MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS. REUTERS / Eduardo Munoz

Transcription

1 MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS REUTERS / Eduardo Munoz First Nine Months 20

2 First Nine Months 20 Mergers & Acquisitions s M&A y Review Table of Contents Global M&A Any European Involvement Announced (AD2) Any New Zealand Involvement Announced (AD) Global Deals Intelligence Any European Involvement Completed (AF) Any New Zealand Involvement Completed (AF) Scorecard: Worldwide Announced M&A 2 Any UK Involvement Announced (AD2) Japan M&A Scorecard: Worldwide Completed M&A 2 Any UK Involvement Completed (AF) Japan Deals Intelligence Top Fifteen Worldwide Announced Deals 2 Any French Involvement Announced (AD) Top Ten Japanese Involvement Announced Deals Worldwide Announced (AD) Any French Involvement Completed (AF0) Any Japanese Involvement Announced (AD) Worldwide Completed (AF) Any Spanish Involvement Announced (AD) Any Japanese Involvement Completed (AF2) Americas M&A Any Spanish Involvement Completed (AF) Fairness Opinion Rankings 20 Americas Deals Intelligence Any German Involvement Announced (AD) Worldwide Announced Fairness Opinion 20 Top Ten US Announced Deals Any German Involvement Completed (AF2) Any Americas Announced Fairness Opinion 20 Any Americas Involvement Announced (AD) Any Italian Involvement Announced (AD) Any USAnnounced Fairness Opinion 20 Any Americas Involvement Completed (AF) Any Italian Involvement Completed (AF) Any EMEA Announced Fairness Opinion 20 US Target Announced (AD2) Any Nordic Involvement Announced (AD) Any Asia Pacific Announced Fairness Opinion 20 US Target Completed (AF2) Any Nordic Involvement Completed (AF) Any Japanese Announced Fairness Opinion 20 Any US Involvement Announced (AD) Any Benelux Involvement Announced (AD0) Any US Involvement Completed (AF) Any Benelux Involvement Completed (AF) Criteria Summary 2 Any Canadian Involvement Announced (AD2) Asia Pacific (exjapan) M&A Mergers & Acquisitions Criteria Summary 2 Any Canadian Involvement Completed (AF) Asia Pacific (exjapan) Deals Intelligence Regional Contacts 2 EMEA M&A European Deals Intelligence Top Ten Any Asia (exjapan) Involvement Announced Deals Any Asia (exjapan) Involvement Announced (AD2) Thomson Reuters Soultions for the Deal the Deal Making Community 22 Top Ten European Involvement Announced Deals Any Asia (exjapan) Involvement Completed (AF2) Any EMEA Involvement Announced (AD) Any Australian Involvement Announced (AD2) Any EMEA Involvement Completed (AF) Any Australian Involvement Completed (AF)

3 First Nine Months 20 FINANCIAL ADVISORS MERGERS & ACQUISITIONS REVIEW Worldwide M&A Up 2% l Deals Over $ billion Double l Energy, Healthcare Push US and Asia Pacific Ahead of Full Year 20 l Goldman Sachs Top Advisor Global Deals Intelligence WORLDWIDE M&A UP 2%, STRONGEST FIRST NINE MONTHS FOR DEAL MAKING SINCE 200 Powered by a % increase in the number of deals over $ billion, which account for recordbreaking % of announced M&A value, worldwide M&A totaled US$.2 trillion during the first nine months of 20, a 2% increase from comparable 20 levels and the strongest nine months for worldwide deal making since 200. Fortyseven deals with a value greater than $ billion were announced during the first nine months of 20, their combined value more than double the level seen during the first nine months of 20. Overall, almost 2,000 worldwide deals were announced during the first nine of 20, a 2% increase compared to last year. SECOND CONSECUTIVE $ TRILLION+ QUARTER Third quarter 20 M&A totaled US$. trillion, a % decrease by value and % decrease by number of deals compared to the second quarter of 20. This quarter marks the first consecutive trilliondollar plus quarter for worldwide M&A in fifteen years. Worldwide Completed M&A by Region Imputed Fees $ $ Americas EMEA Asia Pacific Japan UNITED STATES & ASIA PACIFIC DEAL MAKING SURPASSES FULL YEAR 20 M&A activity for United States targets totaled US$. trillion during the first nine months of 20, an increase of % compared to the level of activity seen during the first nine months of 20 and the strongest period for US M&A since records began in 0. With US$ billion in announced deals during the first nine months of 20, Asia Pacific M&A also registered the strongest period for deal making in the region since records began. ENERGY & POWER, HEALTHCARE, & TECH LEAD ACTIVITY Driven by oil & gas M&A, deal making in the Energy gy& &Power sector totaled US$. billion during the first nine months of 20, an increase of 20% compared to 20 levels, while Healthcare and Technology M&A increased % and %, respectively. The Consumer Staples sector saw the only yearoveryear percentage decline, down %. CROSS BORDER M&A UP % Cross Border M&A activity totaled US$. trillion during the first nine months of 20, accounting for % of overall M&A volume and an % increase over 20 levels. Cross border M&A accounted for % of total M&A activity during the first nine months of 20. Imputed Fees (US$b) $ $2 $ COMPLETED M&A ADVISORY FEES UP % According to estimates from Thomson Reuters/Freeman Consulting, M&A advisory fees from completed transactions totaled US$2.2 billion during the first nine months of 20, an % increase from the comparable period in 20. $0 Q Q Q 2Q Q Q Q 2Q Q Q Q 2Q Q Q Q 2Q Q Q Q 2Q Q Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity Rank Value (US$b) $2,000.% $,00 $,00 $,00 $,200 $,000 $.0.%.%.2%.%.% $. 2.0% $0. $.2 Q Volume (US$b) Q Volume (US$b) Q2 Volume (US$b) Q Volume (US$b) % of YTD Global M&A.%.% 0.% $0. $. $00 $2.0 $2.2 $. $20. $. $0. $2.0 $00 $20. $2.0 $22.0 $20. $2. $. $. $. $00 $. $2. $. $. $20. $22. $200 $0. $. $20. $. $2. $. $. $2. $. $20. $2. $2. $ % % 0% % 0% 2% 20% % % % 0% % of Global M&A Rank Value (US$b) $00 $00 $00 $00 $00 $00 $00 $200 $0 $0 2.%.% $. $20. $.0 Q Volume (US$b) 2% Q Volume (US$b) Q2 Volume (US$b) Q Volume (US$b) 20% % of YTD Global M&A.%.%.2% %.%.%.% $. $. $..% $. % $.0 $..% $. $. $. $. $. $. $2. $. $.2 $0. $2. % $0. $. $. $20. $2. $. $. $. $. $. $. $0. $. $. $2. $. $. $2.0 $2. 0% % of Global M&A

