Including League Tables of Financial Advisors

Home , Centerview Partners, GCA Corporation

An Acuris Company

Finding the opportunities in mergers and acquisitions

Global & Regional M&A Report Q1 2018 Including League Tables of Financial Advisors

mergermarket.com An Acuris Company

Content

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

mergermarket.com Mergermarket Global & Regional Global Overview 3 M&A Report Q1 2018

Global Overview Regional M&A Comparison

North America US$ 435bn +23.9% vs. Q1 ‘17 Inbound US$ 64.9bn -46.6% Outbound US$ 57.3bn -38.4% Bus. Services US$ 117.1bn +588.5%

Latin America US$ 26.3bn +86.1% vs. Q1 ’17 Inbound US$ 4.5bn -40.3% 28.8% Outbound US$ 432m -85.7% Ind. & Chem. US$ 15.9bn +495.4%

Europe US$ 256.4bn +21.6% vs. Q1 ‘17 1.0% Inbound US$ 58.2bn -19.2% 48.8% 16.8% Outbound US$ 55.8bn -45.0% EMU US$ 62.0bn +132.4% 1.6% MEA US$ 14.7bn -50.1% vs. Q1 ‘17 Inbound US$ 10bn -58.5% Outbound US$ 4.7bn -66.6% EMU US$ 8.1bn +27.9%

APAC (ex. Japan) US$ 149.2bn +6.5% vs. Q1 ‘17 Inbound US$ 15.2bn -8.1% 3.0% Outbound US$ 16.8bn -14% Ind. & Chem. US$ 29.5bn +39.5%

Japan US$ 9.0bn +0.3% vs. Q1 ’17 Inbound US$ 1.1bn -73.8% Global M&A US$ 890.6bn +18.0% vs. Q1 2017 Outbound US$ 18.8bn +27.2% Fin. Services US$ 3.2bn +585.3% Cross-border US$ 280.4bn -21.2% vs. Q1 2017 The % values on the map indicate Top sector: EMU US$ 169.3bn -5.0% vs. Q1 2017 market shares in global M&A mergermarket.com Mergermarket Global & Regional Global Analysis 4 M&A Report Q1 2018 Global

Value Deal details (US$bn) Announce- Bidder company Target company Target Target sector ment date geography US$ 890.6bn 67.9 8-Mar Cigna Corporation Express Scripts USA Business Services Holding Company Value of M&A in Q1 2018, the

46.6 12-Mar E.ON SE innogy SE Germany Energy, Mining & strongest start to the year on Utilities Mergermarket record (since 2001)

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

26.6 26-Mar Brookfield Property General Growth USA Real Estate 18% 14 Partners LP Properties Inc (65.86% Stake)

Increase in value from Number of megadeals 23.1 29-Jan Keurig Green Dr Pepper Snapple USA Consumer Mountain Inc Group Inc Q1 2017 to Q1 2018 (> US$ 10bn) announced in Q1

mergermarket.com Mergermarket Global & Regional Global Analysis 5 M&A Report Q1 2018

Global

• The extraordinary surge in dealmaking seen at the end • The US has seen a sizeable increase in M&A during the of 2017 has carried through into 2018 as global M&A hit its first three months of the year with six of the largest ten global “The extraordinary surge highest Q1 value on Mergermarket record (since 2001) as deals targeting the country, and accounted for a 44.2% share pressure from shareholders and the search for innovation of global activity by value. So far this year, US$ 393.9bn has in dealmaking seen at the continue to drive corporates towards M&A. In the first been invested in US companies, 26.1% higher than in Q1 2017 quarter, US$ 890.7bn was recorded across 3,774 deals, up (US$ 312.4bn) and the largest quarterly value since Q4 2016 end of 2017 has carried 18% on Q1 2017’s value of US$ 754.7bn (4,672 deals). So far (US$502.3bn). Domestic dealmaking has been a key factor this year there have been 14 deals breaching the US$ 10bn registering 952 deals worth US$ 330.8bn, including Dominion through into 2018 as global mark, including the US$ 67.9bn deal between Cigna and Energy’s US$ 14.3bn takeover of SCAMA Corporation. This Express Scripts. While big tech companies look to diversify trend continues on from a strong Q4 when US$ 317.1bn (1,071 M&A hit its highest Q1 their offering, often through M&A, more traditional firms deals) changed hands. Meanwhile, Chinese dealmaking is also have had to react to newer, more innovative firms, with many on the increase as a result of strong levels of domestic M&A. value on Mergermarket looking towards defensive consolidation. Amazon’s move Following regulatory issues with capital flight in 2017, Chinese into pharmaceuticals appears to have been a catalyst for firms are now looking closer to home with US$ 68.7bn spent record as pressure from dealmaking in healthcare-related areas with the CVS/Aetna internally, the highest Q1 figures on Mergermarket record. deal announced in December and the Cigna/Express Scripts Domestic M&A accounts for 85.2% of Chinese acquisitions in investors and the search for transaction this quarter. Q1 2018, a significant increase from the 61.6% and 71.3% seen during FY 2016 and FY 2017. innovation continue to push • Global private equity activity remains remarkably high, with many investors pursuing larger targets as the mid-market • TMT has been one of the key sectors in Q1 2018, registering corporates towards M&A” becomes saturated. In Q1 there were 699 buyouts worth a over US$ 129.9bn across 707 deals. The proposed takeover total US$ 113.6bn, compared to the US$ 89.5bn (782 deals) of Danish firm TDC by a consortium comprised of PFA, PKA, in Q1 2017, representing the strongest start to the year since ATP and MIRA was the largest announced deal in the sector 2007 (US$ 212.7bn). It represents the fourth consecutive and the only one to break the US$ 10bn barrier. Q1 2018 Jonathan Klonowski, quarter in which buyout activity has reached US$ 100bn represents the fourth quarter in a row with over US$ 100bn and only the third time on Mergermarket record in which this of investment in the TMT sector and is up 79.3% on Q1 2017’s Research Editor (EMEA) figure has been reached at this point in the year. There have US$ 72.4bn. So far this year, there have been a further 25 been two buyouts worth over US$ 10bn so far this year, with deals worth over US$ 1bn targeting the sector – well over the US$ 17bn investment into Thomson Reuters’ financial double the ten seen in Q1 2017. Meanwhile, Energy, Mining and risk business by Blackstone, GIC and CPPIB, and the & Utilities, with two of the largest ten announced deals, The Carlyle Group’s US$ 12.5bn acquisition of Akzo Nobel’s has reached its highest quarterly value since Q1 2017 (US$ speciality chemicals business. There have been ten buyouts 178.3bn) with US$ 169.3bn targeting the sector. This was worth over US$ 10bn since the start of 2010, with half of largely driven by the US$ 46.7bn takeover of innogy by E.ON, those deals occurring since the start of 2017. the second largest deal of the quarter. mergermarket.com Mergermarket Global & Regional Global Analysis 6 M&A Report Q1 2018

US$ 506m 76.1% 52.9% Increase in Tech value Increase in Industrials & Chemicals (US$ 80.4bn) compared to Q1 2017 value (US$ 122.5bn) compared Average deal size, the highest to Q1 2017 YTD average on Mergermarket record (since 2001) US$ 113.6bn

85.2% -21.2% Value of private equity buyouts so far this year, the highest Q1 value since 2007 Share of domestic value of total Drop in cross-border M&A value in acquisitions by Chinese firms comparison to Q1 2017

mergermarket.com Mergermarket.com Mergermarket Global & Regional Global Analysis 7 M&A Report Q1 2018

Chart title 1 Chart title 1 ChartGlobal title Quarterly2 Breakdown Trend ChartGlobal title Sector 2 Breakdown Trend 2013 - 2018 Q1 2017 - Q1 2018

350

4000 20000

300 18000 3500

1,120.0 16000 250 3000 827.2 1,029.5 900.2 14000

2500 12000 200

873.1 Deal Count

2000 571.6 861.2 10000 726.8 870.4 150

8000 (US$bn) Value Deal

Deal Value (US$bn) Value Deal 1500 658.0 1,040.3 798.0 6000 100 964.9 1000 739.2

561.7 4000

500 50 762.3 754.7 890.6 2000 568.5 626.4 446.7

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

Q1 Q2 Q3 Q4 Q1 2017 Q1 2018

Deal Count

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

Global League tables

Financial advisor league table by value

Ranking Q1 2018 Q1 2017 Regional ranking comparison

Q1 Q1 Company name Value Deal Value % Value Europe US Asia Japan Middle Latin 2018 2017 (US$m) count (US$m) change Pacific East & America Africa 1 1 Goldman Sachs & Co 268,387 76 210,106 27.7% 2 2 13 3 1 5 2 5 Morgan Stanley 267,633 59 148,381 80.4% 7 1 17 2 9 3 3 2 JPMorgan 240,253 68 163,179 47.2% 1 3 9 6 3 7 4 6 Bank of America Merrill Lynch 223,539 46 132,210 69.1% 4 7 15 24 13 1 5 3 Citi 220,536 56 153,810 43.4% 3 6 2 43 12 11 6 4 Lazard 183,020 44 152,064 20.4% 6 4 6 40 10 6 7 12 Credit Suisse 124,207 33 65,620 89.3% 8 8 20 12 41 19 8 10 Centerview Partners 109,147 13 81,122 34.5% 32 5 220 4 50 - 9 9 Rothschild 91,867 59 81,643 12.5% 5 28 16 11 7 8 10 11 Barclays 72,096 45 78,871 -8.6% 18 9 73 46 2 25 11 132 Perella Weinberg Partners 66,041 11 873 7464.8% 11 17 - 154 45 - 12 7 Deutsche Bank 58,021 26 98,647 -41.2% 27 10 4 39 14 13 13 14 BNP Paribas 52,538 9 40,877 28.5% 9 331 58 82 47 51 14 30 Societe Generale 51,317 7 12,880 298.4% 10 48 32 44 155 - 15 20 Mediobanca 49,648 8 28,496 74.2% 12 43 528 - 141 4 16 15 RBC Capital Markets 45,377 27 39,476 14.9% 25 13 49 - 44 14 17 105 Santander Global Corporate Banking 44,474 4 1,468 2929.6% 13 119 217 - - 23 18 130 AZ Capital 44,316 2 897 4840.5% 14 851 - - - 144 19 24 KPMG 43,089 60 16,071 168.1% 15 82 28 13 31 57 20 8 UBS Investment Bank 41,571 41 91,997 -54.8% 19 18 3 10 4 43

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

Value Deal details (US$bn) Announce- Bidder company Target company Target Target sector ment date geography US$ 256.4bn 46.6 12-Mar E.ON SE innogy SE Germany Energy, Mining & Utilities M&A targeting Europe this 39.6 23-Mar Consortium formed by Abertis Spain Construction year, the highest YTD figure ACS SA, Atlantia SpA Infraestructuras SA and Hochtief AG since 2008 (US$ 295.8bn)

13.0 27-Mar GlaxoSmithKline Plc GlaxoSmithKline United Pharma, Medical & Consumer Healthcare Kingdom Biotech (36.5% Stake)

12.5 27-Mar The Carlyle Group; and Akzo Nobel NV Netherlands Industrials & GIC Private Limited (Specialty chemicals Chemicals 6 58% business)

12.1 17-Jan Melrose Plc GKN Plc United Industrials & Number of megadeals March (US$ 148.7bn) share Kingdom Chemicals targeting Europe in Q1 of European Q1 value

mergermarket.com Mergermarket Global & Regional Europe Analysis 10 M&A Report Q1 2018

Europe

• A clear surge in dealmaking in March pushed Europe’s • Investment by European firms into the rest of the world YTD figure to its highest post-crisis value on Mergermarket. maintained the high levels seen in the final quarter of 2017 “Politics has once again Activity in the first quarter hit US$ 256.4bn (1,409 deals), with US$ 55.8bn spent on foreign assets in Q1. French 21.6% higher than Q1 2017’s already sky-high figure of US$ companies have been particularly active on this front, with been at the forefront 211bn. This represents just the third time in Mergermarket two deals outside Europe worth over US$ 10bn announced in history that Europe has breached the US$ 250bn mark at Q1. In mid-January, Sanofi acquired US-biotech firm Bioverativ of dealmakers’ minds this point in the year. This year’s figures were driven by an for US$ 11.1bn, while AXA made a US$ 14.8bn purchase of XL increased number of megadeals, with a total of six deals Group in early March. In total there has been US$ 28.4bn as both Germany and surpassing the US$ 10bn mark. The largest of which was invested by French companies outside Europe, representing E.ON’s US$ 46.6bn acquisition of German-energy firm innogy, 50.9% of Europe’s total value so far this year. The last Italy battled uncertainty, accounting for over just under a fifth of Europe’s value this two quarters have now seen over US$ 25bn deployed by year. The final week of the quarter saw the announcement French companies outside Europe, the only two quarters on while Brexit negotiations of two of the quarter’s largest deals with GSK’s US$ 13bn Mergermarket record to do so. The trend reflects President acquisition of the remaining 36.5% in its consumer healthcare Macron’s desire to create ‘European champions’ able to continue to rumble on” joint venture with Novartis, and the US$ 12.5bn deal between compete at a higher level against firms in the US and China. The Carlyle Group/GIC and Akzo Nobel both being agreed. • Following on from the trend seen in 2017, intra-European • Politics once again will have been at the forefront of dealmaking has once again been active across the continent Jonathan Klonowski, dealmakers’ minds as both Germany and Italy battled in the first quarter with the top three deals all being uncertainty, while Brexit negotiations continue to rumble on. conducted between European companies. The first three Research Editor (EMEA) Last year saw a more stable market with renewed growth months of 2018 have seen 1,161 deals worth a total US$ across the Eurozone as an increased confidence led to an 198.3bn, the highest first quarter value since 2007 (US$ active M&A market, which has carried forward into 2018. This 204.2bn, 1,505 deals). Deals between European countries in year, while the grand coalition in Germany was agreed, the FY 2017 (US$ 551.8bn, 6,362 deals) hit their highest annual Italian elections in early March have left the country moving deal count on Mergermarket record (since 2001) and their towards a more populist position and much remains to be second highest value since the financial crisis. Meanwhile, seen whether a slowdown will occur and whether a stable foreign investment has started to pick up after the drop government can be formed. The UK and Germany remained towards the end of 2017, registering US$ 58.2bn (248 deals) the most targeted countries by both value and deal count, in Q1, 11% higher than in Q4 2017 (US$ 52.4bn). This still respectively exceeding the US$ 50bn figure. The UK received represents the second lowest quarterly value since Q1 2014 266 deals worth US$ 59.3bn, its highest quarterly value since (US$ 55.8bn) and is 23.2% lower than the average quarterly Q4 2016 (US$ 72.9bn) while the innogy transaction pushed value since 2012 (US$ 75.7bn, 302 deals). German M&A to US$ 54.1bn across 180 deals.

mergermarket.com Mergermarket Global & Regional Europe Analysis 11 M&A Report Q1 2018

US$ 198.3bn 2.3x 2.6x Increase in Energy, Mining Increase in Industrials & Chemicals & Utilities value (US$ 62bn) value (US$ 44.9bn) compared to Intra-European M&A value in compared to Q1 2017 Q1 2017 Q1 2018, the highest quarterly figure since Q4 2015 US$ 31.5bn

23.1% $3.2bn Value of deals from Europe into the US so far this year UK share of European M&A so far Investment from the Middle East in this year Europe in Q1

mergermarket.com Mergermarket.com Mergermarket Global & Regional Europe Analysis 12 M&A Report Q1 2018

Chart title 1 Chart title 1 ChartEurope title 2Quarterly Breakdown Trend ChartEurope title Sector2 Breakdown Trend 2013 - 2018 Q1 2017 - Q1 2018

150

1000 10000

900 9000 125

800 213.8 196.2 8000

292.3 100 700 7000 272.2

600 186.3 6000 158.0 211.3 Deal Count 75 500 179.6 5000 177.6

158.6 (US$bn) Value Deal 400 4000 Deal Value (US$bn) Value Deal 302.5 50 310.5 300 3000 262.0 198.2 201.0 200 2000 25

211.0 256.4 100 174.2 1000 136.3 178.8 163.9

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

Q1 Q2 Q3 Q4 Q1 2017 Q1 2018

Deal Count

mergermarket.com Mergermarket Global & Regional Europe Analysis 13 M&A Report Q1 2018

