An Acuris Company

Finding the opportunities in mergers and acquisitions

Global & Regional M&A Report 1H20

Including League Tables of Financial Advisors

mergermarket.com An Acuris Company

Content

Overview 03

Global 04

Global Private Equity 10

Europe 16

US 21

Latin America 26

Asia Pacific (excl. Japan) 31

Japan 36

Middle East & Africa 41

M&A and PE League Tables 46

Criteria & Contacts 80

mergermarket.com Mergermarket Global & Regional Global Overview 3 M&A Report 1H20

Global Overview Regional M&A Comparison

North America USD 292.8bn -71.9% vs. 1H19 Inbound USD 46.1bn -64.3% Outbound USD 131.5bn -32.7% Technology USD 73.9bn -47.5%

Latin America USD 8.2bn -77.0% vs. 1H19 Inbound USD 4.7bn -78.3% Outbound USD 1.6bn -73.5% Consumer USD 1.73bn -36.6% 32.3% Europe USD 291.5bn 30.6% vs. 1H19 32.5% Inbound USD 97.9bn -49.1% 2.7% Outbound USD 42.9bn -68.1% Financial USD 62.6bn 165.7% Services

MEA USD 59.8bn -50.0% vs. 1H19 Inbound USD 20.2bn -39.5% Outbound USD 6.6bn -7.1% Energy, Mining & USD 32.1bn 37.2% 6.6% Utilities 0.9% 25.0% APAC (ex. Japan) USD 225.6bn -17.0% vs. 1H19 Inbound USD 49.0bn 2.3% Outbound USD 24.8bn -42.7% Technology USD 34.1bn 19.7%

Japan USD 23.7bn 25.5% vs. 1H19 Inbound USD 3.5bn 3.6%% Global M&A USD 901.6bn -52.7% vs. 1H19 Outbound USD 14.0bn -65.9% The % values on the map indicate Cross-border USD 414.8bn -45.6% vs. 1H19 Industrials & USD 6.0bn 63.5% market shares by value in global M&A Chemicals Top sector: Ind. & Chem. USD 158.8bn -50.7% vs. 1H19

mergermarket.com Mergermarket Global & Regional Global Analysis 4 M&A Report 1H20 Global

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector Date Geography 35.6 09-Mar Aon Willis Towers United Kingdom Financial USD 901.6bn Watson Services Total Global M&A

20.3 29-Apr Abu Dhabi Abu Dhabi Power United Arab Energy, Mining, by value Year-to-date, National Energy Corporation Emirates & Utilities Company PJSC PJSC (Water down 52.7% in 1H19 and electricity generation, transmission, and distribution assets) 18.9 11-Mar United OTIS Worldwide USA Industrials Technologies Corporation & Chemicals Corporation (Shareholders) 33.4% 6,938 18.9 27-Feb Cinven Partners; ThyssenKrupp Germany Industrials Advent Elevator & Chemicals International Americas market share Number of Transactions in 1H20, Corporation; of Global M&A, down 32% over 1H19 RAG-Stiftung down from 52.8% 13.0 20-Feb Morgan Stanley ETrade Financial USA Financial Corporation Services

mergermarket.com Mergermarket Global & Regional Global Analysis 5 M&A Report 1H20

Global

As 1Q20 came to a close, the initial effects of COVID-19 The Americas, dominated by the US, was the biggest Big deals struggle while the mid-market remains resilient. were only beginning to be felt across the global economy. decliner. Its share of global M&A by value declined to 33.4% Despite declines across all sizes of deals, large deals suffered Its full impact manifested in the second quarter, however. Year-to-date 2020 compared to 52.8% in 2019. Not only the most so far in 2020. Transactions of USD 2bn or greater Deal volume dropped from 4,308 deals in 1Q20 to 2,630 in did the lockdown impact economic productivity, but also declined nearly two-thirds quarter on quarter in 2Q20 - 18 2Q20 and deal values plummeted to USD 308.9bn from USD the US is facing high levels of political uncertainty from the deals compared to 54 in 1Q20. Several high-profile deals 592.6bn in the previous quarter. looming presidential election and widespread, large-scale fell victim to the downturn, such as Xerox’s [NYSE:XRX] demonstrations and protests. With the falloff in US activity, USD 35.5bn bid for HP [NYSE:HPQ], Walmart’s [NYSE:WMT] Contrasting 1H20 to 1H19, deal volume fell 32% (6,938 vs the rest of the world saw their global market share increase. divestment of a majority interest in UK-based Asda, and 10,155 transactions), while deal values declined 52.7% (USD Europe (with a 32.3% market share) slightly edged out Asia France-based Covea Mutual Insurance’s USD 9.05bn offer 901.6bn compared to USD 1.9tn). Such activity levels were (27.7%) in seeing the largest market share gains. for PartnerRe [NYSE:PRE], the Bermuda-based reinsurer from most evocative of 2008 and 2009. And while the Global Italy’s Exor [BIT:EXO]. Financial Crisis remains the best historical comparison, A crisis, certainly, but not a financial one. To see the COVID-19 has generated its own unique brand of mayhem. differences between COVID-19 and the Global Financial Crisis, Smaller mid-market deals saw significantly less impact during one need look no further than the second top performing the height of the virus lockdown. Quarter on quarter deals Debt and Equity Capital markets. Although M&A struggled, sector of 1H20—financial services (USD 153.8bn, slightly lower under USD 2bn declined just 23.9% on volume (down to 1,297 debt and equity fundraising had a strong pulse. After markets then top sector Industrials & Chemicals at USD 158.8bn). deals from 1,704) and 28.3% on value (USD 203.5bn vs USD pulled back in March, they came back with a vengeance in Even accounting for a sizable fall in deal count, the Financial 284.0bn). many regions. Services sector more than doubled its global market share Private Equity. Going into 2Q20, Mergermarket expected Globally, leveraged loans and high yield bond issuance to 17.1%. Six of the largest financial services transactions private equity to remain active even during the uncertainty. reached more than USD 1trn globally in the first half of the announced in 1H20 are investing or banking related, including And sponsors didn’t disappoint. Despite experiencing a more 2020, with more than nearly 44% taking place in 2Q20, Morgan Stanley’s USD 13bn bid for ETrade Financial, Kuwait severe drop compared to the Global Financial Crisis, private according to figures by Mergermarket sister publication Finance House’s USD 9.8bn offer for Ahli United Bank, and equity still managed to achieve its highest half-year market Debtwire. In equity capital markets, May was the busiest Franklin Resources USD 5.4bn bid for Legg Mason. Meanwhile, share of total global M&A (19.2%) by volume since 2005 months for equity issuances in the US since January 2019, Aon [NYSE:AON]’s USD 35.6bn plan to merge with Willis Towers because the broader market experienced steeper decline. according to sister company Dealogic. Watson [NASDAQ:WLTW] is an example of one the few large transactions that has managed to move forward. Regional disparities have created near global parity. As the virus spread in waves around the globe, its impact was felt TMT also increased its relative share of global M&A (from “As the virus spread in differently across various regions of the world. 15.4% to 22.4%), which is not surprising as businesses became virtual and consumers were driven online. Sectors waves around the globe, its First to be impacted by the virus, China saw the least impact such as Consumer and Leisure have been impacted, falling a on its global buying activity. Year-over-year, the north Asian combined 64.3% by value (from USD 143.6bn to USD 87.4bn) impact was felt differently country saw deal count fall by just 7% (down to 713 from 770), and 66.1% by deal count (from 1,415 to 852 deals) year of year. and deal values down 20.1% (USD 108.3bn vs USD 135.6bn). Energy, Mining & Utilities was hit hard (declining 67.6% in value across various regions” China experienced the earliest onset of—and recovery from— and 33.9% in volume) as commodities reacted negatively the virus, providing a hopeful note that as other countries when energy demand dried up. Construction was the only and regions recover, they too will show an improving deal sector to turn in a positive number achieving a 5.7% increase environment. Resurgences of COVID-19 could constrain the in deal value despite a one-third decline deal volume. Mark Druskoff, Data-Driven upside, however. Content Coordinator Mergermarket Global & Regional Global Analysis 6 M&A Report 1H20

USD 12.9% 35.6bn Middle East and Africa global USD 223.4bn Value of the largest deal Year-to-date: market share in 2Q20, Aon’s acquisition of Willis Towers the quarterly highest since 2015 Watson Value of global deals equal or below USD 500m in 1H20, down 30.7% from 2H19 19.2% USD 72 Private equity share of 294.1m 1H20 Global M&A, Number of deals more than USD 2bn, Average valuation for disclosed down from 155 over 2H19 the highest half-year since 2005 deals in 1H20, down from USD 421.9m in 2H19

mergermarket.com Mergermarket.com Mergermarket Global & Regional Global Analysis 7 M&A Report 1H20

Chart title 1 ChartGlobal title Quarterly2 Breakdown Trend 2006 - 2020

25000 4000

3500 731.6 1,202.3 756.9

823.6 20000 3000 826.3 1099.1 959.6 957.2

851.8 CountDeal 2500 790.9

460.4 871.0 682.2 480.3 838.8 2000 755.1 570.1 15000 677.8 866.1 718.1 Deal Value (USD bn) Value Deal 713.4 685.4 1283.7 604.2 1083 1500 569.2 984.8 524.4 656.8 1,041.1 776.0 491.2 758.0 962.0 327.4 742.4 1000 678.9 588.6 10000 567.0 560.2 308.9 396.1 431.1 948.7 922.7 500 749.1 804.6 762.5 625.6 764.5 592.3 608.6 571.3 592.6 421.0 462.0 465.5 443.7

0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 5000

Q1 Q2 Q3 Q4

Deal Count

mergermarket.com Mergermarket Global & Regional Global Analysis 8 M&A Report 1H20

Chart title 1 Chart title 1 ChartRegional title 2 Share of Global M&A By Value ChartGlobal title Sector 2 Breakdown Trend 2006 - 1H20 1H19 - 1H20

700 100 9.6% 9.5% 630 90

11.6% 560 27.7% 80

490 70

420 60 35.9% 32.3%

350 50 bn ) (USD Value Deal 618.2

Share of Global M&A Global of Share 280 40

210 30 321.7 331.3 321.7 269.5 30.4% 140 20 286.8 43.0% 209.3 153.8 158.8 157.5 141.5 10 70 87.4 73.3

0 0 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 Industrials Financial Technology Energy, Mining Pharma, Medical Other & Chemicals Services & Utilities & Biotech

US Europe Asia Rest of the World 2019 2020

mergermarket.com Mergermarket Global & Regional Global Analysis 9 M&A Report 1H20

Global League tables

Financial advisor league table by value

Ranking 1H20 1H19 Regional ranking comparison

1H20 1H19 Company name Value Deal % Value Value Europe US Asia Japan Middle Latin (USDm) count change (USDm) Pacific East & America Africa 1 1 Goldman Sachs & Co 244,108 103 -68.5% 773,852 1 1 2 4 5 - 2 3 Morgan Stanley 206,145 95 -65.8% 603,558 2 2 3 1 10 8 3 2 JPMorgan 175,572 103 -74.5% 688,152 3 3 1 10 3 3 4 4 Citi 107,251 62 -79.2% 515,562 9 9 16 15 1 15 5 6 Bank of America 102,368 85 -76.6% 436,720 6 4 8 6 4 2 6 19 Rothschild & Co 93,190 88 20.8% 77,158 4 10 35 43 2 31 7 7 Credit Suisse 78,869 44 -65.4% 227,806 8 12 6 24 - 20 8 18 UBS Investment Bank 67,014 51 -21.8% 85,749 5 8 5 14 32= 10 9 14 Lazard 65,884 59 -35.9% 102,742 7 6 19 42 31 38= 10 5 Evercore 65,302 66 -87.0% 501,119 18 5 55 - 26 18 11 8 Barclays 63,461 55 -67.2% 193,643 10 7 10 34 13 - 12 37 Nomura Holdings 41,188 46 128.4% 18,030 13 15 31 2 15 - 13 15 Deutsche Bank 39,177 22 -60.3% 98,782 11 13 36 - 12 - 14 11 Moelis & Company 32,762 41 -74.7% 129,620 22 11 27 - 6= 42= 15 13 HSBC 31,743 22 -69.7% 104,781 14 101= 4 - 17= - 16 28 BNP Paribas 30,699 28 0.3% 30,599 12 27 68 21= 27 4= 17 17 Centerview Partners 27,995 19 -67.5% 86,210 29 14 - 12 32= - 18 27 Macquarie Group 25,449 23 -18.6% 31,262 15 16 29 - - - 19 29 Deloitte 25,415 187 -14.9% 29,851 46 52 9 3 38 17 20 38 Houlihan Lokey 20,578 80 22.6% 16,785 80 17 13 - 37 42=

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 10 M&A Report 1H20 Global Private Equity - Buyouts

Buyouts - Quarterly Breakdown (2016-2020) Buyouts - Top Five Deals (1H20)

Value Deal Details 600 4000 (USDbn)

162.8 127.3 Announced Bidder Company Target Company Target Target Sector 480 132.6 3200 Date Geography

Deal Count 18.8 27-Feb Cinven Partners LLP; ThyssenKrupp Germany Industrials & 138.8 Advent International Elevator AG Chemicals 129.4 132.5 360 2400 Corporation; and RAG- 149.6 Stiftung

107.8 10.1 23-Jun Consosrtium comprising ADNOC Gas United Arab Energy, Mining 240 179.8 1600 179.5 OTPP; Brookfield; Snam; Pipeline Assets LLC Emirates & Utilities Deal Value (USD bn) (USD Value Deal 169.8 GIC; NH Investment & (49% Stake) 78.6 Securities; and Global 128.9 Infrastructure Partners 120 800 139.7 120.6 131.8 7.6 15-Jun Ocean Link Partners; 58.com Inc China Technology 90.5 73.4 Warburg Pincus and 0 0 General Atlantic 2016 2017 2018 2019 2020 6.0 26-Feb Blackstone Group LP iQ Student United Kingdom Leisure Accommodation Q1 Q3 Deal Count Limited Q2 Q4 5.5 04-Feb Consortium comprising Ceva Sante Animale France Pharma, Temasek; EMZ Partners; SA Medical & Sagard Private Equity Biotech Partners; PSPIB; Hopu Buyouts 1H20 1H19 Change Investment Management Deal Value USD 210.4bn USD 300.1bn -29.9% Tethys Investment Management; and Deal Count 1,318 Deals 1,853 Deals -535 Merieux Equity Partners

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 11 M&A Report 1H20 Global Private Equity - Exits

Exits - Quarterly Breakdown (2016-2020) Exits - Top Five Deals (1H20)

Value Deal Details 600 3000 (USDbn)

500 114.4 Announced Seller Target Target Target Bidder 156.4 2400 130.9 Date Company Company Geography Sector Company

Deal Count 8.2 17-Feb Bombardier Inc; Bombardier Germany Industrials & Alstom SA 400 125.5 155.3 Caisse de Depot Transportation Chemicals 1800 et Placement du GmbH 139.1 109.8 Quebec 300 112.2 7.1 24-Feb Consortium Credit Karma Inc USA Technology Intuit Inc 193.0 139.6 1200 comprising Silver Deal Value (USD bn) (USD Value Deal 200 164.7 Lake Partners; 124.6 and Tiger Global Management 33.0 600 100 144.2 5.3 13-Jan VC consortium Plaid Technologies USA Technology Visa Inc 97.1 106.1 95.0 103.4 comprising Index Inc Ventures; Kleiner 0 0 2016 2017 2018 2019 2020 Perkins; Norwest Venture Partners; New Enterprise Associates Q1 Q3 Deal Count 5.0 09-Jan Canada Pension Plan Veeam Software Switzerland Technology Insight Partners Q2 Q4 Investment Board AG

4.5 28-Apr Jose de Mello, Brisa-Auto Portugal Transport National SGPS SA; and Estradas de Pension Exits 1H20 1H19 Change Arcus Infrastructure Portugal SA (81.2% Service; APG Partners LLP Stake) Group NV; and Deal Value USD 136.4bn USD 283.8bn -51.9% Swiss Life Asset Deal Count 776 Deals 1,238 Deals -462 Management AG mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 12 M&A Report 1H20

Buyouts - Activity & Market Share

Global Buyout Activity Deal Volume Quarterly Breakdown Global Buyout Market Share (%) out of Global M&A by Deal Volume 1200

20% 2018 1000 2019 19% 2020 2017 18% 800 17%

2007 16% 600 2006 2008 15% Deal Count Deal Market Share Share Market 14% 400 2010 13%

2009 12% 200

11%

0 10% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

2017 - 2020 2006 - 2010

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 13 M&A Report 1H20

Buyouts - Regional Breakdown

Regional Breakdown - Market Share (%) by Deal Count

USA EMEA USD 63.2bn Deal Value 40.4% USD 92.5bn 39.7% Deal Value 532 Deal Count 523 Deal Count

Asia-Pacific USD 46.6bn 16.5% Deal Value 218 Americas Deal Count (excl. USA) USD 8.0bn Deal Value 3.4% 45 Deal Count

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 14 M&A Report 1H20

Global Private Equity League tables

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 9 UBS Investment Bank 26,117 9 49.6% 17,461 1 1 PwC 2,113 29 -10 39 2 11 Rothschild & Co 22,730 9 75.1% 12,980 2 4 KPMG 381 16 -8 24 3 73 Bain & Company 18,941 2 11174.4% 168 3 2 Deloitte 481 14 -22 36 4 156 goetzpartners 18,834 1 - - 4 5 Goldman Sachs & Co 15,038 13 -7 20 5 1 Bank of America 17,227 11 -63.7% 47,419 5 12 JPMorgan 16,168 12 0 12 6 5 JPMorgan 16,168 12 -40.5% 27,180 6 3 EY 373 12 -16 28 7 6 Goldman Sachs & Co 15,038 13 -24.8% 19,987 7 7 Bank of America 17,227 11 -3 14 8 2 Morgan Stanley 13,056 7 -70.9% 44,920 8 13 UBS Investment Bank 26,117 9 -3 12 9 3 Barclays 7,665 8 -77.7% 34,349 9 27 Rothschild & Co 22,730 9 3 6 10 14 RBC Capital Markets 7,647 7 -26.8% 10,442 10 17 Alantra 718 9 -2 11 11 7 Citi 6,033 3 -69.4% 19,695 11 6 Barclays 7,665 8 -10 18 12 23 Nomura Holdings 5,331 4 137.0% 2,249 12 24 Houlihan Lokey 658 8 1 7 13 19 Societe Generale 4,988 2 48.4% 3,361 13 11 Morgan Stanley 13,056 7 -5 12 14 - BNP Paribas 4,594 4 - - 14 14 RBC Capital Markets 7,647 7 -5 12 15 8 Credit Suisse 4,500 3 -76.0% 18,723 15 15 Jefferies 2,371 6 -6 12 16 24 Mediobanca 3,846 3 74.5% 2,204 16 20 Daiwa Securities Group / DC Advisory 931 6 -2 8 17 - CIBC World Markets 3,653 1 - - 17 32 Clearwater International 64 6 1 5 18 25 William Blair & Company 3,000 5 66.7% 1,800 18 26 Grant Thornton 22 6 -1 7 19 157 Harris Williams 3,000 2 - - 19 42 William Blair & Company 3,000 5 2 3 20 15 Lazard 2,821 2 -63.1% 7,644 20 10 Evercore 1,913 5 -8 13

mergermarket.com Mergermarket Global & Regional Global Private Equity Analysis 15 M&A Report 1H20

