MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS

Transcription

1 MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS REUTERS / Ilya Naymushin Full Year 0

2 M&A y Review Table of Contents Global M&A EMEA M&A Asia Pacific (exjapan) M&A Global Deals Intelligence European Deals Intelligence Asia Pacific (exjapan) Deals Intelligence Scorecard: Worldwide Announced M&A Top Ten European Involvement Announced Deals Top Ten Any Asia (exjapan) Involvement Announced Deals Scorecard: Worldwide Completed M&A Any European Involvement Announced (AE) Any Asian (exjapan) Involvement Announced (AE) Top Fifteen Worldwide Announced Deals Any European Involvement Completed (AG0) Any Asian (exjapan) Involvement Completed (AG) Worldwide Announced (AE) Any UK Involvement Announced (AE0) Any Asia Pacific (exjapan) Involvement Announced (AE0) Worldwide Completed (AG) Any UK Involvement Completed (AG) Any Asia Pacific (exjapan) Involvement Completed (AG) Any French Involvement Announced (AE) 0 Any Australia or NZ Involvement Announced (AE) Americas M&A Any French Involvement Completed (AG) 0 Any Australia or New Zealand Involvement Completed (AG) Americas Deals Intelligence Any Spanish Involvement Announced (AE) 0 Top Ten US Announced Deals Any Spanish Involvement Completed (AG) 0 Japan M&A Any US Involvement Announced (AE) Any German Involvement Announced (AE) Japan Deals Intelligence Any US Involvement Completed (AG) Any German Involvement Completed (AG) Top Ten Japanese Involvement Announced Deals US Target Announced (AE) Any Italian Involvement Announced (AE) Any Japanese Involvement Announced (AE) US Target Completed (AG) Any Italian Involvement Completed (AG) Any Japanese Involvement Completed (AG) Any Canadian Involvement Announced (AE) Any Nordic Involvement Announced (AE) South Korea M&A Any Canadian Involvement Completed (AG) Any Nordic Involvement Completed (AG) Any South Korea Involvement Announced (AE) Any US Public Involvement Completed Any Benelux Involvement Announced (AE) Any South Korea Involvement Completed (AG0) Any Benelux Involvement Completed (AG) Criteria Summary Mergers & Acquisitions Criteria Summary Regional Contacts Thomson Reuters Solutions for the Deal Making Community 0

3 Full Year 0 LEGAL ADVISORS MERGERS & ACQUISITIONS REVIEW Worldwide M&A Surpasses US$ trillion for Third Time l Mega Deals Account for % of Value, Overall Deals Fall % l European Deal Making Up % Global Deals Intelligence WORLDWIDE DEAL MAKING SURPASSES US$ TRILLION Worldwide M&A activity totaled US$.0 trillion, an increase of % compared to full year 0 and the third annual period to surpass US$.0 trillion since records began in 0. The fourth quarter of 0 registered a % decline compared to the third quarter of the year, and marks the slowest quarter for global deal making since the second quarter of 0. MEGA DEALS ACCOUNT FOR % OF ANNOUNCED VALUE The value of worldwide M&A greater than US$ billion totalled US$. trillion, an increase of % compared to a year ago. One hundred and twenty three deals greater than US$ billion accounted for % of announced M&A actvity during the full year 0, up from 0% during full year 0. During the second half of 0, the value of mega deals fell % compared to the first half of the year, which ranked as the second largest sixmonth period for global deal making on record. CROSSBORDER, PEBACKED BUYOUTS HIT POSTFINANCIAL CRISIS HIGHS Crossborder M&A activity totaled US$. trillion, a % increase compared to full year 0 and the strongest year for crossborder M&A since 00. Private Equitybacked buyouts accounted for 0% of full year 0 M&A activity, with a % increase, by value, and a % increase, by number of deals, compared to a year ago. Full year 0 marks the strongest annual period for PEbacked buyouts in over a decade. EUROPEAN M&A HITS YEAR HIGH; UNITED STATES DEALS UP % M&A activity for United States targets totaled US$., an increase of % compared to the level of activity seen during 0. With US$ trillion in announced deals in 0, European M&A increased % compared to a year ago and hit an year high. European deal making accounted for % of overall M&A activity during 0, the highest percentage since full year 0. ENERGY & POWER, TECH & HEALTHCARE LEAD SECTOR MIX Deal making in the Energy & Power sector totaled US$0 billion during full year 0, an increase of % compared to 0 levels and an alltime record. Technology M&A accounted for % of overall M&A during 0, while Healthcare and Industrials deal making each accounted for % of activity. Worldwide Announced (AE) Jan Dec Worldwide Announced Buyside Financial Sponsor Activity Rank Value (US$b) $00 $00 $00 $00 $00 $00 $00 $00 $00 $0 0.% Q Volume (US$b) Q Volume (US$b) % of YTD Global M&A.% Worldwide Cross Border Activity.%.% Q Volume (US$b) Q Volume (US$b).%.% $..%.% $. $. 0.% $0.0 $. $. $. $0..% $0. $. $. $. $0. $0. $. $. $. $. $0. $. $. $. $. $. $. $. $. $0. $. $. $. $0. $. $. $. $. $. $. $. $ % 0% % 0% % 0% % of Global M&A 0 0 Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals,... * 0. 0, * 0.,....0, Cleary Gottlieb Steen & Hamilton, , , , , , , ,...., , , , Gibson Dunn & Crutcher 0, Fried Frank Harris Shriver & Jacobson, , , , Vinson & Elkins LLP 0 0, Slaughter and May 0,... * 0. 0,..0.. Torys, ,0, ,,.%.%.%.% Rank Value (US$b) $,00 $,00 $,00 $,00 $,000 $00 $00 $00 $00 $0 Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) Q Volume (US$b).% %.0% % of YTD Global M&A.%.%.% 0%.%.%.% $. % $..% 0%.0% $. $0. $0. $. % $. $. $. $. 0% $. $. $0. $0. $0. $. % $0.0 $.0 $. $. $. $. $. $. 0% $. $. $. $0. $. $. % $. $. $0. $0.0 $. $00. $.0 $. $. $. 0% % of Global M&A

