Emerging Markets M&A Review

FIRST NINE MONTHS 2019 | FINANCIAL ADVISORS Emerging Markets Mergers & Acquisitions Review First Nine Months 2019 | Financial Advisors

Emerging Markets Deals Intelligence Emerging Markets Announced Target M&A

$1,000 12,000 EMERGING MARKETS DEAL MAKING FALLS 7% M&A activity with emerging markets involvement totaled US$727.3 billion during the first nine months of $900 2019, a decrease of 7% compared to 2018 levels and the slowest opening nine-month period for 10,000 emerging markets deal making since 2017. The third quarter of 2019 registered a 0.4% increase $800 compared to the second quarter of this year. By number of deals, emerging markets deal making $700 declined 2% compared to the first nine months of 2018, a five-year low. 8,000 $600 ENERGY & POWER, FINANCIALS, INDUSTRIALS & TECH LEAD EMERGING SECTOR MIX Deal making in the Energy & Power sector totaled US$164.4 billion during the first nine months of 2019, $500 6,000 more than double 2018 levels and an all-time record. Financials M&A accounted for 15% of overall emerging markets M&A during the first nine months of 2019, while Technology and Industrials deal $400

making accounted for 12% and 11%, respectively, of emerging markets M&A during the first nine 4,000 months. $300

$200 TARGETS IN CHINA, SAUDI ARABIA & INDIA DRIVE 55% OF EM M&A 2,000 M&A activity involving targets in China, Saudi Arabia and India accounted for 55% of overall emerging markets M&A activity during the first nine months of 2019, down from 57% during the first nine months of $100 2018. Strong year-over-year growth in Saudi Arabia, South Africa and the United Arab Emirates offset $0 double-digit percentage declines in India, China and Brazil. 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 First Nine Months Value (US$bil) Rest of Year (US$bil) # of Deals, First Nine Months MEGA DEALS ACCOUNT FOR 23% OF ANNOUNCED EMERGING MARKETS VALUE The value of emerging markets M&A greater than US$5 billion totaled US$164.0 billion during the first nine months of 2019, a 41% increase compared to 2018 levels and the second largest nine-month period Emerging Markets Announced M&A - Macro Industry Composition for emerging markets mega deals on record. Ten deals greater than US$5 billion accounted for 23% of announced emerging markets M&A activity during the first nine months of 2019, up from 15% a year ago.

CROSS-BORDER M&A ACCOUNTS FOR 37% OF EMERGING MARKETS DEAL MAKING Cross-border M&A activity totaled US$271.2 billion during the first nine months of 2019, a 17% decrease 981 $164.4 compared to first nine months of 2018 and the slowest opening nine-month period for cross-border M&A $221.0 since 2014. Energy and Power, Financials and Technology deal making accounted for 54% of overall 1,374 Energy and Power cross-border M&A during the first nine months of 2019, up from 30% a year ago. Financials EMERGING MARKETS PRIVATE EQUITY BUYOUTS DOWN 16% 5,154 Industrials Private Equity-backed buyouts in the emerging markets, which accounted for 11% of overall activity, totaled US$81.7 billion during the first nine months of 2019, down 16% compared to first nine month High Technology 1,716 2018 levels. Energy and Power, Financials and Technology buyouts accounted for 53% of first nine Real Estate months emerging markets activity, up from 45% a year ago. $107.0 Other JP MORGAN TAKES TOP SPOT FOR EMERGING MARKETS M&A ADVICE $72.8 JP Morgan took the top spot for M&A advice involving emerging markets countries, with US$156.1 billion 1,799 from 45 deals. Morgan Stanley moved into second place from third last year at this time, while Citi 818 moved from third place from fourth a year ago. Goldman Sachs, which held the top spot during the first $76.8 $85.3 Outer Ring: Value (US$bil) nine months of 2018, fell to fourth place this year. Inner Ring: # of Deals

www.refinitiv.com/dealsintelligence/ Emerging Markets Insights First Nine Months 2019 | Mergers & Acquisitions | Financial Advisors

Any Emerging Markets Involvement Announced YoY Change ($) -7% QoQ Change ($) 0% Rank Rank Value Market Mkt. # of Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Top Announced Emerging Markets M&A Deals JP Morgan 1 2 156,145 21.5 10.0 45 Morgan Stanley 2 3 154,650 21.3 10.0 53 Rank Date Target Name Target Nation Value ($mil) Acquiror Name Acquiror Nation Citi 3 4 147,794 20.3 11.8 72 03/27/19 SABIC Saudi Arabia 69,104.1 Saudi Arabian Oil Co Saudi Arabia Goldman Sachs & Co 4 1 146,667 20.2 8.2 49 Bank of America Merrill Lynch 5 6 139,055 19.1 14.0 51 09/11/19 Myriad Intl Hldgs Netherlands 35,938.2 Shareholders Netherlands HSBC Holdings PLC 6 15 97,375 13.4 11.0 37 Barclays 7 8 43,047 5.9 1.6 15 05/05/19 Anadarko Petro-African Assets South Africa 8,800.0 Total SA France BNP Paribas SA 8 37 42,006 5.8 5.1 20 Deutsche Bank 9 9 40,600 5.6 1.8 14 04/05/19 Transportadora Associada Brazil 8,681.7 Investor Group France CITIC 10 5 38,495 5.3 -0.8 62 Credit Suisse 11 18 30,992 4.3 2.6 35 04/05/19 Guangzhou Shipyard Intl Co China 8,646.7 China CSSC Holdings Ltd China Rothschild & Co 12 13 23,784 3.3 0.7 48 UBS 13 10 19,426 2.7 -1.1 27 01/14/19 Ascendas Pte Ltd,Singbridge Singapore 7,916.6 CapitaLand Ltd Singapore Huatai Securities Co Ltd 14 19 16,237 2.2 0.5 28 China Securities Co Ltd 15 24 15,686 2.2 0.9 14 01/24/19 Ahli United Bank BSC Bahrain 7,673.5 Kuwait Finance House KSCP Kuwait Santander Corp & Invest Bkg 16 96 13,910 1.9 1.8 20 BR Partners 17 65 13,389 1.8 1.5 10 03/11/19 Mellanox Technologies Ltd Israel 6,399.5 Nvidia Corp United States Moelis & Co 18 30 10,637 1.5 0.5 11 Lazard 19 25 10,487 1.4 0.3 31 Wuhan Zhongnan Coml Grp Co 01/24/19 Beijing Easyhome Home New China 5,709.4 China Evercore Partners 20 22 10,067 1.4 0.1 10 Ltd Somerley 21 35 10,003 1.4 0.6 14 02/27/19 MultiChoice Group Ltd South Africa 5,089.2 Shareholders South Africa Industrial & Comm Bank China 22 11 9,520 1.3 -2.1 106 China International Capital Co 23 7 8,783 1.2 -3.2 28 08/31/19 FAW Jiefang Automotive Co Ltd China 4,788.1 Faw Car Co Ltd China Vinco Capital 24 378* 8,740 1.2 1.2 4 Deloitte 25 20 8,341 1.2 -0.5 60 01/02/19 Jiangyin Xingcheng Special China 4,546.1 Daye Special Steel Co Ltd China Industry Total 727,251 100.0 11,842