4 First Nine Months 20 Mergers & Acquisitions s Mergers & Acquisitions Scorecard: Worldwide Announced M&A Jan Sept 0 Scorecard: Worldwide Completed M&A Jan Sept 0 Worldwide Announced M&A Target Industry by Value Target Region/Nation //20 /0/20 //20 /0/20 Rank Val US$m No. Deals Rank Val US$m No. Deals % Change in Rank Value Target Region/Nation //20 /0/20 Rank Val No. US$m Deals //20 /0/20 Rank Val No. US$m Deals % Change in Rank Value Worldwide,2,., 2,,0. 0,. Worldwide 2,,. 22,,,2. 22,. Americas,,.,,22,.,. Americas,20,0.,02 2,0.,. Caribbean,20.,0.0. Caribbean,0.0,.. Central America,.,0. 0. Central America,.,0..2 Mexico,0.,.. Mexico,0.2 2,.0. North America,,0.,,,0., 0. North America,0,0., 0,., 0.0 United States,,.2,20,0,0.0,. United States,,.,,02., 2. Canada,20.,0 2,.,2 2. Canada 2,. 0,0.,0. South America 2,0. 0,.2 0. South America,. 0,. 0.0 Brazil 20,.,2.. Brazil 2,. 2 2,0.. Chile,2.,. 2. Chile,0.2,..2 Africa/Middle East,.2 0, Africa/Middle East, ,.. Middle East,0. 0, Middle East,0. 22, North Africa 2,2.,2. 2. North Africa,.,. 0. SubSaharan Africa,0.,.. SubSaharan Africa,2. 2, Europe,2.,,2.,. Europe,0.,0,.,.0 Eastern Europe,. 2,0,. 2,. Eastern Europe 2,0.,,2.2,.2 Western Europe,0.,0 0,.,00. Western Europe,.2,0 2,0.,2.0 United Kingdom 22,.,,2.2,2. United Kingdom,.2,2 0,.0,. France 0,0.,,.,. France,0.,,., 2. Germany,., 0,.0, 2. Republic of Irelan,.0,.. AsiaPacific, ,2 0,20.,. AsiaPacific,.,2,2.2 2,2. Australasia,. 2,., 0. Australasia,0., Australia,.,. 0. Australia,2. 2, New Zealand 2,.,. 2. Papua New Guin 2,.,00.2. South East Asia,.0,0,0.0,. South East Asia,.,20..0 Singapore,. 2 2, Singapore,. 2 20, Malaysia,. 2,2.. Malaysia,. 20, North Asia,0.,,.2,. North Asia,. 2, 2,. 2,. China 2,., 2,.,02. China 2,.,2,.,2. Hong Kong,0., Hong Kong,2. 2, South Asia, ,.. South Asia,.,20..0 Central Asia,.,.. Central Asia,0. 0,. 2. Japan,2.,,.,0. Japan 2,22.0,.,0..%.2%.%.%.%.%.%.%.% Energy and Power Healthcare High Technology Real Estate Financials Industrials Materials Media and Entertainment Retail Telecommunications Consumer Products and Services Consumer Staples Government and Agencies.%.%.% Top Fifteen Worldwide Announced Deals Rank Date //20 /2/20 /22/20 /2/20 /20/20 //20 //20 /2/20 /2/20 //20 //20 //20 //20 //20 //20 Date Effective /2/20 /20/20 //20 //20 Target (% Sought/Acquired) BG Group PLC (0%) Time Warner Cable Inc (.%) The Williams Cos Inc (0%) Kraft Foods Group Inc (0%) Cigna Corp (0%) Paypal Inc (0%) Hutchison Whampoa Ltd (0.0%) Allergan PLCGeneric Drug Bus (0%) Broadcom Corp (0%) Precision Castparts Corp (.%) Perrigo Co PLC (0%) Cheung Kong (Hldg) Ltd Ppty (0%) Humana Inc (0%) Baxalta Inc (0%) Chubb Corp (0%) Acquiror Royal Dutch Shell PLC Charter Communications Inc Energy Transfer Equity LP HJ Heinz Co Anthem Inc Shareholders Cheung Kong(Holdings)Ltd Teva Pharmaceutical Industries Avago Technologies Ltd Berkshire Hathaway Inc Mylan NV Shareholders Aetna Inc Shire PLC ACE Ltd Jan Sept 0 20 Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry Netherlands / United Kingdom,00. Energy and Power / Oil & Gas,. Media and Entertainment / Cable,. Energy and Power / Oil & Gas,. Consumer Staples / Food and Beverage,.2 Healthcare / Healthcare Providers & Services (HMOs),. Retail / Internet and Catalog Retailing Hong Kong / Hong Kong,. Telecommunications / Telecommunications Services Israel / United States 0,00.0 Healthcare / Pharmaceuticals,. High Technology / Semiconductors,2. Materials / Metals & Mining United States / IrelandRep,. Healthcare / Pharmaceuticals Hong Kong / Hong Kong,2. Real Estate / Other Real Estate,0. Healthcare / Healthcare Providers & Services (HMOs) IrelandRep / United States,. Healthcare / Pharmaceuticals Switzerland / United States 2,. Financials / Insurance 2

5 First Nine Months 20 Mergers & Acquisitions s Worldwide Rankings Worldwide Announced (AD) Jan Sept 0 Worldwide Completed (AF) Jan Sept Rank Value Market Market # of Market Change in Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh ($) # of Deals Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.,00, , , , , , , ,..2 0., , , , ,..., , , , ,22. 0, ,2. 2, ,0.2 22, ,., Guggenheim Securities LLC 2 0,., ,.2, , RBC Capital Markets, , BNP Paribas SA, Allen & Co Inc, Anglo Chinese Corp Finance 2*, RBC Capital Markets, , LionTree Advisors LLC, Perella Weinberg Partners LP, Greenhill & Co, LLC 2 2, Somerley 2, Anglo Chinese Corp Finance 20 0, Zaoui & Co 20, Robey Warshaw LLP 2, Allen & Co Inc 2 20, Somerley 22 2, Macquarie Group , Moelis & Co 2, China International Capital Co 2, Jefferies LLC 2, , BNP Paribas SA 2, Wells Fargo & Co 2 2, ,2,. 0.0, + 2,, , 2,. 0.0.%.% 2.%.0%.% 0.%.0%.%.%.% Top WW Announced M&A Advisors by Target Industry Jan Sept 0 Top Worldwide Announced M&A Advisors by Transaction Size (AD) Jan Sept 0 20 Energy and Power Healthcare High Technology Real Estate Financials Mkt. Rank Val US$m Rank Share,. 222, , ,..,2.,.. 0,. 2.0,22.. 2,.,..2, , ,.,. 2.2, ,0..,.0 0,0. 2.,. 2.,2..2 No. Deals, 2 2, 2 2 2, , 2 2,2 0 0 Rank Value (US$bil) $,200 $,000 $00 $00 $00 $200 $ Goldman Sachs & Co Morgan Stanley Bank of America Merrill Lynch BG Group PLC/Royal Dutch Shell Cigna Corp/Anthem Inc Kraft Foods Group/HJ Heinz Co Deutsche Bank The Williams Cos/Energy Transfer Equity LP Time Warner Cable/Charter Communications Other Top Deals All Other Transactions Centerview Partners LLC

6 First Nine Months 20 Mergers & Acquisitions s Worldwide M&A Matrix Exit Multiple Matrix Average Rank Value / EBITDA 20 UP 20 DOWN 20 Consumer Products and Services Consumer Staples Energy and Power Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Telecommunications Average.x.0x.x.x.2x.x.x.x 2.x.x.x.x World Americas USA Canada EMEA Europe Asia ex. Japan Jan Sept 0.x.x.x.x.x.x.x.x.x.0x.0x.0x.x 20.x.x.x.x.x.x.0x.x.x.0x.x.0x.0x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.2x.x.x.x.x.x.x.x.x.x.x.2x.0x.x.x.x.x.x.x.x.x 2.x 2.x.0x 2.x.x 2.x.x 2.x.x.x.x.x.x.x.x.x 20.x.x.x.x.x.x.x.x.x 22.x.x.x.x.x.x.x.x.2x.x.x.x.0x.x.x.x.x.0x.x.x.0x.x.x.x.x.x.x.x.x.x.x.x.0x.x.x.x.x.x.x.x.x.2x.x.x.x 20.x 2.x 2.x 2.x 2.x.x 2.2x 2.x 2.x 2.x.x.x.x.x 2.0x.x.0x.x.x.x.x.x.x.x.x 2.x.x.x.0x.x.0x.x.x.x.2x.2x.x.x.x.x.x.x.x.x.0x.2x.x.x.x.x.x.x.x.2x.0x.x.2x.x.x.x UK Japan Bid Premium Matrix Average Premium to Week Stock Price Jan Sept 0 20 UP 20 DOWN Consumer Products and Services Consumer Staples Energy and Power Financials Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Telecommunications 2.2 Average World Americas USA * 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 0/0/20 0/0/20 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 0%. Canada EMEA Europe UK Asia ex. Japan Japan

