An Acuris Company

Finding the opportunities in mergers and acquisitions

Global & Regional M&A Report 1H19 Including League Tables of Financial Advisors

mergermarket.com An Acuris Company

Content

Overview 03

Global 04

Global Private Equity 09

Europe 14

US 19

Latin America 24

AsiaPacific (excl. Japan) 29

Japan 34

Middle East & Africa 39

M&A and PE League Tables 44

Criteria & Contacts 79

mergermarket.com Mergermarket Global & Regional Global Overview 3 M&A Report 1H19

Global Overview Regional M&A Comparison

North America USD 1,000.6bn +10.4% vs. 1H ‘18 Inbound USD 124.4bn +10.2% Outbound USD 183.9bn -10.6% PMB USD 174.1bn +129.3%

Latin America USD 35.8bn -27% vs. 1H ’18 Inbound USD 24.0bn +19.5% Outbound USD 4.6bn +34.8% EMU USD 15.5bn +35.4% 21.7%

55.6% Europe USD 391.0bn -38.8% vs. 1H ‘18 1.0% Inbound USD 178.1bn -36.7% Outbound USD 125.0bn -11.5% PMB USD 133.5bn +3.9%

MEA USD 113.5bn +222% vs. 1H ‘18 Inbound USD 32.2bn +41.2% Outbound USD 5.8bn -64.6% Ind. & Chem. USD 70.9bn +7.6% 6.3% 14.4% 2.0% APAC (ex. Japan) USD 241.0bn -36% vs. 1H ‘18 Inbound USD 40.4bn -28.5% Outbound USD 41.2bn -25.0% Ind. & Chem. USD 56.6bn -18.2%

Japan USD 18.1bn +2.4% vs. 1H ’18 Inbound USD 3.9bn +114.3% Global M&A USD 1800.0bn -11.0% vs. 1H 2018 Outbound USD 42.6bn -58.7% Technology USD 6.3bn +2.0% Cross-border USD 594.7bn -22.0% vs. 1H 2018 The % values on the map indicate Top sector: PMB USD 326.4bn +45.5% vs. 1H 2018 market shares in global M&A

mergermarket.com Mergermarket Global & Regional Global Analysis 4 M&A Report 1H19 Global

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector Date Geography USD 1.8tn 89.5 03-Jan Bristol-Myers Celgene USA Pharma, Squibb Company Corporation Medical & Biotech Value of global M&A in 1H19, down by 11% compared to 1H18 88.9 06-Jun United Raytheon USA Defence Technologies Company Corporation

86.3 25-Jun AbbVie Allergan plc Republic of Pharma, Ireland Medical & Biotech USD 24 70.4 27-Mar Saudi Arabian Saudi Basic Saudi Arabia Industrials & 957.3bn Oil Co Industries Chemicals Corporation (70% Stake) Value of US M&A in 1H19, up Number of mega-deals by 14.6% compared to 1H18 (> USD 10bn), v. 27 54.4 09-May Occidental Anadarko USA Energy, Mining announced in 1H18 Petroleum Petroleum & Utilities Corporation Corporation

mergermarket.com Mergermarket Global & Regional Global Analysis M&A Report 1H19

Global

Down 11% on 1H18 but up 17% on 2H18 by value, global M&A into three separate specialised companies more than three recorded in the previous two quarters (USD 111bn in 4Q18 and activity would appear to have found its post-peak cruising years after the merger of Dow Chemical and El du Pont de USD 111.5bn in 1Q19). speed in 1H19, recording USD 1.80tn worth of deals (across Nemours. Three mega-buyouts have already been struck in the US so 8,201 transactions). But beneath the surface and the headline In April, Swiss pharmaceutical group Novartis finalized the far this year - the same number as for the whole of 2018 – numbers, deep currents affecting the global economy have spin-off of Alcon almost ten years after it bought the US- including two large cross-border take-private deals in 2Q19: started to shift M&A trends in new directions. based eye care business from Nestlé. In May, Nestlé itself the USD 14.2bn acquisition fiber networks operator Zayo Perhaps the most significant shift lies in the geographical sold Nestlé Skin Health, the unit it created after buying Group by a EQT/Digital Colony Partners consortium and the distribution of dealmaking. At 53.2% so far this year, the US out L’Oréal’s stake in their Galerma joint venture in 2014, USD 10.2bn acquisition of midstream oil and gas pipeline takes its largest share of global M&A value on Mergermarket to a consortium led by EQT and the Abu Dhabi Investment operator Buckeye Partners by Australian IFM Investors. record. This has as much to do with strong levels of activity in Authority (ADIA) for USD 10.1bn. In a persistently low interest rates environment globally, the US – up 14.6% by value from the comparable period last The search for scale presided over the largest deal in 2Q19. megafunds are being raised on both sides of the Atlantic year – as with the weak performances of both Europe and United Technologies’ USD 88.9bn merger with Raytheon will and Goldman Sachs is reportedly planning a big push in the Asia – down 38.8% and 34.2% respectively. create the third-largest Aerospace and Defence company by private equity space - all factors pointing towards private In fact, all but one - AbbVie’s USD 86.3bn acquisition of sales, behind Boeing and Airbus. It could also lead mid-tier equity taking an ever-larger share of global M&A activity in Allergan - top 10 deals struck in 2Q19 have targeted US- players such as Mercury Systems, Kratos and Curtiss-Wright the coming quarters. based companies and six of those were the result of domestic to consider M&A to better compete for large government consolidation among US-based corporations. contracts. Amid heightened geopolitical risks and rising protectionism While the merits of breaking up Big Tech are debated, M&A in “Several large companies, globally, domestic M&A accounted for 67% of the overall the Technology sector reached new highs, driven by private activity in 1H19 compared to a yearly average of 61.3% since equity and the growing demand for data analytics and cloud sometimes under activist 2010. Worth a combined USD 5.9bn over 43 deals in 1H19, services from business of all sizes. In June, Salesforce bought Chinese outbound investment into the US and Europe was Tableau Software for USD 15bn just a week after Alphabet pressure, are using M&A particularly subdued, reaching lows not seen since 2009. announced its USD 2.6bn acquisition of Looker. to strengthen their grip Perhaps a sign that de-globalisation forces are starting to With 1,307 deals so far this year, the Technology sector permeate corporate strategies, several large companies, globally was responsible for 15.9% of deal activity by volume on their home markets” sometimes under activist pressure, are using M&A to in 1H19, its highest half-yearly share on record. The sector strengthen their grip on their home markets or focus on their has notably become private equity’s favourite hunting ground, core businesses. accounting for 23.2% of all global buyouts so far this year, up from only 12.8% in 2013. Global demergers reached their third-highest value on record, Beranger Guille, Global with 11 deals worth USD 98.3bn in 1H19. Chief among them is Although not reaching 2Q18 record levels (USD 180.1bn), at the USD 63.2bn split of chemicals conglomerate DowDuPont USD 133.6bn, global buyout value in 2Q19 surpassed that Editorial Analytics Director Mergermarket Global & Regional Global Analysis 6 M&A Report 1H19

USD 88.9bn 67% 14.4%

Value of the United Technologies Share of global Global share of – Raytheon merger, the largest domestic M&A Asian (ex-Japan) M&A Defence deal on record

USD 326.4bn USD 98.3bn USD 443m Value of the Pharma, Medical Value of global demergers Average disclosed value of & Biotech (PMB) M&A, highest PE buyouts globally half yearly value on record

mergermarket.com Mergermarket.com Mergermarket Global & Regional Global Analysis 7 M&A Report 1H19

Chart title 1 Chart title 1 ChartGlobal title Quarterly2 Breakdown Trend ChartGlobal title Sector 2 Breakdown Trend 2014 - 2019 1H18 - 1H19

900

4000 21000 800

3500 18000 1,199.6 1,120.0 700 742.2 3000

826.1 15000 600 961.3 950.9

2500 794.9 Deal Count 12000 500 870.1 Deal Value (USDbn) Value Deal 2000 839.7 879.2 713.7 400 805.2 Deal Value (USDbn) Value Deal 9000 1500 1,077.4 583.4 899.2 300 1,041.7 755.1 963.3 6000 1000 742.8 200

326.4 329.6 3000 296.1 500 945.7 900.8 280.2 244.1 759.6 761.2 100 224.3 202.6 628.7 190.0 570.8 181.2 160.0

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

Q1 Q2 Q3 Q4 1H18 1H19

Deal Count

mergermarket.com Mergermarket Global & Regional Global Analysis 8 M&A Report 1H19

Global League tables

Financial advisor league table by value

Ranking 1H19 1H18 Regional ranking comparison

1H19 1H18 Company name Value Deal % Value Value Europe US Asia Japan Middle Latin (USDm) count change (USDm) Pacific East & America Africa 1 1 Goldman Sachs & Co 699,061 158 3.4% 675,971 3 1 2 3 3 2 2 3 JPMorgan 678,490 137 30.0% 521,935 1 2 3 6 1 19 3 2 Morgan Stanley 599,561 125 -7.3% 647,020 2 3 4 1 6 1 4 4 Citi 486,628 105 21.5% 400,584 10 5 5 27 5 4 5 6 Evercore 416,478 88 40.5% 296,369 13 4 18 9 16 16 6 5 Bank of America Merrill Lynch 374,703 88 17.4% 319,283 5 6 1 4 4 11 7 8 Credit Suisse 239,240 80 -2.1% 244,342 6 7 7 72 17 29 8 10 Barclays 190,319 97 -9.3% 209,780 12 8 11 7 10 - 9 17 RBC Capital Markets 153,164 52 117.2% 70,510 43 9 283 - 11 - 10 13 PJT Partners 138,807 20 -6.1% 147,835 4 10 - - - 9 11 27 Jefferies 112,736 90 97.0% 57,234 16 11 40 26 9 61 12 9 Deutsche Bank 101,209 55 -55.8% 228,769 11 14 9 20 18 - 13 24 HSBC 99,175 27 57.6% 62,945 18 40 15 11 2 35 14 15 UBS Investment Bank 92,601 61 13.7% 81,417 9 24 6 8 34 =9 15 7 Lazard 90,220 101 -67.7% 279,686 7 15 30 16 19 7 16 49 Dyal Co 89,489 1 317.8% 21,420 - 12 - - - - 17 11 Centerview Partners 87,896 28 -53.4% 188,681 17 13 54 - - - 18 - Klein and Company 74,593 3 - - - 46 - - 7 - 19 12 Rothschild & Co 70,396 123 -54.2% 153,693 8 27 14 18 13 12 20 50 Wells Fargo Securities 46,308 21 120.4% 21,009 22 16 8 - - -

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 9 M&A Report 1H19 Global Private Equity - Buyouts

Buyouts - Quarterly Breakdown (2015-2019) Buyouts - Top Five Deals (1H19)

Value Deal Details 600 4000 (USDbn)

111.0 Announcement Bidder Company Target Company Target Target Sector 480 129.3 3200 Date Geography

Deal Count 14.1 08-May EQT Partners - Zayo Group USA Telecommuni- 138.5 Digital Colony Holdings, Inc cation 360 129.3 2400 Partners 124.0 152.4 consortium

103.1 240 108.2 180.1 1600 13.4 02-Jun Blackstone Group GLP Pte. Ltd (US USA Real Estate Deal Value (USD bn) (USD Value Deal Logistics Assets) 168.0 133.6 121.4 120 103.1 800 138.4 111.5 65.4 73.6 89.3 11.8 04-Feb Hellman & Ultimate Software USA Technology Friedman - Group Inc 0 0 2015 2016 2017 2018 2019 Blackstone consortium

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

Buyouts 1H19 1H18 Change 10.1 16-May A consortium led Nestle Skin Health Switzerland Pharma, Deal Value USD 245.1bn USD 318.5bn -23% by EQT Partners SA Medical & and Abu Dhabi Biotech Deal Count 1.494 Deals 1,919 Deals -425 Investment Authority mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 10 M&A Report 1H19 Global Private Equity - Exits

Exits - Quarterly Breakdown (2015-2019) Exits - Top Five Deals (1H19)

Value Deal Details 600 3000 (USDbn)

500 110.9 Announcement Seller Target Target Target Bidder 152.9 2400 Date Company Company Geography Sector Company 126.1 125.0 Deal Count 38.5 16-Jan Kohlberg Kravis First Data USA Business Fiserv, Inc 400 Roberts & Co Corporation Services 153.7 1800 137.4 143.3 300 129.7

1200 8.1 14-Jan Temasek Ascendas- Singapore Real Estate CapitaLand Deal Value (USD bn) (USD Value Deal 200 190.4 Holdings Pte Singbridge Pte Limited 164.2 121.1 120.3 125.1 Ltd 600 100 135.8 110.2 95.1 93.0 102.2 6.7 02-May Apax Partners Acelity USA Pharma, 3M Company 0 0 LLP; Canada Medical & 2015 2016 2017 2018 2019 Pension Plan Biotech Investment Board; Public Q1 Q3 Deal Count Sector Pension Investment Q2 Q4 Board

5.6 24-Jun Altamir Altran France Business Capgemini Amboise; and Technologies SA Services SA Buyouts 1H19 1H18 Change Apax Partners SAS Deal Value USD 256.9bn USD 292.6bn -12%

Deal Count 1,089 Deals 1,291 Deals -202 5.1 21-Feb Apax Partners AssuredPartners USA Financial GTCR, LLC LLP Inc Services mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 11 M&A Report 1H19

Buyouts & Exits - Sector Breakdown

Global Private Equity Buyout - Sector Market Share (%) by Deal Count Median EBITDA Multiple Trend (Buyouts) - Key Sectors

16.3x 16.4x 25% 15.0x Technology 13.4x 13.0x

20%

Industrials & 9.1x 9.7x 10.0x 10.0x 10.0x Chemicals 15% 14.1x 12.7x 12.4x Business Services 10.0x 9.7x 10%

12.3x 12.4x 5% Consumer 10.6x 9.1x 9.4x

16.0x 0% Pharma, 15.1x 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H Medical & 13.9x Biotech 11.7x 12.0x 2013 2014 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

Technology Business Services Pharma, Medical & Biotech

Industrials & Chemicals Consumer

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 12 M&A Report 1H19

Buyouts - Regional Breakdown

Regional Breakdown - Market Share (%) by Deal Count

USA EMEA USD 111.6bn Deal Value 40.7% USD 90.5bn 43.3% Deal Value 608 Deal Count 647 Deal Count

Asia-Pacific USD 33.6bn 12.1% Deal Value 181 Americas Deal Count (excl. USA) USD 9.4bn 3.9% Deal Value 58 Deal Count

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 13 M&A Report 1H19

Global Private Equity League tables

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 6 Bank of America Merrill Lynch 100,803 29 229.6% 30,579 1 15 Jefferies 20,404 45 16 29 2 3 Citi 60,633 23 2.3% 59,290 2 1 Goldman Sachs & Co 48,037 43 -20 63 3 2 Morgan Stanley 56,588 28 -28.3% 78,880 3 8 PwC 13,385 42 2 40 4 7 Evercore 56,256 26 101.3% 27,949 4 7 Lincoln International 948 40 -1 41 5 10 Barclays 52,900 38 102.0% 26,194 5 14 Barclays 52,900 38 9 29 6 4 JPMorgan 51,932 28 0.2% 51,853 6 2 Rothschild & Co 19,716 37 -12 49 7 1 Goldman Sachs & Co 48,037 43 -57.5% 112,926 7 6 Deloitte 2,381 37 -7 44 8 9 Deutsche Bank 39,744 15 46.0% 27,224 8 4 William Blair & Company 7,096 34 -14 48 9 5 Credit Suisse 30,830 23 -0.7% 31,033 9 17 Harris Williams 9,525 31 3 28 10 17 UBS Investment Bank 26,859 20 84.1% 14,591 10 9 KPMG 1,997 30 -8 38 11 18 Jefferies 20,404 45 55.3% 13,136 11 28 Bank of America Merrill Lynch 100,803 29 11 18 12 8 Rothschild & Co 19,716 37 -28.1% 27,421 12 5 Houlihan Lokey 2,468 29 -15 44 13 16 Lazard 17,211 26 6.8% 16,118 13 3 Morgan Stanley 56,588 28 -20 48 14 41 Qatalyst Group 16,522 6 323.9% 3,898 14 10 JPMorgan 51,932 28 -7 35 15 14 RBC Capital Markets 15,120 22 -14.1% 17,597 15 24 Evercore 56,256 26 2 24 16 58 PwC 13,385 42 513.7% 2,181 16 18 Lazard 17,211 26 -1 27 17 80 HSBC 10,679 7 1080.0% 905 17 20 Citi 60,633 23 -3 26 18 22 Centerview Partners 10,389 9 -9.2% 11,440 18 16 Credit Suisse 30,830 23 -5 28 19 30 Harris Williams 9,525 31 53.2% 6,216 19 29 RBC Capital Markets 15,120 22 4 18 20 11 William Blair & Company 7,096 34 -70.9% 24,385 20 22 Daiwa Securities Group / DC Advisory 1,245 22 -3 25

mergermarket.com Mergermarket Global & Regional Europe Analysis 14 M&A Report 1H19 Europe

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector Date Geography USD 391bn 86.3 25-Jun AbbVie Allergan Republic of Pharma, Ireland Medical & Biotech Value of European M&A so far this year, down 38.8% on YTD 2018 26.9 28-Feb Novartis AG Alcon Switzerland Pharma, (Shareholders) Medical & Biotech

10.1 16-May A consortium led Nestle Skin Health Switzerland Pharma, by EQT Partners Medical & and Abu Dhabi Biotech Investment Authority 21.7% 22.1% 9.9 21-Jun EP Global Metro AG Germany Consumer Commerce (89.09% Stake)

European share of Allergan takeover share global M&A - around of European M&A 7.2 28-Mar ZF WABCO Switzerland Industrials & 10 percentage points Friedrichshafen Chemicals lower than YTD 2018

mergermarket.com Mergermarket Global & Regional Europe Analysis 15 M&A Report 1H19