02/26/19 Thanachart Bank PCL Thailand 4,477.2 TMB Bank PCL Thailand

Any Emerging Markets Involvement Completed YoY Change ($) -11% QoQ Change ($) 2% Rank Rank Value Market Mkt. # of Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Emerging Markets M&A Deal Flow (US$bil) JP Morgan 1 1 101,725 19.9 6.1 50 Morgan Stanley 2 2 91,411 17.9 4.3 49 $800 Intra-EM Inbound Outbound Citi 3 5 90,126 17.6 7.6 61 Goldman Sachs & Co 4 3 80,051 15.6 2.8 55 Bank of America Merrill Lynch 5 10 67,774 13.2 7.1 33 $700 Barclays 6 11 49,435 9.7 5.3 16 Deutsche Bank 7 12 47,016 9.2 4.9 17 $600 CITIC 8 6 41,977 8.2 -1.6 65 BNP Paribas SA 9 45 39,348 7.7 6.9 17 HSBC Holdings PLC 10 30 26,085 5.1 3.7 30 $500 Industrial & Comm Bank China 11 8 25,661 5.0 -2.6 105 UBS 12 7 22,070 4.3 -4.4 24 Rothschild & Co 13 13 19,534 3.8 -0.4 48 $400 Itau Unibanco 14 27 18,345 3.6 2.0 21 Credit Suisse 15 15 16,834 3.3 0.2 37 Banco Bradesco SA 16 34 14,928 2.9 1.8 6 $300 Evercore Partners 17 14 14,785 2.9 -0.6 7 Riza Capital Consultoria de 18 - 14,006 2.7 2.7 2 $200 Santander Corp & Invest Bkg 19 53 12,456 2.4 1.8 13 China International Capital Co 20 4 11,979 2.3 -8.3 29 BR Partners 21 61 10,093 2.0 1.5 8 $100 Moelis & Co 22 31 9,937 1.9 0.6 9 RBC Capital Markets 23 54 8,547 1.7 1.1 6 Deloitte 24 26 8,036 1.6 0.0 42 $0 BaoQiao Partners Capital Ltd 25 -7,012 1.4 1.4 2 9M 2010 9M 2011 9M 2012 9M 2013 9M 2014 9M 2015 9M 2016 9M 2017 9M 2018 9M 2019 Industry Total 511,983 100.0 7,254 *Indicates a Tie

www.refinitiv.com/dealsintelligence/ Emerging Markets Insights First Nine Months 2019 | Mergers & Acquisitions | Financial Advisors

Global Rank Value to EBITDA Exit Multiples Exit Multiples - 2019 Average Rank Value to EBITDA by Macro Industry

20.0x 40.0x

19.0x 35.0x

18.0x 30.0x

17.0x 25.0x 16.0x

20.0x 15.0x

15.0x 14.0x

13.0x 10.0x

12.0x 5.0x

11.0x 0.0x Global Consumer Consumer Energy & Healthcare Technology Industrials Materials Media & Real Estate Retail Telecoms Average Prod/Servs Staples Power Entertainment 10.0x Emerging Markets Emerging Markets LY Latin America Asia Pacific Eastern Europe Middle East & North Africa 9M 2010 9M 2011 9M 2012 9M 2013 9M 2014 9M 2015 9M 2016 9M 2017 9M 2018 9M 2019

Global Bid Premium to 4-Week Stock Price Bid Premium - 2019 Avg Premium to 4-Week Stock Price by Macro Industry

30% 60%

28% 50%

26% 40% 24%

30% 22%

20% 20%

18% 10%

16%

0% Global Consumer Consumer Energy & Healthcare Technology Industrials Materials Media & Real Estate Retail Telecoms 14% Average Prod/Servs Staples Power Entertainment 9M 2010 9M 2011 9M 2012 9M 2013 9M 2014 9M 2015 9M 2016 9M 2017 9M 2018 9M 2019 Emerging Markets Emerging Markets LY Latin America Asia Pacific Eastern Europe Middle East & North Africa

