MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS

Transcription

1 MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS REUTERS / Mick Tsikas First Half 0

2 First Half 0 Mergers & Acquisitions s 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 First Half 0 LEGAL ADVISORS MERGERS & ACQUISITIONS REVIEW Worldwide M&A Totals Record US$. trillion l Mega Deals Account for 0% of Value, Overall Deals Fall 0% l European Deal Making Up %, US M&A Up % Global Deals Intelligence WORLDWIDE DEAL MAKING HITS RECORD US$. TRILLION Worldwide M&A activity totaled US$. trillion during the first half of 0, an increase of % compared to the first half of 0 and the strongest first half for global M&A since records began in 0. The second quarter of 0 marks the sixth quarter to surpass US$ trillion since 0. Overall,,00 worldwide deals were announced during the first half, a decrease of 0% compared to a year ago and the slowest first half since 0. MEGA DEALS ACCOUNT FOR 0% OF ANNOUNCED VALUE The value of worldwide M&A greater than US$ billion totalled US$. trillion during the first half of 0, more than three times the levels seen a year ago. Eighty one deals greater than US$ billion accounted for 0% of announced M&A actvity during the first half of 0, marking an alltime high for the number, value and overall percentage of mega deals in any first half on record. STRONGEST HALF FOR CROSSBORDER M&A SINCE 00 Crossborder M&A activity totaled US$.0 trillion during the first half of 0, an % increase compared to first half 0 and the strongest first half for crossborder M&A since 00. Crossborder M&A accounted for % of first half 0 M&A activity, up from % a year ago and the strongest first half percentage since 00 when crossborder M&A accounted for % of overall deal making. UNITED STATES DEALS UP %; EUROPEAN M&A UP %; Record levels of M&A activity for United States targets totaled US$.0 trillion during the first half of 0, an increase of % compared to the level of activity seen during 0. With US$. bilion in announced deals during first half 0, European M&A increased % compared to a year ago. European deal making accounted for % of overall M&A activity during the first half, the highest percentage since first half 0. ENERGY & POWER, MEDIA & HEALTHCARE LEAD SECTOR MIX Deal making in the Energy & Power sector totaled US$. billion during the first half of 0, an increase of % compared to 0 levels and an alltime record. Media and Healthcare M&A each accounted for % of overall M&A during the half, while Industrials deal making accounted for 0% of activity. Worldwide Announced Buyside Financial Sponsor Activity Rank Value (US$b) $00 Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) $00 Q Volume (US$b) % of YTD Global M&A $..%.% $..%.% $00.%.%.% $..0% $. $00.% $. $0. $. $. $. $. $00 $. $0.0 $. $. $0. $00.% $. $. $0. $. $. $. $. $00 $. $. $. $. $. $. $. $0. $. $. $. $. $. $. $. $. $ % 0% % 0% % 0% % of Global M&A Worldwide Announced (AE) Jan June 0 Worldwide Cross Border Activity 0 0 Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals 0,... * 0., Wachtell Lipton Rosen & Katz 0, , , , , Cleary Gottlieb Steen & Hamilton, * 0.,0... * 0. 0,... * 0. Fried Frank Harris Shriver & Jacobson 0,... * ,... 0., , Slaughter and May,0... * 0.,...., Gibson Dunn & Crutcher 0, ,.. 0. * 0. 0, * 0. DLA Piper LLP, , Jones Day, McCarthy Tetrault,... * 0. Goodwin Procter LLP, ,,. 00.0,00,.%.% *tie.%.% Rank Value (US$b) $,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).%.% % of YTD Global M&A.%.%.% 0%.%.%.% $.0 % $. $0. $. 0% 0.%.% % $.0 $. $. $. $. $. $. $. 0% $0. $. $0. $. % $. $. $.0 $. $. $.0 $. 0% $. $.0 $0. $0. $. $. % $. $0. $0. $. $0.0 $.0 $. $. $. 0% % of Global M&A