Europe

Despite a late flurry of deals, including AbbVie’s USD 86.3bn Thus, European corporates are turning elsewhere to find representing 25% total inbound deal count respectively. acquisition of Allergan, European M&A has been defined growth, with 2Q outbound activity reaching USD 74.1bn (210 This included Hg and CPPIB’s USD 844m acquisition of an more so by the deals that failed this year, rather than those deals), its highest quarterly value since 4Q17 (USD 78.4bn). undisclosed stake in Norway’s Visma. announced. Confidence among corporates to invest heavily The vast majority of European outbound M&A targeted the The Nordics, the cradle of many European tech firms, has across the continent has been replaced by political and US, which received a 70.4% share by value in the last three similarly seen sustained levels of strong activity, accounting economic uncertainty. To date, USD 391bn has been spent on months. This was driven by deals such as Germany-based for 12.9% of inbound deals, its highest YTD volume on European assets across 3,223 deals, down 38.8% compared Infineon Technologies’ USD 9.3bn acquisition of Cypress record. The region appears to remain more open to foreign to the equivalent period last year (USD 638.9bn). Semiconductor and the USD 5.7bn tie-up between France- investment than the likes of France, Germany, and the based Dassault Systemes and Medidata Solutions. The AbbiVie/Allergan tie-up represents the second largest UK. Further inbound interest is likely to materialise in the deal to target Europe since the crisis, only behind 2015’s USD Of the five deals targeting Europe above the USD 5bn mark coming months. For example, Moelis is reportedly running 122.8bn SABMiller and AB InBev merger. Buying the Irish Botox announced in the second quarter, two were conducted by a US-focused sale process for Danish gaming peripherals manufacturer accounts for 22.1% of YTD European value. private equity firms. EQT acquired Nestle’s skin health division manufacturer SteelSeries, according to Mergermarket for USD 10.1bn, while KKR secured a USD 5.6bn deal with Axel intelligence. However, the takeover was a clear anomaly. A lack of Springer. High levels of fundraising and available dry-powder progress on situations involving the banking sector and FIAT While the fundamentals behind why European M&A has been resulted in buyouts accounting for 20.7% of the European Chrysler/Renault, alongside the failure to complete deals so active in recent years remain, there will be concerns the M&A value, the highest YTD share since the crisis. Further between China Three Gorges/EDP and Sainsbury’s/Asda are uncertainty that plagued dealmaking in the first half of the activity appears to be on the horizon with private equity firms indicative of the lacklustre activity and subdued sentiment felt year continues throughout. reportedly circling around assets such as UK-based marketing throughout H1. Subsequently, European M&A has been left company Kantar and BASF’s construction chemicals unit, with a 21.7% share of global activity - around 10 percentage which could both meet multi-billion dollar valuations. “Contending with a points lower than 1H18. Contending with a challenging political environment appears to be the ‘new norm’ for European Take-privates remain active, following a buoyant end to 2018. challenging political dealmakers, with government intervention and protectionism This year, 18 public-to-private buyouts worth a combined USD increasingly influencing activity. 21bn took place, the highest YTD value and volume since the environment appears crisis, after offers for Inmarsat, Parques Reunidos, and KCOM These situations, together with the European Commission’s Group. decision to block a tie-up between Siemens/Alstom earlier to be the ‘new norm’ for this year, reduce the likelihood of other such large-scale intra- Just as damaging as Europe’s own tendency to buy outside European M&A taking place. Deals between European firms of the continent is a severe lack of inbound activity. Had it not European dealmakers” (USD 212.9bn) dropped by 40.4% compared to 1H18, failing to been for the acquisition of Allergan, quarterly inbound M&A reach the heights when the takeovers of Innogy and Abertis would have failed to reach USD 50bn for the first time since were announced, following calls from leading politicians to 4Q13. However, two areas of resilience remain. The continued create ‘European champions’ able to battle with US and Asian interest in innovative assets has meant foreign investment Jonathan Klonowski, giants. into tech reached 130 deals worth a combined USD 12.5bn, Research Editor (EMEA) mergermarket.com Mergermarket Global & Regional Europe Analysis 16 M&A Report 1H19

USD 21bn 14.6% 34.1%

Value of Euorpean take- Tech share of European M&A Pharma, Medical & Biotech deal count so far this year, share of M&A by value in H1 privates in 2019 - the highest its highest figure on record YTD value since 2007

USD 74.1bn 12.9% -40.4% European quarterly outbound value, Nordic share of European Fall in Intra-European M&A value the largest quarterly value since 4Q17 foreign investment by deal versus H1 2018 count

mergermarket.com Mergermarket.com Mergermarket Global & Regional Europe Analysis 17 M&A Report 1H19

Chart title 1 Chart title 1 ChartEurope title 2Quarterly Breakdown Trend ChartEurope title Sector2 Breakdown Trend 2014 - 2019 1H18 - 1H19

300

1000 10000

250 900 161.0 9000

800 214.0 8000

293.3 195.4 176.8 200 700 7000 199.3 Deal Count 600 203.8 6000 166.4 150 179.6 500 365.2 5000 Deal Value (USD bn) (USD Value Deal 265.3 179.8 Deal Value (USD bn) (USD Value Deal 400 4000 268.7 100 309.5 300 3000 2627 199.9 239.5 133.5 200 2000 128.5 127.3 50 94.0 87.1 273.7 100 208.2 1000 180.5 163.6 174.5 151.5 42.7 40.2 23.9 31.8 28.9 26.8 0 0 0 2014 2015 2016 2017 2018 2019 Pharma, Medical Industrials Consumer Energy, Financial Other & Biotech & Chemicals Mining & Utilities Services

Q1 Q2 Q3 Q4 1H18 1H19

Deal Count

mergermarket.com Mergermarket Global & Regional Europe Analysis 18 M&A Report 1H19

Europe League tables

Europe league table by value Europe league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 JPMorgan 182,981 60 -36.0% 285,851 1 1 Deloitte 12,843 146 -40 186 2 2 Morgan Stanley 179,162 44 -38.3% 290,431 2 2 PwC 20,557 126 -52 178 3 1 Goldman Sachs & Co 129,832 69 -60.5% 328,811 3 4 Rothschild & Co 57,063 97 -46 143 4 15 PJT Partners 94,585 7 52.5% 62,013 4 5 KPMG 2,739 94 -48 142 5 7 Bank of America Merrill Lynch 88,756 36 -42.1% 153,363 5 6 Goldman Sachs & Co 129,832 69 -17 86 6 11 Credit Suisse 74,871 30 -10.7% 83,836 6 3 EY 3,313 69 -80 149 7 5 Lazard 66,228 67 -60.6% 168,144 7 8 Lazard 66,228 67 -4 71 8 8 Rothschild & Co 57,063 97 -56.3% 130,430 8 9 JPMorgan 182,981 60 -10 70 9 18 UBS Investment Bank 55,252 29 1.3% 54,517 9 12 Citi 53,650 47 -9 56 10 4 Citi 53,650 47 -79.4% 260,256 10 10 Oaklins 855 47 -16 63 11 9 Deutsche Bank 45,800 28 -54.2% 99,935 11 11 Morgan Stanley 179,162 44 -12 56 12 10 Barclays 40,640 42 -57.5% 95,701 12 24 Barclays 40,640 42 9 33 13 6 Evercore 32,636 32 -80.5% 167,556 13 23 ALANTRA 2,878 41 7 34 14 14 BNP Paribas 32,590 29 -49.8% 64,921 14 15 Lincoln International 791 40 -5 45 15 33 PwC 20,557 126 29.4% 15,891 15 16 Bank of America Merrill Lynch 88,756 36 -7 43 16 30 Jefferies 17,099 30 -8.4% 18,659 16 17 Clearwater International 1,468 33 -10 43 17 32 Centerview Partners 16,752 7 2.2% 16,399 17 31 Evercore 32,636 32 4 28 18 27 HSBC 16,637 17 -45.4% 30,485 18 22 Credit Suisse 74,871 30 -4 34 19 34 Deloitte 12,843 146 -19.0% 15,849 19 36 Jefferies 17,099 30 10 20 20 20 Santander Global Corporate Banking 11,200 10 -76.3% 47,313 20 13 UBS Investment Bank 55,252 29 -16 45

mergermarket.com Mergermarket Global & Regional US Analysis 19 M&A Report 1H19 US

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector Date Geography USD 957.3bn 89.5 3-Jan Bristol-Myers Celgene USA Pharma, Squibb Company Corporation Medical & Biotech 1H19 value, the highest on record for a first half 88.9 9-Jun United Raytheon USA Defence Technologies Company Corporation

54.4 9-May Occidental Anadarko USA Energy, Mining Petroleum Petroleum & Utilities Corporation Corporation USD 59.5% 42.6 18-Mar Fidelity National Worldpay USA Business Information Services 569.2bn Services Inc Value of 19 Contribution of mega-deals in 1H19 mega-deals to the 41.3 8-Mar DuPont de Dow USA Industrials & regional value Nemours Inc Chemicals (Shareholders)

mergermarket.com Mergermarket Global & Regional US Analysis 20 M&A Report 1H19

US

Amidst the ongoing trade war and calls to regulate the Big In one such cross-border deal, California-based Cypress more than half to the value of the sector so far in 2019. The Tech, US M&A continued to expand value-wise, reaching USD Semiconductor was acquired by Germany-based Infineon Chemicals space – particularly specialty chemicals M&A – saw 957.3bn across 2,530 deals in 1H19, up 14.6% by value from Technologies for USD 9.3bn. This deal came on the back a number of key deals in the first half of the year. For example, the comparable period last year (USD 835.6bn and 3,201 deals of earlier, domestic consolidations in the space: NVIDIA Merck acquired Versum Materials for USD 6.4bn in 1Q19, and in 1H18) and up 35% from 2H18 (709.1bn, 3061 deals). As a buying Mellanox Technologies for USD 6.8bn and Micron Parker Hannifin bought Lord Corporation for USD 3.7bn in 2Q19. result, 1H19 was the second highest-valued half-year period Technology exercising its right to purchase Santa Clara, Other specialty chemicals targets currently in an active sales on Mergermarket record (since 2001), behind only 2H15 (USD California-based Intel’s interest in the parties’ joint venture, process include Polymer Solutions Group and GEO Specialty 973.5bn). IM Flash Technologies, for USD 1.5bn. However, activity in the Chemicals. Polymer Solutions is already in in the final stretch of semiconductor space was not limited to domestic deals only. the process, with three financial sponsors vying for the target. Mega-deals (over USD 10bn) were the biggest driver behind On the contrary, foreign interest in US-based semiconductor the growth. Nineteen such transactions worth a combined USD Speaking of private equity, activity in the space remained companies reached its second-highest deal value on record (6 569.2bn – including the USD 88.9bn acquisition of Raytheon by relatively stable at 608 deals worth USD 111.6bn in 1H19, an deals worth US$ 10.6bn in 1H19). At the same time, interest from United Technologies in the Defence sector and the USD 89.5bn increase of 27.6% compared to 2H18 (USD 87.5bn) but a Asian buyers – especially Chinese buyers – dwindled compared purchase of Celgene by Bristol-Myers within Pharma, Medical & decrease of 11.8% from 1H18 (USD 126.6bn). At the same to record-high levels in 2015, after several such deals were Biotech – constituted close to 60% of the regional deal value time, strategic M&A reached its highest value on record with heavily scrutinized or blocked by CFIUS in 2016-2017. in the first half of the year. At the same time, in all of 2018 there 1,922 deals worth USD 845.7bn in 1H19, after three years of were also 19 transactions in this range, with a total value of USD In general, Technology investments from Asia have been slowly consecutive increases. 473.8bn. decreasing from their peak values in 2015-2016, whereas If companies become more cautious about approaching the European M&A flow into the sector reached a record-high Big-name deals were not limited to M&A, however. The IPO end of the cycle, we might see a slowdown in activity, but, if the value of USD 23.9bn across 51 transactions in 1H19. market has also been booming. Lyft raised over USD 2bn in first half was in any way representative of what the rest of the March, and Uber followed suit in May with its own USD 8.1bn The Cypress Semiconductor deal is also subject to the CFIUS year might bring, 2019 could be a great time for US M&A. offering. More high-value IPOs, including potential listings of review, although concerns that the purchase might get blocked Airbnb and WeWork, are already expected later this year, and, have been played down. In 2017, Infineon had attempted to “If the US economy continues to if the US economy continues to expand, more transformative acquire Cree’s Wolfspeed Power and RF division, before the M&A transactions might take place by the end of 2019. deal was blocked by CFIUS on national security concerns. expand, more transformative M&A Portland, Oregon-based Lattice Semiconductor or New York- While mega-deals have so far been mostly limited to domestic listed, France-based Sequans Communications could be seen transactions might take place by transactions, year-on-year growth rate for inbound M&A has as some of the last few M&A candidates in the space. been even higher. In the first six months of 2019, inbound M&A the end of 2019.” amounted to 441 deals worth USD 137bn, a 19.8% uptick in deal Meanwhile, the Industrials & Chemicals (I&C) sector reached value from 1H18 (USD 114.3bn, 521 deals). In the time of Trump its highest value on Mergermarket record. In 1H19, I&C saw tariffs and America’s inward-looking foreign policy, investment 439 transactions worth USD 116.2bn, almost double the value Lana Vilner from both Europe and Asia saw an increase of 26.4% and from 1H18 (USD 76.1bn across 564 deals). At USD 63.2bn, the 53.2% to USD 81.7bn and USD 30.3bn, respectively. split of DowDuPont into three separate companies contributed Head of Research (Americas) mergermarket.com Mergermarket Global & Regional US Analysis 21 M&A Report 1H19

11.8% 19.8% 13.7%

Decrease in US buyout value Increase in year-on-year Increase in year-on-year from 1H18 (USD 126.6bn) inbound value domestic value

USD 845.7bn USD 23.9bn USD 9.3bn Value of strategic deals, the Value of European Value of the Cypress highest first-half value on record purchases of US Semiconductor/Infineon semiconductor companies, Technologies transaction, the the highest on record second-largest semiconductor deal since 2016

mergermarket.com Mergermarket.com Mergermarket Global & Regional US Analysis 22 M&A Report 1H19

Chart title 1 Chart title 1 ChartUS titleQuarterly 2 Breakdown Trend ChartUS Sectortitle 2 Breakdown Trend 2014 - 2019 1H18 - 1H19

320

2000 6200

1750 256

4960 509.4 508.8 1500

322.7 192 1250 504.4 346.8 3720

411.4 Deal Count 464.1 386.3 303.2 1000 300.9 Deal Value (USD bn) (USD Value Deal

128 424.7 2480 Deal Value (USD bn) (USD Value Deal 750 409.5 294.3 494.1 419.8 468.6 172.6 156.4 150.3 500 127.8 292.6 64 123.7 116.2 389.6 327.4 1240 116.2

71.8 77.9 76.1 250 415.8 463.2 357.0 320.9 219.7 254.5 0 0 0 Pharma, Technology Energy, Business Industrials & Other 2014 2015 2016 2017 2018 2019 Medical & Mining & Services Chemicals Biotech Utilities

Q1 Q2 Q3 Q4 1H18 1H19

Deal Count

mergermarket.com Mergermarket Global & Regional US Analysis 23 M&A Report Q1 2019

US League tables

US league table by value US league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Goldman Sachs & Co 555,914 107 36.3% 407,881 1 1 Goldman Sachs & Co 555,914 107 -42 149 2 3 JPMorgan 548,051 87 86.9% 293,299 2 2 JPMorgan 548,051 87 -13 100 3 1 Morgan Stanley 465,579 74 13.3% 410,821 3 3 Morgan Stanley 465,579 74 -20 94 4 5 Evercore 402,204 73 92.6% 208,825 4 8 Jefferies 107,529 74 4 70 5 9 Citi 385,104 63 156.3% 150,271 5 10 Evercore 402,204 73 5 68 6 4 Bank of America Merrill Lynch 219,175 52 3.7% 211,276 6 7 Barclays 160,488 70 -4 74 7 6 Credit Suisse 189,678 52 2.5% 185,002 7 5 Citi 385,104 63 -16 79 8 7 Barclays 160,488 70 -12.5% 183,373 8 4 Houlihan Lokey 7,896 63 -28 91 9 19 RBC Capital Markets 143,792 37 215.3% 45,607 9 6 Raymond James | Silver Lane 3,008 54 -24 78 10 11 PJT Partners 130,652 17 -8.0% 142,014 10 11 Bank of America Merrill Lynch 219,175 52 -7 59 11 18 Jefferies 107,529 74 127.7% 47,217 11 9 Credit Suisse 189,678 52 -17 69 12 30 Dyal Co 89,489 1 317.8% 21,420 12 18 Lazard 47,722 48 2 46 13 8 Centerview Partners 86,212 26 -52.6% 181,905 13 19 Lincoln International 787 48 2 46 14 12 Deutsche Bank 77,634 32 -33.5% 116,712 14 17 Piper Jaffray & Co 2,485 47 -3 50 15 10 Lazard 47,722 48 -67.9% 148,795 15 14 William Blair & Company 7,719 46 -6 52 16 32 Wells Fargo Securities 46,308 21 122.9% 20,777 16 13 Moelis & Company 28,673 42 -10 52 17 53 Allen & Company 34,965 4 396.7% 7,040 17 12 Stifel/KBW 9,690 40 -15 55 18 63 SunTrust Robinson Humphrey Capital 33,635 12 824.5% 3,638 18 20 Deloitte 4,501 40 -5 45 Markets 19 28 PwC 2,931 40 9 31 19 17 Guggenheim Partners 33,046 19 -30.2% 47,313 20 15 Robert W. Baird & Co 9,938 38 -14 52 20 43 Greenhill & Co 29,698 11 152.5% 11,761

mergermarket.com Mergermarket Global & Regional Latin America Analysis 24 M&A Report 1H19 Latin America

Value Deal Details (USDm)

Announcement Bidder Company Target Company Target Target Sector Date Geography 8,641 5-Apr ENGIE SA; Caisse Transportadora Brazil Energy, Mining USD 1bn de Depot et Associada de Gas & Utilities Placement du (90% Stake) Quebec; Engie Brasil Energia Softbank’s investment in

4,200 25-Jan The Boeing Embraer SA Brazil Industrials & Colombia-based unicorn Rappi Company (commercial Chemicals aviation business) (80% Stake)

1,728 6-Jun Sonae Sierra Aliansce Shopping Brazil Real Estate Brasil Centers

1,294 25-Apr Petronas Petroleo Brasileiro Brazil Energy, Mining Petroleo Brasil SA (Tartaruga & Utilities Verde oil field) USD 2.3bn 5x (50% Stake); Petroleo Brasileiro SA (Modulo III of Espadarte oil field) Combined deal value for Change in Latin American (50% Stake) Technology targets, highest Telecommunications 1,266 7-May Hapvida Saúde Grupo Sao Brazil Pharma, Francisco Medical & on Mergermarket record deal activity by value Biotech compared to 1H18

mergermarket.com Mergermarket Global & Regional Latin America Analysis 25 M&A Report 1H19

