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GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS

1Q 2018 1 Q1 2018

GLOBAL M&A FINANCIAL ADVISORY RANKINGS

The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The CONTENTS tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity- 1. Introduction swaps, joint ventures, private placements of common equity and convertible securities, and the cash 2. Global M&A Regional Review injection component of recapitalization according to Bloomberg standards. 3. Global M&A League Tables Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We 4. Americas M&A Regional Review provide a global perspective and local insight into unique deal structures in various markets through a 5. Americas M&A League Tables network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. 7. EMEA M&A Regional Review Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal 8. EMEA M&A League Tables trends. 11. APAC M&A Regional Review 12. APAC M&A League Tables Visit {NI LEAG CRL } to download copies of the final release and a full range of market specific league 15. Disclaimer table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/.

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

DATA SUBMISSIONS AND QUERIES

Contact Phone Email North America Nageen Qasim +1-646-324-2878 [email protected] EMEA Madeeha Ahmad +44-20-3525-3754 [email protected] Asia Pacific Sayaka Sakashita +81-3-3201-2198 [email protected]

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

©2018 Bloomberg Finance L.P. All rights reserved. 1 Global M&A Regional Review Global M&A: Premium Breakdown 4% 0% • Global merger and acquisition activity reached $828.6 billion in 1Q2018, representing an 0-10% increase of 10.3% compared to the same period last year. 9% 17% • transactions reached a 1Q2018 volume of $193.3 billion, accounting for 23.3% of 10-25% the global volume for the period. GIC Pte Ltd, Canada Pension Plan Investment Board, and 25-50% Blackstone Group's pending acquisition of Corp's financial data unit for $17.0 50-75% billion was the largest announced private equity deal of the quarter. 20% • M&A deals targeting the Technology sector increased 174.2% in volume year‐on‐year to $90.9 75-100% 50% billion. Fujifilm Holdings Corp's pending acquisition of a majority stake in Xerox Corp for $10.32 100%+ billion was the largest deal in this sector.

Global M&A: Highlights of Q1 2018 Global M&A: Industry Breakdown Total Amount % YoY Summary Date Target Acquirer Seller Value Industry (Bln.) % of Total Change Number of deals 9,455 Consumer Non-cyclical $234.1 27.9% 65.9% 3/8/2018 Express Scripts Holding Co Cigna Corp - $68,375.7 Volume (Bln.) $823.4 Financial $162.7 19.4% 11.0% Avg Deal Size (Mln.) $87.0 Keurig Green Technology $90.9 10.8% 174.5% 1/29/2018 Dr Pepper Snapple Group Inc - $23,167.7 Mountain Inc Consumer Cyclical $84.1 10.0% 4.2% Top Adviser Financial data unit/Thomson Thomson Industrial $70.0 8.4% 8.7% 1/29/2018 Multiple Acquirers $17,000.0 Reuters Corp Reuters Corp Communications $63.2 7.5% 29.2% Number of deals 69 Energy $55.0 6.6% -50.1% 3/5/2018 XL Group Ltd AXA SA - $15,200.6

Volume (Bln.) $209.9 Utilities $43.1 5.1% 53.8% 2018 Global M&A Review | Q1 Avg Deal Size (Bln.) $3.1 Dominion Energy Basic Materials $33.5 4.0% 71.4% 1/3/2018 SCANA Corp - $14,504.3 Inc Diversified $1.3 0.2% -57.8%

Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown Amount % Change % Change $1,400 14,000 Deal Type (Bln.) Deal Count Volume $1,200 12,000 Company Takeover $475.8 -5.6% 34.4% $1,000 10,000 Cross Border $321.1 -3.7% -5.0% $800 8,000 Private Equity $192.7 1.6% 25.0% $600 6,000 Asset sale $141.4 -10.1% 6.0% $400 4,000 Tender Offer $79.5 -26.1% -19.0% $47.2 11.2% 101.2% $200 2,000 Spin-off $12.9 44.4% 129.4% $0 0 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 Minority purchase $129.6 9.6% 53.0% Majority purchase $67.2 -0.7% 11.8% Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). 2 Global Announced Deals 01/01/2018 - 03/26/2018 Cross Border Announced Deals 01/01/2018 - 03/26/2018 2018 2017 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 25.3 209,531 68 2 18.3 7.0 JPMorgan Chase & Co 1 23.3 75,639 36 7 15.8 7.5 JPMorgan Chase & Co 2 22.8 188,704 72 5 14.6 8.1 Morgan Stanley 2 21.9 71,050 30 4 19.5 2.4 Ltd 3 16.1 133,747 52 6 11.6 4.5 & Co LLC 3 17.2 56,044 35 1 30.6 -13.3 Goldman Sachs & Co LLC 4 15.4 127,170 63 1 21.5 -6.2 Lazard Ltd 4 14.4 46,759 35 6 16.2 -1.9 Centerview Partners LLC 5 14.9 123,023 14 20 2.8 12.1 Inc 5 14.2 46,197 32 2 25.5 -11.3 of America Lynch 6 12.8 106,273 41 4 15.0 -2.1 Barclays PLC 6 11.0 35,695 18 12 7.4 3.6 Group AG 7 11.0 91,427 44 9 10.2 0.8 Bank of America Merrill Lynch 7 10.0 32,580 22 3 21.9 -11.9 Citigroup Inc 8 10.2 84,425 54 3 17.3 -7.1 Credit Suisse Group AG 8 9.2 29,891 23 8 14.9 -5.8 Barclays PLC 9 6.7 55,195 38 8 10.5 -3.9 Guggenheim Capital LLC 9 8.7 28,260 4 - - 8.7 Rothschild & Co 10 6.3 51,922 66 7 11.1 -4.9 Centerview Partners LLC 10 8.6 27,916 4 28 1.8 6.8 RBC Capital Markets 11 5.8 47,915 28 12 4.8 1.0 Rothschild & Co 11 6.2 20,086 45 5 17.6 -11.4 Guggenheim Capital LLC 12 3.5 29,242 9 66 0.4 3.2 Canson Capital Partners 12 5.2 17,000 1 - - 5.2 UBS AG 13 3.3 27,534 31 13 4.7 -1.4 Toronto-Dominion Bank/The 12 5.2 17,000 1 29 1.6 3.7 Inc 14 3.1 25,265 26 11 5.7 -2.6 LionTree Advisors LLC 14 4.9 15,949 4 129 0.0 4.9 Nomura Holdings Inc 15 2.9 23,789 29 48 0.6 2.3 Ardea Partners LLC 15 4.7 15,201 1 - - 4.7 BDT & Co LLC 16 2.8 23,168 1 33 1.2 1.6 Nomura Holdings Inc 16 4.4 14,297 12 35 1.0 3.4 Toronto-Dominion Bank/The 17 2.7 22,089 4 38 0.8 1.8 Ltd 17 3.5 11,450 13 51 0.6 3.0 Macquarie Group Ltd 18 2.6 21,375 20 44 0.6 1.9 UBS AG 18 3.4 11,027 18 13 6.7 -3.3 LionTree Advisors LLC 19 2.5 20,837 6 74 0.2 2.3 BMO Capital Markets Corp/Toronto 19 3.1 10,071 6 27 2.2 0.9 Canson Capital Partners 20 2.1 17,000 1 - - 2.1 Nordea Bank AB 20 3.1 10,049 2 74 0.2 2.9 TOTAL 828,661 9,568 751,527 TOTAL 325,183 3,437 398,520

Global Private Equity Announced Deals 01/01/2018 - 03/26/2018 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co LLC 1 21.3 41,109 25 1 21.9 -0.7 Citigroup Inc 2 19.0 36,709 17 4 14.6 4.5 Morgan Stanley 3 19.0 36,705 26 2 20.4 -1.4 JPMorgan Chase & Co 4 18.3 35,392 23 5 13.5 4.8 Bank of America Merrill Lynch 5 12.5 24,168 11 10 6.9 5.6 Lazard Ltd 6 10.8 20,776 22 13 4.1 6.6 Barclays PLC 7 9.6 18,580 14 6 13.4 -3.8 Guggenheim Capital LLC 8 9.3 17,888 7 69 0.1 9.1 Centerview Partners LLC 9 9.2 17,750 5 11 6.9 2.3 Canson Capital Partners 10 8.8 17,000 1 - - 8.8 Toronto-Dominion Bank/The 10 8.8 17,000 1 - - 8.8 Credit Suisse Group AG 12 6.5 12,468 13 3 16.6 -10.1 Evercore Inc 13 5.8 11,159 11 15 3.3 2.5 Rothschild & Co 14 5.7 10,937 28 8 7.6 -1.9 Macquarie Group Ltd 15 5.2 10,087 6 30 1.2 4.0 Nordea Bank AB 16 5.2 10,049 1 - - 5.2 LionTree Advisors LLC 16 5.2 10,049 1 - - 5.2 Societe Generale SA 18 4.3 8,262 5 23 1.8 2.5 AG 19 3.3 6,294 9 20 2.2 1.1 RBC Capital Markets 20 2.9 5,651 7 12 5.8 -2.9 TOTAL 193,269 2,871 192,973