4 First Half 0 Mergers & Acquisitions s 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 //0 0/0/0 Rank Val No. Rank Val No. US$m Deals US$m Deals % Change in Rank Value Target Region/Nation //0 0/0/0 Rank Val No. US$m Deals //0 0/0/0 Rank Val No. US$m Deals % Change in Rank Value 0% % Worldwide,,.,00,,.,. Worldwide,,.,,,.,. Americas,,0.,0,0.,. Americas 0,., 0,., 0. Caribbean,.,..0 Caribbean,. 0 0,.. Central America,0. 0,.. Central America,.,0. 0. Mexico,0.,.. Mexico,.,0.. North America,0,0.,,.,. North America,.,0 0,0.,. United States,0,00.,,.,0. United States 0,.,,.,. Canada,0.0,,0.,. Canada,.,.0. South America,0.,.. South America,0.,.. Brazil,.0 0,.. Brazil,0.,0..0 Chile,.,.. Argentina,.,. 0. Africa/Middle East 0,0.0,.. Africa/Middle East,0. 0,.0.0 Middle East,.,0..0 Middle East,0.,.. North Africa, North Africa,.,.. SubSaharan Africa,.,.. SubSaharan Africa,.,.. Europe,.,,.,. Europe 0,0.,0,.,0.0 Eastern Europe,.,0,., 0. Eastern Europe 0,. 00,.,0. Western Europe,.,,0.,. Western Europe,00.,0,.,0. United Kingdom,.,,.,. United Kingdom,., 0,.,. Germany,. 0,. 0. France,.,.. Republic of Irela,. 0,00.0 0,. Germany,.0,0.. AsiaPacific,0.,,0.,. AsiaPacific,.,,.,. Australasia,.,.. Australasia,.,.. Australia, ,..0 Australia,. 0,.. New Zealand,. 0,0..0 New Zealand.,.. South East Asia,.,.,0. South East Asia,0. 0,.0 0. Thailand,0.,0. 0. Singapore,. 0, Singapore,.0 0,.. Malaysia,0. 0,0.. North Asia,., 0,.,. North Asia,00.,,.,0. China,.,,.,. China 0,0.,,.,. South Korea,.,..0 Hong Kong 0,.,0.. South Asia,. 0,0.. South Asia,0. 0,.0 0. Central Asia... Central Asia,0..,. Japan,.,,.,. Japan,0.,,0.. % % % Energy and Power Healthcare Financials Real Estate Materials Consumer Products and Services Government and Agencies % % % % % Media and Entertainment Industrials High Technology Consumer Staples Telecommunications Retail % % Top Fifteen Worldwide Announced Deals Jan June 0 0 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry //0 Pending Unilever PLC (00%) Unilever NV Netherlands / United Kingdom 0,. Consumer Staples / Food and Beverage //0 Pending st Century Fox Inc (00%) Comcast Corp,. Media and Entertainment / Cable //0 Pending Shire PLC (00%) Takeda Pharmaceutical Co Ltd Japan / IrelandRep,. Healthcare / Pharmaceuticals //0 Pending Express Scripts Holding Co (00%) Cigna Corp,. Healthcare / Healthcare Providers & Services (HMOs) //0 Pending Sprint Corp (00%) TMobile US Inc,. Telecommunications / Wireless //0 Pending Abertis Infraestructuras SA (00%) Abertis Infraestructuras SPV Spain / Spain,. Industrials / Transportation & Infrastructure //0 Intended Sky PLC (00%) Comcast Corp United States / United Kingdom,0. Media and Entertainment / Broadcasting //0 Pending Innogy SE (.%) E ON SE Germany / Germany,00. Energy and Power / Alternative Energy Sources //0 //0 Altice USA Inc (.%) Shareholders,. Media and Entertainment / Cable /0/0 Pending 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 Pending RELX NV (00%) RELX PLC United Kingdom / Netherlands,0. Media and Entertainment / Publishing //0 Pending Sky PLC (%) Walt Disney Co United States / United Kingdom,. Media and Entertainment / Broadcasting //0 Pending Dr Pepper Snapple Group Inc (00%) Keurig Green Mountain Inc,0. Consumer Staples / Food and Beverage //0 Pending Unitymedia GmbH (00%) Vodafone Grp Plc United Kingdom / Germany,. Media and Entertainment / Cable