7 First Nine Months 20 Mergers & Acquisitions s Worldwide Announced Rankings* A Decade in Review 2 2 Rank * League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year

8 Americas M&A up % Healthcare Volume Drives US Activity Canadian Activity Rises 2% First Nine Months 20 Mergers & Acquisitions s Americas M&A Americas Deals Intelligence Americas M&A volume in the first nine months of 20 increased.% over totals reached in the same period a year ago, accruing nearly US$2 trillion in activity from, announced deals. Estimated fees generated from completed deals in the Americas totaled US$.2 billion, an % increase from fees earned duirng the first nine months of 20. US Targeted M&A also posted significant gains, rising.% over announced M&A in the first nine moths of 20. UStargeted volume accrued a total of US$. trillion during the first nine months of 20, driven by,2 deals. The Healthcare sector led the US market, with deal volume totaling US$0. billion, accounting for a 22.% market share. Energy & Power followed, accruing US$22.2 billion for a.% share of the market. High Technology rounded out the top sectors, with US$0. billion and an.% share of the market. Accumulating US$0. billion in transaction value, announced Canadian Involvement activity rose 2.% over the totals reached during the first nine months of 20. Completed Canadian Involvement activity was up 2.% compared to the same period last year, accruing US$. billion from, deals. In the Americas, Industrials saw the highest average exit multiples increase in the first nine months of 20 at.x compared to.x during the same period last year. Overall average multiples across industries in the Americas saw a sizeable increase compared to the first half of 20, at.x compared to.x during the first nine months of 20. US Announced Advisors by Target Industry Jan Sept 0 20 Rank Val Mkt. No. (US$m) Rank Share Deals Healthcare 0,.0,.. 2 2, ,.. Energy and Power 22,2. 00,0. 2.,. 2.,2.. High Technology 0,.,0,2..,. 2.2,02.. Media and Entertainment,.,2..,. 2. Guggenheim Securities LLC,.. 2 Materials,2.,2.. 0, ,. 2. US Target Announced M&A Target Industry by Value (US$ bil) 20.% 22.%.%.% Healthcare Energy and Power High Technology Media and Entertainment Materials Financials Real Estate Consumer Products and Services Retail Industrials Consumer Staples Telecommunications Government and Agencies.%.%.% US Buyside Financial Sponsor Activity Top Ten USTarget Announced Deals 20 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) /2/20 Time Warner Cable Inc (.%) Charter Communications Inc,. /22/20 The Williams Cos Inc (0%) Energy Transfer Equity LP,. /2/20 /2/20 Kraft Foods Group Inc (0%) HJ Heinz Co,. /20/20 Cigna Corp (0%) Anthem Inc,.2 //20 /20/20 Paypal Inc (0%) Shareholders,. /2/20 Allergan PLCGeneric Drug Bus (0%) Teva Pharmaceutical Industries Israel / United States 0,00.0 /2/20 Broadcom Corp (0%) Avago Technologies Ltd,. //20 Precision Castparts Corp (.%) Berkshire Hathaway Inc,2. //20 Humana Inc (0%) Aetna Inc,0. //20 Baxalta Inc (0%) Shire PLC IrelandRep / United States,..%.% Rnk Val US$bil % % 2.%.% Q Volume (US$b) Q Volume (US$b) Q2 Volume (US$b) Q Volume (US$b) % of WW FS Volume YTD.%.0% %.%.% % % 0.0% 0.0% 0.0% 20.0%.0% 0.0% Target Macro / Mid Industry Media and Entertainment / Cable Energy and Power / Oil & Gas Consumer Staples / Food and Beverage Healthcare / Healthcare Providers & Services (HMOs) Retail / Internet and Catalog Retailing Healthcare / Pharmaceuticals High Technology / Semiconductors Materials / Metals & Mining Healthcare / Healthcare Providers & Services (HMOs) Healthcare / Pharmaceuticals

9 First Nine Months 20 Mergers & Acquisitions s Americas Rankings Any Americas Involvement Announced (AD) Any Americas Involvement Completed (AF) Rank Value Market Market # of Market Change in Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch., , , , , ,.. 0., , , , , , , , ,..., , , , , , ,... 0., , RBC Capital Markets, Guggenheim Securities LLC 2, Perella Weinberg Partners LP, Allen & Co Inc 2, , , , RBC Capital Markets, Allen & Co Inc, LionTree Advisors LLC, , , Wells Fargo & Co, Greenhill & Co, LLC, BMO Capital Markets, Jefferies LLC, Jefferies LLC 2, Intrepid Investment Bankers 20 *, Houlihan Lokey , Moelis & Co 2 2, , BMO Capital Markets 22, Greenhill & Co, LLC 22 20, BNP Paribas SA 2, , Macquarie Group 2 2, Guggenheim Securities LLC 2 0, , Blackstone Group LP 2 2, ,,. 0.0,,, ,0, % 0.%.% 0.%.% 2.%.0% 2.%.%.% Note: s include multiple competing bids for the same Target. US Target Announced (AD2) US Target Completed (AF2) Rank Value Market Market # of Market Change in Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch., , , , , , , , , , , , , , , , , , , Guggenheim Securities LLC 2, , , , , , Allen & Co Inc 22, Allen & Co Inc *, , RBC Capital Markets 20, LionTree Advisors LLC 0, Wells Fargo & Co, RBC Capital Markets, Jefferies LLC, Greenhill & Co, LLC, Houlihan Lokey 22, Jefferies LLC, Guggenheim Securities LLC 0, Intrepid Investment Bankers 2*, Greenhill & Co, LLC 0, Moelis & Co 20, Blackstone Group LP , PJT Partners LP 2, Stifel/KBW 2 2 2, BNP Paribas SA 22 2, Qatalyst Partners , Wells Fargo & Co 2 2, *, Blackstone Group LP 2 2, Macquarie Group 2 2, , Tudor Pickering & Co LLC 2, ,,.2 0.0,2 +0,,. 0.0, +,. 0.0.% 0.%.0%.% Note: s include multiple competing bids for the same Target. 2.%.%.2%.0%.%.%

10 First Nine Months 20 Mergers & Acquisitions s Americas Rankings Any US Involvement Announced (AD) Any US Involvement Completed (AF) Rank Value Market Market # of Market Change in Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch., , , , , ,0..., , , , , , , , ,02..., , , , , , , , , , Guggenheim Securities LLC 2, Perella Weinberg Partners LP, Allen & Co Inc 2 2, , , Allen & Co Inc, LionTree Advisors LLC 2, Wells Fargo & Co, Greenhill & Co, LLC, RBC Capital Markets, RBC Capital Markets, Jefferies LLC 0, , Houlihan Lokey 2 2, Jefferies LLC, Greenhill & Co, LLC, Intrepid Investment Bankers 20 *, Guggenheim Securities LLC 20 0, Moelis & Co 2 20, Blackstone Group LP 2 2, BNP Paribas SA 22, Macquarie Group , PJT Partners LP 2, Stifel/KBW 2 2 2, Wells Fargo & Co 2 2, Qatalyst Partners , Blackstone Group LP 2 2, , ,, ,2 +,2, , +, %.2% 0.%.% 0.% 0.%.% 2.0%.2%.% Any Canadian Involvement Announced (AD2) Any Canadian Involvement Completed (AF) Rank Value Market Market # of Market Change in Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch., , RBC Capital Markets 2, BMO Capital Markets 2, , RBC Capital Markets, BMO Capital Markets, , , , , , , , , , Macquarie Group, , Moelis & Co, , , CIBC World Markets Inc, CIBC World Markets Inc, , Scotiabank, TD Securities Inc, , Macquarie Group, TD Securities Inc, BNP Paribas SA 2, , Lenner & Partners *, Gresham Partners, Danske Bank *, Lenner & Partners *, Scotiabank, Danske Bank *, INFOR Financial Inc, INFOR Financial Inc 20, , , Union Square Advisors LLC 2*, Jefferies LLC 22 2, Qatalyst Partners 2*, Sandler O'Neill Partners 2, Sycomore Corporate Finance SAS 2, Union Square Advisors LLC 2*, GMP Capital Corp 2 22, Qatalyst Partners 2*, Ernst & Young LLP 2 2, ,.2 0.0,,. 0.0,, %.%.%.% 2.%.%.%.%.%.%