4 Mergers & Acquisitions Scorecard: Worldwide Announced M&A Scorecard: Worldwide Completed M&A Worldwide Announced M&A by Target Industry Target Region/Nation //0 //0 //0 //0 Rank Val No. Rank Val No. US$m Deals US$m Deals % Change in Rank Value Target Region/Nation //0 //0 Rank Val No. US$m Deals //0 //0 Rank Val No. US$m Deals % Change in Rank Value 0% 0% Worldwide,0,0.,,0,.,. Worldwide,0,.0,,0,0.,. Americas,0,.,0,,.0,. Americas,0,.,0,,.,. Caribbean,.,.. Caribbean,00.,.. Central America, ,.. Central America,., Mexico,0.0,0.. Mexico,.,.. North America,,.,,,.,. North America,,0.,,,.,. United States,,.,,0,.,00. United States,0,0. 0,,,.0,. Canada 0,., 0,.,. Canada,.,,.,0 0.0 South America,.,0.,0. South America,00.,.. Brazil,0.,. 0. Brazil,0. 0,.. Chile 0,.,..0 Chile,. 0,.. Africa/Middle East,0.,0,0.,. Africa/Middle East,0. 0,.. Middle East,0.,.0. Middle East,0.,.0. North Africa,. 0,0.. North Africa,.,.0.0 SubSaharan Africa,.,.. SubSaharan Africa,.,0.. Europe,00,0.,,.,. Europe,.,,0.,. Eastern Europe,.,0,.,0. Eastern Europe,.,,.,. Western Europe,.,,.,. Western Europe,.,0,. 0,.0 United Kingdom,.,,.,00. United Kingdom,0.,0,.,.0 Germany,.,,0.,. Spain,.,.. Spain 0,0.0,0,.,00.0 Germany 0,., 0,.0,.0 AsiaPacific,.,,.,0. AsiaPacific,.,,.0,0. Australasia,., 0,0.,. Australasia 0,.,,.,0. Australia 0,.,,.,. Australia,.,,0.0,. New Zealand 0,.0,.. New Zealand,0.,0. 0. South East Asia,.,,.,0.0 South East Asia,.,,.,0. Singapore,.,.0. Singapore 0,.,.. Thailand,.,. 0. Indonesia,0.,.. North Asia,.,,.,. North Asia,.,0,.,0. China,.,,., 0. China,0.,,.,. South Korea,.,0,.,. South Korea,.,,.,0. South Asia,., 0,00.,0. South Asia,.,,.,0. Central Asia,.,0.. Central Asia,..0,. Japan,.,0,.,.0 Japan,.,,.,0. % % % Energy and Power Healthcare Financials Materials Consumer Products and Services Consumer Staples Government and Agencies % % % % % High Technology Industrials Real Estate Media and Entertainment Telecommunications Retail % % Top Fifteen Worldwide Announced Deals Jan Dec 0 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry //0 Pending Shire PLC (00%) Takeda Pharmaceutical Co Ltd Japan / IrelandRep,. Healthcare / Pharmaceuticals //0 /0/0 Express Scripts Holding Co (00%) Cigna Corp,. Healthcare / Healthcare Providers & Services (HMOs) //0 0//0 Energy Transfer Partners LP (.%) Energy Transfer Equity LP,. Energy and Power / Pipelines //0 Pending Sprint Corp (00%) TMobile US Inc,. Telecommunications / Wireless //0 0//0 Sky PLC (00%) Comcast Corp United States / United Kingdom,. Media and Entertainment / Broadcasting //0 0//0 Abertis Infraestructuras SA (00%) Abertis Infraestructuras SPV Spain / Spain,. Industrials / Transportation & Infrastructure //0 Pending Innogy SE (.%) E ON Verwaltungs SE Germany / Germany,. Energy and Power / Alternative Energy Sources 0//0 Pending Red Hat Inc (00%) IBM Corp,0. High Technology / Software //0 //0 Altice USA Inc (.%) Shareholders,. Media and Entertainment / Cable //0 //0 VMware Class V Tracking Stock (00%) Dell Technologies Inc,. High Technology / Computers & Peripherals /0/0 0//0 Andeavor Corp (00%) Marathon Petroleum Corp,. Energy and Power / Oil & Gas //0 Intended EDP Energias de Portugal SA (.%) China Three Gorges (Europe) SA Luxembourg / Portugal,. Energy and Power / Power //0 //0 Dr Pepper Snapple Group Inc (00%) Keurig Green Mountain Inc,. Consumer Staples / Food and Beverage //0 /0/0 RELX NV (00%) RELX PLC United Kingdom / Netherlands,. Media and Entertainment / Publishing //0 Pending Unitymedia GmbH (00%) Vodafone Grp Plc United Kingdom / Germany,. Media and Entertainment / Cable

5 Worldwide Rankings Worldwide Completed (AG) Jan Dec Worldwide Completed (AG) Based on Number of Deals Jan Dec # Rank Value Market Market Value US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Of Deals Sh (%) Deals US$m Rank Sh (%) Share Ch., ,.,... * 0. Jones Day.,...,..0. * 0..,.. 0., Goodwin Procter LLP. 0,..., ,. 0..,. 0, Baker Mckenzie CMS ,00. 0,0..., McGuireWoods LLP ,., * 0.,0...0 Cleary Gottlieb Steen & Hamilton 0, * ,..., ,.. 0., * 0.,.0.., ,...,. 0, Hunton Andrews Kurth LLP ,. 0, ,., Eversheds Sutherland LLP * ,.,...0, ,..., * 0.,..0. Debevoise & Plimpton 0 0 0, * 0. Orrick Herrington & Sutcliffe LLP * 0.,0. Torys 0,0... * 0. 0.,0... Jones Day,.... Morgan Lewis & Bockius 0.,... Dechert, ,..0. Morrison & Foerster, * 0. McDermott Will & Emery 0.,0. King & Wood Mallesons 0, Gowling WLG * 0.,.,0, ,,,,,0, %.0%.%.%.%.%.%.0% Worldwide Announced (AE) Based on Number of Deals Jan Dec WW Announced Incl. Withdrawn (AE) Jan Dec 0 0 # Rank Value Market Market Of Deals Sh (%) Deals US$m Rank Sh (%) Share Ch.. 0, ,... Jones Day 0., Goodwin Procter LLP 0.,0..0,... Baker Mckenzie 0.,. 0 0., CMS 0.,00. McGuireWoods LLP 0.,. 0 0., ,... 0.,.. 0. * 0.,.0.. Hunton Andrews Kurth LLP 0., , , , ,0...0 Orrick Herrington & Sutcliffe LLP 0 0.,. Eversheds Sutherland LLP ,. Morgan Lewis & Bockius 0. 00,. Gowling WLG * 0.,. 0.,0... McDermott Will & Emery 0.,. Cooley LLP 0.,.,,,0, Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Cleary Gottlieb Steen & Hamilton 0 00,.,.,.,. 0,0., , ,... 0., , , ,0... * 0. 0 Fried Frank Harris Shriver & Jacobson,... 0,....,0... 0, ,0..0. * 0. 0,.. 0. Gibson Dunn & Crutcher, , Slaughter and May,..., McCarthy Tetrault 0,..0. Vinson & Elkins LLP 0, ,0....,,. 00.0,.%.%.%.% 0.%.%.%.%

6 Worldwide M&A Matrix Exit Multiple Matrix Year to Date Average Rank Value / EBITDA Jan Dec 0 UP 0 DOWN 0 World Americas USA Canada EMEA Europe UK Asia ex. Japan Japan Consumer Products and Services.x.x.x.x.0x.x 0.x 0.x.x.0x.x 0.x.x.x.x.x 0.x.x Consumer Staples.x.x.0x.x 0.x.x.x.x.x.x.x.x.x.x.x.x.0x Energy and Power.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x 0.x Healthcare.x.x.x.x.0x.x.x.x.x.x.x.x.0x.x.x 0.x.x.x High Technology.x.x.x 0.x 0.x.x.x.x.x.0x.x.0x.x.x.x.x.x.x Industrials.x.x.x.x.x.x.x.x.x.x.0x.x.x.x.x.x.0x.x Materials.x.x.x.x.x.x.0x.x.x.0x.x.x.x.x.0x.x.x.x Media and Entertainment.x.x.x 0.x 0.x 0.0x.x.0x.x.x.x.0x.x.x.x.x.x.x Real Estate.x.x.x.x.x.x.0x.0x.0x 0.x.x.0x.0x.x.x 0.x Retail.x.x.x.x 0.x.x.x.x.x 0.x.x.x.x.x.x.x 0.x.x Telecommunications.x.x.x.x.x.x.0x.0x Average.0x.x.x.0x.x.x.x.0x.0x.x.x.x.x.x.x.x.x 0.x.x 0.x.x.x.x.x.x.x Bid Premium Matrix Year to Date Average Premium to Week Stock Price Jan Dec 0 UP 0 DOWN 0 World Americas USA Canada EMEA Europe UK Asia ex. Japan Japan Consumer Products and Services Consumer Staples Energy and Power Financials Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Telecommunications Average * Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 0/0/0 //0 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 0x and for average premium to week stock price prior to announcement is capped at 00%.

