GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS 1H 2017 1H 2017 GLOBAL M&A FINANCIAL ADVISORY RANKINGS The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The CONTENTS tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity- 1. Introduction swaps, joint ventures, private placements of common equity and convertible securities, and the cash 2. Global M&A Heat Map injection component of recapitalization according to Bloomberg standards. 3. Global M&A Regional Review 4. Global M&A League Tables Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We 5. Americas M&A Regional Review provide a global perspective and local insight into unique deal structures in various markets through a 6. Americas M&A League Tables network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. 8. EMEA M&A Regional Review Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal 9. EMEA M&A League Tables trends. 12. APAC M&A Regional Review 13. APAC M&A League Tables Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league 16. Disclaimer table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/. Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Email North America Meaghan Burke +1-646-324-1537 [email protected] EMEA Madeeha Ahmad +44-20-3525-3754 [email protected] Asia Pacific Ee Wen Tay +65-6231-3404 [email protected] General M&A queries may be submitted to: [email protected], [email protected], [email protected] ©2017 Bloomberg Finance L.P. All rights reserved. Global M&A Heat Map Eastern Europe Western Europe North America USD 20.7B USD 546.25B USD 878.1B 1. Morgan Stanley 15.2% 1. Goldman Sachs & Co 27.3% 1. Goldman Sachs & Co 25.7% 2. Rothschild & Co 11.4% 2. Citigroup Inc 27.1% 2. Morgan Stanley 21.0% 3. VTB Capital JSE 9.2% 3. Bank of America Merrill Lynch 22.5% 3. Citigroup Inc 19.5% Asia Pacific USD 526.0B Middle East & Africa 1. Morgan Stanley 11.1% USD 44.7B 2. Goldman Sachs & Co 11.1% 1. UBS AG 18.5% 3. UBS AG 9.8% Latin America 2. Macquarie Group Ltd 12.6% USD 69.7B 3. Deutsche Bank AG 12.6% 1. Morgan Stanley 26.6% 2. Citigroup Inc 23.8% 3. UBS AG 22.5% Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1H 2017. 2 Global M&A Regional Review Global M&A: Premium Breakdown 2% 1% 0% • Global merger and acquisition activity reached $1.5 trillion, representing a 3.7% decrease from the same 0-10% period last year. The consumer, non-cyclical sector experienced year-on-year growth of 19.3%, with $340.4 billion in deal activity for the period. Atlantia SpA’s announced acquisition of Abertis Infraestructuras SA for 22% 10-25% $34.4 billion was the largest deal both globally and for the sector. 33% 25-50% • Private equity activity increased 16.1% year-on-year to $406.4 billion in transactions. The United States continued to be the most acquisitive country in 1H2017, accounting for 61.4% of the global private equity 50-75% volume. 75-100% • Cross border deals reached $665.5 billion in deal volume for 1H2017, representing a decrease of 3.1% from 42% 1H2016. Deals involving European-based targets experienced a year-on-year increase of 31.3% to $277.0 100%+ billion, accounting for 41.6% of cross border transactions. Global M&A: Highlights of 1H 2017 Global M&A: Industry Breakdown Total Value Amount % YoY Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 20,027 Financial $409.0 26.2% 21.4% 5/15/2017 Abertis Infraestructuras SA Atlantia SpA - $34,388.4 Volume (Bln.) $1,536.4 Consumer Non-cyclical $340.4 21.8% 19.3% Avg Deal Size (Mln.) $76.7 Consumer Cyclical $185.5 11.9% -2.3% 1/26/2017 Actelion Ltd Johnson & Johnson - $29,762.2 Energy $172.6 11.1% 57.6% Top Adviser Industrial $140.4 9.0% -5.4% 4/23/2017 CR Bard Inc Becton Dickinson and Co - $24,195.8 Goldman Sachs & Co Communications $113.1 7.2% -18.3% Number of deals 151 Technology $80.8 5.2% -39.4% 2/10/2017 Mead Johnson Nutrition Co Reckitt Benckiser Group PLC - $17,809.8 Volume (Bln.) $318.0 Utilities $65.3 4.2% -14.8% 2017 Global M&A Review | 1H Avg Deal Size (Bln.) $2.1 Basic Materials $45.5 2.9% -75.0% 2/1/2017 ONEOK