5 First Half 0 Mergers & Acquisitions s Worldwide Rankings Worldwide Completed (AG) Jan June 0 Worldwide Completed (AG) Based on Number of Deals Jan June # 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.., Goodwin Procter LLP.,.,... * 0. DLA Piper LLP.,., ,.. 0.,., Baker Mckenzie McGuireWoods LLP , Arnold & Porter, * 0. 0.,... 0, CMS 0 0.,. 0, , Debevoise & Plimpton 0, * 0. 0.,..., ,... King & Wood Mallesons 0 0,...0 * 0. 0.,... AZB & Partners,., Morgan Lewis & Bockius 0. 0.,.,00...,0., * ,0.,.....,... * 0. 0.,0... Hogan Lovells,...0 * 0. McDermott Will & Emery 0.,0. 0,.... 0* 0.,0... Morrison & Foerster,0... * 0. Hunton Andrews Kurth LLP 0* 0.,. Wachtell Lipton Rosen & Katz,... * 0. Hogan Lovells * 0.,...0 Stikeman Elliott 0, Orrick Herrington & Sutcliffe LLP * 0.,0. 0,... * 0. Blake Cassels & Graydon 0 0.,... Dechert, * 0.,...,, ,,0 Cooley LLP * 0 0.,0.,,0,, %.0%.%.%.0%.%.%.% Worldwide Announced (AE) Based on Number of Deals Jan June 0 WW Announced Incl. Withdrawn (AE) Jan June # Rank Value Market Market Of Deals Sh (%) Deals US$m Rank Sh (%) Share Ch. Jones Day.,0..0..,... 0.,. 0.. Goodwin Procter LLP 0 0.,0... DLA Piper LLP 0.,0... Baker Mckenzie 0.,. 0. 0,... CMS 0.,.. 0. McGuireWoods LLP , ,... 0., , ,... * ,. 0.. Hogan Lovells 00 0.,. 0.,. 0.. Morgan Lewis & Bockius 0.,. Cooley LLP * 0.,... * 0 0.,.. 0. * 0., ,... * 0., Orrick Herrington & Sutcliffe LLP * 0.,00. * 0.,0... McDermott Will & Emery 0.,.,00,,, Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Wachtell Lipton Rosen & Katz 0,0.,. 0,.,.,.0, * * * , Cleary Gottlieb Steen & Hamilton,0.. 0., ,... * 0. Fried Frank Harris Shriver & Jacobson 0,... 0, , Gibson Dunn & Crutcher, Slaughter and May,..., , , , DLA Piper LLP 0 0,... 0., * 0., Jones Day, McCarthy Tetrault,... Goodwin Procter LLP 0, ,0, ,0.%.%.%.%.% 0.%.%.% *tie

6 First Half 0 Mergers & Acquisitions s Worldwide M&A Matrix Exit Multiple Matrix Year to Date Average Rank Value / EBITDA Jan June 0 0 UP 0 DOWN 0 World Americas USA Canada EMEA Europe UK Asia ex. Japan Japan Consumer Products and Services.x.x.x.x.x.x.x.x.x.x.x.x.x.0x.x.x Consumer Staples.x.x.x.x.x.x.x.x 0.x.x.x.x.0x.x.x.x.x Energy and Power.0x.0x.x.x.x.x.x 0.x 0.x.x.x.x.x.x.x.0x.x Healthcare.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x 0.x High Technology.x.x.x.x.x 0.x.x.x.x.x.x.x.x.0x.x.x.x.x Industrials.x.0x.x.x.x.x 0.x.x.0x.x.x.x.x.x.x.x.x.x Materials.0x.x.x.x 0.x.x.x 0.x 0.x.x.x 0.x.x.x.0x.x.0x.x Media and Entertainment.x.x.0x.x 0.x.x.x.0x 0.x.x 0.x.x.0x.x.x.0x.x.x Real Estate.0x.x.x.x.x.x.0x.0x.x.x.x.x.x.x.x.x Retail.x.x.x.x.x.x.x.x.x.0x.x 0.x.x.x.x.x 0.0x.x Telecommunications.x.x 0.x.x.x.x.0x.0x Average.x.x.x.x.x.x.x.x.0x.x.0x.x.x 0.x.x.x.x 0.x.x.x.x.0x.x.x.x.x Bid Premium Matrix Year to Date Average Premium to Week Stock Price Jan June 0 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 0/0/0 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 Flat First Half 0 Mergers & Acquisitions s Americas M&A Americas Deals Intelligence US Announced Advisors by Target Industry Jan June 0 0 Americas M&A volume during the first half of 0 was up.