3 Americas M&A Regional Review Americas M&A: Country Breakdown Amount % YoY • In 1Q2018, M&A activity in the Americas increased by 34.4% to $466.1 billion compared to the same Country (Bln.) % of Total Change period last year. The Americas continued to be the most sought after region accounting for 56.3% of United States $401.5 86.4% 48.3% the global volume. Canada $21.4 4.6% -8.9% • The Consumer Non-cyclical industry was the most targeted in the Americas during 1Q2018, Brazil $16.7 3.6% 27.0% experiencing an increase of 147.5% in volume year-over-year. The pending acquisition of Express Scripts Holding Co by Cigna Corp for $68.4 billion was the largest announced deal both in the sector Bermuda $16.1 3.5% 75506.1% and globally. Chile $3.5 0.8% 858.0% • Morgan Stanley and Skadden Arps Slate Meagher & Flom LLP ranked as the top Financial and Legal British Virgin Islands $1.0 0.2% -47.9% Adviser in 1Q2018 for the region with a market share of 38.0% & 32.5% respectively. Colombia $0.5 0.1% 1368.5% Mexico $0.4 0.1% -72.8%

Americas M&A: Highlights of Q1 2018 Americas M&A: Industry Breakdown Total Value Amount % YoY Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 4,143 Consumer Non-cyclical $181.4 38.9% 147.5% 3/8/2018 Express Scripts Holding Co Cigna Corp - $68,375.7 Volume (Bln.) $464.9 Financial $77.5 16.6% 37.2% Avg Deal Size (Mln.) $111.9 Technology $60.5 13.0% 203.2% 1/29/2018 Dr Pepper Snapple Group Inc Keurig Green Mountain Inc - $23,167.7 Industrial $33.7 7.2% 104.6% Top Adviser Financial data unit/Thomson Thomson Energy $31.8 6.8% -61.7% 1/29/2018 Multiple Acquirers $17,000.0 Morgan Stanley Reuters Corp Reuters Corp Utilities $22.1 4.7% 29.3% Number of deals 38 Basic Materials $21.1 4.5% 519.7% 3/5/2018 XL Group Ltd AXA SA - $15,200.6

Volume (Bln.) $177.4 Consumer Cyclical $20.3 4.4% -28.4% ReviewGlobal M&A | Q1 2018 Avg Deal Size (Bln.) $4.6 Communications $17.6 3.8% -0.5% 1/3/2018 SCANA Corp Dominion Energy Inc - $14,504.3 Diversified $0.3 0.1% 211.2%

Americas M&A: Quarterly Volume Americas M&A: Deal Type Breakdown Amount % Change % Change $1,000 6000 Deal Type (Bln.) Deal Count Volume Company Takeover $307.7 -1.8% 64.5% $800 5000 Cross Border $135.9 -1.3% -0.7% 4000 $600 Private Equity $102.9 9.0% 19.0% 3000 Asset sale $78.0 -11.5% 1.9% $400 2000 Tender Offer $29.6 -47.4% -16.3% $200 1000 Venture Capital $21.1 18.1% 68.3% Spin-off $8.0 38.1% 294.4% $0 0 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 Minority purchase $48.0 18.1% 119.2% Majority purchase $29.5 0.0% 209.9% Volume $(Bln.) Deal Count 4 Quarterly Volume represents any involvement (target, seller, or acquirer). US Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 US Announced Deals (Target or Seller) 01/01/2018 - 03/26/2018 2018 2017 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 31.3 150,339 43 2 25.1 6.2 Morgan Stanley 1 34.9 146,773 34 2 29.8 5.1 JPMorgan Chase & Co 2 26.5 127,174 52 4 18.6 7.9 Lazard Ltd 2 26.4 110,943 20 9 7.4 19.0 Lazard Ltd 3 24.4 116,981 25 8 13.3 11.1 Centerview Partners LLC 3 26.3 110,271 11 13 6.2 20.1 Goldman Sachs & Co LLC 4 23.0 110,526 50 1 28.8 -5.8 JPMorgan Chase & Co 4 26.2 110,184 43 3 22.4 3.9 Centerview Partners LLC 5 23.0 110,271 11 16 5.0 18.0 Goldman Sachs & Co LLC 5 24.3 102,196 43 1 29.8 -5.5 Credit Suisse Group AG 6 16.2 77,888 29 7 14.9 1.3 Credit Suisse Group AG 6 16.5 69,360 24 16 3.8 12.7 Bank of America Merrill Lynch 7 13.6 65,281 22 5 17.5 -3.9 Bank of America Merrill Lynch 7 15.4 64,842 19 6 12.1 3.3 Citigroup Inc 8 12.1 58,165 32 3 19.5 -7.4 Citigroup Inc 8 11.7 49,299 27 5 13.4 -1.7 Barclays PLC 9 7.3 34,830 30 6 15.3 -8.1 Guggenheim Capital LLC 9 6.9 29,119 7 42 0.8 6.1 RBC Capital Markets 10 6.1 29,438 20 10 7.9 -1.8 RBC Capital Markets 10 6.3 26,583 19 8 8.9 -2.6 Guggenheim Capital LLC 11 6.1 29,119 7 45 0.6 5.4 Barclays PLC 11 5.7 24,089 24 4 18.0 -12.2 Evercore Inc 12 5.3 25,265 25 9 9.5 -4.2 BDT & Co LLC 12 5.5 23,168 1 20 2.6 2.9 BDT & Co LLC 13 4.8 23,168 1 21 2.1 2.7 Evercore Inc 13 4.6 19,270 21 7 10.4 -5.9 Rothschild & Co 14 3.7 17,929 23 12 6.2 -2.5 Canson Capital Partners 14 4.1 17,000 1 - - 4.1 Canson Capital Partners 15 3.5 17,000 1 - - 3.5 Toronto-Dominion Bank/The 14 4.1 17,000 1 24 1.9 2.2 Toronto-Dominion Bank/The 15 3.5 17,000 1 26 1.5 2.1 Moelis & Co 16 3.2 13,255 18 19 3.1 0.1 Moelis & Co 17 2.8 13,255 18 13 6.0 -3.2 Jefferies LLC 17 2.8 11,773 22 21 2.4 0.4 Jefferies LLC 18 2.7 12,858 25 22 2.0 0.7 Nomura Holdings Inc 18 2.7 11,311 3 75 0.1 2.6 Nomura Holdings Inc 19 2.4 11,311 4 64 0.3 2.1 Macquarie Group Ltd 19 2.4 9,963 8 44 0.8 1.6 UBS AG 20 2.3 11,139 15 19 3.3 -1.0 LLC 20 2.3 9,838 1 - - 2.3 TOTAL 480,120 4,427 421,666 TOTAL 420,121 3,658 337,510