Europe League tables

Europe league table by value Europe league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 5 JPMorgan 144,265 27 53.9% 93,751 1 1 PwC 41,148 54 -25 79 2 1 Goldman Sachs & Co 136,559 29 4.3% 130,911 2 5 Rothschild 84,690 48 -5 53 3 3 Citi 133,211 25 19.2% 111,765 3 3 EY 2,510 46 -16 62 4 4 Bank of America Merrill Lynch 115,610 21 4.1% 111,064 4 4 Deloitte 1,528 46 -10 56 5 9 Rothschild 84,690 48 52.0% 55,725 5 2 KPMG 41,532 41 -34 75 6 2 Lazard 80,707 24 -38.0% 130,236 6 8 Goldman Sachs & Co 136,559 29 0 29 7 11 Morgan Stanley 80,344 19 69.5% 47,400 7 13 JPMorgan 144,265 27 5 22 8 10 Credit Suisse 64,701 11 35.6% 47,710 8 7 Citi 133,211 25 -6 31 9 12 BNP Paribas 52,145 6 33.0% 39,220 9 6 Lazard 80,707 24 -13 37 10 19 Societe Generale 49,016 6 280.6% 12,880 10 10 Bank of America Merrill Lynch 115,610 21 -3 24 11 118 Perella Weinberg Partners 46,646 1 18264.6% 254 11 12 Morgan Stanley 80,344 19 -5 24 12 16 Mediobanca 46,382 7 62.8% 28,496 12 24 UBS Investment Bank 24,495 19 5 14 13 57 Santander Global Corporate Banking 44,316 3 3378.5% 1,274 13 16 ALANTRA 903 17 -4 21 14 71 AZ Capital 44,316 2 4840.5% 897 14 33 Barclays 38,782 16 6 10 15 30 KPMG 41,532 41 850.4% 4,370 15 15 Clearwater International 254 16 -6 22 16 35 PwC 41,148 54 1108.5% 3,405 16 14 Oaklins 203 16 -6 22 17 - Key Capital Partners 39,622 2 - - 17 19 Lincoln International 127 16 -1 17 18 20 Barclays 38,782 16 202.0% 12,843 18 49 Rabobank 80 15 8 7 19 7 UBS Investment Bank 24,495 19 -69.5% 80,370 19 21 GCA Corporation 31 14 -2 16 20 179 LionTree Advisors 20,922 4 30221.7% 69 20 43 Macquarie Group 4,672 13 6 7

mergermarket.com Mergermarket Global & Regional US Analysis 14 M&A Report Q1 2018 US

Value Deal details (US$bn) Announce- Bidder company Target company Target Target sector ment date geography US$ 393.9bn 67.9 8-Mar Cigna Corporation Express Scripts USA Business Services Holding Company Q1 2018 is up 26.1% by 26.6 26-Mar Brookfield Property General Growth USA Real Estate deal value compared to Partners LP Properties Inc (65.86% Stake) Q1 2017 (US$ 312.4bn)

23.1 29-Jan Keurig Green Dr Pepper Snapple USA Consumer Mountain Inc Group Inc

17.0 30-Jan Blackstone Group LP; Thomson Reuters USA Business Services GIC Private Limited; Corporation (Financial 6 30.4% and Canada Pension & Risk business) Plan Investment Board (55% Stake)

14.3 3-Jan Dominion Energy Inc SCANA Corporation USA Energy, Mining & Number of megadeals US share in global M&A by Utilities (> US$ 10bn) deal count - down 0.7 basis targeting the US points from Q1 2017 (31.1%)

mergermarket.com Mergermarket Global & Regional US Analysis 15 M&A Report Q1 2018

• Though the first quarter of 2018 is not likely to go down • Pharma, Medical & Biotech (PMB) saw a 15.7% decline in history for shattering US M&A records, it could become in Q1 value to US$ 28bn and a fall in deal count to 108 “The rapid onslaught of known as one of the more interesting starts to a year. Among transactions compared to Q1 2017 as the sector struggles other happenings: the White House introduced steel and to find its footing in the age of Amazon while also navigating Technology’s influence aluminium tariffs, sparking concerns over a trade war and its new gains from tax reform. With a significantly reduced spooking dealmakers; opening arguments were given in the corporate tax rate from 35% to 21%, repatriation of cash from has not been without antitrust trial between AT&T/Time Warner and the Justice abroad that could be used for future acquisitions in place of Department; and President Trump blocked Broadcom’s the tax inversion deals of yesteryear now seems more likely. serious consequences on, takeover bid for Qualcomm. Finally, Comcast also entered the Relatedly, Financial Services (FS), also feeling the ripple Media fray by exploring an offer to buy Sky in a competing effects of changes in healthcare, saw a shift in large deals among many things, data bid with Disney, who is itself in the process of taking over from banking toward insurance. Overall, FS saw US$ 14.9bn most of Twenty-First Century Fox. The latter already owns across 97 transactions in Q1 2018, a 33.5% fall in value with privacy, national security, 39.1% of Sky, and its acquisition of the remaining 60.9% is 27 fewer deals compared to Q1 2017. However, when looking currently under regulatory review. One could not be blamed at the seven US FS deals valued over US$ 1bn announced so economic policy, and the for believing that anything seems possible at this point. And, far in 2018, five fell under the insurance sub-sector, covering though US M&A fell by 305 deals to 1,148 compared to 1,453 a range of types from title to property to life. By contrast, last future of other sectors.” in Q1 2017, value rose by 26.1% to US$ 393.9bn from the US$ year saw just one such transaction falling under insurance. 312.4bn recorded during the same period last year. • The rapid onslaught of Technology’s influence has not • Many of these battles to consolidate have been driven been without consequences. As the Trump Administration has Elizabeth Lim, largely by Technology or by Tech giants beginning to exercise demonstrated a willingness to block deals on national security their might in other sectors. The past year could certainly grounds and instated increasingly protectionist policies, much Research Editor (Americas) be said to have fallen under the “Amazon effect” which, after of which has been aimed at China, inbound M&A from the last year’s disruptions in retail, has also begun to disrupt the latter has fallen 42.9% by value to US$ 1.1bn from Q1 2017 US healthcare market – particularly in the area of pharmacy while deal count has dropped to 13 deals, four fewer than benefit management (PBM). Q1 2018’s top sector was last year. Moreover, concerns over data privacy following not Business Services with US$ 116.9bn in value, 58.1% of which only the Russian hack during the 2016 presidential election was due to Cigna’s US$ 67.9bn bid for Express Scripts. The and ensuing special counsel investigation but also the more year’s largest deal to date, the transaction is also on par with recent Cambridge Analytica/Facebook scandal are likely to CVS Health’s US$ 67.8bn bid for Aetna in Q4 2017. Further, lead to calls for more regulation, with Facebook CEO Mark Amazon’s announcement in January that it would team up Zuckerberg and COO Sheryl Sandberg both stating that the with Berkshire Hathaway and JP Morgan to form a healthcare company would be open to regulation. What this bodes for company for their employees has other industry players on Technology’s future growth and its continued influence on all their guard. other sectors remains to be seen. mergermarket.com Mergermarket Global & Regional US Analysis 16 M&A Report Q1 2018

US$ 47.6bn -54.1% -42.9% Fall in value of inbound M&A into Fall in value of inbound M&A into the US overall from Q1 2017 (US$ the US from China from Q1 2017 Record Q1 value for US Tech deals 137.5bn) to Q1 2018 (US$ 63.1bn) (US$ 2bn) to Q1 2018 (US$ 1.1bn)

US$ US$ 67.9bn 226 Cigna/Express Scripts is the 116.9bn largest PBM deal on Mergermarket record (since 2001) Record quarterly value for US Number of Technology deals in Q1 Business Services deals - top 2018 - top sector by deal count sector by value in Q1 2018

mergermarket.com Mergermarket.com Mergermarket Global & Regional US Analysis 17 M&A Report Q1 2018

Chart title 1 Chart title 1 ChartUS titleQuarterly 2 Breakdown Trend ChartUS Sectortitle 2 Breakdown Trend 2013 - 2018 Q1 2017 - Q1 2018

125

2000 6000

1750 100 5000

508.8 1500

4000 502.3 75 1250 346.4

371.5 Deal Count 462.4 1000 3000

423.2 50 230.9 404.1 (US$bn) Value Deal Deal Value (US$bn) Value Deal 750 298.4 2000 469.5

500 317.7 304.1 389.6 326.1 25 1000 250 177.1 393.9 357.8 312.4 253.2 179.9 219.5 0 0 0 2013 2014 2015 2016 2017 2018 Business Energy, Technology Consumer Industrials Other Services Mining & Utilities & Chemicals

Q1 Q2 Q3 Q4 Q1 2017 Q1 2018

Deal Count

mergermarket.com Mergermarket Global & Regional US Analysis 18 M&A Report Q1 2018

US League tables

US league table by value US league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 4 Morgan Stanley 182,970 39 71.7% 106,557 1 1 Goldman Sachs & Co 154,342 58 -2 60 2 1 Goldman Sachs & Co 154,342 58 -8.4% 168,481 2 3 JPMorgan 137,734 47 3 44 3 2 JPMorgan 137,734 47 4.6% 131,657 3 2 Morgan Stanley 182,970 39 -6 45 4 3 Lazard 131,141 24 13.0% 116,078 4 5 Citi 100,034 38 3 35 5 7 Centerview Partners 102,371 11 26.2% 81,122 5 7 Barclays 51,072 36 3 33 6 6 Citi 100,034 38 12.8% 88,699 6 4 Houlihan Lokey 9,013 35 -7 42 7 8 Bank of America Merrill Lynch 99,890 26 27.4% 78,384 7 6 Evercore 33,328 30 -5 35 8 11 Credit Suisse 70,839 22 34.5% 52,649 8 13 Jefferies 17,198 30 8 22 9 10 Barclays 51,072 36 -23.4% 66,669 9 14 Stifel/KBW 8,953 27 5 22 10 5 Deutsche Bank 39,295 15 -55.9% 89,097 10 9 Bank of America Merrill Lynch 99,890 26 -3 29 11 12 Evercore 33,328 30 -28.0% 46,304 11 8 Lazard 131,141 24 -8 32 12 105 Guggenheim Partners 30,007 9 6423.3% 460 12 16 Raymond James & Associates 1,681 24 4 20 13 13 RBC Capital Markets 27,082 20 -23.3% 35,287 13 15 Credit Suisse 70,839 22 1 21 14= - AFW 23,131 1 - - 14 21 Moelis & Company 13,533 22 5 17 14= 21 BDT & Company 23,131 1 163.1% 8,792 15 23 Lincoln International 774 21 4 17 16 23 PJT Partners 21,435 6 156.8% 8,348 16 12 RBC Capital Markets 27,082 20 -4 24 17 90 Perella Weinberg Partners 19,395 10 3033.3% 619 17 27 UBS Investment Bank 18,634 20 7 13 18 9 UBS Investment Bank 18,634 20 -72.9% 68,751 18 22 Robert W. Baird & Co 3,792 19 2 17 19 20 Jefferies 17,198 30 22.2% 14,075 19 10 Piper Jaffray & Co 1,645 19 -10 29 20 17 TD Securities 17,000 3 -17.1% 20,511 20 11 Rothschild 11,070 18 -9 27

mergermarket.com Mergermarket Global & Regional Latin America Analysis 19 M&A Report Q1 2018 Latin America

Value Deal details (US$m) Announce- Bidder company Target company Target geography Target sector ment date US$ 26.3bn 15,326 16-Mar Suzano Papel e Fibria Celulose SA Brazil Industrials & Celulose SA Chemicals Q1 2018’s deal value is up 86.1% 3,266 16-Feb Enel Chile SA Enel Generación Chile Chile Energy, Mining & over Q1 2017 (US$ 14.2bn) (40.02% Stake) Utilities

1,700 14-Feb Banco Popular de Wells Fargo & Puerto Rico Financial Puerto Rico Company (Auto Services finance business in Puerto Rico)

900 3-Jan Didi Chuxing 99 Taxis Brazil TMT Technology Co Ltd Desenvolvimento de 3% 3.3% Softwares Ltda (70% Stake)

583 26-Jan InRetail Peru Corp Quicorp SA Peru Pharma, Medical Latin America’s share of Latin America’s share of & Biotech total global deal value - up total global deal count 1.1 basis points compared - on par with Q1 2017 to Q1 2017 (1.9%)

mergermarket.com Mergermarket Global & Regional Latin America Analysis 20 M&A Report Q1 2018

Latin America

• Latin American M&A rose 86.1% in value in the first quarter deals. Incidentally, the previously mentioned Enel deal was of 2018 to US$ 26.3bn compared to the same period in 2017 responsible for most of this value, after its Chilean operations “As Latin America has (US$ 14.2bn) – the highest value on Mergermarket record bought a 40% stake in Enel Generación Chile for US$ 3.3bn (since 2001) for the region during a first quarter since 2011 in the region’s second-largest deal of the quarter, which attempted to move past (US$ 40.5bn). Deal count this year, however, registered 126 accounted for three-fourths of the sector’s total for the transactions, 28 fewer than in Q1 2017, and the lowest number quarter. Moreover, both the Enel Generación and the Fibria political scandals, low of deals for a first quarter since 2010 (104). Meanwhile, Celulose deals were domestic transactions as were four the region recorded its fifth-largest deal on Mergermarket additional deals in the top 10, indicating that the region’s commodities prices, and record (since 2001), and the quarter’s only mega-deal strategy for moving forward could be more inward-turning. (>US$ 10bn) – Brazil-based Suzano Papel e Celulose’s US$ Inbound M&A into the region fell 40.3% in Q1 2018 to US$ domestic unrest, new 15.3bn acquisition of Brazil-based Fibria Celulose. The pulp 4.5bn from US$ 7.6bn in Q1 2017, and deal count fell by 28 and paper transaction is the second mega-deal in the last transactions to 59 over the same period. Also during this challenges have arisen, two consecutive quarters following Liberty Global Plc’s time frame, bids from the US fell 33.8% to US$ 1.1bn from US$ US$ 13.4bn spin-off of its Brazilian telecommunications 1.6bn, while those from China fell 40.4% to US$ 990m from including the US wanting business into Liberty Latin America last December. The two US$ 1.7bn. transactions are the first mega-deals that the region has to renegotiate NAFTA • As Latin America has attempted to move past political seen since 2014, when Italy-based Enel Iberoamerica bought scandals, low commodities prices, and domestic unrest over a 60.6% stake in Chile-based Enel Americas for US$ 10.8bn and imposing steel and the last few years, new challenges have arisen, including from Spain-based Endesa. its neighbour to the north stating intentions to renegotiate aluminium tariffs that would • The above transaction was the primary reason behind NAFTA and beginning to enact tariffs in industries on which Industrials & Chemicals (I&C) leading sector rankings for Latin Latin America relies for exporting many goods. According to hurt Brazil and others.” America in Q1 2018, comprising 96.6% of I&C’s value (US$ Mergermarket intelligence, Brazil, Latin America’s dominant 15.9bn). By deal count, the sector was also number one with economy, is considering an appeal to the WTO over the 24 transactions. The Suzano Papel e Celulose/Fibria Celulose steel and aluminium tariffs announced by the US in March, deal marks the largest I&C deal on record, thus propelling Q1 the former being the second-largest exporter of steel to the Elizabeth Lim, 2018 to I&C’s highest-valued quarter. The transaction also latter. Such a matter could come as a joint motion with other helped boost figures for Brazil (US$ 18.4bn). The country’s countries that also find themselves worried about a possible Research Editor (Americas) deal value in Q1 2018 was more than double the value for the trade war, setting the stage for even more unrest in the same period last year and the highest for a first quarter since coming months. 2011 (US$ 31.9bn). • Energy, Mining & Utilities (EMU) was second by deal value in Q1 2018, with US$ 4.5bn and 15 transactions, a 41.1% increase in value for regional EMU activity and nine fewer mergermarket.com Mergermarket Global & Regional Latin America Analysis 21 M&A Report Q1 2018

US$ 1.7bn -33.8% $900m

Fall in inbound M&A value Value of Didi Chixing/99 Taxis deal, Banco Popular de Puerto Rico/Wells Fargo (US$ 1.1bn) from the US the fourth largest Tech deal in the compared to Q1 2017 region on record (auto finance business in Puerto Rico) - second-largest deal in Puerto Rico on Mergermarket record (since 2001) US$ 15.3bn 132.1% -78% Value of Suzano Papel e Celulose’s acquisition of Fibria Celulose, the second largest deal

Increase in Brazil’s M&A value Decrease in Mexico’s M&A value targeting the region on Mergermarket record (US$ 18.4bn) compared to Q1 2017 (US$ 905m) compared to Q1 2017

mergermarket.com Mergermarket.com Mergermarket Global & Regional Latin America Analysis 22 M&A Report Q1 2018