7 Americas M&A Up % Energy & Power Volume Drives US Activity Canadian Activity Up % Americas M&A Americas Deals Intelligence US Announced Advisors by Target Industry Jan Dec 0 Americas M&A volume during 0 was up.% compared to full year 0, accruing US$. trillion in activity from, announced deals. US Targeted M&A volume totaled US$. trillion, a.% increase in activity compared to full year 0. 0 saw, deals announced, a % decrease from a year ago. The Energy & Power sector led the US market, with deal volume totaling US$0. billion, accounting for a.% market share. Technology followed, accruing US$. billion for an.% share of the market. Healthcare rounded out the top sectors, with US$. billion and a.% share. Accumulating US$. billion in transaction value, announced Canadian Involvement activity saw a.% increase from the totals reached during 0. Completed Canadian Involvement activity was up.% compared to last year. In the Americas, out of the sectors saw an increase in exit multiples during 0. Overall average EBITDA multiples across industries in the Americas posted a decrease during the period, declining to.x compared to x averaged during 0. Rank Val Mkt. No. Rank Val Mkt. No. (US$m) Rank Share Deals (US$m) Rank Share Deals Energy & Power 0,.0 Industrials,.0, Vinson & Elkins LLP,..0 Cleary Gottlieb Steen & Hamilton 0,..0 0,..,.. 0 Cleary Gottlieb Steen & Hamilton,0..,.. Technology,0., Media,.0 0 0,.. 0 0,..0,..,..,.0.0,.. Healthcare,.,0 Materials,. 0,.0. Cleary Gottlieb Steen & Hamilton,..,0..,..,0.0. Jones Day,.0. Real Estate,0.,.. Consumer Products,.,0.., 0,.. Cleary Gottlieb Steen & Hamilton,..,..,.. Financials,0., Consumer Staples,.,0..,..,.. Morgan Lewis & Bockius,..,..,.. US Target Announced M&A Target Industry by Value Jan Dec 0 LBOs as a Percentage of US Targeted Announced M&A.%.%.%.% $00 $00 NonLBO LBO LBO as % of US M&A % 0%.%.%.%.%.%.% Rank Value (US$b) $00 $00 $00 $00 $00 % 0% % 0% % of US M&A $00 % Energy and Power High Technology Healthcare Real Estate Financials Industrials Media and Entertainment Telecommunications Materials Consumer Products and Services Consumer Staples Retail Government and Agencies $0 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 0% Top Ten US Announced Deals Jan Dec 0 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry //0 /0/0 Express Scripts Holding Co (00%) Cigna Corp,. Healthcare / Healthcare Providers & Services (HMOs) //0 0//0 Energy Transfer Partners LP (.%) Energy Transfer Equity LP,. Energy and Power / Pipelines //0 Pending Sprint Corp (00%) TMobile US Inc,. Telecommunications / Wireless 0//0 Pending Red Hat Inc (00%) IBM Corp,0. High Technology / Software //0 //0 Altice USA Inc (.%) Shareholders,. Media and Entertainment / Cable //0 //0 VMware Class V Tracking Stock (00%) Dell Technologies Inc,. High Technology / Computers & Peripherals /0/0 0//0 Andeavor Corp (00%) Marathon Petroleum Corp,. Energy and Power / Oil & Gas //0 //0 Dr Pepper Snapple Group Inc (00%) Keurig Green Mountain Inc,. Consumer Staples / Food and Beverage 0//0 Pending L Technologies Inc (00%) Harris Corp,0. High Technology / Electronics //0 //0 Ca Inc (00%) Broadcom Inc,. High Technology / Software

8 Americas Rankings Any US Involvement Announced (AE) Jan Dec Any US Involvement Completed (AG) Jan Dec 0 0 Rank Value Market Market 0 0 US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Value US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals, , , , ,....0, ,...., Cleary Gottlieb Steen & Hamilton, * 0. 0, , ,0...0 * 0., , , ,0....,....0,... 0 * ,.0.. * 0. 0,...., Cleary Gottlieb Steen & Hamilton 0,... 0., , Vinson & Elkins LLP, ,...., , Gibson Dunn & Crutcher,... 0., * 0., Dechert, Richards Layton & Finger,... 0* 0.,... 0., ,... * 0., Gibson Dunn & Crutcher, Fried Frank Harris Shriver & Jacobson 0 0,...0 0* 0. Torys 0,..0. * 0. Morrison & Foerster, Arnold & Porter 0, Jones Day, Vinson & Elkins LLP, Goodwin Procter LLP, Akin, Gump, Strauss, Hauer & Feld,... * 0. Sidley Austin LLP,....0 Debevoise & Plimpton,... 0., Morrison & Foerster, ,0,. 00.0,,,,. 00.0,,0.%.%.0%.%.%.%.%.% US Target Announced (AE) Jan Dec US Target Completed (AG) Jan Dec 0 0 Rank Value Market Market 0 0 US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Value US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals,.0...,... 0.,. 0.. * 0. 0, Cleary Gottlieb Steen & Hamilton, * 0., , *.0, ,..0.., , , , , ,0... * 0.,0.0.. *.0 0, Cleary Gottlieb Steen & Hamilton, ,.... 0,0.... Vinson & Elkins LLP, , , ,.. 0.., , Richards Layton & Finger,... 0., , Arnold & Porter 0, * 0. Gibson Dunn & Crutcher, Vinson & Elkins LLP, Morrison & Foerster, Dechert, , Debevoise & Plimpton, * 0. Jones Day,.... Gibson Dunn & Crutcher,..0. *.0 Fried Frank Harris Shriver & Jacobson 0,... * 0. Akin, Gump, Strauss, Hauer & Feld 0, Sidley Austin LLP, *.0 0, * 0. Goodwin Procter LLP, Morrison & Foerster,... 0., Torys,0... * 0. Cooley LLP,....,... * 0. Debevoise & Plimpton 0, Jones Day 0,... 0.,,. 00.0,,0,0, ,.%.%.0%.%.%.%.%.%

9 Americas Rankings Any US Public Involvement Completed Jan Dec US Target Announced (AE) Based on Number of Deals Jan Dec 0 0 Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals 0,....,.... 0, ,..0. *.,...0., ,.... 0,... *., Cleary Gottlieb Steen & Hamilton 0,0....,....,...0.,..0. *. 0, Arnold & Porter 0,... * 0.,0... * 0. Gibson Dunn & Crutcher, Torys,...0 * 0. Dechert,... * 0. Debevoise & Plimpton 0,..0. *.0,..0. * 0. Vinson & Elkins LLP, ,.0.. * 0. Akin, Gump, Strauss, Hauer & Feld,... *.0 Jones Day, ,,. 00.0, 0 0 Rank Value Market Market Deals Sh (%) Deals US$m Rank Sh (%) Share Ch., Goodwin Procter LLP. 0,... McGuireWoods LLP.,. Jones Day.,.... 0, ,...0 Hunton Andrews Kurth LLP.,... Morgan Lewis & Bockius * 0.,.0 Cooley LLP *.,... 0.,0... *., ,. 0.. Sidley Austin LLP * 0.0,0... * 0.0,.0.. Gibson Dunn & Crutcher.0,0...0 Ropes & Gray *.0, McDermott Will & Emery *.0,. 0.0 Bryan Cave Leighton Paisner LLP * ,0. * 0., ,... Vinson & Elkins LLP 0 0., , Wilson Sonsini Goodrich & Rosati ,..0. Paul Hastings LLP * ,. Orrick Herrington & Sutcliffe LLP * 0.,.,,0,, %.%.%.%.0%.%.%.% Any Canadian Involvement Announced (AE) Jan Dec Any Canadian Involvement Completed (AG) Jan Dec 0 0 Rank Value Market Market 0 0 US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Value US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Osler Hoskin & Harcourt LLP, Torys, *., ,00... * 0. Stikeman Elliott,...0. Stikeman Elliott,0.... Torys,0.... Osler Hoskin & Harcourt LLP 0 0,.... Blake Cassels & Graydon,...0., * 0.,...0 * 0.,00... * 0. 0, Norton Rose Fulbright,... 0*. 0 Norton Rose Fulbright, , * 0., * 0. Blake Cassels & Graydon,0.... McCarthy Tetrault 0,....0 Davies Ward Phillips & Vineberg LLP 0, ,0.0.. * 0. 0 Goodwin Procter LLP,... 0 * 0. 0 Davies Ward Phillips & Vineberg LLP, McCarthy Tetrault 0,0....0,... 0.,... * 0., *.0 0,... * 0.,... * 0. 0,.. 0. * 0. 0 Cleary Gottlieb Steen & Hamilton,... * 0. 0 Cleary Gottlieb Steen & Hamilton,... 0* 0. Gibson Dunn & Crutcher,00., * * Vinson & Elkins LLP,., * 0.. 0, Gibson Dunn & Crutcher,... * 0. Vinson & Elkins LLP 0 0, * 0. Jones Day 0,... 0 * 0. Dechert,... * 0.,... * 0. Gilbert + Tobin, * 0. Allens 0,0... * 0. Goodwin Procter LLP 0, ,... * 0.,0... * 0. 0 Dechert,... 0* 0. Shardul Amarchand Mangaldas & Co,.0.. 0* 0.,0... 0* 0.,. 00.0,0, ,.%.% 0.%.%.%.%.%.%