www.refinitiv.com/dealsintelligence/ Emerging Markets Rankings First Nine Months 2019 | Mergers & Acquisitions | Financial Advisors Any Latin American Any Brazilian Any Middle East & North Africa Involvement Announced AD38 YoY Change ($) -8% QoQ Change ($) -20% Involvement Announced AD44 YoY Change ($) -18% QoQ Change ($) -56% Involvement Announced AD53 YoY Change ($) 104% QoQ Change ($) -28% Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Citi 1 9 19,275 28.5 19.4 19 Morgan Stanley 1 1 13,531 36.7 -13.1 6 JP Morgan 1396,990 66.7 50.9 15 Morgan Stanley 2 1 17,115 25.3 -11.7 11 BR Partners 2 16 13,389 36.4 31.2 10 Goldman Sachs & Co 2190,140 62.0 34.9 10 Santander Corp & Invest Bkg 3 29 13,872 20.5 19.3 16 Citi 3 8 11,082 30.1 18.0 6 HSBC Holdings PLC 3687,009 59.9 49.9 11 BR Partners 4 21 13,389 19.8 16.7 10 Santander Corp & Invest Bkg 4 22 9,334 25.3 23.4 6 Morgan Stanley 4276,648 52.7 35.2 10 Bank of America Merrill Lynch 5 3 13,159 19.5 -9.9 15 Evercore Partners 5 - 9,032 24.5 24.5 2 Bank of America Merrill Lynch 5475,174 51.7 40.5 8 Goldman Sachs & Co 6 8 9,790 14.5 4.5 14 Bank of America Merrill Lynch 6 5 8,665 23.5 -13.8 10 Citi 61371,919 49.5 47.3 14 Evercore Partners 7 32 9,032 13.4 12.3 3 Goldman Sachs & Co 7 24 5,740 15.6 14.0 5 Credit Suisse 71214,515 10.0 7.0 5 Rothschild & Co 8 24 6,426 9.5 7.3 17 Rothschild & Co 8 38* 5,695 15.5 15.5 13 Moelis & Co 8 62* 10,085 6.9 6.9 4 Itau Unibanco 9 4 5,245 7.8 -21.0 27 Itau Unibanco 9 3 5,158 14.0 -33.5 26 Rothschild & Co 975,040 3.5 -5.2 9 Banco BTG Pactual SA 10 7 5,106 7.6 -6.1 34 UBS 10 19* 4,500 12.2 9.1 5 Barclays 10 9 4,772 3.3 -2.6 3 UBS 11 14 4,500 6.7 1.2 8 Banco BTG Pactual SA 11 7 3,954 10.7 -8.3 30 Jefferies LLC 11 15 4,027 2.8 1.1 7 Lazard 12 26 4,135 6.1 4.3 4 PJT Partners Inc 12 - 3,506 9.5 9.5 1 Mediobanca 12 - 3,240 2.2 2.2 1 PJT Partners Inc 13 - 3,506 5.2 5.2 1 BNP Paribas SA 13 38* 3,167 8.6 8.6 3 Lazard 13 18 2,289 1.6 0.2 8 BNP Paribas SA 14 34 3,167 4.7 4.1 5 HSBC Holdings PLC 14 25 1,729 4.7 3.8 2 Deloitte 14 35 1,231 0.9 0.7 3 JP Morgan 15 2 2,426 3.6 -28.7 7 Riza Capital Consultoria de 15 6 1,261 3.4 -32.1 3 Deutsche Bank 15 17 1,079 0.7 -0.7 4 HSBC Holdings PLC 16 31 2,268 3.4 2.2 7 Banco Bradesco SA 16 4 1,257 3.4 -41.6 6 Chardan Capital Markets LLC 16* - 913 0.6 0.6 1 Deloitte 17 56* 2,126 3.1 3.1 13 TD Securities Inc 17 - 1,025 2.8 2.8 1 Cantor Fitzgerald LP 16* - 913 0.6 0.6 1 Credit Suisse 18 17 1,339 2.0 -2.7 8 Greenhill & Co, LLC 18 38* 945 2.6 2.6 8 UBS 18 16 883 0.6 -0.8 3 Riza Capital Consultoria de 19 6 1,261 1.9 -19.6 3 Arab Banking Corporation 19 27 623 1.7 1.2 5 RBC Capital Markets 19 - 783 0.5 0.5 4 Banco Bradesco SA 20 5 1,257 1.9 -25.4 6 Societe Generale 20 - 598 1.6 1.6 1 Scotiabank 20 - 743 0.5 0.5 1 TD Securities Inc 21 - 1,025 1.5 1.5 1 JP Morgan 21 2 566 1.5 -47.3 2 Bank Hapoalim BM 21* - 664 0.5 0.5 1 Greenhill & Co, LLC 22 37 945 1.4 1.0 8 Credit Agricole CIB 22 - 440 1.2 1.2 3 Mizrahi Tefahot Bank Ltd 21* - 664 0.5 0.5 1 CIBC World Markets Inc 23 - 866 1.3 1.3 2 Credit Suisse 23 15 259 0.7 -4.7 5 LionTree Advisors LLC 23 - 576 0.4 0.4 1 Scotiabank 24 47 812 1.2 1.1 8 Cypress Associates 24 38* 163 0.4 0.4 5 Blair Franklin Capital Part 24 - 564 0.4 0.4 1 IMAP 25 55 811 1.2 1.2 7 Cooperatieve Rabobank UA 25 9 150 0.4 -9.7 1 Credit Agricole CIB 25 33 494 0.3 0.1 4 Industry Total 67,600 100.0 948 Industry Total 36,829 100.0 462 Industry Total 145,332 100.0 707