11 EMEA Announced M&A Up % Healthcare Highest Valued Sector Financial Sponsor Activity drops First Nine Months 20 Mergers & Acquisitions s EMEA M&A EMEA Deals Intelligence Announced M&A activity with EMEA involvement totaled US$.0 trillion in the first nine months of 20, up.% compared to the US$. billion reached the same period last year. Estimated fees accumulated on EMEA deals completed in the first nine months of 20 were up.0% from the same period last year, totaling US$.2 billion, according to estimates from Thomson Reuters/Freeman Consulting. The Healthcare sector led the EMEA marketplace, with deals totaling a combined US$.0 billion, including the Allergan Plc Generic Drug Business and Teva Pharmaceutical Industries deal valued at US$0. billion. Energy and Power accrued US$. billion, and Financials totaled US$. billion of activity. Financial sponsors were less active this year so far compared to the same period in 20. EMEAtargeted buyside financial sponsor activity reached US$. billion in the first nine months of 20, down.% from the US$. billion reported for the same period last year. Acquirors listed on the London Exchange were EMEA's most acquisitive companies for the first nine months of 20, with a combined total of US$.2 billion in offers. EMEA Involvement Announced Advisors by Target Industry Mkt. Rank Val US$m Rank Share No. Deals Healthcare,0.,..,. 2.,. 2. Energy and Power,.,.2.2 0, Financials,0.,,2. 0. Guggenheim Securities LLC 2, ,. 20. Industrials,. 2,00, , , Real Estate,. 2,0..,0. 2.,2.. Jan Sept 0 20 Primary Listing of Most Acquisitive EMEA Companies Top (US$b) Jan Sept 0 20 EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity) $. $. $2. $. $. $. $. $.2 $.2 $. London New York New York Nasdaq OMX Stockholm Amsterdam Swiss Stock Exchange Zurich Madrid BMFBOVESPA Rank Value (US$b) $00 $20 $200 $ $0 $0 $0.% $. $0..% $. $0..2% $. $2. $. $2.2 $. $. $. $2. Q Volume (US$b) Q Volume (US$b) Q2 Volume (US$b) Q Volume (US$b) % of YTD EMEA M&A.%.2%.2%.%.2% $..%.% $0. $22. $. $2. $2. $2. $2. $2. $. $. $2. $. $.0 $. $. $. $. $. $. $.0 $. $2. $. $2. $ % 20% % % % 0% % of EMEA Top Ten EMEA Involvement Announced Deals Rank Date Status Target (% Sought/Acquired) Acquiror //20 BG Group PLC (0%) Royal Dutch Shell PLC /2/20 Allergan PLCGeneric Drug Bus (0%) Teva Pharmaceutical Industries //20 Perrigo Co PLC (0%) Mylan NV //20 Baxalta Inc (0%) Shire PLC //20 Chubb Corp (0%) ACE Ltd //20 Cablevision Systems Corp (0%) Altice NV //20 Procter & Gamble CoBeauty (0%) Coty Inc /2/20 O2 PLC (0%) Hutchison Whampoa Ltd //20 Alcatel Lucent SA (0%) Nokia Oyj /2/20 Delhaize Group SA (0%) Koninklijke Ahold NV * Undisclosed Acquiror / Target Nation Netherlands / United Kingdom Israel / United States United States / IrelandRep IrelandRep / United States Switzerland / United States Netherlands / United States Hong Kong / United Kingdom Finland / France Netherlands / Belgium 20 Rank Value (US$m) Target Macro / Mid Industry,00. Energy and Power / Oil & Gas 0,00.0 Healthcare / Pharmaceuticals,. Healthcare / Pharmaceuticals,. Healthcare / Pharmaceuticals 2,. Financials / Insurance,. Media and Entertainment / Cable,. Consumer Products and Services / Other Consumer Products,.2 Telecommunications / Wireless,. Telecommunications / Telecommunications Equipment,.2 Retail / Food & Beverage Retailing

12 First Nine Months 20 Mergers & Acquisitions s EMEA Rankings Any EMEA Involvement Announced (AD) Any EMEA Involvement Completed (AF) Rank Value Market Market # of Market Change in Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch., , , , , , , , , , , , , , , , , , , , Robey Warshaw LLP, , , BNP Paribas SA, Greenhill & Co, LLC 2, Zaoui & Co, , , , Perella Weinberg Partners LP, BNP Paribas SA, Societe Generale, Guggenheim Securities LLC 2, Credit Agricole CIB, Societe Generale 2, , Zaoui & Co 2, Natixis, , , Moelis & Co 2 2, Ernst & Young LLP 2 2, Mediobanca 22 2, Macquarie Group , PJT Partners LP 2 2, RBC Capital Markets 2 2, , , Jefferies LLC 2, , ,02, , +,. 0.00,2 +, %.% 2.%.2%.% 2.%.%.%.0%.% Any European Involvement Announced (AD2) Any European Involvement Completed (AF) Rank Value Market Market # of Market Change in Rank Value Market Market # of Market Change in Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals, , , , ,.2 22, ,., , , , , , , , , , , Robey Warshaw LLP,2.2, ,0., , BNP Paribas SA, , Zaoui & Co, , , BNP Paribas SA, Perella Weinberg Partners LP, Guggenheim Securities LLC 2, Societe Generale, Societe Generale 2, Credit Agricole CIB, Zaoui & Co 2, Natixis, , , Moelis & Co 20 2, , Mediobanca 2 2, Macquarie Group 2 2 2, PJT Partners LP 22 2, Ernst & Young LLP 22 2,..0.. Greenhill & Co, LLC 2 2, RBC Capital Markets 2, Macquarie Group 2, , , , ,. 0.0, +,0. 0.0, + Advisor Market Market Fees Sh (%) Share Ch , %.%.% 2.2%.% 0.% 2.2%.%.%.0% te