Canada Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 Canada Announced Deals (Target or Seller) 01/01/2018 - 03/26/2018 2018 2017 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co LLC 1 37.3 22,715 3 2 34.4 2.9 Goldman Sachs & Co LLC 1 55.1 22,715 3 3 35.9 19.2 Toronto-Dominion Bank/The 2 36.2 22,089 4 13 7.2 29.1 Toronto-Dominion Bank/The 2 53.6 22,089 4 - - 53.6 Citigroup Inc 3 33.4 20,337 5 7 15.9 17.5 Citigroup Inc 3 48.2 19,855 2 7 16.9 31.3 JPMorgan Chase & Co 4 30.3 18,463 6 1 48.5 -18.3 Morgan Stanley 4 43.8 18,041 2 9 8.8 35.0 Morgan Stanley 5 29.6 18,041 4 8 14.5 15.1 JPMorgan Chase & Co 5 42.4 17,456 3 1 53.5 -11.1 Bank of America Merrill Lynch 6 28.3 17,257 4 11 8.7 19.6 Centerview Partners LLC 6 41.3 17,000 1 - - 41.3 Centerview Partners LLC 7 27.9 17,000 1 14 6.6 21.3 Canson Capital Partners 6 41.3 17,000 1 - - 41.3 Canson Capital Partners 7 27.9 17,000 1 - - 27.9 Guggenheim Capital LLC 6 41.3 17,000 1 - - 41.3 Guggenheim Capital LLC 7 27.9 17,000 1 - - 27.9 Bank of America Merrill Lynch 6 41.3 17,000 1 11 8.1 33.2 Lazard Ltd 10 19.0 11,582 6 6 16.5 2.6 Lazard Ltd 10 26.3 10,822 2 8 15.3 11.0 BMO Capital Markets Corp/Toronto 11 16.8 10,263 8 16 6.1 10.7 RBC Capital Markets 11 24.0 9,891 8 4 34.3 -10.3 RBC Capital Markets 12 16.2 9,891 8 3 27.1 -10.9 BMO Capital Markets Corp/Toronto 12 13.8 5,663 6 15 3.1 10.7 Barclays PLC 13 11.9 7,261 3 4 26.5 -14.6 Greenhill & Co Inc 13 6.9 2,855 1 - - 6.9 Credit Suisse Group AG 14 10.3 6,302 4 10 9.1 1.2 Bank of Nova Scotia/The 14 6.9 2,845 10 6 22.5 -15.6 Greenhill & Co Inc 15 4.7 2,855 1 48 0.1 4.6 CIBC 15 6.2 2,563 6 12 8.0 -1.8 Bank of Nova Scotia/The 16 4.7 2,845 10 9 13.6 -9.0 GMP Securities LP 16 3.6 1,465 4 28 0.3 3.3 CIBC 17 4.7 2,838 8 18 4.9 -0.2 Credit Suisse Group AG 17 3.5 1,445 2 13 6.8 -3.3 GMP Securities LP 18 2.4 1,465 4 44 0.2 2.2 Canaccord Genuity Corp 18 2.0 811 4 35 0.1 1.9 Macquarie Group Ltd 19 1.7 1,008 5 24 2.3 -0.6 PowerOne Capital Markets Ltd 19 1.8 748 1 - - 1.8 Canaccord Genuity Corp 20 1.3 811 4 53 0.0 1.3 Macquarie Group Ltd 20 1.6 654 1 14 3.8 -2.2 TOTAL 60,956 816 87,873 TOTAL 41,198 541 53,284

5 Latin America Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 Brazil Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 2018 2017 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Bank of America Merrill Lynch 1 60.1 16,052 7 3 18.8 41.3 Bank of America Merrill Lynch 1 86.6 15,219 4 1 25.6 61.0 JPMorgan Chase & Co 2 57.2 15,266 3 28 - 57.2 Banco Itau BBA SA 2 85.4 15,017 7 7 8.4 77.1 Banco Itau BBA SA 3 56.2 15,017 7 9 6.1 50.1 Riza Capital Consultoria de Investimentos 3 82.7 14,544 2 - - 82.7 Riza Capital Consultoria de Investimentos 4 54.5 14,544 2 - - 54.5 Morgan Stanley 4 81.7 14,362 1 5 17.5 64.2 Morgan Stanley 5 53.8 14,362 2 1 23.1 30.7 JPMorgan Chase & Co 4 81.7 14,362 1 - - 81.7 Citigroup Inc 6 8.5 2,275 5 - - 8.5 Goldman Sachs & Co LLC 6 3.9 693 2 11 1.5 2.4 Lazard Ltd 7 5.2 1,395 5 14 1.6 3.6 Vinci Partners Investimentos Ltda 7 2.8 489 1 22 - 2.8 Goldman Sachs & Co LLC 8 4.8 1,270 5 17 1.1 3.7 Banco BTG Pactual SA 8 1.7 290 2 3 20.2 -18.6 GBS Finanzas SA 9 4.2 1,120 1 - - 4.2 Credit Suisse Group AG 9 1.5 257 1 6 8.7 -7.2 Deutsche Bank AG 9 4.2 1,120 1 - - 4.2 XP Investimentos Corretora de Cambio Tit 10 0.1 22 1 - - 0.1 Credit Suisse Group AG 11 3.2 840 2 4 17.6 -14.5 Artica Participacoes e Assessoria Financeir 11 - - 3 22 - - Banco BTG Pactual SA 12 2.1 563 3 5 15.0 -12.9 Lazard Ltd 11 - - 2 - - - Vinci Partners Investimentos Ltda 13 1.8 489 1 28 - 1.8 Banco Bradesco BBI SA 11 - - 1 4 18.8 -18.8 Rothschild & Co 14 1.6 421 3 16 1.2 0.4 Broadspan Asset Management LLC 11 - - 1 - - - XP Investimentos Corretora de Cambio Tit 15 0.1 22 1 - - 0.1 Azevedo Sette Advogados 11 - - 1 - - - LLC 16 - - 1 28 - - Pi Capital International LLC 11 - - 1 - - - Azevedo Sette Advogados 16 - - 1 - - - Cypress Associates 11 - - 1 - - - Cypress Associates 16 - - 1 - - - LionTree Advisors LLC 16 - - 1 - - - Artica Participacoes e Assessoria Financeir 16 - - 3 28 - - TOTAL 26,704 166 20,395 TOTAL 17,579 86 14,963

Latin America Announced Deals (Target or Seller) 01/01/2018 - 03/26/2018 Brazil Announced Deals (Target or Seller) 01/01/2018 - 03/26/2018 2018 2017 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Bank of America Merrill Lynch 1 50.6 15,855 6 2 16.1 34.5 Bank of America Merrill Lynch 1 87.3 15,219 4 1 27.0 60.3 JPMorgan Chase & Co 2 48.8 15,266 3 37 - 48.8 Banco Itau BBA SA 2 86.1 15,017 7 7 8.8 77.3 Banco Itau BBA SA 3 48.0 15,017 7 7 5.3 42.7 Riza Capital Consultoria de Investimentos 3 83.4 14,544 2 - - 83.4 Riza Capital Consultoria de Investimentos 4 46.5 14,544 2 - - 46.5 Morgan Stanley 4 82.4 14,362 1 5 15.2 67.2 Morgan Stanley 5 45.9 14,362 2 5 9.0 36.8 JPMorgan Chase & Co 4 82.4 14,362 1 - - 82.4 Citigroup Inc 6 6.8 2,135 4 - - 6.8 Goldman Sachs & Co LLC 6 4.0 693 2 10 1.6 2.4 Lazard Ltd 7 5.2 1,640 6 13 1.4 3.9 Vinci Partners Investimentos Ltda 7 2.8 489 1 20 - 2.8 Goldman Sachs & Co LLC 8 4.1 1,270 5 18 1.0 3.1 Banco BTG Pactual SA 8 1.7 290 2 3 21.3 -19.6 GBS Finanzas SA 9 3.6 1,120 1 - - 3.6 Credit Suisse Group AG 9 1.5 257 1 6 9.2 -7.7 Deutsche Bank AG 9 3.6 1,120 1 - - 3.6 XP Investimentos Corretora de Cambio Tit 10 0.1 22 1 - - 0.1 Credit Suisse Group AG 11 2.7 840 2 6 6.3 -3.6 Artica Participacoes e Assessoria Financeir 11 - - 3 20 - - Banco BTG Pactual SA 12 1.8 563 3 3 12.9 -11.1 Lazard Ltd 11 - - 2 - - - Vinci Partners Investimentos Ltda 13 1.6 489 1 37 - 1.6 Banco Bradesco BBI SA 11 - - 1 4 19.8 -19.8 Rothschild & Co 14 1.3 421 4 17 1.0 0.3 Broadspan Asset Management LLC 11 - - 1 - - - BNP Paribas SA 15 0.2 64 1 14 1.2 -1.0 Azevedo Sette Advogados 11 - - 1 - - - Ballas Capital Ltd 15 0.2 64 1 - - 0.2 Pi Capital International LLC 11 - - 1 - - - XP Investimentos Corretora de Cambio Tit 17 0.1 22 1 - - 0.1 Cypress Associates 11 - - 1 - - - Grant Thornton International Ltd 18 0.1 18 1 - - 0.1 Gram Capital Ltd 19 0.0 7 1 9 4.3 -4.3 Centerview Partners LLC 20 - - 1 - - - TOTAL 31,314 200 23,777 TOTAL 17,434 79 14,171