Any Latin American Any Brazilian Any Middle East & North Africa Involvement Completed AF45 YoY Change ($) -10% QoQ Change ($) -52% Involvement Completed AF51 YoY Change ($) 31% QoQ Change ($) -64% Involvement Completed AF60 YoY Change ($) 58% QoQ Change ($) -36% Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Morgan Stanley 1 6 26,782 45.2 33.6 13 Morgan Stanley 1 4 23,646 64.4 46.1 5 JP Morgan 1 4 23,383 43.0 33.2 16 Bank of America Merrill Lynch 2 1 18,614 31.4 9.9 10 Itau Unibanco 2 1 16,935 46.1 14.2 20 Goldman Sachs & Co 2115,696 28.8 17.8 8 Itau Unibanco 3 5 18,345 31.0 17.4 21 Bank of America Merrill Lynch 3 8 16,130 43.9 32.2 5 HSBC Holdings PLC 3 8 14,886 27.3 22.9 8 JP Morgan 4 2 15,611 26.4 4.9 8 Banco Bradesco SA 4 3 14,928 40.6 17.5 6 Moelis & Co 427 9,670 17.8 17.1 4 Banco Bradesco SA 5 8 14,928 25.2 15.4 6 JP Morgan 5 5 14,914 40.6 23.9 3 Morgan Stanley 5 9 7,907 14.5 11.1 10 Citi 6 7 14,785 25.0 14.2 14 Riza Capital Consultoria de 6 - 14,006 38.1 38.1 2 Barclays 677,363 13.5 8.7 3 Riza Capital Consultoria de 7 - 14,006 23.7 23.7 2 Citi 7 33 11,277 30.7 30.5 8 Bank of America Merrill Lynch 7 3 4,600 8.5 -1.6 5 Santander Corp & Invest Bkg 8 26 12,028 20.3 17.1 9 BR Partners 8 13 10,093 27.5 17.3 8 Rothschild & Co 823,271 6.0 -4.8 9 BR Partners 9 21 10,093 17.1 12.8 8 Evercore Partners 9 - 9,032 24.6 24.6 2 Mediobanca 9 - 3,240 6.0 6.0 1 Evercore Partners 10 33 9,032 15.3 14.0 2 Santander Corp & Invest Bkg 10 15 8,682 23.6 16.2 4 Sberbank CIB 10 - 2,762 5.1 5.1 1 Banco BTG Pactual SA 11 4 5,088 8.6 -6.5 29 Banco BTG Pactual SA 11 2 3,076 8.4 -17.3 26 Credit Suisse 11 13 2,215 4.1 1.5 4 Rothschild & Co 12 32 4,516 7.6 6.2 15 Rothschild & Co 12 42* 2,403 6.5 6.5 9 Citi 12 5 1,598 2.9 -2.6 9 Goldman Sachs & Co 13 3 4,081 6.9 -14.0 12 TD Securities Inc 13 - 1,025 2.8 2.8 1 Jefferies LLC 13 10 1,138 2.1 -1.1 5 TD Securities Inc 14 - 2,275 3.8 3.8 2 HSBC Holdings PLC 14 42* 977 2.7 2.7 2 Lazard 14 12 1,080 2.0 -0.8 5 Scotiabank 15 12 2,253 3.8 -2.8 6 BNP Paribas SA 15 34 780 2.1 1.9 2 Deutsche Bank 15 18 1,079 2.0 0.8 2 Deloitte 16 57 1,520 2.6 2.6 11 Societe Generale 16 - 598 1.6 1.6 1 RBC Capital Markets 16 14 1,003 1.8 -0.2 3 Sumitomo Mitsui Finl Grp Inc 17 - 1,410 2.4 2.4 1 Credit Agricole CIB 17 12 440 1.2 -9.3 2 UBS 17 22* 934 1.7 0.8 3 RBC Capital Markets 18 64* 1,250 2.1 2.1 1 Credit Suisse 18 18 388 1.1 -1.9 13 Perella Weinberg Partners LP 18 44 915 1.7 1.5 2 Industrial & Comm Bank China 19 29 1,245 2.1 -0.2 2 Ednam Capital LTD 19 - 340 0.9 0.9 1 Scotiabank 19 - 743 1.4 1.4 1 HSBC Holdings PLC 20 64* 1,120 1.9 1.9 6 Goldman Sachs & Co 20 25* 237 0.6 0.3 3 Blair Franklin Capital Part 20 - 564 1.0 1.0 1 Huatai Securities Co Ltd 21 - 1,020 1.7 1.7 1 Cooperatieve Rabobank UA 21 14 150 0.4 -8.0 1 Credit Agricole CIB 21 15 494 0.9 -0.9 5 BNP Paribas SA 22 35 888 1.5 0.5 4 Vinci Partners 22 20 134 0.4 -1.0 7 Desjardins Securities Inc. 22* - 440 0.8 0.8 1 Centerview Partners LLC 23 27 863 1.5 -1.4 1 Lazard 23 24 110 0.3 -0.2 1 Wells Fargo & Co 22* - 440 0.8 0.8 1 Credit Suisse 24 11 670 1.1 -6.2 14 Arab Banking Corporation 24 21 65 0.2 -1.1 2 Emirates NBD PJSC 24 - 400 0.7 0.7 1 Societe Generale 25 30 598 1.0 -0.9 2 Greenhill & Co, LLC 25 42* 40 0.1 0.1 5 Jones Lang LaSalle Inc 25 - 305 0.6 0.6 1 Industry Total 59,195 100.0 724 Industry Total 36,730 100.0 355 Industry Total 54,438 100.0 484 *Indicates a Tie