Chart title 1 Chart title 1 ChartLatin title America 2 Quarterly Breakdown Trend ChartLatin title America 2 Sector Breakdown Trend 2013 - 2018 Q1 2017 - Q1 2018

2000 6000

1750 5000

508.8 12 1500

4000 502.3 1250 346.4

371.5 Deal Count 462.4 8 1000 3000

423.2 230.9 404.1 (US$bn) Value Deal Deal Value (US$bn) Value Deal 750 298.4 2000 469.5

500 317.7 4 304.1 389.6 326.1 1000 250 177.1 393.9 357.8 312.4 253.2 179.9 219.5 0 0 0 2013 2014 2015 2016 2017 2018 Industrials Energy, Financial Consumer Technology Other & Chemicals Mining Services & Utilities

Q1 Q2 Q3 Q4 Q1 2017 Q1 2018

Deal Count

mergermarket.com Mergermarket Global & Regional Latin America Analysis 23 M&A Report Q1 2018

Latin America League tables

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 23 Bank of America Merrill Lynch 16,905 6 6025.0% 276 1 1 Banco Itau BBA 16,268 7 -2 9 2 8 Banco Itau BBA 16,268 7 780.3% 1,848 2 19 Bank of America Merrill Lynch 16,905 6 4 2 3 1 Morgan Stanley 4,509 2 1.2% 4,455 3 11 Goldman Sachs & Co 1,570 5 2 3 4 - Mediobanca 3,266 1 - - 4 5 Lazard 1,282 5 -1 6 5 7 Goldman Sachs & Co 1,570 5 -16.0% 1,868 5 27 Rothschild 720 3 2 1 6 12 Lazard 1,282 5 105.1% 625 6 2 Banco BTG Pactual 293 3 -5 8 7 - JPMorgan 992 2 - - 7 40 EY 200 3 2 1 8 24 Rothschild 720 3 176.9% 260 8 20 Artica Invest - 3 1 2 9 51 Vinci Partners 492 1 - - 9 4 Morgan Stanley 4,509 2 -4 6 10 - Laplace Financas 392 1 - - 10 - JPMorgan 992 2 2 - 11= 9 Citi 360 2 -78.2% 1,648 11= 22 Citi 360 2 1 1 11= - Evercore 360 2 - - 11= - Evercore 360 2 2 - 13 - Deutsche Bank 316 1 - - 13 3 Banco Bradesco BBI 158 2 -6 8 14= - RBC Capital Markets 300 1 - - 14 - LXG Capital - 2 2 - 14= - The Food Partners 300 1 - - 15 - Mediobanca 3,266 1 1 - 16 3 Banco BTG Pactual 293 3 -90.6% 3,133 16 51 Vinci Partners 492 1 0 1 17 - Greenhill & Co 284 1 - - 17 - Laplace Financas 392 1 1 - 18 - Banca de Inversion Bancolombia 264 1 - - 18 - Deutsche Bank 316 1 1 - 19 2 Credit Suisse 254 1 -92.8% 3,535 19= - RBC Capital Markets 300 1 1 - 20 - LionTree Advisors 227 1 - - 19= - The Food Partners 300 1 1 -

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 24 M&A Report Q1 2018 Asia Pacific (excl. Japan)

Value Deal details (US$m) Announce- Bidder company Target company Target Target sector ment date geography US$ 149.2bn 8,750 28-Mar Hyundai Glovis Co Ltd Hyundai Mobis Co Ltd South Korea Industrials & (Module and A/S parts Chemicals business) Q1 2018 reached its second 6,632 20-Jan Oil and Natural Gas Hindustan Petroleum India Energy, Mining & highest Q1 value on Mergermarket Corporation Limited Corporation Ltd Utilities (51.11% Stake) record (since 2001)

5,369 29-Jan Suning Commerce Dalian Wanda China Real Estate Group Co Ltd; Commercial Properties Tencent Holdings Ltd; Co Ltd (14% Stake) Sunac China Holdings Limited; and JD.com Inc US$ 5,033 10-Mar Guiyang Jinshiqi Zhongtian Urban China Real Estate 6.5% Industrial Investment Development and Co Ltd Investment Group 134bn Company Limited Intra-Asia- Pacific M&A Increase in M&A value 4,833 2-Mar Government of Snowy Hydro Limited Australia Energy, Mining & Australia (87% Stake) Utilities value in Q1 2018, the second compared to Q1 2017 despite highest Q1 value on record 73 fewer transactions

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 25 M&A Report Q1 2018

Asia Pacific (excl. Japan)

• Following the overall global trend, the M&A activity • Cross-border activity between Asia-Pacific (excl. Japan) in Asia-Pacific (excl. Japan) had a positive start to 2018 and other regions had a quiet start to the year. Inbound “Following the overall global compared to last year. The region witnessed 788 deals M&A registered 128 deals totalling US$ 15.2bn, a decrease valued at US$ 149.2bn in the first quarter of 2018, up 6.5% of 8.1% by value compared to Q1 2017. This marked the trend, the M&A activity in by value compared to Q1 2017 (861 deals, US$ 140.1bn). The lowest quarterly number of foreign investments since Q1 first quarter of the year marked the second highest Q1 value 2012. Across the whole Asia-Pacific (excl. Japan) region, Asia-Pacific (excl. Japan) on Mergermarket record (since 2001), highlighting Asia- Australia was the most attractive country to investors outside Pacific’s optimistic stance for dealmaking. The region saw four the region in terms of both deal value and count, recording had a positive start to 2018 transactions over US$ 5bn, same as the first quarter in 2017, 36 inbound transactions valued at US$ 6.4bn. The largest including the US$ 8.8bn acquisition of the South Korea based inbound transaction in the first quarter was Switzerland- compared to last year” Hyundai Mobis by Hyundai Glovis’s module and A/S parts based Glencore’s 82% stake acquisition in Hail Creek coal businesses from Hyundai Mobis, the largest deal targeting the mine and 71.2% of the Valeria coal development project in region so far this year. Australia for a combined US$ 1.7bn. Outbound investment mirrored the downturn of inbound M&A, declining 14% in Q1 Amy Wu, Senior • Much of the region’s M&A activity continued to be driven 2018 to US$ 16.8bn from US$ 19.5bn in the same period last by key sectors such as Industrials & Chemicals and Energy, year. Research Analyst Mining & Utilities (EMU). Industrials & Chemicals continued to be the most active sector in terms of both value and • On the other hand, private equity activity in the region had deal count with 167 deals worth US$ 29.5bn, accounting a stellar first quarter. Private equity buyouts targeting Asia- for 21.2% of deals in the region and 19.8% of the value. The Pacific (excl. Japan) recorded 97 deals for US$ 24.3bn, up Automotive sub-sector was a standout performer with 12 37.1% by value with five fewer transactions compared to Q1 deals valued at a total US$ 14.8bn, up 420.4% by value with 2017. These figures reflect an ongoing increase in deal sizes seven fewer deals compared to Q1 2017, largely due to the in private equity deals, with the average buyout in Q1 2018 US$ 3.8bn asset-swap of Chinese electric-car manufacturer reaching US$ 296.8m, the highest yearly buyout average Beijing Electric Vehicle with Chengdu Qianfeng Electronics. on Mergermarket record. Meanwhile, exits soared to US$ With 63 deals announced worth US$ 26.9bn, Energy, Mining 12.2bn in Q1 2018, up 20.1% compared to the same period & Utilities was the second most dynamic sector in terms of in 2017. The region’s exit value marked the second best Q1 deal value, yet down 6.2% compared to Q1 2017. EMU deals on Mergermarket record (since 2001). Exit deals announced in the pipeline include Chinese clean energy service provider included the Seaspan Corporation’s acquisition of an 89% Beijing Enterprises Clean Energy Group’s intention to acquire stake in Greater China Intermodal Investments from Carlyle, several liquefied natural gas (LNG) terminal projects in Tiger Group Investments and The Washington Companies for North China, for up to CNY 6bn (US$ 953.2m) according to US$ 1.4bn. Mergermarket intelligence.

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 26 M&A Report Q1 2018

US$ 296.8m 51.7% 19.8% Chinese share of Asia-Pacific Industrials & Chemicals market (excl. Japan) M&A in Q1 2018 by share by value (US$ 29.5bn) Average buyout value in Asia- value (US$ 77.2bn) in the region Pacific (excl. Japan) this year, the highest figure on record

US$ 12.2bn

-14% 4 Exit value in Q1 2018, the

Drop in outbound M&A value in Q1 Number of deals worth over second highest Q1 value on 2018 (US$ 16.8bn) compared US$ 5bn in Q1, on par with Q1 2017 to Q1 2017 Mergermarket record

mergermarket.com Mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 27 M&A Report Q1 2018

Chart title 1 Chart title 1 ChartAsia title Pacific 2 (excl. Japan) Quarterly Breakdown Trend ChartAsia title Pacific 2 (excl. Japan) Sector Breakdown Trend 2013 - 2018 Q1 2017 - Q1 2018

900 4000

800 3600 50

295.4 3200 700 16.2

40 2800 600 241.0 177.2 2400 172.0 157.5 500 Deal count 30 2000

400 172.9 115.1 139.8 172.7 1600 (US$bn) deals of Value

Value of deals (US$bn) deals of Value 20 300 232.7 1200 118.1 149.6 200 169.4 141.4 800 10

107.9 100 196.0 400 140.3 140.1 149.2 114.9 68.5 0 0 0 Ind. & Chem. Energy, Mining Real Estate Technology Consumer Others 2013 2014 2015 2016 2017 2018 & Utilities

Q1 Q2 Q3 Q4 Q1 2017 Q1 2018

Deal Count

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 28 M&A Report Q1 2018

Asia Pacific (excl. Japan) League tables

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 15 CITIC Securities 13,576 11 34.2% 10,113 1 18 UBS Investment Bank 12,226 15 8 7 2 22 Citi 13,088 13 214.7% 4,159 2 2 KPMG 1,612 15 -12 27 3 3 UBS Investment Bank 12,226 15 -35.8% 19,039 3 12 Citi 13,088 13 4 9 4 27 Deutsche Bank 8,868 5 183.1% 3,132 4 7 Deloitte 1,368 13 0 13 5 23 EY 8,772 8 146.2% 3,563 5 4 Goldman Sachs & Co 5,378 12 -8 20 6 21 Lazard 8,248 8 87.4% 4,401 6 10 CITIC Securities 13,576 11 1 10 7 66 JM Financial 8,092 2 1360.6% 554 7 9 Rothschild 3,205 11 1 10 8 - SBI Capital Markets 6,632 1 - - 8 15 Macquarie Group 2,757 9 1 8 9 17 JPMorgan 6,410 8 -24.1% 8,446 9 1 EY 8,772 8 -20 28 10 25 Haitong Securities 5,972 2 79.9% 3,320 10 23 Lazard 8,248 8 3 5 11 7 China International Capital Corporation 5,754 5 -57.2% 13,449 11 11 JPMorgan 6,410 8 -2 10 12 34 China Securities 5,467 8 154.0% 2,152 12 17 China Securities 5,467 8 0 8 13 2 Goldman Sachs & Co 5,378 12 -78.8% 25,314 13 20 China Renaissance Partners 4,830 8 1 7 14 18 China Renaissance Partners 4,830 8 -31.6% 7,065 14 13 Credit Suisse 2,340 8 -1 9 15 5 Bank of America Merrill Lynch 3,284 6 -79.0% 15,644 15 16 Huatai Securities 2,329 8 0 8 16 4 Rothschild 3,205 11 -80.2% 16,160 16 3 PwC 461 8 -13 21 17 1 Morgan Stanley 3,191 6 -91.9% 39,375 17 14 Somerley Capital 2,973 7 -1 8 18 6 Somerley Capital 2,973 7 -79.3% 14,352 18 19 Bank of America Merrill Lynch 3,284 6 -1 7 19 11 Macquarie Group 2,757 9 -77.6% 12,284 19 5 Morgan Stanley 3,191 6 -8 14 20 29 Credit Suisse 2,340 8 -23.3% 3,052 20 31 Deutsche Bank 8,868 5 1 4

mergermarket.com Mergermarket Global & Regional Japan Analysis 29 M&A Report Q1 2018 Japan

Value Deal details (US$m) Announce- Bidder company Target company Target sector Seller Company ment date US$ 18.8bn 1,143 24-Jan Sekisui House Reit Inc Sekisui House Financial Residential Investment Services Corporation Value of outbound Japanese 1,117 20-Feb Mitsubishi Corporation Mitsubishi Motors Industrials & M&A in Q1 2018, 27.2% Corporation Chemicals (10.76% Stake) higher than Q1 2017

990 2-Mar Nippon Life Insurance MassMutual Life Financial Massachusetts Company Insurance Company Services Mutual Life Insurance (85.1% Stake) Company

762 9-Mar Denso Corporation Renesas Electronics TMT Innovation Network Corporation Corporation of Japan (4.5% Stake) US$ 9bn 1.0%

700 27-Feb eBay Inc Giosis Pte Ltd (Japan TMT Giosis Pte Ltd Business) Value of M&A targeting Share of global M&A Japan in Q1, on par value so far this year with Q1 2017

mergermarket.com Mergermarket Global & Regional Japan Analysis 30 M&A Report Q1 2018

Japan

• In Q1 2018, Japanese outbound activity saw US$ 18.8bn in Japanese food-related targets in neighbouring countries M&A take place across 56 deals, up 27.2% by value compared such as Singapore. Baroque Japan is also in talks to set up a “Tech’s prominent to Q1 2017 (US$ 14.7bn, 83 deals) with 27 fewer deals. This joint venture to enter the Thai and Philippino markets. was accredited to several big-ticket transactions made by performance indicates • On the other hand, Japan-targeted M&A (104 deals, Japanese investors with all of the top ten outbound deals US$ 9bn) made 20 fewer deals, yet the value was on par breaching US$ 500m. The largest deal saw Fujifilm acquire that Japanese investors compared to Q1 2017 (124 deals, US$ 8.9bn), pushed by a 50.1% stake in US-based document solutions provider Sekisui House Reit’s US$ 1.1bn acquisition of Sekisui House Xerox for US$ 8.6bn, ranking as the ninth largest Japanese are looking to seize the Residential Investment Corporation. As a result, Financial outbound deal on Mergermarket record (since 2001), Services ranked top in terms of deal value following ten following Softbank’s US$ 9.25bn investment in Uber in Q4 opportunity brought transactions worth US$ 3.2bn, contributing 35.8% of the 2017. As a result, the US continued to be the most targeted country’s value. Inbound M&A fell short in Q1 2018 despite country, with US$ 10.6bn changing hands across 13 deals. , by an increasingly finishing strongly in 2017 with a total of nine inbound Japanese companies’ appetite in the Asian market continued transactions announced worth US$ 1.1bn, down 73.8% by to be prominent showing a third successive increase by deal digitalised environment” value on two fewer deals compared to Q1 2017 (11 deals, US$ value. This quarter recorded US$ 3.7bn (19 deals) worth of 4.4bn). eBay’s US$ 700m acquisition of Giosis’ Japanese deals investing into the rest of Asia, triple the value compared business was the top inbound deal so far this year. In contrast to a year earlier (US$ 1.2bn, 23 deals) despite four fewer to the stagnant inbound activity, Japan witnessed a rebound deals. Yibei Xu, Senior Research in domestic M&A, with 95 transactions worth US$ 7.8bn, up • Technology has become the preferred sector for Japanese 70.4% by value compared to Q1 2017 (113 deals, US$ 4.6bn). Relationship Manager dealmakers to invest overseas, contributing US$ 12.4bn • Following a strong showing last year, private equity activity across 12 deals announced in Q1 2018. The sector has seen experienced a mixed first quarter. A total of 11 buyouts were extraordinary growth by value, representing a historical high announced worth US$ 553m, representing a 73.5% fall by on Mergermarket record. It accounts for 66.2% of total value with five more deals from the same period in 2017 (6 outbound value and nearly half of the annual market share deals, US$2.1bn). Meanwhile, exits saw a sharp drop in both in 2017 (US$ 27bn, 53 deals), Tech’s prominent performance deal value and count with a total value of US$ 798m over indicates that Japanese investors are looking to seize five deals compared with Q1 2017 (13 deals, US$ 2.8bn), the opportunity brought by an increasingly digitalised largely due to the Innovation Network Corporation of Japan’s environment. The Consumer sector also saw growth, reaching US$ 762m sale of a 4.5% stake in Renesas Electronics US$ 1.8bn via five deals, up 8.4x the value in the same quarter Corporation. Despite a slow start, PE activity is expected to last year (US$ 191m, 5 deals). More investments from Japan gain momentum during 2018, as the reform of the country’s are expected to fall in the sector, especially in Southeast corporate governance code could become a catalyst for Asia, according to Mergermarket intelligence. Yoshimura more buyouts, according to Mergermarket intelligence. Food is among the potential movers, and is currently seeking mergermarket.com Mergermarket Global & Regional Japan Analysis 31 M&A Report Q1 2018