10 EMEA M&A EMEA Announced M&A up % Energy and Power Top Sector Financial Sponsor Volume Increases EMEA Deals Intelligence Announced M&A activity with EMEA involvement totaled US$. trillion from, deals in 0, up.% compared to the US$. trillion reached in the last year. The Energy and Power sector led the EMEA marketplace, with, deals totaling US$. billion, including the US$. billion acquisition of Innogy SE by E ON Verwaltungs SE, which was the fifth largest European deal of 0. Media and Entertainment accrued US$. billion, and Healthcare yielded US$. billion of activity. Financial sponsors were more active this year compared to 0. EMEAtargeted buyside financial sponsor activity reached US$. billion in 0, up.% from the US$. billion reported in the last year. Acquirors listed on the London Stock Exchange were EMEA's most acquisitive companies for 0, with a combined total of US$0. billion in offers. EMEA Involvement Announced Advisors by Target Industry Jan Dec Rank Val Mkt. US$m Rank Share No. Deals Energy and Power,.,,..,. 0. Media and Entertainment,0.,..,,.. 0,..,.. Healthcare,., Slaughter and May,..,0..,0.0. Financials,.,,..,.. Debevoise & Plimpton 0,00..0 Primary Stock Exch. Listing of Most Acquisitive EMEA Companies Top 0 (US$ bil) EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity) $. $0. $. $. $. London Nasdaq $. $0. $. $00 $0 Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) 0% % $.0 $. Euronext Paris Zurich Madrid BMFBOVESPA Swiss Stock Exchange Nasdaq OMX Stockholm Rank Value (US$b) $00 $0 $00 $0 $0 % of YTD EMEA M&A 0.%.%.%.%.0% $..%.%.%.% $. $. $. $..% $. $. $. $. $. $. $. $. $. $. $0. $. $. $. $. $. $0. $. $. $. $. $. $. $. $. $.0 $. $. $. $. $. $. $ % % % of EMEA 0% % 0% Top Ten EMEA Involvement Announced Deals Rank Date Status Target (% Sought/Acquired) Acquiror //0 Pending Shire PLC (00%) Takeda Pharmaceutical Co Ltd //0 Pending Sprint Corp (00%) TMobile US Inc //0 Completed Sky PLC (00%) Comcast Corp //0 Completed Abertis Infraestructuras SA (00%) Abertis Infraestructuras SPV //0 Pending Innogy SE (.%) E ON Verwaltungs SE //0 Completed Altice USA Inc (.%) Shareholders //0 Intended EDP Energias de Portugal SA (.%) China Three Gorges (Europe) SA //0 Completed Dr Pepper Snapple Group Inc (00%) Keurig Green Mountain Inc //0 Completed RELX NV (00%) RELX PLC //0 Pending Unitymedia GmbH (00%) Vodafone Grp Plc Jan Dec 0 Acquiror / Target Nation Japan / IrelandRep Rank Value (US$m),. Target Macro / Mid Industry Healthcare / Pharmaceuticals,. Telecommunications / Wireless United States / United Kingdom,. Media and Entertainment / Broadcasting Spain / Spain,. Industrials / Transportation & Infrastructure Germany / Germany,. Energy and Power / Alternative Energy Sources,. Media and Entertainment / Cable Luxembourg / Portugal,. Energy and Power / Power,. Consumer Staples / Food and Beverage United Kingdom / Netherlands,. Media and Entertainment / Publishing United Kingdom / Germany,. Media and Entertainment / Cable

11 EMEA Rankings Any European Involvement Announced (AE) Jan Dec Any European Involvement Completed (AG0) Jan Dec 0 0 Rank Value Market Market 0 0 US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Value US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals,....,...., ,....,...0., ,0..0. * 0., ,0....0, Slaughter and May 0,.0.. * 0., * 0.,... 0* 0.,... 0.,.. 0..,... 0.,... 0., ,.0, * * ,0.,..... * * Cleary Gottlieb Steen & Hamilton, * 0., Fried Frank Harris Shriver & Jacobson, * 0. Debevoise & Plimpton 0 0,... 0* 0., ,... * 0.,0.... Cleary Gottlieb Steen & Hamilton 0,0... * 0. CMS,.... Davies Ward Phillips & Vineberg LLP 0,0... * 0. 0,..0. * 0. 0 Dentons,... 0.,0... * 0. CMS,... 0.,.0..0 * 0. 0, Ashurst 0,0... * 0. 0 Loyens & Loeff 0, , Gleiss Lutz, ,.0.. * 0.,... * 0. 0, Slaughter and May 0, McCarthy Tetrault,0...0 * 0. Stikeman Elliott,.0.. 0* 0. Arthur Cox, Uria Menendez 0, ,0, ,,,,. 00.0,,.%.%.%.%.%.%.%.% Any UK Involvement Announced (AE0) Jan Dec Any UK Involvement Completed (AG) Jan Dec 0 0 Rank Value Market Market 0 0 US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Value US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals,.... 0,.. 0..,00... *.,... *. Slaughter and May 0, ,.... CMS, Norton Rose Fulbright, * 0. Norton Rose Fulbright,.0.. * 0. 0,... * 0.,.0.0.., , CMS 0,.... 0, Slaughter and May,... * 0.,....0 Travers Smith, ,...0 0* 0. Ashurst 0, Travers Smith,..0.., *.,... 0., * 0. Matheson, * 0., , ,.. 0. * 0., Matheson,...0 * 0., , *. Ashurst, ,0... *.0,0.... De Brauw Blackstone Westbroek,... * 0. 0, * 0. 0 AZB & Partners 0,... * ,... *. Baker Mckenzie 0,.... De Brauw Blackstone Westbroek *,... 0* 0.,... *.0 Hengeler Mueller,0... * 0.,.... Gibson Dunn & Crutcher, ,...0 * 0. Baker Mckenzie, ,... *.,.... 0,... * 0.,. 00.0,, ,.%.%.%.%.%.%.%.0%