www.refinitiv.com/dealsintelligence/ Emerging Markets Rankings First Nine Months 2019 | Mergers & Acquisitions | Financial Advisors Any South African Any Eastern European Any Sub Saharan Involvement Announced AD54 YoY Change ($) 438% QoQ Change ($) 301% Involvement Announced AD52 YoY Change ($) -22% QoQ Change ($) -54% Involvement Announced YoY Change ($) 134% QoQ Change ($) 234% Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Citi 1 8 42,187 71.5 68.6 5 Citi 1 9 10,165 28.0 20.8 14 Citi 11542,287 65.5 64.3 9 Morgan Stanley 2 7 41,027 69.5 66.5 2 Bank of America Merrill Lynch 2 61* 7,317 20.2 20.2 12 Morgan Stanley 2841,027 63.5 61.7 2 JP Morgan 3 33* 37,786 64.1 64.1 2 Goldman Sachs & Co 3 5 3,788 10.4 1.7 6 JP Morgan 32*37,786 58.5 43.3 3 Bank of America Merrill Lynch 4 33* 36,071 61.1 61.1 2 Deutsche Bank 4 17* 3,040 8.4 5.9 3 Barclays 4136,779 57.0 40.5 4 Barclays 5 - 36,044 61.1 61.1 3 Rothschild & Co 5 3 2,961 8.2 -1.8 7 Bank of America Merrill Lynch 5 56* 36,071 55.9 55.9 2 Deutsche Bank 6* 10* 35,938 60.9 59.1 1 Credit Suisse 6 49 2,925 8.1 8.0 3 Deutsche Bank 6* 21* 35,938 55.7 55.0 1 BNP Paribas SA 6* - 35,938 60.9 60.9 1 Macquarie Group 7 61* 2,007 5.5 5.5 2 BNP Paribas SA 6* 56* 35,938 55.7 55.7 1 Goldman Sachs & Co 6* 33* 35,938 60.9 60.9 3 Guggenheim Securities LLC 8 - 1,972 5.4 5.4 1 Goldman Sachs & Co 6* 56* 35,938 55.7 55.7 3 PSG Capital (Pty) Ltd 9 14 1,860 3.2 2.0 6 UBS 9 14 1,517 4.2 -0.6 3 UBS 92* 1,887 2.9 -12.3 2 UBS 10* - 1,848 3.1 3.1 1 PricewaterhouseCoopers 10 24 1,514 4.2 3.4 26 PSG Capital (Pty) Ltd 10 24 1,860 2.9 2.4 6 Centerview Partners LLC 10* 2 1,848 3.1 -4.8 1 Morgan Stanley 11 2 1,245 3.4 -6.9 3 Centerview Partners LLC 11 7 1,848 2.9 -0.2 1 Nedbank Capital 12 - 1,263 2.1 2.1 3 Sberbank CIB 12 11 1,227 3.4 -2.5 5 Nedbank Capital 12 - 1,263 2.0 2.0 3 Investec 13 17 1,258 2.1 1.3 9 Deloitte 13 26 1,173 3.2 2.6 14 Investec 13 29 1,258 2.0 1.7 9 Deloitte 14 5 1,220 2.1 -1.6 4 BNP Paribas SA 14 4 928 2.6 -7.3 3 Deloitte 14 11 1,249 1.9 0.4 5 Macquarie Group 15 10* 620 1.1 -0.7 1 JP Morgan 15 1 883 2.4 -8.9 3 Macquarie Group 15 21* 620 1.0 0.3 1 Rand Merchant Bank 16* 4 405 0.7 -3.1 1 VTB Capital 16 10 633 1.7 -4.4 8 Rand Merchant Bank 16* 10 405 0.6 -0.9 1 HSBC Holdings PLC 16* - 405 0.7 0.7 1 ING 17 61* 559 1.5 1.5 2 HSBC Holdings PLC 16* - 405 0.6 0.6 3 Standard Bank Group Ltd 18 21 221 0.4 0.0 5 Danske Bank 18 - 458 1.3 1.3 2 Rothschild & Co 18 5 295 0.5 -4.4 4 Java Capital (Proprietary) Ltd 19 33* 142 0.2 0.2 2 Renaissance Capital Group 19 - 456 1.3 1.3 2 Credit Agricole CIB 19* - 246 0.4 0.4 1 Evercore Partners 20 - 133 0.2 0.2 1 goetzpartners Corp Finance 20 25 355 1.0 0.2 2 Societe Generale 19* - 246 0.4 0.4 1 ICICI Bank Ltd 21* - 132 0.2 0.2 1 Scotiabank 21 30 283 0.8 0.4 1 Standard Bank Group Ltd 21 36 221 0.3 0.1 5 Credit Suisse 21* 18 132 0.2 -0.4 1 Lazard 22 16 250 0.7 -1.8 5 Axis Bank Ltd 22 - 146 0.2 0.2 2 Axis Bank Ltd 21* - 132 0.2 0.2 1 Standard Bank Group Ltd 23 - 246 0.7 0.7 1 Java Capital (Proprietary) Ltd 23 56* 142 0.2 0.2 2 CFI 21* - 132 0.2 0.2 1 Perella Weinberg Partners LP 24* - 245 0.7 0.7 1 Evercore Partners 24 2* 133 0.2 -15.0 1 IEG-Investment Banking 25 - 93 0.2 0.2 1 LionTree Advisors LLC 24* 8 245 0.7 -6.7 1 Industry Total 58,994 100.0 290 Industry Total 36,271 100.0 2,037 Industry Total 64,575 100.0 529