6 EMEA M&A Regional Review EMEA M&A: Country Breakdown Amount % YoY • M&A deals involving EMEA-based targets declined to $185.2 billion in 1Q2018, representing a 17.4% Country (Bln.) % of Total Change • decrease from the same period last year. United Kingdom $55.5 30.5% 26.0% • Deal activity targeting the communications sector increased 529.2% year-on-year to $31.8 billion. The Germany $20.3 11.2% 99.3% sector’s growth is mainly attributed to the pending private equity buyout of TDC A/S for $10.0 billion. Spain $14.6 8.0% 71.2% This is the largest deal targeting the sector globally. France $11.3 6.2% -56.0% • Melrose Industries PLC's announced acquisition of GKN PLC SA for $11.5 billion was the largest deal of Italy $8.2 4.5% -74.0% the year in the region. Switzerland $6.7 3.7% -78.7% Netherlands $6.3 3.5% 35.8% Finland $0.5 0.3% -59.7%

EMEA M&A Highlights of Q1 2018 EMEA M&A: Industry Breakdown Total Amount % YoY Summary Date Target Acquirer Seller Value Industry (Bln.) % of Total Change Number of deals 2,399 Melrose Industries Financial $36.0 19.8% -3.9% 1/17/2018 GKN PLC - $11,541.4 Volume (Bln.) $181.7 PLC Communications $31.6 17.4% 525.7% Avg Deal Size (Mln.) $75.8 Consumer Cyclical $30.8 16.9% -14.5% 2/12/2018 TDC A/S Multiple Acquirers - $10,049.3 Consumer Non-cyclical $30.2 16.6% -39.2% Top Adviser Utilities $14.8 8.1% 210.2% 1/30/2018 UBM PLC Informa PLC - $6,024.0 JPMorgan Chase & Co Energy $14.2 7.8% -36.1% Number of deals 24 Industrial $13.0 7.2% -48.4% 3/12/2018 Innogy SE E.ON SE - $5,841.4

Volume (Bln.) $48.2 Technology $7.3 4.0% 153.8% ReviewGlobal M&A | Q1 2018 Avg Deal Size (Bln.) $2.0 AccorInvest real estate Basic Materials $3.6 2.0% -16.9% 2/27/2018 Multiple Acquirers Accor SA $5,389.1 business Diversified $0.4 0.2% -66.2%

EMEA M&A: Quarterly Volume EMEA M&A: Deal Type Breakdown Amount % Change % Change $500 5000 Deal Type (Bln.) Deal Count Volume $400 4000 Company Takeover $101.6 -12.9% 2.5% Cross Border $124.5 -6.3% -7.5% $300 3000 Private Equity $57.0 -12.4% 61.0%

$200 2000 Asset sale $42.0 -11.4% 6.8% Tender Offer $41.4 -30.0% -21.4% $100 1000 Venture Capital $6.1 -10.0% 86.5% Spin-off $4.6 -30.0% 97.4% $0 0 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 Minority purchase $23.9 -13.6% 15.6% Majority purchase $14.4 7.9% -35.6% Volume $(Bln.) Deal Count 7 Quarterly Volume represents any involvement (target, seller, or acquirer). Europe Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 Europe Announced Deals (Target or Seller) 01/01/2018 - 03/26/2018 2018 2017 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE JPMorgan Chase & Co 1 29.8 74,485 28 9 11.9 17.9 JPMorgan Chase & Co 1 24.2 45,540 23 8 13.0 11.3 Morgan Stanley 2 19.4 48,597 23 7 18.3 1.2 Rothschild & Co 2 22.9 43,072 51 5 22.3 0.6 Rothschild & Co 3 17.2 43,072 54 6 19.2 -2.0 Barclays PLC 3 15.1 28,301 12 13 6.2 8.9 Lazard Ltd 4 16.5 41,384 31 4 22.4 -5.8 Citigroup Inc 4 14.5 27,185 20 1 33.6 -19.2 Citigroup Inc 5 14.1 35,156 23 2 29.6 -15.5 Credit Suisse Group AG 5 14.0 26,368 15 6 22.3 -8.3 Barclays PLC 6 12.4 30,890 14 16 5.2 7.1 Bank of America Merrill Lynch 6 13.7 25,806 14 2 28.7 -14.9 Bank of America Merrill Lynch 7 12.1 30,374 18 1 30.4 -18.3 Morgan Stanley 7 12.1 22,675 17 9 12.1 0.0 Goldman Sachs & Co LLC 8 10.6 26,603 22 3 28.6 -18.0 Lazard Ltd 8 11.9 22,276 28 3 25.4 -13.6 Credit Suisse Group AG 9 10.6 26,594 18 5 19.6 -9.0 Goldman Sachs & Co LLC 9 11.0 20,733 17 4 23.2 -12.1 UBS AG 10 8.3 20,671 14 14 7.6 0.7 UBS AG 10 11.0 20,671 12 11 8.6 2.4 LionTree Advisors LLC 11 8.2 20,502 4 105 0.0 8.2 LionTree Advisors LLC 11 10.9 20,502 4 - - 10.9 RBC Capital Markets 12 6.2 15,385 8 48 0.4 5.8 RBC Capital Markets 12 8.1 15,266 6 47 0.4 7.7 Ardea Partners LLC 13 6.1 15,201 1 - - 6.1 Nordea Bank AB 13 7.8 14,602 4 51 0.4 7.4 Nordea Bank AB 14 5.8 14,602 4 51 0.3 5.5 PLC 14 7.1 13,283 3 89 0.0 7.0 Investec PLC 15 5.3 13,283 3 86 0.1 5.3 Gleacher Shacklock LLP 15 6.1 11,541 1 - - 6.1 Gleacher Shacklock LLP 16 4.6 11,541 1 - - 4.6 Macquarie Group Ltd 16 5.6 10,434 7 38 0.7 4.8 Guggenheim Capital LLC 17 4.5 11,260 3 - - 4.5 Evercore Inc 17 4.7 8,733 5 27 1.6 3.0 Macquarie Group Ltd 18 4.2 10,472 9 40 0.6 3.6 Centerview Partners LLC 18 3.5 6,616 2 - - 3.5 Evercore Inc 19 3.9 9,781 7 28 1.4 2.6 PJT Partners Inc 19 3.5 6,616 3 62 0.2 3.4 Centerview Partners LLC 20 2.6 6,616 3 131 - 2.6 BNP Paribas SA 20 3.4 6,472 6 7 17.0 -13.6 TOTAL 250,132 2,877 297,435 TOTAL 187,867 2,339 251,278