US$ 12.4bn 26 35.8% Number of deals targeting the Financial Services (US$ 3.2bn) Japanese Industrials & Chemicals share of Japanese M&A in Q1 Q1 2018 tech outbound sector so far this year value, across 12 deals

US$ 7.8bn

-73.8% 70.4% Domestic M&A value in Q1 2018, the highest quarterly figure Fall in foreign investment into Increase in domestic M&A Japan by value (US$ 1.1bn) versus (US$ 7.8bn) compared to Q1 2017 since Q4 2016 (US$ 9.1bn) Q1 2017

mergermarket.com Mergermarket.com Mergermarket Global & Regional Japan Analysis 32 M&A Report Q1 2018

Chart title 1 Chart title 1 ChartJapan title Quarterly 2 Breakdown Trend ChartJapan title Sector 2 Breakdown Trend 2013 - 2018 Q1 2017 - Q1 2018

80 500

450 70 4 400

60 35.3 15.2 350

50 3 300 Deal count

40 17.1 250 10.4

2 7.3

200 (US$bn) deals of Value

Value of deals (US$bn) deals of Value 30 9.4 21.6 4.8 13.5 18.8 150 20 5.1 1 15.2 100 9.1 10.8 5.3 10 17.1 50 9.1 9.0 8.1 7.1 9.0 0 0 0 2013 2014 2015 2016 2017 2018 Financial Ind. & Chem. Technology Consumer Energy, Mining Others Services & Utilities

Q1 Q2 Q3 Q4 Q1 2017 Q1 2018

Deal Count

mergermarket.com Mergermarket Global & Regional Japan Analysis 33 M&A Report Q1 2018

Japan League tables

Japan league table by value Japan league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 10 Nomura Holdings 13,248 16 723.4% 1,609 1 3 Nomura Holdings 13,248 16 3 13 2 4 Morgan Stanley 11,122 4 33.1% 8,353 2 2 Sumitomo Mitsui Financial Group 3,644 13 -2 15 3 1 Goldman Sachs & Co 9,590 2 8.9% 8,806 3 1 Daiwa Securities Group 2,003 10 -7 17 4 - Centerview Partners 9,173 2 - - 4 6 Mizuho Financial Group 1,950 10 1 9 5 - Mitsubishi UFJ Financial Group 8,600 1 - - 5 12 Deloitte 255 5 1 4 6 2 JPMorgan 3,707 4 -56.9% 8,593 6 7 Morgan Stanley 11,122 4 -2 6 7 6 Sumitomo Mitsui Financial Group 3,644 13 -27.9% 5,052 7 14 JPMorgan 3,707 4 1 3 8 8 Daiwa Securities Group 2,003 10 -19.2% 2,480 8 - UBS Investment Bank 1,765 3 3 - 9 7 Mizuho Financial Group 1,950 10 -44.6% 3,523 9 16 KPMG 760 3 0 3 10 - UBS Investment Bank 1,765 3 - - 10 4 GCA Corporation 386 3 -9 12 11 20 Rothschild 1,070 2 296.3% 270 11 9 Goldman Sachs & Co 9,590 2 -3 5 12 12 Credit Suisse 1,021 1 -6.2% 1,089 12 - Centerview Partners 9,173 2 2 - 13 9 KPMG 760 3 -60.0% 1,898 13 18 Rothschild 1,070 2 0 2 14 21 DC Advisory 643 1 142.6% 265 14 13 Plutus Consulting 413 2 -2 4 15 - Cowen Group 573 1 - - 15 15 Evercore 306 2 -1 3 16 - Highbury Partnership 520 1 - - 16 21 AGS Consulting 197 2 0 2 17 13 EY 440 1 -38.2% 712 17 45 YAMADA Consulting Group 114 2 1 1 18 23 Plutus Consulting 413 2 103.4% 203 18 - Amidas Partners 48 2 2 - 19 17 GCA Corporation 386 3 -12.9% 443 19 5 PwC 23 2 -8 10 20 3 Evercore 306 2 -96.3% 8,367 20 - Frontier Management 5 2 2 -

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 34 M&A Report Q1 2018 Middle East & Africa

Value Deal details (US$m) Announce- Bidder company Target company Target Target sector ment date geography US$ 14.7bn 3,101 19-Mar KLA-Tencor Orbotech Ltd Israel TMT Corporation

1,450 18-Mar Total SA Abu Dhabi National United Arab Energy, Mining & Value of M&A targeting the Oil Company (Lower Emirates Utilities Zakum Off Shore Middle East & Africa in Q1 2018, Concession) (5% Stake); and Abu Dhabi the highest quarterly value National Oil Company (Umm Shaif and Nasr since Q1 2017 (US$ 29.4bn) fields) (20% Stake)

1,050 8-Mar Sanlam Ltd; and Saham Finances S.A. Morocco Financial Services Santam Limited (53.37% Stake)

934 11-Mar Mubadala Petroleum Zohr oil field (10% Egypt Energy, Mining & 22.6% 12 LLC Stake) Utilities

875 11-Mar Eni SpA Abu Dhabi National United Arab Energy, Mining & Value increase from Number of deals Oil Company (Lower Emirates Utilities Zakum Off Shore Q4 2017 to Q1 2018 worth over US$ 500m Concession) (5% Stake); targeting MEA in Q1 and Abu Dhabi National Oil Company (Umm Shaif and Nasr fields) (10% Stake) mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 35 M&A Report Q1 2018

Middle East & Africa

• A flurry of deals in March pushed M&A in the Middle East • Foreign investment into the region was a key component to & Africa (MEA) region to its highest quarterly value since Q1 dealmaking in MEA, with 39 deals worth US$ 10bn announced “Continued political 2017 (US$ 29.4bn). The region received 66 deals worth a in the first quarter of 2018, representing the third highest start total US$ 14.7bn, 22.6% higher than the US$ 12bn (113 deals) to the year by value since the financial crisis. The first quarter uncertainty appears to seen in Q4 2017, with MEA now seeing its third consecutive of 2018 was also the largest quarterly value for inbound M&A quarter with over US$ 10bn invested. There were three deals since Q1 2017 (US$ 24bn), which included Intel’s US$ 15bn be hitting South African worth over US$ 1bn targeting MEA so far this year, with the takeover of Mobileye, announced in March 2017. The UK has largest being KLA-Tencor’s US$ 3.1bn acquisition of Israeli firm been the most active investor into MEA by deal count, with dealmakers and has led Orbotech. The region accounted for a 1.6% share of global nine deals worth US$ 1.1bn so far this year. The number of M&A value in Q1, largely on par with the average percentage investments from the US has taken a small downturn with just to a considerable drop in seen throughout 2017 at 2%. six deals (US$ 3.2bn) into the region in Q1, the lowest number in a quarter since Q2 2009 (four deals). activity in the first quarter” • Due to higher valued deals into the country, the UAE has seen a tremendous increase in dealmaking so far this year, • Energy, Mining & Utilities (EMU) has been the most becoming the most targeted country by value in the region targeted sector by both value and number of deals in the following 11 deals worth US$ 4.8bn. The country has already first quarter, receiving US$ 8.1bn. More stability in commodity Jonathan Klonowski, surpassed its annual total value seen in 2017, when US$ 4.6bn markets has pushed the sector’s M&A up 27.9% by value (56 deals) was invested. Israel, which hit its highest annual in comparison to Q1 2017 (US$ 6.4bn), with Q1 2018 hitting Research Editor (EMEA) value on Mergermarket (since 2001) in 2017 with US$ 25.7bn, its highest quarterly value in the sector since Q1 2013 (US$ continues to be active in 2018. The country has once again 8.5bn) becoming only the third quarter since the start of received the most deals in MEA by deal count, with 17 deals 2010 to surpass US$ 8bn. There have been nine deals worth worth US$ 4.3bn announced over the last three months, over US$ 500m announced in the EMU sector so far this also almost doubling in value from the US$ 2.2bn (23 deals) year, including Total’s investments into the Lower Zakum seen in Q4 2017. Continued political uncertainty appears off-shore field and the Umm Shair and Nasr fields from the to be hitting South African dealmakers and has led to a Abu Dhabi National Oil Company for a combined US$ 1.45bn, considerable drop in activity in the first quarter as the country announced in mid-March. Industrials & Chemicals was the saw just six deals announced on Mergermarket worth a total second most targeted sector by deal count with nine deals US$ 177m,. worth US$ 168m.

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 36 M&A Report Q1 2018

US$ 10bn 90% 87.7%

Value of foreign investment Increase in Tech value (US$ 3.2bn) Increase in Energy, Mining & Utilities compared to Q1 2017 value (US$ 8.1bn) compared to into MEA, the third consecutive Q4 2017 quarterly increase

US$ 4.7bn

33% 95.3% Value of outbound M&A UAE (US$ 4.8bn) share of Israeli increase in M&A (US$ 4.3bn) so far this year dealmaking in MEA by value versus Q4 2017

mergermarket.com Mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 37 M&A Report Q1 2018

Chart title 1 Chart title 1 ChartMiddle title East2 & Africa Quarterly Breakdown Trend ChartMiddle title East2 & Africa Sector Breakdown Trend 2013 - 2018 Q1 2017 - Q1 2018

20000

100 500 18000

90 450 16000

80 21.7 400

14000 70 350

12000 60 300

12.0 Deal Count 15.5 10000 50 24.5 34.8 250 11.6

Deal Value (US$m) Value Deal 8000 40 13.7 200 Deal Value (US$bn) Value Deal

20.3 9.4 9.6 6000 30 150

21.6 6.2 4000 20 24.6 100 19.3 9.4 29.4 10 50 2000 14.7 12.4 7.2 8.4 9.5 0 0 0 2013 2014 2015 2016 2017 2018 Energy, Mining Technology Financial Consumer Pharma, Other & Utilities Services Medical & Biotech

Q1 Q2 Q3 Q4 Q1 2017 Q1 2018

Deal Count

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 38 M&A Report Q1 2018

Middle East & Africa League tables

MEA league table by value MEA league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 3 Goldman Sachs & Co 7,598 5 -51.2% 15,572 1 10 Goldman Sachs & Co 7,598 5 3 2 2 26 Barclays 3,899 2 2180.1% 171 2 14 JPMorgan 3,812 4 2 2 3 14 JPMorgan 3,812 4 278.2% 1,008 3 2 Rothschild 1,352 4 -2 6 4 13 UBS Investment Bank 2,594 2 141.5% 1,074 4 29 Barclays 3,899 2 1 1 5 8 HSBC 2,502 1 35.5% 1,847 5 21 UBS Investment Bank 2,594 2 1 1 6 - Kempen & Co 1,727 1 - - 6 6 Bank of America Merrill Lynch 316 2 -1 3 7 2 Rothschild 1,352 4 -91.3% 15,579 7 36 Rand Merchant Bank 283 2 1 1 8 24 Investec 1,050 1 368.8% 224 8 5 KPMG 35 2 -2 4 9 5 Morgan Stanley 537 1 -93.2% 7,900 9 12 HSBC 2,502 1 -1 2 10 9 Lazard 497 1 -70.6% 1,692 10 - Kempen & Co 1,727 1 1 - 11 - Pangaea Securities 385 1 - - 11 8 Investec 1,050 1 -2 3 12 1 Citi 317 1 -98.5% 21,488 12 11 Morgan Stanley 537 1 -1 2 13 6 Bank of America Merrill Lynch 316 2 -91.8% 3,871 13 7 Lazard 497 1 -2 3 14 23 Deutsche Bank 316 1 13.3% 279 14 - Pangaea Securities 385 1 1 - 15 35 Rand Merchant Bank 283 2 434.0% 53 15 1 Citi 317 1 -7 8 16= - Standard Bank Group 260 1 - - 16 28 Deutsche Bank 316 1 0 1 16= - Treadstone Resource Partners 260 1 - - 17= - Standard Bank Group 260 1 1 - 18= - DH Consultants 226 1 - - 17= - Treadstone Resource Partners 260 1 1 - 18= - Standard Chartered 226 1 - - 19= - DH Consultants 226 1 1 - 20 - Duff & Phelps 220 1 - - 19= - Standard Chartered 226 1 1 -

mergermarket.com Mergermarket Global & Regional League Tables 39 M&A Report Q1 2018

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

M&A and PE Financial Advisory League Tables

mergermarket.com Mergermarket Global & Regional League Tables 40 M&A Report Q1 2018

Global Advisory League tables

Global league table by value Global league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Goldman Sachs & Co 268,387 76 27.7% 210,106 1 4 Goldman Sachs & Co 268,387 76 -5 81 2 5 Morgan Stanley 267,633 59 80.4% 148,381 2 5 Deloitte 6,211 71 -10 81 3 2 JPMorgan 240,253 68 47.2% 163,179 3 9 JPMorgan 240,253 68 7 61 4 6 Bank of America Merrill Lynch 223,539 46 69.1% 132,210 4 2 PwC 41,481 68 -33 101 5 3 Citi 220,536 56 43.4% 153,810 5 1 KPMG 43,089 60 -45 105 6 4 Lazard 183,020 44 20.4% 152,064 6 7 Morgan Stanley 267,633 59 -6 65 7 12 Credit Suisse 124,207 33 89.3% 65,620 7 6 Rothschild 91,867 59 -9 68 8 10 Centerview Partners 109,147 13 34.5% 81,122 8 3 EY 11,204 58 -36 94 9 9 Rothschild 91,867 59 12.5% 81,643 9 10 Citi 220,536 56 -2 58 10 11 Barclays 72,096 45 -8.6% 78,871 10 12 Bank of America Merrill Lynch 223,539 46 3 43 11 132 Perella Weinberg Partners 66,041 11 7464.8% 873 11 13 Barclays 72,096 45 3 42 12 7 Deutsche Bank 58,021 26 -41.2% 98,647 12 8 Lazard 183,020 44 -20 64 13 14 BNP Paribas 52,538 9 28.5% 40,877 13 22 UBS Investment Bank 41,571 41 14 27 14 30 Societe Generale 51,317 7 298.4% 12,880 14 11 Houlihan Lokey 9,166 36 -10 46 15 20 Mediobanca 49,648 8 74.2% 28,496 15 15 Evercore 34,434 35 -3 38 16 15 RBC Capital Markets 45,377 27 14.9% 39,476 16 20 Lincoln International 814 34 4 30 17 105 Santander Global Corporate Banking 44,474 4 2929.6% 1,468 17 14 Credit Suisse 124,207 33 -6 39 18 130 AZ Capital 44,316 2 4840.5% 897 18 25 Jefferies 19,396 32 6 26 19 24 KPMG 43,089 60 168.1% 16,071 19 17 RBC Capital Markets 45,377 27 -6 33 20 8 UBS Investment Bank 41,571 41 -54.8% 91,997 20 26 Stifel/KBW 8,953 27 1 26

mergermarket.com Mergermarket Global & Regional League Tables 41 M&A Report Q1 2018

EMEA Advisory League tables

Europe league table by value Europe league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

mergermarket.com Mergermarket Global & Regional League Tables 42 M&A Report Q1 2018