Any South African Any Eastern European Any Sub Saharan Involvement Completed AF61 YoY Change ($) 534% QoQ Change ($) 1306% Involvement Completed AF59 YoY Change ($) 7% QoQ Change ($) -27% Involvement Completed YoY Change ($) 372% QoQ Change ($) 967% Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Citi 1 11 42,187 82.4 78.5 4 Citi 1 8 5,473 16.9 10.1 12 Citi 1 11 42,424 71.0 68.5 6 Morgan Stanley 2 31* 41,027 80.2 80.2 2 Bank of America Merrill Lynch 2 52* 4,551 14.0 14.0 8 Morgan Stanley 2 44* 41,197 68.9 68.9 3 JP Morgan 3 3* 36,112 70.6 52.9 2 Goldman Sachs & Co 3 16 4,524 14.0 11.6 6 Barclays 3 - 40,873 68.4 68.4 4 Barclays 4* - 35,938 70.2 70.2 2 Sberbank CIB 4 - 3,622 11.2 11.2 5 JP Morgan 44*40,312 67.5 56.2 4 Deutsche Bank 4* 16* 35,938 70.2 68.2 1 Deutsche Bank 5 11* 3,040 9.4 5.5 3 BNP Paribas SA 5 - 36,043 60.3 60.3 3 BNP Paribas SA 4* - 35,938 70.2 70.2 1 Credit Suisse 6 38 2,570 7.9 7.8 2 Deutsche Bank 6* 18* 35,938 60.1 58.8 1 Bank of America Merrill Lynch 4* 8 35,938 70.2 58.1 1 JP Morgan 7 9 2,530 7.8 2.0 4 Bank of America Merrill Lynch 6* 8 35,938 60.1 52.4 1 Goldman Sachs & Co 4* 31* 35,938 70.2 70.2 3 UBS 8 10 2,194 6.8 1.9 4 Goldman Sachs & Co 6* 44* 35,938 60.1 60.1 3 UBS 9 12 4,221 8.3 4.6 2 Guggenheim Securities LLC 9 - 1,972 6.1 6.1 1 UBS 9 13 8,460 14.2 11.8 4 Rothschild & Co 10 7 1,907 3.7 -12.5 4 PricewaterhouseCoopers 10 26 1,562 4.8 4.2 20 Evercore Partners 10 - 4,200 7.0 7.0 1 Deloitte 11 9 1,216 2.4 -3.4 2 Morgan Stanley 11 7 1,485 4.6 -3.4 4 Rothschild & Co 11 3 1,907 3.2 -9.8 5 Centerview Partners LLC 12 - 863 1.7 1.7 1 Deloitte 12 18 1,173 3.6 2.2 8 Deloitte 12 9 1,245 2.1 -1.6 3 China Securities Co Ltd 13 - 417 0.8 0.8 1 Nordea 13 52* 1,162 3.6 3.6 1 Centerview Partners LLC 13 - 863 1.4 1.4 1 Houlihan Lokey 14 - 263 0.5 0.5 1 VTB Capital 14 5 1,120 3.5 -6.0 11 China Securities Co Ltd 14 - 417 0.7 0.7 1 Lazard 15 2 180 0.4 -22.9 2 Lazard 15 52* 949 2.9 2.9 7 Standard Chartered PLC 15 30 274 0.5 0.1 3 Greenhill & Co, LLC 16* - 174 0.3 0.3 1 ING 16 23 559 1.7 0.9 2 Houlihan Lokey 16 15 263 0.4 -1.3 1 Gleacher Shacklock LLP 16* - 174 0.3 0.3 1 Renaissance Capital Group 17 - 456 1.4 1.4 2 Standard Bank Group Ltd 17 18* 246 0.4 -0.9 3 HSBC Holdings PLC 16* 10 174 0.3 -4.3 1 Santander Corp & Invest Bkg 18 47 428 1.3 1.3 4 Exotix Partners LLP 18 - 237 0.4 0.4 1 Java Capital (Proprietary) Ltd 19 - 142 0.3 0.3 2 Societe Generale 19 1 389 1.2 -11.3 6 Lazard 19 2 180 0.3 -14.6 4 ICICI Bank Ltd 20* - 132 0.3 0.3 1 Barclays 20 3 300 0.9 -10.6 4 Greenhill & Co, LLC 20* - 174 0.3 0.3 1 Credit Suisse 20* 3* 132 0.3 -17.4 1 Rothschild & Co 21 6 289 0.9 -8.3 8 Gleacher Shacklock LLP 20* - 174 0.3 0.3 1 Axis Bank Ltd 20* - 132 0.3 0.3 1 Standard Bank Group Ltd 22 - 246 0.8 0.8 1 HSBC Holdings PLC 20* 10 174 0.3 -2.6 3 CFI 20* - 132 0.3 0.3 1 Cushman & Wakefield Inc 23 32* 211 0.7 0.5 3 PricewaterhouseCoopers 23 12 163 0.3 -2.1 2 Standard Bank Group Ltd 24 16* 121 0.2 -1.8 2 Ernst & Young LLP 24 29 196 0.6 0.1 11 Axis Bank Ltd 24 - 146 0.2 0.2 2 Rede Partners LLP 25 - 87 0.2 0.2 1 Stifel/KBW 25 52* 196 0.6 0.6 1 Java Capital (Proprietary) Ltd 25 - 142 0.2 0.2 2 Industry Total 51,181 100.0 178 Industry Total 32,402 100.0 1,589 Industry Total 59,765 100.0 345 *Indicates a Tie