UK Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 Germany Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 2018 2017 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE JPMorgan Chase & Co 1 33.9 30,802 9 7 15.7 18.3 BNP Paribas SA 1 19.9 5,841 2 24 - 19.9 Rothschild & Co 2 29.0 26,357 31 9 13.7 15.3 Rothschild & Co 2 17.5 5,149 8 11 1.7 15.8 Credit Suisse Group AG 3 20.6 18,684 10 5 18.6 2.0 D'Angelin & Co Ltd 3 14.5 4,267 1 - - 14.5 UBS AG 4 18.6 16,851 4 10 13.7 4.9 JPMorgan Chase & Co 4 10.5 3,097 5 24 - 10.5 RBC Capital Markets 5 16.4 14,876 5 32 0.9 15.5 Goldman Sachs & Co LLC 5 7.8 2,286 2 1 14.2 -6.4 Barclays PLC 6 15.8 14,342 6 16 8.7 7.1 Bank of America Merrill Lynch 6 5.6 1,635 3 24 - 5.6 Bank of America Merrill Lynch 7 14.9 13,549 8 3 33.4 -18.5 Citigroup Inc 7 4.6 1,361 4 3 9.9 -5.2 Investec PLC 8 14.6 13,283 3 59 0.1 14.6 Freitag & Co GmbH 8 4.2 1,221 1 - - 4.2 Gleacher Shacklock LLP 9 12.7 11,541 1 - - 12.7 NIBC Bank NV 8 4.2 1,221 1 24 - 4.2 Citigroup Inc 10 10.6 9,591 8 15 9.2 1.4 Morgan Stanley 8 4.2 1,221 3 24 - 4.2 Goldman Sachs & Co LLC 11 9.4 8,485 10 1 48.5 -39.2 UBS AG 8 4.2 1,221 2 4 8.7 -4.5 PJT Partners Inc 12 7.3 6,616 3 42 0.3 7.0 Ernst & Young 12 2.6 760 6 10 2.1 0.5 Morgan Stanley 13 7.2 6,501 6 2 36.0 -28.9 Kempen & Co NV 13 2.2 641 2 - - 2.2 Centerview Partners LLC 14 6.6 6,024 1 - - 6.6 & Co 14 1.5 428 1 - - 1.5 HSBC Bank PLC 15 5.2 4,711 2 8 14.7 -9.5 Liberum Capital Ltd 15 0.8 235 2 - - 0.8 Societe Generale SA 16 5.2 4,708 1 91 - 5.2 ING Groep NV 16 0.6 171 1 24 - 0.6 Fenchurch Advisory Partners LLP 17 5.0 4,530 1 - - 5.0 Carnegie Fondkommission AB 17 0.5 150 1 - - 0.5 Lazard Ltd 18 3.6 3,291 8 17 4.2 -0.6 Kaiser 18 0.4 108 1 - - 0.4 Evercore Inc 19 3.5 3,194 4 26 2.0 1.5 PricewaterhouseCoopers LLP 18 0.4 108 2 17 0.5 -0.2 Jefferies LLC 20 2.4 2,167 4 43 0.3 2.1 Clifford Chance LLP 18 0.4 108 1 - - 0.4 TOTAL 90,791 1,103 125,371 TOTAL 29,396 521 20,172

8 France Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 Italy Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 2018 2017 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE JPMorgan Chase & Co 1 64.3 37,018 10 14 4.8 59.5 Goldman Sachs & Co LLC 1 42.8 5,499 2 10 1.2 41.5 Lazard Ltd 2 39.0 22,427 18 4 26.4 12.6 Bank of America Merrill Lynch 2 24.3 3,119 2 5 12.5 11.8 Morgan Stanley 3 36.6 21,062 4 11 9.6 27.0 Barclays PLC 3 22.1 2,848 3 7 2.7 19.5 Ardea Partners LLC 4 26.4 15,201 1 - - 26.4 Rothschild & Co 4 20.1 2,582 5 3 73.7 -53.6 Rothschild & Co 5 20.1 11,557 10 3 53.2 -33.2 Banca di Credito Finanziario Sp 5 18.5 2,380 1 4 46.8 -28.3 Guggenheim Capital LLC 6 19.3 11,137 1 - - 19.3 Credit Suisse Group AG 5 18.5 2,380 1 23 - 18.5 Evercore Inc 7 9.6 5,539 2 17 0.8 8.8 Nomura Holdings Inc 7 11.5 1,480 2 20 0.1 11.4 Credit Agricole Corporate & Investment Ba 8 9.4 5,389 3 8 14.8 -5.5 BNP Paribas SA 8 4.9 630 3 2 73.7 -68.8 D'Angelin & Co Ltd 9 7.4 4,267 1 - - 7.4 Robert W & Co Inc 9 2.4 314 2 11 1.0 1.4 Nomura Holdings Inc 10 2.3 1,301 2 20 0.8 1.5 L&P Investimenti Srl 10 2.4 310 1 - - 2.4 Goldman Sachs & Co LLC 11 1.9 1,111 2 6 17.9 -16.0 JPMorgan Chase & Co 11 2.2 281 2 23 - 2.2 BNP Paribas SA 12 1.1 630 4 2 60.0 -58.9 Lazard Ltd 12 1.9 245 3 9 2.6 -0.7 RBC Capital Markets 13 0.9 509 2 - - 0.9 Greenhill & Co Inc 13 1.3 161 1 - - 1.3 SunTrust Robinson Humphrey Capital Marke 14 0.8 475 1 - - 0.8 PricewaterhouseCoopers LLP 14 1.2 159 1 16 0.3 0.9 Kepler Cheuvreux 15 0.6 316 1 - - 0.6 Citigroup Inc 15 1.1 140 1 1 76.2 -75.1 L&P Investimenti Srl 16 0.5 310 1 - - 0.5 Fineurop Soditic SpA 16 0.5 65 3 23 - 0.5 Barclays PLC 17 0.4 245 1 12 5.4 -5.0 Colliers International 17 0.3 44 1 - - 0.3 Ernst & Young 18 0.3 191 1 29 0.1 0.2 Deloitte Touche Tohmatsu ILA Group Ltd 18 0.3 40 1 23 - 0.3 Macquarie Group Ltd 19 0.3 188 2 40 - 0.3 Morgan Stanley 19 0.3 34 1 7 2.7 -2.4 TripleTree LLC 20 0.3 155 1 - - 0.3 ValeCap Srl 20 0.1 11 1 - - 0.1 TOTAL 57,581 410 69,479 TOTAL 12,860 138 35,512

Benelux Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 Iberia Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 2018 2017 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Lazard Ltd 1 46.1 15,030 7 5 28.0 18.1 Citigroup Inc 1 51.4 8,834 3 4 18.0 33.4 Morgan Stanley 2 39.2 12,777 4 11 12.1 27.1 Societe Generale SA 2 34.7 5,961 2 - - 34.7 Citigroup Inc 3 25.2 8,218 3 1 50.2 -25.0 Deutsche Bank AG 3 8.0 1,368 2 14 6.9 1.0 JPMorgan Chase & Co 4 18.7 6,095 6 6 24.0 -5.3 RBC Capital Markets 4 6.9 1,178 1 - - 6.9 LionTree Advisors LLC 5 10.5 3,438 1 - - 10.5 Goldman Sachs & Co LLC 4 6.9 1,178 1 9 12.3 -5.5 Barclays PLC 5 10.5 3,438 2 15 3.0 7.6 GBS Finanzas SA 6 6.5 1,120 2 33 0.3 6.2 Goldman Sachs & Co LLC 7 8.6 2,800 1 9 15.2 -6.6 Lazard Ltd 6 6.5 1,120 1 13 8.0 -1.4 Credit Suisse Group AG 7 8.6 2,800 1 13 3.5 5.1 PricewaterhouseCoopers LLP 8 3.4 586 6 17 6.1 -2.7 Bank of America Merrill Lynch 9 3.7 1,207 3 10 13.6 -9.9 Bank of America Merrill Lynch 9 2.4 405 2 19 4.7 -2.4 Nomura Holdings Inc 10 3.5 1,151 1 - - 3.5 Barclays PLC 10 1.3 222 2 19 4.7 -3.4 UBS AG 11 2.3 750 1 - - 2.3 Ernst & Young 11 1.2 211 8 2 19.8 -18.6 Kempen & Co NV 12 2.0 641 2 - - 2.0 Guggenheim Capital LLC 12 0.7 123 1 - - 0.7 Centerview Partners LLC 13 1.8 592 1 - - 1.8 Macquarie Group Ltd 13 0.2 38 1 35 - 0.2 Cowen & Co LLC 13 1.8 592 1 - - 1.8 Banco de Sabadell SA 14 - - 1 - - - Kepler Cheuvreux 15 1.0 316 1 - - 1.0 Deloitte Touche Tohmatsu ILA Group Ltd 14 - - 1 31 0.5 -0.5 Ernst & Young 16 0.6 191 3 19 0.6 -0.1 Lincoln International LLC 14 - - 2 35 - - Jefferies LLC 17 0.6 180 3 24 0.3 0.2 Banco Bilbao Vizcaya Argentaria SA 14 - - 1 27 1.4 -1.4 Robert W Baird & Co Inc 18 0.5 153 2 32 - 0.5 KPMG Corporate Finance LLC 14 - - 2 25 2.0 -2.0 Guggenheim Capital LLC 19 0.4 123 1 - - 0.4 SA 14 - - 1 11 11.1 -11.1 ING Groep NV 20 0.3 104 8 32 - 0.3 Nomura Holdings Inc 14 - - 1 24 2.6 -2.6 TOTAL 32,614 356 49,330 TOTAL 17,191 170 20,101

