Emerging Markets M&A Review

FIRST QUARTER 2019 | FINANCIAL ADVISORS Emerging Markets Mergers & Acquisitions Review First Quarter 2019 | Financial Advisors

Emerging Markets Deals Intelligence Emerging Markets Announced Target M&A

$1,000 4,000 EMERGING MARKETS DEAL MAKING HITS ALL-TIME HIGH, UP 11% $900 M&A activity with emerging markets involvement totaled US$278.5 billion during the first quarter of 2019, 3,500 an increase of 11% compared to the first quarter of 2018 and the strongest opening period for emerging markets deal making since records began in 1980. The first quarter of 2019 registered a 25% increase $800 compared to the fourth quarter of last year, bolstered by the US$69.1 billion acquisition of a 70% interest 3,000 in SABIC by Saudi Arabian Oil Co, which ranks as the largest all-time emerging markets M&A $700 transaction. By number of deals, emerging markets deal making declined 23% compared to the first 2,500 $600 quarter of 2018, a five-year low.

$500 2,000 ENERGY & POWER, FINANCIALS, REAL ESTATE & TECH LEAD EMERGING SECTOR MIX Deal making in the Energy & Power sector totaled US$96.7 billion during the first quarter of 2019, more $400 than triple first quarter 2018 levels and an all-time record. Financials M&A accounted for 16% of overall 1,500 emerging markets M&A during the first quarter of 2019, while Real Estate and Technology deal making $300 each accounted for 10% of activity in the emerging markets during the quarter. 1,000 $200

MEGA DEALS ACCOUNT FOR RECORD 37% OF ANNOUNCED EMERGING MARKETS VALUE 500 The value of emerging markets M&A greater than US$5 billion totaled US$102.2 billion during the first $100 quarter of 2019, more than two times first quarter 2018 levels and the largest quarter for mega deals, by $0 value, since the fourth quarter of 2015. Six deals greater than US$5 billion accounted for 37% of 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 announced emerging markets M&A activity during the first quarter of 2019, up from 16% a year ago. First Quarter Value (US$bil) Rest of Year (US$bil) # of Deals, First Quarter

CROSS-BORDER M&A ACCOUNTS FOR 34% OF EMERGING MARKETS DEAL MAKING Cross-border M&A activity totaled US$94.2 billion during the first quarter of 2019, a 20% increase Emerging Markets Announced M&A - Macro Industry Composition compared to first quarter of 2018 and the strongest opening period for cross-border M&A since 2017. Energy and Power, Technology and Financials deal making accounted for 58% of overall cross-border M&A during the first quarter of 2019, up from 31% a year ago. $58.4 EMERGING MARKETS PRIVATE EQUITY BUYOUTS ON PAR WITH 2018 LEVELS 240 Private Equity-backed buyouts in the emerging markets, which accounted for 8% of overall activity, totaled US$22.5 billion during the first quarter of 2019, on par with first quarter 2018 levels. An investor 406 group comprised of BlackRock and KKR acquired a 40% ownership interest in pipeline assets of Abu Energy and Power $96.7 Dhabi National Oil Co (ADNOC). Valued at US$4.0 billion, the deal pushed Energy & Power deal making Financials to 21% of private equity emerging markets activity during the quarter. 1,344 Real Estate $20.3 226 TARGETS IN , SAUDI ARABIA & INDIA DRIVE 61% OF EM M&A High Technology M&A activity involving targets in China, Saudi Arabia and India accounted for 61% of overall emerging markets M&A activity during the first quarter of 2019, up from 56% a year ago. Strong year-over-year Industrials growth in Saudi Arabia, Bahrain, Singapore, the United Arab Emirates and Thailand offset double-digit Other $28.7 457 percentage declines in Brazil, China and India.

JP MORGAN TAKES TOP SPOT FOR EMERGING MARKETS M&A ADVICE 474 JP Morgan took the top spot for M&A advice involving emerging markets countries, with US$97.7 billion $45.7 Outer Ring: Value (US$bil) from 14 deals. moved to second place from eighth last year at this time, while Morgan $28.8 Inner Ring: # of Deals Stanley fell to third place from first a year ago.