Latin America

Latin American M&A activity ended the first half of 2019 with based Millicom International Cellular acquired three Brazilian Supreme Court in May, before getting the green mixed results in the context of ramped-up trade war rhetoric telecommunications companies in Panama, Costa Rica, and light the following month. Also, Petrobras sold several oil field in the US. Activity in 1H19 (255 deals worth a combined USD Nicaragua for a combined USD 1.7bn. assets for a combined USD 1.6bn in 2Q and announced in 35.8bn) declined by both deal count and value from 344 late June it began the non-binding phase for the sale of its Domestically, Mexico-based America Movil resumed its M&A deals valued at USD 49bn in 1H18. However, compared to the 93.7% stake in Breitener Energetica, an electricity generation spree after a quiet year. In January, the company announced second half of 2018 (USD 27.2bn, 322 deals), M&A increased company. Outbound M&A was led by the acquisition of its intention to acquire two telecommunications providers in 31.6% by value. The Energy, Mining and Utilities (EMU) sector US-based Avon Products by listed Brazil-based Natura El Salvador and Guatemala from Telefonica Centroamerica maintained its top position with 36 deals worth a combined Cosmeticos for USD 3.6bn, the seventh-largest outbound Inversiones for a combined USD 648m. In March, America USD 15.5bn announced in 1H19, and therefore continued deal from Latin America on Mergermarket record (since 2001) Movil announced its acquisition of Brazil-based Nextel to buttress deal-making in Latin America. Technology saw and the largest outbound transaction since the USD 6.2bn Telecomunicacoes for USD 905m. In May, the acquisition record-level activity, there were 36 transactions worth USD acquisition of a 48.3% stake in Spain-based construction firm for the El Salvadorian portion was blocked by the local 2.3bn within Technology in 1H19, double the value with 15 more Fomento de Construcciones y Contratas by Invesora Carso, competition authority. deals compared to the same period last year (USD 1.2bn, 21 an investment firm owned by Carlos Slim, in 2016. deals). Several targets returned to domestic ownership. Late in While the prospect of increased tariffs has caused dealmakers 2Q19, Aliansce Shopping Centers, a Brazil-based developer Activity in the sector was led by deals in the consumer to consider hitting the pause button, opportunities in the of shopping malls, was acquired for USD 1.7bn by Sonae technology space, highlighting a growing consumer base region assuaged some of the hesitancy. Going forward, if Sierra Brasil, a local competitor, from Canada Pension Plan in the region. In one such cross-border example, Softbank trade tariffs are introduced and put into effect globally, M&A Investment Board (CPPIB). Earlier in the quarter, Sacyr invested up to USD 1bn in Colombia-based unicorn Rappi, a activity in Latin America could be negatively affected, but for Concesiones Chile, a subsidiary of Spain-based construction grocery delivery app, which, according to Mergermarket data, now market conditions don’t appear to be severely impeding company Sacyr, announced it was selling a 49% stake in a had raised over USD 400m since 2016. The deal marks the deal activity. portfolio of Chilean assets to Chile-based investment fund largest technology fundraising in Latin America on record. In Toesca Infraestructura for USD 495m. addition to Rappi, Softbank also participated in a club-style “While the prospect of increased tariffs deal to acquire a roughly 30% stake in Brazil-based Gympass, In contrast to domestic activity, inbound M&A, which saw 118 an online platform for gym memberships, for USD 300m; other deals worth USD 24bn in 1H19, was up 19.5% by value with has caused dealmakers to consider participants included Atomico, General Atlantic, and Valor 32 fewer deals compared to 1H18 (USD 20.1bn, 150 deals). hitting the pause button, opportunities Capital. Gympass’ fundraising represents an emerging and Investment from Europe (USD 12.5bn, 57 deals) rose 53.4% expanding fitness tech space in the region. Fitpass, also a by value with 5 fewer deals from the 1H18. Chief among in the region assuaged some of the fitness tech company, recently raised an undisclosed amount these was the USD 8.6bn sale of Transportadora Associada hesitancy.” in a Series B funding round led by Brazilian investment firm de Gas (TAG), a Brazil-based natural gas transporter owned Chromos Invest, as reported by Mergermarket. by Petrobras, to a consortium formed by France-based energy company Engie and Canada-based Caisse de Depot The Telecommunications industry also proved attractive, et Placement du Quebec (CDPQ), following a months-long Philip Segal recording 10 deals worth USD 3.1bn in 1H19, half of which auction process. The deal was suspended briefly by the were driven by foreign investors. In February, Luxembourg- Head Analyst (Americas) mergermarket.com Mergermarket Global & Regional Latin America Analysis 26 M&A Report 1H19

115 USD 3.6bn

32 Number of deals announced Value of Natura Cosmeticos’ in 2Q19, lowest since 1Q10 acquisition of Avon Products, (104) 7th largest outbound deal on Number of announced deals in record Colombia in 1H19, highest first- half activity by count on record

17 USD 12.5bn USD 24.6bn Number of announced deals in Total deal value of inbound M&A activity in Brazil by value, Chile in 1H19, lowest first-half M&A activity from Europe, down 18% compared to 1H18 highest first-half value since (USD 30bn) activity since 1H04 (10 deals) 1H12 (USD 25.6bn)

mergermarket.com Mergermarket.com Mergermarket Global & Regional Latin America Analysis 27 M&A Report 1H19

Chart title 1 Chart title 1 ChartLatin title America 2 Quarterly Breakdown Trend ChartLatin title America 2 Sector Breakdown Trend 2014 - 2019 1H18 - 1H19

25

150 800

140

130 700 20 120 28.6 600 110

100 500 15 90

38.1 Deal Count 80 44.4 400 21.6 70 19.6 17.8 29.4 10 Deal Value (USD bn) (USD Value Deal Deal Value (USD bn) (USD Value Deal 60 9.4 300 50 15.5 39.9 30.2 25.4 40 25.3 24.2 21.5 200 11.5 30 5 19.7 8.7 8.1 20 11.2 13.8 12.2 100 5.6 24.8 27.6 4.7 10 14.9 3.1 11.9 14.1 16.1 2.3 2.1 0.6 1.2 0 0 0 2014 2015 2016 2017 2018 2019 Energy, Industrials & Telecom Technology Consumer Other Mining & Chemicals Utilities

Q1 Q2 Q3 Q4 1H18 1H19

Deal Count

mergermarket.com Mergermarket Global & Regional Latin America Analysis 28 M&A Report 1H19

Latin America League tables

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 4 Morgan Stanley 15,081 9 0.5% 15,013 1 2 Banco BTG Pactual 4,169 14 2 12 2 6 Goldman Sachs & Co 12,235 10 99.4% 6,136 2 8 Citi 10,662 12 5 7 3 18 Santander Global Corporate Banking 10,811 7 1385.0% 728 3 6 Goldman Sachs & Co 12,235 10 2 8 4 7 Citi 10,662 12 95.8% 5,446 4 1 Banco Itau BBA 3,589 10 -8 18 5 26 BR Partners 10,348 4 2448.8% 406 5 5 Morgan Stanley 15,081 9 0 9 6 5 Banco BTG Pactual 4,169 14 -49.7% 8,292 6 12 Santander Global Corporate Banking 10,811 7 1 6 7 13 Lazard 3,778 3 194.7% 1,282 7 16 Rothschild & Co 2,518 7 2 5 8 2 Banco Itau BBA 3,589 10 -84.3% 22,847 8 14 Deloitte 640 6 0 6 9= - PJT Partners 3,557 1 - - 9 33 Scotiabank 820 5 3 2 9= 40 UBS Investment Bank 3,557 1 4981.4% 70 10 10 Oaklins 30 5 -2 7 11 1 Bank of America Merrill Lynch 3,412 4 -85.5% 23,602 11 22 BR Partners 10,348 4 1 3 12 16 Rothschild & Co 2,518 7 173.7% 920 12 3 Bank of America Merrill Lynch 3,412 4 -6 10 13 - Credit Agricole 1,734 3 - - 13 4 Banco Bradesco BBI 977 4 -5 9 14 - Astoria Capital Partners 1,266 2 - - 14 9 JPMorgan 941 4 -3 7 15 - Riza Capital 1,266 1 - - 15 7 Credit Suisse 326 4 -4 8 16 22 Evercore 1,074 2 91.8% 560 16 17 Vinci Partners 177 4 -1 5 17 - Huatai Securities 986 1 - - 17 37 APOYO Finanzas Corporativas 36 4 2 2 18 3 Banco Bradesco BBI 977 4 -95.3% 20,980 18 24 Global M&A Partners 12 4 1 3 19 10 JPMorgan 941 4 -66.1% 2,779 19 15 Lazard 3,778 3 -2 5 20 39 Scotiabank 820 5 720.0% 100 20 - Credit Agricole 1,734 3 3 0

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 29 M&A Report 1H19 Asia Pacific (excl. Japan)

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector Date Geography 8.7 14-Jan CapitaLand Ascendas- Singapore Real Estate USD 241bn Singbridge Asia Pacific (excl. Japan)

6.8 26-Feb Hanergy Mobile Hanergy Thin Hong Kong Energy, Mining & M&A value in 1H19, the lowest Energy Holding Film Power Utilities Group Group Limited 1H value since 2013 (32.49% Stake)

6.0 08-Mar ArcelorMittal; Essar Steel India India Industrials & Nippon Steel & Chemicals Sumitomo Metal Corporation

5.9 26-Jan Henan Henan Luohe China Consumer 14.4% 25.0% Shuanghui City Shuanghui Investment and Industrial Group Development Share of global market Outbound M&A value M&A in 1H19, compared year-on-year decrease 5.0 24-Jan Wuhan Beijing China Consumer Zhongshang Easyhome New to 18.6% in 1H18 in terms of deal value Commercial Retail Chain Group Group

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 30 M&A Report 1H19

Asia Pacific (excl. Japan)

M&A activity in APAC excl. Japan during the first half of Singapore-listed real estate giant Capitaland’s acquisition activity dropped dramatically in China. PE buyouts amounted the year slowed down to levels unseen since 2013 amid an of Ascendas and Singbridge from Temasek in a transaction to just USD 28.8bn across 160 deals) in 1H19, a steep escalating US-China trade and technology war. The region struck in January and valued at USD 8.1bn remains the largest declined compared to the same period last year (USD 67.1bn; generated 1,525 deals valued USD 241bn in 1H19, as its global deal in APAC ex Japan in the first half of the year. 263 deals). The largest PE buyout deal was the acquisition market share shrank to 13.4% from 18.6% during the same of Australia’s hospital operator Healthscope by Canada’s The surge in The Philippines was largely driven by the flagship period last year. Following a disappointing 1Q (USD 143.9bn; Brookfield Asset Management for USD 4.43bn in February. Build, Build, Build (BBB) campaign of President Rodrigo 782 deals), dealmaking further decelerated in 2Q (USD 97bn; Duterte, which is spurring consolidation among cement Private equity exits activity was also weak, recording 82 deals 743 deals). players. The largest deal in the country was San Miguel worth USD 28.25bn, compared to 129 deals valued USD 73.4bn China and Hong Kong together accounted for little more than Corporation’s acquisition of 85.7% stake in Holcim Philippines a year prior. However, the launch of a Nasdaq-style tech board half of the total regional deal value. China’s deal value plunged from LafargeHolcim for USD 1.85bn. Thailand remains a sore on the Shanghai Stock Exchange in June could revive exit by 44.7% in 1H19 compared to 1H18, while Hong Kong posted spot in the South East Asia region, as dealmaking activity slid plans in the second half of the year for investment funds that a more modest 11.1% decrease over the same period, thanks by 64.7% y-o-y in value (USD 3.1bn) amid growing political invested in Chinese tech companies. for the most part to the Hanergy Thin Film’s USD 6.8bn take- uncertainty caused by the ongoing power struggle between private deal – the second largest deal in APAC excl. Japan so pro-military allies and opposition parties. far this year. “The tech war between Outbound activity in 1H19 sharply slowed down in APAC India, the second largest M&A market behind China, also excl. Japan (USD 41.2bn; 192 deals) despite the USD the US and China is performed badly (USD 33.5bn, equal to a 52.8% y-o-y 10.2bn takeover of US-based liquid petroleum products decrease) despite not being directly involved in the US-China pipeline operator Buckeye Partner by Australia’s institutional threatening to disrupt the trade war. M&A activity slowed down in 1Q19 as businesses investment manager IFM Investors. Hong Kong’s private equity adopted a cautious approach ahead of the general elections. firm RRJ Capital’s acquisition of Switzerland-based airline supply chain and create Dealmaking failed to gain momentum in the second quarter catering services Gategroup for USD 2.8bn was the second due to a slowdown in GDP growth and domestic consumption largest outbound deal during the period. a ‘digital iron curtain’” coupled with valuations mismatch. However, India was home All sectors recorded a decrease in both value and volumes in to the third-largest deal in in APAC excl. Japan in 1H19 – the 1H19 except Consumer, which recorded a 7.6% y-o-y increase takeover of troubled Essar Steel India by ArcelorMittal and in value (USD 23.2bn across 144 deals). The technology sector Nippon Steel & Sumitomo Metal for USD 6bn. dropped by 66% in value (USD 22.9bn across 174 deals), as Riccardo Ghia, South East Asia bucked the overall gloomy M&A trend. the tech war between the US and China is threatening to Singapore (USD 17.1bn, equal to a 154% y-o-y increase), disrupt the supply chain and create a ‘digital iron curtain’ Research Editor (APAC) Indonesia (USD 6.6bn, equal to an 88.6% y-o-y increase), between countries using US technologies and those who Malaysia (USD 3.7bn, equal to a 16.4% increase) and The adopt Chinese ones. Philippines (USD 2.2bn, equal to a 398.2% increase) drove The scenario for private equity buyouts appears bleak and total deal value up in the region despite a lower deal count. it is expected to worsen in the near future as PE fundraising mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 31 M&A Report 1H19

USD 28.8bn 5 7.6%

PE buyouts in 1H 2019, the Deals worth at least USD Consumer M&A value 5bn targeting the region year-on-year increase (best lowest value since 2013 performing sector)

398.2% 66% USD 28.3bn Philippines’ M&A value increase Technology deal value versus 1H18 - the fastest decrease amid China-US PE exits in H1 2019 tech war growing APAC market

mergermarket.com Mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 32 M&A Report 1H19

Chart title 1 Chart title 1 ChartAsia title Pacific 2 (excl. Japan) Quarterly Breakdown Trend ChartAsia title Pacific 2 (excl. Japan) Sector Breakdown Trend 2014 - 2019 1H18 - 1H19

150

900 4500

120 800 4000

293.4 700 16.2 3500

191.2 90 600 248.8 3000 178.9 131.2 170.1 500 152.8 2500 Deal count 158.5 60

400 2000 bn) (USD deals of Value 174.1 181.8 124.3 Value of deals (USD bn) (USD deals of Value 234.4 300 79.7 1500 69.2 67.5 218.0 30 56.6 150.1 143.8 45.6 200 168.9 1000 97.0 41.2 31.7 26.9 21.6 23.2 22.9 100 194.1 500 140.8 140.4 158.2 114.9 143.9 0 Industrials Financial Energy, Mining Consumer Technology Other 0 0 & Chemicals Services & Utilities 2014 2015 2016 2017 2018 2019

Q1 Q2 Q3 Q4 1H18 1H19

Deal Count

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 33 M&A Report 1H19

Asia Pacific (excl. Japan) League tables

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 8 Bank of America Merrill Lynch 39,065 14 99.3% 19,600 1 3 PwC 8,699 55 -1 56 2 1 Goldman Sachs & Co 37,911 18 -27.9% 52,587 2 2 Deloitte 15,952 36 -20 56 3 2 JPMorgan 31,369 17 -33.9% 47,437 3 1 KPMG 11,673 31 -28 59 4 5 Morgan Stanley 25,905 21 -23.3% 33,758 4 4 EY 4,231 23 -24 47 5 3 Citi 25,373 18 -43.6% 44,962 5 14 CITIC Securities 15,025 22 3 19 6 10 UBS Investment Bank 24,836 19 49.7% 16,596 6 9 Morgan Stanley 25,905 21 -1 22 7 18 Credit Suisse 24,477 15 108.1% 11,761 7 8 UBS Investment Bank 24,836 19 -5 24 8 - Wells Fargo Securities 23,988 3 - - 8 5 Goldman Sachs & Co 37,911 18 -17 35 9 6 Deutsche Bank 20,267 11 -29.8% 28,884 9 6 Citi 25,373 18 -13 31 10 22 Huatai Securities 18,394 15 84.0% 9,996 10 13 JPMorgan 31,369 17 -2 19 11 9 Barclays 16,311 9 -14.2% 19,005 11 7 Rothschild & Co 14,629 16 -10 26 12 13 Deloitte 15,952 36 5.8% 15,081 12 15 Credit Suisse 24,477 15 -4 19 13 7 CITIC Securities 15,025 22 -26.7% 20,508 13 17 Huatai Securities 18,394 15 -2 17 14 20 Rothschild & Co 14,629 16 33.8% 10,932 14 12 Macquarie Group 8,842 15 -5 20 15 17 HSBC 13,389 10 12.9% 11,861 15 11 Bank of America Merrill Lynch 39,065 14 -6 20 16 14 KPMG 11,673 31 -20.1% 14,615 16 60 JM Financial 9,185 13 9 4 17 23 China Securities 11,179 12 15.1% 9,715 17 46 Guotai Junan Securities 1,834 13 8 5 18 25 Evercore 10,488 3 18.0% 8,886 18 19 China Securities 11,179 12 -1 13 19 - Intrepid Partners 10,188 1 - - 19 22 Deutsche Bank 20,267 11 -1 12 20 24 JM Financial 9,185 13 -4.7% 9,633 20 25 HSBC 13,389 10 0 10

mergermarket.com Mergermarket Global & Regional Japan Analysis 34 M&A Report 1H19 Japan

Value Deal Details (USDm)

Announcement Bidder Company Target Company Target Target Sector Date Geography 4,154 08-May SoftBank Corp Yahoo Japan Japan Technology USD 18.1bn Corporation (31.75% Stake) Japan M&A value in 1H19, 1,165 05-Feb Kirin Holdings Kyowa Hakko Bio Japan Industrials & Company Co (95% Stake) Chemicals increased by 2.4% compared to 1H18 (USD 17.7bn)

1,000 20-Feb MBK Partners Godiva Belgium Japan Consumer BVBA (Retail and distribution operations of Asia-Pacific assets) 930 21-Jun Bain Capital Works Japan Technology Applications Co (HR-related USD 4.2bn USD 6.3bn Software Business) 900 15-Mar Blackstone AYUMI Japan Pharma, Medical Group Pharmaceutical & Biotech Softbank Corp / Yahoo Deal value for Technology Corporation Japan (31.8% stake), largest sector, highest first-half domestic deal in 1H19 activity on record

mergermarket.com Mergermarket Global & Regional Japan Analysis 35 M&A Report 1H19

Japan

M&A activity increased in Japan in contrast to most of the South East Asia remained an attractive destination for manufacturer, led by government-backed private equity and APAC region thanks in part to its central bank’s monetary Japanese outbound investment, in particular in the area of venture capital firm INCJ. policy, which fostered an investment-friendly environment Financial Services, which generated USD 12.3bn across 16 The buyout activity is expected to continue to gain through ultra-low lending rates. Deal value in 1H19 increased deals – the highest-valued sector for Japanese outbound momentum as more international firms like Blackstone entered by 2.4% (USD 18.1bn) compared to 1H18 (USD 17.7bn). M&A, and the third highest outbound deal-making value in this the market with a growing focus on the semiconductor and sector on Mergermarket record (since 2001). SoftBank Corp’s USD 4.2bn-acquisition of a 31.8% stake in consumer sectors. Yahoo Japan was the largest deal in Japan in 1H19, making Persistent low interest rates at home have harmed Japan’s Technology (USD 6.3bn, 24 deal) the most active sector financial services firms’ profits, spurring Japanese banks to in value. SoftBank Group maintained its status as a M&A increase their presence in countries like Indonesia due to its powerhouse. attractive growth prospects and its low level of credit. “The ongoing Sino-US trade Japanese outbound activity recorded a 58.7% decline in Last April, MUFG Bank’s USD 3.5bn-takeover of Bank value in 1H19 (USD 42.6bn, 160 deals) compared to the Danamon, the seventh largest commercial bank in Indonesia war may indeed be providing record-breaking 1H18 (USD 103.1bn, 152 deals). However, the by asset size, marked another major takeover of an Indonesian decline in value is not necessarily indicative of a downward Bank by a Japanese counterpart after Sumitomo Mitsui more opportunities for trend as it was mostly due to Takeda Pharmaceutical’s USD Financial Group’s USD 1bn-acquisition of Bank BTPN in 3Q18. 78.2bn takeover of Shire in the first half of 2018. Excluding Japanese bidders” Inbound Japan M&A dealmaking recorded a 114.3% increase the Takeda-Shire megadeal, USD 24.9bn-worth of outbound by value (USD 3.9bn) over 1H18 (USD 1.8bn). The US transactions was generated in 1H18 – less than in 1H19. accounted for 61.6% of the inbound activity (USD 2.4bn), The US continues to be the biggest destination of Japan’s with the remaining coming from other APAC countries. The Danni Sun, outbound investment by deal value and deal volume, Technology sector continued to dominate M&A inbound contributing 42 deals worth USD 12.6bn, up from 1H18’s USD activity both in terms of value and volume, with USD 1.4bn Senior Analyst (APAC) 7.3bn. registered across 8 deals. US private equity (PE) firm Bain Capital’s USD 930m-purchase of the HR-related software For the third time in a row, Japan’s half-yearly outbound value business of Works Applications, the Japanese ERP package surpassed China’s (USD 21.5bn) in 1H19. The ongoing Sino- software developer topped the sector’s deal list. US trade war may indeed be providing more opportunities Joji Sekinuma, for Japanese bidders and less competition from Chinese PE buyout activity experienced a recovery as deal value counterparts in the global M&A market. With little signs jumped 6.9x in 1H19 (USD 4.8bn across 21 deals) compared Analyst (APAC) of reaching a deal to end the trade war and negotiations to 1H18 (USD 699m). Two buyouts took place in the constantly falling apart between the two nations, the semiconductor space, namely the USD 374m purchase of a outbound activities led by Japanese bidders are expected to 49.82% stake of Apple’s long-time LCD panel supplier, Japan remain strong in 2H19. Display by a consortium led by Taiwan-based TPK Holdings, and the USD 230m fundraising for JOLED, the OLED display mergermarket.com Mergermarket Global & Regional Japan Analysis 36 M&A Report 1H19