EMEA Advisory League tables

UK league table by value UK league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 2 JPMorgan Cazenove 51,408 11 -34.6% 78,586 1 1 Rothschild 27,787 28 5 23 2 11 Rothschild 27,787 28 65.6% 16,778 2 5 PwC 471 14 -1 15 3 13 Citi 26,951 9 96.3% 13,730 3 6 Goldman Sachs & Co 26,939 12 -1 13 4 1 Goldman Sachs & Co 26,939 12 -74.6% 105,963 4 12 JPMorgan Cazenove 51,408 11 2 9 5 16 Barclays 21,232 7 122.8% 9,529 5 2 KPMG 1,138 10 -9 19 6 12 Credit Suisse 19,580 7 38.0% 14,189 6 11 Clearwater International 235 10 0 10 7 4 UBS Investment Bank 18,457 3 -76.0% 76,947 7 8 BDO 189 10 -1 11 8 52 Gleacher Shacklock 18,335 2 4993.1% 360 8 21 Citi 26,951 9 2 7 9 18 RBC Capital Markets 14,259 4 214.2% 4,538 9 33 Macquarie Group 4,672 9 5 4 10 19 Greenhill & Co 13,323 2 198.7% 4,460 10 4 Deloitte 603 9 -9 18 11 7 Bank of America Merrill Lynch 13,051 8 -69.4% 42,718 11 10 GCA Corporation 31 9 -1 10 12 47 PJT Partners 8,968 3 1910.8% 446 12 7 Bank of America Merrill Lynch 13,051 8 -3 11 13 26 Evercore 8,907 6 399.0% 1,785 13 25 Jamieson Corporate Finance 5,380 8 2 6 14 6 Centerview Partners 6,240 2 -89.7% 60,567 14 30 Barclays 21,232 7 2 5 15 8 Morgan Stanley 5,539 6 -84.9% 36,745 15 13 Credit Suisse 19,580 7 -2 9 16 25 Jamieson Corporate Finance 5,380 8 199.6% 1,796 16 22 DC Advisory 765 7 0 7 17= 54 AZ Capital 4,694 1 1211.2% 358 17 15 ALANTRA 412 7 -2 9 17= - Santander Global Corporate Banking 4,694 1 - - 18 52 Oaklins 102 7 4 3 17= 189 Societe Generale 4,694 1 - - 19 26 Evercore 8,907 6 0 6 20 23 Macquarie Group 4,672 9 74.3% 2,681 20 17 Morgan Stanley 5,539 6 -2 8

mergermarket.com Mergermarket Global & Regional League Tables 43 M&A Report Q1 2018

EMEA Advisory League tables

Ireland league table by value Ireland league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 7 EY 384 2 295.9% 97 1 3 Davy Corporate Finance 309 3 -1 4 2 14 Davy Corporate Finance 309 3 1136.0% 25 2 10 EY 384 2 1 1 3= 9 Deutsche Bank 300 1 383.9% 62 3 31 Rothschild 276 2 1 1 3= - Goldman Sachs & Co 300 1 - - 4 4 Deloitte 84 2 -2 4 3= - Morgan Stanley 300 1 - - 5 - Centerview Partners 37 2 2 - 6 31 Rothschild 276 2 - - 6 2 Goodbody Corporate Finance - 2 -2 4 7 - Duff & Phelps 115 1 - - 7= 12 Deutsche Bank 300 1 0 1 8 4 KPMG 88 1 -38.0% 142 7= - Goldman Sachs & Co 300 1 1 - 9 17 Deloitte 84 2 425.0% 16 7= - Morgan Stanley 300 1 1 - 10 - Mooreland Partners 42 1 - - 10 - Duff & Phelps 115 1 1 -

DACH league table by value DACH league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 9 Goldman Sachs & Co 72,896 11 3900.9% 1,822 1 22 Goldman Sachs & Co 72,896 11 7 4 2 1 Citi 66,846 7 74.6% 38,275 2 1 KPMG 643 11 -5 16 3 5 Bank of America Merrill Lynch 58,188 8 96.6% 29,592 3 7 Rothschild 51,359 10 2 8 4 12 Rothschild 51,359 10 4358.2% 1,152 4 39 JPMorgan 17,549 9 6 3 5 8 BNP Paribas 48,458 2 2503.9% 1,861 5 58 Bank of America Merrill Lynch 58,188 8 7 1 6 - Perella Weinberg Partners 46,646 1 - - 6 42 UBS Investment Bank 5,141 8 6 2 7 85 JPMorgan 17,549 9 - - 7 11 Citi 66,846 7 1 6 8 - Greenhill & Co 13,573 2 - - 8 4 EY 295 7 -4 11 9 2 Lazard 7,951 5 -74.5% 31,183 9 3 PwC 146 7 -4 11 10 3 Credit Suisse 7,003 3 -77.0% 30,383 10 19 Lincoln International 40 7 2 5

mergermarket.com Mergermarket Global & Regional League Tables 44 M&A Report Q1 2018

EMEA Advisory League tables

Germany league table by value Germany league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 15 Rothschild 49,434 8 7540.5% 647 1 9 Rothschild 49,434 8 3 5 2 5 Goldman Sachs & Co 49,291 4 2891.0% 1,648 2 10 Lincoln International 40 7 2 5 3 - Bank of America Merrill Lynch 48,276 3 - - 3 4 GCA Corporation - 7 0 7 4 2 Citi 48,007 4 1030.9% 4,245 4= 17 ALANTRA - 5 1 4 5= 3 BNP Paribas 46,646 1 2406.5% 1,861 4= 1 Deloitte - 5 -5 10 5= - Perella Weinberg Partners 46,646 1 - - 6 22 Goldman Sachs & Co 49,291 4 1 3 7 66 JPMorgan 2,823 4 - - 7 16 Citi 48,007 4 0 4 8 - Qatalyst Group 2,276 1 - - 8 41 JPMorgan 2,823 4 2 2 9= 1 Deutsche Bank 2,110 3 -63.7% 5,810 9 5 EY 147 4 -3 7 9= - Macquarie Group 2,110 3 - - 10 2 PwC 146 4 -4 8 11 - Jamieson Corporate Finance 2,110 1 - - 11 29 Quarton International 58 4 1 3 12 - Kempen & Co 1,727 1 - - 12 8 ACXIT Capital Partners 12 4 -1 5 13 4 Morgan Stanley 1,590 2 -6.4% 1,699 13= 40 Globalscope Partners - 4 2 2 14 95 Freitag & Co 1,363 2 - - 13= 3 KPMG - 4 -4 8 15 14 UBS Investment Bank 1,221 3 74.2% 701 15 - Bank of America Merrill Lynch 48,276 3 3 - 16 - Wells Fargo Securities 425 1 - - 16= 15 Deutsche Bank 2,110 3 -1 4 17 - NIBC Bank 362 1 - - 16= - Macquarie Group 2,110 3 3 - 18 9 Evercore 346 1 -56.5% 796 18 49 UBS Investment Bank 1,221 3 2 1 19= 36 ING 171 1 167.2% 64 19 60 Rabobank 80 3 2 1 19= - SpareBank 1 Markets 171 1 - - 20 19 UniCredit Group 20 3 -1 4

mergermarket.com Mergermarket Global & Regional League Tables 45 M&A Report Q1 2018

EMEA Advisory League tables

Austria league table by value Austria league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 - UBS Investment Bank 1,016 2 - - 1 2 Deloitte - 4 0 4 2 - JPMorgan 578 1 - - 2 - UBS Investment Bank 1,016 2 2 - 3= - Carnegie Investment Bank 148 1 - - 3 6 ALANTRA - 2 0 2 3= 14 EY 148 1 1380.0% 10 4 - JPMorgan 578 1 1 - 5 - Barclays 94 1 - - 5 - Carnegie Investment Bank 148 1 1 -

Switzerland league table by value Switzerland league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 18 Goldman Sachs & Co 23,605 7 13466.1% 174 1 23 Goldman Sachs & Co 23,605 7 6 1 2 5 Citi 18,839 3 -36.3% 29,592 2 3 KPMG 643 7 2 5 3 53 JPMorgan 14,148 4 - - 3 13 Bank of America Merrill Lynch 9,912 5 4 1 4 - Greenhill & Co 13,573 2 - - 4 53 JPMorgan 14,148 4 3 1 5 4 Bank of America Merrill Lynch 9,912 5 -66.5% 29,592 5 7 Lazard 7,900 4 2 2 6 3 Lazard 7,900 4 -73.3% 29,592 6 19 UBS Investment Bank 2,904 4 3 1 7 1 Credit Suisse 7,003 3 -76.6% 29,894 7 14 Citi 18,839 3 2 1 8 44 Evercore 3,995 3 - - 8 1 Credit Suisse 7,003 3 -2 5 9 - Mediobanca 3,240 1 - - 9 44 Evercore 3,995 3 2 1 10 14 UBS Investment Bank 2,904 4 613.5% 407 10 - Greenhill & Co 13,573 2 2 -

mergermarket.com Mergermarket Global & Regional League Tables 46 M&A Report Q1 2018

EMEA Advisory League tables

France league table by value France league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 13 JPMorgan 31,851 7 1558.9% 1,920 1 4 Lazard 17,261 9 -2 11 2 11 Morgan Stanley 21,200 4 394.4% 4,288 2 1 Rothschild 2,022 9 -8 17 3 5 Lazard 17,261 9 -19.7% 21,508 3 34 JPMorgan 31,851 7 5 2 4 - Ardea Partners 14,843 1 - - 4 7 Deloitte 246 7 -1 8 5 - Guggenheim Partners 11,099 1 - - 5 55 UBS Investment Bank 184 6 4 2 6 6 Goldman Sachs & Co 2,198 2 -85.0% 14,688 6 13 Cambon Partners 174 6 1 5 7 2 BNP Paribas 2,059 2 -94.6% 38,123 7 9 Credit Agricole 80 6 0 6 8 3 Rothschild 2,022 9 -94.4% 36,247 8 10 Natixis 662 5 -1 6 9 19 Nomura Holdings 1,299 1 73.0% 751 9 16 DC Advisory 296 5 1 4 10 12 Natixis 662 5 -68.2% 2,079 10 18 Lincoln International 21 5 1 4 11 108 Hottinguer Corporate Finance 555 1 - - 11 17 KPMG - 5 1 4 12 17 Barclays 437 2 -70.7% 1,492 12 15 Morgan Stanley 21,200 4 0 4 13 21 Evercore 346 1 -50.5% 699 13 28 Clearwater International 122 4 1 3 14 28 DC Advisory 296 5 -16.1% 353 14 6 EY 108 4 -5 9 15= - EQUITA S.I.M 247 1 - - 15= 29 Adviso Partners - 4 1 3 15= 101 Fineurop Soditic 247 1 - - 15= 32 Clairfield International - 4 1 3 15= 4 Mediobanca 247 1 -99.1% 27,034 15= 8 PwC - 4 -3 7 18 59 Deloitte 246 7 - - 18 45 Capitalmind Corporate Finance Advisory 120 3 1 2 19 77 UBS Investment Bank 184 6 - - 19 12 Invest Corporate Finance 89 3 -2 5 20 105 Global M&A Partners 178 1 - - 20 - CM-CIC Conseil 17 3 3 -

mergermarket.com Mergermarket Global & Regional League Tables 47 M&A Report Q1 2018

EMEA Advisory League tables

Benelux league table by value Benelux league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 3 JPMorgan 21,140 5 92.2% 11,000 1 9 Rabobank - 13 6 7 2 2 Lazard 17,414 6 45.9% 11,933 2 3 Deloitte - 12 1 11 3= 27 HSBC 12,535 1 7187.8% 172 3 6 Rothschild 2,714 9 0 9 3= - The Valence Group 12,535 1 - - 4 11 EY 103 8 2 6 5 8 Morgan Stanley 6,257 4 96.6% 3,182 5 20 Accuracy 664 7 4 3 6 5 Citi 4,276 4 -40.4% 7,172 6 4 Lazard 17,414 6 -4 10 7= 29 Barclays 3,440 2 1923.5% 170 7= 17 ABN AMRO Bank - 6 3 3 7= 31 BNP Paribas 3,440 2 2023.5% 162 7= 5 KPMG - 6 -4 10 7= 97 Societe Generale 3,440 2 - - 9 24 JPMorgan 21,140 5 3 2 10 - LionTree Advisors 3,440 1 - - 10 2 ING 576 5 -9 14

Iberia league table by value Iberia league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

mergermarket.com Mergermarket Global & Regional League Tables 48 M&A Report Q1 2018

EMEA Advisory League tables

Spain league table by value Spain league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Citi 48,606 4 929.6% 4,721 1 2 EY 391 13 1 12 2 - Societe Generale 45,576 3 - - 2 1 PwC 40,269 11 -1 12 3 10 Santander Global Corporate Banking 44,316 3 3378.5% 1,274 3 6 Citi 48,606 4 -2 6 4 17 AZ Capital 44,316 2 4840.5% 897 4 14 Bank of America Merrill Lynch 39,885 4 2 2 5 7 Lazard 40,890 2 2841.7% 1,390 5 25 ALANTRA 270 4 2 2 6 13 Goldman Sachs & Co 40,804 3 3294.7% 1,202 6 - Societe Generale 45,576 3 3 - 7 12 PwC 40,269 11 3250.2% 1,202 7 16 Santander Global Corporate Banking 44,316 3 1 2 8 6 Bank of America Merrill Lynch 39,885 4 2413.2% 1,587 8 18 Goldman Sachs & Co 40,804 3 1 2 9 26 KPMG 39,708 3 9952.7% 395 9 5 KPMG 39,708 3 -5 8 10 - Key Capital Partners 39,622 2 - - 10 20 Deutsche Bank 10,333 3 1 2 11= 53 Credit Suisse 39,622 1 - - 11 3 Deloitte 259 3 -8 11 11= 21 JPMorgan 39,622 1 5268.8% 738 12 27 Lincoln International - 3 1 2 11= 3 Mediobanca 39,622 1 1949.8% 1,933 13 21 AZ Capital 44,316 2 0 2 11= 5 Morgan Stanley 39,622 1 2330.8% 1,630 14 8 Lazard 40,890 2 -2 4 15 15 Deutsche Bank 10,333 3 979.7% 957 15 - Key Capital Partners 39,622 2 2 - 16 38 GBS Finance 1,452 2 2280.3% 61 16 12 GBS Finance 1,452 2 -1 3 17 25 EY 391 13 -20.4% 491 17 9 Rothschild 136 2 -2 4 18 27 ALANTRA 270 4 -13.7% 313 18 34 Oaklins 44 2 1 1 19 32 Deloitte 259 3 40.8% 184 19= 33 Nomura Holdings - 2 1 1 20 4 Barclays 222 1 -88.3% 1,904 19= 15 UBS Investment Bank - 2 0 2

mergermarket.com Mergermarket Global & Regional League Tables 49 M&A Report Q1 2018

EMEA Advisory League tables

Italy league table by value Italy league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 15 Goldman Sachs & Co 49,880 5 10121.3% 488 1 8 Mediobanca 46,382 7 3 4 2 2 Mediobanca 46,382 7 74.6% 26,563 2 2 EY 604 7 -3 10 3 5 Bank of America Merrill Lynch 43,010 3 867.2% 4,447 3 6 UniCredit Group 3,109 6 0 6 4 9 Lazard 42,700 4 3434.8% 1,208 4 12 Goldman Sachs & Co 49,880 5 2 3 5 53 Credit Suisse 42,422 2 - - 5 5 PwC 39,833 5 -1 6 6 17 PwC 39,833 5 9475.2% 416 6 4 Lazard 42,700 4 -2 6 7 1 Citi 39,762 2 45.5% 27,327 7 25 Barclays 3,536 4 3 1 8 8 KPMG 39,634 2 2416.4% 1,575 8 3 Rothschild 3,115 4 -2 6 9= - AZ Capital 39,622 1 - - 9 10 Deloitte 397 4 0 4 9= 58 JPMorgan 39,622 1 - - 10 26 Banca IMI/Intesa Sanpaolo 130 4 3 1 9= - Key Capital Partners 39,622 1 - - 11 9 Bank of America Merrill Lynch 43,010 3 -1 4 9= 10 Morgan Stanley 39,622 1 4062.0% 952 12 - EQUITA S.I.M 498 3 3 - 9= 12 Santander Global Corporate Banking 39,622 1 4062.0% 952 13 7 Fineurop Soditic 299 3 -2 5 9= 42 Societe Generale 39,622 1 - - 14 22 Vitale & Co - 3 1 2 15 34 Deutsche Bank 8,816 1 27450.0% 32 15 53 Credit Suisse 42,422 2 1 1 16 7 Barclays 3,536 4 85.7% 1,904 16 15 Citi 39,762 2 0 2 17 3 Rothschild 3,115 4 -87.9% 25,817 17 1 KPMG 39,634 2 -12 14 18 29 UniCredit Group 3,109 6 5081.7% 60 18 - Nomura Holdings 1,478 2 2 - 19 - Nomura Holdings 1,478 2 - - 19 28 Robert W. Baird & Co 687 2 1 1 20 18 Robert W. Baird & Co 687 2 94.6% 353 20 - Long Term Partners 213 2 2 -

mergermarket.com Mergermarket Global & Regional League Tables 50 M&A Report Q1 2018

