GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS 1Q 2018 1 Q1 2018 GLOBAL M&A FINANCIAL ADVISORY RANKINGS The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The CONTENTS tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity- 1. Introduction swaps, joint ventures, private placements of common equity and convertible securities, and the cash 2. Global M&A Regional Review injection component of recapitalization according to Bloomberg standards. 3. Global M&A League Tables Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We 4. Americas M&A Regional Review provide a global perspective and local insight into unique deal structures in various markets through a 5. Americas M&A League Tables network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. 7. EMEA M&A Regional Review Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal 8. EMEA M&A League Tables trends. 11. APAC M&A Regional Review 12. APAC M&A League Tables Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league 15. Disclaimer table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/. Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Email North America Nageen Qasim +1-646-324-2878 [email protected] EMEA Madeeha Ahmad +44-20-3525-3754 [email protected] Asia Pacific Sayaka Sakashita +81-3-3201-2198 [email protected] General M&A queries may be submitted to: [email protected], [email protected], [email protected] ©2018 Bloomberg Finance L.P. All rights reserved. 1 Global M&A Regional Review Global M&A: Premium Breakdown 4% 0% • Global merger and acquisition activity reached $828.6 billion in 1Q2018, representing an 0-10% increase of 10.3% compared to the same period last year. 9% 17% • Private equity transactions reached a 1Q2018 volume of $193.3 billion, accounting for 23.3% of 10-25% the global volume for the period. GIC Pte Ltd, Canada Pension Plan Investment Board, and 25-50% Blackstone Group's pending acquisition of Thomson Reuters Corp's financial data unit for $17.0 50-75% billion was the largest announced private equity deal of the quarter. 20% • M&A deals targeting the Technology sector increased 174.2% in volume year‐on‐year to $90.9 75-100% 50% billion. Fujifilm Holdings Corp's pending acquisition of a majority stake in Xerox Corp for $10.32 100%+ billion was the largest deal in this sector. Global M&A: Highlights of Q1 2018 Global M&A: Industry Breakdown Total Amount % YoY Summary Date Target Acquirer Seller Value Industry (Bln.) % of Total Change Number of deals 9,455 Consumer Non-cyclical $234.1 27.9% 65.9% 3/8/2018 Express Scripts Holding Co Cigna Corp - $68,375.7 Volume (Bln.) $823.4 Financial $162.7 19.4% 11.0% Avg Deal Size (Mln.) $87.0 Keurig Green Technology $90.9 10.8% 174.5% 1/29/2018 Dr Pepper Snapple Group Inc - $23,167.7 Mountain Inc Consumer Cyclical $84.1 10.0% 4.2% Top Adviser Financial data unit/Thomson Thomson Industrial $70.0 8.4% 8.7% 1/29/2018 Multiple Acquirers $17,000.0 Morgan Stanley Reuters Corp Reuters Corp Communications $63.2 7.5% 29.2% Number of deals 69 Energy $55.0 6.6% -50.1% 3/5/2018 XL Group Ltd AXA SA - $15,200.6 Volume (Bln.) $209.9 Utilities $43.1 5.1% 53.8% 2018 Global M&A Review | Q1 Avg Deal Size (Bln.) $3.1 Dominion Energy Basic Materials $33.5 4.0% 71.4% 1/3/2018 SCANA Corp - $14,504.3 Inc Diversified $1.3 0.2% -57.8% Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown Amount % Change % Change $1,400 14,000 Deal Type (Bln.) Deal Count Volume $1,200 12,000 Company Takeover $475.8 -5.6% 34.4% $1,000 10,000 Cross Border $321.1 -3.7% -5.0% $800 8,000 Private Equity $192.7 1.6% 25.0% $600 6,000 Asset sale $141.4 -10.1% 6.0% $400 4,000 Tender Offer $79.5 -26.1% -19.0% Venture Capital $47.2 11.2% 101.2% $200 2,000 Spin-off $12.9 44.4% 129.4% $0 0 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 Minority purchase $129.6 9.6% 53.0% Majority purchase $67.2 -0.7% 11.8% Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). 