-58.7% 6.9x 42 Increase in PE buyouts Total number of outbound value in 1H19 (USD 4.8bn) deals into the US, top Decrease of outbound M&A compared to 1H18 (USD destination in 1Q19 value in 1H19 (USD 42.6bn) 699m) compared to 1H18 (USD 103.1bn)

61.6% USD 12.3bn 114.3% Share of overall inbound value by a US bidder Outbound investments in Increase of Inbound activity Financial Services sector, by value in 1H19 (USD 3.9bn) third highest first-half value compared to 1H18 (USD 1.8bn) on record

mergermarket.com Mergermarket.com Mergermarket Global & Regional Japan Analysis 37 M&A Report 1H19

Chart title 1 Chart title 1 ChartJapan title Quarterly 2 Breakdown Trend ChartJapan title Sector 2 Breakdown Trend 2014 - 2019 1H18 - 1H19

8 80 500

450 7 70

400 6 60 35.3 15.2 350

50 5 300 Deal count

4 40 11.4 250 17.1 16.3

200 3 6.3

30 21.6 bn) (USD deals of Value Value of deals (USD bn) (USD deals of Value 9.4 13.5 19.7 13.3 150 4.5 4.3 20 5.1 2

100 3.2 3.4 3.1 9.1 8.6 2.6 2.5 10.6 5.5 10.6 2.4 10 1 17.1 2.1 50 1.3 9.1 9.0 9.1 7.1 7.5 0.2 0 0 0 2014 2015 2016 2017 2018 2019 Technology Industrials Consumer Pharma, Financial Other & Chemicals Medical Services & Biotech

Q1 Q2 Q3 Q4 1H18 1H19

Deal Count

mergermarket.com Mergermarket Global & Regional Japan Analysis 38 M&A Report 1H19

Japan League tables

Japan league table by value Japan league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Morgan Stanley 23,711 21 -83.8% 146,312 1 1 Nomura Holdings 14,857 33 -3 36 2 5 Nomura Holdings 14,857 33 -83.8% 91,492 2 6 Deloitte 3,235 22 7 15 3 2 Goldman Sachs & Co 13,928 7 -91.2% 158,981 3 5 Daiwa Securities Group / DC Advisory 2,322 22 4 18 4 17 Bank of America Merrill Lynch 8,494 5 574.1% 1,260 4 3 Morgan Stanley 23,711 21 1 20 5 8 Mizuho Financial Group 5,824 19 -90.9% 64,058 5 4 Mizuho Financial Group 5,824 19 -1 20 6 1 JPMorgan 5,446 7 -96.6% 159,957 6 2 Sumitomo Mitsui Financial Group 2,296 17 -10 27 7 14 Barclays 4,049 5 -75.5% 16,500 7 15 PwC 3,525 10 5 5 8 16 UBS Investment Bank 3,922 3 103.1% 1,931 8 7 GCA Corporation 1,937 10 -2 12 9 4 Evercore 3,580 2 -97.4% 139,310 9 9 Goldman Sachs & Co 13,928 7 -1 8 10 43 PwC 3,525 10 2837.5% 120 10 8 JPMorgan 5,446 7 -1 8 11 69 HSBC 3,501 1 - - 11 14 YAMADA Consulting Group Co 913 7 2 5 12 26 Deloitte 3,235 22 499.1% 540 12 11 KPMG 343 6 -1 7 13 72 Macquarie Group 3,019 1 - - 13 20 Bank of America Merrill Lynch 8,494 5 2 3 14 15 Daiwa Securities Group / DC Advisory 2,322 22 -29.9% 3,311 14 27 Barclays 4,049 5 3 2 15 7 Sumitomo Mitsui Financial Group 2,296 17 -96.7% 68,909 15 28 Rothschild & Co 1,592 5 3 2 16 22 Lazard 2,006 4 206.3% 655 16 30 EY 961 5 3 2 17 20 GCA Corporation 1,937 10 119.1% 884 17 17 AGS Consulting 899 5 1 4 18 19 Rothschild & Co 1,592 5 48.8% 1,070 18 10 Frontier Management 257 5 -3 8 19 - TH Capital 1,500 1 - - 19 21 Lazard 2,006 4 1 3 20 11 Deutsche Bank 1,411 2 -97.7% 60,991 20 13 Plutus Consulting 988 4 -2 6

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 39 M&A Report 1H19 Middle East & Africa

Value Deal Details (USDbn)

Announcement Bidder Target Target Target Sector Date Company Company Geography 70.4 27-Mar-19 Saudi Arabian Saudi Basic Industries Saudi Arabia Industrials & USD 113.5bn Oil Co Corporation Chemicals (70% Stake)

8.8 5-May-19 Total Anadarko Petroleum Mozambique Energy, Mining Value of MEA M&A so far Corporation: Algerian & Utilities assets in the Berkine this year, up 59% on last basin (24.5% Stake); Assets in Ghana in Jubilee field (27% year’s full-year figure Stake); Assets in Ghana in TEN fields (19% Stake); Assets in Mozambique in Area 1 (26.5% Stake)

4.0 24-Feb-19 Kohlberg Kravis ADNOC Oil Pipelines United Arab Energy, Mining Roberts & Co (40% Stake) Emirates & Utilities LP; BlackRock 41.2% 7 4.0 29-Jan-19 Abu Dhabi Union National Bank United Arab Financial Commercial Emirates Services Bank Increase in foreign Number of deals above 3.4 24-Jun-19 Fuhrer Family; B Communications Israel Telecommuni- investment value USD 500m in Q2 Searchlight Ltd (53.54% Stake) cation compared to YTD 2018 Capital Partners

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 40 M&A Report 1H19

Middle East & Africa

Middle East & Africa (MEA) M&A returned to regular levels Tanzanian mining firm, Acacia Mining. Reports suggest that Dealmakers will be encouraged, however, by the continued in Q2 following a blockbuster first quarter. A total of USD Barrick will review its portfolio of assets for potential sales if it interest in Energy, Mining & Utilities assets, particularly from 19bn was invested into the region in Q2, meaning the first six is successful in its takeover of Randgold. Overall, African M&A foreign investors. More deals in the space appear to be on the months has seen a total of USD 113.5bn following the USD stands at USD 13.6bn across 73 deals, 16.9% higher than 2H18, horizon with Glencore reportedly beginning a sale process 70.4bn Saudi Aramco/SABIC tie-up. The region received three which saw USD 11.7bn invested into the continent. for Chad oilfields earlier in June, while AngloGold Ashanti are deals above the USD 1bn mark in Q2, down from six in the first selling their South African operations M&A targeting the Middle East (excl. Israel) had a strong three months of the year. showing in the first half following the Saudi Aramco/SABIC tie- The largest deal in the second quarter saw French oil giant up, as well as multibillion divestments by ADNOC. The region Total acquire African assets from Anadarko Petroleum for a has received a total of USD 92.1bn so far this year, around 4x total consideration of USD 8.8bn. This represents the largest higher than the full-year 2018 figure. “More investment may be deal targeting Africa since October 2015 when UAE medical The region saw one deal above the USD 1bn mark in Q2 firm Al Noor Hospitals purchased South African hospital around the corner with – Twelve Seas Investment Company’s reverse takeover of operator Medi-Clinic for USD 11.4bn. Brooge Oil and Gas. many experts predicting The deal gives Total greater exposure in Africa and Interest in Israeli assets remains strong, particularly from demonstrates the importance of LNG to the French firm. It foreign investors, with a 58.7% uptick in overall M&A compared further consolidation in also shows confidence in African oil and gas whereas in other to Q1. A total of USD 7.8bn has been spent in Israel across established regions such as the North Sea, Total has been 49 deals so far this year, including the USD 3.4bn investment the mining sector” actively selling assets. into B Communication by Searchlight Capital Partners and As a result, Energy, Mining & Utilities (EMU) M&A across the the Fuhrer family, one of two deals above the USD 500m region has reached its highest YTD point on record. A total of targeting the country so far this year. USD 23.1bn (28 deals) has been invested into the sector so Jonathan Klonowski, While Israel continues to be a tech hub, with many foreign far this year, just over double the previous record set last year investors searching for innovative start-ups, the country is (USD 11.3bn). Research Editor (EMEA) developing into a place with more companies with scale, Four of the largest five deals in Q2 all targeted the EMU according to panellists at the Israel Mergermarket forum. Many sector, including Saudi Aramco’s acquisition of Shell’s 50% senior executives are looking more long-term at listing, rather stake in the SASREF refining joint venture for USD 631m. than exit at the first opportunity. More investment in the sector may be around the corner with Activity targeting the Middle East & Africa remaining at the many experts predicting further consolidation in the mining extraordinary levels set in the first three months of the year sector. Following its acquisition of Randgold Resources, was always unlikely and, as such, activity fell away in the which completed at the beginning of this year, Barrick is now second quarter of 2019. attempting to acquire the remaining stake it does not own in mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 41 M&A Report 1H19

USD 23.1bn 2.5x 69.7% Increase in value of Growth in UAE M&A M&A in the Financial value in comparison to Value of Energy, Mining & Utilities Services sector YTD 2018 M&A, already at its highest annual value on Mergermarket record

USD 8.8bn 20 56.3% Value of Total’s investment into Number of deals in the Share of foreign investments Israeli tech sector, nine more conducted by a European Anadarko’s African assets than in YTD 2018 bidder, up from 50.7% in 2018

mergermarket.com Mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 42 M&A Report 1H19

Chart title 1 Chart title 1 ChartMiddle title East2 & Africa Quarterly Breakdown Trend ChartMiddle title East2 & Africa Sector Breakdown Trend 2014 - 2019 1H18 - 1H19

80

120 500

70 108 450 18.9

22.0 96 400 60

84 350 22.0 50

72 300 Deal Count

17.7 40 60 250 10.9 71.0 34.9

24.5 94.6 bn) (USD Value Deal 48 12.2 200 30 Deal Value (USD bn) (USD Value Deal 18.4

36 20.7 10.0 150 9.6 20 16.9 24 100 6.1 24.7 19.4 23.1 9.4 29.7 10 12 50 18.4 9.3 11.3 9.7 6.7 7.6 8.6 5.5 4.9 1.6 4.3 4.8 2.2 4.2 0 0 0 2014 2015 2016 2017 2018 2019 Industrials Energy, Financial Technology Telecoms Other & Chemicals Mining & Utilities Services

Q1 Q2 Q3 Q4 1H18 1H19

Deal Count

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 43 M&A Report 1H19

Middle East & Africa League tables

MEA league table by value MEA league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 JPMorgan 88,153 13 1019.0% 7,878 1 3 JPMorgan 88,153 13 4 9 2 11 HSBC 79,245 8 3067.3% 2,502 2 15 Citi 75,066 11 8 3 3 2 Goldman Sachs & Co 77,347 8 597.2% 11,094 3 27 HSBC 79,245 8 7 1 4 4 Bank of America Merrill Lynch 75,164 4 922.4% 7,352 4 6 Goldman Sachs & Co 77,347 8 2 6 5 19 Citi 75,066 11 8158.1% 909 5 - Jefferies 5,081 8 8 0 6 1 Morgan Stanley 74,514 4 567.7% 11,159 6 34 Moelis & Company 10,915 7 6 1 7 - Klein and Company 70,364 1 - - 7 1 Rothschild & Co 3,171 7 -5 12 8 27 Moelis & Company 10,915 7 3018.6% 350 8 8 PwC 683 7 1 6 9 - Jefferies 5,081 8 - - 9 12 Lazard 1,283 6 2 4 10 6 Barclays 4,173 3 -19.1% 5,158 10 14 Bank of America Merrill Lynch 75,164 4 1 3 11 - RBC Capital Markets 3,933 2 - - 11 5 Morgan Stanley 74,514 4 -2 6 12 - Mediobanca 3,300 1 - - 12 19 Deutsche Bank 1,399 4 2 2

13 8 Rothschild & Co 3,171 7 5.0% 3,020 13 2 EY 64 4 -7 11 14 - EarlyBirdCapital 1,971 2 - - 14 11 Barclays 4,173 3 -1 4 15 - Intrepid Partners 1,850 1 - - 15 13 Deloitte 1,265 3 -1 4 16 85 Evercore 1,765 2 - - 16 4 Standard Bank Group 507 3 -4 7 17 10 Credit Suisse 1,550 2 -38.0% 2,502 17 46 Credit Agricole 497 3 2 1 18 24 Deutsche Bank 1,399 4 148.5% 563 18 - BNP Paribas 479 3 3 0 19 14 Lazard 1,283 6 -29.2% 1,811 19 58 Broadgate Advisers - 3 2 1 20 36 Deloitte 1,265 3 496.7% 212 20 - RBC Capital Markets 3,933 2 2 0

mergermarket.com Mergermarket Global & Regional League Tables 44 M&A Report 1H19

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

M&A and PE Financial Advisory League Tables

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Global Advisory League tables

Global league table by value Global league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 699,061 158 3.4% 675,971 1 1 Deloitte 25,388 213 -60 273 2 3 JPMorgan 678,490 137 30.0% 521,935 2 2 PwC 31,166 193 -52 245 3 2 Morgan Stanley 599,561 125 -7.3% 647,020 3 4 Goldman Sachs & Co 699,061 158 -45 203 4 4 Citi 486,628 105 21.5% 400,584 4 8 JPMorgan 678,490 137 -13 150 5 6 Evercore 416,478 88 40.5% 296,369 5 3 KPMG 14,044 137 -80 217 6 5 Bank of America Merrill Lynch 374,703 88 17.4% 319,283 6 7 Morgan Stanley 599,561 125 -28 153 7 8 Credit Suisse 239,240 80 -2.1% 244,342 7 6 Rothschild & Co 70,396 123 -47 170 8 10 Barclays 190,319 97 -9.3% 209,780 8 9 Citi 486,628 105 -25 130 9 17 RBC Capital Markets 153,164 52 117.2% 70,510 9 11 Lazard 90,220 101 -6 107 10 13 PJT Partners 138,807 20 -6.1% 147,835 10 5 EY 7,726 99 -104 203 11 27 Jefferies 112,736 90 97.0% 57,234 11 15 Barclays 190,319 97 4 93 12 9 Deutsche Bank 101,209 55 -55.8% 228,769 12 21 Jefferies 112,736 90 14 76 13 24 HSBC 99,175 27 57.6% 62,945 13 18 Evercore 416,478 88 7 81 14 15 UBS Investment Bank 92,601 61 13.7% 81,417 14 12 Bank of America Merrill Lynch 374,703 88 -10 98 15 7 Lazard 90,220 101 -67.7% 279,686 15 13 Credit Suisse 239,240 80 -14 94 16 49 Dyal Co 89,489 1 317.8% 21,420 16 19 Lincoln International 1,373 78 -3 81 17 11 Centerview Partners 87,896 28 -53.4% 188,681 17 10 Houlihan Lokey 9,635 77 -33 110 18 - Klein and Company 74,593 3 - - 18 17 Raymond James | Silver Lane 4,019 69 -21 90 19 12 Rothschild & Co 70,396 123 -54.2% 153,693 19 20 UBS Investment Bank 92,601 61 -16 77 20 50 Wells Fargo Securities 46,308 21 120.4% 21,009 20 16 Oaklins 1,135 61 -31 92

mergermarket.com Mergermarket Global & Regional League Tables 46 M&A Report 1H19

EMEA Advisory League tables

Europe league table by value Europe league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 JPMorgan 182,981 60 -36.0% 285,851 1 1 Deloitte 12,843 146 -40 186 2 2 Morgan Stanley 179,162 44 -38.3% 290,431 2 2 PwC 20,557 126 -52 178 3 1 Goldman Sachs & Co 129,832 69 -60.5% 328,811 3 4 Rothschild & Co 57,063 97 -46 143 4 15 PJT Partners 94,585 7 52.5% 62,013 4 5 KPMG 2,739 94 -48 142 5 7 Bank of America Merrill Lynch 88,756 36 -42.1% 153,363 5 6 Goldman Sachs & Co 129,832 69 -17 86 6 11 Credit Suisse 74,871 30 -10.7% 83,836 6 3 EY 3,313 69 -80 149 7 5 Lazard 66,228 67 -60.6% 168,144 7 8 Lazard 66,228 67 -4 71 8 8 Rothschild & Co 57,063 97 -56.3% 130,430 8 9 JPMorgan 182,981 60 -10 70 9 18 UBS Investment Bank 55,252 29 1.3% 54,517 9 12 Citi 53,650 47 -9 56 10 4 Citi 53,650 47 -79.4% 260,256 10 10 Oaklins 855 47 -16 63 11 9 Deutsche Bank 45,800 28 -54.2% 99,935 11 11 Morgan Stanley 179,162 44 -12 56 12 10 Barclays 40,640 42 -57.5% 95,701 12 24 Barclays 40,640 42 9 33 13 6 Evercore 32,636 32 -80.5% 167,556 13 23 ALANTRA 2,878 41 7 34 14 14 BNP Paribas 32,590 29 -49.8% 64,921 14 15 Lincoln International 791 40 -5 45 15 33 PwC 20,557 126 29.4% 15,891 15 16 Bank of America Merrill Lynch 88,756 36 -7 43 16 30 Jefferies 17,099 30 -8.4% 18,659 16 17 Clearwater International 1,468 33 -10 43 17 32 Centerview Partners 16,752 7 2.2% 16,399 17 31 Evercore 32,636 32 4 28 18 27 HSBC 16,637 17 -45.4% 30,485 18 22 Credit Suisse 74,871 30 -4 34 19 34 Deloitte 12,843 146 -19.0% 15,849 19 36 Jefferies 17,099 30 10 20 20 20 Santander Global Corporate Banking 11,200 10 -76.3% 47,313 20 13 UBS Investment Bank 55,252 29 -16 45

mergermarket.com Mergermarket Global & Regional League Tables 47 M&A Report 1H19

EMEA Advisory League tables

UK league table by value UK league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 6 JPMorgan Cazenove 37,157 20 -46.5% 69,440 1 4 Deloitte 1,485 36 -9 45 2 2 Goldman Sachs & Co 34,754 25 -62.1% 91,632 2 1 Rothschild & Co 21,861 32 -29 61 3 14 Credit Suisse 29,801 10 39.5% 21,369 3 2 KPMG 1,330 31 -17 48 4 4 Bank of America Merrill Lynch 25,516 14 -66.6% 76,389 4 3 PwC 2,475 28 -17 45 5 5 Barclays 23,018 19 -68.6% 73,324 5 5 Goldman Sachs & Co 34,754 25 -10 35 6 9 Rothschild & Co 21,861 32 -56.8% 50,619 6 20 Lazard 17,146 22 5 17 7 11 UBS Investment Bank 21,244 12 -49.5% 42,065 7 8 JPMorgan Cazenove 37,157 20 -8 28 8 17 Deutsche Bank 20,231 10 34.7% 15,021 8 18 Barclays 23,018 19 1 18 9 1 Morgan Stanley 17,652 11 -82.0% 97,808 9 26 Jefferies 15,386 19 5 14 10 13 Lazard 17,146 22 -20.3% 21,525 10 23 Evercore 11,279 19 3 16 11 18 Jefferies 15,386 19 3.4% 14,884 11 27 ALANTRA 1,461 17 3 14 12 7 Evercore 11,279 19 -82.5% 64,504 12 9 Grant Thornton 116 17 -5 22 13 10 Citi 7,540 11 -82.7% 43,672 13 14 Houlihan Lokey 1,523 15 -5 20 14 8 PJT Partners 7,533 3 -87.4% 59,815 14 12 Bank of America Merrill Lynch 25,516 14 -6 20 15 57 Wells Fargo Securities 6,554 3 332.0% 1,517 15 25 Daiwa Securities Group / DC Advisory - 13 -2 15 16 25 HSBC 6,440 9 -4.3% 6,731 16 28 UBS Investment Bank 21,244 12 0 12 17 12 LionTree Advisors 6,302 1 -71.2% 21,895 17 15 Oaklins 190 12 -8 20 18 52 Harris Williams 5,295 4 168.9% 1,969 18 7 BDO 69 12 -18 30 19 15 RBC Capital Markets 3,337 7 -83.4% 20,063 19 17 Morgan Stanley 17,652 11 -7 18 20 20 Jamieson Corporate Finance 3,327 11 -73.3% 12,439 20 19 Citi 7,540 11 -7 18

mergermarket.com Mergermarket Global & Regional League Tables 48 M&A Report 1H19

EMEA Advisory League tables

Ireland league table by value Ireland league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal Count Deal 1H19 1H18 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 4 JPMorgan 88,433 5 13.0% 78,269 1 10 JPMorgan 88,433 5 2 3 2 2 Morgan Stanley 87,720 3 8.4% 80,898 2 4 IBI Corporate Finance 93 5 0 5 3 - PJT Partners 86,270 1 - - 3 5 Goldman Sachs & Co 11,706 4 0 4 4 1 Goldman Sachs & Co 11,706 4 -85.5% 80,898 4 3 Deloitte 148 4 -1 5 5 9 Lazard 7,772 2 223.8% 2,400 5 8 KPMG 55 4 0 4 6= 3 Citi 7,700 1 -90.2% 78,737 6 6 Morgan Stanley 87,720 3 -1 4 6= 70 Robert W. Baird & Co 7,700 1 - - 7 - Houlihan Lokey 236 3 3 0 8 10 UBS Investment Bank 1,754 1 -14.1% 2,041 8 - Clearwater International 35 3 3 0 9 18 William Blair & Company 935 2 73.5% 539 9 23 PwC - 3 1 2 10= 19 Deutsche Bank 802 1 167.3% 300 10 27 Lazard 7,772 2 1 1 10= 53 Moelis & Company 802 1 - -