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

Any Emerging Markets Involvement Announced YoY Change ($) 11% QoQ Change ($) 25% Rank Rank Value Market Mkt. # of Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Top Announced Emerging Markets M&A Deals JP Morgan 1 2 97,717.9 35.1 26.6 14 Goldman Sachs & Co 2 8 94,350.6 33.9 29.0 16 Rank Date Target Name Target Nation Value ($mil) Acquiror Name Acquiror Nation 3 1 86,404.4 31.0 20.0 20 3/27/19 SABIC Saudi Arabia 69,104.1 Saudi Arabian Oil Co Saudi Arabia HSBC Holdings PLC 4 37 85,634.6 30.7 30.3 16 Citi 5 10 81,331.0 29.2 26.0 23 1/14/19 Ascendas Pte Ltd,Singbridge Singapore 7,916.6 CapitaLand Ltd Singapore 6 21 16,183.8 5.8 4.5 8 Huatai Securities Co Ltd 7 13 11,879.6 4.3 1.7 11 1/24/19 Ahli United BSC Bahrain 7,673.5 Kuwait Finance House KSCP Kuwait Bank of America Lynch 8 3 11,522.2 4.1 -2.3 8 CITIC 9 9 10,538.0 3.8 0.1 10 3/11/19 Mellanox Technologies Ltd Israel 6,399.5 Nvidia Corp United States Moelis & Co 10 180* 10,029.9 3.6 3.6 5 China Securities Co Ltd 11 16 7,456.0 2.7 0.6 5 Wuhan Zhongnan Coml Grp Co 1/24/19 Beijing Easyhome Home New China 5,973.6 China Tianfeng Securities Co Ltd 12 68 6,303.4 2.3 2.2 2 Ltd UBS 13 14 6,155.7 2.2 -0.2 7 2/27/19 MultiChoice Group Ltd South Africa 5,089.2 Shareholders South Africa Jefferies LLC 14 55 5,627.0 2.0 1.8 4 China Merchants Securities Co 15 41 4,810.3 1.7 1.3 2 2/26/19 Thanachart Bank PCL Thailand 4,477.2 TMB Bank PCL Thailand Barclays 16 11 4,486.4 1.6 -1.4 7 JM Financial Group 17 - 3,785.3 1.4 1.4 5 2/24/19 ADNOC-Pipeline Assets Utd Arab Em 3,999.9 Investor Group United States 18 22 3,655.1 1.3 0.1 8 Somerley 19 28 3,474.2 1.3 0.5 2 Abu Dhabi Commercial Bank 1/29/19 Union National Bank PJSC Utd Arab Em 3,986.7 Utd Arab Em Kotak Mahindra Bank Ltd 20 60 3,337.7 1.2 1.0 2 PJSC 21 - 3,300.0 1.2 1.2 1 1/8/19 Hua Xia Bank Co Ltd China 3,402.6 Investor Group China Industrial & Comm Bank China 22 12 2,798.0 1.0 -1.8 17 Ambit Corporate Finance 23 - 2,511.8 0.9 0.9 3 1/27/19 Abu Dhabi Oil Refining Co Utd Arab Em 3,300.0 Eni SpA Italy Santander Corp & Invest Bkg 24 64 2,328.1 0.8 0.7 6 BNP Paribas SA 25 20 2,261.2 0.8 -0.8 9 1/7/19 Gruh Finance Ltd India 3,165.4 Bandhan Bank Ltd India Industry Total 278,546.4 100.0 3,147 3/27/19 Tianshan Alum Co Ltd of The China 3,144.5 Shimge Pump Ind Grp Co Ltd China

Any Emerging Markets Involvement Completed YoY Change ($) -23% QoQ Change ($) 4% Rank Rank Value Market Mkt. # of Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Emerging Markets M&A Deal Flow (US$bil) JP Morgan 1 2 25,691.1 15.3 -0.4 16 Citi 2 7 23,713.1 14.1 1.7 21 $300 Morgan Stanley 3 1 21,578.5 12.8 -3.5 11 CITIC 4 6 21,433.9 12.7 -0.2 24 Bank of America Merrill Lynch 5 12 15,466.3 9.2 1.7 9 $250 Itau Unibanco 6 27 14,574.7 8.7 7.2 9 Banco Bradesco SA 7* 26 14,005.6 8.3 6.8 2 Riza Capital Consultoria de 7* - 14,005.6 8.3 8.3 1 Goldman Sachs & Co 9 5 12,978.5 7.7 -5.2 14 $200 Industrial & Comm Bank China 10 3 8,987.5 5.3 -8.7 16 Barclays 11 45 7,820.5 4.6 3.8 4 China International Capital Co 12 4 6,811.3 4.1 -9.4 9 $150 UBS 13 9 5,476.9 3.3 -7.0 4 HSBC Holdings PLC 14 15 4,937.7 2.9 -0.2 6 Platinum Securities Co Ltd 15 - 4,749.8 2.8 2.8 2 Partners 16 10 4,614.2 2.7 -5.2 3 $100 CSC Financial Co Ltd 17 23 3,266.6 1.9 0.3 1 Lazard 18 18 2,951.4 1.8 -0.8 9 Avantgarde Capital Co Ltd 19 - 2,931.0 1.7 1.7 2 BNP Paribas SA 20 69 2,359.3 1.4 1.2 7 $50 Banco BTG Pactual SA 21 21 1,883.9 1.1 -0.6 4 Sinolink Securities Co Ltd 22 74 1,630.1 1.0 0.8 3 China Renaissance Sec(HK)Ltd 23 - 1,452.8 0.9 0.9 1 $0 Malayan Banking Bhd 24 171 1,340.7 0.8 0.8 3 1Q 2010 1Q 2011 1Q 2012 1Q 2013 1Q 2014 1Q 2015 1Q 2016 1Q 2017 1Q 2018 1Q 2019 Somerley 25 681,326.4 0.8 0.6 2 Intra-EM Inbound Outbound Industry Total 168,380.4 100.0 1,960 *Indicates a Tie

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

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

20.0x 30.0x

19.0x 25.0x 18.0x

17.0x 20.0x

16.0x

15.0x 15.0x

14.0x 10.0x

13.0x

5.0x 12.0x

11.0x 0.0x Global Consumer Consumer Energy & Healthcare Technology Industrials Materials Media & Real Estate Retail Telecoms Average Prod/Servs Staples Power Entertainment 10.0x Emerging Markets Emerging Markets LY Latin America Asia Pacific Eastern Europe Middle East & North Africa 1Q 2010 1Q 2011 1Q 2012 1Q 2013 1Q 2014 1Q 2015 1Q 2016 1Q 2017 1Q 2018 1Q 2019