12 EMEA Rankings Any French Involvement Announced (AE) Jan Dec Any French Involvement Completed (AG) Jan Dec 0 0 Rank Value Market Market 0 0 US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Value US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals,... *.,... 0 *. Debevoise & Plimpton,0...0 * 0. Bredin Prat,0....,... *. Debevoise & Plimpton,... * 0. Bredin Prat, Cleary Gottlieb Steen & Hamilton, Cleary Gottlieb Steen & Hamilton, , * 0. 0, Darrois Villey Maillot Brochier,...0 * 0.,., * * 0.. King & Wood Mallesons,0. 0,..... * * 0..,... * 0.,.... Willkie Farr & Gallagher 0, ,0... * 0., Jones Day,0.... Mattos Filho Veiga Filho Marrey Jr,... * 0. 0,.0.0. * 0. 0 Homburger *,0... * 0., *. Baker Mckenzie,.... NautaDutilh,0... * 0. King & Wood Mallesons 0,... * 0.,... * 0. 0,.... Loyens & Loeff *,0... * 0. Darrois Villey Maillot Brochier,... 0 * 0.,....0,... * 0. CMS,... 0 *.,... * 0. Allens *,... * 0. Goodwin Procter LLP 0,.... Lacourte Raquin Tatar SCPA 0 0,.0.. * 0. CMS, Mattos Filho Veiga Filho Marrey Jr, * 0. Gide Loyrette Nouel, Willkie Farr & Gallagher, *. De Pardieu Brocas Maffei 0,... *.0 Capstan LMS SELARL, * 0. Mayer Brown LLP, , *., Bonelli Erede e Pappalardo,... * 0 0.,. 00.0, 0,. 00.0,.%.%.%.%.%.%.%.% Any Spanish Involvement Announced (AE) Jan Dec Any Spanish Involvement Completed (AG) Jan Dec 0 0 Rank Value Market Market 0 0 US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Value US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Uria Menendez,...0. Uria Menendez,....,...., *.,... *.0, , , * 0,... * 0., , ,... * 0.,... 0*.,... * 0.,..0. * 0.,.0..0 *. Gianni Origoni Grippo Cappelli & Partners,... * 0. Gianni Origoni Grippo Cappelli & Partners,... * 0. Gleiss Lutz 0 *,... * 0. Gleiss Lutz 0 *,..0.0 * 0. 0, ,....0 Cleary Gottlieb Steen & Hamilton *,... * 0. Legance Avvocati Associati,... * 0. 0 Legance Avvocati Associati *,... * 0. Cleary Gottlieb Steen & Hamilton *,... * 0. Garrigues, Garrigues, Perez Llorca,.... PwC Legal LLP, Cuatrecasas 0, Cuatrecasas 0, PwC Legal LLP, Perez Llorca 0,.... Deloitte, ,.0.. * 0. Greenberg Traurig,.0.. * 0. Carey & Cia,... * 0. Nishimura & Asahi 0*,.0.. * 0. Deloitte 0,..0.. McDermott Will & Emery 0* *,.0.. * 0. 0 Greenberg Traurig,.0.. * 0. A&L Goodbody 0* *,.0.. * 0. Nishimura & Asahi *,.0.. * 0., McDermott Will & Emery * *,.0.. * 0. 0 Grandway Law Offices Carey & Cia,000.0,..... * * A&L Goodbody * *,.0, * * ,. 00.0,,. 00.0,.%.%.0%.%.% 0.%.%.% 0

13 EMEA Rankings Any German Involvement Announced (AE) Jan Dec Any German Involvement Completed (AG) Jan Dec 0 0 Rank Value Market Market 0 0 US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Value US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals 0,....,... * 0. 0 Hengeler Mueller,...0 *. 0, *., ,... * 0. CMS, ,0.... Goodwin Procter LLP 0,... 0., , Dentons,... 0*. 0,... * 0. 0,..0.. Cleary Gottlieb Steen & Hamilton,... * 0.,... 0*.,.0... Stikeman Elliott,... * ,... * 0. 0,... *.,.,. 0,. 0, * 0* * Debevoise & Plimpton Dechert Morrison & Foerster *,.,0.,., * * * * Morrison & Foerster *,... * 0. Davies Ward Phillips & Vineberg LLP *,.0.. * 0. Sidley Austin LLP,... * 0. Luthra & Luthra Law Offices *,.0.. * 0. K&L Gates, * 0. * 0*, * 0. Fried Frank Harris Shriver & Jacobson *,..0.0 * 0. Arnold & Porter *,.0.. 0* 0. Pillsbury Winthrop Shaw Pitt LLP *, * 0. Hengeler Mueller, Cooley LLP *, * 0. Willkie Farr & Gallagher 0 0,.. 0. * 0. Potter, Anderson & Corroon *,..0.0 * 0.0, * *,..0. * 0.0 Gleiss Lutz,0.... Richards Layton & Finger *,..0.0 * 0.0 Torys, * 0.,.... Arthur Cox 0, * 0. Gibson Dunn & Crutcher,... * ,...0 * 0 0., , 0,. 00.0,.%.%.%.%.%.%.%.% Any Italian Involvement Announced (AE) Jan Dec Any Italian Involvement Completed (AG) Jan Dec 0 Rank 0 Rank Rank Value US$m Market Sh ($) Market Share Ch. Deals Rank Market Sh ($) Change in Deals 0 Rank 0 Rank Rank Value US$m Market Sh ($) Market Share Ch. Deals Rank Market Sh ($) Change in Deals Legance Avvocati Associati,0.... Cleary Gottlieb Steen & Hamilton,0... *.0 *,0... 0* 0. Gianni Origoni Grippo Cappelli & Partners 0, Gianni Origoni Grippo Cappelli & Partners 0,....,0... *.,.0.0. *.,....,... *. Legance Avvocati Associati,...0.,0... *.,00....,.... 0,...0 *. 0, * 0. *, * 0. Cleary Gottlieb Steen & Hamilton, ,0... *. 0,... * 0. 0,... * 0. Gleiss Lutz *,... * 0. 0 Gleiss Lutz,... * 0. Uria Menendez,... * 0.,... * 0.,... * 0. 0 Uria Menendez,... * 0. Chiomenti Studio Legal, Chiomenti Studio Legal, ,... *. Bonelli Erede e Pappalardo,....0 Garrigues 0,... * 0. Jones Day 0,0... *. Dentons Mori Hamada & Matsumoto,0., *. 0. Barbosa Mussnich & Aragao CMS,., * Maisto e Associati * 0,... 0* 0. Bredin Prat *,0... * 0. * *,... 0* 0. Pillsbury Winthrop Shaw Pitt LLP *,0... * 0. Facchini Rossi Scarioni *,... * 0. Khaitan & Co *,0... * 0. Gattai Minoli Agostinelli & Partners,... 0*. 0 Garrigues 0,... * 0. Bonelli Erede e Pappalardo,0.0...,.0... Pedersoli Studio Legale,...0.0,0... *.,...0 0*. Pedersoli Studio Legale 0, ,. 00.0,0, ,.%.%.%.% 0.0%.%.%.%

14 EMEA Rankings Any Nordic Involvement Announced (AE) Jan Dec Any Nordic Involvement Completed (AG) Jan Dec 0 0 Rank Value Market Market 0 0 US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Value US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Roschier Advokatbyra AB,.,..... * * 0. 0.,., * * 0..,...0. *,... * 0. Baker Mckenzie,.0... Gorrissen & Federspiel, * 0.,..0. 0* 0. Kromann Reumert, * 0.,. 0.. * 0.,0... 0* 0.,... 0*. Baker Mckenzie,...0. Plesner *,., *. 0. Advokatfirmaet Thommessen AS Slaughter and May,0.,..... * ,... 0* 0. 0,0... *. Kromann Reumert * 0,.0.. * 0. Roschier Advokatbyra AB, * 0. Bruun & Hjejle I/S * 0 0,.0.. * 0., Advokatfirmaet Thommessen AS, Roschier, Roschier,.... 0, * 0.,0... * 0. 0 Plesner * * 0, * 0.,0... * 0. Bruun & Hjejle I/S * 0,.0.0. * 0. Dittmar & Indrenius Fangda Partners Morgan Lewis & Bockius * * *,.,., * * ,.,., * *.. 0. Hannes Snellman 0, ,... * 0. 0 Slaughter and May,... * 0. BechBruun,0... * 0. Jackson Walker LLP,... * 0. Advokatfirman Vinge, ,...0 * 0. Proskauer Rose LLP,.0.. * 0. 0 Advokatfirman Vinge,0.... Jackson Walker LLP,... * 0. Mannheimer Swartling Advokatbyra,... * Hannes Snellman, ,. 00.0,0,. 00.0,.%.%.%.%.%.%.%.0% Any Benelux Involvement Announced (AE) Jan Dec Any Benelux Involvement Completed (AG) Jan Dec 0 0 Rank Value Market Market 0 0 US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Value US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals,.... 0,... *.,... 0 * 0. De Brauw Blackstone Westbroek,... *.,0....0,.... De Brauw Blackstone Westbroek,....,... * 0.,0....,0... * 0.,... *. 0,0.0.. * 0. 0,0... 0* 0. Morgan Lewis & Bockius,.. 0. * 0. Serra Lopes Cortes Martins & Associados *,... * 0. McDermott Will & Emery,... * 0. Morais Leitao,Galvao Teles,Soares da Silva *,... * 0. Davies Ward Phillips & Vineberg LLP,... * 0. Davies Ward Phillips & Vineberg LLP 0, * 0. 0, Morgan Lewis & Bockius,. 0.. * 0. Cleary Gottlieb Steen & Hamilton, * 0. 0 McDermott Will & Emery, * 0. Bredin Prat *,...0 * 0.,.0 0,., CMS Loyens & Loeff,00.0,., Loyens & Loeff,0.... Jones Day 0,.... McCarthy Tetrault,...0 * 0.,... * 0. ENSafrica,0... * 0. Bonelli Erede e Pappalardo,.0.. * 0., * 0. 0 Chiomenti Studio Legal 0,0... * 0. Proskauer Rose LLP 0,... * 0. Barbosa Mussnich & Aragao 0*,0... 0* 0. 0,0... * 0. 0 Pillsbury Winthrop Shaw Pitt LLP 0*,0... * 0., Khaitan & Co 0*,0... * 0. Mayer Brown LLP,... 0.,..0.. Goodwin Procter LLP,..0. * 0. McCarthy Tetrault, * 0. Hengeler Mueller,0... * 0. ENSafrica, * 0.,. 00.0,0, , 0.%.%.%.% 0.%.%.0%.%