DACH league table by value DACH league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 2Q18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Bank of America Merrill Lynch 54,603 12 -10.9% 61,294 1 4 Deloitte 410 32 9 23 2 1 Goldman Sachs & Co 50,038 22 -57.6% 118,090 2 3 Goldman Sachs & Co 50,038 22 -2 24 3 14 Credit Suisse 43,257 12 177.5% 15,588 3 2 KPMG 490 22 -6 28 4 11 UBS Investment Bank 43,100 11 55.2% 27,775 4 6 Rothschild & Co 21,441 21 -1 22 5 9 JPMorgan 31,881 11 -23.7% 41,774 5 5 PwC 11,026 17 -6 23 6 10 Morgan Stanley 23,479 5 -38.9% 38,405 6 11 Lincoln International 254 17 3 14 7 5 Lazard 23,029 11 -59.4% 56,749 7 14 GCA Corporation 465 15 2 13 8 7 Rothschild & Co 21,441 21 -59.7% 53,231 8 8 UniCredit Group 254 13 -4 17 9 2 Citi 16,524 8 -79.0% 78,800 9 12 Bank of America Merrill Lynch 54,603 12 -1 13 10 21 Evercore 13,985 7 222.2% 4,341 10 16 Credit Suisse 43,257 12 1 11

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EMEA Advisory League tables

Germany league table by value Germany league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 40,584 14 -50.3% 81,640 1 5 Deloitte 318 20 6 14 2 4 Bank of America Merrill Lynch 25,778 9 -49.2% 50,748 2 3 KPMG 268 16 1 15 3 19 Credit Suisse 19,820 4 755.4% 2,317 3 9 Goldman Sachs & Co 40,584 14 3 11 4 6 Lazard 19,636 7 -59.3% 48,283 4 8 GCA Corporation 465 13 1 12 5 9 Morgan Stanley 17,177 4 -44.3% 30,842 5 6 PwC 136 13 -1 14 6 11 JPMorgan 15,851 7 -27.9% 21,998 6 4 Lincoln International 254 12 -2 14 7 7 BNP Paribas 11,935 7 -74.8% 47,393 7 2 UniCredit Group 195 12 -3 15 8 3 Citi 10,421 5 -79.6% 51,136 8 24 Bank of America Merrill Lynch 25,778 9 3 6 9 17 goetzpartners 9,918 4 266.8% 2,704 9 22 Globalscope Partners 120 9 2 7 10 - Guggenheim Partners 6,356 1 - - 10 7 Rothschild & Co 3,040 8 -5 13 11 - Allen & Company 5,603 1 - - 11 31 Lazard 19,636 7 2 5 12 24 Barclays 4,058 5 159.1% 1,566 12 10 JPMorgan 15,851 7 -2 9 13 2 Deutsche Bank 3,532 7 -93.5% 54,399 13 37 BNP Paribas 11,935 7 3 4 14 5 Rothschild & Co 3,040 8 -93.7% 48,559 14 23 Deutsche Bank 3,532 7 1 6 15 15 Jamieson Corporate Finance 2,884 2 -46.3% 5,374 15 17 ACXIT Capital Partners 136 7 -1 8 16= - FIH Partners 2,600 1 - - 16 42 Raymond James | Silver Lane 160 6 2 4 16= - Green Giraffe 2,600 1 - - 17 1 EY 34 6 -18 24 18 10 UBS Investment Bank 2,510 1 -89.4% 23,675 18= 64 Clairfield International - 6 4 2 19 14 Macquarie Group 2,237 5 -65.8% 6,541 18= 28 IMAP M&A Consultants - 6 0 6 20 8 Perella Weinberg Partners 1,520 3 -96.7% 46,646 20 14 Citi 10,421 5 -3 8

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EMEA Advisory League tables

Austria league table by value Austria league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal Count Deal 1H19 1H18 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 5 JPMorgan 3,631 2 33.2% 2,726 1 1 Deloitte - 8 1 7 2= 28 Goldman Sachs & Co 2,500 1 - - 2 3 JPMorgan 3,631 2 -1 3 2= - HSBC 2,500 1 - - 3 10 KPMG 120 2 0 2 2= - Moelis & Company 2,500 1 - - 4= - ACXIT Capital Partners - 2 2 0 5 2 Citi 1,131 1 -73.1% 4,206 4= 5 MP Corporate Finance - 2 -1 3 6 17 KPMG 120 2 - - 6= 28 Goldman Sachs & Co 2,500 1 0 1 7 6 Rothschild & Co 120 1 -94.8% 2,292 6= - HSBC 2,500 1 1 0 8 37 Raiffeisen Bank International 82 1 - - 6= - Moelis & Company 2,500 1 1 0 9 - Arma Partners 68 1 - - 9 7 Citi 1,131 1 -1 2 10 - Lazard 61 1 - - 10 4 Rothschild & Co 120 1 -2 3

Switzerland league table by value Switzerland league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 15 UBS Investment Bank 40,590 10 890.0% 4,100 1 11 Rothschild & Co 18,281 12 5 7 2 5 Bank of America Merrill Lynch 28,825 3 173.3% 10,546 2 4 UBS Investment Bank 40,590 10 1 9 3 6 Credit Suisse 23,487 9 134.4% 10,021 3 10 Credit Suisse 23,487 9 2 7 4 3 JPMorgan 20,773 4 -7.4% 22,424 4 2 Goldman Sachs & Co 14,542 9 -4 13 5 24 Rothschild & Co 18,281 12 668.1% 2,380 5 18 Evercore 13,985 6 3 3 6 1 Goldman Sachs & Co 14,542 9 -60.1% 36,450 6 92 Lincoln International - 6 5 1 7 16 Evercore 13,985 6 250.1% 3,995 7 39 Deutsche Bank 9,738 5 4 1 8 38 PwC 10,890 4 5723.5% 187 8 1 KPMG 102 5 -9 14 9 8 Lazard 10,575 4 24.9% 8,466 9 14 Deloitte 92 5 0 5 10 14 Deutsche Bank 9,738 5 81.2% 5,374 10 8 JPMorgan 20,773 4 -3 7

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France league table by value France league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Morgan Stanley 29,547 10 -4.4% 30,904 1 1 Rothschild & Co 14,439 42 -12 54 2 2 Lazard 21,231 29 -32.4% 31,409 2 2 Lazard 21,231 29 0 29 3 4 Rothschild & Co 14,439 42 -21.1% 18,307 3 6 Credit Agricole 6,400 25 5 20 4 7 BNP Paribas 12,501 15 14.3% 10,940 4 5 BNP Paribas 12,501 15 -6 21 5 9 Goldman Sachs & Co 9,742 5 -5.9% 10,356 5 10 EY 227 14 -2 16 6 50 Santander Global Corporate Banking 8,961 3 4126.9% 212 6 3 Deloitte 57 13 -14 27 7 143 BR Partners 8,641 1 - - 7 17 PwC 3,449 12 1 11 8 6 Citi 8,336 6 -37.8% 13,403 8 4 Natixis 2,343 12 -12 24 9 13 Credit Agricole 6,400 25 7.8% 5,937 9 53 ALANTRA 769 12 9 3 10 17 Bank of America Merrill Lynch 5,626 3 60.0% 3,516 10 40 Edmond de Rothschild Corporate Finance 80 11 6 5 11 26 Deutsche Bank 5,240 4 189.0% 1,813 11 15 Morgan Stanley 29,547 10 -1 11 12 1 JPMorgan 5,234 5 -87.7% 42,657 12 21 Oaklins 57 10 1 9 13 15 Evercore 4,906 3 3.1% 4,760 13 16 Clairfield International - 9 -2 11 14= - Allen & Company 4,400 1 - - 14 18 Societe Generale 308 8 -2 10 14= - Wells Fargo Securities 4,400 1 - - 15 19 Clearwater International 57 8 -2 10 16 58 Credit Suisse 3,640 5 2537.7% 138 16 27 Adviso Partners 33 8 1 7 17 - LionTree Advisors 3,602 1 - - 17 13 UBS Investment Bank 2,661 7 -7 14 18 92 PwC 3,449 12 13165.4% 26 18 37 Global M&A Partners 917 7 2 5 19 152 D’Angelin & Co 3,030 2 - - 19 7 KPMG 533 7 -11 18 20 11 HSBC 2,901 4 -66.7% 8,721 20 8 Lincoln International 30 7 -10 17

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Benelux league table by value Benelux league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 39 Centerview Partners 9,119 1 1491.4% 573 1 1 Deloitte 9,046 33 -11 44 2 23 Deloitte 9,046 33 574.6% 1,341 2 5 KPMG 169 26 8 18 3 2 Lazard 5,622 9 -72.3% 20,260 3 10 PwC 2,137 20 6 14 4 29 Credit Suisse 5,449 5 494.9% 916 4 4 Rothschild & Co 3,086 17 -2 19 5 9 Citi 4,503 11 -6.5% 4,815 5 7 ING 1,514 16 1 15 6 7 Morgan Stanley 3,931 8 -60.8% 10,035 6 3 EY 931 12 -11 23 7 1 JPMorgan 3,728 8 -85.8% 26,321 7 2 Oaklins 182 12 -13 25 8 11 Goldman Sachs & Co 3,681 7 5.0% 3,507 8 22 Citi 4,503 11 6 5 9 8 Rothschild & Co 3,086 17 -46.8% 5,797 9 6 Rabobank 2,336 11 -7 18 10 36 Deutsche Bank 2,343 5 250.7% 668 10 15 ABN AMRO Bank 1,782 10 0 10

Iberia league table by value Iberia league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 23 Rothschild & Co 7,548 10 212.2% 2,418 1 1 PwC 4,623 33 -6 39 2 6 JPMorgan 6,025 7 -87.0% 46,286 2 2 Deloitte 1,824 20 -16 36 3 3 Morgan Stanley 5,485 7 -88.4% 47,486 3 3 EY 915 18 -9 27 4 9 Lazard 5,479 10 -87.6% 44,189 4 22 Arcano Partners 881 13 9 4 5 1 Citi 5,276 7 -90.8% 57,124 5 8 Rothschild & Co 7,548 10 3 7 6 16 PwC 4,623 33 -45.6% 8,504 6 12 Lazard 5,479 10 4 6 7 2 Goldman Sachs & Co 4,598 6 -91.3% 52,599 7 6 Santander Global Corporate Banking 2,559 9 0 9 8 57 Banco Bilbao Vizcaya Argentaria 3,704 5 16736.4% 22 8 11 JPMorgan 6,025 7 1 6 9 42 BNP Paribas 3,373 3 3052.3% 107 9 15 Morgan Stanley 5,485 7 2 5 10 28 Nomura Holdings 2,892 3 65.4% 1,748 10 7 Citi 5,276 7 -1 8

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Spain league table by value Spain league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 23 Rothschild & Co 7,548 8 212.2% 2,418 1 1 PwC 4,623 30 -8 38 2 3 Morgan Stanley 5,485 7 -88.4% 47,486 2 3 EY 915 18 -7 25 3 9 Lazard 5,479 10 -87.4% 43,318 3 2 Deloitte 1,258 17 -13 30 4 7 JPMorgan 5,403 6 -88.1% 45,430 4 21 Arcano Partners 881 13 9 4 5 1 Citi 5,276 7 -90.8% 57,124 5 18 Lazard 5,479 10 6 4 6 16 PwC 4,623 30 -45.6% 8,504 6 8 Rothschild & Co 7,548 8 1 7 7 2 Goldman Sachs & Co 4,598 6 -91.2% 52,239 7 7 Santander Global Corporate Banking 2,523 8 0 8 8 51 Banco Bilbao Vizcaya Argentaria 3,704 5 16736.4% 22 8 13 Morgan Stanley 5,485 7 2 5 9 70 BNP Paribas 3,373 3 - - 9 5 Citi 5,276 7 -1 8 10 28 Nomura Holdings 2,892 3 65.4% 1,748 10 17 JPMorgan 5,403 6 2 4 11 - HSBC 2,558 1 - - 11 6 Goldman Sachs & Co 4,598 6 -2 8 12 5 Santander Global Corporate Banking 2,523 8 -94.6% 46,337 12 40 Banco Bilbao Vizcaya Argentaria 3,704 5 3 2 13 15 Bank of America Merrill Lynch 2,479 2 -71.6% 8,737 13 50 CaixaBank 692 5 4 1 14 - PJT Partners 1,996 1 - - 14 12 ALANTRA 477 5 -1 6 15= - China International Capital Corporation 1,974 1 - - 15 30 Norgestion - 5 2 3 15= - Shenwan Hongyuan Group Co 1,974 1 - - 16 52 Daiwa Securities Group / DC Advisory 105 4 3 1 17 - Credit Agricole 1,726 3 - - 17 4 KPMG - 4 -15 19 18 10 Mediobanca 1,475 3 -96.5% 41,560 18 70 BNP Paribas 3,373 3 2 1 19 - ING 1,345 3 - - 19 33 Nomura Holdings 2,892 3 1 2 20 30 Deloitte 1,258 17 0.8% 1,248 20 - Credit Agricole 1,726 3 3 0

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Italy league table by value Italy league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Mediobanca 6,153 19 -89.7% 59,975 1 5 Deloitte 511 21 3 18 2 2 Goldman Sachs & Co 5,209 4 -90.8% 56,431 2 1 PwC 4,100 20 -4 24 3 27 PwC 4,100 20 21.1% 3,386 3 2 Mediobanca 6,153 19 -1 20 4 43 HSBC 3,446 2 659.0% 454 4 4 KPMG 479 17 -1 18 5 9 JPMorgan 3,341 6 -91.7% 40,207 5 3 UniCredit Group 797 13 -6 19 6= - Moelis & Company 3,300 1 - - 6 7 Rothschild & Co 2,434 9 -5 14 6= 5 Morgan Stanley 3,300 1 -92.5% 44,061 7 6 EY 68 9 -9 18 8 14 Rothschild & Co 2,434 9 -79.6% 11,914 8 8 Banca IMI/Intesa Sanpaolo 1,469 8 -6 14 9 21 Barclays 1,873 5 -61.6% 4,877 9 14 Fineurop Soditic 713 7 0 7 10 3 Lazard 1,566 6 -97.0% 52,055 10 13 Ethica Corporate Finance 237 7 -1 8 11 19 Banca IMI/Intesa Sanpaolo 1,469 8 -77.4% 6,505 11 39 JPMorgan 3,341 6 4 2 12 37 Credit Agricole 1,456 2 63.6% 890 12 9 Lazard 1,566 6 -5 11 13 8 Citi 1,341 2 -96.7% 41,004 13 12 Vitale & Co 751 6 -3 9 14 - Evercore 1,300 1 - - 14 96 ALANTRA 261 6 5 1 15 34 BNP Paribas 914 4 -22.3% 1,177 15 15 Barclays 1,873 5 -1 6 16 20 Bank of America Merrill Lynch 898 3 -84.7% 5,873 16 16 Lincoln International 108 5 -1 6 17 22 UniCredit Group 797 13 -78.8% 3,753 17 11 Goldman Sachs & Co 5,209 4 -6 10 18 44 Vitale & Co 751 6 78.4% 421 18 20 BNP Paribas 914 4 -1 5 19 59 Banca Akros 751 3 394.1% 152 19 36 Oaklins 379 4 1 3 20 35 Fineurop Soditic 713 7 -35.7% 1,109 20 50 Grant Thornton - 4 2 2

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Nordics league table by value Nordics league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 8 Goldman Sachs & Co 32,854 17 221.8% 10,209 1 1 PwC 10,974 35 -15 50 2 7 JPMorgan 23,048 8 95.4% 11,793 2 3 Deloitte 1,715 32 2 30 3 4 Morgan Stanley 21,783 9 28.6% 16,939 3 2 EY 850 20 -14 34 4 2 Deutsche Bank 19,464 4 8.5% 17,942 4 7 ABG Sundal Collier Holding 2,736 19 6 13 5 11 Rothschild & Co 18,852 8 119.4% 8,591 5 26 Goldman Sachs & Co 32,854 17 10 7 6 5 Barclays 16,288 7 3.9% 15,680 6 11 Danske Bank 5,272 17 7 10 7 9 Citi 11,401 9 29.6% 8,799 7 5 Carnegie Investment Bank 4,414 16 1 15 8 17 PwC 10,974 35 208.4% 3,558 8 6 SEB 9,040 15 1 14 9 - Credit Suisse 10,942 3 - - 9 29 MCF Corporate Finance 64 12 5 7 10 20 Evercore 10,106 2 276.0% 2,688 10 4 KPMG 895 11 -7 18 11 3 SEB 9,040 15 -47.2% 17,118 11 15 Nordhaven Corporate Finance 5 11 2 9 12 12 Bank of America Merrill Lynch 8,591 7 52.3% 5,641 12 9 Oaklins - 10 -2 12 13 19 Lazard 7,715 4 154.7% 3,029 13 17 Morgan Stanley 21,783 9 1 8 14 6 Nordea 6,076 9 -60.7% 15,443 14 12 Citi 11,401 9 0 9 15 28 Danske Bank 5,272 17 257.9% 1,473 15 10 Nordea 6,076 9 -1 10 16 21 Carnegie Investment Bank 4,414 16 74.6% 2,528 16 25 JPMorgan 23,048 8 1 7 17 15 BNP Paribas 4,382 3 15.6% 3,792 17 13 Rothschild & Co 18,852 8 -1 9 18 33 ABG Sundal Collier Holding 2,736 19 246.3% 790 18 32 Barclays 16,288 7 2 5 19 26 Handelsbanken Capital Markets 1,864 7 14.6% 1,626 19 37 Bank of America Merrill Lynch 8,591 7 3 4 20 16 Deloitte 1,715 32 -54.1% 3,739 20 34 Handelsbanken Capital Markets 1,864 7 2 5