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

30% 50%

28% 40% 26%

24% 30%

22% 20% 20%

18% 10%

16%

0% Global Consumer Consumer Energy & Healthcare Technology Industrials Materials Media & Real Estate Retail Telecoms 14% Average Prod/Servs Staples Power Entertainment 1Q 2010 1Q 2011 1Q 2012 1Q 2013 1Q 2014 1Q 2015 1Q 2016 1Q 2017 1Q 2018 1Q 2019 Emerging Markets Emerging Markets LY Latin America Asia Pacific Eastern Europe Middle East & North Africa

www.refinitiv.com/dealsintelligence/ Emerging Markets Rankings First Quarter 2019 | Mergers & Acquisitions | Financial Advisors Any Latin American Any Brazilian Any Middle East & North Africa Involvement Announced AD38 YoY Change ($) -45% QoQ Change ($) -22% Involvement Announced AD44 YoY Change ($) -71% QoQ Change ($) -39% Involvement Announced AD53 YoY Change ($) 367% QoQ Change ($) 754% Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Goldman Sachs & Co 1 7 3,871.0 26.2 20.0 6 Rothschild & Co 1 19* 1,685.3 29.7 29.7 5 Goldman Sachs & Co 1189,724.2 80.6 57.4 6 Citi 2 12 2,913.3 19.7 14.9 7 Greenhill & Co, LLC 2 19* 950.5 16.7 16.7 2 JP Morgan 2386,483.7 77.7 63.9 6 Santander Corp & Invest Bkg 3 18 2,298.0 15.6 14.4 5 Bank of America Merrill Lynch 3 2 834.4 14.7 -61.4 2 HSBC Holdings PLC 3 31* 82,577.6 74.2 74.2 5 Morgan Stanley 4 2 1,990.0 13.5 -43.5 5 BNP Paribas SA 4 - 780.3 13.7 13.7 1 Morgan Stanley 4672,568.1 65.2 62.9 3 Rothschild & Co 5 17 1,685.3 11.4 9.8 5 Banco BTG Pactual SA 5 10 736.0 13.0 6.0 5 Citi 5969,964.6 62.9 61.6 4 JP Morgan 6 3 1,448.2 9.8 -46.6 2 Arab Banking Corporation 6 14 544.3 9.6 8.7 2 Credit Suisse 6714,073.1 12.6 10.8 3 Banco BTG Pactual SA 7 8 1,226.5 8.3 2.7 6 Citi 7 - 515.3 9.1 9.1 1 Moelis & Co 7 29* 9,799.9 8.8 8.8 3 Greenhill & Co, LLC 8 19 950.5 6.4 5.3 2 Evercore Partners 8 - 350.0 6.2 6.2 1 Barclays 824,272.4 3.8 -12.5 2 Bank of America Merrill Lynch 9 1 834.4 5.7 -51.8 2 Morgan Stanley 9 1 340.0 6.0 -72.9 1 Bank of America Merrill Lynch 983,999.9 3.6 1.9 1 BNP Paribas SA 10 23 780.3 5.3 4.9 1 Cooperatieve UA 10 7* 150.0 2.6 -4.6 1 Mediobanca 10 - 3,300.0 3.0 3.0 1 Scotiabank 11 - 747.0 5.1 5.1 5 BR Partners 11* - 115.0 2.0 2.0 1 Jefferies LLC 11 - 3,100.0 2.8 2.8 2 BBVA 12 - 724.0 4.9 4.9 2 Credit Agricole CIB 11* - 115.0 2.0 2.0 1 Lazard 12 5 1,057.3 1.0 -2.2 3 Arab Banking Corporation 13 21 544.3 3.7 3.1 2 Itau Unibanco 13 3 79.7 1.4 -73.6 6 Scotiabank 13 - 747.0 0.7 0.7 1 Evercore Partners 14 15 350.0 2.4 -0.1 2 Credit Suisse 14 12 5.2 0.1 -1.6 1 LionTree Advisors LLC 14 - 600.5 0.5 0.5 1 Industrial & Comm Bank China 15* 9* 225.0 1.5 -3.7 1 Credit Agricole CIB 15 31* 493.5 0.4 0.4 1 Lazard 15* 16 225.0 1.5 -0.1 1 Rand Merchant Bank 16 - 404.9 0.4 0.4 1 Cooperatieve Rabobank UA 17 9* 150.0 1.0 -4.2 1 Emirates NBD PJSC 17 - 400.0 0.4 0.4 1 HSBC Holdings PLC 18 31* 145.7 1.0 1.0 4 Evercore Partners 18 - 300.0 0.3 0.3 1 BR Partners 19* - 115.0 0.8 0.8 1 BNP Paribas SA 19 16 220.0 0.2 -0.7 1 Credit Agricole CIB 19* - 115.0 0.8 0.8 1 Canaccord Genuity 20 - 156.8 0.1 0.1 2 Itau Unibanco 21 4 79.7 0.5 -53.7 6 finnCap Ltd 21* - 156.1 0.1 0.1 1 Credit Suisse 22 14 5.2 0.0 -4.5 3 Whitman Howard Ltd 21* - 156.1 0.1 0.1 1 Rothschild & Co 23 4 76.0 0.1 -7.9 2 KAMCO Investment Co KSCP 24 - 65.7 0.1 0.1 1 Alantra Partners SA 25 - 57.3 0.1 0.1 1 Industry Total 14,754.9 100.0 282 Industry Total 5,680.1 100.0 120 Industry Total 111,312.8 100.0 190