13 First Nine Months 20 Mergers & Acquisitions s EMEA Rankings Any UK Involvement Announced (AD2) Any UK Involvement Completed (AF) Rank Value Market Market # of Market Change in Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch., , , , , , , , Robey Warshaw LLP, , ,., ,. 0, , , ,2.0,02., Zaoui & Co 22 2,. 2,. 2, , , Moelis & Co 2, Macquarie Group 2, , RBC Capital Markets, Greenhill & Co, LLC 2,., ,0., Macquarie Group 0, Jefferies LLC, , Ernst & Young LLP, Perella Weinberg Partners LP, , Qatalyst Partners 20, , , Robey Warshaw LLP 2 *, Jefferies LLC 22 0, , RBC Capital Markets 2 2, Stifel/KBW 2, Sumitomo Mitsui Finl Grp Inc 2, BNP Paribas SA 2, VTB Capital 2, Qatalyst Partners 2*, ,. 0.00,0 + Union Square Advisors LLC 2*, , ,0 2, %.%.%.2%.%.%.0%.%.%.% Any French Involvement Announced (AD) Any French Involvement Completed (AF0) BNP Paribas SA Zaoui & Co Societe Generale Sycomore Corporate Finance SAS Davy Goodbody Stockbrokers DC Advisory Ondra Partners Natixis Cushman & Wakefield Inc Credit Agricole CIB Industrial & Comm Bank China Guotai Junan Securities Rank Value Market Market # of Market Change in Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch., , , BNP Paribas SA 2, , , , , , , , , , Societe Generale, , , , , , , , Zaoui & Co, ,2.... Credit Agricole CIB, , Natixis, , , , , *, , *, Sycomore Corporate Finance SAS 2, , Itau Unibanco 0, , , , Davy 20*, , Goodbody Stockbrokers 20*, , Santander 22 2, , Blackstone Group LP 2 *, *, Messier & Associes 2 2, *, , , ,2 + 2, ,2 +2,. 0.0.% 2.%.%.0%.%.%.%.2% 0.%.%

14 First Nine Months 20 Mergers & Acquisitions s EMEA Rankings Any Spanish Involvement Announced (AD) Any Spanish Involvement Completed (AF) Rank Value Market Market # of Market Change in Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch., , , , , , Moelis & Co, , ,.... +, , , ,., Santander,.0, , , , Societe Generale, , , Deloitte 2, Deloitte, , , , Macquarie Group, Ernst & Young LLP Societe Generale BBVA 20 2,22. 2,., N+ 20,.2,., , Ernst & Young LLP 2 2, KPMG 2, , BNP Paribas SA 20, , Santander KPMG 2, Mediobanca 22* BBVA 22, Banca IMI (Intesa Sanpaolo) 22* BNP Paribas SA 2, Mediobanca 2* Macquarie Group Banca IMI (Intesa Sanpaolo) 2* , , %.2% 2.2%.0%.% 0.%.%.%.%.% Any German Involvement Announced (AD) Any German Involvement Completed (AF2) Rank Value Market Market # of Market Change in Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. 0, , , , , , , , , , , , , , Societe Generale 2, , , , , , UniCredit 2, Kempen and Co NV * 0, Mizuho Financial Group 0, Puhl GmbH & Co KG *, , Zaoui & Co, Ernst & Young LLP, , ING 0, BNP Paribas SA, ABN AMRO Bank 2, , , Ernst & Young LLP, Altium Capital Limited, Mizuho Financial Group, , Altium Capital Limited 0*, , UniCredit 20 2, , *, Mediobanca , Macquarie Group 2* 22, Jefferies LLC 2 2, Bain & Co 2* 2, Berenberg Bank 2 *, Aon Corp 2* 2, N+ 2 2*, Jefferies LLC 2 2 2, ,0..0, +2,0. 0.0,, %.% 0.%.% 2.% 2.%.%.%.%.%

15 First Nine Months 20 Mergers & Acquisitions s EMEA Rankings Any Italian Involvement Announced (AD) Any Italian Involvement Completed (AF) Rank Value Market Market # of Market Change in Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch., , , , , , Mediobanca 2, , ,0.0, Mediobanca,2.0, Banca IMI (Intesa Sanpaolo), , , , , , , Stifel/KBW, , , , *, , Banca IMI (Intesa Sanpaolo), BDT & Co LLC, Credit Agricole CIB 2, , , Credit Agricole CIB 2, Ernst & Young LLP 0 2, UniCredit, , Equita SIM SpA 2, Banco BTG Pactual SA 2, , Leonardo & Co IMAP , Societe Generale ,.... UniCredit First Annapolis Capital 22* 2, Lincoln International 22 * Boston Consulting Group 22* 2, Jones Lang LaSalle Inc 2* Leonardo & Co 2, Cushman & Wakefield Inc 2* Piper Jaffray Cos 2, Savills PLC 2* , , %.%.%.2%.0%.% 2.%.%.0%.0% Any Nordic Involvement Announced (AD) Any Nordic Involvement Completed (AF) Rank Value Market Market # of Market Change in Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. 2, , , , , SEB, , Danske Bank, , Lenner & Partners, , , Zaoui & Co *, , Societe Generale * 0*, , SEB, , Danske Bank 0, Deloitte, Lenner & Partners, , Perella Weinberg Partners LP 2,., Pangea Property Partners AB Houlihan Lokey *,. 2, , Moelis & Co 2 2, , , ABG Sundal Collier 2, Nordea, Mitsubishi UFJ Financial Group 2, *, Deloitte 2 2, Swedbank, Moelis & Co 2, , Houlihan Lokey 20 2, Carnegie 20, Pangea Property Partners AB 2, Arctic Securities ASA 2, Catella AB 22, Global M&A 22 2, Nordea 2, Mizuho Financial Group 2* * Mizuho Financial Group 2* Raine Securities LLC 2* Raine Securities LLC 2* Clairfield International , ,, %.%.%.%.%.%.%.% 2.2%.0%

16 First Nine Months 20 Mergers & Acquisitions s EMEA Rankings Any Benelux Involvement Announced (AD0) Any Benelux Involvement Completed (AF) Robey Warshaw LLP BNP Paribas SA PJT Partners LP Guggenheim Securities LLC Zaoui & Co ABN AMRO Bank ING Mediobanca Industrial & Comm Bank China Rabobank NV Credit Agricole CIB LionTree Advisors LLC Societe Generale Rank Value Market Market # of Market Change in Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch., , , , , , , , ,00. 2, ,.2 2, , , , , , BNP Paribas SA, , , , Perella Weinberg Partners LP, , Kempen and Co NV *, , Puhl GmbH & Co KG *, , , , , , Banco BTG Pactual SA 22, , , , Leonardo & Co, , ING 20, *, , , BDT & Co LLC 2, , Mediobanca 22, , Credit Agricole CIB 2 2, , Rabobank NV 2 2 2, , Jefferies LLC 2 2, , ,, ,02 2, %.%.%.% 2.%.%.0%.0% 20.2%.% EMEA Inv. Announced M&A Target Sector by Value ($bil) 20 Quarterly EMEA Cross Border Volume $.0 $.0 $.2 $. $. ` $00 $0 Inbound (US$b) Outbound (US$b) Number of deals 2,00 $. $. $00 2,000 $. $0 $. $. $. $. Rank Value (US$b) $00 $20 $200 $,00,000 # of Deals Healthcare Energy and Power Financials Industrials $0 00 Real Estate Materials Telecommunications Media and Entertainment $0 Consumer Products and Services High Technology Retail Consumer Staples Government and Agencies $