% compared to the same period last year, accruing US$. trillion in activity from, announced deals. US Targeted M&A volume totaled US$.0 trillion, a.% increase in activity compared to the first half of 0. The period saw, deals announced, a.% decrease from a year ago. The Energy & Power sector led the US market, with deal volume totaling US$. billion, accounting for a.% market share. Healthcare followed, accruing US$. billion for a.% share of the market. Media & Entertainment rounded out the top sectors, with US$. billion and a.% share. Accumulating US$. billion in transaction value, announced Canadian Involvement activity saw a slight 0.% increase from the totals reached during the first half of 0. Completed Canadian Involvement activity was down.% compared to the same period last year. In the Americas, out of the sectors saw a decrease in exit multiples during the first half of 0. Overall average EBITDA multiples across industries in the Americas posted a decrease during the period, declining to.x compared to.x averaged during the first half of 0. Rank Val (US$m) Rank Mkt. Share No. Deals Rank Val (US$m) Rank Mkt. Share No. Deals Energy & Power,. 0 Financials,.,.0.0,0.0. Jones Day,. 0.0,.0. Cleary Gottlieb Steen & Hamilton,..0 Wachtell Lipton Rosen & Katz,0.. Healthcare,. 0 Industrials,.0,0..0,.. Wachtell Lipton Rosen & Katz,0.. Jones Day,..0,0.., Media,.0 Consumer Staples,0.,.. Morgan Lewis & Bockius,0.. Wachtell Lipton Rosen & Katz,..,0..,. *.,0. * 0.0,. *. Davies Ward Phillips & Vineberg LLP,0. * 0.0 Technology 0,0.,0 Consumer Products,.0,.0. 0,..,.. 0,.. Wachtell Lipton Rosen & Katz,0.. Cleary Gottlieb Steen & Hamilton,0. *. Real Estate,. Fried Frank Harris Shriver & Jacobso,0. *.,0.. Materials,.,. 0. 0,.. Wachtell Lipton Rosen & Katz,.. Cleary Gottlieb Steen & Hamilton 0,.. *tie 0,00..0 US Target Announced M&A Target Industry by Value Jan June 0 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 Healthcare Media and Entertainment High Technology Real Estate Telecommunications Financials Industrials Consumer Staples Consumer Products and Services Materials Retail Government and Agencies $0 Q0 Q0 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 0% Top Ten US Announced Deals Jan June 0 0 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry //0 Pending st Century Fox Inc (00%) Comcast Corp,. Media and Entertainment / Cable //0 Pending Express Scripts Holding Co (00%) Cigna Corp,. Healthcare / Healthcare Providers & Services (HMOs) //0 Pending Sprint Corp (00%) TMobile US Inc,. Telecommunications / Wireless //0 //0 Altice USA Inc (.%) Shareholders,. Media and Entertainment / Cable /0/0 Pending Andeavor Corp (00%) Marathon Petroleum Corp,. Energy and Power / Oil & Gas //0 Pending Dr Pepper Snapple Group Inc (00%) Keurig Green Mountain Inc,0. Consumer Staples / Food and Beverage /0/0 Pending Thomson Reuters CorpF&R (%) Thomson Reuters CorpFinl &,0.0 High Technology / Ecommerce / BB //0 Pending Altaba (.%) Altaba,. Financials / Other Financials //0 Pending SCANA Corp (00%) Dominion Energy Inc,0. Energy and Power / Power //0 Pending CYS Investments Inc (00%) Two Harbors Investment Corp,. Real Estate / REITs