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Denmark league table by value Denmark league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 9 Goldman Sachs & Co 11,488 5 406.5% 2,268 1 2 Deloitte 225 11 -1 12 2 12 Citi 6,181 3 427.4% 1,172 2 8 Danske Bank 4,398 9 5 4 3 10 JPMorgan 5,832 3 157.1% 2,268 3 3 EY 393 7 -1 8 4= 3 Barclays 5,807 1 -44.7% 10,497 4 1 PwC 22 7 -7 14 4= 11 Lazard 5,807 1 319.9% 1,383 5 25 Goldman Sachs & Co 11,488 5 4 1 6 7 Rothschild & Co 5,773 2 44.7% 3,989 6 18 Carnegie Investment Bank 708 5 3 2 7 - Bank of America Merrill Lynch 5,299 3 - - 7 4 Clearwater International 37 5 -3 8 8 13 Danske Bank 4,398 9 295.9% 1,111 8 11 Nordic M&A - 4 1 3 9 - BNP Paribas 3,597 1 - - 9 28 Citi 6,181 3 2 1 10 22 FIH Partners 899 3 503.4% 149 10 26 JPMorgan 5,832 3 2 1

Norway league table by value Norway league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 - Nordea 5,844 4 - - 1 5 ABG Sundal Collier Holding 2,569 14 7 7 2 2 Barclays 3,539 1 2.9% 3,440 2 1 DNB Markets 109 6 -3 9 3 - Bank of America Merrill Lynch 3,193 3 - - 3 6 Arctic Securities 1,355 5 -1 6 4 14 SEB 2,958 3 258.1% 826 4 8 SpareBank 1 Markets 834 5 0 5 5 18 ABG Sundal Collier Holding 2,569 14 288.7% 661 5 4 EY 164 5 -2 7 6 28 Rothschild & Co 2,132 2 1224.2% 161 6 29 Alpha Corporate Finance - 5 3 2 7 11 Morgan Stanley 2,043 2 146.1% 830 7 - Nordea 5,844 4 4 0 8 25 Deutsche Bank 1,832 1 686.3% 233 8 14 Carnegie Investment Bank 1,419 4 1 3 9 8 Carnegie Investment Bank 1,419 4 22.3% 1,160 9 2 Pareto Securities 211 4 -4 8 10 7 Arctic Securities 1,355 5 10.7% 1,224 10 3 PwC 6 4 -4 8

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Sweden league table by value Sweden league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 4 Goldman Sachs & Co 21,366 12 140.3% 8,891 1 1 PwC 10,946 23 -3 26 2 11 Morgan Stanley 21,034 7 373.7% 4,440 2 3 Deloitte 1,490 17 1 16 3 2 Deutsche Bank 19,464 4 45.7% 13,357 3 18 Goldman Sachs & Co 21,366 12 7 5 4 3 JPMorgan 17,216 5 78.0% 9,672 4 4 SEB 5,922 11 -2 13 5 7 Rothschild & Co 10,947 4 108.5% 5,250 5 5 Carnegie Investment Bank 2,643 8 -1 9 6 12 PwC 10,946 23 217.3% 3,450 6 2 EY 725 8 -14 22 7 - Credit Suisse 10,692 2 - - 7 24 Morgan Stanley 21,034 7 3 4 8 14 Evercore 10,106 1 359.4% 2,200 8 21 MCF Corporate Finance 53 7 2 5 9 18 Barclays 6,832 3 336.3% 1,566 9 11 Citi 5,220 6 0 6 10 1 SEB 5,922 11 -63.9% 16,422 10 25 Danske Bank 718 6 2 4

Finland league table by value Finland league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal % Value Value (USDm) count change (USDm) (USDm) count change (USDm) 1 7 Nordea 5,816 4 1794.5% 307 1 6 MCF Corporate Finance 42 8 3 5 2 11 Barclays 3,649 3 1961.6% 177 2 1 PwC - 8 -3 11 3 41 Bank of America Merrill Lynch 2,297 2 - - 3 7 Nordhaven Corporate Finance - 7 2 5 4 - ABG Sundal Collier Holding 2,198 1 - - 4 11 Initia Corporate Finance 58 6 2 4 5 - Handelsbanken Capital Markets 1,576 2 - - 5 27 Danske Bank 663 5 4 1 6= - Deutsche Bank 1,576 1 - - 6 2 KPMG 452 5 -4 9 6= 49 Lazard 1,576 1 - - 7 26 Nordea 5,816 4 3 1 8 8 Danske Bank 663 5 141.1% 275 8 18 Aventum Partners 97 4 2 2 9 - Morgan Stanley 538 1 - - 9 9 EY 68 4 0 4 10 28 KPMG 452 5 - - 10 29 Barclays 3,649 3 2 1

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CEE league table by value CEE league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 57 Bank of America Merrill Lynch 15,129 7 - - 1 1 Deloitte 1,199 9 -6 15 2 - Credit Suisse 14,759 4 - - 2 10 Citi 7,380 8 4 4 3 9 Goldman Sachs & Co 10,932 3 264.8% 2,997 3 57 Bank of America Merrill Lynch 15,129 7 6 1 4 1 BNP Paribas 10,694 3 143.3% 4,396 4 5 PwC 861 7 0 7 5 - goetzpartners 9,918 1 - - 5 4 KPMG 658 7 -3 10 6 15 Citi 7,380 8 388.4% 1,511 6 2 EY 708 6 -7 13 7 3 JPMorgan 3,319 4 -15.9% 3,947 7 21 VCP Capital Partners 80 5 3 2 Unternehmensberatungs 8 69 Macquarie Group 2,010 1 - - 8 - Credit Suisse 14,759 4 4 0 9 - Guggenheim Partners 1,882 1 - - 9 9 JPMorgan 3,319 4 0 4 10 32 UBS Investment Bank 1,785 3 1438.8% 116 10 19 Sberbank 805 4 2 2 11 - BTIG 1,209 1 - - 11 - Renaissance Capital 593 4 4 0 12 23 Deloitte 1,199 9 423.6% 229 12 3 UniCredit Group 221 4 -6 10 13 37 PwC 861 7 1437.5% 56 13 14 Goldman Sachs & Co 10,932 3 0 3 14 2 Sberbank 805 4 -79.9% 4,005 14 18 BNP Paribas 10,694 3 1 2 15 - Evercore 800 1 - - 15 41 UBS Investment Bank 1,785 3 2 1 16 18 EY 708 6 6.5% 665 16 7 Rothschild & Co 387 3 -2 5 17 30 KPMG 658 7 366.7% 141 17 16 Lazard 220 3 0 3 18 - Renaissance Capital 593 4 - - 18 - FIDEA 80 3 3 0 19 - Pekao Investment Banking 509 1 - - 19 12 Globalscope Partners 39 3 -1 4 20 - Danske Bank 461 1 - - 20 59 Clairfield International - 3 2 1

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Russia league table by value Russia league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal % Value Value (USDm) count change (USDm) (USDm) count change (USDm) 1 - Credit Suisse 4,841 2 - - 1 7 Citi 4,464 4 3 1 2 5 Citi 4,464 4 1273.5% 325 2 3 Sberbank 805 4 2 2 3 3 JPMorgan 3,319 3 89.8% 1,749 3 - Renaissance Capital 593 4 4 0 4 - Bank of America Merrill Lynch 2,682 2 - - 4 6 JPMorgan 3,319 3 2 1 5 - Guggenheim Partners 1,882 1 - - 5 - Credit Suisse 4,841 2 2 0 6 - BTIG 1,209 1 - - 6 - Bank of America Merrill Lynch 2,682 2 2 0 7 9 Deloitte 1,160 2 1060.0% 100 7 10 Deloitte 1,160 2 1 1 8 1 Sberbank 805 4 -79.9% 4,005 8 - Guggenheim Partners 1,882 1 1 0 9 - Evercore 800 1 - - 9 - BTIG 1,209 1 1 0 10 - Renaissance Capital 593 4 - - 10 - Evercore 800 1 1 0

Turkey league table by value Turkey league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal % Value Value (USDm) count change (USDm) (USDm) count change (USDm) 1 9 Pragma Corporate Finance 260 3 312.7% 63 1 2 Pragma Corporate Finance 260 3 0 3 2 23 Barclays 260 2 - - 2 6 Raiffeisen Bank International 110 3 1 2 3 8 Raiffeisen Bank International 110 3 19.6% 92 3 5 IS Investment Securities - 3 1 2 4= - Lazard 110 1 - - 4 23 Barclays 260 2 1 1 4= 14 PwC 110 1 378.3% 23 5= 12 3 Seas Capital Partners - 2 0 2 6 - Credia Partners 30 1 - - 5= - Deloitte - 2 2 0 7= - Danista Capital Partners 24 1 - - 5= 4 Unlu & Co - 2 0 2 7= 16 Industrial Development Bank of Turkey (TSKB) 24 1 50.0% 16 8= - Lazard 110 1 1 0 9 - Global M&A Partners 23 1 - - 8= 16 PwC 110 1 0 1 10 6 IS Investment Securities - 3 - 304 10 - Credia Partners 30 1 1 0

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Africa league table by value Africa league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal % Value Value (USDm) count change (USDm) (USDm) count change (USDm) 1 1 JPMorgan 2,050 2 2,633 -22.1% 1 3 Rothschild & Co 169 4 5 -1 2 - Intrepid Partners 1,850 1 - - 2 - HSBC 523 3 - - 3= - Bank of America Merrill Lynch 800 1 - - 3 1 Standard Bank Group 507 3 7 -4 3= - Evercore 800 1 - - 4 4 PwC 447 3 4 -1 5 - LionTree Advisors 578 1 - - 5 7 Lazard 22 3 2 1 6 - HSBC 523 3 - - 6 - EY 7 3 - - 7 2 Standard Bank Group 507 3 2,310 -78.1% 7 22 Citi - 3 1 2 8 20 PwC 447 3 222 101.4% 8 6 JPMorgan 2,050 2 3 -1 9 3 Rand Merchant Bank 404 1 1,932 -79.1% 9 - Goldman Sachs & Co 174 2 - - 10 - Vetiva Capital Management 363 1 - - 10 - Nedbank Capital 18 2 - -

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Americas league table by value Americas league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Goldman Sachs & Co 559,857 114 32.9% 421,239 1 1 Goldman Sachs & Co 559,857 114 -44 158 2 3 JPMorgan 557,178 98 78.3% 312,546 2 2 JPMorgan 557,178 98 -10 108 3 1 Morgan Stanley 481,595 86 8.1% 445,654 3 3 Morgan Stanley 481,595 86 -18 104 4 5 Evercore 402,928 74 92.1% 209,783 4 5 Citi 392,597 75 -13 88 5 9 Citi 392,597 75 142.1% 162,136 5 9 Evercore 402,928 74 2 72 6 4 Bank of America Merrill Lynch 236,510 58 1.0% 234,278 6 8 Barclays 169,617 74 -1 75 7 6 Credit Suisse 196,384 57 4.0% 188,824 7 10 Jefferies 107,529 74 4 70 8 7 Barclays 169,617 74 -7.8% 183,873 8 4 Houlihan Lokey 7,896 63 -29 92 9 17 RBC Capital Markets 151,627 48 181.3% 53,904 9 6 Raymond James | Silver Lane 3,815 61 -22 83 10 11 PJT Partners 136,189 18 -7.7% 147,601 10 12 Deloitte 6,648 59 -6 65 11 19 Jefferies 107,529 74 127.7% 47,217 11 11 Bank of America Merrill Lynch 236,510 58 -10 68 12 34 Dyal Co 89,489 1 317.8% 21,420 12 7 Credit Suisse 196,384 57 -19 76 13 8 Centerview Partners 87,149 27 -52.1% 181,905 13 15 Lazard 51,439 54 1 53 14 12 Deutsche Bank 78,872 38 -36.0% 123,283 14 24 Lincoln International 1,041 49 2 47 15 10 Lazard 51,439 54 -66.8% 155,072 15 19 RBC Capital Markets 151,627 48 -2 50 16 36 Wells Fargo Securities 46,308 21 120.4% 21,009 16 17 William Blair & Company 7,836 47 -5 52 17 59 Allen & Company 34,965 4 396.7% 7,040 17 20 PwC 2,986 47 -3 50 18 28 UBS Investment Bank 33,901 30 27.9% 26,502 18 21 Piper Jaffray & Co 2,485 47 -3 50 19 72 SunTrust Robinson Humphrey Capital 33,635 12 824.5% 3,638 19 16 Moelis & Company 28,870 43 -10 53 Markets 20 13 Rothschild & Co 18,103 41 -17 58 20 18 Guggenheim Partners 33,479 20 -29.2% 47,313

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US league table by value US league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Goldman Sachs & Co 555,914 107 36.3% 407,881 1 1 Goldman Sachs & Co 555,914 107 -42 149 2 3 JPMorgan 548,051 87 86.9% 293,299 2 2 JPMorgan 548,051 87 -13 100 3 1 Morgan Stanley 465,579 74 13.3% 410,821 3 3 Morgan Stanley 465,579 74 -20 94 4 5 Evercore 402,204 73 92.6% 208,825 4 8 Jefferies 107,529 74 4 70 5 9 Citi 385,104 63 156.3% 150,271 5 10 Evercore 402,204 73 5 68 6 4 Bank of America Merrill Lynch 219,175 52 3.7% 211,276 6 7 Barclays 160,488 70 -4 74 7 6 Credit Suisse 189,678 52 2.5% 185,002 7 5 Citi 385,104 63 -16 79 8 7 Barclays 160,488 70 -12.5% 183,373 8 4 Houlihan Lokey 7,896 63 -28 91 9 19 RBC Capital Markets 143,792 37 215.3% 45,607 9 6 Raymond James | Silver Lane 3,008 54 -24 78 10 11 PJT Partners 130,652 17 -8.0% 142,014 10 11 Bank of America Merrill Lynch 219,175 52 -7 59 11 18 Jefferies 107,529 74 127.7% 47,217 11 9 Credit Suisse 189,678 52 -17 69 12 30 Dyal Co 89,489 1 317.8% 21,420 12 18 Lazard 47,722 48 2 46 13 8 Centerview Partners 86,212 26 -52.6% 181,905 13 19 Lincoln International 787 48 2 46 14 12 Deutsche Bank 77,634 32 -33.5% 116,712 14 17 Piper Jaffray & Co 2,485 47 -3 50 15 10 Lazard 47,722 48 -67.9% 148,795 15 14 William Blair & Company 7,719 46 -6 52 16 32 Wells Fargo Securities 46,308 21 122.9% 20,777 16 13 Moelis & Company 28,673 42 -10 52 17 53 Allen & Company 34,965 4 396.7% 7,040 17 12 Stifel/KBW 9,690 40 -15 55 18 63 SunTrust Robinson Humphrey Capital 33,635 12 824.5% 3,638 18 20 Deloitte 4,501 40 -5 45 Markets 19 28 PwC 2,931 40 9 31 19 17 Guggenheim Partners 33,046 19 -30.2% 47,313 20 15 Robert W. Baird & Co 9,938 38 -14 52 20 43 Greenhill & Co 29,698 11 152.5% 11,761

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 7 Citi 288,479 40 186.1% 100,834 1 1 Goldman Sachs & Co 181,563 57 -31 88 2 1 Morgan Stanley 241,634 40 -11.1% 271,807 2 3 JPMorgan 203,787 42 -9 51 3 9 Evercore 238,885 38 181.1% 84,979 3 5 Citi 288,479 40 -7 47 4 4 JPMorgan 203,787 42 61.8% 125,968 4 2 Morgan Stanley 241,634 40 -25 65 5 2 Goldman Sachs & Co 181,563 57 -10.1% 201,960 5 10 Evercore 238,885 38 3 35 6 22 RBC Capital Markets 102,978 24 453.2% 18,615 6 6 Barclays 65,077 37 -8 45 7 29 Dyal Co 89,489 1 706.2% 11,100 7 9 Jefferies 12,465 32 -6 38 8 3 Bank of America Merrill Lynch 80,628 29 -47.1% 152,352 8 4 Houlihan Lokey 4,344 31 -19 50 9 8 Barclays 65,077 37 -28.1% 90,449 9 14 Bank of America Merrill Lynch 80,628 29 3 26 10 6 Centerview Partners 37,447 19 -65.2% 107,469 10 8 Raymond James | Silver Lane 692 29 -11 40

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 4 JPMorgan 248,476 25 169.8% 92,093 1 1 Goldman Sachs & Co 195,921 33 -5 38 2 1 Morgan Stanley 199,773 22 -1.0% 201,828 2 17 JPMorgan 248,476 25 11 14 3 2 Goldman Sachs & Co 195,921 33 -2.5% 200,844 3 4 Morgan Stanley 199,773 22 -3 25 4 6 Evercore 134,045 19 52.3% 87,993 4 3 Robert W. Baird & Co 8,194 21 -5 26 5 7 Credit Suisse 121,827 12 42.5% 85,479 5 6 Lincoln International - 21 -2 23 6 14 Barclays 103,695 19 81.7% 57,069 6 9 Stifel/KBW 5,120 20 2 18 7 9 PJT Partners 87,315 4 18.5% 73,699 7 11 Evercore 134,045 19 3 16 8 15 Citi 71,481 16 34.2% 53,269 8 5 Barclays 103,695 19 -4 23 9 13 Bank of America Merrill Lynch 64,340 13 9.9% 58,569 9 10 William Blair & Company 3,626 19 2 17 10 3 Centerview Partners 48,854 4 -69.8% 161,825 10 7 Jefferies 27,710 18 -2 20

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 282,192 45 87.5% 150,493 1 1 Goldman Sachs & Co 282,192 45 -5 50 2 2 JPMorgan 223,630 33 108.4% 107,316 2 4 Jefferies 72,272 39 2 37 3 7 Evercore 154,949 35 186.3% 54,128 3 11 Barclays 110,564 36 10 26 4 6 Bank of America Merrill Lynch 153,544 26 163.2% 58,342 4 8 Evercore 154,949 35 6 29 5 8 Citi 145,385 27 236.0% 43,271 5 5 Raymond James | Silver Lane 2,287 35 -1 36 6 4 Barclays 110,564 36 45.8% 75,822 6 2 JPMorgan 223,630 33 -10 43 7 5 Credit Suisse 91,281 19 47.9% 61,723 7 3 Houlihan Lokey 2,720 31 -10 41 8 3 Morgan Stanley 76,771 29 1.0% 76,047 8 7 Morgan Stanley 76,771 29 -1 30 9 10 Jefferies 72,272 39 161.0% 27,688 9 6 Citi 145,385 27 -7 34 10 39 Centerview Partners 52,138 8 1329.2% 3,648 10 9 Bank of America Merrill Lynch 153,544 26 -1 27