Partners LP ONEOK Inc - $17,377.7 Diversified $8.9 0.6% -58.6% Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown Amount % Change % Change $1,400 12,000 Deal Type (Bln.) Deal Count Volume $1,200 10,000 Company Takeover $863.0 -6.4% -9.3% $1,000 Cross Border $665.5 -0.7% -3.1% 8,000 $800 Private Equity $406.4 3.2% 16.1% 6,000 $600 Asset Sale $304.6 7.4% 21.0% 4,000 $400 Tender Offer $197.8 17.0% 39.7% Venture Capital $61.3 3.3% -16.3% $200 2,000 Spin-off $7.5 -5.2% -89.1% $0 0 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 Minority Purchase $198.0 4.0% 4.3% Majority Purchase $121.2 17.9% 13.4% Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). 3 Global Announced Deals 01/01/2017 - 06/30/2017 Cross Border Announced Deals 01/01/2017 - 06/30/2017 2017 2016 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co LLC 1 20.7 318,030 151 1 25.8 -5.1 Goldman Sachs & Co LLC 1 26.7 177,658 86 2 27.3 -0.6 Citigroup Inc 2 17.1 262,427 114 7 11.6 5.5 Citigroup Inc 2 23.1 153,440 63 8 12.5 10.6 Morgan Stanley 3 15.3 235,657 146 2 23.8 -8.5 Bank of America Merrill Lynch 3 19.3 128,497 47 5 17.4 1.9 Bank of America Merrill Lynch 4 13.7 210,342 88 3 16.3 -2.6 Morgan Stanley 4 18.3 121,939 74 1 34.3 -16.0 JPMorgan Chase & Co 5 12.2 188,048 135 4 14.9 -2.7 JPMorgan Chase & Co 5 16.0 106,595 66 4 17.6 -1.6 Credit Suisse Group AG 6 10.6 162,567 89 5 14.7 -4.1 Credit Suisse Group AG 6 15.2 101,126 45 3 25.2 -10.0 Rothschild & Co 7 8.2 126,334 149 10 8.3 -0.1 Deutsche Bank AG 7 12.7 84,701 32 10 10.7 2.1 Barclays PLC 8 7.7 118,329 77 6 12.2 -4.5 Lazard Ltd 8 11.8 78,538 71 7 15.1 -3.3 Lazard Ltd 9 7.5 115,876 119 8 9.6 -2.0 Rothschild & Co 9 10.3 68,493 95 6 16.6 -6.3 Deutsche Bank AG 10 7.0 107,917 54 9 8.8 -1.7 UBS AG 10 8.3 55,223 41 9 11.0 -2.7 UBS AG 11 6.7 102,654 76 12 7.1 -0.4 Mediobanca SpA 11 7.9 52,447 4 305 - 7.9 Evercore Partners Inc 12 4.8 73,053 72 11 7.6 -2.9 BNP Paribas SA 12 6.6 43,836 32 31 1.6 5.0 Moelis & Co 13 3.8 57,807 40 32 1.2 2.6 Barclays PLC 13 5.3 35,394 29 11 10.5 -5.1 RBC Capital Markets 14 3.7 57,251 64 15 4.4 -0.7 ALANTRA 14 5.0 33,503 16 52 0.6 4.5 BNP Paribas SA 15 3.7 57,054 50 36 1.1 2.7 RBC Capital Markets 15 4.8 31,904 24 24 1.9 2.9 Mediobanca SpA 16 3.4 52,447 4 57 0.6 2.9 TD Securities Inc 16 4.7 31,406 14 75 0.2 4.5 HSBC Bank PLC 17 2.9 44,421 25 14 5.0 -2.1 Robey Warshaw LLP 17 4.7 31,082 3 - - 4.7 Perella Weinberg Partners LP 18 2.8 42,420 13 59 0.5 2.3 HSBC Bank PLC 18 4.3 28,766 19 14 9.1 -4.8 Centerview Partners LLC 19 2.5 38,422 26 17 3.5 -1.0 Evercore Partners Inc 19 3.0 20,202 32 17 6.3 -3.3 TD Securities Inc 20 2.2 34,473 23 56 0.6 1.7 PJT Partners Inc 20 2.9 19,089 7 95 0.1 2.8 TOTAL 1,536,621 20,031 1,595,243 TOTAL 665,471 7,270 686,989 Global Private Equity Announced Deals 01/01/2017 - 06/30/2017 2017 2016 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 23.1 94,540 59 9 10.3 12.8 Goldman Sachs & Co LLC 2 19.9 81,516 65 1 24.3 -4.4 Bank of America Merrill Lynch 3 16.0 65,495 30 6 11.9 4.1 Credit Suisse Group AG 4 14.7 60,270 40 4 14.3 0.4 Citigroup Inc 5 13.6 55,845 42 3 14.3 -0.7 JPMorgan Chase & Co 6 12.3 50,382 51 2 14.8 -2.5 UBS AG 7 11.6 47,435 31 11 7.7 3.9 Barclays PLC 8 10.0 41,024 34 5 12.5 -2.5 Deutsche Bank AG 9 6.6 26,981 21 8 10.4 -3.8 Wells Fargo & Co 10 6.0 24,356 15 17 2.5 3.5 Moelis & Co 11 5.9 23,946 14 20 2.0 3.8 Rothschild & Co 12 5.8 23,808 62 13 4.9 0.9 Centerview Partners LLC 13 5.6 22,942 13 27 1.1 4.5 RBC Capital Markets 14 5.5 22,662 28 7 10.4 -4.9 PJT Partners Inc 15 4.1 16,646 4 61 0.3 3.8 Lazard Ltd 16 3.4 14,001 48 10 7.7 -4.3 Macquarie Group Ltd 17 3.2 13,126 13 14 4.4 -1.2 BNP Paribas SA 18 2.4 9,773 14 58 0.3 2.1 Ernst & Young 19 2.3 9,259 55 19 2.2 0.0 Evercore Partners Inc 20 2.2 9,126 25 22 1.7 0.5 TOTAL 409,511 5,915 352,304 4 Americas M&A Regional Review Americas M&A: Country Breakdown Amount % YoY • Deal activity in the Americas reached a volume of $702.5 billion in 1H2017, representing a 17.8% Country (Bln.) % of Total Change decrease compared to the same period last year.