www.refinitiv.com/dealsintelligence/ Emerging Markets Rankings First Nine Months 2019 | Mergers & Acquisitions | Financial Advisors Any Asia Pacific Any Indian Any Chinese Involvement Announced YoY Change ($) -28% QoQ Change ($) -6% Involvement Announced AD60 YoY Change ($) -46% QoQ Change ($) -2% Involvement Announced AD56 YoY Change ($) -26% QoQ Change ($) -6% Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals CITIC 1 5 38,495 8.9 0.9 62 JM Financial Group 1 68* 3,753 6.1 6.1 4 CITIC 1138,495 12.3 1.0 62 Morgan Stanley 2 4 20,455 4.8 -3.4 31 Ernst & Young LLP 2 5 3,473 5.7 -6.2 29 Huatai Securities Co Ltd 21016,237 5.2 2.0 28 JP Morgan 3 3 17,848 4.2 -4.1 17 Kotak Mahindra Bank Ltd 3 22 3,338 5.5 3.3 2 China Securities Co Ltd 31115,686 5.0 2.6 14 Huatai Securities Co Ltd 4 13 16,237 3.8 1.5 28 Morgan Stanley 4 11 2,839 4.6 -0.1 10 Somerley 417 9,949 3.2 1.8 13 China Securities Co Ltd 5 18 15,686 3.6 1.9 14 Ambit Corporate Finance 5 42 2,560 4.2 4.1 4 Industrial & Comm Bank China 569,295 3.0 -3.2 105 Credit Suisse 6 20 12,213 2.8 1.3 19 Deloitte 6 9 2,299 3.8 -2.0 12 China International Capital Co 628,783 2.8 -5.4 28 Bank of America Merrill Lynch 7 12 11,444 2.7 0.2 18 Axis Bank Ltd 7 26 2,105 3.4 1.9 8 Vinco Capital 7 190* 8,740 2.8 2.8 4 UBS 8 9 10,679 2.5 -1.6 13 Goldman Sachs & Co 8 1 2,011 3.3 -28.8 3 HSBC Holdings PLC 829 7,668 2.5 2.0 16 Somerley 9 28 10,003 2.3 1.3 14 Citi 9 4 1,927 3.2 -8.8 8 China Merchants Securities Co 918 6,546 2.1 0.7 8 Rothschild & Co 10 17 9,450 2.2 0.5 12 ICICI Bank Ltd 10 40 1,802 2.9 2.7 8 Tianfeng Securities Co Ltd 10 70 6,453 2.1 2.0 5 Industrial & Comm Bank China 11 8 9,295 2.2 -2.2 105 Keynote Corporate Services Ltd 11 68* 1,638 2.7 2.7 2 Lazard 11 20 6,256 2.0 1.0 7 Citi 12 2 8,899 2.1 -7.1 21 Transaction Square LLP 12 - 1,623 2.7 2.7 1 Citi 12 4 5,748 1.8 -6.2 5 China International Capital Co 13 6 8,783 2.0 -3.8 28 KPMG 13 6 1,501 2.5 -6.3 12 Macquarie Group 13 73* 5,253 1.7 1.6 6 Vinco Capital 14 281* 8,740 2.0 2.0 4 Ambit Capital Pvt Ltd 14 - 959 1.6 1.6 1 China Renaissance Holdings Ltd 14 16 4,702 1.5 0.0 26 HSBC Holdings PLC 15 15 8,098 1.9 0.0 19 Credit Suisse 15 13 952 1.6 -2.5 6 UBS 15 9 4,512 1.4 -2.5 6 Lazard 16 30 7,404 1.7 0.8 14 Bank of America Merrill Lynch 16 15 919 1.5 -2.0 2 Guotai Junan Securities 16 14 4,347 1.4 -0.4 23 Goldman Sachs & Co 17 1 7,362 1.7 -9.7 17 JP Morgan 17 2 824 1.4 -23.2 1 Zhongtian Guofu Sec Co Ltd 17 53 3,868 1.2 1.0 18 China Merchants Securities Co 18 29 6,546 1.5 0.5 8 Barclays 18 3 810 1.3 -17.7 3 Bank of America Merrill Lynch 18 12 3,689 1.2 -0.7 10 Tianfeng Securities Co Ltd 19 99 6,453 1.5 1.4 5 Lazard 19 33 668 1.1 0.4 5 JP Morgan 19 8 3,454 1.1 -3.7 10 Macquarie Group 20 47 5,399 1.3 0.9 9 State Bank of India 20 7 576 0.9 -6.6 2 Yu Ming Investment Management 20 190* 3,249 1.0 1.0 7 China Renaissance Holdings Ltd 21 27 4,702 1.1 0.1 26 BNP Paribas SA 21 - 514 0.8 0.8 3 Credit Suisse 21 49 3,184 1.0 0.8 7 Guotai Junan Securities 22 24 4,347 1.0 -0.2 23 Rothschild & Co 22 24 446 0.7 -1.0 5 Goldman Sachs & Co 22 5 3,165 1.0 -5.5 8 Zhongtian Guofu Sec Co Ltd 23 78 3,868 0.9 0.8 18 Sumitomo Mitsui Finl Grp Inc 23 - 413 0.7 0.7 2 Morgan Stanley 23 3 3,161 1.0 -7.1 9 Deloitte 24 14 3,817 0.9 -1.2 29 Standard Chartered PLC 24 23 360 0.6 -1.3 3 Huarong Securities Co Ltd 24 103 2,843 0.9 0.8 9 JM Financial Group 25 281* 3,753 0.9 0.9 4 Jefferies LLC 25 27 300 0.5 -0.8 1 China Great Wall Sec Co Ltd 25 55 2,320 0.7 0.5 7 Industry Total 430,561 100.0 7,887 Industry Total 61,191 100.0 1,315 Industry Total 312,396 100.0 5,351