Any Latin American Any Brazilian Any Middle East & North Africa Involvement Completed AF45 YoY Change ($) -25% QoQ Change ($) -4% Involvement Completed AF51 YoY Change ($) 65% QoQ Change ($) 38% Involvement Completed AF60 YoY Change ($) -46% QoQ Change ($) -67% Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Itau Unibanco 1 10 14,574.7 66.3 55.4 9 Itau Unibanco 1 3 14,574.7 90.6 58.0 9 Goldman Sachs & Co 1 3 3,775.6 44.3 27.1 2 JP Morgan 2 1 14,520.1 66.0 26.4 3 Banco Bradesco SA 2* 2 14,005.6 87.1 54.5 2 JP Morgan 243,375.7 39.6 26.5 4 Bank of America Merrill Lynch 3 2 14,355.6 65.3 34.3 2 Morgan Stanley 2* 7 14,005.6 87.1 63.3 1 Barclays 3 6 3,090.5 36.2 25.6 1 Banco Bradesco SA 4* 9 14,005.6 63.7 52.8 2 Bank of America Merrill Lynch 2* 4* 14,005.6 87.1 61.4 1 UBS 4 29* 685.1 8.0 8.0 1 Morgan Stanley 4* 15 14,005.6 63.7 55.1 1 Riza Capital Consultoria de 2* - 14,005.6 87.1 87.1 1 & Co 5* - 439.5 5.2 5.2 1 Riza Capital Consultoria de 4* - 14,005.6 63.7 63.7 1 JP Morgan 2* 6 14,005.6 87.1 61.5 1 Desjardins Securities Inc. 5* - 439.5 5.2 5.2 1 Banco BTG Pactual SA 7 5 1,883.9 8.6 -3.8 4 BR Partners 7 - 723.1 4.5 4.5 5 RBC Capital Markets 5* 10* 439.5 5.2 0.7 1 Goldman Sachs & Co 8 3 982.0 4.5 -25.0 2 Citi 8 - 383.5 2.4 2.4 4 Citi 8 16* 260.0 3.1 1.7 1 BR Partners 9 - 723.1 3.3 3.3 5 Banco BTG Pactual SA 9 11 365.9 2.3 -7.2 2 Morgan Stanley 9 10* 224.0 2.6 -1.9 3 Citi 10 8 716.5 3.3 -7.7 5 Ednam Capital LTD 10 - 339.6 2.1 2.1 1 BNP Paribas SA 10 - 220.0 2.6 2.6 1 11 - 573.8 2.6 2.6 1 Arab Banking Corporation 11 18 49.9 0.3 -0.2 1 Rothschild & Co 11 1 105.0 1.2 -19.4 2 Ednam Capital LTD 12 - 339.6 1.5 1.5 1 KAMCO Investment Co KSCP 12 - 65.7 0.8 0.8 1 Santander Corp & Invest Bkg 13 17 333.0 1.5 -4.2 1 Itau Unibanco 13 - 33.8 0.4 0.4 1 Atlantic-Pacific Capital, Inc. 14* - 264.4 1.2 1.2 1 Baker Tilly International 14* - 7.0 0.1 0.1 1 Brookline Capital Markets 14* - 264.4 1.2 1.2 1 Arzan Finl Group for Financing 14* - 7.0 0.1 0.1 1 Ladenburg Thalmann & Co 14* - 264.4 1.2 1.2 1 Bank Muscat SAOG 16* - 4.0 0.1 0.1 1 IMAP 17 40* 180.3 0.8 0.8 5 Falcom 16* - 4.0 0.1 0.1 1 Proventus Capital Partners 18 - 164.6 0.8 0.8 1 Nomura 18* - 0.9 0.0 0.0 1 UBS 19 6 160.0 0.7 -11.5 1 Sumitomo Mitsui Finl Grp Inc 18* - 0.9 0.0 0.0 1 BNP Paribas SA 20* 29 107.4 0.5 0.0 1 Lazard 20* 21 107.4 0.5 -0.6 1 Scotiabank 22 - 100.4 0.5 0.5 3 Arab Banking Corporation 23 32 49.9 0.2 0.0 1 Jefferies LLC 24 - 15.0 0.1 0.1 2 Veda Capital Ltd 25 - 11.0 0.1 0.1 1 Industry Total 22,000.6 100.0 225 Industry Total 16,084.4 100.0 102 Industry Total 8,527.7 100.0 113 *Indicates a Tie