Global Private Equity League tables

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1Q20 1Q19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 4 Goldman Sachs & Co 21,805 12 -25.4% 29,245 1 2 Rothschild & Co 10,774 22 -14 36 2 2 Citi 17,038 10 -70.3% 57,304 2 1 Jefferies 6,218 22 -14 36 3 9 Morgan Stanley 16,603 14 18.2% 14,050 3 8 Houlihan Lokey 4,265 22 -3 25 4 12 UBS Investment Bank 15,397 8 50.0% 10,268 4 3 Lincoln International 2,640 15 -21 36 5 1 Bank of America 11,555 8 -82.3% 65,270 5 9 Raymond James 1,023 15 -8 23 6 11 Rothschild & Co 10,774 22 2.8% 10,482 6 16 Morgan Stanley 16,603 14 -4 18 7 3 Evercore 10,596 14 -76.4% 44,894 7 13 Evercore 10,596 14 -6 20 8 6 Barclays 9,536 4 -53.1% 20,345 8 15 Piper Sandler Companies 600 14 -6 20 9 8 Credit Suisse 9,057 8 -40.5% 15,220 9 6 Goldman Sachs & Co 21,805 12 -13 25 10 22 Jamieson Corporate Finance 7,385 7 125.8% 3,270 10 4 William Blair & Company 2,191 12 -22 34 11 13 Lazard 6,339 9 -37.2% 10,088 11 18 KPMG 596 12 -6 18 12 7 Jefferies 6,218 22 -68.7% 19,838 12 5 Harris Williams 4,847 11 -19 30 13 - National Bank Financial 5,535 2 - - 13 21 Citi 17,038 10 -4 14 14 - Rockefeller Capital Management 5,535 1 - - 14 11 PwC 2,175 10 -12 22 15 21 HSBC 4,995 3 25.3% 3,987 15 20 Deloitte 479 10 -6 16 16 14 Harris Williams 4,847 11 -49.1% 9,525 16 7 Lazard 6,339 9 -16 25 17 5 JPMorgan 4,308 8 -82.7% 24,839 17 17 Robert W. Baird & Co 863 9 -9 18 18 27 Houlihan Lokey 4,265 22 91.3% 2,229 18 29 UBS Investment Bank 15,397 8 -1 9 19 52 Lincoln International 2,640 15 189.5% 912 19 12 Bank of America 11,555 8 -12 20 20 83 BMO Capital Markets 2,439 5 1131.8% 198 20 23 Credit Suisse 9,057 8 -5 13

mergermarket.com Mergermarket Global & Regional Europe Analysis 16 M&A Report 1H20 Europe

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector Date Geography USD 83.6bn 35.6 09-Mar Aon plc Willis Towers United Kingdom Financial Services (UK) Watson Public Limited Company European M&A value in Q2 - the lowest quarterly value since 3Q09 18.8 27-Feb Cinven Partners LLP; ThyssenKrupp Germany Industrials & Advent International Elevator AG Chemicals Corporation; RAG- Stiftung (USA)

12.4 07-May Virgin Mobile Inc./ Virgin Media Inc; United Kingdom Telecoms Telefonica O2 Europe Telefonica O2 Plc JV Europe Plc (UK) -30.6% 19 11.0 03-Mar Thermo Fisher QIAGEN NV Netherlands Pharma, Medical & Scientific Inc Biotech (USA) Fall in European M&A Number of deals above from 1H19 (USD 419.9bn) USD 1bn in Q2 - down 10.1 03-Feb Worldline SA Ingenico Group France Business Services to 1H20 (USD 291.5bn) from 37 in Q1 (France) SA

mergermarket.com Mergermarket Global & Regional Europe Analysis 17 M&A Report 1H20

Europe

With the majority of European countries on lockdown during tea businesses, while eBay’s classifieds division has received COVID-19 outbreak with 18.7% of all European deals targeting the second quarter, European M&A fell to its lowest quarterly interest from various private equity firms. the sector in 2020, up from 14.2% across the entirety of deal value for over a decade. However, with economies 2019. This is higher than all annual tech share figures on While private equity buyouts fell 17.8% by value in the first half beginning to open up, European dealmaking in recent weeks Mergermarket record and demonstrates the continued push of 2020 versus 1H19, it still reached its third-highest point gives an early indication as to where investment is likely to for digitalisation across various industries. since the global financial crisis over a decade ago. And while occur in the coming quarters. activity suffered a dramatic fall in April and May, the uptick in In total the sector has reached USD 27.8bn (477 deals) so far Just USD 83.6bn was spent on European assets in Q2, the June should provide some cautious optimism for dealmakers. this year, including the USD 1.1bn takeover of Turkish mobile first time the figure has failed to reach the USD 100bn mark So far this year, buyouts have accounted for 19.9% of deals gaming company Peak Games, on par with YTD figures seen in a quarter since 3Q09 (USD 71.9bn). This pushed the first targeting Europe, up from 18.9% in FY19 and higher than all in recent years. The sector is set to see further activity in the half value down to USD 291.5bn, 30.6% down on 1H19 (USD historical annual figures on Mergermarket record. second half of the year, with companies such as Warburg 419.9bn) to the lowest YTD value since 2010. Amid severe Pincus-backed Swiss core banking software and services The added difficulties in conducting high-profile deals has economic contraction, companies have been reluctant to part company Avaloq potentially looking at a sale later this year. resulted in a severe fall in cross-border M&A in the second with any large-sums of money in recent months, with only 19 quarter with both European inbound and outbound activity On the other hand, the consumer sector has been heavily deals valued above USD 1bn announced in the second quarter suffering. Outbound M&A has fallen to its lowest YTD value impacted by the pandemic – resulting in a considerable fall of the year. In contrast, 37 such deals occurred in the opening since 2013 (USD 41.2bn) with USD 42.9bn conducted so far in M&A activity in recent months. The sector has fallen to three months of 2020. The OECD is forecasting severe GDP this year. While foreign investment also dropped considerably USD 15.1bn (270 deals) in the first half of 2020, the lowest falls across Europe, with the UK, France, and Italy all projected in the second quarter, it remains unclear whether cash-rich YTD value since 2009 (USD 9.2bn). The sector accounts for to suffer a drop by over 10% in 2020. foreign investors will look for opportunistic purchases in just 10.6% of European deals in 2020 – lower than all annual While private equity buyouts have experienced a similar Europe given the economic downturn ahead, and potential figures on record. downturn to wider M&A figures this year, there are signs merger control impediments. UK authorities have already sponsors will be amongst the first-movers as economies begin announced they will review foreign takeovers considered to open further. In June two multi-billion euro private equity critical to its pandemic response. “The crisis may result transactions were announced, with the acquisition of Masmovil Meanwhile, the crisis may result in a boost in regional by a consortium of Cinven Partners, KKR, and Providence in a boost in regional consolidation as firms look to weather the storm. The Equity Partners for USD 5.3bn and Coty’s USD 2.6bn sale of second quarter saw the announcement that Liberty Global its hair beauty business to KKR. The Coty deal demonstrates consolidation as firms look and Telefonica would be merging Virgin Media and O2 in a a clear opportunity for private equity firms going forward, with joint-venture deal worth USD 12.4bn. The deal comes as CK large corporates increasingly likely to engage in divestment to weather the storm” Hutchison won an antitrust decision against the European strategies to focus on their core business. In recent years, Commission for its decision to block a deal back in 2016 and there has been an increase in sponsors pursuing corporate it remains to be seen how the Commission will deal with high- carve-outs, a trend which may further increase in the coming profile mergers going forward. months and years. Further such deals appear to be on the Jonathan Klonowski, horizon with the likes of Unilever reportedly looking to sell its The tech sector is continuing to see interest despite the Research Editor (EMEA) mergermarket.com Mergermarket Global & Regional Europe Analysis 18 M&A Report 1H20

USD 63bn 18.7% -45.6%

Intra-European M&A in Q2 - Tech share of European deal Fall in consumer M&A versus accounting for 75.4% of the count 1H19 overall European value

USD 62.6bn 19.9% -68.1% European financial services M&A Buyout share of European Fall in European outbound M&A in 1H20 - up 165.7% on 1H19 M&A deal count in H1 - up versus 1H19 from 18.9% in 2019

mergermarket.com Mergermarket.com Mergermarket Global & Regional Europe Analysis 19 M&A Report 1H20

Chart title 1 Chart title 1 ChartEurope title 2Quarterly Breakdown Trend ChartEurope title Sector2 Breakdown Trend 2015 - 2020 1H19180 - 1H20

160

1000 10000

140 900 167.1 9000

800 8000 120

293.5 196.2 171.6 700 212.9 7000 100 196.2 Deal Count 600 6000 167.0

Deal Value (USD bn) (USD Value Deal 80 179.8 500 170.2 5000 135.0 180.3 367.1 Deal Value (USD bn) (USD Value Deal 400 4000 60

269.6 300 263.0 3000 199.7 265.6 40 83.6 62.6 200 2000 58.5 20 50.9 276.0 27.8 29.2 209.5 23.6 25.8 27.4 100 175.0 207.9 1000 26.1 21.1 164.1 154.3 19.3 0 0 0 Financial Industrials Technology Pharma, Medical Telecoms Other 2015 2016 2017 2018 2019 2020 Services & Chemicals & Biotech

Q1 Q2 Q3 Q4 1H19 1H20

Deal Count

mergermarket.com Mergermarket Global & Regional Europe Analysis 20 M&A Report 1H20

Europe League tables

Europe league table by value Europe league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 145,854 41 -31.2% 212,102 1 1 Deloitte 3,186 117 -86 203 2 3 Morgan Stanley 99,716 36 -46.4% 185,873 2 2 PwC 5,022 100 -86 186 3 2 JPMorgan 95,968 53 -50.7% 194,805 3 4 EY 4,961 96 -33 129 4 9 Rothschild & Co 62,545 75 -0.3% 62,734 4 3 KPMG 4,608 95 -57 152 5 11 UBS Investment Bank 54,470 26 4.9% 51,912 5 5 Rothschild & Co 62,545 75 -38 113 6 5 Bank of America 52,163 38 -50.2% 104,739 6 8 JPMorgan 95,968 53 -10 63 7 8 Lazard 50,171 36 -38.6% 81,688 7 6 Goldman Sachs & Co 145,854 41 -33 74 8 10 Credit Suisse 45,038 11 -21.3% 57,241 8 17 Bank of America 52,163 38 -3 41 9 7 Citi 41,428 23 -52.3% 86,936 9 13 Morgan Stanley 99,716 36 -12 48 10 13 Barclays 40,137 22 -2.6% 41,199 10 7 Lazard 50,171 36 -37 73 11 12 Deutsche Bank 30,061 10 -28.2% 41,894 11 16 Clearwater International 489 34 -8 42 12 14 BNP Paribas 29,430 23 -1.5% 29,864 12 14 Lincoln International 1,407 33 -14 47 13 42 Nomura Holdings 24,429 13 373.2% 5,162 13 9 Oaklins 550 33 -22 55 14 17 HSBC 21,083 16 -7.7% 22,851 14 18 Alantra 2,842 30 -10 40 15 32 Macquarie Group 20,858 13 152.8% 8,252 15 26 UBS Investment Bank 54,470 26 -5 31 16 188 Bain & Company 18,941 2 11174.4% 168 16 25 Daiwa Securities Group / DC Advisory 7,158 26 -6 32 17 402 goetzpartners 18,890 6 - - 17 11 BDO 348 24 -28 52 18 4 Evercore 16,735 20 -86.2% 120,991 18 10 Citi 41,428 23 -31 54 19 39 Societe Generale 16,697 10 215.2% 5,297 19 21 BNP Paribas 29,430 23 -10 33 20 43 LionTree Advisors 13,257 3 178.2% 4,765 20 15 Barclays 40,137 22 -20 42

mergermarket.com Mergermarket Global & Regional US Analysis 21 M&A Report 1H20 US

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector Date Geography USD 274.5bn 18.9 11-Mar United OTIS Worldwide US Industrials & Technologies Corporation Chemicals Corporation (Shareholders) Total US M&A by value, lowest 1H activity since 2003 13.0 20-Feb Morgan Stanley ETrade Financial US Financial Corporation Services

11.9 11-Mar United Carrier Global US Industrials & Technologies Corporation Chemicals Corporation (Shareholders) USD 7.1 24-Feb Intuit Inc Credit Karma Inc US Technology 30% 50.4bn US market share of Global M&A by value, Inbound activity in the US, down from 52% in 1H19 lowest 1H value since 2013 7.0 10-Jun Just Eat Grubhub Inc US Technology Takeaway.com NV

mergermarket.com Mergermarket Global & Regional US Analysis 22 M&A Report 1H20

US

The US M&A market was hit hard by the Covid-19 pandemic market share for strategic deals in the US M&A market (77% buyers and sellers in the market. and associated social distancing measures. As site visits and of US activity in 1H20 by value, down from 86% in 1H19). Not Consumer retail brands are shopping for a lifeline. The in-person meetings were put off between March and April, M&A only did private equity buyout activity decline at a lesser rate consumer retail sector is another space that could see markets faced logistical hurdles slowing down processes. As than corporate M&A, but also the abundance of liquidity and further consolidation later in the year. In May, Apollo Global a result, deal activity declined to levels lower than that of the dry powder has materialized in the form of direct lending, Management made a USD 1.75bn investment in Idaho-based 2008 Global Financial Crisis. Despite the bleak environment in Special Purpose Acquisition Companies (SPACs) and Private Albertsons Companies. Sycamore partners, which in May which dealmakers have been operating, M&A markets appear Investment in Public Equity (PIPE) transactions; particularly in terminated its USD 670m deal to acquire Victoria’s Secret, was to be thawing, with the Technology sector showing early the biotech sector. recently reported to be in talks with JCPenney to acquire the indications of a rebound. Technology M&A is already beginning to rebound. Although distressed retailer, which is currently in Chapter 11. If JCPenney M&A activity in the US declined drastically during the deal activity in the technology sector declined between cannot come to an agreement with current lenders on the onset of the Covid-19 pandemic. Activity through 1H20, (2139 February and April as the Covid-19 pandemic cooled M&A reduction of its debt load, the company must put itself for sale, deals worth USD 274.5bn), fell 72.4% by value with over 1000 markets, dealmakers were still pushing transactions through. according to a report. Since 1 March, 17 retail companies have fewer deals compared to the same period last year (3174 deals However, M&A in the technology sector started to rebound commenced a bankruptcy process, including Modell’s Sporting worth USD 996bn in 1H19). Higher value deals were particularly in May and June. In some industries, such as telemedicine, Goods, J. Crew Group, Neiman Marcus Group, and GNC effected – in 1H19 there were 126 deals worth at least USD 1bn, dealmaking has been accelerated due to the Covid-19. Like Holdings, according to sister product Debtwire. in 1H20 that number fell to 56. Activity by count dwindled, while many other industries, the future of healthcare will rely heavily As markets slowly come back to life over the coming months, the average disclosed deal value in the US declined over 50% on virtual services. deal activity can be expected to remain subdued. While the compared to last year (USD 385m in 1H20 vs USD 826m in Larger-sized tech deals are coming back to market. Year-to- current level of uncertainty is enough to give dealmakers pause, 1H19). date, there have been 506 deals announced in the technology corporate and private equity buyers have shown a willingness Active buyers and sellers had second thoughts. There was sector worth USD 73.5bn. Activity has already started to pick up, to pursue deals. a surge in deal terminations and withdrawals in 1H20 (53 deals with increased appetite for deal making in May and June: Cisco worth USD 77.3bn). Although deal terminations continued to Systems’ USD 1bn acquisition of IT network intelligence provider “Despite the bleak environment rise through May, there were fewer of such announcements in ThousandEyes; Japan-based Panasonic Corporation’s USD June. The largest terminated deals were: Xerox’s USD 35.5bn 1.1bn acquisition of a 20% stake in integrated retail software in which dealmakers have takeover bid for HP; Woodward Inc’s USD 7.4bn merger with and service provider Blue Yonder Group; and Amazon’s USD Hexcel Corporation; and most recently Simon Property Group’s 1.2bn acquisition of autonomous-driving start up Zoox. Amazon been operating, M&A markets USD 6.8bn acquisition of Taubman Centers. While some deals was also part of a group that made a USD 1.3bn investment in may be shelved for good, some companies that terminated an electric truck manufacturer Rivian Automotive in December appear to be thawing, with the active deal process may look for potential suitors post-Covid. 2019. For example, aerospace companies Hexcel Corporation and Technology sector showing early Increased demand for delivery is driving M&A. Companies Woodward could be viewed as attractive acquisition targets in the food delivery space, such as online ordering platforms, next year, Mergermarket reported. indications of a rebound.” integration and POS software, and independent food delivery Corporate acquirors were hit hardest, private capital platforms operating in niche spaces and regions, are becoming displays resilience. Strategic acquisitions (1568 deals worth more active in M&A markets. Most recent was the USD 7bn USD 206.7bn), declined by a greater degree than private equity merger between GrubHub and Just Eat, and DoorDash’s USD Philip Segal, buyouts (75% decline in strategic acquisitions vs 54% decline 400m Series H In June. The online restaurant delivery space is in LBO’s by value compared to 1H19). This led to a reduced crowded and has been primed for consolidation, with several Head Analyst (Americas) mergermarket.com Mergermarket Global & Regional US Analysis 23 M&A Report 1H20

USD 384.5m USD USD 15bn 73.5bn Average disclosed deal value in the US, Total deal value for EMU M&A in 1H19, Total deal value for US down from USD 826m in 1H19 lowest 1H level on record since 2001 technology M&A

53 -72% 57 Number of US deals withdrawn/ Decline US domestic M&A Number of transactions terminated in 1H20 by value worth at least USD 1bn announced in 1H20 vs 126 in 1H19

mergermarket.com Mergermarket.com Mergermarket Global & Regional US Analysis 24 M&A Report 1H20

Chart title 1 Chart title 1 ChartUS titleQuarterly 2 Breakdown Trend ChartUS Sectortitle 2 Breakdown Trend 2015 - 1H20 1H19 - 1H20

450

2000 7000 400

1750 6000 1,120.0 350 510.8 1500 307.3 5000 300 326.7 301.1 Deal Count 1250 502.7 250 414.2 295.2 4000 283.8 71.8 308.1 465.2 386.8 1000 200 441.7 Deal Value (USD bn) (USD Value Deal

Deal Value (USD bn) (USD Value Deal 3000 391.4 296.7 750 520.4 150 519.8 469.3 423.6 2000 500 293.7 100 174.7 327.2 117.8

136.9 1000 250 417.5 475.5 66.8 50 90.3 357.5 254.9 321.2 73.5 58.1 207.7 43.5 34.6 50.5 29.7 19.1 0 0 0 2015 2016 2017 2018 2019 2020 Technology Industrials Financial Pharma, Medical Consumer Other & Chemicals Services & Biotech