8 First Half 0 Mergers & Acquisitions s Americas Rankings Any US Involvement Announced (AE) Jan June 0 Any US Involvement Completed (AG) Jan June 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 Wachtell Lipton Rosen & Katz 0,... * 0.,.0.. * 0., *.,0... * 0., ,... * 0., *.,... * 0.,... * 0., ,...0 * 0. Arnold & Porter,... * 0., , Cleary Gottlieb Steen & Hamilton,.. 0. * 0. Debevoise & Plimpton,0... * 0., Hogan Lovells,.0.. * 0. 0, ,... *. Fried Frank Harris Shriver & Jacobson, Wachtell Lipton Rosen & Katz, * 0., AZB & Partners 0,... 0 * 0.,0... 0* 0. King & Wood Mallesons 0,...0 * 0., *. 0 0, * 0. Jones Day, ,.... 0,... * 0., Gibson Dunn & Crutcher 0 0,... * 0. Morrison & Foerster, , * 0. Stikeman Elliott,. 0.. * 0. Cooley LLP,...., Goodwin Procter LLP 0,.0... Dechert 0, Morrison & Foerster, ,0.... Morgan Lewis & Bockius,... 0 *., DLA Piper LLP,....,... * 0. Torys 0,... * , Potter, Anderson & Corroon 0,... * 0., * 0.,,. 00.0,,0,. 00.0,0,0.%.%.% 0.% 0.%.%.%.% US Target Announced (AE) Jan June 0 US Target Completed (AG) Jan June 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 Wachtell Lipton Rosen & Katz,0... * 0.,0... * 0. 0, , * 0., Arnold & Porter,... * 0.,... * 0.,.. 0. * 0.,... *., * 0.,0... * 0., Cleary Gottlieb Steen & Hamilton, Debevoise & Plimpton,... * 0.,0.... Hogan Lovells,...0 * 0.,... * 0. Wachtell Lipton Rosen & Katz, ,..0. *. 0, , ,... * 0. Fried Frank Harris Shriver & Jacobson 0,. 0.. * 0. AZB & Partners 0 0,... * 0. Jones Day 0, King & Wood Mallesons 0,... * , * 0.,.. 0. * 0. Cooley LLP,....,... 0* 0. 0,.. 0..,.... Goodwin Procter LLP,0...., ,... * 0. Morrison & Foerster,..0. * 0. Morrison & Foerster,... * 0.,. 0.. * 0. Gibson Dunn & Crutcher 0,.. 0. * 0. Dechert 0, * 0. Morgan Lewis & Bockius,.... Stikeman Elliott,... * 0. DLA Piper LLP, Luthra & Luthra Law Offices *,0... * 0.0 Potter, Anderson & Corroon 0 0,... * 0. Dentons, * 0. Torys 0,... * 0.,.... 0,... * 0., ,0, , 0,. 00.0, *tie.%.%.%.%.%.%.%.%

9 First Half 0 Mergers & Acquisitions s Americas Rankings Any US Public Involvement Completed Jan June 0 US Target Announced (AE) Based on Number of Deals Jan June Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals, , *., Arnold & Porter,... 0 * 0.,0... 0*.,...0. Debevoise & Plimpton,... 0., Hogan Lovells,... *. 0 Wachtell Lipton Rosen & Katz 0, *. 0,...0. King & Wood Mallesons 0,...0 * 0. 0,... * 0. AZB & Partners 0, * 0., * 0. Stikeman Elliott,... 0 * 0.,... * 0. 0,.0...,... * 0. 0, Dechert, *.0 Morrison & Foerster, Luthra & Luthra Law Offices 0,0...0 * 0. Dentons,... 0 * 0., ,. 00.0,.%.0%.%.% 0 0 Rank Value Market Market Deals Sh (%) Deals US$m Rank Sh (%) Share Ch. 0,.. 0. Goodwin Procter LLP.,0... Jones Day. 0, ,0... McGuireWoods LLP 0. 0,. DLA Piper LLP 0.,0... Morgan Lewis & Bockius.,... Cooley LLP *.,... Hunton Andrews Kurth LLP. 0, ,... *., *.,... Sidley Austin LLP * * 0.,... * 0 0.,... Gibson Dunn & Crutcher * 0., McDermott Will & Emery 0.,. 0.. * * 0.,0... Ropes & Gray * * 0., ,... Bryan Cave Leighton Paisner LLP 0 * 0.,. Vinson & Elkins LLP * * 0., Wachtell Lipton Rosen & Katz * 0 0.,0... Paul Hastings LLP 0. 0,. Hogan Lovells 0.,.. 0. Fenwick & West LLP * 0* 0.,0. Honigman Miller Schwartz And Cohn * * 0..,,0, %.%.%.% Any Canadian Involvement Announced (AE) Jan June 0 Any Canadian Involvement Completed (AG) Jan June 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,0.... Stikeman Elliott,... 0.,... * 0. Osler Hoskin & Harcourt LLP,.... Gibson Dunn & Crutcher,... * 0. Blake Cassels & Graydon 0 0,...0. Norton Rose Fulbright, ,... 