www.refinitiv.com/dealsintelligence/ Emerging Markets Rankings First Quarter 2019 | Mergers & Acquisitions | Financial Advisors Any South African Any Eastern European Any Sub Saharan Involvement Announced AD54 YoY Change ($) 96% QoQ Change ($) -7% Involvement Announced AD52 YoY Change ($) -46% QoQ Change ($) -23% Involvement Announced YoY Change ($) 41% QoQ Change ($) -8% Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Citi 1 2 6,249.2 87.2 78.5 2 Bank of America Merrill Lynch 1 - 2,267.0 24.6 24.6 3 Citi 136,249.2 71.4 66.3 2 Morgan Stanley 2 - 5,089.2 71.0 71.0 1 Guggenheim Securities LLC 2* - 1,973.4 21.4 21.4 1 Morgan Stanley 2-5,089.2 58.1 58.1 1 Rand Merchant Bank 3 1 404.9 5.7 -5.8 1 Credit Suisse 2* 23 1,973.4 21.4 21.2 1 Rand Merchant Bank 31404.9 4.6 -2.2 1 Nedbank Capital 4 - 42.1 0.6 0.6 1 UBS 4* 11 1,321.4 14.3 13.2 2 Theodore Partners 4- 50.1 0.6 0.6 1 5 - 30.9 0.4 0.4 2 Goldman Sachs & Co 4* 10 1,321.4 14.3 13.1 2 Nedbank Capital 5- 42.1 0.5 0.5 1 Afinum Management GmbH 6 - 30.5 0.4 0.4 1 Citi 6 28* 1,160.0 12.6 12.6 4 Investec 6- 30.9 0.4 0.4 2 Birkett Stewart McHendrie Pty 7* - 11.2 0.2 0.2 2 Sberbank CIB 7* - 229.6 2.5 2.5 1 Afinum Management GmbH 7- 30.5 0.4 0.4 1 Third Way Invest Partners 7* - 11.2 0.2 0.2 2 Renaissance Capital Group 7* - 229.6 2.5 2.5 1 SPARK Advisory Partners Ltd 8- 12.0 0.1 0.1 1 PSG Capital (Pty) Ltd 9 17 4.5 0.1 -0.1 1 JP Morgan 7* 6 229.6 2.5 -7.6 1 Birkett Stewart McHendrie Pty 9* - 11.2 0.1 0.1 2 Vunani Ltd 10* - 4.0 0.1 0.1 1 Barclays 10 2* 214.0 2.3 -17.6 2 Third Way Invest Partners 9* - 11.2 0.1 0.1 2 Deloitte 10* 22* 4.0 0.1 0.1 1 Harris Williams & Co 11 - 174.8 1.9 1.9 1 PSG Capital (Pty) Ltd 11 21 4.5 0.1 0.0 1 Oaklins 10* - 4.0 0.1 0.1 1 Jones Lang LaSalle Inc 12* - 104.3 1.1 1.1 1 Vunani Ltd 12* - 4.0 0.1 0.1 1 QuestCo(Pty)Ltd 13 19 1.5 0.0 -0.1 1 Cushman & Wakefield Inc 12* - 104.3 1.1 1.1 1 Deloitte 12* 27* 4.0 0.1 0.1 1 Bridge Capital Advisors 14 - 0.9 0.0 0.0 1 PricewaterhouseCoopers 14 26 79.1 0.9 0.8 4 Oaklins 12* - 4.0 0.1 0.1 1 EFG Group 15 - 57.1 0.6 0.6 1 Farthouat Finance SARL 15* - 2.5 0.0 0.0 1 Ernst & Young LLP 16 18* 37.6 0.4 0.1 2 Alantra Partners SA 15* - 2.5 0.0 0.0 1 VTB Capital 17 5 32.6 0.4 -15.8 3 QuestCo(Pty)Ltd 17 23 1.5 0.0 -0.1 1 Afinum Management GmbH 18 - 30.5 0.3 0.3 1 Bridge Capital Advisors 18 - 0.9 0.0 0.0 1 Santander Corp & Invest Bkg 19 - 30.1 0.3 0.3 1 Eurohold SL 20 - 4.6 0.1 0.1 1

Industry Total 7,164.7 100.0 70 Industry Total 9,219.3 100.0 518 Industry Total 8,753.6 100.0 135