Q1 Q2 Q3 Q4 1H19 1H20

Deal Count

mergermarket.com Mergermarket Global & Regional US Analysis 25 M&A Report 1H20

US League tables

US league table by value US league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 154,778 74 -75.7% 637,725 1 1 Goldman Sachs & Co 154,778 74 -36 110 2 4 Morgan Stanley 132,442 63 -71.7% 467,285 2 3 Houlihan Lokey 20,019 70 -14 84 3 2 JPMorgan 102,030 66 -81.6% 554,846 3 2 JPMorgan 102,030 66 -24 90 4 6 Bank of America 90,948 66 -68.7% 290,785 4 9 Bank of America 90,948 66 1 65 5 3 Evercore 62,397 57 -87.1% 485,367 5 6 Morgan Stanley 132,442 63 -13 76 6 16 Lazard 50,253 34 -13.9% 58,398 6 4 Evercore 62,397 57 -25 82 7 8 Barclays 48,936 44 -70.1% 163,732 7 5 Jefferies 15,650 55 -26 81 8 23 UBS Investment Bank 41,199 26 96.0% 21,025 8 7 Barclays 48,936 44 -30 74 9 5 Citi 40,715 36 -89.8% 397,569 9 13 Piper Sandler Companies 6,868 42 -11 53 10 25 Rothschild & Co 36,485 34 87.0% 19,510 10 10 Raymond James 1,915 42 -19 61 11 11 Moelis & Company 32,006 33 -73.9% 122,823 11 8 Citi 40,715 36 -30 66 12 7 Credit Suisse 30,538 31 -83.9% 190,018 12 12 Lazard 50,253 34 -19 53 13 15 Deutsche Bank 27,245 14 -65.4% 78,810 13 22 Rothschild & Co 36,485 34 -5 39 14 14 Centerview Partners 27,218 16 -67.8% 84,589 14 17 Moelis & Company 32,006 33 -15 48 15 53 Nomura Holdings 26,368 11 715.3% 3,234 15 19 Stifel/KBW 7,585 33 -10 43 16 24 Macquarie Group 22,306 6 7.7% 20,718 16 11 Lincoln International 2,116 33 -24 57 17 30 Houlihan Lokey 20,019 70 36.8% 14,635 17 18 Deloitte 2,355 32 -16 48 18= - Bain & Company 18,834 1 - - 18 14 Credit Suisse 30,538 31 -21 52 18= 374 goetzpartners 18,834 1 - - 19 29 UBS Investment Bank 41,199 26 1 25 20 12 Jefferies 15,650 55 -86.4% 115,401 20 16 PwC 2,955 26 -26 52

mergermarket.com Mergermarket Global & Regional Latin America Analysis 26 M&A Report 1H20 Latin America

Value Deal Details (USDm)

Announcement Bidder Company Target Company Target Target Sector Date Geography

825 02-Mar Hypera SA Takeda Brazil Pharma, Pharmaceutical Medical USD 899m Company Limited & Biotech (Latin American OTC business) Combined deal value of buyouts 656 27-Feb Marubeni Santher -Fabrica Brazil Consumer Corporation; de Papel Santa Daio Paper Terezinha SA Corporation

648 03-Mar Bom Negocio ZAP Brazil Technology Atividades de Internet Ltda. -89% 500 12-Feb Undisclosed Viacao Itapemirim Brazil Transportation -75% SA Decline of inbound activity Decline in domestic by deal value from China activity by deal value compared to 1H19 454 16-Feb Carrefour SA Makro Brazil Consumer (30 stores, 14 gas stations)

mergermarket.com Mergermarket Global & Regional Latin America Analysis 27 M&A Report 1H20

Latin America

As Latin America entered 2020, it not only faced a slowing Similarly, outbound activity drops. Outbound activity 25 deals worth a combined USD 1.7bn, compared to 36 deals economy, but also stared into the face of an on rushing global declined 73% by value compared to 1H19 (11 deals valued worth a combined USD 2.7bn in 1H19. pandemic. As the last region to be hit in late February with a combined USD 1.6bn vs 16 deals valued a combined USD Looking ahead, the recovery of M&A activity in Latin America COVID-19, about a month after the first case in the US was 6bn). This was the slowest first half for outbound activity strongly depends on how countries in the region continue confirmed, Latin America still struggles to control the spread since 2009 (12 deals worth USD 631m in 1H09). Most of the to deal with Covid-19. As Latin America was one of the last even as countries outside the region begin to reopen their outbound investments this year came from Mexico, with 5 geographies to be hit by the pandemic, countries are still economies. deals valued a combined USD 1.6bn. The largest outbound experiencing growth in case numbers. M&A activity in the transaction was Mexico-based Fomento Economico Latin America takes a hit. The region has seen its worst region can be expected remain low for the coming months. Mexicano’s acquisition of two US-based facilities management activity for H1 on Mergermarket record (since 2001) with supplies and services providers for USD 900m. 199 deals worth USD 8.1bn. Activity dropped 77% by value compared to 1H19 activity (316 deals worth USD 35bn). Two Domestic activity declines. Domestic activity within the “As the last region to be hit in late of the countries in the regions with the biggest economies, region (120 deals worth USD 3.5bn in 1H20) dropped 75% by Brazil & Mexico, faced a surge in COVID-19 cases, pausing deal value in 1H20 compared to the same period last year (178 February with COVID-19, about a M&A activity. The region has not seen slow activity at close deals worth USD 13.9bn in 1H19). This marks the lowest H1 level this scale since 1H03, when the region saw 62 deals with a for regional activity on Mergermarket record (since 2001). By month after the first case in the combined deal value of USD 9.2bn. May 2020, there were only 10 deals announced in the month, whereas in May 2019 the region saw 33 deals announced that US was confirmed, Latin America Most foreign investors stay back. Inbound activity dropped same month. 78% by value with 79 deals worth a combined USD 4.6bn still struggles to control the compared to 1H19 which saw 138 deals worth a combined USD Uruguay growth in sight. A new president assumed office 21.4bn. In 2019, 42.4% of Latin America targets were acquired this year in Uruguay. After 15 years of left-wing governing spread even as countries outside by bidders based outside of the region. However, despite a presidents, the country welcomed a center-right president lack of interest from foreign investors this first half of the year, that vowed to cut government spending and liberalize the the region begin to reopen their inbound activity from Japan remained steady (7 deals worth energy sector. Activity in the country was slightly up 1H20 economies.” USD 1.1bn vs 7 deals worth USD 1.6bn). compared to 1H19 (2 deals worth USD 65m vs 3 deals worth USD 21m). Both transactions in Uruguay this year had Japan-based Softbank has been active in Latin America, European bidders. making 13 acquisitions worth a combined USD 2.7bn in the region since 2017. Most recently, Softbank acquired Consumer sector tops Energy, Mining, and Utilities (EMU). Viviana Balan, an undisclosed minority stake in Brazil-based pet supplier The EMU sector, which historically has seen a lot of activity in PetLove, announced in April for USD 47m. In contrast, inbound the region, dropped 92% by value compared to 1H19 (34 deals Research Relationship activity from China dropped 89% by deal value with 2 deals worth USD 1.3bn vs 49 deals worth USD 17.5bn). Meanwhile, worth a combined USD 211m compared to 5 deals worth a the consumer sector was Latin America’s strongest sector in Manager (Americas) combined USD 1.9bn in 1H19. 1H20. Nevertheless, the sector dropped 37% by value with mergermarket.com Mergermarket Global & Regional Latin America Analysis 28 M&A Report 1H20

USD 825m 64% -92% Deal value of Hypera SA acquisition Increase in Agriculture Decline in activity by sector compared to 1H19 deal value in EMU sector of Takeda Pharmaceutical compared to 1H19 LatAm OTC business

USD -75% USD 1.3bn 326m Combined deal value Combined deal value Decline Brazil activity of Mexico activity by deal value of PMB sector

mergermarket.com Mergermarket.com Mergermarket Global & Regional Latin America Analysis 29 M&A Report 1H20

Chart title 1 Chart title 1 ChartLatin title America 2 Quarterly Breakdown Trend ChartLatin title America 2 Sector Breakdown Trend 2015 - 1H20 1H19 - 1H20

100 800 18

90 700 16

80 44.4 14 21.7 600 70 301.1 19.3 18.2 12 29.4 500 Deal Count 60 283.8 9.7 10 28.8 50 400 17.5 Deal Value (USD bn ) (USD Value Deal Deal Value (USD bn) (USD Value Deal 30.2 25.3 8 40 21.4 24.2 300

30 6

22.9 200 9.0 11.5 13.8 20 4 12.2 28.2 100 . 10 1.0 14.9 14.6 2 11.9 12.5 7.2 2.7 2.6 20 1.8 1.7 1.8 1.2 0 0 1.6 1.3 0.8 2015 2016 2017 2018 2019 2020 0 Consumer Energy, Mining Pharma, Medical Technology Transport Other & Utilities & Biotech

Q1 Q2 Q3 Q4 1H19 1H20

Deal Count

mergermarket.com Mergermarket Global & Regional Latin America Analysis 30 M&A Report 1H20

Latin America League tables

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 BR Partners 1,286 6 -88.4% 11,131 1 1 Banco Itau BBA 525 13 -5 18 2 5 Bank of America 1,043 3 -88.1% 8,738 2 10 Deloitte 140 8 1 7 3 17 JPMorgan 1,003 2 -19.6% 1,248 3 13 BR Partners 1,286 6 0 6 4= 23 BNP Paribas 656 1 -18.5% 805 4 18 Banco Bradesco BBI 246 6 2 4 4= 70 Core Assessoria Financeira 656 1 - - 5 5 Santander Corporate Investment Banking 189 4 -5 9 (SCIB) 6 - Standard Bank Group 648 1 - - 6 2 Banco BTG Pactual 95 4 -11 15 7 7 Banco Itau BBA 525 13 -90.9% 5,769 7 8 Bank of America 1,043 3 -5 8 8 1 Morgan Stanley 519 3 -96.7% 15,879 8 6 Morgan Stanley 519 3 -5 8 9 71 EY 454 3 - - 9 71 EY 454 3 2 1 10 10 UBS Investment Bank 350 1 -92.9% 4,919 10 14 Scotiabank 330 3 -2 5 11 19 Scotiabank 330 3 -67.6% 1,018 11 19 JPMorgan 1,003 2 -2 4 12 - DH Capital 280 1 - - 12 3 Citi 203 2 -8 10 13 - RBC Capital Markets 263 1 - - 13 23 Evercore 140 2 -1 3 14 13 Banco Bradesco BBI 246 6 -87.6% 1,987 14 16 Credit Suisse 128 2 -3 5 15 6 Citi 203 2 -96.6% 5,898 15 9 Oaklins 65 2 -6 8 16 3 Santander Corporate Investment Banking 189 4 -98.2% 10,334 (SCIB) 16 77 PwC 29 2 1 1 17 22 Deloitte 140 8 -85.7% 977 17 4 Rothschild & Co 25 2 -8 10 18 18 Evercore 140 2 -87.8% 1,151 18 11 Vinci Partners 12 2 -5 7 19 - Prisma Capital 140 1 - - 19= 33 Banco Bilbao Vizcaya Argentaria - 2 0 2 20 30 Credit Suisse 128 2 -76.1% 536 19= - Financiera de Desarrollo Nacional - 2 2 0 19= 12 Global M&A Partners - 2 -5 7 19= 21 Lazard - 2 -1 3

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 31 M&A Report 1H20 Asia Pacific (excl. Japan)

Value Deal Details (USDbn)

Announcement Bidder Company Target Company Target Target Sector Date Geography 10.6 09-Mar Charoen Pokphand Tesco Stores Thailand Consumer Foods Public (Thailand) Limited; USD 225.6bn Company Limited; Tesco Stores CP ALL Plc; (Malaysia) Charoen Pokphand Sdn Bhd Holding Co Ltd Asia Pacific (excl. Japan) M&A

8.0 22-Jan CapitaLand Mall CapitaLand Singapore Real Estate value in 1H20, the lowest Trust Commercial Trust half-year value since 1H13 7.6 15-Jun Consortium for 58.com Inc China Technology 58.com

6.2 27-Feb Acquisition vehicle Wheelock & Hong Kong SAR Real Estate owned by Peter Woo Company Limited (32.51% Stake) 25% 2x 5.7 22-Apr Facebook Inc Jio Platforms India Telecoms Limited

Share of global market Increase in PE buyout value M&A in 1H20 in 2Q20 compared to 1Q20

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 32 M&A Report 1H20

Asia Pacific (excl. Japan)

M&A activity in APAC excl. Japan generated USD 225.6bn Such deals include the privatization of Wheelock [HKG:0020] including Saudi Arabia’s Public Investment Fund and United across 1501 deals in 1H20, recording a 17% decrease year- valued USD 6.2bn, Bitauto Holdings’ subsidiary Yixin Group Arab Emirates’ Mubadala Investment Company in separate on-year in deal value – the lowest 1H value since 1H13 ((USD [HKG: 2858] (USD 3.9bn), Li & Fung [HKG:0494] (USD 1.8bn) transactions over the past three months by selling a 24.7% 173.7bn). The second quarter has been weak so far by value, and Huadian’s offer for its Hong Kong-traded subsidiary Fuxin stake in its business. generating USD 104.3bn across 751 deals. Energy Corporation [HKG:0816] (USD 829m). Finally, dealmaking in the Technology sector (USD 34.1bn The two largest deals were announced in the first quarter – Fourth, the Chinese government continues to pursue its across 212 deals in 1H20) remained brisk – on par by count Thailand’s conglomerate CP Group acquisition of Tesco’s opening-up policies to attract capital from abroad and finance with 2019 levels – as the coronavirus outbreak encouraged businesses in Thailand and Malaysia for USD 10.6bn and the the development of the world’s second largest economy, rapid development of digital healthcare, online education, USD 8bn merger of two of Singapore’s CapitaLand REITs. which include a proposal to relax thresholds and restrictions paid knowledge market, and fresh produce delivery sector. However, signs of recovery in dealmaking began to emerge on foreign strategic investments in Chinese listed firms. In Investment in 5G networks and digital infrastructure has also in the second quarter following the end of the first wave of addition, China and a Germany-led European Union made boosted the Telecoms sector (USD 15.6bn across 16 deals in COVID-19 pandemic, despite global economic headwinds and progress in talks on a landmark bilateral trade investment deal 1H20), leading to a 5.1x year-on-year increase in value. growing geopolitical uncertainties. as Beijing seeks to pivot from Washington to Brussels. German carmaker Volkswagen’s USD 1036.8m investment into China’s First, central banks’ expansive monetary policies will lead to third-largest electric vehicle battery maker, Guoxuan High-Tech lower interest rates that could spur financial transactions Company, announced at the end of May show the potential “signs of recovery in despite governments’ efforts to redirect liquidity toward the for cross-border investment and technological cooperation real economy. In addition, mainland China and Hong Kong – between Berlin and Beijing. dealmaking began to the largest contributors to M&A activity in APAC excl. Japan accounting for 54% of its deal value – are returning to economic Fifth, private equity buyout activity has been revived as emerge in the second growth, which might improve investors’ sentiment despite a investment funds hunt for bargain opportunities and cash- resurgence of COVID-19 cases in Beijing. starved Asian companies seek equity injections to weather the quarter following the storm caused by the economic downturn. In 1H20, PE buyout Second, the Trump administration’s threat to restrict Chinese generated USD 43.1bn across 195 deals, led by a rebound in companies’ access to US capital markets triggered a wave of end of the first wave of transactions in the second quarter (USD 28.8bn across 95 take-private of China-based, US-listed companies. The third- deals). largest transaction in 1H20 and the largest transaction in Covid-19 pandemic” 2Q20 was the take-private of China’s online marketplace for Sixth, India is seeking to attract investment in its critical classifieds 58.com valued USD 7.6bn by a consortium led by infrastructure – mostly from US and middle eastern players Warburg Pincus and General Atlantic. as bilateral relations with China worsen. Jio Platforms, which is India’s largest telecom operator with more than 388 million Riccardo Ghia, Third, low valuations are also leading companies to engage in subscribers, has secured USD 15.2bn from ten investors buybacks and take private on the Hong Kong stock exchange. Research Editor (APAC)

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 33 M&A Report 1H20

USD USD 10.6bn 5.1x 43.1bn Year-on-year Telecoms Buyouts value in 1H20 increase by value Sale of Tesco’s businesses in Thailand and Malaysia, the largest deal in APAC (excl. Japan)

USD USD 9.2bn 34.1bn 6 PE exits by value in 1H20 Technology sector records largest Deals above USD 5bn in 1H20 deal value in 1H20

mergermarket.com Mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 34 M&A Report 1H20

Chart title 1 Chart title 1 ChartAsia title Pacific 2 (excl. Japan) Quarterly Breakdown Trend ChartAsia title Pacific 2 (excl. Japan) Sector Breakdown Trend 2014 - 1H20 1H19 - 1H20

100

1000 5000

80

800 4000

294.2 60

196.0 Deal Count 600 251.3 3000 Deal Value (USD bn ) (USD Value Deal 179.5 152.8 170.3 187.1 160.0 40 Deal Value (USD bn) (USD Value Deal 400 2000 172.8 182.7 124.2 133.8 232.7 83.6

217.5 88.1 20 149.2 144.6 118.9 200 168.9 1000 34.1 104.3 73.6 23.1 29.8 28.5 29.2 33.2 27.6 196.1 25.9 20.8 141.5 157.2 152.8 115.0 136.8 121.3

0 0 0 2014 2015 2016 2017 2018 2019 2020 Technology Industrials Financial Real Estate Energy, Mining Others & Chemicals Services & Utilities

Q1 Q2 Q3 Q4 1H19 1H20

Deal Count

mergermarket.com Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 35 M&A Report 1H20

Asia Pacific (excl. Japan) League tables

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 JPMorgan 25,231 18 -19.6% 31,366 1 3 Deloitte 11,783 44 -4 48 2 2 Goldman Sachs & Co 22,778 17 -44.9% 41,310 2 1 PwC 4,123 43 -40 83 3 6 Morgan Stanley 22,417 20 -14.2% 26,128 3 4 EY 7,072 39 3 36 4 15 HSBC 22,167 10 73.4% 12,781 4 2 KPMG 2,756 27 -22 49 5 9 UBS Investment Bank 14,185 11 -39.6% 23,476 5 6 Morgan Stanley 22,417 20 -3 23 6 4 Credit Suisse 14,077 13 -49.9% 28,101 6 9 China International Capital Corporation 13,286 19 -1 20 7 23 China International Capital Corporation 13,286 19 42.0% 9,359 7 14 JPMorgan 25,231 18 1 17 8 1 Bank of America 13,184 15 -69.2% 42,781 8 11 Goldman Sachs & Co 22,778 17 -2 19 9 13 Deloitte 11,783 44 -23.9% 15,490 9 10 Bank of America 13,184 15 -4 19 10 12 Barclays 11,728 4 -29.8% 16,716 10 5 CITIC Securities 8,572 15 -10 25 11 85 Greenhill & Co 10,668 2 1351.4% 735 11 7 Citi 7,615 15 -5 20 12 - The Quant Group 10,576 1 - - 12 13 Credit Suisse 14,077 13 -5 18 13 64 Houlihan Lokey 8,792 5 634.5% 1,197 13 12 UBS Investment Bank 14,185 11 -8 19 14 5 CITIC Securities 8,572 15 -68.2% 26,937 14 23 HSBC 22,167 10 0 10 15 56 ANZ Bank 8,007 1 391.2% 1,630 15 17 Macquarie Group 2,966 9 -7 16 16 7 Citi 7,615 15 -69.6% 25,011 16 15 Huatai Securities 1,444 8 -9 17 17 31 EY 7,072 39 28.3% 5,512 17 29 Somerley Capital 6,888 7 -1 8 18 26 Somerley Capital 6,888 7 -7.4% 7,440 18 22 RBSA Advisors 4,595 7 -4 11 19 33 Lazard 6,582 5 36.9% 4,808 19 42 Nomura Holdings 2,919 7 2 5 20 159 The Anglo Chinese Group 6,157 1 4600.0% 131 20 8 Rothschild & Co 2,328 7 -13 20

mergermarket.com Mergermarket Global & Regional Japan Analysis 36 M&A Report 1H20 Japan