9 Nordic Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 Eastern Europe Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 2018 2017 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE LionTree Advisors LLC 1 62.5 20,502 4 - - 62.5 LionTree Advisors LLC 1 19.1 3,438 1 - - 19.1 Nordea Bank AB 2 44.5 14,602 3 8 6.4 38.2 Barclays PLC 1 19.1 3,438 1 - - 19.1 Morgan Stanley 3 41.4 13,585 6 4 9.3 32.2 VTB Capital JSC 3 13.6 2,448 3 3 9.1 4.5 Barclays PLC 4 41.1 13,488 2 20 1.5 39.6 JPMorgan Chase & Co 4 9.6 1,738 1 18 - 9.6 Macquarie Group Ltd 5 30.6 10,049 1 16 2.1 28.5 Goldman Sachs & Co LLC 5 1.2 213 1 - - 1.2 Citigroup Inc 6 24.0 7,879 8 6 8.1 15.9 Inc 6 0.9 153 1 14 0.9 0.0 Goldman Sachs & Co LLC 7 17.6 5,788 4 1 16.9 0.8 UBS AG 6 0.9 153 2 18 - 0.9 Rothschild & Co 8 17.3 5,675 7 37 - 17.3 Erneholm & Haskel 6 0.9 153 1 - - 0.9 Bank of America Merrill Lynch 9 13.9 4,553 1 3 12.4 1.5 Credit Suisse Group AG 9 0.5 87 2 - - 0.5 Ondra LLP 9 13.9 4,553 1 - - 13.9 Seabury Securities Holdings LLC 10 0.3 52 1 - - 0.3 Skandinaviska Enskilda Banken AB 11 9.3 3,035 4 12 3.3 5.9 Superia Corporate Finance 10 0.3 52 1 - - 0.3 Credit Suisse Group AG 12 7.5 2,461 4 33 0.1 7.4 China Merchants Securities Co Ltd 10 0.3 52 1 - - 0.3 Ernst & Young 13 3.7 1,207 5 29 0.3 3.3 Catella Corporate Finance AB 13 - - 1 - - - Carnegie Fondkommission AB 14 2.2 724 5 24 1.0 1.2 PricewaterhouseCoopers LLP 13 - - 2 6 7.5 -7.5 Sundling & Warn Partners 15 1.8 574 1 - - 1.8 ASB Prague Sro 13 - - 1 - - - Danske Bank A/S 16 1.0 317 1 16 2.1 -1.2 KPMG Corporate Finance LLC 13 - - 3 7 6.0 -6.0 Jyske Bank A/S 16 1.0 317 1 - - 1.0 Lazard Ltd 13 - - 1 9 3.5 -3.5 Kepler Cheuvreux 18 1.0 316 1 - - 1.0 Deutsche Bank AG 13 - - 1 2 13.9 -13.9 Greenhill & Co Inc 19 0.7 221 1 - - 0.7 Rothschild & Co 13 - - 1 4 8.9 -8.9 Svenska Handelsbanken AB 20 0.6 205 3 25 0.8 -0.2 Northland Capital Partners Ltd 13 - - 1 - - - TOTAL 32,807 449 15,102 TOTAL 18,024 230 13,299

Africa/ME Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE JPMorgan Chase & Co 1 31.9 8,577 5 14 5.2 26.7 Rothschild & Co 2 22.9 6,159 7 17 0.7 22.2 Lazard Ltd 3 20.4 5,485 3 7 8.0 12.4 Credit Agricole Corporate & Investment Ba 4 20.0 5,389 2 - - 20.0 Evercore Inc 4 20.0 5,389 1 30 - 20.0 Barclays PLC 6 15.0 4,026 3 - - 15.0 Goldman Sachs & Co LLC 7 14.5 3,899 3 4 10.5 4.0 PowerOne Capital Markets Ltd 8 2.8 748 1 - - 2.8 GMP Securities LP 8 2.8 748 1 10 6.1 -3.3 Citigroup Inc 10 2.4 632 2 9 7.1 -4.7 Bank of America Merrill Lynch 11 1.5 416 2 6 8.1 -6.6 Morgan Stanley 12 1.1 300 1 8 7.5 -6.4 KPMG Corporate Finance LLC 13 0.8 206 3 25 0.2 0.6 FirstRand Ltd 14 0.4 100 2 - - 0.4 PricewaterhouseCoopers LLP 14 0.4 100 3 18 0.6 -0.2 Avendus Capital Pvt Ltd 16 0.4 95 2 - - 0.4 Credit Suisse Group AG 17 0.3 87 2 1 11.9 -11.6 Bank 18 0.1 26 1 - - 0.1 UBS AG 18 0.1 26 2 11 5.9 -5.8 PJT Partners Inc 20 0.1 25 1 - - 0.1 TOTAL 26,907 322 18,224

10 APAC M&A Regional Review APAC M&A: Quarterly Volume $600 6000 • M&A activity targeting the APAC region in 1Q2018 experienced a 2.2% decrease to $176.02 billion $400 4000 compared to the same period last year. Deals exceeding $1.0 billion in value increased by 12.5% to 27 $200 2000 deals. The value of deals targeting Chinese companies or assets in China accounted for 47.0% of the total deal volume. $0 0 • The financial and consumer cyclical sectors were the most targeted industries, accounting for 46.1% of the region's overall volume. The largest deal of the quarter in the region was the merger of Fujifilm Volume $(Bln.) Deal Count Holdings Corp's subsidiary Fuji Xerox Co with Xerox Corp of the United States for $6.1 billion. • Private equity related deals decreased 6.5% year-on-year to $32.91 billion. The largest private equity Australia/NZ M&A: Quarterly Volume deal was the $2.5 billion financing for JD Logistics by JD.com Inc from investors including Hillhouse $60 600 Capital and Tencent Holdings. $40 400 APAC M&A: Highlights of Q1 2018 Total $20 200 Summary Date Target Acquirer Seller Value Number of deals 2,906 FUJIFILM $0 0 1/31/2018 Fuji Xerox Co Ltd Fuji Xerox Co Ltd $6,135.7 Volume (Bln.) $175.5 Holdings Corp Dalian Wanda Avg Deal Size (Mln.) $60.4 1/29/2018 Commercial Multiple Acquirers - $5,364.0 Volume $(Bln.) Deal Count Management Group Co State of New South Top Adviser Greater China M&A: Quarterly Volume 3/2/2018 Snowy Hydro Ltd Commonwealth of Australia Wales Australia,State $4,830.3 Morgan Stanley of Victoria Australia $300 3000 Number of deals 16 Beijing New Chengdu Qian Feng 1/22/2018 - $4,505.1 Energy Electronics Co Ltd $200 2000 Volume (Bln.) $11.3 Automobile Co ReviewGlobal M&A | Q1 2018 Avg Deal Size (Bln.) $0.7 Zhongtian Chengtou Guiyang Jinshiqi Zhongtian Financial $100 1000 3/9/2018 $3,882.9 Group Co Ltd Industry Investment Group Co Ltd Co Ltd $0 0 APAC M&A: Breakdown Amount % Change % YoY Volume $(Bln.) Deal Count APAC Industry Breakdown Financial Deal Type (Bln.) Deal Change Consumer Cyclical Company Takeover $66.8 -4.0% -2.3% Japan M&A: Quarterly Volume 3% 0% 5% Industrial Cross Border $59.4 -1.2% -9.7% $80 1000 5% Technology Private Equity $32.8 11.0% 1.7% $60 26% Asset sale $19.7 -3.4% 18.9% 7% Consumer Non-cyclical $40 500 Tender Offer $8.5 -19.3% -15.9% Communications $20 12% Venture Capital $20.1 27.6% 161.3% Energy 17% Spin-off $0.3 107.1% -79.1% $0 0 12% Basic Materials 13% Minority purchase $57.7 19.8% 36.9% Utilities Majority purchase $23.3 -5.4% -17.6% Volume $(Bln.) Deal Count Diversified Graphs represent any regional involvement (target, seller, or acqirer). 11 APAC Ex-Japan Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 APAC Ex-Japan Announced Deals (Target or Seller) 01/01/2018 - 03/26/2018 2018 2017 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 14.2 31,335 13 2 12.7 1.6 CSC Financial Co Ltd 1 4.6 7,410 9 38 0.5 4.1 JPMorgan Chase & Co 2 11.2 24,731 12 14 2.7 8.6 Citigroup Inc 2 3.8 6,082 10 16 1.8 2.0 Citigroup Inc 3 11.0 24,201 12 15 2.5 8.5 CITIC Securities Co Ltd 3 3.7 5,969 7 11 6.8 -3.1 Lazard Ltd 4 10.6 23,347 14 18 2.1 8.5 Lazard Ltd 4 3.2 5,205 7 17 1.8 1.4 Goldman Sachs & Co LLC 5 8.7 19,235 9 1 15.0 -6.2 UBS AG 5 3.1 4,975 10 3 12.1 -9.0 Bank of America Merrill Lynch 6 8.4 18,459 6 4 9.5 -1.1 Deutsche Bank AG 6 2.8 4,554 5 18 1.8 1.0 Canson Capital Partners 7 7.7 17,000 1 - - 7.7 JM Financial Ltd 7 2.6 4,219 3 48 0.3 2.4 Guggenheim Capital LLC 7 7.7 17,000 1 - - 7.7 Ernst & Young 8 2.6 4,203 8 14 2.7 -0.1 Centerview Partners LLC 7 7.7 17,000 1 39 0.6 7.1 Morgan Stanley 9 2.5 3,952 8 2 14.7 -12.2 Toronto-Dominion Bank/The 7 7.7 17,000 1 - - 7.7 Co Ltd 10 2.4 3,883 1 22 1.3 1.2 Macquarie Group Ltd 11 5.1 11,300 11 27 1.0 4.2 Credit Suisse Group AG 11 1.9 3,071 8 33 0.8 1.1 Barclays PLC 12 4.7 10,262 3 17 2.2 2.4 State Bank of India 12 1.8 2,814 1 - - 1.8 Nordea Bank AB 13 4.6 10,049 2 49 0.3 4.3 Somerley Group Ltd 13 1.7 2,739 7 13 2.8 -1.1 LionTree Advisors LLC 13 4.6 10,049 1 - - 4.6 Goldman Sachs & Co LLC 14 1.1 1,785 3 1 15.3 -14.2 Rothschild & Co 15 3.5 7,631 10 5 8.3 -4.9 Messis Capital Ltd 15 1.1 1,747 1 - - 1.1 CSC Financial Co Ltd 16 3.4 7,410 9 46 0.4 3.0 China International Capital Corp Ltd 16 1.0 1,623 3 10 7.2 -6.2 CITIC Securities Co Ltd 17 2.7 5,969 7 11 5.5 -2.7 JPMorgan Chase & Co 17 1.0 1,582 5 12 3.3 -2.3 Evercore Inc 18 2.6 5,789 3 43 0.4 2.2 Rothschild & Co 18 1.0 1,542 4 4 9.8 -8.9 Deutsche Bank AG 19 2.6 5,674 6 22 1.5 1.1 Bank of America Merrill Lynch 19 0.9 1,459 4 5 8.4 -7.5 Credit Agricole Corporate & Investment Ba 20 2.5 5,389 1 174 - 2.5 Co Ltd 20 0.8 1,349 6 32 0.8 0.0 TOTAL 220,145 2,932 208,550 TOTAL 160,454 2,517 167,521