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Goldman Sachs & Co 95,703 30 -13.4% 110,526 1 1 Goldman Sachs & Co 95,703 30 -19 49 2 3 JPMorgan 60,690 24 -44.5% 109,418 2 6 Jefferies 11,647 28 5 23 3 1 Morgan Stanley 45,590 19 -60.7% 116,053 3 4 JPMorgan 60,690 24 -8 32 4 7 Deutsche Bank 44,635 13 -36.2% 69,993 4 7 Evercore 8,926 24 2 22 5 12 Bank of America Merrill Lynch 41,173 16 68.5% 24,429 5 16 Piper Jaffray & Co 1,145 24 7 17 6 4 Credit Suisse 41,048 16 -48.7% 80,036 6 10 Moelis & Company 14,232 20 -1 21 7 35 Guggenheim Partners 27,917 6 714.4% 3,428 7 9 Barclays 13,052 20 -1 21 8 15 Citi 24,588 12 62.7% 15,115 8 2 Raymond James | Silver Lane 1,313 20 -14 34 9 24 Lazard 19,660 18 184.2% 6,918 9 3 Morgan Stanley 45,590 19 -14 33 10 40 Macquarie Group 18,689 6 669.7% 2,428 10 11 William Blair & Company 4,904 19 -1 20

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Americas Advisory League tables

Canada league table by value Canada league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 7 Bank of America Merrill Lynch 28,828 7 28.6% 22,420 1 2 Deloitte 1,838 22 -2 24 2 1 Goldman Sachs & Co 25,628 10 -37.8% 41,189 2 6 RBC Capital Markets 14,697 20 6 14 3 25 UBS Investment Bank 23,049 7 397.6% 4,632 3 9 Canaccord Genuity Group 2,477 16 3 13 4 3 TD Securities 21,303 15 -35.3% 32,924 4 3 TD Securities 21,303 15 -5 20 5 2 Citi 19,947 8 -41.2% 33,944 5 17 Morgan Stanley 15,284 15 8 7 6 8 JPMorgan 17,430 12 -20.5% 21,937 6 1 BMO Capital Markets 17,188 13 -13 26 7 6 BMO Capital Markets 17,188 13 -26.3% 23,316 7 5 CIBC World Markets 9,534 13 -6 19 8 4 Morgan Stanley 15,284 15 -46.7% 28,701 8 4 Scotiabank 1,366 13 -7 20 9 12 RBC Capital Markets 14,697 20 -9.6% 16,250 9 20 JPMorgan 17,430 12 5 7 10 39 Fort Capital 12,797 3 1025.5% 1,137 10 11 Raymond James | Silver Lane 1,238 12 0 12 11 13 Barclays 12,179 7 -24.3% 16,091 11 10 Goldman Sachs & Co 25,628 10 -2 12 12 18 Credit Suisse 10,609 8 10.5% 9,605 12 14 National Bank Financial 2,415 9 -1 10 13 15 CIBC World Markets 9,534 13 -25.5% 12,798 13 8 Citi 19,947 8 -5 13 14 9 Centerview Partners 6,900 4 -59.4% 17,000 14 22 Credit Suisse 10,609 8 1 7 15 17 PJT Partners 5,537 1 -45.6% 10,187 15 52 Cormark Securities 956 8 6 2 16= 56 Perella Weinberg Partners 4,728 1 1082.0% 400 16 19 Bank of America Merrill Lynch 28,828 7 0 7 16= - Sandler O'Neill & Partners 4,728 1 - - 17 28 UBS Investment Bank 23,049 7 3 4 18 16 Jefferies 4,572 5 -55.7% 10,311 18 15 Barclays 12,179 7 -2 9 19 5 Lazard 4,537 7 -83.7% 27,770 19 18 Lazard 4,537 7 0 7 20 - Klein and Company 4,229 1 - - 20 34 Haywood Securities 225 7 3 4

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 4 Morgan Stanley 15,081 9 0.5% 15,013 1 2 Banco BTG Pactual 4,169 14 2 12 2 6 Goldman Sachs & Co 12,235 10 99.4% 6,136 2 8 Citi 10,662 12 5 7 3 18 Santander Global Corporate Banking 10,811 7 1385.0% 728 3 6 Goldman Sachs & Co 12,235 10 2 8 4 7 Citi 10,662 12 95.8% 5,446 4 1 Banco Itau BBA 3,589 10 -8 18 5 26 BR Partners 10,348 4 2448.8% 406 5 5 Morgan Stanley 15,081 9 0 9 6 5 Banco BTG Pactual 4,169 14 -49.7% 8,292 6 12 Santander Global Corporate Banking 10,811 7 1 6 7 13 Lazard 3,778 3 194.7% 1,282 7 16 Rothschild & Co 2,518 7 2 5 8 2 Banco Itau BBA 3,589 10 -84.3% 22,847 8 14 Deloitte 640 6 0 6 9= - PJT Partners 3,557 1 - - 9 33 Scotiabank 820 5 3 2 9= 40 UBS Investment Bank 3,557 1 4981.4% 70 10 10 Oaklins 30 5 -2 7 11 1 Bank of America Merrill Lynch 3,412 4 -85.5% 23,602 11 22 BR Partners 10,348 4 1 3 12 16 Rothschild & Co 2,518 7 173.7% 920 12 3 Bank of America Merrill Lynch 3,412 4 -6 10 13 - Credit Agricole 1,734 3 - - 13 4 Banco Bradesco BBI 977 4 -5 9 14 - Astoria Capital Partners 1,266 2 - - 14 9 JPMorgan 941 4 -3 7 15 - Riza Capital 1,266 1 - - 15 7 Credit Suisse 326 4 -4 8 16 22 Evercore 1,074 2 91.8% 560 16 17 Vinci Partners 177 4 -1 5 17 - Huatai Securities 986 1 - - 17 37 APOYO Finanzas Corporativas 36 4 2 2 18 3 Banco Bradesco BBI 977 4 -95.3% 20,980 18 24 Global M&A Partners 12 4 1 3 19 10 JPMorgan 941 4 -66.1% 2,779 19 15 Lazard 3,778 3 -2 5 20 39 Scotiabank 820 5 720.0% 100 20 - Credit Agricole 1,734 3 3 0

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Asia Pacific Advisory League tables

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 8 Bank of America Merrill Lynch 39,065 14 99.3% 19,600 1 3 PwC 8,699 55 -1 56 2 1 Goldman Sachs & Co 37,911 18 -27.9% 52,587 2 2 Deloitte 15,952 36 -20 56 3 2 JPMorgan 31,369 17 -33.9% 47,437 3 1 KPMG 11,673 31 -28 59 4 5 Morgan Stanley 25,905 21 -23.3% 33,758 4 4 EY 4,231 23 -24 47 5 3 Citi 25,373 18 -43.6% 44,962 5 14 CITIC Securities 15,025 22 3 19 6 10 UBS Investment Bank 24,836 19 49.7% 16,596 6 9 Morgan Stanley 25,905 21 -1 22 7 18 Credit Suisse 24,477 15 108.1% 11,761 7 8 UBS Investment Bank 24,836 19 -5 24 8 - Wells Fargo Securities 23,988 3 - - 8 5 Goldman Sachs & Co 37,911 18 -17 35 9 6 Deutsche Bank 20,267 11 -29.8% 28,884 9 6 Citi 25,373 18 -13 31 10 22 Huatai Securities 18,394 15 84.0% 9,996 10 13 JPMorgan 31,369 17 -2 19 11 9 Barclays 16,311 9 -14.2% 19,005 11 7 Rothschild & Co 14,629 16 -10 26 12 13 Deloitte 15,952 36 5.8% 15,081 12 15 Credit Suisse 24,477 15 -4 19 13 7 CITIC Securities 15,025 22 -26.7% 20,508 13 17 Huatai Securities 18,394 15 -2 17 14 20 Rothschild & Co 14,629 16 33.8% 10,932 14 12 Macquarie Group 8,842 15 -5 20 15 17 HSBC 13,389 10 12.9% 11,861 15 11 Bank of America Merrill Lynch 39,065 14 -6 20 16 14 KPMG 11,673 31 -20.1% 14,615 16 60 JM Financial 9,185 13 9 4 17 23 China Securities 11,179 12 15.1% 9,715 17 46 Guotai Junan Securities 1,834 13 8 5 18 25 Evercore 10,488 3 18.0% 8,886 18 19 China Securities 11,179 12 -1 13 19 - Intrepid Partners 10,188 1 - - 19 22 Deutsche Bank 20,267 11 -1 12 20 24 JM Financial 9,185 13 -4.7% 9,633 20 25 HSBC 13,389 10 0 10

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Asia Pacific Advisory League tables

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 JPMorgan 28,076 15 -28.4% 39,185 1 4 PwC 8,597 41 2 39 2 5 Morgan Stanley 24,537 18 -23.6% 32,131 2 2 Deloitte 13,896 26 -16 42 3 2 Citi 23,267 16 -43.0% 40,817 3 1 KPMG 11,201 24 -20 44 4 1 Goldman Sachs & Co 21,942 12 -55.3% 49,132 4 8 CITIC Securities 15,025 22 3 19 5 9 Bank of America Merrill Lynch 19,923 10 18.6% 16,801 5 3 EY 3,227 19 -22 41 6 18 Huatai Securities 18,394 15 84.0% 9,996 6 11 Morgan Stanley 24,537 18 1 17 7 7 Deutsche Bank 16,094 5 -19.7% 20,039 7 6 Citi 23,267 16 -9 25 8 6 CITIC Securities 15,025 22 -26.7% 20,508 8 15 JPMorgan 28,076 15 2 13 9 8 Barclays 15,009 7 -14.6% 17,565 9 13 Huatai Securities 18,394 15 -2 17 10 24 Credit Suisse 14,289 14 87.7% 7,613 10 23 Credit Suisse 14,289 14 5 9 11 10 Deloitte 13,896 26 -3.7% 14,424 11 49 JM Financial 9,185 13 9 4 12 - Wells Fargo Securities 13,800 2 - - 12 40 Guotai Junan Securities 1,834 13 8 5 13 16 HSBC 13,389 10 17.5% 11,393 13 5 Goldman Sachs & Co 21,942 12 -15 27 14 12 UBS Investment Bank 13,110 10 -4.3% 13,694 14 16 China Securities 11,179 12 -1 13 15 11 KPMG 11,201 24 -19.8% 13,971 15 14 Bank of America Merrill Lynch 19,923 10 -4 14 16 19 China Securities 11,179 12 15.1% 9,715 16 21 HSBC 13,389 10 1 9 17 21 Rothschild & Co 10,029 9 7.1% 9,363 17 12 UBS Investment Bank 13,110 10 -7 17 18 20 JM Financial 9,185 13 -4.7% 9,633 18 7 China International Capital Corporation 7,186 10 -11 21 19 34 PwC 8,597 41 140.3% 3,578 19 10 Rothschild & Co 10,029 9 -10 19 20 38 Somerley Capital 7,425 8 129.4% 3,236 20 53 Haitong Securities 2,828 9 5 4

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Asia Pacific Advisory League tables

Australasia league table by value Australasia league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 11 Bank of America Merrill Lynch 19,142 4 533.8% 3,020 1 1 PwC 165 16 -3 19 2 10 Goldman Sachs & Co 17,165 9 303.6% 4,253 2 2 Macquarie Group 8,546 11 -6 17 3 7 UBS Investment Bank 13,315 10 181.5% 4,730 3 3 Deloitte 2,459 11 -5 16 4= 5 Credit Suisse 10,188 1 59.2% 6,398 4 6 UBS Investment Bank 13,315 10 0 10 4= 104 Evercore 10,188 1 - - 5 7 Goldman Sachs & Co 17,165 9 -1 10 4= - Intrepid Partners 10,188 1 - - 6 13 Rothschild & Co 4,600 8 1 7 4= - Wells Fargo Securities 10,188 1 - - 7 4 KPMG 472 7 -8 15 8 1 Macquarie Group 8,546 11 -33.7% 12,883 8 16 Deutsche Bank 4,173 6 1 5 9 3 JPMorgan 5,073 3 -38.5% 8,252 9 18 Morgan Stanley 1,788 5 0 5 10 19 Rothschild & Co 4,600 8 193.2% 1,569 10 29 Greenhill & Co 735 5 2 3 11 2 Deutsche Bank 4,173 6 -54.9% 9,256 11 - Moelis & Company 325 5 5 0 12 22 Nomura Holdings 3,019 1 134.4% 1,288 12 12 Bank of America Merrill Lynch 19,142 4 -3 7 13 6 Jamieson Corporate Finance 2,510 1 -53.3% 5,374 13 15 EY 1,004 4 -2 6 14 16 Deloitte 2,459 11 22.2% 2,013 14 112 Record Point 21 4 3 1 15 8 Citi 2,106 2 -52.8% 4,462 15 14 JPMorgan 5,073 3 -3 6 16 18 Morgan Stanley 1,788 5 9.9% 1,627 16 - William Blair & Company 1,332 3 3 0 17 - William Blair & Company 1,332 3 - - 17 35 Barclays 1,302 3 1 2 18 17 Barclays 1,302 3 -21.6% 1,661 18 42 Investec 959 3 1 2 19 15 EY 1,004 4 -53.2% 2,146 19 48 Gresham Advisory Partners 523 3 1 2 20= - Financial Technology Partners 1,000 1 - - 20 88 Luminis Partners 214 3 2 1 20= - Harris Williams 1,000 1 - -

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 11 Huatai Securities 18,394 15 84.0% 9,996 1 3 CITIC Securities 15,025 22 3 19 2 4 CITIC Securities 15,025 22 -26.7% 20,508 2 6 Huatai Securities 18,394 15 -2 17 3 12 China Securities 11,179 12 15.1% 9,715 3 28 Guotai Junan Securities 1,834 13 8 5 4 17 HSBC 9,782 8 108.2% 4,698 4 9 China Securities 11,179 12 -1 13 5 24 Somerley Capital 7,425 8 129.4% 3,236 5 2 China International Capital Corporation 7,186 10 -11 21 6 1 China International Capital Corporation 7,186 10 -79.2% 34,625 6 15 PwC 1,132 10 3 7 7 62 Credit Suisse 7,075 5 1059.8% 610 7 36 Haitong Securities 2,828 9 5 4 8= 154 BaoQiao Partners Capital 6,820 1 10392.3% 65 8 1 Deloitte 1,055 9 -13 22 8= - TC Capital International 6,820 1 - - 9 34 HSBC 9,782 8 4 4 10 14 China Merchants Securities 6,486 4 21.0% 5,362 10 10 Somerley Capital 7,425 8 -5 13 11 9 UBS Investment Bank 5,992 5 -46.4% 11,172 11 4 China Renaissance Holdings 3,486 8 -11 19 12 78 Tianfeng Securities 5,744 3 1369.1% 391 12 18 JPMorgan 3,449 8 2 6 13 28 China Great Wall Securities 3,768 3 77.9% 2,118 13 - Huarong Securities 2,404 8 8 0 14 7 Citi Orient Securities 3,666 3 -71.5% 12,841 14 27 Shenwan Hongyuan Group Co 3,031 7 2 5 15 203 Huaxi Securities 3,663 1 9 15 74 ZTF Securities 1,284 7 5 2 16 19 Lazard 3,639 5 -20.9% 4,598 16 31 Soochow Securities 844 6 1 5 17 10 China Renaissance Holdings 3,486 8 -66.0% 10,242 17 67 Credit Suisse 7,075 5 3 2 18 21 JPMorgan 3,449 8 -13.2% 3,974 18 8 UBS Investment Bank 5,992 5 -8 13 19 23 Shenwan Hongyuan Group Co 3,031 7 -16.0% 3,609 19 25 Lazard 3,639 5 0 5 20 26 Nomura Holdings 2,870 4 -3.2% 2,964 20 11 Morgan Stanley 1,803 5 -4 9

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Asia Pacific Advisory League tables

India league table by value India league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 5 JM Financial 9,185 12 -4.7% 9,633 1 1 EY 2,852 15 -4 19 2 7 Deloitte 8,220 5 -12.1% 9,349 2 9 JM Financial 9,185 12 8 4 3 34 ICICI Securities 3,540 6 2732.0% 125 3 2 KPMG 1,985 8 -6 14 4 16 Kotak Investment Banking 3,241 3 120.2% 1,472 4 44 ICICI Securities 3,540 6 5 1 5 37 Ambit Corporate Finance 3,105 4 2885.6% 104 5 21 Singhi Advisors 204 6 3 3 6 6 EY 2,852 15 -69.7% 9,421 6 15 Deloitte 8,220 5 2 3 7 19 RBSA Advisors 2,332 2 106.9% 1,127 7 16 Morgan Stanley 1,618 5 2 3 8 4 KPMG 1,985 8 -79.7% 9,790 8 3 Avendus Capital 287 5 -7 12 9 10 Morgan Stanley 1,618 5 -70.6% 5,506 9 46 Ambit Corporate Finance 3,105 4 3 1 10 11 Bank of America Merrill Lynch 1,482 2 -71.0% 5,117 10 18 Edelweiss Financial Services 977 4 1 3

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 7 KPMG 8,313 11 286.8% 2,149 1 1 PwC 8,187 28 1 27 2 5 PwC 8,187 28 225.3% 2,517 2 2 KPMG 8,313 11 -8 19 3 2 Credit Suisse 4,804 6 40.2% 3,427 3 8 Credit Suisse 4,804 6 3 3 4 1 Morgan Stanley 3,994 5 -28.7% 5,603 4 4 Deloitte 2,876 6 -5 11 5 6 Citi 3,276 5 48.1% 2,212 5 7 Morgan Stanley 3,994 5 2 3 6 14 Deloitte 2,876 6 226.8% 880 6 9 Citi 3,276 5 2 3 7 15 Goldman Sachs & Co 2,835 3 344.4% 638 7 10 Goldman Sachs & Co 2,835 3 0 3 8 13 Deutsche Bank 2,151 2 89.7% 1,134 8 6 Samsung Securities 1,844 3 -1 4 9 11 Samsung Securities 1,844 3 36.0% 1,356 9 12 JPMorgan 1,388 3 1 2 10 3 JPMorgan 1,388 3 -51.2% 2,843 10 16 Deutsche Bank 2,151 2 1 1

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Japan league table by value Japan league table by deal count

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Morgan Stanley 23,711 21 -83.8% 146,312 1 1 Nomura Holdings 14,857 33 -3 36 2 5 Nomura Holdings 14,857 33 -83.8% 91,492 2 6 Deloitte 3,235 22 7 15 3 2 Goldman Sachs & Co 13,928 7 -91.2% 158,981 3 5 Daiwa Securities Group / DC Advisory 2,322 22 4 18 4 17 Bank of America Merrill Lynch 8,494 5 574.1% 1,260 4 3 Morgan Stanley 23,711 21 1 20 5 8 Mizuho Financial Group 5,824 19 -90.9% 64,058 5 4 Mizuho Financial Group 5,824 19 -1 20 6 1 JPMorgan 5,446 7 -96.6% 159,957 6 2 Sumitomo Mitsui Financial Group 2,296 17 -10 27 7 14 Barclays 4,049 5 -75.5% 16,500 7 15 PwC 3,525 10 5 5 8 16 UBS Investment Bank 3,922 3 103.1% 1,931 8 7 GCA Corporation 1,937 10 -2 12 9 4 Evercore 3,580 2 -97.4% 139,310 9 9 Goldman Sachs & Co 13,928 7 -1 8 10 43 PwC 3,525 10 2837.5% 120 10 8 JPMorgan 5,446 7 -1 8