Value Deal Details (USDm)

Announcement Bidder Company Target Company Target Target Sector Date Geography 81 4,886 31-Jan Hitachi Ltd Hitachi Japan Industrials & Chemicals High-Tech Corporation (48.27% Stake) Number of Japan M&A deals

3,679 19-May Sony Sony Financial Japan Financial Services in 2Q20, the lowest quarterly Corporation Holdings Inc (34.96% Stake) deal count since 3Q15

1,840 09-Apr Toyota Motor Nippon Japan Telecoms Corporation Telegraph and Telephone Corporation (2.17% Stake) 1,526 08-May Bain Capital LP Nichiigakkan Japan Pharma, Medical & Co Ltd Biotech 93.3% 80.4% 858 23-Jan Bain Capital LP Showa Aircraft Japan Industrials & Chemicals Industry Co Ltd Decrease in Business Decrease in outbound M&A Services M&A value value in 2Q20 versus 2Q19 versus 1Q20

mergermarket.com Mergermarket Global & Regional Japan Analysis 37 M&A Report 1H20

Japan

While Japan’s M&A activity wasn’t affected much by COVID-19 distribution channels. Amid US-China tensions, the pandemic term cash flow. in 1Q20 when the spread of coronavirus was still at an early has highlighted the risks of heavy reliance on Chinese factories According to Mergermarket Intelligence, Hitachi Document stage in the country, the 2Q20 statistics gradually manifested and imports of necessary components. Manufacturers are Solutions has been put up for sale by its parent Hitachi, who the clear impact of the pandemic. In 2Q20, Japan recorded 81 investigating possibilities like moving production bases outside has been actively reviewing the group’s business portfolios in deals worth USD 10.7bn, a 17.5% drop in deal value compared of China, to Southeast Asia, or back to homeland, according recent years. The Carlyle Group, who just raised JPY 258bn to 1Q20 and the lowest quarterly deal count since 3Q15. With to Mergermarket Intelligence. The Japanese government also for its fourth Japanese buyout fund in late March, is seeking the virus under control and the lift of the state of emergency in announced subsidy programs to support such moves. As a large-sized acquisitions in Japan with a focus on divestures as late May, Japan has shown some resistance and the first signs result, disposals of Chinese facilities, integrations of component a result of COVID-19 crisis. But banks and financial institutions of a possible recovery in certain sectors. suppliers and establishments of additional production bases in are reportedly getting reluctant to offer leveraged buyout loans Southeast Asia may increase going forward. Top two sectors buck the trend. Investment value in to investment funds partially because companies hit hard by Industrials and Chemicals (USD 6bn, 34 deals in 1H20 vs USD Impact on outbound investment accumulates. Outbound 3.7bn, 42 deals in 1H19) and Financial Services (USD 5.3bn, 16 activity in 2Q20 experienced a decade-low quarter. There were “With the virus under control deals in 1H20 vs USD 1.3bn, 13 deals in 1H19) sectors surged only 43 deals worth USD 4.8bn announced, representing an significantly compared to the same period a year ago, boosted 80.4% decline in value and 56 deals less compared to 2Q19. and the lift of the state of by two large take-private deals. Hitachi completed the USD Takeovers of US targets dropped most drastically in both 4.9bn take private of Hitachi High-Tech in April (announced in deal value and count – just nine deals worth USD 2.1bn were emergency in late May, Japan January). In May Sony announced it is taking over the remaining recorded, the lowest quarterly level since 1Q11. Investment into 34.96% stake of its financial services subsidiary Sony Financial other countries in Asia Pacific also saw a 36.6% decrease in has shown some resistance Holdings for USD 3.7bn. value to USD 1.9bn over 16 deals from USD 3bn across 19 deals in 1Q20. Panasonic’s USD 1.1bn purchase of a 20% stake in US, In 2Q20, Financial Services was the best performing sector and the first signs of a possible Arizona-based integrated software and professional services thanks to the Sony/Sony Financial Holdings deal, jumping 2.8x provider Blue Yonder Group in May was the largest deal of the to USD 3.9bn across six deals from USD 1.4bn on ten deals in recovery in certain sectors” year so far. Given the fundamentals of Japanese corporates’ 1Q20. In contrast, activity in the Business Services sector has development strategy, they will continue to make acquisitions shuddered to a halt in 2Q20, with just USD 61m changing hands abroad in a post COVID-19 world but will be more cautious in across twelve deals vs USD 902m across 19 deals in 1Q20. In valuing assets and making investment decisions. 2Q20, domestic transactions were still dominant in Japan with Danni Sun, 70 deals announced worth a total of USD 8.6bn, albeit 50 fewer Private Equity inevitably suffered. Prospects mixed. Buyouts deals compared to 1Q20. experienced the second consecutive decline in value from Senior Research Analyst the last quarter of 2019 (USD 6.5bn, 18 deals) to USD 1.6bn Japanese manufacturers taking steps to transform across eight deals in 2Q20. The same scenario applied to exits (APAC) supply chains. Prior to the COVID-19 crisis, many Japanese activity – only two exits were announced with undisclosed multinational corporates were already looking to restructure value. Nonetheless, new opportunities could arise for PE their business to achieve higher profitability and shareholders firms, as Japanese companies are increasingly likely to divest return. Now, the rising global tensions and the public health distressed assets, non-core businesses and subsidiaries under Shiyue Ran, crisis are accelerating the transformation of supply chains and the changing business landscape and the pressure on short- Research Analyst (APAC) mergermarket.com Mergermarket Global & Regional Japan Analysis 38 M&A Report 1H20

USD 3.7bn USD 1.1bn USD 6bn Panasonic/Blue Yonder Industrials & Chemicals M&A Sony/Sony Financial Holdings Group deal, the largest value, the most active sector deal, the largest deal in 2Q20 outbound deal in 2Q20 in 1H20

70 9 8 Number of domestic deals in 2Q20, the lowest quarterly Number of deals in the US in Number of buyouts in 2Q20 2Q20, the lowest quarterly activity since 4Q10 level since 1Q11

mergermarket.com Mergermarket.com Mergermarket Global & Regional Japan Analysis 39 M&A Report 1H20

Chart title 1 Chart title 1 ChartJapan title Quarterly 2 Breakdown Trend ChartJapan title Sector 2 Breakdown Trend 2014 - 1H20 1H19 - 1H20

10

80 500

8

400 15.2 60

35.6 6 41.2 Deal Count 300 Deal Value (USD bn ) (USD Value Deal 22.8 40 11.4 16.3 4 Deal Value (USD bn) (USD Value Deal 200 21.6 6.0 6.3 9.4 5.7 14.0 19.7 13.3 10.5 5.3

20 5.1 10.7 2 100 3.7 9.1 10.6 8.6 10.9 2.8 5.5 2.4 2.5 2.6 17.1 2.0 2.0 13.0 9.1 9.0 9.1 1.3 7.1 8.0

0 0 0 2014 2015 2016 2017 2018 2019 2020 Industrials Financial Pharma, Medical Consumer Technology Others & Chemicals Services & Biotech

Q1 Q2 Q3 Q4 1H19 1H20

Deal Count

mergermarket.com Mergermarket Global & Regional Japan Analysis 40 M&A Report 1H20

Japan League tables

Japan league table by value Japan league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Morgan Stanley 12,270 12 -32.7% 18,238 1 1 Nomura Holdings 11,992 29 -4 33 2 2 Nomura Holdings 11,992 29 -21.3% 15,235 2 2 Deloitte 11,599 26 -5 31 3 8 Deloitte 11,599 26 178.3% 4,168 3 7 Sumitomo Mitsui Financial Group 2,800 23 5 18 4 3 Goldman Sachs & Co 4,447 4 -45.8% 8,201 4 3 Morgan Stanley 12,270 12 -11 23 5 29 Plutus Consulting 4,109 7 378.9% 858 5 5 Mizuho Financial Group 2,202 12 -9 21 6 15 Bank of America 3,722 5 44.3% 2,580 6 8 GCA Corporation 1,155 9 -4 13 7 17 Daiwa Securities Group / DC Advisory 3,301 8 48.9% 2,217 7 4 Daiwa Securities Group / DC Advisory 3,301 8 -15 23 8 16 Sumitomo Mitsui Financial Group 2,800 23 21.8% 2,299 8 6 PwC 288 8 -11 19 9 4 Mizuho Financial Group 2,202 12 -67.1% 6,698 9 10 Plutus Consulting Co 4,109 7 -1 8 10 5 JPMorgan 1,517 3 -72.1% 5,446 10 9 EY 1,396 7 -1 8 11 21 EY 1,396 7 -13.7% 1,618 11 19 Frontier Management 873 7 2 5 12 - Centerview Partners 1,295 2 - - 12 15 KPMG 172 7 0 7 13 19 GCA Corporation 1,155 9 -41.5% 1,974 13 17 Bank of America 3,722 5 0 5 14 10 UBS Investment Bank 1,013 3 -74.2% 3,922 14 28 Oaklins 668 5 2 3 15 20 Citi 959 2 -49.2% 1,889 15 11 Goldman Sachs & Co 4,447 4 -3 7 16 28 AGS Consulting 891 2 -0.4% 895 16 13 YAMADA Consulting Group 302 4 -3 7 17 42 Frontier Management 873 7 293.2% 222 17 12 JPMorgan 1,517 3 -4 7 18 - BR Partners 825 1 - - 18 23 UBS Investment Bank 1,013 3 0 3 19 41 Oaklins 668 5 193.0% 228 19 20 Credit Suisse 532 3 -1 4 20 - Danske Bank 663 1 - - 20 - IR Japan 429 3 3 0

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 41 M&A Report 1H20 Middle East & Africa

Value Deal Details (USDbn)

Announcement Bidder Target Target Target Sector Date Company Company Geography 20.3 29-Apr Abu Dhabi Abu Dhabi Power United Arab Energy, Mining & USD 59.8bn National Energy Corporation PJSC (Water Emirates Utilities Company PJSC and electricity generation, transmission, and distribution assets) M&A targeting MEA this year - the 10.1 23-Jun Consortium ADNOC Gas Pipeline Assets United Arab Energy, Mining & led by Global LLC (49% Stake) Emirates Utilities second highest YTD value on record Infrastructure Partners 9.8 01-Mar Kuwait Finance Ahli United Bank BSC Bahrain Financial Services House

2.9 22-May PT Indofood CBP Pinehill Company Limited Saudi Arabia Consumer Sukses Makmur TBK 10 6.6% 2.7 17-Feb-20 Port & Free Zone DP World PLC (19.55% Stake) United Arab Transport World FZE Emirates Number of deals worth MEA share of the global over USD 1bn this year M&A value in 1H20

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 42 M&A Report 1H20

Middle East & Africa

The Middle East & Africa (MEA) has largely been shielded Meanwhile Saudi Aramco has reportedly hired advisors for a total value of USD 20.2bn across 67 deals. It remains to be from the global downturn in M&A activity in the opening half the potential sale of its pipeline business, with the company seen whether such investment will continue through the rest of 2020, receiving several big-ticket deals. In total, the region looking for upwards of USD 10bn from the deal. of 2020, given the growing economic uncertainty worldwide. saw USD 59.8bn (130 deals) the second highest YTD value Mirroring trends in global dealmaking, the technology sector Outbound M&A, meanwhile, dipped to its lowest YTD value on Mergermarket record, only behind last year’s USD 119.5bn has remained active in the Middle East & Africa despite the since the global financial crisis over a decade ago to just USD driven by the USD 70bn Saudi Aramco/SABIC tie-up. uncertainty as firms continue to pursue innovative assets. In 6.6bn so far this year. This included investments into India- So far this year, the MEA region has seen ten deals valued total, the sector saw 27 deals worth a combined USD 2.5bn, based Jio Platforms and the USD 1bn acquisition of the Ritz over the USD 1bn mark, including two above USD 10bn in Q2. accounting for a 20.8% share of the region’s first half deal Hotel in London. As a result, the region accounted for 6.6% of the global M&A count. This represents an increase from 17.5% in 2019. value in 1H20 up from 4.2% in FY19 – the highest annual share Israel in particular continues to see investment into its tech on record. “Despite the added sector, following a number of years of strong activity. Israeli One of the aforementioned megadeals saw a consortium tech M&A reached USD 2.3bn across 21 deals in the first half difficulties in conducting of investors led by Global Infrastructure Partners acquiring of the year, including Intel’s USD 900m into provider of public a 49% stake in The Abu Dhabi National Oil Company’s gas transit information Moovit from a group of investors in early cross-border deals, pipeline assets for USD 10.1bn, announced in June. Volatility in May. The deal follows the US giant’s USD 12.3bn acquisition the markets means that the deal represents a safer investment of self-driving car and advanced driver-assistance systems inbound M&A into the into a more insulated part of the value chain, while allowing developer Mobileye in 2017. This year’s figures represent the ADNOC to continue its divestment strategy in order to open second highest YTD value and third highest YTD volume on region remained strong” up capital and reinvest. Mergermarket record. The largest deal of the quarter saw TAQA acquire a majority Meanwhile, the pharma, medical & biotech sector has seen stake in the water and electricity generation, transmission, and its share of the MEA region’s overall deal count rise from 7.6% distribution assets of ADPower in a deal worth USD 20.3bn. in 2019 to 10.9% so far this year. In total, there were 14 deals Jonathan Klonowski, announced in the sector in 1H20 worth a combined USD As a result, M&A in the energy, mining & utilities sector 579m. This included Gulf Capital PJSC’s sale of Egypt-based Research Editor (EMEA) reached USD 32.1bn (15 deals) in the first half of the year, diagnostic imaging services operator MetaMed to a group surpassing all annual totals the sector has seen in the region. of investors led by Mediterrania Capital Partners for just over The two deals have already pushed this year’s value 14.8% USD 100m. ahead of the full-year 2019 figure of USD 28bn (62 deals), the previous annual record. The sector represents a staggering Despite the added difficulties in conducting cross-border 53.7% of MEA’s YTD 2020 value, up from 19.5% in 2019. deals, inbound M&A into the region remained strong, reaching USD 16.3bn (32 deals) in 2Q20 – the largest quarterly value since 1Q17 (USD 24.1bn). This took YTD foreign investment to mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 43 M&A Report 1H20

USD 32.1bn 20.8% 10.9% Tech share of MEA deal Pharma, Medical & Biotech share of Value of energy, mining & utilities count in 1H20 MEA deal count M&A in MEA this year, higher than all annual totals on record

USD USD USD 52.7bn 20.2bn 6.6bn M&A targeting the Middle East (excl. Israel) so far this year Inbound M&A into MEA in Outbound M&A in 1H20 1H20

mergermarket.com Mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 44 M&A Report 1H20

Chart title 1 Chart title 1 ChartMiddle title East2 & Africa Quarterly Breakdown Trend ChartMiddle title East2 & Africa Sector Breakdown Trend 2014 - 1H20 1H19 - 1H20

80

150 600

12.6 60 11.5 120 480

23.9 Deal Count 90 360 40 Deal Value (USD bn ) (USD Value Deal 22.5 73.3 Deal Value (USD bn) (USD Value Deal 60 17.2 240 10.9 35.1 95.6 12.5 17.3 40.0 20

20.7 10.0 32.1 30 120 17.0 23.4 6.1 24.8

9.5 29.8 12.1 14.2 17.8 19.8 6.6 1.7 6.8 8.6 9.7 3.2 0.4 2.8 2.8 0 0 0 2015 2016 2017 2018 2019 2020 Energy, Mining Financial Consumer Transport Industrials Other & Utilities Services & Chemicals

Q1 Q2 Q3 Q4 1Q19 1Q20

Deal Count

mergermarket.com Mergermarket Global & Regional Middle East & Africa Analysis 45 M&A Report 1H20

Middle East & Africa League tables

MEA league table by value MEA league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 Citi 34,277 4 -59.8% 85,267 1 21 Standard Bank Group 1,910 18 15 3 2 13 Rothschild & Co 24,775 7 518.3% 4,007 2 4 PwC 523 11 2 9 3 1 JPMorgan 21,572 4 -76.1% 90,198 3 11 Rothschild & Co 24,775 7 0 7 4 2 Bank of America 10,465 2 -87.8% 85,477 4 17 Barclays 2,672 5 2 3 5 5 Goldman Sachs & Co 10,329 2 -86.8% 78,415 5 3 Citi 34,277 4 -9 13 6= - First Abu Dhabi Bank 10,100 1 - - 6 2 JPMorgan 21,572 4 -10 14 6= - Mizuho Financial Group 10,100 1 - - 7 14 KPMG 10,086 4 -1 5 6= 8 Moelis & Company 10,100 1 -20.1% 12,635 8 15 Morgan Stanley 5,138 4 0 4 9 74 KPMG 10,086 4 33520.0% 30 9 16 BNP Paribas 296 3 -1 4 10 6 Morgan Stanley 5,138 4 -93.1% 74,456 10 8 Lazard 216 3 -5 8 11 - Somerley Capital 2,931 1 - - 11 10 Bank of America 10,465 2 -5 7 12 19 Deutsche Bank 2,718 1 90.7% 1,425 12 6 Goldman Sachs & Co 10,329 2 -6 8

13 12 Barclays 2,672 5 -36.0% 4,173 13 - Java Capital 441 2 2 0 14 41 Standard Bank Group 1,910 18 634.6% 260 14 43 Evercore 300 2 1 1 15 - Nomura Holdings 1,455 1 - - 15 68 Global M&A Partners 132 2 1 1 16 - Alpen Capital (ME) 1,000 1 - - 16 25 Houlihan Lokey 110 2 0 2 17= 4 HSBC 675 1 -99.2% 79,822 17 12 Deloitte 109 2 -4 6 17= - Standard Chartered 675 1 - - 18 - William Blair & Company 103 2 2 0 19 - Robey Warshaw 575 1 - - 19 1 EY 65 2 -13 15 20= - Alnitak & Co 533 1 - - 20 31 PSG Capital 61 2 0 2 20= 11 Jefferies 533 1 -89.5% 5,083 20= - Quilty Analytics 533 1 - -

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

M&A and PE Financial Advisory League Tables

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Global Advisory League tables