Any Asia Pacific Any Indian Any Chinese Involvement Completed YoY Change ($) -26% QoQ Change ($) -11% Involvement Completed AF67 YoY Change ($) -30% QoQ Change ($) 4% Involvement Completed AF63 YoY Change ($) -32% QoQ Change ($) 1% Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals CITIC 1 5 41,977 12.8 0.2 65 Barclays 1 4 5,834 11.1 -10.2 6 CITIC 1 2 41,977 18.5 1.5 65 Citi 2 6 27,006 8.2 -2.3 23 Evercore Partners 2 26 5,128 9.8 9.5 2 Industrial & Comm Bank China 2425,436 11.2 -2.0 103 Industrial & Comm Bank China 3 8 25,436 7.7 -2.1 103 JP Morgan 3 3 4,825 9.2 -13.1 2 Citi 3 6 17,871 7.9 -2.4 5 JP Morgan 4 3 24,088 7.3 -6.4 19 Ernst & Young LLP 4 2 4,637 8.9 -18.0 25 Goldman Sachs & Co 4813,592 6.0 -2.5 22 Goldman Sachs & Co 5 4 20,555 6.3 -6.6 31 UBS 5 9 4,240 8.1 -7.8 2 China International Capital Co 5 1 11,979 5.3 -13.2 29 Morgan Stanley 6 1 16,050 4.9 -10.5 23 Morgan Stanley 6 5 3,649 7.0 -12.5 7 TC Capital 6* 103 7,007 3.1 3.0 1 UBS 7 7 14,561 4.4 -5.8 14 KPMG 7 15 3,498 6.7 -1.3 12 BaoQiao Partners Capital Ltd 6* - 7,007 3.1 3.1 1 China International Capital Co 8 2 11,979 3.6 -10.1 29 Axis Bank Ltd 8 10 2,979 5.7 -9.9 9 UBS 876,638 2.9 -6.4 9 Credit Suisse 9 21 11,378 3.5 1.1 17 Credit Suisse 9 21 2,906 5.5 4.6 5 JP Morgan 9 5 6,632 2.9 -7.5 12 Rothschild & Co 10 13 11,298 3.4 -0.5 18 Citi 10 13 2,614 5.0 -4.0 10 RBC Capital Markets 10 51 6,294 2.8 2.4 1 HSBC Holdings PLC 11 29 9,905 3.0 1.7 15 Arpwood Capital 11 28 2,394 4.6 4.3 1 Guotai Junan Securities 11 24 6,190 2.7 1.3 22 Deutsche Bank 12 10 7,959 2.4 -2.8 12 Deloitte 12 14 2,298 4.4 -4.3 10 Deutsche Bank 12 9 5,954 2.6 -4.1 10 BaoQiao Partners Capital Ltd 13 - 7,012 2.1 2.1 2 Ambit Corporate Finance 13 30 2,003 3.8 3.6 3 Huatai Securities Co Ltd 13 13 5,228 2.3 -2.1 14 TC Capital 14 127 7,007 2.1 2.0 1 ICICI Bank Ltd 14 25 1,650 3.2 2.9 7 China Merchants Securities Co 14 25 5,082 2.2 0.9 7 RBC Capital Markets 15 63 6,294 1.9 1.6 2 Kotak Mahindra Bank Ltd 15 6 1,182 2.3 -15.6 3 Guosen Securities Co Ltd 15 16 4,916 2.2 0.2 9 Guotai Junan Securities 16 36 6,190 1.9 0.8 22 Avendus Capital Pvt Ltd 16 46 1,082 2.1 2.1 8 Platinum Securities Co Ltd 16 98 4,910 2.2 2.1 3 Barclays 17 14 5,834 1.8 -2.0 8 Rothschild & Co 17 8 938 1.8 -14.2 5 Changjiang Securities Co Ltd 17 40 4,627 2.0 1.4 4 Bank of America Merrill Lynch 18 11 5,821 1.8 -2.5 12 Globalscope 18 34 933 1.8 1.7 4 Somerley 18 18 4,241 1.9 0.1 6 Evercore Partners 19 12 5,542 1.7 -2.6 4 Mizuho Financial Group 19 56* 928 1.8 1.8 1 HSBC Holdings PLC 19 30 3,911 1.7 0.5 9 Deloitte 20 23 5,353 1.6 -0.2 23 JM Financial Group 20 56* 921 1.8 1.8 3 China Renaissance Holdings Ltd 20 21 3,702 1.6 0.0 25 Huatai Securities Co Ltd 21 16 5,228 1.6 -1.7 14 Bank of America Merrill Lynch 21 7 711 1.4 -14.9 3 Lazard 21 15 3,630 1.6 -0.5 9 China Merchants Securities Co 22 37 5,082 1.6 0.6 7 Goldman Sachs & Co 22 1 614 1.2 -36.6 3 Morgan Stanley 22 3 3,453 1.5 -13.4 7 Guosen Securities Co Ltd 23 26 4,916 1.5 0.0 9 Robert W Baird & Co Inc 23 - 599 1.1 1.1 1 CSC Financial Co Ltd 23 27 3,445 1.5 0.3 6 Platinum Securities Co Ltd 24 117 4,910 1.5 1.4 3 State Bank of India 24 12 512 1.0 -10.6 1 China Securities Co Ltd 24 19 3,439 1.5 -0.2 12 Avantgarde Capital Co Ltd 25 188 4,885 1.5 1.5 4 Jefferies LLC 25 23 387 0.7 0.2 2 Nomura 25 20 3,402 1.5 -0.2 4 Industry Total 328,894 100.0 4,340 Industry Total 52,418 100.0 895 Industry Total 226,776 100.0 2,670 *Indicates a Tie

www.refinitiv.com/dealsintelligence/ Mergers & Acquisitions Criteria First Nine Months 2019 | Financial Advisors

If you would like to participate in the Announced league tables include all deals that were announced between January 1, 2019 and September 30, 2019 and of which Refinitiv was made aware. All submission process, receive current data and previous year's data is as of 5:00pm EDT on September 30, 2019. quarterly press releases, or have questions about our full league table League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings. criteria please contact: A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional. AMERICAS Robert Levine Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US Tel: +646 223 5682 dollar equivalent at the time of announcement of terms. [email protected] Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or EMEA advise on only a portion of the transaction or Refinitiv has not been made aware of their participation in that transaction. For pending transactions, advisors to Selmen Soudani targets of multiple bids receive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer. Tel: +48 (58) 699 4725 [email protected] Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Any involvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases ASIA PACIFIC Gold Velasquez League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending Tel: +852 2847 2010 regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction. [email protected]@refinitiv.com League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly JAPAN established securities firms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions Kaori Motohashi involving the newly established joint ventures are reflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is Tel: +813 6441 1338 represented as "Mitsubishi UFJ Morgan Stanley”. [email protected] While Refinitiv has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Refinitiv nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Refinitiv disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Refinitiv has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.