15 Asia Pacific (exjapan) M&A Asia M&A Down % China Inbound Hits AllTime High Australian M&A Up 0% Asia Pacific (exjapan) Deals Intelligence Any Asian (ExJapan) Involvement Advisors by Target Industry Jan Dec 0 Asian M&A activity in 0 was the slowest in years, accruing a total of US$0. billion, a.% decrease compared to last year s totals. M&A deals targeting the industrials sector captured.% of the region s activity with US$ billion, followed by financials with US$ billion and.% market share. Materials rounded out the top three sectors, with US$. billion and a.% market share, with deal value growing by.%. Acquirors headquartered in the US were Asia s most acquisitive companies, with a combined total of US$. billion. Accumulating US$ billion in value, announced Australian involvement M&A increased by.% compared to last year s totals, representing the strongest year since 0. Australian outbound activity reached a sixyear high in 0, accumulating US$. billion from crossborder deals. Deal activity involving Australian companies included deals above US$ billion, compared to announced in 0. Australian involvement deals above US$ billion reached an aggregate total of US$0. billion, accounting for.% of the total deal making activity in the region. With a total value of US$. billion, crossborder Chinatargeted M&A saw a.% increase compared to 0 the highest China inbound M&A activity on record. Conversely, China outbound deal activity accrued US$. billion, a.% decrease from a year ago. Any Asian (ExJapan) Announced M&A by Target Industry Jan Dec 0 Rank Val Mkt. No. Rank Val Mkt. No. (US$m) Rank Share Deals (US$m) Rank Share Deals Industrials 0,., Energy and Power,.,.0.,0.. Kim & Chang,..,0..0 Allens,0..0 Serra Lopes Cortes Martins,. * 0. Financials,.,0 Morais Leitao,Galvao Teles,. * 0.,.. Healthcare,.,.. AZB & Partners,0.. Goodwin Procter LLP,0.. Deheng Law Offices,. 0. Materials,.,00 Cyril Amarchand Mangaldas,. 0.,.. Consumer Products and Services,., Zhongzi Law Office 0,.0. Tian Yuan Law Firm,.. Jones Day,0.. Kim & Chang, Real Estate 0,.,0 Lee & Ko,.. Sidley Austin LLP,.. Consumer Staples,0. 0 Han Kun Law Offices,..0,0.. Baker Mckenzie,0..,.. High Technology 0,., De Brauw Blackstone Westbroek,0.. King & Wood Mallesons,.. Media and Entertainment,. 0, Lee & Ko,.. 0 Fangda Partners,.. Shin & Kim,. 0. Zhong Lun Law Firm,.. China Cross Border Announced M&A % % % 0% $00 $0 Outbound (US$b) Inbound (US$b) 00% % $0 % of Cross Border is Outbound 0% % % % % % % % Rank Value (US$b) $0 $0 $0 $0 0% 0% % Outbound 0% $0 $0 0% Industrials Financials Materials Real Estate High Technology Energy and Power Healthcare Consumer Products and Services Consumer Staples Media and Entertainment Retail Telecommunications $0 $0 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 0% Government and Agencies Top Ten Asia Pacific (exjapan) Announced Deals Jan Dec 0 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry //0 Intended EDP Energias de Portugal SA (.%) China Three Gorges (Europe) SA Luxembourg / Portugal,. Energy and Power / Power //0 //0 Flipkart Group (%) Walmart Inc United States / India,000.0 Retail / Internet and Catalog Retailing //0 //0 Ant Small & Micro Finl Svcs (%) Investor Group United States / China,000.0 Financials / Credit Institutions /0/0 Pending Yantai Wanhua Chem Ind Co Ltd (00%) Wanhua Chemicals Group China / China 0,.0 Materials / Chemicals //0 //0 Daimler AG (.%) Tenaciou Prospect Invest Ltd China / Germany,. Industrials / Automobiles & Components //0 /0/0 Intended Pending Hanergy Thin Film Power Group (%) Essar Steel India Ltd (00%) Hanergy Mobile Energy Hldg Co Undisclosed JV China / Hong Kong India / India,.,. High Technology / Semiconductors Materials / Metals & Mining //0 Pending Yunnan Baiyao Holding Co Ltd (00%) Yunnan Baiyao Group Co Ltd China / China,. Healthcare / Pharmaceuticals //0 Pending Amer Sports Oyj (00%) Mascot Bidco Oy Finland / Finland,. Consumer Products and Services / Other Consumer Products //0 Pending Indus Towers Ltd (%) Bharti Infratel Ltd India / India,. Telecommunications / Telecommunications Services

16 Asia (ExJapan) Rankings Any Asian (exjapan) Involvement Announced (AE) Jan Dec Any Asian (exjapan) Involvement Completed (AG) Jan Dec 0 0 Rank Value Market Market 0 0 US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Value US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Shardul Amarchand Mangaldas & Co, ,... * 0.,... * 0. 0, AZB & Partners, ,.. 0. * 0.,.. 0. * 0. AZB & Partners,0.... Cyril Amarchand Mangaldas 0, Allen & Gledhill,0..0. * , Fangda Partners, ,... * 0. WongPartnership LLP,.0.. * 0.,... * 0. 0, Fangda Partners, Shardul Amarchand Mangaldas & Co 0, , ,..0. * 0. Kim & Chang, ,0...0 * 0. Serra Lopes Cortes Martins & Associados *,... * 0.0 Slaughter and May,... 0* 0. 0 Morais Leitao,Galvao Teles,Soares da Silva *,... * 0.0,.0.0. * 0. Khaitan & Co, * 0. Cyril Amarchand Mangaldas, ,... * 0.,.. 0. * 0.,... 0.,.0..0 * 0.,...0 * 0. Morrison & Foerster,.0.. * 0.,... * 0.,0... * 0. Trilegal 00, Kim & Chang, WongPartnership LLP 0,.. 0. * ,... 0* 0. 0 Allen & Gledhill, King & Wood Mallesons 0, Baker Mckenzie, Khaitan & Co 0,... 0.,.. 0. * 0., * , Rajah & Tann LLP,... * 0. King & Wood Mallesons, Lee & Ko, ,. 00.0,, , 0.%.%.%.%.%.%.%.% Any Asia Pacific (exjapan) Involvement Announced (AE0) Jan Dec Any Asia Pacific (exjapan) Involvement Completed (AG) Jan Dec 0 0 Rank Value Market Market 0 0 US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Value US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals, ,....,... * 0., * 0., ,...0 * 0.,.. 0. * 0. Allens, Allens, ,0... * 0.,.. 0. * 0. King & Wood Mallesons, Shardul Amarchand Mangaldas & Co, ,0... * 0.,... * 0.,0...0 * 0., , * 0. King & Wood Mallesons 0, , AZB & Partners, AZB & Partners,0.... Cyril Amarchand Mangaldas 0, Allen & Gledhill,0... 0* 0. Fangda Partners, Fangda Partners, Kim & Chang, WongPartnership LLP 0, * 0. Khaitan & Co, Shardul Amarchand Mangaldas & Co,... 0.,0... 0* 0., Serra Lopes Cortes Martins & Associados *,... * 0.0,... 0 * 0. Morais Leitao,Galvao Teles,Soares da Silva *,... * 0.0 Slaughter and May,0.0.. * 0.,.. 0. * 0., * 0. 0, , Baker Mckenzie, Cyril Amarchand Mangaldas,00... * 0.,0... * 0., * 0. Trilegal 0,0... * 0., * 0. WongPartnership LLP, Morrison & Foerster,.0.0. * 0. 0 Fried Frank Harris Shriver & Jacobson,.0.0. * 0.0 Kim & Chang,..0.0.,0,. 00.0,, ,0.%.%.0%.% *ti tie.%.%.%.%