Global league table by value Global league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 244,108 103 -68.5% 773,852 1 1 Deloitte 25,415 187 -104 291 2 3 Morgan Stanley 206,145 95 -65.8% 603,558 2 2 PwC 10,222 166 -122 288 3 2 JPMorgan 175,572 103 -74.5% 688,152 3 3 KPMG 16,180 130 -84 214 4 4 Citi 107,251 62 -79.2% 515,562 4 4 EY 11,797 130 -51 181 5 6 Bank of America 102,368 85 -76.6% 436,720 5 5 Goldman Sachs & Co 244,108 103 -61 164 6 19 Rothschild & Co 93,190 88 20.8% 77,158 6 7 JPMorgan 175,572 103 -40 143 7 7 Credit Suisse 78,869 44 -65.4% 227,806 7 8 Morgan Stanley 206,145 95 -36 131 8 18 UBS Investment Bank 67,014 51 -21.8% 85,749 8 6 Rothschild & Co 93,190 88 -56 144 9 14 Lazard 65,884 59 -35.9% 102,742 9 11 Bank of America 102,368 85 -22 107 10 5 Evercore 65,302 66 -87.0% 501,119 10 14 Houlihan Lokey 20,578 80 -20 100 11 8 Barclays 63,461 55 -67.2% 193,643 11 13 Evercore 65,302 66 -34 100 12 37 Nomura Holdings 41,188 46 128.4% 18,030 12 15 Jefferies 16,825 66 -32 98 13 15 Deutsche Bank 39,177 22 -60.3% 98,782 13 9 Citi 107,251 62 -52 114 14 11 Moelis & Company 32,762 41 -74.7% 129,620 14 10 Lazard 65,884 59 -50 109 15 13 HSBC 31,743 22 -69.7% 104,781 15 16 Lincoln International 2,905 58 -34 92 16 28 BNP Paribas 30,699 28 0.3% 30,599 16 12 Barclays 63,461 55 -46 101 17 17 Centerview Partners 27,995 19 -67.5% 86,210 17 22 UBS Investment Bank 67,014 51 -11 62 18 27 Macquarie Group 25,449 23 -18.6% 31,262 18 18 Raymond James 2,271 51 -25 76 19 29 Deloitte 25,415 187 -14.9% 29,851 19 19 Oaklins 1,483 49 -25 74 20 38 Houlihan Lokey 20,578 80 22.6% 16,785 20 36 Nomura Holdings 41,188 46 3 43

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EMEA Advisory League tables

Europe league table by value Europe league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 145,854 41 -31.2% 212,102 1 1 Deloitte 3,186 117 -86 203 2 3 Morgan Stanley 99,716 36 -46.4% 185,873 2 2 PwC 5,022 100 -86 186 3 2 JPMorgan 95,968 53 -50.7% 194,805 3 4 EY 4,961 96 -33 129 4 9 Rothschild & Co 62,545 75 -0.3% 62,734 4 3 KPMG 4,608 95 -57 152 5 11 UBS Investment Bank 54,470 26 4.9% 51,912 5 5 Rothschild & Co 62,545 75 -38 113 6 5 Bank of America 52,163 38 -50.2% 104,739 6 8 JPMorgan 95,968 53 -10 63 7 8 Lazard 50,171 36 -38.6% 81,688 7 6 Goldman Sachs & Co 145,854 41 -33 74 8 10 Credit Suisse 45,038 11 -21.3% 57,241 8 17 Bank of America 52,163 38 -3 41 9 7 Citi 41,428 23 -52.3% 86,936 9 13 Morgan Stanley 99,716 36 -12 48 10 13 Barclays 40,137 22 -2.6% 41,199 10 7 Lazard 50,171 36 -37 73 11 12 Deutsche Bank 30,061 10 -28.2% 41,894 11 16 Clearwater International 489 34 -8 42 12 14 BNP Paribas 29,430 23 -1.5% 29,864 12 14 Lincoln International 1,407 33 -14 47 13 42 Nomura Holdings 24,429 13 373.2% 5,162 13 9 Oaklins 550 33 -22 55 14 17 HSBC 21,083 16 -7.7% 22,851 14 18 Alantra 2,842 30 -10 40 15 32 Macquarie Group 20,858 13 152.8% 8,252 15 26 UBS Investment Bank 54,470 26 -5 31 16 188 Bain & Company 18,941 2 11174.4% 168 16 25 Daiwa Securities Group / DC Advisory 7,158 26 -6 32 17 402 goetzpartners 18,890 6 - - 17 11 BDO 348 24 -28 52 18 4 Evercore 16,735 20 -86.2% 120,991 18 10 Citi 41,428 23 -31 54 19 39 Societe Generale 16,697 10 215.2% 5,297 19 21 BNP Paribas 29,430 23 -10 33 20 43 LionTree Advisors 13,257 3 178.2% 4,765 20 15 Barclays 40,137 22 -20 42

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EMEA Advisory League tables

UK league table by value UK league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 63,899 15 63.0% 39,200 1 2 Deloitte 1,159 31 -17 48 2 8 Morgan Stanley 52,027 13 138.6% 21,806 2 4 Rothschild & Co 10,374 27 -10 37 3 5 Credit Suisse 39,487 4 67.8% 23,537 3 3 PwC 620 27 -12 39 4 3 JPMorgan Cazenove 37,852 25 22.8% 30,834 4 11 JPMorgan Cazenove 37,852 25 5 20 5 14 Citi 23,384 12 206.6% 7,628 5 1 KPMG 1,252 22 -27 49 6 9 UBS Investment Bank 20,056 5 2.5% 19,567 6 8 EY 1,215 21 -2 23 7 6 Barclays 18,898 10 -19.6% 23,498 7 16 Bank of America 16,548 17 1 16 8 2 Bank of America 16,548 17 -55.1% 36,893 8 17 Alantra 520 16 0 16 9 - LionTree Advisors 13,257 2 - - 9 5 Goldman Sachs & Co 63,899 15 -12 27 10 17 HSBC 13,139 7 107.1% 6,344 10 18 Clearwater International 225 14 -2 16 11 33 Greenhill & Co 10,788 3 434.3% 2,019 11 22 Morgan Stanley 52,027 13 1 12 12 - The Quant Group 10,576 1 - - 12 15 Daiwa Securities Group / DC Advisory 5,775 13 -5 18 13 4 Rothschild & Co 10,374 27 -58.2% 24,835 13 24 Citi 23,384 12 1 11 14 11 Evercore 8,252 12 -42.4% 14,314 14 7 Evercore 8,252 12 -11 23 15 48 Societe Generale 6,763 2 447.2% 1,236 15 6 Grant Thornton 40 12 -13 25 16 21 RBC Capital Markets 6,677 10 99.7% 3,344 16 12 Barclays 18,898 10 -9 19 17 16 Wells Fargo Securities 6,033 1 -9.2% 6,641 17 40 RBC Capital Markets 6,677 10 3 7 18 59 Daiwa Securities Group / DC Advisory 5,775 13 543.1% 898 18 10 BDO 306 10 -11 21 19 12 Deutsche Bank 4,717 3 -66.3% 14,016 19 9 Lazard 2,977 9 -13 22 20 128 Perella Weinberg Partners 3,425 3 5336.5% 63 20 13 Jefferies 2,298 9 -10 19

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EMEA Advisory League tables

Ireland league table by value Ireland league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal Count Deal 1H20 1H19 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 7 Citi 3,300 1 -56.0% 7,504 1 5 Deloitte 556 8 3 5 2 - Financial Technology Partners 825 1 - - 2 18 Jefferies 488 2 0 2 3 16 Deloitte 556 8 75.9% 316 3 19 Davy Corporate Finance 140 2 0 2 4 24 Jefferies 488 2 163.8% 185 4 21 PJT Partners 113 2 1 1 5 30 EY 400 1 614.3% 56 5 - Grant Thornton 46 2 2 0 6 - Bank of America 327 1 - - 6 4 JPMorgan 45 2 -3 5 7 15 Arma Partners 200 1 -38.5% 325 7 55 GCG 12 2 1 1 8 33 Rothschild & Co 196 1 300.0% 49 8 2 IBI Corporate Finance 10 2 -5 7

DACH league table by value DACH league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 JPMorgan 35,412 11 1.3% 34,956 1 7 PwC 85 24 2 22 2 8 Rothschild & Co 34,220 16 55.5% 22,000 2 3 KPMG 362 21 -13 34 3 2 Goldman Sachs & Co 31,422 11 -14.2% 36,642 3 1 Deloitte 256 20 -20 40 4 4 UBS Investment Bank 25,895 11 -25.9% 34,945 4 2 EY 2,070 17 -19 36 5 7 Lazard 22,954 6 -0.3% 23,012 5 4 Rothschild & Co 34,220 16 -8 24 6 13 Deutsche Bank 21,891 4 150.6% 8,737 6 9 GCA Corporation 57 12 -3 15 7 25 Macquarie Group 20,439 6 813.7% 2,237 7 13 Carlsquare 14 12 0 12 8 30 Nomura Holdings 19,747 4 1368.2% 1,345 8 11 JPMorgan 35,412 11 -1 12 9 120 goetzpartners 18,890 6 - - 9 6 Goldman Sachs & Co 31,422 11 -11 22 10 - Bain & Company 18,834 1 - - 10 15 UBS Investment Bank 25,895 11 1 10

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EMEA Advisory League tables

Germany league table by value Germany league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 JPMorgan 29,307 7 15.8% 25,298 1 5 PwC 80 17 2 15 2 12 Rothschild & Co 27,651 11 654.3% 3,666 2 1 EY 1,885 13 -15 28 3 17 UBS Investment Bank 25,190 5 903.6% 2,510 3 3 KPMG 315 13 -9 22 4 4 Lazard 22,954 6 17.0% 19,625 4 9 Carlsquare 14 12 0 12 5 1 Goldman Sachs & Co 21,841 7 -17.5% 26,461 5 10 Rothschild & Co 27,651 11 0 11 6 9 Deutsche Bank 21,008 3 272.1% 5,646 6 2 Deloitte 147 11 -16 27 7 18 Macquarie Group 20,439 6 813.7% 2,237 7 36 Livingstone Partners 20 11 7 4 8 99 goetzpartners 18,890 6 - - 8 7 GCA Corporation - 9 -4 13 9 26 Nomura Holdings 18,864 2 1937.1% 926 9 8 Lincoln International 70 8 -5 13 10 - Bain & Company 18,834 1 - - 10 11 JPMorgan 29,307 7 -2 9 11 - Societe Generale 8,200 1 - - 11 6 Goldman Sachs & Co 21,841 7 -6 13 12 6 Morgan Stanley 7,804 6 -28.1% 10,858 12 12 Bank of America 5,790 7 -2 9 13 5 Citi 6,170 2 -66.0% 18,121 13 21 Raymond James 491 7 1 6 14 3 Bank of America 5,790 7 -72.4% 20,957 14 24 IMAP M&A Consultants - 7 1 6 15 14 BNP Paribas 5,577 6 106.6% 2,700 15 13 Lazard 22,954 6 -1 7 16= - National Bank Financial 5,535 1 - - 16 19 Macquarie Group 20,439 6 0 6 16= - Rockefeller Capital Management 5,535 1 - - 17 50 goetzpartners 18,890 6 3 3 18 - Kempen & Co 4,082 3 - - 18 32 Morgan Stanley 7,804 6 2 4 19 - HSBC 3,590 4 - - 19 18 BNP Paribas 5,577 6 0 6 20 13 Jamieson Corporate Finance 3,062 2 6.2% 2,884 20 78 UBS Investment Bank 25,190 5 4 1

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EMEA Advisory League tables

Switzerland league table by value Switzerland league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal Count Deal 1H20 1H19 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 5 Goldman Sachs & Co 9,581 4 -37.5% 15,339 1 7 KPMG 47 9 3 6 2 2 Bank of America 7,436 2 -74.2% 28,825 2 4 UBS Investment Bank 1,107 8 -1 9 3 3 Rothschild & Co 5,464 3 -70.0% 18,214 3 6 PwC 5 7 1 6 4= 6 JPMorgan 5,000 2 -65.4% 14,471 4 5 EY 185 6 -1 7 4= - Morgan Stanley 5,000 2 - - 5 10 Deloitte 109 5 0 5 6 - Barclays 3,319 3 - - 6 27 Global M&A Partners 22 5 3 2 7 4 Credit Suisse 3,264 3 -80.9% 17,121 7 3 Goldman Sachs & Co 9,581 4 -6 10 8 22 BNP Paribas 2,466 2 320.8% 586 8 13 GCA Corporation 57 4 0 4 9 - PJT Partners 2,436 1 - - 9 17 The Corporate Finance Group 11 4 1 3 10= 11 Citi 1,917 1 -78.7% 8,992 10 8 Lincoln International - 4 -2 6 10= - Raphael Financial Advisory 1,917 1 - -

Austria league table by value Austria league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal Count Deal 1H20 1H19 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1= 1 JPMorgan 1,105 2 -69.0% 3,561 1 1 Deloitte - 6 -4 10 1= 7 Rothschild & Co 1,105 2 820.8% 120 2= 4 JPMorgan 1,105 2 0 2 3 3 HSBC 1,098 1 -54.8% 2,430 2= 13 Rothschild & Co 1,105 2 1 1 4 13 Deloitte - 6 - - 4 - Carlsquare - 2 2 0 5 - Carlsquare - 2 - - 5 10 HSBC 1,098 1 0 1

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France league table by value France league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 5 Rothschild & Co 27,130 32 68.9% 16,065 1 1 Rothschild & Co 27,130 32 -19 51 2 8 Goldman Sachs & Co 21,770 9 81.7% 11,981 2 10 KPMG 1,560 15 2 13 3 4 BNP Paribas 14,018 9 -24.4% 18,554 3 28 Lincoln International 684 14 7 7 4 1 Morgan Stanley 13,606 7 -60.9% 34,770 4 6 Deloitte 889 12 -7 19 5 24 Societe Generale 10,734 8 326.3% 2,518 5 4 EY 555 12 -12 24 6 - Cardinal Partners SAS 10,128 2 - - 6 5 PwC 399 11 -8 19 7 12 HSBC 10,099 10 17.3% 8,608 7 31 HSBC 10,099 10 5 5 8 - Callisto 8,648 4 - - 8 2 Lazard 8,407 10 -22 32 9 2 Lazard 8,407 10 -72.5% 30,555 9 24 Goldman Sachs & Co 21,770 9 2 7 10 3 Citi 7,452 2 -66.8% 22,422 10 7 BNP Paribas 14,018 9 -9 18 11 6 Bank of America 7,097 3 -49.2% 13,976 11 23 Daiwa Securities Group / DC Advisory 1,942 9 1 8 12 - National Bank Financial 6,126 2 - - 12 3 Credit Agricole 1,500 9 -19 28 13 22 UBS Investment Bank 5,535 2 108.0% 2,661 13 11 Clearwater International 181 9 -4 13 14 - Rockefeller Capital Management 5,535 1 - - 14 12 Societe Generale 10,734 8 -4 12 15 9 JPMorgan 5,003 7 -53.9% 10,846 15 15 Morgan Stanley 13,606 7 -4 11 16 45 Nomura Holdings 4,190 6 385.0% 864 16 25 JPMorgan 5,003 7 0 7 17 14 Deutsche Bank 3,131 3 -40.2% 5,240 17 9 Natixis 980 7 -7 14 18 27 Mediobanca 2,932 5 67.4% 1,751 18 14 Cambon Partners 132 7 -5 12 19 111 Barclays 2,358 3 15620.0% 15 19 101 Nomura Holdings 4,190 6 5 1 20 53 Oloryn Partners 1,983 2 279.2% 523 20 37 Capitalmind Corporate Finance Advisory 547 6 1 5

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Benelux league table by value Benelux league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Goldman Sachs & Co 23,259 7 246.0% 6,723 1 1 Deloitte 281 25 -12 37 2 10 JPMorgan 18,267 8 273.4% 4,892 2 7 GCG 47 19 3 16 3 12 Morgan Stanley 14,736 7 297.6% 3,706 3 5 EY 19 12 -7 19 4 3 Lazard 12,107 7 91.9% 6,310 4 4 Rothschild & Co 8,633 11 -10 21 5 20 Barclays 10,970 5 534.5% 1,729 5 2 KPMG 5 11 -20 31 6 - Moelis & Company 10,970 4 - - 6 3 PwC 145 9 -17 26 7 17 Bank of America 10,631 7 418.1% 2,052 7 20 JPMorgan 18,267 8 1 7 8 8 Rothschild & Co 8,633 11 60.4% 5,381 8= 9 Oaklins - 8 -5 13 9 32 Evercore 8,242 4 930.3% 800 8= 8 Rabobank - 8 -7 15 10 1 Centerview Partners 7,020 1 -23.0% 9,119 10 19 Goldman Sachs & Co 23,259 7 0 7

Iberia league table by value Iberia league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 JPMorgan 13,859 4 97.4% 7,021 1 1 PwC 1,043 18 -30 48 2 7 Citi 13,382 2 161.8% 5,111 2 2 Deloitte 631 15 -17 32 3 - LionTree Advisors 12,407 2 - - 3 3 EY 656 14 -5 19 4 3 Goldman Sachs & Co 8,710 5 27.0% 6,856 4 4 KPMG 98 10 -6 16 5 6 Morgan Stanley 7,490 2 40.8% 5,320 5 10 Goldman Sachs & Co 8,710 5 -3 8 6 29 Barclays 6,140 2 751.6% 721 6 25 Daiwa Securities Group / DC Advisory 5,666 5 2 3 7 14 Bank of America 6,063 3 146.7% 2,458 7 6 Santander Corporate Investment Banking 2,044 5 -6 11 (SCIB) 8 10 BNP Paribas 5,782 3 53.3% 3,772 8 5 Arcano Partners 8 5 -9 14 9 38 Daiwa Securities Group / DC Advisory 5,666 5 2260.8% 240 9 11 JPMorgan 13,859 4 -3 7 10 19 Deutsche Bank 5,542 3 319.2% 1,322 10 7 Rothschild & Co 3,140 4 -6 10

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Spain league table by value Spain league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 JPMorgan 13,859 4 116.6% 6,399 1 1 PwC 857 17 -25 42 2 7 Citi 13,382 2 161.8% 5,111 2 2 Deloitte 631 14 -14 28 3 - LionTree Advisors 12,407 2 - - 3 3 EY 331 13 -6 19 4 2 Goldman Sachs & Co 8,710 5 27.0% 6,856 4 5 KPMG 98 9 -3 12 5 44 Barclays 6,140 2 6102.0% 99 5 10 Goldman Sachs & Co 8,710 5 -3 8 6 14 Bank of America 6,063 3 146.7% 2,458 6 4 Arcano Partners 8 5 -9 14 7 10 BNP Paribas 5,782 3 53.3% 3,772 7 12 JPMorgan 13,859 4 -2 6 8 6 Morgan Stanley 5,257 1 -1.2% 5,320 8 7 Santander Corporate Investment Banking 1,899 4 -6 10 (SCIB) 9 9 Santander Corporate Investment Banking 1,899 4 -49.8% 3,785 (SCIB) 9 6 Lazard 1,790 4 -6 10 10 27 Nomura Holdings 1,854 2 102.0% 918 10 - Jefferies 1,507 4 4 0 11 4 Lazard 1,790 4 -67.3% 5,479 11 25 Daiwa Securities Group / DC Advisory 1,199 4 1 3 12 52 Duff & Phelps 1,690 1 3420.8% 48 12 21 Bank of America 6,063 3 0 3 13 8 AZ Capital 1,538 2 -62.2% 4,064 13 20 BNP Paribas 5,782 3 0 3 14 - Jefferies 1,507 4 - - 14 9 Rothschild & Co 907 3 -5 8 15 - BDT & Company 1,507 1 - - 15 23 Mediobanca 557 3 0 3 16 35 Daiwa Securities Group / DC Advisory 1,199 4 399.6% 240 16 - Evercore 324 3 3 0 17 24 Deutsche Bank 1,075 2 0.8% 1,066 17 33 Houlihan Lokey 62 3 1 2 18 20 Societe Generale 975 1 -21.1% 1,236 18 68 Clearwater International 49 3 2 1 19 1 Rothschild & Co 907 3 -89.3% 8,456 19 32 GBS Finance - 3 1 2 20 5 PwC 857 17 -84.0% 5,348 20 11 Citi 13,382 2 -5 7