Any South African Any Eastern European Any Sub Saharan Involvement Completed AF61 YoY Change ($) 128% QoQ Change ($) 27% Involvement Completed AF59 YoY Change ($) -38% QoQ Change ($) -70% Involvement Completed YoY Change ($) -13% QoQ Change ($) -84% Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Citi 1 - 6,249.2 85.4 85.4 2 Citi 1 - 1,160.0 26.0 26.0 4 Goldman Sachs & Co 1 6 11,217.3 78.7 61.6 4 Morgan Stanley 2 - 5,089.2 69.5 69.5 1 Lazard 2 19* 790.0 17.7 17.7 5 Mediobanca 2110,864.7 76.2 42.0 10 China Securities Co Ltd 3 - 417.0 5.7 5.7 1 Santander Corp & Invest Bkg 3 17 419.6 9.4 9.3 2 JP Morgan 3 - 9,859.9 69.2 69.2 2 Group Ltd 4 - 121.4 1.7 1.7 2 Societe Generale 4 - 389.4 8.7 8.7 2 49*9,797.7 68.7 55.9 3 PSG Capital (Pty) Ltd 5 9 52.0 0.7 -3.8 2 BNP Paribas SA 5 12 175.8 4.0 3.7 1 Rothschild & Co 5 11 9,719.3 68.2 57.2 5 Nedbank Capital 6 - 42.1 0.6 0.6 1 PricewaterhouseCoopers 6 14 127.2 2.9 2.7 3 UBS 6129,306.2 65.3 58.2 3 Investec 7 11 30.9 0.4 -2.0 2 Arma Partners LLP 7 - 113.6 2.6 2.6 1 BNP Paribas SA 7* 13 9,127.8 64.0 58.7 1 Afinum Management GmbH 8 - 30.5 0.4 0.4 1 Jones Lang LaSalle Inc 8* - 104.3 2.3 2.3 1 Citi 7* 3 9,127.8 64.0 34.8 1 QuestCo(Pty)Ltd 9 14 9.0 0.1 0.0 1 Cushman & Wakefield Inc 8* - 104.3 2.3 2.3 1 Nomura 9 28 487.6 3.4 2.3 2 IMAP 10* 16 71.2 1.6 1.5 4 Lazard 10 5 360.2 2.5 -20.8 5 Clairfield International 10* 19* 71.2 1.6 1.6 3 KPMG 11 4 253.4 1.8 -24.3 11 12 - 66.2 1.5 1.5 1 Equita SIM SpA 12 9* 171.6 1.2 -11.6 1 Ernst & Young LLP 13 10 37.6 0.8 -0.5 4 Banca IMI (Intesa Sanpaolo) 13 32 100.5 0.7 0.5 3 Afinum Management GmbH 14 - 30.5 0.7 0.7 1 Inc 14 - 86.1 0.6 0.6 1 Rothschild & Co 15 2 17.2 0.4 -19.9 3 PricewaterhouseCoopers 15 35 34.3 0.2 0.0 5 Eurohold SL 16 - 4.6 0.1 0.1 1 Vitale&Co-IMAP 16 23 20.4 0.1 -1.8 2 UniCredit 17 15 13.2 0.1 -3.9 3 Finint Corporate Advisors Srl 18 37* 11.6 0.1 0.1 1 MFZ & Partners 19 - 6.1 0.0 0.0 1 Colombo & Associati 20 - 1.9 0.0 0.0 1

Industry Total 7,319.5 100.0 52 Industry Total 4,456.2 100.0 378 Industry Total 14,259.6 100.0 189 *Indicates a Tie