17 First Nine Months 20 Mergers & Acquisitions s Asia Pacific (exjapan) M&A Asian M&A Rises % I Imputed Fees Up % I Australian M&A Up 2% Asia Pacific (exjapan) Deals Intelligence The value of announced Mergers & Acquisitions involving Asian companies reached an alltime high with US$2. billion in the first nine months of 20, a % increase over the US$.2 billion recorded in the same period last year. The majority of deal making activity involving Asian companies targeted the Industrials sector, followed by Real Estate and High Technology. The top deal with Asian involvement in the region was the Cheung Kong (Holdings) Ltd acquisition of the remaining 0.0% interest in Hutchison Whampoa Ltd for US$. billion, the biggestever acquisition involving Asia Pacific (excluding Japan) deals. Asian buyside financial sponsor M&A activities reached US$. billion in the first nine months of 20, a 0% increase over US$2. billion in the same period of 20. Companies in the High Technology sector were the most targeted, followed by Retail and Financials. According to estimates from Thomson Reuters/ Freeman Consulting Co., M&A advisory fees from completed transactions in the region totaled US$2.2 billion in the first nine months of 20, a % increase from US$2. billion recorded in the same period last year. The top earner was with US$. million, followed by with US$. million and. with US$. million. China crossborder activity accrued US$.0 billion, a % increase from the US$.2 billion accumulated in the same period last year. Outbound investment volume reached US$.0 billion, where companies in the Industrials sector were the most targeted. Announced M&A activity with Australian involvement grossed US$. billion, a 2% increase over the US$. billion recorded in the same period last year; Australia s cross border activity recorded US$. billion, with outbound activity amounting to US$20.2 billion. China Cross Border Announced M&A Asia (exjapan) Involvement Announced Advisors by Target Industry Mkt. Rank Val US$m Rank Share No. Deals High Technology 2,2., Huatai Securities Co Ltd,.2., Southwest Securities Co Ltd,2.. Industrials,., 2,20. 2.,2. 2.2,.. Real Estate,0.,0.., ,2. *. Anglo Chinese Corp Finance,2. *. Financials,.,02,2.. Somerley,00. 2.,.. Telecommunications,2.,0.2., Anglo Chinese Corp Finance,. *. Somerley,. *. Asian Completed M&A by Region Imputed Fees Jan Sept 0 20 $0 $0 Outbound (US$b) Inbound (US$b) % of Cross Border is Outbound 0% 0% $0. $0. $0. North Asia South Asia Southeast Asia Australasia Rank Value (US$b) $0 $0 $20 0% 0% % Outbound Imputed Fees (US$b) $0. $0. $0.2 $0.2 $ 20% $0. $0. $0 2Q0 Q0 Q0 Q 2Q Q Q Q 2Q Q Q Q 2Q Q Q Q 2Q Q Q Q 2Q Q Q Q 2Q Q 0% $0.0 2Q Q Q Q 2Q Q Q Q 2Q Q Q Q 2Q Q Q Q 2Q Q Top Ten Any Asia (exjapan) Involvement Announced Deals Jan Sept 0 20 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry //20 //20 Hutchison Whampoa Ltd (0.0%) Cheung Kong(Holdings)Ltd Hong Kong / Hong Kong,. Telecommunications / Telecommunications Services //20 //20 Cheung Kong (Hldg) Ltd Ppty (0%) Shareholders Hong Kong / Hong Kong,2. Real Estate / Other Real Estate /20/20 //20 SK Holdings Co Ltd (.2%) SK C&C Co Ltd South Korea / South Korea 2,0. Energy and Power / Oil & Gas /2/20 O2 PLC (0%) Hutchison Whampoa Ltd Hong Kong / United Kingdom,.2 Telecommunications / Wireless /2/20 //20 Ondereel Ltd,BestGrowth es (0%) China Resources (Hldg) Co Ltd Hong Kong / Hong Kong,02. Retail / Food & Beverage Retailing /2/20 //20 Samsung C&T Corp (0%) Cheil Industries Inc South Korea / South Korea,2. Industrials / Building/Construction & Engineering //20 Qihoo 0 Technology Co Ltd (0%) Investor Group China / China,0. High Technology / Internet Software & Services //20 Focus Media Tech Shanghai Co (0%) HEDY Holding Co Ltd China / China,0. High Technology / Software //20 Italia SpA (0%) Wind Telecomunicazioni SpA Italy / Italy,. Telecommunications / Wireless /22/20 Pirelli & C SpA (.%) Marco Polo Industrial Hldg SpA Italy / Italy,0. Industrials / Automobiles & Components

18 Any Asia (exjapan) Involvement Announced (AD2) Jan Sept 0 First Nine Months 20 Mergers & Acquisitions s Asia (exjapan) Rankings Any Asia (exjapan) Involvement Completed (AF2) Jan Sept Rank Value Market Market # of Market Change in Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch., , , , , , Anglo Chinese Corp Finance,., Anglo Chinese Corp Finance 2*,0., Somerley, Somerley 2, , , , , , China International Capital Co 2, , , CITIC 2, , , Industrial & Comm Bank China 2, , CITIC 2 2, NH Investment & Securities Co 2, , Huatai Securities Co Ltd 2, , Moelis & Co 20, Haitong Securities Co Ltd 2, Haitong Securities Co Ltd, NH Investment & Securities Co 2, , , Southwest Securities Co Ltd, Huatai Securities Co Ltd 2, Guotai Junan Securities 20 2, Great Wall Securities Co Ltd 20, GF Securities 2, KPMG 2 20, , , China International Capital Co 2, Guotai Junan Securities 2, Industrial & Comm Bank China 2, , KPMG 2, RBC Capital Markets 2, ,. 0.00, + 20, ,0,0 2, %.%.% 0.%.%.%.% 2.2%.%.% Any Australian Involvement Announced (AD2) Jan Sept 0 Any Australian Involvement Completed (AF) Jan Sept Rank Value Market Market # of Market Change in Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Macquarie Group 2, Macquarie Group 2, , , , , Gresham Partners 2, , , Moelis & Co 2, , , , , , Gresham Partners, Moelis & Co *, Mizuho Financial Group, Luminis Partners Pty Ltd, , , , Mizuho Financial Group,0., ,., , , CIBC World Markets Inc 2, CIBC World Markets Inc 2, , Fort Street Advisers 2, Fort Street Advisers 2, Flagstaff Partners Pty Ltd * 2, Flagstaff Partners Pty Ltd 0* 2, , , Grant Samuel 2, , Greenhill & Co, LLC 20 2, Santander 2, Azure Capital 2, Greenhill & Co, LLC 22 2, BMO Capital Markets 22*, Azure Capital 2, INFOR Financial Inc 22*, BMO Capital Markets 2*, Cenkos Securities PLC 2, INFOR Financial Inc 2*, ,. 0.0,, %.% 2.2% 2.% 0.%.%.%.%.% 2.%

19 Asia (exjapan) Buyside Financial Sponsor Activity Any New Zealand Inv Announced (AD) First Nine Months 20 Mergers & Acquisitions s Asia (exjapan) Rankings Jan Sept 0 Rank Value (US$b) $0 $0 $0 $0 $0 $20 $0 Q Volume (US$b) Q Volume (US$b) Q2 Volume (US$b) 20.% Q Volume (US$b) % of WW FS Volume YTD $..% $..%.%.% $..% $..0% $..%.% $.0 $. $. 2.% $. $. $2. $. $. $. $. $. $. $.0 $2. $. $.2 $. $. $. $.0 $. $. $. $. $. $. $0. $. $.0 $. $ % 20% % % % 0% % of Asia (exjapan) Volume Rank Value Market Market Rank Rank US$m Sh (%) Share Ch.,0... Macquarie Group 2 * Guotai Junan Securities * * 2... Sawaya Segalas & Co LLC * 2..., Haitong Securities Co Ltd 2.% 20.% Any New Zealand Involvement Completed (AF) # of Market Change in Deals Sh (%) # of Deals % 0.0% Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch., *, *, *, , % 2.%.0% 2.% Jan Sept 0 2.2% 00% 0.0% Any Asian (exjapan) Involvement Announced M&A by Target Industry ($bil) Australian Cross Border Announced M&A $0 Outbound (US$b) Inbound (US$b) % of Cross Border is Outbound 0% % % % % % $0 0% % % % % % % Rank Value (US$b) $20 0% 0% Outbound $ 20% High Technology Industrials Real Estate Financials Telecommunications Energy and Power Materials Retail Healthcare Media and Entertainment Consumer Staples Consumer Products and Services $0 0% Government and Agencies 2Q0 Q0 Q0 Q 2Q Q Q Q 2Q Q Q Q 2Q Q Q Q 2Q Q Q Q 2Q Q Q Q 2Q Q