0 * 0.,... * 0. Davies Ward Phillips & Vineberg LLP,....,00... * 0.,.... 0,0... * 0. Norton Rose Fulbright,..0.. Torys 0, ,..0. * 0. McCarthy Tetrault,.... Torys,.... Wachtell Lipton Rosen & Katz 0,0... * 0. Jones Day 0,... * 0. Stikeman Elliott,0.... Allens,... * 0. Blake Cassels & Graydon, ,...0 * 0. Dechert 0,... 0* 0. Goodmans,.... Shardul Amarchand Mangaldas & Co,.0.. * 0. McCarthy Tetrault, Gilbert + Tobin,..0. * 0.,... * 0., * 0. Baker Mckenzie,... * 0. Vinson & Elkins LLP 0,.0,0. 0,0. 0, * 0* * 0* Fasken Martineau DuMoulin LLP Schoenherr Attorney's at Law * *,0.0,.,0.0, * * * * ,0... 0* 0. Gowling WLG, Davies Ward Phillips & Vineberg LLP,.. 0. *.,... 0 * 0. Goodmans,... *. Parlee McLaws,... * 0.,.0.. 0* 0.,0...0 * 0. 0,... * 0. Morgan Lewis & Bockius,... * 0.,. 00.0,,. 00.0, 0.%.% 0.0%.%.%.%.% 0.% *tie

10 EMEA Announced M&A up % Media and Entertainment Highest Valued Sector Financial Sponsor Volume Increases First Half 0 Mergers & Acquisitions s EMEA M&A EMEA Deals Intelligence Announced M&A activity with EMEA involvement totaled US$. trillion from,00 deals in the first half of 0, up % compared to the US$0. billion reached in the same period last year. The Media and Entertainment sector led the EMEA marketplace, with 0 deals totaling a combined US$. billion, including the acquisition of Sky PLC by Comcast Corp, which was the fifth largest European deal of the first half, valued at US$. billion. Consumer Staples accrued US$. billion, and Energy and Power yielded US$. billion of activity. Financial sponsors were more active in the first half of 0 compared to the first half of 0. EMEAtargeted buyside financial sponsor activity reached US$. billion in the first half of 0, up.% from the US$. billion reported for the same period last year. Acquirors listed on the London Stock Exchange were EMEA's most acquisitive companies for the first half of 0, with a combined total of US$0 billion in offers. EMEA Involvement Announced Advisors by Target Industry Jan June 0 Rank Val Mkt. US$m Rank Share No. Deals Media and Entertainment,. 0 0,.0.,.. Norton Rose Fulbright Consumer Staples,.,00.0.,..,.. Davies Ward Phillips & Vineberg LLP,0. *. Energy and Power,0.,..,0.. CMS,0.0. Industrials,.,,..,..,.. Primary Stock Exch. Listing of Most Acquisitive EMEA Companies Top 0 (US$ bil) EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity) $. $. $. $. $. $0.0 $. London New York Nasdaq Swiss Stock Exchange Zurich Nasdaq Madrid OMX Stockholm BMFBOVESPA Rank Value (US$b) $00 $0 $00 $0 $00 $0 $0 Q Volume (US$b) Q Volume (US$b) Q Volume (US$b).% Q Volume (US$b) % of YTD EMEA M&A 0.%.%.%.%.% $. $. $. 0.% 0.% $. $. $. $..% $. $.0 $. $..% $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $.0 $ % % 0% % % of EMEA 0% % 0% Top Ten EMEA Involvement Announced Deals Rank Date Status Target (% Sought/Acquired) Acquiror //0 Pending Unilever PLC (00%) Unilever NV //0 Pending Shire PLC (00%) Takeda Pharmaceutical Co Ltd //0 Pending Sprint Corp (00%) TMobile US Inc //0 Pending Abertis Infraestructuras SA (00%) Abertis Infraestructuras SPV //0 Intended Sky PLC (00%) Comcast Corp //0 Pending Innogy SE (.%) E ON SE //0 Completed Altice USA Inc (.%) Shareholders //0 Intended EDP Energias de Portugal SA (.