APAC Private Equity (Any Involvement) 01/01/2018 - 03/26/2018 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 33.6 29,384 8 2 16.9 16.7 JPMorgan Chase & Co 2 26.5 23,149 7 9 5.4 21.1 Citigroup Inc 3 21.3 18,655 4 12 4.6 16.7 Goldman Sachs & Co LLC 4 21.3 18,605 6 1 18.0 3.3 Lazard Ltd 5 20.7 18,091 9 4 7.4 13.3 Bank of America Merrill Lynch 6 19.7 17,196 3 14 3.9 15.8 Centerview Partners LLC 7 19.4 17,000 1 24 0.7 18.7 Canson Capital Partners 7 19.4 17,000 1 - - 19.4 Guggenheim Capital LLC 7 19.4 17,000 1 - - 19.4 Toronto-Dominion Bank/The 7 19.4 17,000 1 - - 19.4 Macquarie Group Ltd 11 11.5 10,087 3 20 1.3 10.2 Nordea Bank AB 12 11.5 10,049 1 - - 11.5 LionTree Advisors LLC 12 11.5 10,049 1 - - 11.5 Barclays PLC 12 11.5 10,049 1 3 7.6 3.9 Rothschild & Co 15 7.5 6,511 8 11 4.8 2.7 Evercore Inc 16 6.7 5,889 4 23 0.8 6.0 Credit Agricole Corporate & Investment Ba 17 6.2 5,389 1 - - 6.2 Moelis & Co 18 2.9 2,500 1 - - 2.9 Messis Capital Ltd 19 2.0 1,747 1 - - 2.0 China International Capital Corp Ltd 20 1.9 1,623 3 - - 1.9 TOTAL 87,452 727 58,004

12 AU & NZ Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 Japan Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 2018 2017 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 35.3 11,360 4 8 12.0 23.2 Nomura Holdings Inc 1 44.6 22,489 24 11 3.5 41.1 Macquarie Group Ltd 2 35.1 11,300 11 11 9.9 25.2 Morgan Stanley 2 36.3 18,299 11 3 20.5 15.8 Nordea Bank AB 3 31.2 10,049 2 - - 31.2 Centerview Partners LLC 3 33.8 17,052 3 - - 33.8 LionTree Advisors LLC 3 31.2 10,049 1 - - 31.2 Goldman Sachs & Co LLC 4 22.6 11,374 3 2 20.5 2.0 Barclays PLC 3 31.2 10,049 1 19 1.3 29.9 JPMorgan Chase & Co 5 8.1 4,059 5 1 21.5 -13.5 Lazard Ltd 6 16.2 5,205 4 4 15.2 1.0 Sumitomo Mitsui Financial Group Inc 6 7.9 3,981 44 7 12.3 -4.4 UBS AG 7 7.8 2,513 5 6 13.5 -5.7 Rothschild & Co 7 5.3 2,680 3 15 1.3 4.0 Credit Suisse Group AG 8 7.8 2,502 4 23 0.9 6.8 Mizuho Financial Group Inc 8 4.7 2,349 24 8 9.0 -4.4 Deutsche Bank AG 9 5.7 1,851 2 8 12.0 -6.3 Lazard Ltd 9 4.3 2,160 4 5 13.5 -9.2 Rothschild & Co 10 4.8 1,542 3 15 1.9 2.9 Credit Suisse Group AG 9 4.3 2,160 1 13 3.2 1.1 JPMorgan Chase & Co 11 4.6 1,487 3 5 13.7 -9.1 Inc 11 3.0 1,519 9 9 7.6 -4.6 Goldman Sachs & Co LLC 12 3.9 1,265 3 1 19.7 -15.8 Citigroup Inc 12 2.2 1,119 1 19 1.1 1.1 Societe Generale SA 13 3.9 1,253 1 - - 3.9 UBS AG 13 1.5 752 2 - - 1.5 Ernst & Young 14 3.2 1,022 1 2 17.0 -13.8 RBC Capital Markets 14 1.5 730 1 - - 1.5 Bank of Nova Scotia/The 15 2.8 916 3 - - 2.8 Cowen & Co LLC 15 1.2 592 1 - - 1.2 Citigroup Inc 16 2.2 707 3 12 6.4 -4.3 GCA Corp 16 1.2 591 6 21 1.0 0.2 Bank of America Merrill Lynch 17 1.8 564 3 19 1.3 0.5 Highbury Partnership Pty Ltd 17 1.0 520 1 - - 1.0 CITIC Securities Co Ltd 18 1.7 556 1 - - 1.7 YAMADA Consulting Group Co Ltd 18 0.6 313 4 36 0.0 0.6 Highbury Partnership Pty Ltd 19 1.6 520 1 3 16.0 -14.4 Bank of America Merrill Lynch 19 0.4 196 2 12 3.2 -2.8 Somerley Group Ltd 20 1.5 479 1 - - 1.5 Evercore Inc 20 0.2 100 2 4 20.2 -20.0 TOTAL 32,231 361 20,399 TOTAL 50,400 736 41,046