2 Global Announced Deals 01/01/2018 - 03/26/2018 Cross Border Announced Deals 01/01/2018 - 03/26/2018 2018 2017 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Morgan Stanley 1 25.3 209,531 68 2 18.3 7.0 JPMorgan Chase & Co 1 23.3 75,639 36 7 15.8 7.5 JPMorgan Chase & Co 2 22.8 188,704 72 5 14.6 8.1 Morgan Stanley 2 21.9 71,050 30 4 19.5 2.4 Lazard Ltd 3 16.1 133,747 52 6 11.6 4.5 Goldman Sachs & Co LLC 3 17.2 56,044 35 1 30.6 -13.3 Goldman Sachs & Co LLC 4 15.4 127,170 63 1 21.5 -6.2 Lazard Ltd 4 14.4 46,759 35 6 16.2 -1.9 Centerview Partners LLC 5 14.9 123,023 14 20 2.8 12.1 Citigroup Inc 5 14.2 46,197 32 2 25.5 -11.3 Bank of America Merrill Lynch 6 12.8 106,273 41 4 15.0 -2.1 Barclays PLC 6 11.0 35,695 18 12 7.4 3.6 Credit Suisse Group AG 7 11.0 91,427 44 9 10.2 0.8 Bank of America Merrill Lynch 7 10.0 32,580 22 3 21.9 -11.9 Citigroup Inc 8 10.2 84,425 54 3 17.3 -7.1 Credit Suisse Group AG 8 9.2 29,891 23 8 14.9 -5.8 Barclays PLC 9 6.7 55,195 38 8 10.5 -3.9 Guggenheim Capital LLC 9 8.7 28,260 4 - - 8.7 Rothschild & Co 10 6.3 51,922 66 7 11.1 -4.9 Centerview Partners LLC 10 8.6 27,916 4 28 1.8 6.8 RBC Capital Markets 11 5.8 47,915 28 12 4.8 1.0 Rothschild & Co 11 6.2 20,086 45 5 17.6 -11.4 Guggenheim Capital LLC 12 3.5 29,242 9 66 0.4 3.2 Canson Capital Partners 12 5.2 17,000 1 - - 5.2 UBS AG 13 3.3 27,534 31 13 4.7 -1.4 Toronto-Dominion Bank/The 12 5.2 17,000 1 29 1.6 3.7 Evercore Inc 14 3.1 25,265 26 11 5.7 -2.6 LionTree Advisors LLC 14 4.9 15,949 4 129 0.0 4.9 Nomura Holdings Inc 15 2.9 23,789 29 48 0.6 2.3 Ardea Partners LLC 15 4.7 15,201 1 - - 4.7 BDT & Co LLC 16 2.8 23,168 1 33 1.2 1.6 Nomura Holdings Inc 16 4.4 14,297 12 35 1.0 3.4 Toronto-Dominion Bank/The 17 2.7 22,089 4 38 0.8 1.8 Macquarie Group Ltd 17 3.5 11,450 13 51 0.6 3.0 Macquarie Group Ltd 18 2.6 21,375 20 44 0.6 1.9 UBS AG 18 3.4 11,027 18 13 6.7 -3.3 LionTree Advisors LLC 19 2.5 20,837 6 74 0.2 2.3 BMO Capital Markets Corp/Toronto 19 3.1 10,071 6 27 2.2 0.9 Canson Capital Partners 20 2.1 17,000 1 - - 2.1 Nordea Bank AB 20 3.1 10,049 2 74 0.2 2.9 TOTAL 828,661 9,568 751,527 TOTAL 325,183 3,437 398,520 Global Private Equity Announced Deals 01/01/2018 - 03/26/2018 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Goldman Sachs & Co LLC 1 21.3 41,109 25 1 21.9 -0.7 Citigroup Inc 2 19.0 36,709 17 4 14.6 4.5 Morgan Stanley 3 19.0 36,705 26 2 20.4 -1.4 JPMorgan Chase & Co 4 18.3 35,392 23 5 13.5 4.8 Bank of America Merrill Lynch 5 12.5 24,168 11 10 6.9 5.6 Lazard Ltd 6 10.8 20,776 22 13 4.1 6.6 Barclays PLC 7 9.6 18,580 14 6 13.4 -3.8 Guggenheim Capital LLC 8 9.3 17,888 7 69 0.1 9.1 Centerview Partners LLC 9 9.2 17,750 5 11 6.9 2.3 Canson Capital Partners 10 8.8 17,000 1 - - 8.8 Toronto-Dominion Bank/The 10 8.8 17,000 1 - - 8.8 Credit Suisse Group AG 12 6.5 12,468 13 3 16.6 -10.1 Evercore Inc 13 5.8 11,159 11 15 3.3 2.5 Rothschild & Co 14 5.7 10,937 28 8 7.6 -1.9 Macquarie Group Ltd 15 5.2 10,087 6 30 1.2 4.0 Nordea Bank AB 16 5.2 10,049 1 - - 5.2 LionTree Advisors LLC 16 5.2 10,049 1 - - 5.2 Societe Generale SA 18 4.3 8,262 5 23 1.8 2.5 Deutsche Bank AG 19 3.3 6,294 9 20 2.2 1.1 RBC Capital Markets 20 2.9 5,651 7 12 5.8 -2.9 TOTAL 193,269 2,871 192,973 3 Americas M&A Regional Review Americas M&A: Country Breakdown Amount % YoY • In 1Q2018, M&A activity in the Americas increased by 34.4% to $466.1 billion compared to the same Country (Bln.) % of Total Change period last year.