%) China Three Gorges (Europe) SA //0 Pending RELX NV (00%) RELX PLC //0 Pending Sky PLC (%) Walt Disney Co Jan June 0 0 Acquiror / Target Nation Netherlands / United Kingdom Rank Value (US$m) 0,. Target Macro / Mid Industry Consumer Staples / Food and Beverage Japan / IrelandRep,. Healthcare / Pharmaceuticals,. Telecommunications / Wireless Spain / Spain,. Industrials / Transportation & Infrastructure United States / United Kingdom,0. Media and Entertainment / Broadcasting Germany / Germany,00. Energy and Power / Alternative Energy Sources,. Media and Entertainment / Cable Luxembourg / Portugal,. Energy and Power / Power United Kingdom / Netherlands,0. Media and Entertainment / Publishing United States / United Kingdom,. Media and Entertainment / Broadcasting

11 First Half 0 Mergers & Acquisitions s EMEA Rankings Any European Involvement Announced (AE) Jan June 0 Any European Involvement Completed (AG0) Jan June 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,...., , ,00....,0... * 0.,.... 0, ,... 0., , Slaughter and May,... 0 * 0.,... * 0. 0,0...0 * 0. Debevoise & Plimpton,..0. * 0. Cleary Gottlieb Steen & Hamilton,.. 0. * 0. Hogan Lovells, Fried Frank Harris Shriver & Jacobson, , * 0. DLA Piper LLP 0,., Stikeman Elliott 0,.0, * 0* 0. 0.,0... * 0. Wachtell Lipton Rosen & Katz,... * 0.,... * 0. Dentons, , Arnold & Porter,0.0.. * 0. McCarthy Tetrault 0 0, * 0. Dechert,.0.. * 0. 0,.. 0. * 0. Morrison & Foerster,... 0 * 0.,0... * 0. Luthra & Luthra Law Offices 0, * 0. Ashurst,.0.. * 0. 0,..0. * 0. Ogier & Le Massurier,0.0.. * 0.0, Mourant Ozannes 0,... * 0. Slaughter and May 0,... 0* 0.,0... * 0. 0, CMS, , Arthur Cox,... * 0.,... * 0. Nishimura & Asahi 0,... * 0. Darrois Villey Maillot Brochier,... 0* 0. 0 Mori Hamada & Matsumoto 0*,... * 0 0. Ashurst, * 0 0.,0,. 00.0,0,,. 00.0,,.% 0.%.0%.%.%.%.% 0.% Any UK Involvement Announced (AE0) Jan June 0 Any UK Involvement Completed (AG) Jan June 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 00,....,.0...,.0.. *. 0,... *. Slaughter and May 0,.0..., *. Norton Rose Fulbright 0,... 0., , *. Slaughter and May,0...0 * 0., * 0. Ashurst 0,.. 0. * 0. Travers Smith,. 0.. *.,...., ,0... * 0. 0,.. 0..,. 0.. *. 0 CMS 0,.... DLA Piper LLP 0,..0.. De Brauw Blackstone Westbroek,0... * 0. Norton Rose Fulbright, ,... *.,0... * 0.,0... * 0. Baker Mckenzie 0, DLA Piper LLP,....,... * 0. Gibson Dunn & Crutcher,... * 0. AZB & Partners,0...0 * 0., * 0. 0,... * 0. Baker Mckenzie,.. 0. *. Mattos Filho Veiga Filho Marrey Jr 0* 0,0... * 0.,... * 0. Kromann Reumert * 0* 0,.0.. * 0. Bruun & Hjejle I/S 0*,... 0* 0. Plesner * 0,.0.. * 0. AZB & Partners 0,... * 0. Bruun & Hjejle I/S * 0* 0,.0.. * 0. 0,0.... Jones Day, ,0.0.. *. Addleshaw Goddard,... *. Kromann Reumert * 0* 0,.0.. * 0. Hogan Lovells,... * 0. Plesner * 0,.0.. * 0. Ogier & Le Massurier,... 0* 0. 0, * 0. Mourant Ozannes *,0... * 0.,. 00.0,0,. 00.0, *tie.%.%.%.0%.%.%.%.%

12 First Half 0 Mergers & Acquisitions s EMEA Rankings Any French Involvement Announced (AE) Jan June 0 Any French Involvement Completed (AG) Jan June 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. Darrois Villey Maillot Brochier,... * 0. Debevoise & Plimpton,0... 0* 0.,... *. Cleary Gottlieb Steen & Hamilton 0, * 0.,....,... * 0. Debevoise & Plimpton,0... * 0. Willkie Farr & Gallagher,0..0. *. 0,... 0 *.0,000.,., * * *.. 0. NautaDutilh Loyens & Loeff 0*,.,., * * * King & Wood Mallesons,... * 0. King & Wood Mallesons,... * 0. 0, * 0. 0,.... 0,... 0 *. 0,... * 0. 0,... *. 