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Italy league table by value Italy league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Mediobanca 10,797 6 44.0% 7,498 1 3 KPMG 849 20 -5 25 2 2 Goldman Sachs & Co 7,685 6 32.0% 5,821 2 6 EY 626 18 -1 19 3 3 JPMorgan 5,796 4 27.0% 4,562 3 1 Deloitte 281 14 -19 33 4 37 UBS Investment Bank 5,540 4 2107.2% 251 4 10 Vitale & Co 814 10 2 8 5 19 EQUITA S.I.M 5,366 2 391.4% 1,092 5 2 PwC 2,406 9 -17 26 6 7 Morgan Stanley 5,240 1 61.7% 3,240 6 4 Mediobanca 10,797 6 -15 21 7 15 Banca IMI/Intesa Sanpaolo 3,282 4 114.7% 1,529 7 15 Goldman Sachs & Co 7,685 6 1 5 8 9 Rothschild & Co 3,202 5 27.1% 2,519 8 11 Fineurop Soditic 310 6 -2 8 9 23 Bank of America 2,469 4 174.9% 898 9 7 Rothschild & Co 3,202 5 -5 10 10 4 PwC 2,406 9 -45.9% 4,449 10 5 UniCredit Group 482 5 -16 21 11 39 Colombo & Associati 1,965 2 689.2% 249 11 21 UBI Banca 171 5 1 4 12 - Zaoui & Co 1,956 1 - - 12 28 Clairfield International 118 5 2 3 13 21 BNP Paribas 1,896 3 89.8% 999 13 12 JPMorgan 5,796 4 -3 7 14 11 Lazard 1,802 2 -21.1% 2,284 14 27 UBS Investment Bank 5,540 4 1 3 15= - Deutsche Bank 1,763 1 - - 15 9 Banca IMI/Intesa Sanpaolo 3,282 4 -4 8 15= - Di Tanno e Associati 1,763 1 - - 16 24 Bank of America 2,469 4 1 3 17 - Nomura Holdings 1,519 1 - - 17 53 Scouting Capital Advisors 220 4 2 2 18 17 Citi 1,100 1 -18.0% 1,341 18 19 Oaklins 141 4 -1 5 19 8 KPMG 849 20 -67.9% 2,643 19 14 Alantra 28 4 -2 6 20 20 Vitale & Co 814 10 -19.0% 1,005 20 18 BNP Paribas 1,896 3 -2 5

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Nordics league table by value Nordics league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 4 JPMorgan 6,342 9 -72.5% 23,048 1 3 EY 710 25 -4 29 2 2 Morgan Stanley 4,046 4 -84.0% 25,322 2 1 PwC 1,062 24 -30 54 3 15 Lazard 3,626 5 -53.0% 7,715 3 2 Deloitte 220 21 -17 38 4 3 Citi 3,300 2 -86.5% 24,393 4 6 Carnegie Investment Bank 759 15 -3 18 5 11 Jamieson Corporate Finance 3,062 2 -71.4% 10,705 5 9 Danske Bank 978 14 -2 16 6 10 Credit Suisse 2,628 3 -76.0% 10,942 6 26 DNB Markets 1,231 13 6 7 7 8 SEB 2,625 7 -79.2% 12,625 7 7 KPMG - 11 -6 17 8 18 BNP Paribas 1,310 2 -73.6% 4,953 8 19 JPMorgan 6,342 9 1 8 9 73 DNB Markets 1,231 13 1823.4% 64 9 24 Pareto Securities 138 8 1 7 10= - ParkView Partners 1,198 1 - - 10 14 Oaklins 82 8 -3 11 10= - ValueTrust Financial Advisors SE 1,198 1 - - 11 5 SEB 2,625 7 -11 18 12 26 Arctic Securities 1,101 7 -18.7% 1,355 12 32 Arctic Securities 1,101 7 2 5 13 9 PwC 1,062 24 -91.3% 12,182 13 17 Rothschild & Co 406 7 -2 9 14 37 UBS Investment Bank 1,020 3 207.2% 332 14 4 ABG Sundal Collier Holding 1,018 6 -14 20 15 22 ABG Sundal Collier Holding 1,018 6 -70.5% 3,456 15 16 Nordhaven Corporate Finance 19 6 -4 10 16 17 Danske Bank 978 14 -81.2% 5,199 16 60 Translink Corporate Finance 6 6 3 3 17 29 FIH Partners 828 4 -7.9% 899 17 39 Lazard 3,626 5 1 4 18= 88 Accuracy 828 1 3842.9% 21 18 - Bryan, Garnier & Co 7 5 5 0 18= 70 Atrium Partners 828 1 1066.2% 71 19 33 Clearwater International 6 5 0 5 20 30 Alantra 780 3 11.0% 703 20 75 Capillar Advisory - 5 3 2

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Denmark league table by value Denmark league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal Count Deal 1H20 1H19 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 2 Citi 3,300 1 -69.8% 10,923 1 3 EY 332 8 -2 10 2 3 JPMorgan 1,388 2 -76.2% 5,832 2 4 Danske Bank 845 7 0 7 3 9 Danske Bank 845 7 -80.1% 4,255 3 2 PwC 64 6 -8 14 4 14 FIH Partners 828 4 -7.9% 899 4 13 FIH Partners 828 4 1 3 5= - Accuracy 828 1 - - 5 1 Deloitte 82 4 -11 15 5= 31 Atrium Partners 828 1 1066.2% 71 6 6 Clearwater International - 4 -1 5 5= 19 Credit Suisse 828 1 231.2% 250 7 5 KPMG - 3 -2 5 8 4 Barclays 772 2 -86.7% 5,807 8 11 JPMorgan 1,388 2 -1 3 9 7 Bank of America 572 2 -89.2% 5,299 9 29 Barclays 772 2 1 1 10 - Lincoln International 553 2 - - 10 12 Bank of America 572 2 -1 3

Norway league table by value Norway league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal Count Deal 1H20 1H19 Company name Value Deal Count Deal (USDm) count change count (USDm) count change count 1 13 Arctic Securities 1,101 7 -18.7% 1,355 1 4 DNB Markets 1,007 11 5 6 2 9 ABG Sundal Collier Holding 1,018 5 -63.5% 2,789 2 8 Arctic Securities 1,101 7 2 5 3 24 DNB Markets 1,007 11 1473.4% 64 3 13 Deloitte 102 7 3 4 4 26 PwC 914 3 1624.5% 53 4 1 ABG Sundal Collier Holding 1,018 5 -10 15 5 - Seabury Group 720 1 - - 5 7 Pareto Securities 121 5 0 5 6 - JPMorgan 448 2 - - 6 18 Danske Bank 112 5 2 3 7 10 Rothschild & Co 350 1 -83.6% 2,132 7 10 EY 98 5 0 5 8= - Credit Suisse 300 1 - - 8 9 Carnegie Investment Bank - 5 0 5 8= - HSBC 300 1 - - 9 3 SpareBank 1 Markets 200 4 -3 7 10 4 SpareBank 1 Markets 200 4 -95.4% 4,352 10 2 PwC 914 3 -7 10

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Sweden league table by value Sweden league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 4 JPMorgan 4,506 5 -73.8% 17,216 1 1 PwC 976 14 -18 32 2 2 Morgan Stanley 3,588 3 -82.9% 21,034 2 3 EY 340 12 -3 15 3 14 Lazard 3,499 2 83.4% 1,908 3 2 Deloitte 36 11 -8 19 4 8 Jamieson Corporate Finance 3,062 2 -69.7% 10,106 4 6 Carnegie Investment Bank 759 9 0 9 5 12 SEB 2,625 6 -55.9% 5,947 5 5 SEB 2,625 6 -6 12 6 7 Credit Suisse 1,500 1 -86.0% 10,692 6 17 JPMorgan 4,506 5 0 5 7 18 BNP Paribas 1,310 2 -3.4% 1,356 7 45 Capillar Advisory - 5 3 2 8= - ParkView Partners 1,198 1 - - 8 18 Rothschild & Co 56 4 -1 5 8= - ValueTrust Financial Advisors SE 1,198 1 - - 9 - Bryan, Garnier & Co 7 4 4 0 10 93 DNB Markets 1,138 3 - - 10= 14 KPMG - 4 -2 6 10= 46 Livingstone Partners - 4 2 2 10= 16 Oaklins - 4 -2 6 Finland league table by value Finland league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Value (USDm) count change (USDm) (USDm) count change (USDm) 1 1 Nordea 327 2 -94.4% 5,816 1 11 EY 38 6 2 4 2 43 Advium Corporate Finance 201 1 - - 2 8 Carnegie Investment Bank 47 5 1 4 3 30 MCF Corporate Finance 126 2 200.0% 42 3 1 PwC 22 4 -7 11 4 19 Arma Partners 108 1 -16.9% 130 4 5 Nordhaven Corporate Finance 19 3 -3 6 5= - Drake Star Partners 96 1 - - 5= 9 Deloitte - 3 -1 4 5= 10 Lazard 96 1 -93.9% 1,576 5= 3 KPMG - 3 -4 7 7 35 Oaklins 82 2 485.7% 14 5= - SJ Corporate - 3 3 0 8 11 Carnegie Investment Bank 47 5 -94.6% 875 8 7 Nordea 327 2 -2 4 9 52 HLP Corporate Finance 46 1 - - 9 2 MCF Corporate Finance 126 2 -6 8 10 26 EY 38 6 -44.1% 68 10 23 Oaklins 82 2 0 2

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CEE league table by value CEE league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 10 VTB Capital 5,265 9 286.0% 1,364 1 1 Deloitte - 11 -8 19 2 1 Citi 4,767 4 -48.3% 9,229 2 4 PwC - 10 0 10 3 3 JPMorgan 2,987 2 -12.8% 3,425 3 9 VTB Capital AO 5,265 9 3 6 4 8 UBS Investment Bank 2,454 4 24.3% 1,975 4 2 EY 286 8 -5 13 5= - Cushman & Wakefield 1,114 1 - - 5 5 Citi 4,767 4 -5 9 5= 5 Goldman Sachs & Co 1,114 1 -63.3% 3,038 6 14 UBS Investment Bank 2,454 4 0 4 7 - HSBC 1,098 1 - - 7 3 KPMG - 4 -8 12 8 16 Evercore 722 1 -9.8% 800 8 10 Clairfield International 458 3 -3 6 9 50 mInvestment Banking 709 2 2626.9% 26 9 82 SUMMA Advisers 32 3 2 1 10 17 BNP Paribas 701 1 -9.7% 776 10 13 JPMorgan 2,987 2 -2 4 11 45 Clairfield International 458 3 764.2% 53 11 29 mInvestment Banking 709 2 0 2 12= 2 Bank of America 458 1 -94.1% 7,801 12 39 Danske Bank 120 2 1 1 12= 22 Morgan Stanley 458 1 11.7% 410 13 25 Santander Bank Polska 58 2 0 2 14 30 Lazard 421 1 96.7% 214 14 52 Houlihan Lokey 5 2 1 1 15 18 EY 286 8 -59.6% 708 15= 78 Oaklins - 2 1 1 16 - Barclays 227 1 - - 15= 6 UniCredit Group - 2 -7 9 17 21 Danske Bank 120 2 -74.0% 461 17= - Cushman & Wakefield 1,114 1 1 0 18 - Hagberg & Aneborn Fondkommission 120 1 - - 17= 22 Goldman Sachs & Co 1,114 1 -1 2 19 86 Trigon Group 101 1 - - 19 - HSBC 1,098 1 1 0 20 26 Santander Bank Polska 58 2 -76.9% 251 20 38 Evercore 722 1 0 1

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Poland league table by value Poland league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 UBS Investment Bank 2,001 2 35.7% 1,475 1 9 Deloitte - 4 1 3 2 - JPMorgan 1,543 1 - - 2 1 PwC - 3 -2 5 3= - Citi 1,114 1 - - 3 14 UBS Investment Bank 2,001 2 1 1 3= - Cushman & Wakefield 1,114 1 - - 4 12 mInvestment Banking 709 2 0 2 3= 2 Goldman Sachs & Co 1,114 1 18.4% 941 5 3 Clairfield International 458 2 -2 4 6 - HSBC 1,098 1 - - 6 5 EY 119 2 -1 3 7 16 mInvestment Banking 709 2 2626.9% 26 7 10 Santander Bank Polska 58 2 0 2 8 - BNP Paribas 701 1 - - 8 - JPMorgan 1,543 1 1 0

Russia league table by value Russia league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 6 VTB Capital 5,265 9 286.0% 1,364 1 2 VTB Capital 5,265 9 3 6 2 1 Citi 3,653 3 -13.4% 4,216 2 3 Citi 3,653 3 -1 4 3 - Hagberg & Aneborn Fondkommission 120 1 - - 3 - Hagberg & Aneborn Fondkommission 120 1 1 0 4 9 Sberban 16 1 -98.1% 821 4 1 Sberbank 16 1 -6 7 5 - Numis Securities 15 1 - - 5 - Numis Securities 15 1 1 0

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Turkey league table by value Turkey league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1= - Aream & Co 1,800 1 - - 1= - Development and Investment Bank of Turkey 524 4 4 0 (TKYB) 1= 8 Morgan Stanley 1,800 1 990.9% 165 1= 23 KPMG 524 4 3 1 3 - UBS Investment Bank 530 1 - - 3 19 Industrial Development Bank of Turkey (TSKB) 111 3 2 1 4= - Development and Investment Bank of Turkey 524 4 - - (TKYB) 4= - Aream & Co 1,800 1 1 0 4= 23 KPMG 524 4 - - 4= 14 Morgan Stanley 1,800 1 0 1

Africa league table by value Africa league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 17 Standard Bank Group 1,910 18 634.6% 260 1 7 Standard Bank Group 1,910 18 15 3 2 - Nomura Holdings 1,455 1 - - 2 6 PwC 423 8 5 3 3 4 JPMorgan 1,298 3 -36.7% 2,050 3 10 JPMorgan 1,298 3 1 2 4 - Alpen Capital (ME) 1,000 1 - - 4 13 BNP Paribas 296 3 1 2 5 51 Barclays 923 2 - - 5 51 Barclays 923 2 1 1 6 - Robey Warshaw 575 1 - - 6 - Java Capital 441 2 - - 7 - Java Capital 441 2 - - 7 1 Lazard 216 2 -3 5 8 11 PwC 423 8 -5.4% 447 8 15 PSG Capital 61 2 0 2 9 16 BNP Paribas 296 3 12.5% 263 9 4 Rothschild & Co 13 2 -2 4 10= 57 KPMG 256 1 - - 10 - Nomura Holdings 1,455 1 - - 10= - One Capital 256 1 - -

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Americas league table by value Americas league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 154,778 75 -75.9% 641,094 1 1 Goldman Sachs & Co 154,778 75 -41 116 2 3 Morgan Stanley 132,896 66 -72.8% 488,646 2 5 Houlihan Lokey 20,019 71 -13 84 3 2 JPMorgan 103,199 68 -81.7% 564,277 3 9 Bank of America 91,991 69 -4 73 4 6 Bank of America 91,991 69 -70.2% 308,488 4 2 JPMorgan 103,199 68 -33 101 5 4 Evercore 62,837 60 -87.1% 486,168 5 3 Morgan Stanley 132,896 66 -22 88 6 16 Lazard 50,774 37 -18.2% 62,052 6 4 Evercore 62,837 60 -24 84 7 8 Barclays 48,936 45 -71.7% 172,861 7 6 Jefferies 15,650 58 -23 81 8 18 UBS Investment Bank 47,162 28 33.6% 35,308 8 10 Deloitte 2,566 46 -24 70 9 5 Citi 46,453 38 -88.5% 404,498 9 7 Barclays 48,936 45 -33 78 10 24 Rothschild & Co 45,990 39 104.3% 22,513 10 17 Piper Sandler Companies 6,916 45 -8 53 11 11 Moelis & Company 32,006 35 -74.0% 123,020 11 11 Raymond James 1,932 43 -25 68 12 7 Credit Suisse 30,885 33 -84.3% 197,225 12 20 Rothschild & Co 45,990 39 -9 48 13 56 Nomura Holdings 27,823 12 675.2% 3,589 13 8 Citi 46,453 38 -39 77 14 15 Deutsche Bank 27,245 14 -66.0% 80,217 14 12 PwC 3,196 38 -28 66 15 14 Centerview Partners 27,218 16 -68.2% 85,463 15 14 Lazard 50,774 37 -22 59 16 26 Macquarie Group 22,306 7 6.1% 21,033 16 19 Moelis & Company 32,006 35 -14 49 17 30 Houlihan Lokey 20,019 71 36.8% 14,635 17 13 Credit Suisse 30,885 33 -26 59 18= - Bain & Company 18,834 1 - - 18 22 Stifel/KBW 7,585 33 -12 45 18= 435 goetzpartners 18,834 1 - - 19 15 Lincoln International 2,116 33 -25 58 20 12 Jefferies 15,650 58 -86.4% 115,401 20 29 UBS Investment Bank 47,162 28 -3 31

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US league table by value US league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 154,778 74 -75.7% 637,725 1 1 Goldman Sachs & Co 154,778 74 -36 110 2 4 Morgan Stanley 132,442 63 -71.7% 467,285 2 3 Houlihan Lokey 20,019 70 -14 84 3 2 JPMorgan 102,030 66 -81.6% 554,846 3 2 JPMorgan 102,030 66 -24 90 4 6 Bank of America 90,948 66 -68.7% 290,785 4 9 Bank of America 90,948 66 1 65 5 3 Evercore 62,397 57 -87.1% 485,367 5 6 Morgan Stanley 132,442 63 -13 76 6 16 Lazard 50,253 34 -13.9% 58,398 6 4 Evercore 62,397 57 -25 82 7 8 Barclays 48,936 44 -70.1% 163,732 7 5 Jefferies 15,650 55 -26 81 8 23 UBS Investment Bank 41,199 26 96.0% 21,025 8 7 Barclays 48,936 44 -30 74 9 5 Citi 40,715 36 -89.8% 397,569 9 13 Piper Sandler Companies 6,868 42 -11 53 10 25 Rothschild & Co 36,485 34 87.0% 19,510 10 10 Raymond James 1,915 42 -19 61 11 11 Moelis & Company 32,006 33 -73.9% 122,823 11 8 Citi 40,715 36 -30 66 12 7 Credit Suisse 30,538 31 -83.9% 190,018 12 12 Lazard 50,253 34 -19 53 13 15 Deutsche Bank 27,245 14 -65.4% 78,810 13 22 Rothschild & Co 36,485 34 -5 39 14 14 Centerview Partners 27,218 16 -67.8% 84,589 14 17 Moelis & Company 32,006 33 -15 48 15 53 Nomura Holdings 26,368 11 715.3% 3,234 15 19 Stifel/KBW 7,585 33 -10 43 16 24 Macquarie Group 22,306 6 7.7% 20,718 16 11 Lincoln International 2,116 33 -24 57 17 30 Houlihan Lokey 20,019 70 36.8% 14,635 17 18 Deloitte 2,355 32 -16 48 18= - Bain & Company 18,834 1 - - 18 14 Credit Suisse 30,538 31 -21 52 18= 374 goetzpartners 18,834 1 - - 19 29 UBS Investment Bank 41,199 26 1 25 20 12 Jefferies 15,650 55 -86.4% 115,401 20 16 PwC 2,955 26 -26 52