EMEA Advisory League tables

Nordics league table by value Nordics league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 - LionTree Advisors 20,922 4 - - 1 1 PwC 33 19 -1 20 2 12 Nordea 14,921 3 1254.0% 1,102 2 8 Deloitte 401 15 9 6 3 30 Barclays 13,920 2 5952.2% 230 3 2 EY 683 12 3 9 4 10 Morgan Stanley 13,041 4 851.2% 1,371 4 13 KPMG - 8 3 5 5 13 Citi 5,195 6 441.7% 959 5 21 Carnegie Investment Bank 699 7 4 3 6 34 Rothschild 4,941 5 3307.6% 145 6 4 Nordhaven Corporate Finance 66 7 -1 8 7 5 Goldman Sachs & Co 4,441 2 32.5% 3,352 7 30 Citi 5,195 6 4 2 8= 1 Bank of America Merrill Lynch 4,441 1 -79.2% 21,310 8 5 ABG Sundal Collier Holding 228 6 -1 7 8= - Ondra Partners 4,441 1 - - 9 24 Rothschild 4,941 5 2 3 10= 15 BNP Paribas 3,440 1 267.9% 935 10 - LionTree Advisors 20,922 4 4 - 10= - Societe Generale 3,440 1 - - 11 16 Morgan Stanley 13,041 4 0 4 12 21 SEB 2,793 4 333.7% 644 12 12 SEB 2,793 4 -1 5 13 40 Credit Suisse 2,561 1 2271.3% 108 13 3 Danske Bank Corporate Finance 819 4 -4 8 14 - Cain Brothers / KBCM 903 1 - - 14 7 Pareto Securities 107 4 -2 6 15 16 Danske Bank Corporate Finance 819 4 -11.9% 930 15 63 Lazard 37 4 3 1 16 22 Carnegie Investment Bank 699 7 29.0% 542 16= - Global M&A Partners - 4 4 - 17 33 EY 683 12 335.0% 157 16= 34 Oaklins - 4 2 2 18 48 Deloitte 401 15 536.5% 63 16= - UB Capital - 4 4 - 19 11 NC Advisory 351 1 -72.3% 1,269 19 29 Nordea 14,921 3 1 2 20 3 Deutsche Bank 233 3 -94.1% 3,937 20 47 Deutsche Bank 233 3 2 1

mergermarket.com Mergermarket Global & Regional League Tables 51 M&A Report Q1 2018

EMEA Advisory League tables

Denmark league table by value Denmark league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1= - LionTree Advisors 13,041 2 - - 1 3 Deloitte 128 10 5 5 1= - Morgan Stanley 13,041 2 - - 2 2 PwC - 6 1 5 3= 10 Barclays 10,480 1 4456.5% 230 3 4 Danske Bank Corporate Finance 819 3 0 3 3= - Nordea 10,480 1 - - 4 - EY 317 3 3 - 5= 12 Credit Suisse 2,561 1 2877.9% 86 5= - LionTree Advisors 13,041 2 2 - 5= 24 SEB 2,561 1 - - 5= - Morgan Stanley 13,041 2 2 - 7 7 Danske Bank Corporate Finance 819 3 82.0% 450 7 9 Handelsbanken Capital Markets 60 2 0 2 8 11 Rothschild 500 1 244.8% 145 8 1 Clearwater International 19 2 -4 6 9 8 Carnegie Investment Bank 319 1 -29.1% 450 9= 7 ABG Sundal Collier Holding - 2 0 2 10 - EY 317 3 - - 9= - Global M&A Partners - 2 2 - 9= 10 Nordic M&A - 2 0 2

Norway league table by value Norway league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1= - Barclays 3,440 1 - - 1 - Deloitte 218 5 5 - 1= 5 BNP Paribas 3,440 1 267.9% 935 2 5 PwC - 5 0 5 1= - LionTree Advisors 3,440 1 - - 3 1 Pareto Securities 107 4 -2 6 1= - Societe Generale 3,440 1 - - 4 23 Citi 292 2 1 1 5 23 Citi 292 2 - - 5 15 SpareBank 1 Markets 204 2 0 2 6 - Deutsche Bank 233 1 - - 6 6 Nordhaven Corporate Finance 45 2 -3 5 7 - Deloitte 218 5 - - 7 8 EY 18 2 -1 3 8 20 SpareBank 1 Markets 204 2 - - 8= 3 ABG Sundal Collier Holding - 2 -3 5 9 - ING 171 1 - - 8= - Carnegie Investment Bank - 2 2 - 10 2 Pareto Securities 107 4 -96.8% 3,343 8= - Global M&A Partners - 2 2 -

mergermarket.com Mergermarket Global & Regional League Tables 52 M&A Report Q1 2018

EMEA Advisory League tables

Sweden league table by value Sweden league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 - LionTree Advisors 7,002 2 - - 1 2 EY 630 7 2 5 2 3 Citi 5,010 5 422.4% 959 2 1 PwC 33 6 -4 10 3 - Rothschild 4,941 5 - - 3 18 Citi 5,010 5 4 1 4= 8 Goldman Sachs & Co 4,441 2 432.5% 834 4 - Rothschild 4,941 5 5 - 4= - Nordea 4,441 2 - - 5 39 Carnegie Investment Bank 380 5 4 1 6= 2 Bank of America Merrill Lynch 4,441 1 -77.0% 19,310 6 11 Deloitte 219 5 3 2 6= - Ondra Partners 4,441 1 - - 7 9 Nordhaven Corporate Finance 66 5 2 3 8 9 SEB 2,793 4 333.7% 644 8 7 SEB 2,793 4 1 3 9 5 Morgan Stanley 2,561 3 178.7% 919 9 33 Lazard 37 4 3 1 10 35 Credit Suisse 2,561 1 11540.9% 22 10= 8 KPMG - 4 1 3 10= - UB Capital - 4 4 -

Finland league table by value Finland league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 12 Aalto Capital Group 93 1 1450.0% 6 1 1 PwC - 6 1 5 2 - Access Partners 44 1 - - 2 21 KPMG - 4 3 1 3 18 EY 35 2 - - 3= - HLP Corporate Finance - 3 3 - 4 - Evli Bank 35 1 - - 3= 7 Nordhaven Corporate Finance - 3 1 2 5 - ProMan IMAP Finland 16 2 - - 5 18 EY 35 2 1 1 6 - Alexander Corporate Finance 10 1 - - 6 - ProMan IMAP Finland 16 2 2 - 7 5 PwC - 6 - 30 7= 12 MCF Corporate Finance - 2 0 2 8 21 KPMG - 4 - - 7= - Oaklins - 2 2 - 9= - HLP Corporate Finance - 3 - - 9 9 Aalto Capital Group 93 1 -1 2 9= 7 Nordhaven Corporate Finance - 3 - 30 10 - Access Partners 44 1 1 -

mergermarket.com Mergermarket Global & Regional League Tables 53 M&A Report Q1 2018

EMEA Advisory League tables

CEE league table by value CEE league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 - Barclays 3,440 2 - - 1 3 PwC 10 5 -2 7 2= 38 BNP Paribas 3,440 1 - - 2 2 EY 155 3 -5 8 2= - LionTree Advisors 3,440 1 - - 3 - Barclays 3,440 2 2 - 2= 54 Societe Generale 3,440 1 - - 4 7 Deloitte 100 2 -2 4 5 6 VTB Capital 2,442 1 87.7% 1,301 5 - Lincoln International 66 2 2 - 6 3 JPMorgan 1,749 1 5.6% 1,656 6 - Oaklins 10 2 2 - 7 - Global Leisure Partners 283 1 - - 7 1 KPMG - 2 -9 11 8 - Citi 230 1 - - 8= 38 BNP Paribas 3,440 1 0 1 9 - AS LHV Pank 181 1 - - 8= - LionTree Advisors 3,440 1 1 - 10 8 EY 155 3 -72.5% 564 8= 54 Societe Generale 3,440 1 0 1 11= - Erneholm & Haskel 153 1 - - 11 5 VTB Capital 2,442 1 -3 4 11= 17 Houlihan Lokey 153 1 30.8% 117 12 8 JPMorgan 1,749 1 -2 3 13 5 UBS Investment Bank 116 1 -91.5% 1,369 13 - Global Leisure Partners 283 1 1 - 14 29 Deloitte 100 2 900.0% 10 14 - Citi 230 1 1 - 15 - Morgan Stanley 100 1 - - 15 - AS LHV Pank 181 1 1 - 16 - Lincoln International 66 2 - - 16= - Erneholm & Haskel 153 1 1 - 17= - RB Partners 56 1 - - 16= 14 Houlihan Lokey 153 1 -1 2 17= - TechAdvisors 56 1 - - 18 20 UBS Investment Bank 116 1 0 1 19= - China Merchants Securities 52 1 - - 19 - Morgan Stanley 100 1 1 - 19= - Seabury Group 52 1 - - 20= - RB Partners 56 1 1 - 19= 16 Superia Corporate Finance 52 1 -58.1% 124 20= - TechAdvisors 56 1 1 -

mergermarket.com Mergermarket Global & Regional League Tables 54 M&A Report Q1 2018

EMEA Advisory League tables

Russia league table by value Russia league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 2 VTB Capital 2,442 1 87.7% 1,301 1 1 VTB Capital 2,442 1 -3 4 2 4 JPMorgan 1,749 1 509.4% 287 2 4 JPMorgan 1,749 1 0 1 3= - Deloitte 100 1 - - 3= - Deloitte 100 1 1 - 3= - Morgan Stanley 100 1 - - 3= - Morgan Stanley 100 1 1 - 5= - RB Partners 56 1 - - 5= - RB Partners 56 1 1 - 5= - TechAdvisors 56 1 - - 5= - TechAdvisors 56 1 1 -

Turkey league table by value Turkey league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 7 Unlu & Co 443 2 30.3% 340 1 8 Unlu & Co 443 2 1 1 2 - Raiffeisen Bank International 92 1 - - 2 - Alfa Investment 27 2 2 - 3 - Alfa Investment 27 2 - - 3 - Pragma Corporate Finance 12 2 2 - 4 - Alpagu Capital 13 1 - - 4 - Raiffeisen Bank International 92 1 1 - 5 - Pragma Corporate Finance 12 2 - - 5 - Alpagu Capital 13 1 1 -

mergermarket.com Mergermarket Global & Regional League Tables 55 M&A Report Q1 2018

EMEA Advisory League tables

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017 Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 3 Goldman Sachs & Co 7,598 5 -51.2% 15,572 1 10 Goldman Sachs & Co 7,598 5 3 2 2 26 Barclays 3,899 2 2180.1% 171 2 14 JPMorgan 3,812 4 2 2 3 14 JPMorgan 3,812 4 278.2% 1,008 3 2 Rothschild 1,352 4 -2 6 4 13 UBS Investment Bank 2,594 2 141.5% 1,074 4 29 Barclays 3,899 2 1 1 5 8 HSBC 2,502 1 35.5% 1,847 5 21 UBS Investment Bank 2,594 2 1 1 6 - Kempen & Co 1,727 1 - - 6 6 Bank of America Merrill Lynch 316 2 -1 3 7 2 Rothschild 1,352 4 -91.3% 15,579 7 36 Rand Merchant Bank 283 2 1 1 8 24 Investec 1,050 1 368.8% 224 8 5 KPMG 35 2 -2 4 9 5 Morgan Stanley 537 1 -93.2% 7,900 9 12 HSBC 2,502 1 -1 2 10 9 Lazard 497 1 -70.6% 1,692 10 - Kempen & Co 1,727 1 1 -

mergermarket.com Mergermarket Global & Regional League Tables 56 M&A Report Q1 2018

Americas Advisory League tables

Americas league table by value Americas league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 4 Morgan Stanley 202,322 42 86.8% 108,337 1 1 Goldman Sachs & Co 154,874 60 -2 62 2 1 Goldman Sachs & Co 154,874 60 -9.0% 170,129 2 3 JPMorgan 153,569 50 3 47 3 2 JPMorgan 153,569 50 8.1% 142,077 3 2 Morgan Stanley 202,322 42 -8 50 4 3 Lazard 131,248 28 4.8% 125,203 4 6 Citi 100,394 39 3 36 5 8 Bank of America Merrill Lynch 116,195 31 47.9% 78,542 5 8 Barclays 51,072 36 1 35 6 7 Centerview Partners 102,371 11 26.2% 81,122 6 4 Houlihan Lokey 9,013 35 -9 44 7 5 Citi 100,394 39 11.1% 90,347 7 7 Evercore 34,088 33 -3 36 8 11 Credit Suisse 72,378 24 31.5% 55,044 8 9 Bank of America Merrill Lynch 116,195 31 1 30 9 10 Barclays 51,072 36 -24.5% 67,673 9 17 Jefferies 17,198 30 7 23 10 6 Deutsche Bank 39,611 16 -55.5% 89,097 10 5 Lazard 131,248 28 -13 41 11 12 Evercore 34,088 33 -26.4% 46,304 11 18 Stifel/KBW 8,953 27 5 22 12 13 RBC Capital Markets 33,276 26 -12.2% 37,886 12 10 RBC Capital Markets 33,276 26 -4 30 13 115 Guggenheim Partners 30,007 9 6423.3% 460 13 16 Raymond James & Associates 1,722 25 2 23 14= - AFW 23,131 1 - - 14 13 Credit Suisse 72,378 24 -1 25 14= 22 BDT & Company 23,131 1 163.1% 8,792 15 21 Moelis & Company 13,533 23 4 19 16 14 TD Securities 22,391 10 -27.7% 30,958 16 26 UBS Investment Bank 18,927 21 6 15 17 25 PJT Partners 21,435 6 156.8% 8,348 17 11 Rothschild 11,598 21 -8 29 18 99 Perella Weinberg Partners 19,395 10 3033.3% 619 18 23 Lincoln International 774 21 2 19 19 9 UBS Investment Bank 18,927 21 -72.7% 69,295 19 24 Robert W. Baird & Co 3,792 19 2 17 20 20 Jefferies 17,198 30 21.2% 14,189 20 12 Piper Jaffray & Co 1,645 19 -10 29

mergermarket.com Mergermarket Global & Regional League Tables 57 M&A Report Q1 2018

Americas Advisory League tables

US league table by value US league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

mergermarket.com Mergermarket Global & Regional League Tables 58 M&A Report Q1 2018

Americas Advisory League tables

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 7 Morgan Stanley 154,158 29 446.9% 28,186 1 1 Goldman Sachs & Co 120,977 38 7 31 2 5 Goldman Sachs & Co 120,977 38 247.9% 34,771 2 2 Morgan Stanley 154,158 29 6 23 3 4 Lazard 103,422 14 146.5% 41,962 3 8 JPMorgan 87,292 28 12 16 4 12 Centerview Partners 101,584 8 1128.0% 8,272 4 5 Citi 73,084 24 6 18 5 8 JPMorgan 87,292 28 359.9% 18,979 5 7 Barclays 15,602 22 5 17 6 2 Bank of America Merrill Lynch 83,797 15 75.4% 47,764 6 4 Houlihan Lokey 8,206 19 0 19 7 1 Citi 73,084 24 31.9% 55,426 7 3 Bank of America Merrill Lynch 83,797 15 -4 19 8 3 Credit Suisse 40,879 13 -6.8% 43,852 8 6 Lazard 103,422 14 -3 17 9 14 Deutsche Bank 31,671 8 486.3% 5,402 9 11 Credit Suisse 40,879 13 0 13 10 85 Guggenheim Partners 28,972 5 12776.4% 225 10 18 Moelis & Company 8,318 13 3 10

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 1 Morgan Stanley 107,449 12 216.2% 33,983 1 2 Morgan Stanley 107,449 12 -2 14 2 36 Lazard 78,535 6 9227.2% 842 2 1 Houlihan Lokey 1,155 12 -9 21 3 8 Centerview Partners 75,834 3 797.6% 8,449 3 3 Goldman Sachs & Co 46,651 11 -1 12 4 3 Goldman Sachs & Co 46,651 11 104.5% 22,810 4 6 Barclays 21,815 11 1 10 5 7 Citi 41,755 5 270.5% 11,271 5 58 Stifel/KBW 223 11 9 2 6 4 Bank of America Merrill Lynch 40,264 9 111.1% 19,073 6 14 Evercore 11,541 10 4 6 7 2 Deutsche Bank 27,953 3 16.5% 23,996 7 13 Jefferies 2,604 10 4 6 8 9 JPMorgan 24,605 9 193.6% 8,380 8 4 Robert W. Baird & Co 1,185 10 -2 12 9 11 Barclays 21,815 11 260.8% 6,046 9 17 Lincoln International 604 10 4 6 10 13 Credit Suisse 13,698 6 140.6% 5,694 10 19 Bank of America Merrill Lynch 40,264 9 4 5

mergermarket.com Mergermarket Global & Regional League Tables 59 M&A Report Q1 2018