20 First Nine Months 20 Mergers & Acquisitions s Japan M&A Japanese M&A up 2% Insurance and Large Cap Deals Drive Strongest First Nine Months Since 20 JP Outbound Activity Breaks Record Japan Deals Intelligence Announced M&A activity with Japanese involvement during the first nine months of 20 increased by 2.%, recording US$. billion in value, compared to the US$. billion during the same period in 20. This is the highest third quarter volume since 20 s US$. billion. Largescale Japanese involvement deals valued at US$ billion or more boosted the M&A activity. 2 largescale deals with an accumulated value of US$. billion were announced during the first three quarters of 20, a.% increase in value compared to the same period last year, with only deals worth US$. billion. Driven by insurance industry deals, Japanese outbound M&A activity reached a record high of US$. billion during the first nine months of 20, a.% increase compared to the same period last year. Four out of the top deals were insurance related deals. Americas was the top targeted region by Japanese companies with US$2 billion, accounting for 0.% of the market. Followed closely by AsiaPacific totaling US$2. billion with.2% market share. Japanese domestic M&A activity increased.% recording US$ billion during the first three quarters of 20. The Industrials sector jumped 0% totaling US$. billion. Suzuki Motor s US$. billion repurchase deal was the largest domestic industrial sector deal during the first nine months of 20. Any Japanese involvement completed M&A volume reached US$. billion from,0 deals. Total estimated advisory fees, according to Thomson Reuters/Freeman Consulting, reached US$2. million. Japanese Involvement Announced M&A Top Advisors by Target Industry Jan Sept 0 20 Rank Val Mkt. No. US$m Rank Share Deals Financials,. 2 2,.2.,.0 2. Mizuho Financial Group,0.. Industrials 2,20. Mizuho Financial Group,2.. 2,2. 2. Gresham Partners,02.2 * 2.,02.2 * 2. High Technology,. 22 Deloitte,. 2.2 Mitsubishi UFJ, , Real Estate,0. Mitsubishi UFJ,..,. 2. Sumitomo Mitsui Finl Grp Inc,..2 Consumer Staples,.2 0,22.. 2, , Any Japanese Involvement Announced M&A Any Japanese Involvement by Market $200 Q Volume (US$b) Q Volume (US$b) Q2 Volume (US$b) Q Volume (US$b) # of Deals Q,00 Domestic Inbound Outbound Outbound Inbound Domestic $,000 $ $ $. 2,00 $. $ $ $. 00 $0.2 $. $0.2 $.2 $2. 2, $2. $0 $2. $. $2. 00 $22. $2., $0. $ $2. 00 $. $2. $. $. $. $0. $2.,000.0 $0 $. $.2 $ $2..0 $2 $0. $2. $.0 $.2 $. $.0 $2. $0. 00 $2. $ $ Q Q Q 2Q Q Q Q 2Q Q Q Q 2Q Q Top Ten Japanese Involvement Announced Deals Jan Sept 0 20 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry //20 HCC Insurance Holdings Inc (0%) Tokio Marine & Nichido Fire Japan / United States,0. Financials / Insurance 2//20 Completed Toll Holdings Ltd (0%) Japan Post Co Ltd Japan / Australia,02.2 Industrials / Transportation & Infrastructure /20/20 CITIC Ltd (.%) Chia Tai Bright Investment Hong Kong / Hong Kong,2.0 Financials / Other Financials //20 Amlin PLC (0%) Mitsui Sumitomo Insurance Japan / United Kingdom,2. Financials / Insurance /2/20 Reynolds Amer IncNatural (0%) Japan Tobacco Inc Japan / Japan,00.2 Consumer Staples / Tobacco /2/20 StanCorp Financial Group Inc (0%) Meiji Yasuda Life Insurance Co Japan / United States,. Financials / Insurance /20/20 CITIC Ltd (%) Chia Tai Bright Investment Hong Kong / Hong Kong,. Financials / Other Financials //20 Completed Suzuki Motor Corp (2.%) Suzuki Motor Corp Japan / Japan,22.2 Industrials / Automobiles & Components //20 Symetra Financial Corp (0%) Sumitomo Life Insurance Co Japan / United States,2. Financials / Insurance 2/2/20 Royal Bk of ScotlandPortfolio (0%) Mizuho Bank Ltd Japan / United States,000.0 Financials / Credit Institutions Rank Value (US$b) # of Deals Rank Value (US$b) # of Deals

21 First Nine Months 20 Mergers & Acquisitions s Japan Rankings Any Japanese Involvement Announced (AD) Jan Sept 0 Any Japanese Involvement Completed (AF2) Jan Sept Rank Value Market Market # of Market Change in Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Mitsubishi UFJ, , Mizuho Financial Group 2 2, Mitsubishi UFJ 2, , Mizuho Financial Group, , , , , , , , , Sumitomo Mitsui Finl Grp Inc, Deloitte 2, , , , Gresham Partners, , Sumitomo Mitsui Finl Grp Inc, CITIC *, , Somerley *, GCA Savvian Group Corp, , , , Ernst & Young LLP *, Deloitte 2, ICICI Bank Ltd, Gresham Partners, Daiwa Securities Group Inc, Daiwa Securities Group Inc, , , KPMG 2, , SEB 20 * 2, KPMG 2, , GCA Savvian Group Corp 22 2, , SEB 2 2, Development Bank of Japan Inc 2, GF Securities 2, , Plutus Consulting Co Ltd 2 2, Plutus Consulting Co Ltd 2 2, , ,2 +2,. 0.0, %.2% 22.%.2%.% 2.%.0%.2% 2.2%.% Japanese Involvement Announced M&A Target Industry by Value Japanese Target Completed M&A Fees $,000 Q Q 2Q Q # of Deals YTD 000.%.2% $00.% $ %.%.% Financials Industrials High Technology Real Estate Consumer Staples Media and Entertainment Materials Consumer Products and Services Healthcare Retail Energy and Power Telecommunications Imputeed Fees (US$mil) $00 $00 $00 $00 $00 $200 $0 $0.2 $. $2. $. $2. $22. $ $ $22.2 $. $.0 $2. $. $. $. $.0 $20.2 $. $0. $. $. $2. $22.2 $2. $. $2. $220.2 $22.0 $. $. $ Number of Deals Visit it th t to view archives and order custom League Tables th