www.refinitiv.com/dealsintelligence/ Emerging Markets Rankings First Quarter 2019 | Mergers & Acquisitions | Financial Advisors Any Asia Pacific Any Indian Any Chinese Involvement Announced YoY Change ($) -23% QoQ Change ($) -20% Involvement Announced AD60 YoY Change ($) -17% QoQ Change ($) 6% Involvement Announced AD56 YoY Change ($) -32% QoQ Change ($) -32% Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Huatai Securities Co Ltd 1 5 11,879.6 8.4 4.9 11 JM Financial Group 1 - 3,785.3 14.7 14.7 5 Huatai Securities Co Ltd 1411,879.6 12.9 8.1 11 CITIC 2 3 10,538.0 7.5 2.4 10 Kotak Mahindra Bank Ltd 2 14 3,337.7 12.9 11.7 2 CITIC 2210,538.0 11.5 4.7 10 JP Morgan 3 28* 9,556.4 6.8 6.2 5 Ambit Corporate Finance 3 - 2,511.8 9.7 9.7 3 China Securities Co Ltd 357,456.0 8.1 4.2 5 China Securities Co Ltd 4 9 7,456.0 5.3 2.4 5 Citi 4 2 1,874.2 7.3 -12.0 4 Tianfeng Securities Co Ltd 4 38* 6,303.4 6.9 6.7 2 Morgan Stanley 5 1 7,097.1 5.1 -1.9 11 Axis Bank Ltd 5 20 1,689.0 6.5 6.1 4 China Merchants Securities Co 5234,810.3 5.2 4.5 2 Tianfeng Securities Co Ltd 6 51* 6,303.4 4.5 4.3 2 KPMG 6 4 1,629.0 6.3 0.7 5 UBS 674,659.8 5.1 2.2 3 UBS 7 7 4,834.3 3.4 0.2 5 BNP Paribas SA 7 - 557.0 2.2 2.2 3 Somerley 7103,474.2 3.8 2.4 2 China Merchants Securities Co 8 31 4,810.3 3.4 2.9 2 Morgan Stanley 8 7 445.3 1.7 -1.6 2 HSBC Holdings PLC 8 19* 2,695.1 2.9 2.2 5 Bank of America Merrill Lynch 9 51* 4,760.8 3.4 3.2 3 Lazard 9 - 440.0 1.7 1.7 1 Industrial & Comm Bank China 932,573.0 2.8 -2.4 16 JM Financial Group 10 - 3,785.3 2.7 2.7 5 Jefferies LLC 10 12* 300.0 1.2 -0.1 1 Huaxi Securities Co Ltd 10 99* 2,187.3 2.4 2.4 6 Somerley 11 15 3,474.2 2.5 1.4 2 Edelweiss Financial Svcs Ltd 11 15 253.9 1.0 -0.1 1 Macquarie Group 11 - 2,153.8 2.3 2.3 2 Kotak Mahindra Bank Ltd 12 46 3,337.7 2.4 2.2 2 Moelis & Co 12 - 230.0 0.9 0.9 1 Yu Ming Investment Managemen 12 - 1,988.8 2.2 2.2 2 HSBC Holdings PLC 13 25 2,911.3 2.1 1.5 7 Avendus Capital Pvt Ltd 13 18 187.9 0.7 -0.1 3 China Great Wall Sec Co Ltd 13 46 1,987.7 2.2 2.0 2 Industrial & Comm Bank China 14 4 2,573.0 1.8 -2.1 16 RBS 14 - 143.4 0.6 0.6 1 China Renaissance Sec(HK)Ltd 14* - 1,452.8 1.6 1.6 1 Jefferies LLC 15 44 2,527.0 1.8 1.6 2 Industrial & Comm Bank China 15 19 143.3 0.6 0.0 1 Lazard 14* 16 1,452.8 1.6 0.7 1 Ambit Corporate Finance 16 - 2,511.8 1.8 1.8 3 Ernst & Young LLP 16 1 139.9 0.5 -31.5 6 Morgan Stanley 16 1 1,180.4 1.3 -6.5 4 Lazard 17 24 2,372.8 1.7 1.1 3 ICICI Bank Ltd 17* 23 132.1 0.5 0.2 1 Huarong Securities Co Ltd 17 61 1,130.6 1.2 1.1 1 Perella Weinberg Partners LP 18 - 2,227.0 1.6 1.6 1 Credit Suisse 17* 12* 132.1 0.5 -0.8 1 China International Capital Co 18 6 1,125.8 1.2 -1.8 5 Citi 19 6 2,203.9 1.6 -1.9 7 TRMG Advisors LLP 19 - 110.0 0.4 0.4 1 BNP Paribas SA 19 60 1,107.3 1.2 1.1 3 Huaxi Securities Co Ltd 20 141* 2,187.3 1.6 1.6 6 IMAP 20 - 63.4 0.3 0.3 1 Rothschild & Co 20 28 808.1 0.9 0.4 2 Macquarie Group 21 20 2,153.8 1.5 0.7 2 Keynote Corporate Services Ltd 21 - 47.0 0.2 0.2 2 21 9 655.4 0.7 -0.9 4 BNP Paribas SA 22 53 2,041.2 1.5 1.3 7 Petsky Prunier LLC 22 - 45.0 0.2 0.2 2 China eCapital Corp 22 - 501.9 0.6 0.6 3 Yu Ming Investment Managemen 23 - 1,988.8 1.4 1.4 2 Veda CorporateAdvisors Pvt Ltd 23 - 38.3 0.2 0.2 1 Ballas Capital Ltd 23 18 465.1 0.5 -0.3 1 China Great Wall Sec Co Ltd 24 63 1,987.7 1.4 1.3 2 Leerink Partners LLC 24 - 18.0 0.1 0.1 1 Zhongtian Guofu Sec Co Ltd 24 34 409.1 0.4 0.1 7 Axis Bank Ltd 25 74 1,689.0 1.2 1.1 4 PJT Partners Inc 25 - 15.0 0.1 0.1 1 Kingston Corporate Finance Ltd 25 72 363.0 0.4 0.4 3 Industry Total 140,672.5 100.0 2,104 Industry Total 25,819.3 100.0 460 Industry Total 91,957.8 100.0 1,276