Americas Advisory League tables

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 16 Credit Suisse 46,430 8 474.2% 8,086 1 6 Houlihan Lokey 8,145 18 2 16 2 1 JPMorgan 45,836 16 -57.8% 108,648 2 4 Goldman Sachs & Co 41,089 17 0 17 3 2 Goldman Sachs & Co 41,089 17 -57.3% 96,172 3 3 JPMorgan 45,836 16 -2 18 4 7 Morgan Stanley 35,750 14 -32.7% 53,144 4 16 Jefferies 12,321 15 7 8 5 17 Bank of America Merrill Lynch 26,917 8 247.8% 7,740 5 5 Morgan Stanley 35,750 14 -2 16 6= - AFW 23,131 1 - - 6 10 Citi 20,203 13 1 12 6= 15 BDT & Company 23,131 1 163.1% 8,792 7 2 Evercore 18,768 12 -7 19 8 3 Lazard 20,278 9 -72.6% 74,091 8 7 Barclays 15,099 12 -3 15 9 12 Citi 20,203 13 27.1% 15,897 9 9 RBC Capital Markets 18,072 11 -3 14 10 9 Evercore 18,768 12 -30.2% 26,902 10 11 Stifel/KBW 7,006 11 -1 12

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 13 JPMorgan 30,046 16 438.0% 5,585 1 1 Goldman Sachs & Co 26,113 19 -1 20 2 1 Goldman Sachs & Co 26,113 19 -22.1% 33,504 2 3 JPMorgan 30,046 16 0 16 3 4 Morgan Stanley 21,704 14 6.8% 20,324 3 6 Morgan Stanley 21,704 14 3 11 4 16 Qatalyst Group 12,567 3 239.6% 3,700 4 14 Jefferies 2,619 13 6 7 5 19 PJT Partners 9,173 3 194.5% 3,115 5 2 Houlihan Lokey 7,279 11 -6 17 6 2 Citi 8,943 9 -62.9% 24,081 6 26 Raymond James & Associates 848 11 8 3 7 8 Bank of America Merrill Lynch 8,492 9 -32.9% 12,650 7 4 Barclays 6,289 10 -4 14 8 28 Stifel/KBW 8,097 8 469.4% 1,422 8 17 Moelis & Company 5,270 10 3 7 9 44 Houlihan Lokey 7,279 11 1137.9% 588 9 7 Evercore 3,199 10 -1 11 10 - KKR Capital Markets 6,373 1 - - 10 8 Citi 8,943 9 -1 10

mergermarket.com Mergermarket Global & Regional League Tables 60 M&A Report Q1 2018

Americas Advisory League tables

Canada league table by value Canada league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 2 TD Securities 22,391 9 -27.7% 30,958 1 1 TD Securities 22,391 9 -4 13 2 6 Lazard 21,600 4 31.0% 16,485 2 6 Scotiabank 2,698 9 1 8 3 9 Citi 20,325 4 87.1% 10,864 3 4 Deloitte 222 9 -1 10 4= 3 Goldman Sachs & Co 18,033 2 -34.3% 27,443 4 2 RBC Capital Markets 9,091 8 -5 13 4= 10 Morgan Stanley 18,033 2 71.9% 10,491 5 9 BMO Capital Markets 5,870 8 2 6 6 1 JPMorgan 17,912 3 -53.7% 38,655 6 14 CIBC World Markets 2,391 8 3 5 7 8 Bank of America Merrill Lynch 17,254 5 53.2% 11,266 7 24 Bank of America Merrill Lynch 17,254 5 2 3 8 13 Centerview Partners 17,000 2 163.8% 6,444 8 11 Lazard 21,600 4 -1 5 9= - Canson Capital Partners 17,000 1 - - 9 17 Citi 20,325 4 0 4 9= - Guggenheim Partners 17,000 1 - - 10 59 GMP Securities 813 4 3 1 11 5 RBC Capital Markets 9,091 8 -64.3% 25,459 11 66 Canaccord Genuity Corp 786 4 3 1 12 21 Jefferies 7,347 3 143.8% 3,014 12 - INFOR Financial 691 4 4 - 13 4 Barclays 7,347 1 -71.7% 26,003 13 22 National Bank Financial 572 4 0 4 14 15 BMO Capital Markets 5,870 8 10.0% 5,338 14 85 Duff & Phelps 220 4 3 1 15 20 PJT Partners 4,600 1 47.7% 3,115 15 63 PwC - 4 3 1 16 - Greenhill & Co 2,863 1 - - 16 3 JPMorgan 17,912 3 -8 11 17 7 Scotiabank 2,698 9 -78.0% 12,268 17 20 Jefferies 7,347 3 -1 4 18 18 CIBC World Markets 2,391 8 -39.5% 3,949 18 - Fort Capital 1,137 3 3 - 19 12 Credit Suisse 1,539 2 -79.9% 7,668 19 - Stoic Advisory 880 3 3 - 20 - Fort Capital 1,137 3 - - 20 30 EY 511 3 1 2

mergermarket.com Mergermarket Global & Regional League Tables 61 M&A Report Q1 2018

Americas Advisory League tables

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

mergermarket.com Mergermarket Global & Regional League Tables 62 M&A Report Q1 2018

Asia Pacific Advisory League tables

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

mergermarket.com Mergermarket Global & Regional League Tables 63 M&A Report Q1 2018

Asia Pacific Advisory League tables

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 14 CITIC Securities 13,576 11 34.2% 10,113 1 2 KPMG 1,410 12 -8 20 2 27 Citi 12,699 10 406.9% 2,505 2 8 CITIC Securities 13,576 11 1 10 3 25 EY 8,752 7 191.3% 3,004 3 19 Citi 12,699 10 4 6 4 65 JM Financial 8,092 2 1360.6% 554 4 3 Goldman Sachs & Co 4,119 9 -9 18 5 - SBI Capital Markets 6,632 1 - - 5 12 China Securities 5,467 8 0 8 6 23 Haitong Securities 5,972 2 79.9% 3,320 6 16 UBS Investment Bank 5,214 8 2 6 7 10 China International Capital Corporation 5,754 5 -47.7% 10,999 7 13 China Renaissance Partners 4,830 8 1 7 8 30 China Securities 5,467 8 154.0% 2,152 8 11 Huatai Securities 2,329 8 0 8 9 3 UBS Investment Bank 5,214 8 -70.3% 17,556 9 17 Rothschild 2,062 8 2 6 10 17 China Renaissance Partners 4,830 8 -31.6% 7,065 10 9 Deloitte 1,265 8 -2 10 11 2 Goldman Sachs & Co 4,119 9 -81.9% 22,714 11 1 EY 8,752 7 -15 22 12 18 JPMorgan 3,961 4 -32.2% 5,838 12 10 Somerley Capital 2,973 7 -1 8 13 57 Deutsche Bank 3,786 3 503.8% 627 13 7 China International Capital Corporation 5,754 5 -6 11 14 21 Lazard 2,980 4 -32.0% 4,383 14 6 Morgan Stanley 2,854 5 -7 12 15 6 Somerley Capital 2,973 7 -79.3% 14,352 15 15 Credit Suisse 1,847 5 -2 7 16 1 Morgan Stanley 2,854 5 -92.3% 36,925 16 33 Avendus Capital 846 5 1 4 17 29 Huatai Securities 2,329 8 5.6% 2,206 17 14 JPMorgan 3,961 4 -3 7 18= - Emindobiz 2,250 1 - - 18 28 Lazard 2,980 4 0 4 18= 13 Macquarie Group 2,250 1 -77.9% 10,196 19 73 Affin Hwang Capital 557 4 2 2 20 87 Great Wall Securities 2,118 3 601.3% 302 20 - Sinolink Securities 430 4 4 -

mergermarket.com Mergermarket Global & Regional League Tables 64 M&A Report Q1 2018

Asia Pacific Advisory League tables

Australasia league table by value Australasia league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 18 UBS Investment Bank 7,490 8 405.1% 1,483 1 3 Macquarie Group 2,757 9 2 7 2 9 Lazard 5,268 4 70.4% 3,092 2 32 UBS Investment Bank 7,490 8 7 1 3 13 Deutsche Bank 5,082 2 102.9% 2,505 3 4 PwC 246 5 -2 7 4 2 Macquarie Group 2,757 9 -77.3% 12,159 4 8 Deloitte 103 5 1 4 5 10 JPMorgan 2,449 4 -20.3% 3,074 5 18 Lazard 5,268 4 2 2 6 - Emindobiz 2,250 1 - - 6 7 JPMorgan 2,449 4 0 4 7 32 Bank of America Merrill Lynch 1,863 3 989.5% 171 7 13 Citi 706 4 1 3 8 - Societe Generale 1,260 1 - - 8 38 Bank of America Merrill Lynch 1,863 3 2 1 9 8 Goldman Sachs & Co 1,259 3 -69.6% 4,139 9 6 Goldman Sachs & Co 1,259 3 -1 4 10 21 Rothschild 1,143 3 144.2% 468 10 9 Rothschild 1,143 3 -1 4 11 16 Citi 706 4 -57.3% 1,654 11 22 Credit Suisse 493 3 1 2 12= 29 CITIC Securities 554 1 119.0% 253 12 1 KPMG 202 3 -6 9 12= - CLSA 554 1 - - 13 19 Deutsche Bank 5,082 2 0 2 14 11 Highbury Partnership 520 1 -83.1% 3,074 14 - Scotiabank 473 2 2 - 15 25 Credit Suisse 493 3 43.3% 344 15 - Taylor Collison 315 2 2 - 16 6 Somerley Capital 478 1 -95.1% 9,818 16 5 Gresham Advisory Partners 60 2 -2 4 17 - Scotiabank 473 2 - - 17 - Allier Capital 32 2 2 - 18 - Fort Street Advisers 390 1 - - 18 45 Grant Thornton 29 2 1 1 19 1 Morgan Stanley 337 1 -97.3% 12,268 19 - Emindobiz 2,250 1 1 - 20 - Taylor Collison 315 2 - - 20 - Societe Generale 1,260 1 1 -

mergermarket.com Mergermarket Global & Regional League Tables 65 M&A Report Q1 2018

Asia Pacific Advisory League tables

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 6 CITIC Securities 13,576 11 34.2% 10,113 1 4 CITIC Securities 13,576 11 1 10 2 17 Haitong Securities 5,972 2 79.9% 3,320 2 7 China Securities 5,467 8 0 8 3 3 China International Capital Corporation 5,754 5 -47.7% 10,999 3 8 China Renaissance Partners 4,830 8 1 7 4 21 China Securities 5,467 8 154.0% 2,152 4 6 Huatai Securities 2,329 8 0 8 5 54 Citi 5,177 5 1023.0% 461 5 5 Somerley Capital 2,973 7 -1 8 6 11 China Renaissance Partners 4,830 8 -31.6% 7,065 6 3 China International Capital Corporation 5,754 5 -6 11 7 13 UBS Investment Bank 3,351 5 -31.4% 4,888 7 27 Citi 5,177 5 2 3 8 16 Lazard 2,980 4 -14.9% 3,503 8 14 UBS Investment Bank 3,351 5 1 4 9 2 Somerley Capital 2,973 7 -79.3% 14,352 9 2 Goldman Sachs & Co 2,874 5 -7 12 10 23 JPMorgan 2,940 3 41.3% 2,080 10 - Deloitte 1,033 5 5 - 11 10 Goldman Sachs & Co 2,874 5 -63.0% 7,765 11 31 Lazard 2,980 4 2 2 12 42 Deutsche Bank 2,652 2 323.0% 627 12 67 Rothschild 1,032 4 3 1 13 20 Huatai Securities 2,329 8 5.6% 2,206 13 - Sinolink Securities 430 4 4 - 14 65 Great Wall Securities 2,118 3 601.3% 302 14 68 JPMorgan 2,940 3 2 1 15 31 Guotai Junan Securities 1,917 2 51.8% 1,263 15 19 Great Wall Securities 2,118 3 -1 4 16 7 Platinum Securities Company 1,856 1 -81.6% 10,112 16 38 TH Capital 1,384 3 1 2 17 105 CCB International 1,649 1 1817.4% 86 17 43 ZTF Securities 754 3 1 2 18 4 The Anglo Chinese Group 1,640 1 -84.8% 10,762 18= 64 Barclays 284 3 2 1 19 49 TH Capital 1,384 3 151.6% 550 18= - Well Link International Capital 284 3 3 - 20 - GBS Finance 1,268 1 - - 18= - Zhongtai Securities 284 3 3 -

mergermarket.com Mergermarket Global & Regional League Tables 66 M&A Report Q1 2018

Asia Pacific Advisory League tables

India league table by value India league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 10 EY 8,312 6 453.0% 1,503 1 1 EY 8,312 6 -2 8 2 13 JM Financial 8,092 2 1360.6% 554 2 4 KPMG 952 6 2 4 3 22 Citi 7,205 4 5046.4% 140 3 3 Avendus Capital 846 5 1 4 4 - SBI Capital Markets 6,632 1 - - 4 12 Citi 7,205 4 2 2 5 25 KPMG 952 6 655.6% 126 5 7 Axis Capital 31 3 0 3 6 16 Standard Chartered 947 2 297.9% 238 6 2 JM Financial 8,092 2 -3 5 7 15 Avendus Capital 846 5 234.4% 253 7 24 Standard Chartered 947 2 1 1 8= 7 Goldman Sachs & Co 794 2 -93.7% 12,668 8= 19 Goldman Sachs & Co 794 2 1 1 8= - LionTree Advisors 794 2 - - 8= - LionTree Advisors 794 2 2 - 10 1 Bank of America Merrill Lynch 721 1 -94.6% 13,399 10 6 Kotak Investment Banking 401 2 -1 3

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1= - Deutsche Bank 1,134 1 - - 1 1 PwC 237 4 -6 10 1= 6 Morgan Stanley 1,134 1 94.8% 582 2 3 KPMG 249 3 -3 6 3 - RBC Capital Markets 500 1 - - 3 20 NH Investment & Securities 248 2 1 1 4 9 KPMG 249 3 -50.7% 505 4 5 Deloitte 202 2 -2 4 5 20 NH Investment & Securities 248 2 244.4% 72 5= - Deutsche Bank 1,134 1 1 - 6 2 PwC 237 4 -85.2% 1,597 5= 10 Morgan Stanley 1,134 1 0 1 7 15 Deloitte 202 2 -39.2% 332 7 - RBC Capital Markets 500 1 1 - 8 1 Goldman Sachs & Co 151 1 -93.4% 2,290 8 6 Goldman Sachs & Co 151 1 -2 3 9 18 KR & Partners 149 1 71.3% 87 9 4 KR & Partners 149 1 -4 5 10 - KB Securities 97 1 - - 10 - KB Securities 97 1 1 -

mergermarket.com Mergermarket Global & Regional League Tables 67 M&A Report Q1 2018

Asia Pacific Advisory League tables

Japan league table by value Japan league table by deal count

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1= - Emindobiz 2,250 1 - - 1 1 KPMG 1,089 4 -2 6 1= - Macquarie Group 2,250 1 - - 2 16 Affin Hwang Capital 557 4 2 2 3 - UBS Investment Bank 1,917 3 - - 3 21 Rothschild 430 4 2 2 4 13 Credit Suisse 1,365 2 168.2% 509 4 - UBS Investment Bank 1,917 3 3 - 5 1 Morgan Stanley 1,120 2 -86.2% 8,104 5 2 CIMB Group 662 3 -2 5 6 27 KPMG 1,089 4 937.1% 105 6 33 BNP Paribas 329 3 2 1 7 10 JPMorgan 1,021 1 30.2% 784 7 4 Credit Suisse 1,365 2 -3 5 8= 5 Bank of America Merrill Lynch 721 1 -35.0% 1,110 8 5 Morgan Stanley 1,120 2 -2 4 8= 37 Standard Chartered 721 1 1538.6% 44 9 3 Goldman Sachs & Co 451 2 -3 5 10 8 CIMB Group 662 3 -22.8% 857 10 - China International Capital Corporation 293 2 2 -

mergermarket.com Mergermarket Global & Regional League Tables 68 M&A Report Q1 2018