South Korea Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 China Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 2018 2017 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE China International Capital Corp Ltd 1 7.3 1,500 1 - - 7.3 CSC Financial Co Ltd 1 7.5 7,410 9 27 0.8 6.7 Morgan Stanley 2 5.9 1,221 1 2 13.8 -7.9 CITIC Securities Co Ltd 2 6.0 5,969 7 2 10.2 -4.1 Deutsche Bank AG 2 5.9 1,221 1 - - 5.9 Haitong Securities Co Ltd 3 3.9 3,883 1 13 2.7 1.2 RBC Capital Markets 4 2.4 488 1 - - 2.4 Deutsche Bank AG 4 2.2 2,221 2 12 2.7 -0.5 PricewaterhouseCoopers LLP 5 2.1 427 6 4 5.5 -3.5 UBS AG 5 2.2 2,191 5 7 3.8 -1.6 NH Investment & Securities Co Ltd 6 1.7 354 2 11 0.4 1.4 Lazard Ltd 6 2.0 1,931 6 34 0.4 1.6 Goldman Sachs & Co LLC 7 0.7 150 1 1 22.2 -21.5 Messis Capital Ltd 7 1.8 1,747 1 - - 1.8 Ernst & Young 8 0.6 117 1 5 3.6 -3.0 Somerley Group Ltd 8 1.7 1,653 5 8 3.5 -1.9 Rothschild & Co 9 0.5 100 1 - - 0.5 China International Capital Corp Ltd 9 1.6 1,623 3 1 11.3 -9.6 JPMorgan Chase & Co 10 0.5 95 2 7 2.1 -1.7 Huatai Securities Co Ltd 10 1.4 1,349 6 20 1.2 0.2 Nomura Holdings Inc 11 0.4 83 1 - - 0.4 Citigroup Inc 11 1.3 1,304 2 14 2.6 -1.2 Credit Suisse Group AG 12 0.4 77 1 6 2.6 -2.2 GBS Finanzas SA 12 1.1 1,120 1 88 - 1.1 Kim & Chang 13 0.3 69 1 - - 0.3 Huajin Securities Co Ltd 13 0.9 936 1 - - 0.9 KPMG Corporate Finance LLC 14 0.1 27 2 9 1.0 -0.8 Gram Capital Ltd 14 0.9 928 2 21 1.2 -0.3 Mita Securities Co Ltd 15 0.1 12 1 - - 0.1 China Merchants Securities Co Ltd 15 0.9 874 3 41 0.3 0.6 Deloitte Touche Tohmatsu ILA Group Ltd 16 0.0 2 2 - - - Bank of China Ltd 16 0.8 778 1 - - 0.8 Lazard Ltd 17 - - 1 17 - - JPMorgan Chase & Co 17 0.8 760 4 6 4.1 -3.3 Bank of Nova Scotia/The 17 - - 1 - - - Morgan Stanley 18 0.6 600 3 4 7.7 -7.1 Moelis & Co 17 - - 1 - - - Dongxing Securities Co Ltd 19 0.6 573 2 40 0.3 0.3 Co Ltd 20 0.5 454 1 16 1.5 -1.0 TOTAL 20,604 381 20,730 TOTAL 99,259 1,180 111,849

13 Hong Kong Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Citigroup Inc 1 8.9 2,037 2 21 1.0 7.9 Somerley Group Ltd 2 4.7 1,086 2 17 3.3 1.5 Oversea-Chinese Banking Corp Ltd 3 2.3 531 1 - - 2.3 Australia & New Zealand Banking Group Ltd 3 2.3 531 1 - - 2.3 Goldman Sachs & Co LLC 5 2.3 520 1 1 18.5 -16.2 CIMB 6 1.9 428 2 - - 1.9 Evercore Inc 7 1.8 400 1 - - 1.8 Deutsche Bank AG 8 1.7 380 1 - - 1.7 Ballas Capital Ltd 9 1.4 327 5 - - 1.4 CSC Financial Co Ltd 10 1.2 272 1 - - 1.2 Well Link International Capital Ltd 11 1.2 263 4 27 0.5 0.7 Zhongtai Securities Co Ltd 11 1.2 263 4 - - 1.2 Barclays PLC 13 0.9 213 1 3 9.2 -8.2 Riza Capital Consultoria de Investimentos 14 0.8 183 1 - - 0.8 HSBC Bank PLC 15 0.8 181 1 55 - 0.8 Kingston Financial Group Ltd 16 0.6 147 4 41 0.1 0.6 Axis Bank Ltd 17 0.5 105 1 - - 0.5 Rothschild & Co 18 0.4 100 2 8 6.8 -6.4 Great Wall Pan Asia Corporate Finance Ltd 19 0.3 77 2 - - 0.3 Grand Harbour Corporate Finance Ltd 19 0.3 77 2 - - 0.3 TOTAL 22,890 319 37,591

SE Asia Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 India Announced Deals (Any Involvement) 01/01/2018 - 03/26/2018 2018 2017 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE JPMorgan Chase & Co 1 40.4 22,389 2 17 1.3 39.1 JM Financial Ltd 1 24.7 4,219 3 13 1.7 23.0 Morgan Stanley 2 34.5 19,142 4 2 8.0 26.6 Citigroup Inc 2 18.4 3,153 4 10 5.0 13.4 Goldman Sachs & Co LLC 3 32.5 18,022 2 8 4.0 28.5 Ernst & Young 3 17.9 3,064 6 15 1.2 16.8 Bank of America Merrill Lynch 4 32.3 17,895 2 5 4.4 27.8 State Bank of India 4 16.5 2,814 1 - - 16.5 Citigroup Inc 5 31.2 17,317 2 5 4.4 26.8 Bank of America Merrill Lynch 5 5.2 895 1 2 49.6 -44.3 Centerview Partners LLC 6 30.7 17,000 1 - - 30.7 Rothschild & Co 6 3.5 600 1 4 48.3 -44.8 Canson Capital Partners 6 30.7 17,000 1 - - 30.7 Avendus Capital Pvt Ltd 7 3.3 561 6 16 0.9 2.4 Guggenheim Capital LLC 6 30.7 17,000 1 - - 30.7 Credit Suisse Group AG 8 2.9 492 2 - - 2.9 Toronto-Dominion Bank/The 6 30.7 17,000 1 - - 30.7 Jefferies LLC 9 2.4 405 1 14 1.4 1.0 Lazard Ltd 10 29.2 16,211 2 11 3.7 25.5 Morgan Stanley 10 1.8 300 1 3 49.4 -47.6 Rothschild & Co 11 11.6 6,411 5 37 - 11.6 William Blair & Co LLC 11 1.3 227 1 - - 1.3 Credit Agricole Corporate & Investment Ba 12 9.7 5,389 1 - - 9.7 Kotak Mahindra Bank Ltd 12 0.9 147 2 5 48.0 -47.2 Evercore Inc 12 9.7 5,389 1 - - 9.7 Axis Bank Ltd 13 0.6 105 2 6 47.6 -47.0 Moelis & Co 14 4.5 2,500 1 37 - 4.5 KPMG Corporate Finance LLC 14 0.6 101 3 20 0.4 0.2 China International Capital Corp Ltd 15 2.7 1,500 2 - - 2.7 ICICI Bank Ltd 15 0.5 82 1 28 0.1 0.4 Deutsche Bank AG 16 2.0 1,102 1 - - 2.0 Veda Corporate Advisors Pvt Ltd 16 0.5 80 1 - - 0.5 Ernst & Young 17 1.8 1,022 1 23 0.4 1.5 FTP Securities LLC 17 0.4 71 1 - - 0.4 UBS AG 18 1.7 936 2 - - 1.7 o3 Capital 18 0.2 40 2 30 0.0 0.2 Oversea-Chinese Banking Corp Ltd 19 1.0 553 2 16 1.3 -0.3 MAPE Advisory Group Pvt Ltd 19 0.2 36 2 26 0.1 0.1 Australia & New Zealand Banking Group Ltd 20 1.0 531 1 - - 1.0 Keynote Corporate Services Ltd 20 0.2 34 2 - - 0.2 TOTAL 55,466 512 21,438 TOTAL 17,098 479 27,987

14 Bloomberg League Criteria

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

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

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

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

Advisory fees hold no weight over advisory credit.

General Database Criteria

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

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

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

{LEAG}: M&A

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

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