Any Asia Pacific Any Indian Any Chinese Involvement Completed YoY Change ($) -23% QoQ Change ($) 25% Involvement Completed AF67 YoY Change ($) 13% QoQ Change ($) 129% Involvement Completed AF63 YoY Change ($) -32% QoQ Change ($) 19% Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Rank Rank Value Market Mkt. # of Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals Financial Advisor 2019 2018 US$mil Share Sh. Chg Deals CITIC 1 4 21,433.9 16.7 -0.2 24 JP Morgan 1 - 4,824.8 20.5 20.5 2 CITIC 1 4 21,433.9 23.5 2.5 24 Citi 2 6 16,487.3 12.9 -1.3 10 Barclays 2 - 4,730.0 20.1 20.1 2 Citi 2811,489.1 12.6 -0.7 3 Industrial & Comm Bank China 3 2 8,987.5 7.0 -11.3 16 Evercore Partners 3* - 4,200.0 17.9 17.9 1 Industrial & Comm Bank China 3 1 8,987.5 9.9 -12.8 16 Goldman Sachs & Co 4 9 8,220.9 6.4 -4.6 9 UBS 3* - 4,200.0 17.9 17.9 1 China International Capital Co 426,811.3 7.5 -14.3 9 JP Morgan 5 7 7,795.3 6.1 -6.6 9 Avendus Capital Pvt Ltd 5 20* 1,067.6 4.5 4.5 6 Goldman Sachs & Co 5 6 5,285.7 5.8 -7.9 5 China International Capital Co 6 3 6,811.3 5.3 -12.3 9 JM Financial Group 6* - 921.2 3.9 3.9 3 Platinum Securities Co Ltd 6-4,749.8 5.2 5.2 2 HSBC Holdings PLC 7 15 4,937.7 3.9 0.5 6 Citi 6* 2* 921.2 3.9 -24.0 3 CSC Financial Co Ltd 7 17 3,266.6 3.6 0.9 1 Platinum Securities Co Ltd 8 - 4,749.8 3.7 3.7 2 Ernst & Young LLP 8 1 784.9 3.3 -35.1 4 JP Morgan 872,970.4 3.3 -10.3 7 Barclays 9 - 4,730.0 3.7 3.7 3 Bank of America Merrill Lynch 9 - 710.7 3.0 3.0 3 Lazard 9 19 1,681.4 1.9 -0.3 3 UBS 10 8 4,631.8 3.6 -8.2 2 Morgan Stanley 10 4 445.3 1.9 -10.0 2 Sinolink Securities Co Ltd 10 50 1,630.1 1.8 1.5 3 Evercore Partners 11 10 4,614.2 3.6 -6.7 3 Jefferies LLC 11 - 386.5 1.6 1.6 2 Morgan Stanley 11 3 1,550.0 1.7 -19.9 2 CSC Financial Co Ltd 12 18 3,266.6 2.6 0.4 1 Kotak Mahindra Bank Ltd 12 8 254.9 1.1 -1.0 1 China Renaissance Sec(HK)Ltd 12 - 1,452.8 1.6 1.6 1 Avantgarde Capital Co Ltd 13 - 2,931.0 2.3 2.3 2 BNP Paribas SA 13* - 230.0 1.0 1.0 1 Somerley 13 46 1,326.4 1.5 1.1 2 Morgan Stanley 14 1 2,259.7 1.8 -18.5 6 Moelis & Co 13* - 230.0 1.0 1.0 1 BMO Capital Markets 14 - 1,250.1 1.4 1.4 1 Lazard 15 20 2,161.4 1.7 -0.3 4 Inc 15* - 210.2 0.9 0.9 1 HSBC Holdings PLC 15 14 1,206.9 1.3 -1.6 3 BNP Paribas SA 16 59 1,963.5 1.5 1.3 5 Torreya Partners LLC 15* - 210.2 0.9 0.9 1 Huarong Securities Co Ltd 16 - 1,130.6 1.2 1.2 10 Sinolink Securities Co Ltd 17 57 1,630.1 1.3 1.1 3 ICICI Bank Ltd 17* 14 132.1 0.6 0.2 1 Co Ltd 17 49 892.1 1.0 0.7 4 China Renaissance Sec(HK)Ltd 18 - 1,452.8 1.1 1.1 1 Credit Suisse 17* 20* 132.1 0.6 0.6 1 Credit Suisse 18 44 850.4 0.9 0.5 3 Malayan Banking Bhd 19 131 1,340.7 1.1 1.1 3 Axis Bank Ltd 17* 11 132.1 0.6 -0.1 1 China Securities Co Ltd 19 79 636.1 0.7 0.7 3 Somerley 20 52 1,326.4 1.0 0.7 2 Ambit Corporate Finance 20 - 122.3 0.5 0.5 1 Huatai Securities Co Ltd 20 12 520.9 0.6 -6.7 4 Deloitte 21 77 1,264.3 1.0 0.9 4 TRMG Advisors LLP 21 - 110.0 0.5 0.5 1 China eCapital Corp 21 - 501.9 0.6 0.6 3 BMO Capital Markets 22 - 1,250.1 1.0 1.0 1 Inc 22* - 96.7 0.4 0.4 1 Guotai Junan Securities 22 18 501.4 0.6 -1.9 4 Huarong Securities Co Ltd 23 - 1,130.6 0.9 0.9 10 SunTrust 22* - 96.7 0.4 0.4 1 UBS 23 5 431.8 0.5 -14.1 1 Bank of America Merrill Lynch 24 13 1,110.7 0.9 -2.8 4 Rothschild & Co 24 - 86.5 0.4 0.4 1 China Merchants Securities Co 24 27 401.4 0.4 -0.9 2 Avendus Capital Pvt Ltd 25 141* 1,067.6 0.8 0.8 6 Petsky Prunier LLC 25 - 45.0 0.2 0.2 2 Bank of America Merrill Lynch 25 13 400.0 0.4 -4.2 1 Industry Total 128,172.3 100.0 1,211 Industry Total 23,521.0 100.0 311 Industry Total 91,129.6 100.0 678 *Indicates a Tie

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

If you would like to participate in the Announced league tables include all deals that were announced between January 1, 2019 and March 29, 2019 and of which Refinitiv was made aware. All submission process, receive current data and previous year's data is as of 5:00pm EDT on March 29, 2019. quarterly press releases, or have questions about our full league table League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings. criteria please contact: A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional. AMERICAS Robert Levine Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US Tel: +646 223 5682 dollar equivalent at the time of announcement of terms. [email protected] Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or EMEA advise on only a portion of the transaction or Refinitiv has not been made aware of their participation in that transaction. For pending transactions, advisors to Selmen Soudani targets of multiple bids receive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer. Tel: +48 (58) 699 4725 [email protected] Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Any involvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases ASIA PACIFIC Gold Velasquez League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending Tel: +852 2847 2010 regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction. [email protected] League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly JAPAN established securities firms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions Kaori Motohashi involving the newly established joint ventures are reflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is Tel: +813 6441 1338 represented as "Mitsubishi UFJ Morgan Stanley”. [email protected] While Refinitiv has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Refinitiv nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Refinitiv disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Refinitiv has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

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