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 5 Goldman Sachs & Co 127,741 48 -29.5% 181,259 1 1 Goldman Sachs & Co 127,741 48 -10 58 2 2 Morgan Stanley 106,235 46 -56.4% 243,788 2 5 Morgan Stanley 106,235 46 4 42 3 4 JPMorgan 74,645 33 -62.9% 201,294 3 9 Bank of America 64,074 41 7 34 4 9 Bank of America 64,074 41 -25.6% 86,104 4 3 Evercore 57,691 37 -6 43 5 3 Evercore 57,691 37 -75.7% 237,815 5 2 Houlihan Lokey 16,710 37 -7 44 6 14 Lazard 48,687 23 102.0% 24,103 6 8 Jefferies 10,828 37 1 36 7 18 UBS Investment Bank 35,812 15 133.2% 15,357 7 4 JPMorgan 74,645 33 -10 43 8 10 Barclays 33,959 22 -48.9% 66,466 8 15 Lazard 48,687 23 -3 26 9 24 Rothschild & Co 29,231 18 342.9% 6,600 9 24 Piper Sandler Companies 897 23 4 19 10 16 Credit Suisse 26,114 22 47.5% 17,699 10 7 Barclays 33,959 22 -17 39

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 11,629 14 -95.8% 276,777 1 3 Houlihan Lokey 4,589 17 -6 23 2 6 Bank of America 11,457 12 -89.8% 112,512 2 11 Stifel/KBW 800 15 -6 21 3 5 Credit Suisse 9,920 9 -91.9% 121,964 3 1 Goldman Sachs & Co 11,629 14 -20 34 4 9 Citi 8,700 8 -87.8% 71,049 4 15 Raymond James 112 13 0 13 5 4 Morgan Stanley 6,795 5 -96.6% 200,737 5 12 Bank of America 11,457 12 -5 17 6 7 Barclays 6,344 9 -93.9% 104,655 6 10 Jefferies 1,991 12 -9 21 7 10 Centerview Partners 5,772 5 -87.8% 47,484 7 7 Robert W. Baird & Co 898 12 -10 22 8 26 UBS Investment Bank 5,655 7 277.0% 1,500 8 4 Lincoln International 650 11 -12 23 9 19 Houlihan Lokey 4,589 17 -39.3% 7,564 9 2 JPMorgan 4,218 10 -15 25 10 13 Wells Fargo Securities 4,517 5 -80.8% 23,552 10 8 William Blair & Company 1,581 10 -12 22

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Goldman Sachs & Co 26,330 24 -90.7% 282,285 1 3 Houlihan Lokey 6,469 35 -4 39 2 8 Morgan Stanley 25,828 17 -66.2% 76,416 2 2 Jefferies 8,364 25 -15 40 3 2 JPMorgan 21,687 24 -90.3% 223,493 3 1 Goldman Sachs & Co 26,330 24 -22 46 4 4 Evercore 16,675 21 -89.1% 153,582 4 7 JPMorgan 21,687 24 -9 33 5 3 Bank of America 12,018 19 -92.9% 169,489 5 9 Piper Sandler Companies 5,375 23 -7 30 6 7 Credit Suisse 9,069 9 -90.0% 90,748 6 5 Evercore 16,675 21 -15 36 7 9 Jefferies 8,364 25 -88.5% 73,027 7 8 Bank of America 12,018 19 -12 31 8 19 Guggenheim Partners 8,235 5 -41.5% 14,066 8 6 Raymond James 713 19 -17 36 9 15 PJT Partners 6,582 4 -70.9% 22,625 9 10 Morgan Stanley 25,828 17 -12 29 10 35 Stifel/KBW 6,517 9 106.4% 3,158 10 19 Harris Williams 3,507 16 0 16

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 4 Morgan Stanley 32,391 19 -30.4% 46,534 1 2 Goldman Sachs & Co 31,730 25 -6 31 2 1 Goldman Sachs & Co 31,730 25 -66.6% 94,972 2 3 JPMorgan 22,386 25 -3 28 3 3 Bank of America 28,252 23 -44.2% 50,596 3 12 Bank of America 28,252 23 3 20 4 2 JPMorgan 22,386 25 -68.3% 70,622 4 1 Jefferies 8,329 23 -9 32 5 7 Citi 18,515 12 -37.2% 29,477 5 14 Morgan Stanley 32,391 19 0 19 6 17 Barclays 16,067 15 11.1% 14,462 6 7 Raymond James 1,401 19 -5 24 7 14 Centerview Partners 12,063 7 -26.9% 16,502 7 4 Evercore 6,529 18 -8 26 8 6 Credit Suisse 9,615 11 -76.6% 41,129 8 6 Houlihan Lokey 1,645 16 -9 25 9 15 Qatalyst Group 9,455 4 -42.4% 16,427 9 8 Barclays 16,067 15 -8 23 10 13 Jefferies 8,329 23 -49.6% 16,537 10 9 Moelis & Company 3,644 15 -7 22

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Canada league table by value Canada league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 27 National Bank Financial 13,605 11 409.2% 2,672 1 7 PwC 212 13 -2 15 2 4 Morgan Stanley 9,056 5 -57.5% 21,308 2 11 Scotiabank 7,304 12 0 12 3 40 Rothschild & Co 8,959 3 1019.9% 800 3 8 BMO Capital Markets 7,185 12 -1 13 4 - Societe Generale 8,959 2 - - 4 15 National Bank Financial 13,605 11 2 9 5 32 Scotiabank 7,304 12 372.8% 1,545 5 2 RBC Capital Markets 3,987 9 -11 20 6 8 BMO Capital Markets 7,185 12 -58.3% 17,214 6 1 Deloitte 151 8 -16 24 7 6 Citi 6,934 5 -65.0% 19,836 7 6 CIBC World Markets 5,926 6 -9 15 8 3 UBS Investment Bank 6,798 3 -70.6% 23,099 8 25 Houlihan Lokey 1,210 6 0 6 9 2 Goldman Sachs & Co 5,940 5 -76.7% 25,530 9 3 Canaccord Genuity Group 168 6 -12 18 10 13 CIBC World Markets 5,926 6 -44.8% 10,730 10 4 Morgan Stanley 9,056 5 -11 16 11 7 JPMorgan 5,756 2 -67.4% 17,657 11 17 Citi 6,934 5 -3 8 12 - Rockefeller Capital Management 5,535 1 - - 12 13 Goldman Sachs & Co 5,940 5 -5 10 13 1 Bank of America 5,380 5 -81.3% 28,728 13 19 Bank of America 5,380 5 -2 7 14 5 TD Securities 4,411 5 -79.2% 21,205 14 5 TD Securities 4,411 5 -10 15 15 45 HSBC 4,015 3 696.6% 504 15 20 Barclays 1,335 5 -2 7 16 9 RBC Capital Markets 3,987 9 -73.0% 14,780 16 14 Credit Suisse 3,419 4 -6 10 17 10 Credit Suisse 3,419 4 -75.2% 13,810 17 26 Cormark Securities 332 4 -2 6 18 76 Nomura Holdings 2,868 2 4931.6% 57 18 59 Piper Sandler Companies 48 4 2 2 19= 35 Evercore 2,000 1 72.4% 1,160 19 148 Oaklins 21 4 3 1 19= 62 Harris Williams 2,000 1 900.0% 200 20= 23 Jefferies - 4 -2 6 20= 18 KPMG - 4 -4 8

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Americas Advisory League tables

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 BR Partners 1,286 6 -88.4% 11,131 1 1 Banco Itau BBA 525 13 -5 18 2 5 Bank of America 1,043 3 -88.1% 8,738 2 10 Deloitte 140 8 1 7 3 17 JPMorgan 1,003 2 -19.6% 1,248 3 13 BR Partners 1,286 6 0 6 4= 23 BNP Paribas 656 1 -18.5% 805 4 18 Banco Bradesco BBI 246 6 2 4 4= 70 Core Assessoria Financeira 656 1 - - 5 5 Santander Corporate Investment Banking 189 4 -5 9 (SCIB) 6 - Standard Bank Group 648 1 - - 6 2 Banco BTG Pactual 95 4 -11 15 7 7 Banco Itau BBA 525 13 -90.9% 5,769 7 8 Bank of America 1,043 3 -5 8 8 1 Morgan Stanley 519 3 -96.7% 15,879 8 6 Morgan Stanley 519 3 -5 8 9 71 EY 454 3 - - 9 71 EY 454 3 2 1 10 10 UBS Investment Bank 350 1 -92.9% 4,919 10 14 Scotiabank 330 3 -2 5 11 19 Scotiabank 330 3 -67.6% 1,018 11 19 JPMorgan 1,003 2 -2 4 12 - DH Capital 280 1 - - 12 3 Citi 203 2 -8 10 13 - RBC Capital Markets 263 1 - - 13 23 Evercore 140 2 -1 3 14 13 Banco Bradesco BBI 246 6 -87.6% 1,987 14 16 Credit Suisse 128 2 -3 5 15 6 Citi 203 2 -96.6% 5,898 15 9 Oaklins 65 2 -6 8 16 3 Santander Corporate Investment Banking 189 4 -98.2% 10,334 (SCIB) 16 77 PwC 29 2 1 1 17 22 Deloitte 140 8 -85.7% 977 17 4 Rothschild & Co 25 2 -8 10 18 18 Evercore 140 2 -87.8% 1,151 18 11 Vinci Partners 12 2 -5 7 19 - Prisma Capital 140 1 - - 19= 33 Banco Bilbao Vizcaya Argentaria - 2 0 2 20 30 Credit Suisse 128 2 -76.1% 536 19= - Financiera de Desarrollo Nacional - 2 2 0 19= 12 Global M&A Partners - 2 -5 7 19= 21 Lazard - 2 -1 3

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Brazil America league table by value Brazil America league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 BR Partners 1,286 6 -88.4% 11,131 1 1 Banco Itau BBA 428 10 -7 17 2 4 Bank of America 840 2 -90.1% 8,508 2 5 BR Partners 1,286 6 0 6 3= 18 BNP Paribas 656 1 -16.2% 783 3 11 Banco Bradesco BBI 246 6 2 4 3= 41 Core Assessoria Financeira 656 1 - - 4 33 Deloitte 95 3 2 1 5= 25 JPMorgan 648 1 315.4% 156 5 6 Bank of America 840 2 -4 6 5= - Standard Bank Group 648 1 - - 6 7 Morgan Stanley 519 2 -3 5 7 1 Morgan Stanley 519 2 -96.4% 14,437 7 - EY 454 2 - - 8 - EY 454 2 - - 8 28 Evercore 140 2 1 1 9 6 Banco Itau BBA 428 10 -92.1% 5,414 9 2 Banco BTG Pactual 48 2 -11 13 10 - DH Capital 280 1 - - 10 3 Rothschild & Co 25 2 -7 9

mergermarket.com Mergermarket Global & Regional League Tables 70 M&A Report 1H20

Asia Pacific Advisory League tables

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 3 JPMorgan 25,231 18 -19.6% 31,366 1 3 Deloitte 11,783 44 -4 48 2 2 Goldman Sachs & Co 22,778 17 -44.9% 41,310 2 1 PwC 4,123 43 -40 83 3 6 Morgan Stanley 22,417 20 -14.2% 26,128 3 4 EY 7,072 39 3 36 4 15 HSBC 22,167 10 73.4% 12,781 4 2 KPMG 2,756 27 -22 49 5 9 UBS Investment Bank 14,185 11 -39.6% 23,476 5 6 Morgan Stanley 22,417 20 -3 23 6 4 Credit Suisse 14,077 13 -49.9% 28,101 6 9 China International Capital Corporation 13,286 19 -1 20 7 23 China International Capital Corporation 13,286 19 42.0% 9,359 7 14 JPMorgan 25,231 18 1 17 8 1 Bank of America 13,184 15 -69.2% 42,781 8 11 Goldman Sachs & Co 22,778 17 -2 19 9 13 Deloitte 11,783 44 -23.9% 15,490 9 10 Bank of America 13,184 15 -4 19 10 12 Barclays 11,728 4 -29.8% 16,716 10 5 CITIC Securities 8,572 15 -10 25 11 85 Greenhill & Co 10,668 2 1351.4% 735 11 7 Citi 7,615 15 -5 20 12 - The Quant Group 10,576 1 - - 12 13 Credit Suisse 14,077 13 -5 18 13 64 Houlihan Lokey 8,792 5 634.5% 1,197 13 12 UBS Investment Bank 14,185 11 -8 19 14 5 CITIC Securities 8,572 15 -68.2% 26,937 14 23 HSBC 22,167 10 0 10 15 56 ANZ Bank 8,007 1 391.2% 1,630 15 17 Macquarie Group 2,966 9 -7 16 16 7 Citi 7,615 15 -69.6% 25,011 16 15 Huatai Securities 1,444 8 -9 17 17 31 EY 7,072 39 28.3% 5,512 17 29 Somerley Capital 6,888 7 -1 8 18 26 Somerley Capital 6,888 7 -7.4% 7,440 18 22 RBSA Advisors 4,595 7 -4 11 19 33 Lazard 6,582 5 36.9% 4,808 19 42 Nomura Holdings 2,919 7 2 5 20 159 The Anglo Chinese Group 6,157 1 4600.0% 131 20 8 Rothschild & Co 2,328 7 -13 20

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Asia Pacific Advisory League tables

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 JPMorgan 24,503 16 -12.7% 28,076 1 4 EY 7,034 35 3 32 2 13 HSBC 22,167 10 73.4% 12,781 2 1 PwC 3,860 33 -31 64 3 4 Morgan Stanley 18,031 16 -26.2% 24,446 3 2 Deloitte 11,126 29 -6 35 4 3 Goldman Sachs & Co 15,515 9 -38.8% 25,341 4 6 China International Capital Corporation 13,286 19 -1 20 5 19 China International Capital Corporation 13,286 19 42.0% 9,359 5 12 JPMorgan 24,503 16 1 15 6 8 Credit Suisse 12,731 11 -28.9% 17,913 6 7 Morgan Stanley 18,031 16 -3 19 7 15 UBS Investment Bank 12,197 6 6.6% 11,447 7 5 CITIC Securities 8,572 15 -10 25 8 12 Deloitte 11,126 29 -16.3% 13,285 8 3 KPMG 2,397 15 -18 33 9 10 Barclays 10,728 3 -30.0% 15,334 9 10 Credit Suisse 12,731 11 -6 17 10= 253 Greenhill & Co 10,576 1 - - 10 20 HSBC 22,167 10 0 10 10= - The Quant Group 10,576 1 - - 11 8 Citi 6,674 10 -8 18 12 5 Bank of America 9,108 8 -61.5% 23,628 12 15 Goldman Sachs & Co 15,515 9 -4 13 13 2 CITIC Securities 8,572 15 -68.2% 26,937 13 13 Bank of America 9,108 8 -7 15 14 50 ANZ Bank 8,007 1 391.2% 1,630 14 9 Huatai Securities 1,444 8 -9 17 15 88 Houlihan Lokey 7,923 3 1668.5% 448 15 24 Somerley Capital 6,888 7 -1 8 16 32 EY 7,034 35 56.1% 4,505 16 19 RBSA Advisors 4,595 7 -4 11 17 22 Somerley Capital 6,888 7 -7.4% 7,440 17 22 China Renaissance Holdings 1,865 7 -3 10 18 6 Citi 6,674 10 -70.9% 22,905 18 16 China Securities 1,392 7 -5 12 19 138 The Anglo Chinese Group 6,157 1 4600.0% 131 19 14 JM Financial 1,276 7 -7 14 20 29 Lazard 5,556 2 17.3% 4,738 20 21 UBS Investment Bank 12,197 6 -4 10

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Asia Pacific Advisory League tables

Australasia league table by value Australasia league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Goldman Sachs & Co 9,258 10 -45.8% 17,092 1 3 Deloitte 657 16 1 15 2 18 Morgan Stanley 4,386 4 108.7% 2,102 2 2 KPMG 359 12 -5 17 3 1 Bank of America 4,076 7 -78.7% 19,153 3 6 Goldman Sachs & Co 9,258 10 1 9 4 36 Moelis & Company 3,164 5 873.5% 325 4 1 PwC 263 10 -11 21 5 4 Macquarie Group 2,966 8 -71.9% 10,548 5 4 Macquarie Group 2,966 8 -4 12 6 - The Bank Street Group 2,900 1 - - 6 13 Bank of America 4,076 7 3 4 7 12 Grant Samuel 2,546 4 -24.3% 3,363 7 5 UBS Investment Bank 2,345 6 -4 10 8 3 UBS Investment Bank 2,345 6 -82.6% 13,504 8 28 Citi 2,055 6 4 2 9 17 Citi 2,055 6 -2.4% 2,106 9 11 Moelis & Company 3,164 5 0 5 10 5 Credit Suisse 1,736 3 -83.0% 10,188 10 16 EY 428 5 1 4 11 9 JPMorgan 1,178 4 -76.8% 5,070 11 9 Morgan Stanley 4,386 4 -2 6 12 - Cushman & Wakefield 1,114 1 - - 12 20 Grant Samuel 2,546 4 1 3 13 53 Lazard 1,026 3 1365.7% 70 13 19 JPMorgan 1,178 4 1 3 14 14 Nomura Holdings 1,026 2 -66.0% 3,019 14 42 Miles Advisory Partners - 4 2 2 15 20 Barclays 1,000 1 -27.6% 1,382 15 43 Credit Suisse 1,736 3 2 1 16 27 Houlihan Lokey 869 2 16.0% 749 16 63 Lazard 1,026 3 2 1 17 15 Deloitte 657 16 -74.8% 2,608 17 24 Cameron Partners 612 3 0 3 18 40 Blackpeak Capital 618 1 149.2% 248 18 - Hartleys 180 3 3 0 19 39 Cameron Partners 612 3 137.2% 258 19 27 Allier Capital 9 3 0 3 20 22 EY 428 5 -57.5% 1,007 20 47 Nomura Holdings 1,026 2 1 1

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 4 China International Capital Corporation 13,286 19 42.0% 9,359 1 2 China International Capital Corporation 13,286 19 -1 20 2 5 HSBC 10,093 7 10.0% 9,174 2 1 CITIC Securities 8,572 15 -10 25 3 1 CITIC Securities 8,572 15 -68.2% 26,937 3 5 Deloitte 649 13 -1 14 4 64 Houlihan Lokey 7,923 3 1668.5% 448 4 3 Huatai Securities 1,444 8 -9 17 5 93 The Anglo Chinese Group 6,157 1 4600.0% 131 5 11 HSBC 10,093 7 -1 8 6 - Lianchu Securities 5,495 2 - - 6 9 China Renaissance Holdings 1,865 7 -3 10 7 66 Minsheng Securities 5,440 2 1291.3% 391 7 6 China Securities 1,392 7 -5 12 8 11 Tianfeng Securities 4,416 3 -30.9% 6,394 8 12 Somerley Capital 3,957 6 -2 8 9 7 Somerley Capital 3,957 6 -46.8% 7,440 9 42 Citi 3,187 6 3 3 10 35 Citi 3,187 6 157.6% 1,237 10 20 Credit Suisse 2,857 6 1 5 11 54 Platinum Securities Company 3,073 3 359.3% 669 11 32 Bank of America 2,172 5 1 4 12 8 Credit Suisse 2,857 6 -58.7% 6,916 12 17 ZTF Securities 1,565 5 -1 6 13 40 Bank of America 2,172 5 95.3% 1,112 13 13 Shenwan Hongyuan Group 408 5 -3 8 14 31 Morgan Stanley 1,916 3 15.9% 1,653 14 - Altus Capital 1,284 4 4 0 15 19 China Renaissance Holdings 1,865 7 -48.4% 3,613 15 21 Goldman Sachs & Co 1,077 4 -1 5 16 37 ZTF Securities 1,565 5 27.3% 1,229 16 53 Central China Securities 556 4 2 2 17 2 Huatai Securities 1,444 8 -93.3% 21,653 17 8 Haitong Securities 287 4 -7 11 18 - Trinity Corporate Finance 1,405 2 - - 18 4 Guotai Junan Securities 239 4 -13 17 19 3 China Securities 1,392 7 -88.8% 12,441 19 - Messis Capital 108 4 4 0 20 - Altus Capital 1,284 4 - - 20 88 Houlihan Lokey 7,923 3 2 1

