 1,472 2 39 0.2 3.7 RHB 13 1.5 313 5 22 2.4 ‐0.9 Wells Fargo & Co 14 3.7 1,398 1 ‐‐3.7 Avantgarde Capital Co Ltd 14 1.2 238 1 ‐‐1.2 Citigroup Inc 15 3.2 1,230 4 ‐‐3.2 Grant Thornton International Ltd 15 1.1 227 1 ‐‐1.1 Somerley Group Ltd 16 2.9 1,111 9 1 14.6 ‐11.7 AmInvestment Bank Bhd 16 1.0 198 1 25 1.2 ‐0.2 Amasse Capital 17 1.7 653 2 16 1.7 0.1 JM Financial Ltd 17 0.6 113 1 ‐‐0.6 China Minsheng Banking Corp Ltd 18 1.4 542 1 ‐‐1.4 AFFIN Hwang Investment Bank Bhd 18 0.4 85 1 ‐‐0.4 BNP Paribas SA 19 1.3 479 1 26 0.6 0.7 Ernst & Young 19 0.4 80 1 34 0.3 0.1 Haitong Securities Co Ltd 20 1.1 421 6 24 0.6 0.5 Oversea‐Chinese Banking Corp Ltd 20 0.4 77 1 ‐‐0.4 TOTAL 38,035 391 25,718 TOTAL 20,436 522 40,253

India Announced Deals (Any Involvement) 01/01/2017 ‐ 03/31/2017 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Bank of America Merrill Lynch 1 52.2 13,879 3 16 2.6 49.6 Morgan Stanley 2 52.0 13,822 4 12 6.0 45.9 Rothschild & Co 3 50.8 13,501 5 9 7.6 43.2 Kotak Mahindra Bank Ltd 4 50.5 13,439 5 20 0.9 49.7 Axis Bank Ltd 5 50.1 13,311 4 11 6.4 43.7 Robey Warshaw LLP 6 49.9 13,272 2 ‐‐49.9 Goldman Sachs & Co 6 49.9 13,272 3 14 3.0 46.9 UBS AG 6 49.9 13,272 4 4 11.1 38.8 Nordea Bank AB 9 2.3 607 1 ‐‐2.3 Motilal Oswal Investment Advisors Pvt Ltd 9 2.3 607 1 ‐‐2.3 Lavin y Cia Enrique y Nelson CBL 11 2.2 593 1 ‐‐2.2 Jefferies LLC 12 1.5 387 2 38 ‐ 1.5 Ernst & Young 13 1.2 328 3 15 2.9 ‐1.6 Standard Chartered Bank 14 0.9 238 1 1 15.9 ‐15.0 HSBC Bank PLC 15 0.8 200 1 ‐‐0.8 JM Financial Ltd 16 0.7 175 2 1 15.9 ‐15.3 Sumitomo Mitsui Financial Group Inc 17 0.6 167 2 ‐‐0.6 Avendus Capital Pvt Ltd 18 0.3 91 5 21 0.8 ‐0.4 Allen & Co Inc 19 0.3 90 1 22 0.6 ‐0.3 Deloitte Touche Tohmatsu ILA Group Ltd 20 0.2 50 2 13 5.1 ‐4.9 TOTAL 26,592 410 14,763

15 Bloomberg League Criteria

Announced Global League Tables are based upon announced total values, unless otherwise stated in the title. Non-US dollar values are converted to US dollars at the time of announcement.

Credit will be given to transactions in which Bloomberg classifies as mergers, acquisitions, divestitures, self-tenders, or spin-offs.

Regional and industry League Tables will be based on the country of risk and industry of the ultimate publicly traded parent of a privately held company where applicable.

Advisors to any member of an investor group, consortium, or joint venture are eligible for full credit.

Advisory fees hold no weight over advisory credit.

General Database Criteria

A transaction is considered to have been announced upon the release of terms offered by the acquirer, and acknowledgement of the offer by the target company.

Deals that are considered to be in proposed status will not be granted credit.

Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional:

{LEAG}.

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

16