Private Equity Advisory League tables*

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 3 Goldman Sachs & Co 38,233 18 92.0% 19,908 1 26 Lincoln International 731 21 13 8 2 2 Citi 35,086 13 75.8% 19,955 2 3 Goldman Sachs & Co 38,233 18 0 18 3 4 JPMorgan 32,056 12 105.3% 15,612 3 9 Houlihan Lokey 7,698 15 0 15 4 1 Morgan Stanley 29,941 14 46.6% 20,429 4 5 Morgan Stanley 29,941 14 -3 17 5 6 Bank of America Merrill Lynch 22,126 9 81.1% 12,218 5 1 Rothschild 3,074 14 -12 26 6 - Canson Capital Partners 17,000 1 - - 6 22 Citi 35,086 13 5 8 7 233 The Valence Group 12,535 1 - - 7 2 Deloitte 3,378 13 -8 21 8 - PJT Partners 10,601 4 - - 8 15 GCA Corporation 125 13 3 10 9 23 Deutsche Bank 9,665 8 391.4% 1,967 9 6 JPMorgan 32,056 12 -5 17 10 197 Societe Generale 8,255 4 - - 10 16 Barclays 5,762 12 3 9

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 2 Goldman Sachs & Co 34,486 12 228.2% 10,507 1 1 Houlihan Lokey 7,698 14 1 13 2 3 JPMorgan 30,383 11 222.6% 9,419 2 21 Lincoln International 625 14 10 4 3 1 Morgan Stanley 27,621 9 129.6% 12,029 3 6 Goldman Sachs & Co 34,486 12 3 9 4 8 Citi 25,465 6 492.2% 4,300 4 3 JPMorgan 30,383 11 0 11 5 6 Bank of America Merrill Lynch 22,126 8 211.1% 7,113 5 10 Barclays 5,679 10 4 6 6 - Canson Capital Partners 17,000 1 - - 6 15 Robert W. Baird & Co 2,076 10 5 5 7 - Centerview Partners 7,935 2 - - 7 5 Morgan Stanley 27,621 9 0 9 8 30 Houlihan Lokey 7,698 14 1618.3% 448 8 9 Harris Williams & Co 750 9 1 8 9 4 Barclays 5,679 10 -36.9% 8,998 9 2 William Blair & Company 357 9 -3 12 10 17 Deutsche Bank 4,903 4 194.5% 1,665 10 18 Bank of America Merrill Lynch 22,126 8 4 4

*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 69 M&A Report Q1 2018

Private Equity Advisory League tables*

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 - The Valence Group 12,535 1 - - 1 3 Rothschild 3,074 12 -9 21 2 1 Citi 9,466 6 -22.6% 12,227 2 90 GCA Corporation - 12 5 7 3 106 Societe Generale 5,954 3 - - 3 28 Deloitte 283 9 -6 15 4= 41 AZ Capital 4,694 1 1211.2% 358 4 75 Clearwater International 235 9 1 8 4= - Santander Global Corporate Banking 4,694 1 - - 5 21 DC Advisory 939 7 -2 9 6 43 Deutsche Bank 3,378 3 1018.5% 302 6 39 EY 446 7 -3 10 7 16 Lazard 3,325 5 134.7% 1,417 7 1 Citi 9,466 6 1 5 8 3 Rothschild 3,074 12 -26.3% 4,169 8 36 PwC 135 6 -8 14 9 25 Mediobanca 2,919 1 239.4% 860 9 49 Lincoln International 106 6 2 4 10= 2 Credit Suisse 2,340 1 -55.5% 5,260 10 16 Lazard 3,325 5 2 3 10= 12 Evercore 2,340 1 33.6% 1,752

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1= - Emindobiz 2,250 1 - - 1 2 Goldman Sachs & Co 1,779 3 0 3 1= 24 Macquarie Group 2,250 1 - - 2 4 UBS Investment Bank 1,167 3 1 2 3 3 Goldman Sachs & Co 1,779 3 9.5% 1,624 3 9 KPMG 176 3 1 2 4 1 UBS Investment Bank 1,167 3 -59.7% 2,895 4 - Credit Suisse 1,021 2 - - 5 - Credit Suisse 1,021 2 - - 5= - Emindobiz 2,250 1 - - 6 - China Renaissance Partners 763 1 - - 5= 24 Macquarie Group 2,250 1 0 1 7 9 Morgan Stanley 337 1 -36.5% 531 7 - China Renaissance Partners 763 1 - - 8 - Hina Group 313 1 - - 8 14 Morgan Stanley 337 1 0 1 9 - BNP Paribas 181 1 - - 9 - Hina Group 313 1 - - 10 18 KPMG 176 3 85.3% 95 10 - BNP Paribas 181 1 - -

*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with target dominant geography being Europe and Asia-Pacific (excl. Japan) mergermarket.com Mergermarket Global & Regional League Tables 70 M&A Report Q1 2018

Private Equity Advisory League tables*

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 60 Goldman Sachs & Co 29,359 10 36145.7% 81 1 18 Goldman Sachs & Co 29,359 10 6 4 2 1 Citi 23,680 6 34.1% 17,655 2 1 EY 515 9 -7 16 3 30 Bank of America Merrill Lynch 22,126 5 3775.0% 571 3 5 Barclays 5,262 8 1 7 4 10 JPMorgan 20,751 4 604.6% 2,945 4 9 UBS Investment Bank 3,463 8 3 5 5 3 Morgan Stanley 18,541 5 196.7% 6,250 5 102 GCA Corporation - 8 7 1 6 - Canson Capital Partners 17,000 1 - - 6 4 PwC 135 7 -1 8 7 133 The Valence Group 12,535 1 - - 7 6 Citi 23,680 6 0 6 8 37 Deutsche Bank 8,281 5 2642.1% 302 8 2 Deloitte 3,098 6 -4 10 9 129 Societe Generale 8,255 4 - - 9 31 Bank of America Merrill Lynch 22,126 5 3 2 10 2 Barclays 5,262 8 -60.1% 13,190 10 7 Morgan Stanley 18,541 5 -1 6

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 30 Goldman Sachs & Co 26,381 7 - - 1 30 Goldman Sachs & Co 26,381 7 6 1 2 12 Bank of America Merrill Lynch 22,126 5 5257.4% 413 2 1 Barclays 5,179 6 2 4 3 8 JPMorgan 20,751 4 2299.0% 865 3 16 Bank of America Merrill Lynch 22,126 5 4 1 4 9 Morgan Stanley 17,320 3 1916.3% 859 4 5 UBS Investment Bank 2,301 5 3 2 5 2 Citi 17,000 2 295.3% 4,300 5 3 JPMorgan 20,751 4 1 3 6 - Canson Capital Partners 17,000 1 - - 6 32 Houlihan Lokey - 4 3 1 7 1 Barclays 5,179 6 -24.9% 6,898 7 7 Morgan Stanley 17,320 3 1 2 8 21 Deutsche Bank 4,903 3 - - 8 9 Deutsche Bank 4,903 3 1 2 9 - Deloitte 3,047 2 - - 9 - EY 49 3 3 - 10 - Credit Suisse 2,602 1 - - 10 23 Lincoln International - 3 2 1

*Based on advisors to bidder on buyout deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 71 M&A Report Q1 2018

Private Equity Advisory League tables*

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 - The Valence Group 12,535 1 - - 1 69 GCA Corporation - 8 7 1 2 1 Citi 6,525 3 -34.3% 9,927 2 1 EY 446 5 -4 9 3 89 Societe Generale 5,954 3 - - 3 3 PwC 135 5 -3 8 4= - AZ Capital 4,694 1 - - 4 2 Deloitte 51 4 -5 9 4= - Santander Global Corporate Banking 4,694 1 - - 5 6 Citi 6,525 3 -1 4 6 24 Deutsche Bank 3,378 2 1018.5% 302 6 89 Societe Generale 5,954 3 2 1 7 - Mediobanca 2,919 1 - - 7 14 Clearwater International 14 3 0 3 8 12 Macquarie Group 2,110 1 131.1% 913 8= - ABN AMRO Bank - 3 3 - 9 71 Goldman Sachs & Co 1,968 2 - - 8= 9 BDO - 3 -1 4 10 - GBS Finance 1,268 1 - - 10 40 Deutsche Bank 3,378 2 1 1

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1= - Emindobiz 2,250 1 - - 1 2 KPMG 69 2 0 2 1= 17 Macquarie Group 2,250 1 - - 2= - Emindobiz 2,250 1 1 - 3 12 Goldman Sachs & Co 1,010 1 1146.9% 81 2= 17 Macquarie Group 2,250 1 0 1 4 - Hina Group 313 1 - - 4 3 Goldman Sachs & Co 1,010 1 -1 2 5= - Citi 155 1 - - 5 - Hina Group 313 1 1 - 5= - Investec 155 1 - - 6= - Citi 155 1 1 - 7 - KR & Partners 149 1 - - 6= - Investec 155 1 1 - 8 1 UBS Investment Bank 146 1 -94.7% 2,779 8 - KR & Partners 149 1 1 - 9 - Oversea-Chinese Banking Corporation 114 1 - - 9 4 UBS Investment Bank 146 1 0 1 10 - Veda Corporate Advisors 80 1 - - 10 - Oversea-Chinese Banking Corporation 114 1 1 -

*Based on advisors to bidder on buyout deals with target dominant geography being Europe and Asia-Pacific (excl. Japan) mergermarket.com Mergermarket Global & Regional League Tables 72 M&A Report Q1 2018

Private Equity Advisory League tables*

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 16 Citi 11,406 7 395.9% 2,300 1 35 Lincoln International 731 18 14 4 2 2 Morgan Stanley 11,400 9 -19.6% 14,179 2 1 Rothschild 3,074 14 -6 20 3 3 JPMorgan 11,305 8 -10.8% 12,667 3 11 Robert W. Baird & Co 2,048 11 2 9 4 - PJT Partners 10,601 4 - - 4 4 Houlihan Lokey 7,698 10 -4 14 5 1 Goldman Sachs & Co 8,874 8 -55.2% 19,827 5 3 William Blair & Company 431 10 -4 14 6 - Centerview Partners 7,935 2 - - 6 7 Morgan Stanley 11,400 9 -2 11 7 35 Houlihan Lokey 7,698 10 922.3% 753 7 15 Harris Williams & Co 750 9 1 8 8 22 Jamieson Corporate Finance 5,199 8 242.9% 1,516 8 5 JPMorgan 11,305 8 -4 12 9 7 Lazard 5,057 8 1.5% 4,984 9 2 Goldman Sachs & Co 8,874 8 -6 14 10 10 Credit Suisse 3,361 5 -9.6% 3,719 10 29 Jamieson Corporate Finance 5,199 8 4 4

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 - PJT Partners 10,601 4 - - 1 25 Lincoln International 625 11 8 3 2 1 Morgan Stanley 10,301 6 -7.8% 11,170 2 1 Houlihan Lokey 7,698 10 -2 12 3 3 JPMorgan 9,632 7 12.6% 8,554 3 11 Robert W. Baird & Co 1,895 9 4 5 4 - Citi 8,465 4 - - 4 7 Harris Williams & Co 750 8 0 8 5 2 Goldman Sachs & Co 8,105 5 -22.9% 10,507 5 2 William Blair & Company 357 8 -2 10 6 - Centerview Partners 7,935 2 - - 6 5 JPMorgan 9,632 7 -1 8 7 25 Houlihan Lokey 7,698 10 1618.3% 448 7 13 Moelis & Company 2,000 7 3 4 8 54 Allen & Company 2,200 2 - - 8 8 Morgan Stanley 10,301 6 -1 7 9 20 Moelis & Company 2,000 7 141.5% 828 9 4 Goldman Sachs & Co 8,105 5 -3 8 10 30 Macquarie Group 2,000 2 751.1% 235 10 18 RBC Capital Markets 1,088 5 2 3

*Based on advisors to target/seller on exit deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 73 M&A Report Q1 2018

Private Equity Advisory League tables*

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 9 Jamieson Corporate Finance 5,199 7 242.9% 1,516 1 1 Rothschild 3,074 12 -3 15 2 3 Rothschild 3,074 12 21.6% 2,529 2 10 Jamieson Corporate Finance 5,199 7 3 4 3 17 Lazard 3,047 3 260.6% 845 3 8 Clearwater International 221 6 1 5 4 4 Citi 2,941 3 27.9% 2,300 4 81 Lincoln International 106 6 5 1 5= - Credit Suisse 2,340 1 - - 5 7 DC Advisory 643 5 0 5 5= 8 Evercore 2,340 1 33.6% 1,752 6 3 Deloitte 232 5 -1 6 7 2 JPMorgan 1,673 1 -54.1% 3,647 7 30 Cambon Partners 174 5 3 2 8 21 DC Advisory 643 5 1.7% 632 8 18 ALANTRA 221 4 1 3 9 41 KPMG 643 2 1212.2% 49 9 6 GCA Corporation - 4 -2 6 10 - Daiwa Securities Group 643 1 - - 10 19 Lazard 3,047 3 1 2

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

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 Q1 Company name Value Deal % Value Value Q1 Q1 Company name Value Deal Count Deal 2018 2017 (US$m) count change (US$m) 2018 2017 (US$m) count change count 1 - Deutsche Bank 1,384 1 - - 1= - Credit Suisse 1,021 2 2 - 2= - Credit Suisse 1,021 2 - - 1= 10 UBS Investment Bank 1,021 2 1 1 2= 9 UBS Investment Bank 1,021 2 780.2% 116 3 6 Goldman Sachs & Co 769 2 1 1 4 2 Goldman Sachs & Co 769 2 -50.2% 1,543 4 - Deutsche Bank 1,384 1 1 - 5 - China Renaissance Partners 763 1 - - 5 - China Renaissance Partners 763 1 1 - 6 4 Morgan Stanley 337 1 -36.5% 531 6 7 Morgan Stanley 337 1 0 1 7 - BNP Paribas 181 1 - - 7 - BNP Paribas 181 1 1 - 8 - China Dragon Securities 174 1 - - 8 - China Dragon Securities 174 1 1 - 9 - KPMG 107 1 - - 9 - KPMG 107 1 1 - 10 - BDA Partners 100 1 - - 10 - BDA Partners 100 1 1 -

*Based on advisors to target/seller on exit deals with target dominant geography being Europe and Asia-Pacific (excl. Japan) mergermarket.com Mergermarket Global & Regional Criteria & Contacts 74 M&A Report Q1 2018

Criteria Contacts

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

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

Kathleen Van Aerden Ben Rumble Andrea Putaturo Trend data: Based on the dominant geography League tables: Based on the dominant [email protected] [email protected] [email protected] of the target company and excludes lapsed geography of the target, bidder or seller, and +44 20 3741 1280 +44 20 3741 1007 +44 20 3741 1274 and withdrawn bids. Sector trends based on excludes lapsed and withdrawn bids. Private the dominant sector of the target. equity buyout league tables are based on Research Editor, Americas advisors advising the bidder only on buyout Press Relations Global cross-border M&A: Based on the deals with target dominant geography being Elizabeth Lim dominant geography of the target and bidder Americas the country/region and excludes lapsed and [email protected] company being in a different region. +1 212 686 3016 withdrawn bids. Private equity exit league Chrissy Carney Inbound: Global/US/Japan: The dominant tables based on advisors advising the target/ Research Editor, Asia [email protected] geography of the target is X and the dominant seller on exit deal with target dominant Jasmine Wu +1 646 378 3118 geography of the bidder is any other country geography being the country/region and [email protected] excluding X. Europe/Asia/Africa & Middle East: excludes lapsed and withdrawn bids. Private +852 2158 9770 EMEA The dominant geography of the target is X and equity buyout and exit combined league tables Olivia Cummins the dominant geography of the bidder is any are based on advising the bidder on buyout Research Editor, EMEA [email protected] other region excluding X. deals AND the target/seller on exit deals, Jonathan Klonowski +44 20 3741 1129 excluding lapsed and withdrawn bids. Equal Outbound: Global/US/Japan: The dominant [email protected] rankings are based on having both identical +44 20 3741 1293 geography of the bidder is X and the dominant values and deal counts reported in one table. geography of the target is any other country excluding X. Europe/Asia/Africa & Middle East: All values are in US$. The dominant geography of the bidder is X M&A Trends and Top Deals correct as of 8am and the dominant geography of the target is (GMT), 29-Mar-2018. Cut off date 28-Mar-2018 any other region excluding X. League Tables correct as of 10am (GMT), 03- Apr-2018. Cut off date 31-Mar-2018. Top deals: Based on the dominant geography of the target company. mergermarket.com Mergermarket Global & Regional 75 M&A Report Q1 2018

Mergermarket is an Acuris company

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

mergermarket.com