17 Australia & New Zealand Rankings Any Australia or New Zealand Involvement Announced (AE) Jan Dec Any Australia or New Zealand Involvement Completed (AG) Jan Dec 0 0 Rank Value Market Market 0 0 US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Value US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals,0....,...0. Allens, Allens,...0. King & Wood Mallesons,0.... King & Wood Mallesons, , ,... * 0. Minter Ellison 0, ,... 0., , ,.. 0. * 0. 0,0... * 0. Gilbert + Tobin, ,..0. * 0., Loyens & Loeff *,0... * ,0... * 0. Darrois Villey Maillot Brochier *,0... * 0. Clayton Utz * 0,0... *.0 * *,0... * 0. Ashurst,... *. NautaDutilh *,0... * 0. Cleary Gottlieb Steen & Hamilton,... * 0. Debevoise & Plimpton *,0... * 0. Norton Rose Fulbright,.... Capstan LMS SELARL *,0... * 0. *,... * 0.0 Lacourte Raquin Tatar SCPA *,0... * 0. Faegre Baker Daniels LLP *,... * 0.,..0. * 0. Blake Cassels & Graydon,0... * 0. Gilbert + Tobin,.... Chapman Tripp 0,.... Clayton Utz,.... *,... * 0. 0 Minter Ellison, Gleiss Lutz 0,0... * ,... * 0. Baker Mckenzie,... *. 0 Ashurst, Bell Gully,.... Chapman Tripp,... *., PwC Legal LLP 0,... * 0., *, * 0. Baker Botts LLP *, * 0.0 Baker Mckenzie,0.... Fried Frank Harris Shriver & Jacobson *, * 0.0,. 00.0, *, * 0.0,. 00.0,0.%.0% 0.%.%.% 0.0%.%.% * tie Australian Cross Border Announced M&A Asia (exjapan) Buyside Financial Sponsor Activity Rank Value (US$b) $0 $0 $0 $0 $0 $0 Q Q Q Q Q Q Q Q Outbound (US$b) Inbound (US$b) % of Cross Border is Outbound Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 00% 0% 0% 0% 0% 0% Outbound Rank Value (US$b) $0 $0 $0 $00 $0 $0 $0 $0 $0 Q Volume (US$b) % Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) % of WW FS Volume YTD $. $0. % % % $. % $. 0% % $. $. $. $. % % % $. $.0 $0. $.0 $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $ % 0% % 0% % 0% % of Asia (exjapan) Volume

18 Japan M&A Japanese M&A Activity Breaks Record At US$0 Billion Japanese Outbound Highest On Record Japan Second Most Active Buyer Nation Japan Deals Intelligence Announced Japanese M&A activity for full year 0 totaled US$. billion, a.% increase compared to full year 0 levels and the highest full year volume for Japanese M&A activities since records began in 0. Japanese involvement deals over US$ billion were announced in 0; the combined value jumped 0.% compared to the same period last year. Overall,, deals were announced in 0, a.% increase in deal count breaking the prior record for highest number of deals recorded in 0. Deal making in the Healthcare sector led the Japanese market, with deal volume totaling US$. billion, accounting for a.% market share. Telecommunications and High Technology followed with US$. billion and US$. billion respectively, representing a combined 0.% market share. Japanese outbound activity reached US$ billion from deals in 0, a.% increase compared to a year ago and the highest full year volume since records began in 0. Japan ranked second most active buyer nation in the global crossborder deal making activity during full year 0. Domestic activity totaled US$. billion in aggregate value, up.% and representing the highest full year volume since 0. Idemitsu Kosan and Showa Shell Sekiyu's US$. billion merger was the largest domestic deal in 0. Any Japanese involvement completed M&A activity reached US$0 billion. Japanese Involvement Announced M&A Target Industry by Value Jan Dec 0 Any Japanese Involvement Advisors by Target Industry Jan Dec 0 Rank Val Mkt. No. Rank Val Mkt. (US$m) Rank Share Deals (US$m) Rank Share No. Deals Healthcare,. 0 Telecommunications,. 0 Nishimura & Asahi Slaughter and May Nagashima Ohno & Tsunematsu,0.,0.,.... Fried Frank Harris Shriver & Jacobson Cleary Gottlieb Steen & Hamilton 0,.,.,. * *... Telecommunications,. 0 High Technology,. Fried Frank Harris Shriver & Jacobso 0,.. Morrison & Foerster,0.. Cleary Gottlieb Steen & Hamilton,. *. Nagashima Ohno & Tsunematsu,. 0.,. *.,.. Goodwin Procter LLP,. *. Energy and Power,0. K&L Gates,. *.,.0. Sidley Austin LLP,. *. Baker Mckenzie,.. Pillsbury Winthrop Shaw Pitt LLP,. *.,0..,. *. Industrials,.,. *. Mori Hamada & Matsumoto,. 0.,. *. Maisto e Associati,. *. Cooley LLP,. *. Legance Avvocati Associati,. *. Potter, Anderson & Corroon,. *. Dentons,. *.,. *.,. *.,. *.,. *. Morrison & Foerster,. *. Financials,.,. *.,..,. *. Nishimura & Asahi,..,. *.,. 0. Any Japanese Involvement Announced M&A.%.%.%.%.%.% Healthcare Telecommunications High Technology Energy and Power Industrials Financials.%.% Real Estate Materials Consumer Products and Services Consumer Staples Retail Media and Entertainment Rank Value (US$b) $00 $ $0 $ $00 $ $0 $ $00 $ $0 $ $00 $ $0 $ $0 Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) Deals YTD $. $. $0. $. $. $0. $. $. $0. $. $0. $.0 $. $. $. $. $0. $.0 $.0 $. $. $. $. $. $. $0. $. $. $. $. $. $. $. $. $.0 $. $. $. $. $ ,000,00,000,00,000,00, Deals Top Ten Japanese Involvement Announced Deals Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation //0 Pending Shire PLC (00%) Takeda Pharmaceutical Co Ltd Japan / IrelandRep //0 Pending Sprint Corp (00%) TMobile US Inc //0 Pending ABB LtdPower Systems Division (0.%) Hitachi Ltd Japan / Switzerland //0 //0 Uber Technologies Inc (.%) Investor Group Japan / United States 0//0 Pending Magneti Marelli SpA (00%) CK Holdings Co Ltd Japan / Italy /0/0 Pending Integrated Device Technology (00%) Renesas Electronics Corp Japan / United States 0//0 Pending Showa Shell Sekiyu KK (.%) Idemitsu Kosan Co Ltd Japan / Japan //0 Pending Fuji Xerox Co Ltd (%) Fuji Xerox Co Ltd Japan / Japan //0 Pending Xerox Corp (0.%) FUJIFILM Holdings Corp Japan / United States //0 Pending Tepco Fuel & PowerExisting (00%) JERA Co Inc Japan / Japan Jan Dec 0 Rank Value (US$m) Target Macro / Mid Industry,. Healthcare / Pharmaceuticals,. Telecommunications / Wireless,00.0 Energy and Power / Other Energy & Power,0.0 High Technology / Software,. Industrials / Automobiles & Components,. High Technology / Semiconductors,. Energy and Power / Oil & Gas,. High Technology / Computers & Peripherals,00.0 Consumer Products and Services / Other Consumer Products,. Energy and Power / Power