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 9 JPMorgan 22,086 3 294.5% 5,598 1 9 Citi 17,942 7 3 4 2 2 Morgan Stanley 17,991 6 14.6% 15,702 2 6 Morgan Stanley 17,991 6 1 5 3 1 Citi 17,942 7 -12.5% 20,495 3 5 Bank of America Merrill Lynch 17,718 6 0 6 4 6 Bank of America Merrill Lynch 17,718 6 187.1% 6,172 4 3 Deloitte 1,745 6 -2 8 5 22 Goldman Sachs & Co 15,881 4 1088.7% 1,336 5 58 Barclays 15,009 5 4 1 6 48 Barclays 15,009 5 6691.4% 221 6 1 Rothschild & Co 8,389 5 -6 11 7 - Wells Fargo Securities 13,800 2 - - 7 18 UBS Investment Bank 7,118 5 2 3 8 3 Deutsche Bank 13,400 1 -7.0% 14,411 8 2 KPMG 1,985 5 -4 9 9 7 Rothschild & Co 8,389 5 39.6% 6,011 9 7 Goldman Sachs & Co 15,881 4 -1 5 10 18 UBS Investment Bank 7,118 5 241.7% 2,083 10 11 Credit Suisse 3,750 4 0 4

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Private Equity Advisory League tables*

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 6 Bank of America Merrill Lynch 100,803 29 229.6% 30,579 1 15 Jefferies 20,404 45 16 29 2 3 Citi 60,633 23 2.3% 59,290 2 1 Goldman Sachs & Co 48,037 43 -20 63 3 2 Morgan Stanley 56,588 28 -28.3% 78,880 3 8 PwC 13,385 42 2 40 4 7 Evercore 56,256 26 101.3% 27,949 4 7 Lincoln International 948 40 -1 41 5 10 Barclays 52,900 38 102.0% 26,194 5 14 Barclays 52,900 38 9 29 6 4 JPMorgan 51,932 28 0.2% 51,853 6 2 Rothschild & Co 19,716 37 -12 49 7 1 Goldman Sachs & Co 48,037 43 -57.5% 112,926 7 6 Deloitte 2,381 37 -7 44 8 9 Deutsche Bank 39,744 15 46.0% 27,224 8 4 William Blair & Company 7,096 34 -14 48 9 5 Credit Suisse 30,830 23 -0.7% 31,033 9 17 Harris Williams 9,525 31 3 28 10 17 UBS Investment Bank 26,859 20 84.1% 14,591 10 9 KPMG 1,997 30 -8 38

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 5 Bank of America Merrill Lynch 77,126 16 245.5% 22,324 1 7 Jefferies 14,867 32 9 23 2 20 Evercore 54,676 20 1126.5% 4,458 2 6 Barclays 41,845 28 5 23 3 4 Citi 54,353 13 103.8% 26,665 3 10 Harris Williams 8,130 26 4 22 4 7 Barclays 41,845 28 109.1% 20,013 4 1 Goldman Sachs & Co 38,456 25 -11 36 5 2 Morgan Stanley 41,737 14 -29.4% 59,119 5 2 William Blair & Company 5,777 23 -11 34 6 1 Goldman Sachs & Co 38,456 25 -41.7% 65,950 6 8 Lincoln International 630 23 0 23 7 14 Deutsche Bank 31,308 9 207.3% 10,187 7 15 Evercore 54,676 20 8 12 8 3 JPMorgan 28,521 13 -19.7% 35,525 8 16 Piper Jaffray & Co 810 20 8 12 9 9 Credit Suisse 20,093 13 22.4% 16,414 9 3 Houlihan Lokey 1,515 18 -13 31 10 22 Qatalyst Group 16,522 6 323.9% 3,898 10 5 Robert W. Baird & Co 800 17 -7 24

*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 74 M&A Report 1H19

Private Equity Advisory League tables*

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 7 JPMorgan 22,511 13 62.9% 13,821 1 1 Rothschild & Co 17,978 29 -15 44 2 2 Rothschild & Co 17,978 29 -33.4% 27,008 2 5 PwC 11,976 28 2 26 3 39 Bank of America Merrill Lynch 16,233 8 773.2% 1,859 3 2 Deloitte 1,549 27 -7 34

4 9 Lazard 14,477 16 18.4% 12,226 4 19 ALANTRA 1,286 19 7 12 5 35 PwC 11,976 28 503.3% 1,985 5 4 KPMG 417 19 -7 26 6 25 UBS Investment Bank 9,574 9 191.3% 3,287 6 11 Lazard 14,477 16 -1 17 7 12 Credit Suisse 8,881 5 12.3% 7,909 7 12 Lincoln International 246 16 -1 17 8 3 Goldman Sachs & Co 7,735 12 -68.6% 24,619 8 21 JPMorgan 22,511 13 2 11 9 41 Barclays 7,463 8 333.6% 1,721 9 8 GCA Corporation 495 13 -8 21 10 6 Deutsche Bank 7,436 5 -50.9% 15,153 10 9 Goldman Sachs & Co 7,735 12 -8 20

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 6 Bank of America Merrill Lynch 5,716 3 31.2% 4,358 1 1 PwC 253 8 0 8 2 15 HSBC 4,526 2 424.4% 863 2 2 KPMG 1,580 6 -1 7 3 2 Morgan Stanley 2,924 3 -72.4% 10,594 3 6 Deloitte 703 5 0 5 4 21 KPMG 1,580 6 443.0% 291 4 9 Bank of America Merrill Lynch 5,716 3 0 3 5 1 Goldman Sachs & Co 1,426 2 -92.2% 18,340 5 4 Morgan Stanley 2,924 3 -3 6 6 13 UBS Investment Bank 1,411 2 5.9% 1,333 6 17 Citi 1,154 3 1 2 7 31 ICICI Securities 1,320 2 956.0% 125 7 57 JM Financial 551 3 3 0 8 32 Samsung Securities Co 1,165 1 847.2% 123 8 18 HSBC 4,526 2 0 2 9 14 Citi 1,154 3 24.9% 924 9 3 Goldman Sachs & Co 1,426 2 -4 6 10 7 China International Capital Corporation 1,125 1 -70.0% 3,751 10 11 UBS Investment Bank 1,411 2 -1 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 75 M&A Report 1H19

Private Equity Advisory League tables*

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 5 Bank of America Merrill Lynch 47,530 13 99.4% 23,831 1 5 PwC 11,794 25 5 20 2 2 Morgan Stanley 43,568 11 12.0% 38,909 2 3 Deloitte 1,197 25 2 23 3 10 Barclays 33,894 16 120.5% 15,374 3 1 Goldman Sachs & Co 19,787 18 -12 30 4 7 Deutsche Bank 33,817 9 73.3% 19,517 4 7 Barclays 33,894 16 -1 17 5 4 JPMorgan 26,551 12 3.8% 25,572 5 2 KPMG 984 16 -10 26 6 1 Goldman Sachs & Co 19,787 18 -64.5% 55,784 6 23 Bank of America Merrill Lynch 47,530 13 5 8 7 8 Credit Suisse 18,723 11 4.5% 17,920 7 11 JPMorgan 26,551 12 -1 13 8 18 UBS Investment Bank 16,338 11 128.4% 7,154 8 6 Morgan Stanley 43,568 11 -6 17 9 6 Evercore 13,548 9 -39.6% 22,433 9 9 Credit Suisse 18,723 11 -4 15 10 11 Rothschild & Co 12,632 3 -6.0% 13,432 10 13 UBS Investment Bank 16,338 11 -1 12

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Morgan Stanley 32,616 4 -10.3% 36,374 1 2 Barclays 23,048 9 -5 14 2 9 Deutsche Bank 29,868 6 199.1% 9,987 2 1 Goldman Sachs & Co 14,440 9 -10 19 3 4 Bank of America Merrill Lynch 26,199 4 17.4% 22,324 3 3 Credit Suisse 14,003 8 -4 12 4 8 Barclays 23,048 9 56.7% 14,713 4 13 Evercore 13,188 8 3 5 5 3 JPMorgan 15,670 5 -34.9% 24,065 5 6 Jefferies 4,917 8 -1 9 6 1 Goldman Sachs & Co 14,440 9 -68.7% 46,130 6 7 Deutsche Bank 29,868 6 -2 8 7 7 Credit Suisse 14,003 8 -8.0% 15,214 7 18 Citi 6,011 6 3 3 8 13 Evercore 13,188 8 258.9% 3,675 8 5 JPMorgan 15,670 5 -4 9 9 - Qatalyst Group 11,790 1 - - 9 16 KPMG - 5 1 4 10 5 Citi 6,011 6 -64.6% 17,000 10 4 Morgan Stanley 32,616 4 -6 10

*Based on advisors to bidder on buyout deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 76 M&A Report 1H19

Private Equity Advisory League tables*

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 119 Bank of America Merrill Lynch 15,615 5 - - 1 1 Deloitte 911 19 0 19 2 2 Rothschild & Co 11,832 2 -11.9% 13,432 2 4 PwC 10,658 16 3 13 3 98 JPMorgan 10,881 7 - - 3 28 ALANTRA 928 11 7 4 4 36 PwC 10,658 16 1033.8% 940 4 2 KPMG 131 8 -8 16 5 28 UBS Investment Bank 8,533 5 531.6% 1,351 5 41 JPMorgan 10,881 7 4 3 6 43 Lazard 8,001 6 1056.2% 692 6 3 EY 375 7 -9 16 7 48 Barclays 7,254 5 1155.0% 578 7 5 GCA Corporation 150 7 -4 11 8 - HSBC 5,270 3 - - 8 14 Lincoln International 64 7 1 6 9 31 Morgan Stanley 4,453 3 264.7% 1,221 9 12 Lazard 8,001 6 -1 7 10 - Credit Suisse 3,846 2 - - 10 7 Goldman Sachs & Co 3,657 6 -3 9

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal Count Deal 1H19 1H18 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 3 Bank of America Merrill Lynch 5,716 3 279.3% 1,507 1 2 PwC 216 5 1 4 2 7 Morgan Stanley 1,907 2 45.1% 1,314 2 10 Bank of America Merrill Lynch 5,716 3 2 1 3 5 Goldman Sachs & Co 1,426 2 2.1% 1,396 3 1 KPMG 853 3 -3 6 4 - Samsung Securities 1,165 1 - - 4 8 Deloitte 277 3 1 2 5 10 HSBC 1,025 1 34.7% 761 5 6 Morgan Stanley 1,907 2 0 2 6= - Financial Technology Partners 1,000 1 - - 6 5 Goldman Sachs & Co 1,426 2 0 2 6= 19 UBS Investment Bank 1,000 1 584.9% 146 7 7 Citi 728 2 0 2 8 9 Credit Suisse 874 1 13.7% 769 8 - JM Financial 535 2 2 0 9 15 KPMG 853 3 363.6% 184 9 - DBS Bank 232 2 2 0 10 8 Citi 728 2 -21.2% 924 10 - Samsung Securities 1,165 1 1 0

*Based on advisors to bidder on buyout deals with target dominant geography being Europe and Asia-Pacific (excl. Japan) mergermarket.com Mergermarket Global & Regional League Tables 77 M&A Report 1H19

Private Equity Advisory League tables*

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 19 Bank of America Merrill Lynch 53,273 16 689.5% 6,748 1 15 Jefferies 14,158 34 16 18 2 4 Citi 50,068 12 95.6% 25,592 2 1 Rothschild & Co 7,084 34 -6 40 3 21 Evercore 42,708 17 674.3% 5,516 3 2 William Blair & Company 7,096 33 -5 38 4 1 Goldman Sachs & Co 28,250 25 -50.6% 57,142 4 7 Lincoln International 884 32 3 29 5 3 JPMorgan 25,381 16 -3.4% 26,281 5 10 Harris Williams 9,525 30 9 21 6 10 Barclays 19,006 22 75.7% 10,820 6 4 Goldman Sachs & Co 28,250 25 -8 33 7 12 Jefferies 14,158 34 44.4% 9,806 7 8 Houlihan Lokey 2,037 23 -4 27 8 2 Morgan Stanley 13,020 17 -67.4% 39,971 8 24 Barclays 19,006 22 10 12 9 9 Credit Suisse 12,107 12 -7.7% 13,113 9 12 Raymond James | Silver Lane 666 21 0 21 10 18 UBS Investment Bank 10,521 9 41.5% 7,437 10 14 Lazard 9,210 19 1 18

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 75 Bank of America Merrill Lynch 50,927 12 - - 1 5 Harris Williams 8,130 25 6 19 2 6 Citi 48,342 7 400.2% 9,665 2 9 Jefferies 9,950 24 10 14 3 29 Evercore 41,488 12 5198.6% 783 3 1 William Blair & Company 5,777 22 -7 29 4 2 Goldman Sachs & Co 24,016 16 21.2% 19,820 4 7 Lincoln International 630 22 5 17 5 10 Barclays 18,797 19 254.7% 5,300 5 13 Barclays 18,797 19 10 9 6 4 JPMorgan 12,851 8 12.1% 11,460 6 2 Houlihan Lokey 1,515 18 -5 23 7 7 Centerview Partners 10,389 7 11.8% 9,290 7 12 Piper Jaffray & Co 475 18 6 12 8 9 Jefferies 9,950 24 32.7% 7,500 8 6 Goldman Sachs & Co 24,016 16 -1 17 9 1 Morgan Stanley 9,121 10 -59.9% 22,745 9 3 Robert W. Baird & Co 460 15 -6 21 10 15 UBS Investment Bank 9,069 4 202.3% 3,000 10 4 Raymond James | Silver Lane 330 15 -5 20

*Based on advisors to target/seller on exit deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 78 M&A Report 1H19

Private Equity Advisory League tables*

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

Ranking 1H19 1H18 Ranking 1H19 1H18

1H19 1H18 Company name Value Deal % Value Value 1H19 1H18 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 4 JPMorgan 11,630 6 -15.9% 13,821 1 1 Rothschild & Co 6,146 27 -8 35 2 6 Lazard 6,476 10 -43.9% 11,534 2 5 PwC 1,318 12 -1 13 3 5 Rothschild & Co 6,146 27 -54.7% 13,576 3 10 KPMG 286 11 1 10 4 7 Credit Suisse 5,035 3 -36.3% 7,909 4 9 Lazard 6,476 10 0 10 5 9 Deutsche Bank 4,487 3 -26.7% 6,123 5 8 Lincoln International 182 9 -2 11 6 2 Goldman Sachs & Co 4,078 6 -75.1% 16,361 6 34 Jefferies 792 8 5 3 7 63 ABG Sundal Collier Holding 2,198 3 3756.1% 57 7 4 Deloitte 638 8 -7 15 8 48 SEB 1,940 1 1135.7% 157 8 22 ALANTRA 358 8 0 8 9 - Intrepid Partners 1,850 1 - - 9 14 William Blair & Company 202 8 -1 9 10 12 Natixis 1,580 5 -65.7% 4,603 10 7 Daiwa Securities Group / DC Advisory 143 7 -4 11

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

Ranking 1H19 1H18 Ranking 1H19 1H18

2Q19 1H18 Company name Value Deal Count Deal 1H19 1H18 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 23 HSBC 3,501 1 3332.4% 102 1 25 KPMG 727 3 2 1 2 18 ICICI Securities 1,320 2 956.0% 125 2 4 PwC 37 3 -1 4 3 6 China International Capital Corporation 1,125 1 -70.0% 3,751 3 21 ICICI Securities 1,320 2 1 1 4 3 Morgan Stanley 1,017 1 -89.0% 9,280 4 6 Deloitte 426 2 -1 3 5= - Harris Williams 1,000 1 - - 5 27 Daiwa Securities Group / DC Advisory 110 2 1 1 5= - William Blair & Company 1,000 1 - - 6 26 HSBC 3,501 1 0 1 7 22 KPMG 727 3 579.4% 107 7 14 China International Capital Corporation 1,125 1 0 1 8 27 Deloitte 426 2 787.5% 48 8 2 Morgan Stanley 1,017 1 -3 4 9 - Citi 426 1 - - 9= - Harris Williams 1,000 1 1 0 10 9 UBS Investment Bank 411 1 -65.4% 1,187 9= - William Blair & Company 1,000 1 1 0

*Based on advisors to target/seller on exit deals with target dominant geography being Europe and Asia-Pacific (excl. Japan) mergermarket.com Mergermarket Global & Regional Criteria & Contacts 79 M&A Report 1H19

Criteria Contacts

Production Head Analyst (Americas) Commercial All data is based on transactions over USD 5m and is Head of Research, Americas Philip Segal Americas based on the Mergermarket’s M&A deals database. [email protected] Lana Vilner +1 212 574 7877 Kurt Viehl Deals with undisclosed deal values are included where [email protected] [email protected] +1 646 378 3151 Senior Analyst (APAC) +1 212 390 7812 the target’s turnover exceeds USD 10m. Deals where Head of Research, Asia Danni Sun Asia [email protected] the effective stake acquired is less than 30% will only Gerry Tee +86 21 3857 7025 Laurence Edwards [email protected] [email protected] be included if the value is greater than USD 100m. +852 2158 9741 Analyst (APAC) +852 2158 9771

Full deal inclusion criteria can be found here. Head of Research, EMEA Joji Sekinuma EMEA [email protected] Andrea Putaturo +852 2158 9796 Ben Rumble Trend data: Based on the dominant geography League tables: Based on the dominant [email protected] [email protected] of the target company and excludes lapsed geography of the target, bidder or seller, and +44 20 3741 1274 +44 20 3741 1007 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 Global Editorial Analytics Deal Submissions Press Relations advisors advising the bidder only on buyout Director Global cross-border M&A: Based on the deals with target dominant geography being dominant geography of the target and bidder Americas Americas the country/region and excludes lapsed and Beranger Guille company being in a different region. [email protected] withdrawn bids. Private equity exit league +44 20 3741 1186 Jason Loria Chrissy Carney Inbound: Global/US/Japan: The dominant tables based on advisors advising the target/ [email protected] [email protected] geography of the target is X and the dominant seller on exit deal with target dominant Research Editor, APAC +1 646 378 3122 +1 646 378 3118 geography of the bidder is any other country geography being the country/region and Riccardo Ghia Asia Asia excluding X. Europe/Asia/Africa & Middle East: excludes lapsed and withdrawn bids. Private The dominant geography of the target is X and equity buyout and exit combined league tables [email protected] +852 2158 9704 John Capulong Candy Tam the dominant geography of the bidder is any are based on advising the bidder on buyout [email protected] [email protected] other region excluding X. deals AND the target/seller on exit deals, Research Editor, EMEA +852 2158 9723 +852 2158 9706 excluding lapsed and withdrawn bids. Equal Outbound: Global/US/Japan: The dominant rankings are based on having both identical Jonathan Klonowski EMEA EMEA geography of the bidder is X and the dominant values and deal counts reported in one table. [email protected] geography of the target is any other country +44 20 3741 1293 Michael Richards Ioiana Luncheon excluding X. Europe/Asia/Africa & Middle East: All values are in USD. [email protected] [email protected] The dominant geography of the bidder is X M&A Trends and Top Deals correct as of 10am +44 20 3741 1294 +44 203 741 1391 and the dominant geography of the target is (GMT), 28-Jun-2019. Cut off date 27-Jun-2019 any other region excluding X. League Tables correct as of 10am (GMT), 01- Top deals: Based on the dominant geography Jul-2019. Cut off date 30-Jun-2019. of the target company. mergermarket.com Mergermarket Global & Regional 80 M&A Report 1H19

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