22 First Nine Months 20 Mergers & Acquisitions s Fairness Opinion Rankings Worldwide Announced Fairness Opinion Any Americas Involvement Announced Fairness Opinion Any US Involvement Announced Fairness Opinion Based on Number of Transactions Based on Number of Transactions Based on Number of Transactions Rank Value (US$m) Rank Value (US$m) Rank Value (US$m) # of Market Change in Rank Value Market # of Market Change in Rank Value Market # of Market Change in Rank Value Market Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Huatai Securities Co Ltd *. 0, , , ,2. 2. Duff & Phelps ,.. Duff & Phelps ,.. Southwest Securities Co Ltd *. +,2.. Houlihan Lokey * 2.0 +,.2. Houlihan Lokey * 2. +,.2. Duff & Phelps. +,00..0 Stout Risius Ross Inc * Stout Risius Ross Inc * Guotai Junan Securities *. +,0.. Stifel/KBW.,2. 0. Stifel/KBW.,2. 0. GF Securities * 2* ,..., ,.. CITIC * 2* 2.0 +,.2. Sandler O'Neill Partners *. 2,. 0. Sandler O'Neill Partners.0 2,. 0. China Securities Co Ltd * ,. 0. Cormark Securities Inc * Prairie Capital Advisors Inc * * Houlihan Lokey Stout Risius Ross Inc Industrial Securities Co Ltd * * * * , , Prairie Capital Advisors Inc * * * * * * ,., * * * ,.2,., Stifel/KBW * * ,00., Raymond James Financial Inc * * * *.. 2 2,.,.. 0. Raymond James Financial Inc * * *.. 0,2., Sinolink Securities Co Ltd * 0*. 2,. 0. Jefferies LLC * 2*. + 22,.. * 22*. +2,.0 2. Guosen Securities Co Ltd Haitong Securities Co Ltd * * 2* *.. + +,00., Evans & Evans Inc BMO Capital Markets * * * 2* , Jefferies LLC * * 22* * ,0. 2,..2. * *. 2,.. *. 2,2. 0. Qatalyst Partners * *. +,. 2. Shenwan Hongyuan Securities Co * 2. +, * 2*. +2,.0 2. Hovde Group LLC * 22* * *. +,.. GMP Capital Corp * 2*. +2 2,. 0. Blackstone Group LP *. + 2,.2. KPMG 20* *. 0,.. * *.,. 2.2 * *.,..0 20* 2*.,. 0. 2, Simmons & Co International * * *. 0, Needham & Co LLC * *. +,.2 0. China Merchants Securities Co 2* 2* * 2*.2.2 +,. 2, %.2%.% 2.% 22 2, Sandler O'Neill Partners 2* ,. 0..0%.2% +, %.%.%.% 2.%.% Any EMEA Inv Announced Fairness Opinion Based on Number of Transactions Rank Value (US$m) # of Market Change in Rank Value Market Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) 2*. +, *.2 +,2.. KPMG 2* *. +2,2.. * *. +2,20.. * *. +,2.2. Investec * 2* * 2. +,2. 0. Stout Risius Ross Inc * 2* * 2* 2. +2,..2 Duff & Phelps * * Houlihan Lokey * * * * 2.,2.. Leonardo & Co * * * Credit Agricole CIB * 2. +2,2.. Deloitte * 2* ,0..0 Redeye AB * 2* , %.2% 2.%.0% Fairness Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness opinions provided as part of a broader advisory mandate. Any Asia Pacific Inv Announced Fairness Opinion Based on Number of Transactions Rank Value (US$m) # of Market Change in Rank Value Market Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Huatai Securities Co Ltd. +2,.. Southwest Securities Co Ltd ,2..2 Guotai Junan Securities.0 +20,0.. GF Securities * * 2.0 +,.. CITIC * * 2.0 +,.2. China Securities Co Ltd 2. +,.. Industrial Securities Co Ltd * ,..0 Sinolink Securities Co Ltd ,. 0. Guosen Securities Co Ltd * * 2. +, Haitong Securities Co Ltd * * 2. 2,2.. Shenwan Hongyuan Securities Co 2. +,2.0. China Merchants Securities Co *. +,. 0. New Times Securities Co Ltd * *. +,.. Bank of China Ltd *. +, China International Capital Co * *. +,.0. Founder Securities Co Ltd * *. +,0. 0. * *. 2,0.2. Minsheng Securities Co Ltd *.,. 0. Great Wall Securities Co Ltd * *.2,0. 0. *.2 +,2.. Donghai Securities Co Ltd * *.2 + 2,2. 0. Huachuang Sec Co Ltd * *.2 +,0. 0. Somerley *.2,.0 2. Duff & Phelps * *.2 + 2, ,. 0.0.%.% 2.0% 2.0% Any Japan Inv Announced Fairness Opinion.%.% Based on Number of Transactions Rank Value (US$m) # of Market Change in Rank Value Market Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) * Daiwa Securities Group Inc 2*.2 + 2,2.. Mizuho Financial Group *. +,.. Plutus Consulting Co Ltd * * Deloitte * ,.. GF Securities *. +,..2 * * es Networks Co Ltd * Sumitomo Mitsui Finl Grp Inc * *..0. ACE Consulting * *. +,.. * * , %.% 20

23 First Nine Months 20 Mergers & Acquisitions s Ranking Criteria Summary If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact: Americas Robert Levine Tel: robert.levine@thomsonreuters.com Announced league tables include all deals that were announced between January, 20 and September 0, 20 and of which Thomson Reuters was made aware. All current data and previous year's data is as of :00pm EDT on September 0, 20. League tables include rank eligible mergers, acquisitions, repurchases, spinoffs, selftenders, minority stake purchases and debt restructurings. 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. EMEA Christina Mavraki Tel: + (0) christina.mavraki@thomsonreuters.com AsiaPacific Kelvin Bian Tel: +2 kelvin.bian@thomsonreuters.com Japan Kaori Motohashi Tel: + kaori.motohashi@thomsonreuters.com Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. NonUS dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms. 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 advise on only a portion of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer. 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 League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction. Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated members. League table volumes for Mitsubishi UFJ Financial Group and, included herein reflect the changes after the commencement of their jointly established securities firms in Japan: () Mitsubishi UFJ Securities and (2) MUFG Securities. Accreditation for transactions involving the newly established joint ventures are reflected in totals for. For Japanese related rankings, is represented as "Mitsubishi UFJ. While Thomson Reuters 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 Thomson Reuters 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. Thomson Reuters 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. Thomson Reuters has not undertakenany liability or obligation relating to the purchaseor sale of securities for or by any personin connectionwith this document. 20 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party. 2

24 Thomson Reuters Solutions for the Deal Making Community FOR INFORMATION PROFESSIONALS SDC Platinum is the world s foremost financial transactions database, covering new issues, M&A, syndicated loans, private equity, project finance, poison pills, and more. Solution for: Market Analysis & Trends (Geography, Sector, Asset Class, Deal Type, Deal Size, etc.) Deal Origination (Debt Maturity Analysis, Company Lifecycle including Private Equity) Pitch Creation (Firm Credentials, Representative Acquirors) M&A Targeting (Active Strategic/Sponsor Acquirors, Target Company Screener) Negotiation (T&C Benchmarking) FOR STRATEGY AND PLANNING TEAMS Thomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities all within a tool built into your workflow in Excel, saving you valuable time and giving you a competitive edge. Solution for: Conducting market analysis and identifying trends Benchmarking your performance and monitoring competitors Targeting clients by wallet size and banking relationship Allocating resources more effectively by evaluating and analyzing lost deals FOR INVESTMENT BANKERS Thomson Reuters Eikon is the most intuitive and comprehensive way of staying informed. With naturallanguage search, you can quickly find global information, news, charts and analytics. Company and industry views provide toplevel summaries, and then detailed information is just a click away. Identify new opportunities and gain deep understanding of markets, industries, companies and events. Thomson Reuters Eikon also includes an AddIn for Microsoft Office to help you increase your efficiency. From screening and targeting to comparables analysis, building league tables, valuing a company and developing a client pitch book, you can do all this without leaving Microsoft Office. Search and autosuggest features in Excel make modelbuilding easier. Solution for: Managing Client Relationships Deal Origination New Issues PreMarketing/Roadshows Financial Modeling Customized League Tables Simple Deals screening Valuation analysis and comparable deal screening Onbrand pitch book creation Send us a sales enquiry at: financial.thomsonreuters.com/sales Read more about our products at: financial.thomsonreuters.com/products To purchase individual Thomson Reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group: Web: trondemand@thomsonreuters.com Access unique analysis for free anytime using Thomson Reuters Deals Intelligence website and receive regular updates, delivered direct to your inbox. Go to: dmi.thomsonreuters.com/dealsintelligence 20 Thomson Reuters.. Thomson Reuters and the Kinesis logo are trademarks of Thomson Reuters. 22