19 Japan M&A Any Japanese Involvement Announced (AE) Jan Dec Any Japanese Involvement Completed (AG) Jan Dec 0 0 Rank Value Market Market 0 0 Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals,... * 0. Nishimura & Asahi, Fried Frank Harris Shriver & Jacobson, * 0. Mori Hamada & Matsumoto, Mori Hamada & Matsumoto,.... Morrison & Foerster 0, Nishimura & Asahi, Nagashima Ohno & Tsunematsu, Nagashima Ohno & Tsunematsu 0,... 0., , Pillsbury Winthrop Shaw Pitt LLP,..0. * 0.,... * 0. 0 Akin, Gump, Strauss, Hauer & Feld,... * 0. Anderson Mori & Tomotsune 0,.. 0..,... * 0. Morrison & Foerster, Lee and Li,... 0* 0. Lee & Ko 0,0... * 0. Ropes & Gray 0,... * 0. 0 A&L Goodbody,... * 0. 0 Wilson Sonsini Goodrich & Rosati, * 0.,... * 0. Dechert 0,... * 0.0 0,0...0 * 0.,... * 0. Slaughter and May, * 0. 0, Ashurst,. 0.. * 0. Baker Mckenzie, McCarthy Tetrault *, * 0. 0, Torys *, * 0. Anderson Mori & Tomotsune, Barbosa Mussnich & Aragao *, * 0.0, Ogier & Le Massurier *, * 0.0,... * 0. Arthur Cox *, * , * 0. Mourant Ozannes *, * Kim & Chang, ,0... * 0., * 0. 0, * 0. McDermott Will & Emery,..0. * 0.,.. 0. * 0. Cuatrecasas * *,.0.. * 0. 0 Pillsbury Winthrop Shaw Pitt LLP *,..0. * 0 0. A&L Goodbody * 0,.0.. * ,. 00.0,,. 00.0,.%.%.%.%.%.0%.%.% Any Japanese Involvement by Market Jan Dec $00 Domestic Value Inbound Value Outbound Value Outbound # Inbound # Domestic # 000 $0 00 $0 00 $0 00 Rank Value (US$b) $0 $0 $0 $ Deals $0 00 $0 00 $0 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 0

20 Full Year 0 I Mergers & Acquisitions I s South Korea M&A Any South Korea Involvement Announced (AE) Jan Dec Any South Korea Involvement Completed (AG0) Jan Dec 0 0 Rank Value Market Market 0 0 US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Value US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Kim & Chang,.... Kim & Chang, Shin & Kim, Lee & Ko, Lee & Ko, Shin & Kim 0, Bae Kim & Lee,...0. Bae Kim & Lee,..0. Yulchon LLC, Yulchon LLC,... *,... * 0. *,... * 0. Cleary Gottlieb Steen & Hamilton,.. 0. * 0. Cleary Gottlieb Steen & Hamilton,.. 0., * 0. 0 Gleiss Lutz *,0..0 Alston & Bird *,..0.0 * 0. * *, * 0. Greenberg Traurig * *,..0. * 0. AZB & Partners * 0. *,..0.0 * 0. Jipyong.. 0.., * Hughes Hubbard & Reed *, * 0. Demarest Advogados.. 0. * 0. 0 *, * * 0. Lee and Li *,... * 0. 0 *... * 0. Baker Mckenzie,0... * 0. De Pardieu Brocas Maffei *.. * 0. *, * 0. McDermott Will & Emery *.. * 0. Gleiss Lutz,0... Baker Mckenzie *.. 0. * 0. 0 Hengeler Mueller *,0.0.. * 0. Ashurst * *. 0.. * 0. 0 Creel, GarciaCuellar y Muggenburg *,0.0.. * 0. Mishcon de Reya *. 0. * 0. Blake Cassels & Graydon * *,0.0.. * 0. 0 Norton Rose Fulbright * 0. 0 Osler Hoskin & Harcourt LLP *,0.0.. * 0. Sidley Austin LLP *. 0. * 0. Hunton Andrews Kurth LLP * 0. Paul Hastings LLP * * * 0. 0 Demarest Advogados * 0. WongPartnership LLP * * 0. De Pardieu Brocas Maffei * Allens * * * 0. 0 McDermott Will & Emery * , ,, ,.%.%.%.%.%.0%.%.0% Top 0 Any South Korea Involvement Announced Deals Jan Dec Rank Date Date Effective Target Acquiror Acquiror / Target Nation Rank Value (US$m) Target Industry //0 //0 Cj E&M Corp Cj O Shopping Co Ltd South Korea/South Korea,.0 Radio and Television Broadcasting Stations //0 //0 Hyundai Dvlp Co. Engineering Shareholders South Korea/South Korea,0. Construction Firms //0 0//0 Siren Holdings Korea Co Ltd Investor Group South Korea/South Korea,. Business Services //0 Pending MPM Holding Inc MOM Holding Co South Korea/United States,. Chemicals and Allied Products //0 //0 Schwan's Co CJ Foods DE Corp United States/United States,. Food and Kindred Products //0 Pending Orange Life Insurance Co Ltd Shinhan Financial Group Ltd South Korea/South Korea,0. Insurance /0/0 Pending Coupang Corp Softbk Vision Fund United States/South Korea,000.0 Business Services 0/0/0 0/0/0 Lotte Chemical Corp Lotte Corp South Korea/South Korea,.0 Chemicals and Allied Products //0 Pending China Network Systems Co Ltd Hong Shun Invest Co Ltd Taiwan/Taiwan,. Radio and Television Broadcasting Stations 0//0 Pending Coway Co Ltd Woongjin Thinkbig Co Ltd South Korea/South Korea,. Business Services Top 0 South Korea Buyside Sponsor Involved Deals Jan Dec Rank Date Date Effective Target Acquiror Acquiror / Target Nation Rank Value (US$m) Target Industry //0 Pending MPM Holding Inc MOM Holding Co South Korea/United States,. Chemicals and Allied Products //0 Pending China Network Systems Co Ltd Hong Shun Invest Co Ltd Taiwan/Taiwan,. Radio and Television Broadcasting Stations //0 0/0/0 Dunkerque LNG Investor Group South Korea/France. Oil and Gas; Petroleum Refining //0 //0 Haeyang City Gas Co Ltd Glenwood Private Equity South Korea/South Korea 0. Electric, Gas, and Water Distribution //0 //0 Daeho Technology Korea Co Ltd Ace Equity Partners Inc South Korea/South Korea. Electronic and Electrical Equipment /0/0 //0 Kiwoom Securities Co Ltd Investor Group South Korea/South Korea. Investment & Commodity Firms,Dealers,Exchanges /0/0 /0/0 Woowa Brothers Corp Investor Group China/South Korea 0.0 Prepackaged Software //0 Pending Lotte Shopping Co Ltd Lotte Himart Co Ltd South Korea/South Korea. Retail TradeGeneral Merchandise and Apparel //0 //0 Eland World Ltd Keyland Invest Co Ltd South Korea/South Korea. Retail TradeGeneral Merchandise and Apparel 0//0 //0 Junjin Heavy Industry Co Ltd Motrex Well To Sea Invest South Korea/South Korea. Transportation Equipment Visit thomsonreuters to view archives and order custom League Tables thomsonone