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India league table by value India league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 12 Morgan Stanley 15,271 11 810.6% 1,677 1 1 EY 5,094 23 0 23 2 13 Bank of America 6,658 2 333.2% 1,537 2 10 Morgan Stanley 15,271 11 5 6 3 7 EY 5,094 23 41.3% 3,606 3 3 RBSA Advisors 4,595 7 -4 11 4 5 RBSA Advisors 4,595 7 -8.6% 5,027 4 2 JM Financial 1,276 7 -6 13 5 24 SBI Capital Markets 2,942 3 1179.1% 230 5 11 Citi 1,923 4 -1 5 6 11 Citi 1,923 4 13.8% 1,690 6 32 SBI Capital Markets 2,942 3 2 1 7 - Nomura Holdings 1,695 2 - - 7 - Arpwood Capital 1,515 3 3 0 8 10 KPMG 1,525 2 -26.9% 2,087 8 30 JPMorgan 1,038 3 2 1 9 - Arpwood Capital 1,515 3 - - 9 21 Rothschild & Co 510 3 0 3 10 4 Deloitte 1,505 1 -71.8% 5,329 10 - Oaklins 150 3 3 0

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 PwC 3,581 28 -62.4% 9,523 1 1 PwC 3,581 28 -16 44 2 11 JPMorgan 3,074 6 121.5% 1,388 2 2 KPMG 827 9 -3 12 3 - KB Securities 2,138 3 - - 3 3 Deloitte 815 9 1 8 4 7 Goldman Sachs & Co 1,867 1 -34.5% 2,852 4 10 JPMorgan 3,074 6 3 3 5 13 EY 1,242 5 84.0% 675 5 6 EY 1,242 5 -1 6 6 - ZTF Securities 1,100 1 - - 6 - KB Securities Co 2,138 3 3 0 7 5 KPMG 827 9 -79.2% 3,983 7 17 NH Investment & Securities 490 3 2 1 8 6 Deloitte 815 9 -73.0% 3,021 8 31 KR & Partners 111 3 2 1 9= - BNP Paribas 603 1 - - 9 9 Samsung Securities 593 2 -1 3 9= - ING 603 1 - - 10 4 Credit Suisse 446 2 -4 6

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Asia Pacific Advisory League tables

Japan league table by value Japan league table by deal count

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Morgan Stanley 12,270 12 -32.7% 18,238 1 1 Nomura Holdings 11,992 29 -4 33 2 2 Nomura Holdings 11,992 29 -21.3% 15,235 2 2 Deloitte 11,599 26 -5 31 3 8 Deloitte 11,599 26 178.3% 4,168 3 7 Sumitomo Mitsui Financial Group 2,800 23 5 18 4 3 Goldman Sachs & Co 4,447 4 -45.8% 8,201 4 3 Morgan Stanley 12,270 12 -11 23 5 29 Plutus Consulting 4,109 7 378.9% 858 5 5 Mizuho Financial Group 2,202 12 -9 21 6 15 Bank of America 3,722 5 44.3% 2,580 6 8 GCA Corporation 1,155 9 -4 13 7 17 Daiwa Securities Group / DC Advisory 3,301 8 48.9% 2,217 7 4 Daiwa Securities Group / DC Advisory 3,301 8 -15 23 8 16 Sumitomo Mitsui Financial Group 2,800 23 21.8% 2,299 8 6 PwC 288 8 -11 19 9 4 Mizuho Financial Group 2,202 12 -67.1% 6,698 9 10 Plutus Consulting 4,109 7 -1 8 10 5 JPMorgan 1,517 3 -72.1% 5,446 10 9 EY 1,396 7 -1 8

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 JPMorgan 19,748 5 -10.6% 22,086 1 3 Deloitte 8,537 12 5 7 2 6 Goldman Sachs & Co 12,848 5 -11.0% 14,438 2 12 JPMorgan 19,748 5 2 3 3 11 UBS Investment Bank 11,258 3 118.6% 5,151 3 13 Goldman Sachs & Co 12,848 5 2 3 4 13 HSBC 11,198 3 186.6% 3,907 4 22 EY 589 5 2 3 5= 5 Barclays 10,576 1 -29.5% 15,009 5 - M&A Securities 132 4 4 0 5= - Greenhill & Co 10,576 1 - - 6 10 UBS Investment Bank 11,258 3 -1 4 5= - The Quant Group 10,576 1 - - 7 14 HSBC 11,198 3 0 3 8 10 Credit Suisse 8,912 3 21.8% 7,319 8 6 Credit Suisse 8,912 3 -3 6 9 18 Deloitte 8,537 12 382.6% 1,769 9 4 Morgan Stanley 903 3 -3 6 10 19 ANZ Bank 8,007 1 391.2% 1,630 10 28 ING 662 3 1 2

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Private Equity Advisory League tables*

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 9 UBS Investment Bank 26,117 9 49.6% 17,461 1 1 PwC 2,113 29 -10 39 2 11 Rothschild & Co 22,730 9 75.1% 12,980 2 4 KPMG 381 16 -8 24 3 73 Bain & Company 18,941 2 11174.4% 168 3 2 Deloitte 481 14 -22 36 4 156 goetzpartners 18,834 1 - - 4 5 Goldman Sachs & Co 15,038 13 -7 20 5 1 Bank of America 17,227 11 -63.7% 47,419 5 12 JPMorgan 16,168 12 0 12 6 5 JPMorgan 16,168 12 -40.5% 27,180 6 3 EY 373 12 -16 28 7 6 Goldman Sachs & Co 15,038 13 -24.8% 19,987 7 7 Bank of America 17,227 11 -3 14 8 2 Morgan Stanley 13,056 7 -70.9% 44,920 8 13 UBS Investment Bank 26,117 9 -3 12 9 3 Barclays 7,665 8 -77.7% 34,349 9 27 Rothschild & Co 22,730 9 3 6 10 14 RBC Capital Markets 7,647 7 -26.8% 10,442 10 17 Alantra 718 9 -2 11

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 6 Goldman Sachs & Co 7,116 5 -50.7% 14,440 1 9 JPMorgan 3,608 7 2 5 2 5 JPMorgan 3,608 7 -77.0% 15,670 2 13 UBS Investment Bank 2,295 7 3 4 3 3 Bank of America 3,255 5 -87.5% 26,127 3 3 Goldman Sachs & Co 7,116 5 -5 10 4 16 William Blair & Company 3,000 5 66.7% 1,800 4 8 Bank of America 3,255 5 0 5 5 48 Harris Williams 3,000 2 - - 5 19 William Blair & Company 3,000 5 2 3 6 50 Lazard 2,725 1 - - 6 2 Evercore 1,913 5 -6 11 7 - Union Square Advisors 2,500 1 - - 7 15 PwC 433 5 1 4 8 12 UBS Investment Bank 2,295 7 -28.6% 3,213 8 4 Jefferies 2,075 4 -5 9 9 20 Guggenheim Partners 2,263 2 201.7% 750 9 - Houlihan Lokey - 4 4 0 10 11 Jefferies 2,075 4 -59.8% 5,166 10 1 Barclays 1,750 3 -8 11

*Based on advisors to bidder on buyout deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 77 M&A Report 1H20

Private Equity Advisory League tables*

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 5 UBS Investment Bank 23,822 2 179.2% 8,533 1 5 KPMG 292 13 1 12 2 2 Rothschild & Co 21,046 8 77.9% 11,832 2 2 PwC 501 12 -13 25 3 48 Bain & Company 18,941 2 11174.4% 168 3 3 EY 359 10 -14 24 4 109 goetzpartners 18,834 1 - - 4 6 Alantra 718 9 -2 11 5 3 JPMorgan 12,070 4 4.9% 11,510 5 1 Deloitte 235 9 -18 27 6 1 Bank of America 11,691 3 -24.8% 15,548 6 27 Rothschild & Co 21,046 8 5 3 7 11 Morgan Stanley 10,257 3 130.3% 4,453 7 10 Goldman Sachs & Co 6,958 6 -1 7 8 13 Goldman Sachs & Co 6,958 6 81.0% 3,844 8 20 Clearwater International 64 6 1 5 9 8 Citi 6,033 2 -3.8% 6,271 9 11 Daiwa Securities Group / DC Advisory 684 5 -2 7 10 7 Barclays 5,915 3 -20.7% 7,459 10 14 Grant Thornton 22 5 -1 6

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 1 Bank of America 2,281 3 -60.3% 5,744 1 1 PwC 1,079 10 1 9 2 17 Macquarie Group 1,817 1 1111.3% 150 2 3 Deloitte 246 5 1 4 3 11 PwC 1,079 10 55.3% 695 3 4 Bank of America 2,281 3 0 3 4 4 Goldman Sachs & Co 964 2 -32.4% 1,426 4 2 KPMG 89 3 -4 7 5 - JPMorgan 490 1 - - 5 8 Goldman Sachs & Co 964 2 0 2 6 - China International Capital Corporation 489 1 - - 6 18 DBS Bank 472 2 1 1 7 18 DBS Bank 472 2 249.6% 135 7 - KB Securities Co 271 2 2 0 8 5 Samsung Securities Co 435 1 -62.7% 1,165 8 17 Macquarie Group 1,817 1 0 1 9 - KB Securities Co 271 2 - - 9 - JPMorgan 490 1 1 0 10 - Daiwa Securities Group / DC Advisory 247 1 - - 10 - China International Capital Corporation 489 1 1 0

*Based on advisors to bidder on buyout deals with target dominant geography being Europe and Asia-Pacific (excl. Japan) mergermarket.com Mergermarket Global & Regional League Tables 78 M&A Report 1H20

Private Equity Advisory League tables*

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 4 Goldman Sachs & Co 21,805 12 -25.4% 29,245 1 2 Rothschild & Co 10,774 22 -14 36 2 2 Citi 17,038 10 -70.3% 57,304 2 1 Jefferies 6,218 22 -14 36 3 9 Morgan Stanley 16,603 14 18.2% 14,050 3 8 Houlihan Lokey 4,265 22 -3 25 4 12 UBS Investment Bank 15,397 8 50.0% 10,268 4 3 Lincoln International 2,640 15 -21 36 5 1 Bank of America 11,555 8 -82.3% 65,270 5 9 Raymond James 1,023 15 -8 23 6 11 Rothschild & Co 10,774 22 2.8% 10,482 6 16 Morgan Stanley 16,603 14 -4 18 7 3 Evercore 10,596 14 -76.4% 44,894 7 13 Evercore 10,596 14 -6 20 8 6 Barclays 9,536 4 -53.1% 20,345 8 15 Piper Sandler Companies 600 14 -6 20 9 8 Credit Suisse 9,057 8 -40.5% 15,220 9 6 Goldman Sachs & Co 21,805 12 -13 25 10 22 Jamieson Corporate Finance 7,385 7 125.8% 3,270 10 4 William Blair & Company 2,191 12 -22 34

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 4 Goldman Sachs & Co 17,950 6 -12.3% 20,459 1 5 Houlihan Lokey 3,065 18 -2 20 2 1 Bank of America 9,575 4 -83.4% 57,827 2 4 Jefferies 3,190 12 -10 22 3 9 Morgan Stanley 8,779 8 -14.0% 10,214 3 7 Piper Sandler Companies 564 11 -8 19 4 2 Citi 8,404 4 -82.6% 48,342 4 1 Lincoln International 1,950 10 -16 26 5 11 UBS Investment Bank 7,900 3 -10.4% 8,816 5 2 Harris Williams 2,847 9 -16 25 6 13 Credit Suisse 7,370 4 -2.9% 7,590 6 3 William Blair & Company 1,822 9 -14 23 7 5 Barclays 7,100 2 -64.7% 20,136 7 13 Morgan Stanley 8,779 8 -3 11 8 3 Evercore 6,561 6 -84.6% 42,727 8 10 Robert W. Baird & Co 863 8 -7 15 9 16 Lazard 3,865 5 42.0% 2,722 9 8 Raymond James 470 7 -10 17 10 7 Jefferies 3,190 12 -74.4% 12,453 10 9 Goldman Sachs & Co 17,950 6 -9 15

*Based on advisors to target/seller on exit deals with target dominant geography being Global and US mergermarket.com Mergermarket Global & Regional League Tables 79 M&A Report 1H20

Private Equity Advisory League tables*

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1 2 Rothschild & Co 8,239 19 -13.7% 9,544 1 1 Rothschild & Co 8,239 19 -10 29 2 26 UBS Investment Bank 7,497 5 620.2% 1,041 2 3 KPMG 579 11 -2 13 3 4 Citi 7,452 2 -1.1% 7,536 3 6 Jefferies 3,028 9 -1 10 4 21 Morgan Stanley 7,181 4 381.9% 1,490 4 16 Raymond James 553 8 2 6 5= - National Bank Financial 5,535 1 - - 5 44 Clearwater International 178 8 5 3 5= - Rockefeller Capital Management 5,535 1 - - 6 5 Deloitte 370 6 -5 11 7 41 HSBC 4,995 3 927.8% 486 7 27 Arma Partners 367 6 2 4 8 12 Jamieson Corporate Finance 4,185 5 60.4% 2,609 8 26 UBS Investment Bank 7,497 5 1 4 9 11 Jefferies 3,028 9 15.4% 2,624 9 8 Jamieson Corporate Finance 4,185 5 -3 8 10 5 Lazard 2,474 4 -63.1% 6,697 10 24 Evercore 2,035 5 1 4

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

Ranking 1H20 1H19 Ranking 1H20 1H19

1H20 1H19 Company name Value Deal % Value Value 1H20 1H19 Company name Value Deal Count Deal (USDm) count change (USDm) (USDm) count change count 1= - Goldman Sachs & Co 1,817 1 - - 1 1 PwC 383 5 0 5 1= - Grant Samuel 1,817 1 - - 2 - JPMorgan 271 2 2 0 3 13 Citi 539 1 26.5% 426 3 3 Deloitte - 2 -1 3 4 18 PwC 383 5 85.9% 206 4= - Goldman Sachs & Co 1,817 1 1 0 5 - JPMorgan 271 2 - - 4= - Grant Samuel 1,817 1 1 0 6= - EY 123 1 - - 6 15 Citi 539 1 0 1 6= - Korea Development Bank 123 1 - - 7= - EY 123 1 1 0 8 - FTI Consulting 59 1 - - 7= - Korea Development Bank 123 1 1 0 9 - Spark Capital 47 1 - - 9 - FTI Consulting 59 1 1 0 10 - KR & Partners 41 1 - - 10 - Spark Capital 47 1 1 0

*Based on advisors to target/seller on exit deals with target dominant geography being Europe and Asia-Pacific (excl. Japan) mergermarket.com Mergermarket Global & Regional Criteria & Contacts 80 M&A Report 1H20

Criteria Contacts Head Analyst (Americas) EMEA All data is based on transactions over USD 5m and is Production Philip Segal Michael Richards based on the Mergermarket’s M&A deals database. Global Editorial Analytics [email protected] [email protected] Director +1 212 574 7877 +44 20 3741 1423

Deals with undisclosed deal values are included where Beranger Guille Research Relationship [email protected] Manager (Americas) +44 20 3741 1186 the target’s turnover exceeds USD 10m. Deals where Commercial Viviana Balan Head of Research (Asia) [email protected] the effective stake acquired is less than 30% will only Americas +1 646 378 3145 Gerry Tee Kurt Viehl be included if the value is greater than USD 100m. [email protected] Senior Research Analyst [email protected] +852 2158 9741 (APAC) +1 212 390 7812 Full deal inclusion criteria can be found here. Head of Research (EMEA) Danni Sun Trend data: Based on the dominant Top deals: Based on the dominant geography Asia [email protected] geography of the target company and of the target company. Andrea Putaturo +86 21 3857 7025 excludes lapsed and withdrawn bids. Sector [email protected] Laurence Edwards League tables: Based on the dominant [email protected] trends based on the dominant sector of the +44 20 3741 1274 Research Analyst (APAC) geography of the target, bidder or seller, and +852 2158 9771 target. excludes lapsed and withdrawn bids. Private Deputy Head of Research (EMEA) Shiyue Ran EMEA Global cross-border M&A: Based on the equity buyout league tables are based on [email protected] dominant geography of the target and bidder advisors advising the bidder only on buyout Marie-Laure Keyrouz +86 21 3857 7039 Ben Rumble company being in a different region. deals with target dominant geography being [email protected] +44 20 3741 1282 [email protected] the country/region and excludes lapsed and Junior Graphics Designer Inbound: Global/US/Japan: The dominant +44 20 3741 1007 withdrawn bids. Private equity exit league geography of the target is X and the dominant Research Editor (APAC) Carmen Wong tables based on advisors advising the target/ Press Relations geography of the bidder is any other country [email protected] seller on exit deal with target dominant Riccardo Ghia excluding X. Europe/Asia/Africa & Middle East: +852 2158 9770 geography being the country/region and [email protected] Americas The dominant geography of the target is X excludes lapsed and withdrawn bids. +852 2158 9704 and the dominant geography of the bidder is Lindsay Spivak any other region excluding X. All values are in USD Research Editor (EMEA) [email protected] M&A Trends and Top Deals correct as of 9am Deal Submissions +1 212-390-7801 Outbound: Global/US/Japan: The dominant (GMT), 01-Jul-2020. Jonathan Klonowski geography of the bidder is X and the [email protected] Americas Asia dominant geography of the target is any other Cut off date 30-Jun-2020 +44 20 3741 1293 country excluding X. Europe/Asia/Africa & Jason Loria Candy Tam League Tables correct as of 9am (GMT), [email protected] Middle East: The dominant geography of the Global PE Specialist [email protected] 02-Jul-2020. Cut off date 30-Jun-2020. +1 646 378 3122 +852 2158 9706 bidder is X and the dominant geography of Mate Taczman the target is any other region excluding X. [email protected] Asia EMEA +44 20 3741 1361 John Capulong Lauren Loveday Data-driven Content Coodinator [email protected] [email protected] +852 2158 9723 +44 20 3741 1126 Mark Druskoff [email protected] mergermarket.com Mergermarket Global & Regional 81 M&A Report 1H20

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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 1501 Broadway 9/F Standard Chartered Bank subscribers a powerful competitive advantage. With the largest network Building London 8th Floor of dedicated M&A journalists and analysts, Mergermarket offers the most 4-4A Des Voeux Road comprehensive M&A intelligence service available today. Our reporters EC4R 1BE New York are based in 67 locations across the Americas, Europe, Asia-Pacific, the Central United Kingdom NY 10036 Middle East and Africa. Hong Kong +44 203 741 1000 +1 212 390 7812 [email protected] [email protected] + 852 2158 9790 [email protected]

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