0, * 0. Goodwin Procter LLP,0.... Lacourte Raquin Tatar SCPA,... * 0. Bredin Prat,0..0..,0.... CMS,...0. Capstan LMS SELARL *,0... * 0.,0...0 * 0. Allens * *,0... * 0. Baker Mckenzie, *.,... 0 *. Houthoff Buruma * 0*,..0.0 * 0. Bredin Prat 0, *. Stibbe * 0*,..0.0 * 0., *. 0,0... *. 0,... * 0. Noerr LLP 0*,... * 0. 0,...0 * 0. Eubelius * 0*,... * 0. Slaughter and May,.0.. * 0. NautaDutilh *,... * 0. Cleary Gottlieb Steen & Hamilton,0.0.. * 0. Darrois Villey Maillot Brochier,... * 0. Blake Cassels & Graydon,0... * 0. Mayer Brown LLP,0... *. Jones Day, ,. 00.0,, %.%.%.%.%.%.%.% Any Spanish Involvement Announced (AE) Jan June 0 Any Spanish Involvement Completed (AG) Jan June 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,... *.,.. 0. *. Uria Menendez,.0... *, * 0.,0... *. DLA Piper LLP,... 0*. Perez Llorca, ,..0. *. Carey & Cia 0*,..0.0 * 0., Mattos Filho Veiga Filho Marrey Jr *,...0 * 0. Gleiss Lutz *,... * 0. PwC Legal LLP, Gianni Origoni Grippo Cappelli & Partners *,... 0* 0.,...., *. Cuatrecasas, ,0.... Deloitte 0,.... Cleary Gottlieb Steen & Hamilton *,... * 0. Garrigues,... *. Legance Avvocati Associati *,... * 0. Studio Legale Carbonetti,... * 0. *,... * 0. Torys *,... * 0. Garrigues,... 0 *. Bird & Bird *,... * 0. Perez Llorca, ,..0.0 * 0. Carey & Cia *,... * 0.,..0.0 * 0. Mattos Filho Veiga Filho Marrey Jr *,... * 0. Goodmans *, * 0.,..0.0 * 0. Guerrero, Olivos & Novoa *, * 0. Osler Hoskin & Harcourt LLP,.0.. * 0. 0,... * 0. Cuatrecasas 0,.... Ramon & Cajal Abogados 0... * 0. Slaughter and May,.0.. * 0. Legance Avvocati Associati 0... * 0. Deloitte 0, Baker Mckenzie Studio Legale Carbonetti *,.,..... * * Manatt Phelps & Phillips * * * * 0.. PwC Legal LLP,.... Hogan Lovells * 0.,. 00.0, %.%.%.%.%.%.%.% *tie 0

13 First Half 0 Mergers & Acquisitions s EMEA Rankings Any German Involvement Announced (AE) Jan June 0 Any German Involvement Completed (AG) Jan June 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 CMS,.. 0..,... *.,0...., *. Cleary Gottlieb Steen & Hamilton 0,.. 0. * 0., *.,.0... Hogan Lovells,... *. 0, * 0. Morrison & Foerster *,..0.0 * 0. 0,.. 0. *. *,... *. Morrison & Foerster DLA Piper LLP *,., * * Dechert,.,..... * * 0. 0., *.,... * 0. 0,. 0.. * 0. Dentons 0,... * 0. Goodwin Procter LLP Fried Frank Harris Shriver & Jacobson *,.,.,., * * 0* 0* Stikeman Elliott Luthra & Luthra Law Offices Debevoise & Plimpton * * * * *,.0,.0,.0, * * * * Pillsbury Winthrop Shaw Pitt LLP *, * 0. Wachtell Lipton Rosen & Katz *, * 0. K&L Gates *, * 0. Arnold & Porter *, * 0. Cooley LLP * 0*, * 0. 0,.... Potter, Anderson & Corroon *, * 0. Noerr LLP, Wachtell Lipton Rosen & Katz * *, * 0. Hengeler Mueller,... 0*. Richards Layton & Finger *, * 0. Darrois Villey Maillot Brochier 0,... * 0. Hengeler Mueller,00. 0, *.. Jones Day 0,.,..... *.0 0. Gibson Dunn & Crutcher *,00... * 0. Baker Mckenzie, *. Slaughter and May,... 0* 0. Cleary Gottlieb Steen & Hamilton,... * 0. Jones Day, , , ,0.%.%.%.%.%.%.%.% Any Italian Involvement Announced (AE) Jan June 0 Any Italian Involvement Completed (AG) Jan June 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 Gianni Origoni Grippo Cappelli & Partners, *,0... *.,... * 0. Bonelli Erede e Pappalardo,.... DLA Piper LLP,... *. Jones Day, *. Gleiss Lutz *,... * 0. Gatti Pavesi Bianchi,. 0.. *.,... *. Slaughter and May, * 0. *,... * 0., *.,... *.,.0.. * 0. 0,... 0* 0. *, * 0. Legance Avvocati Associati,... *. Mayer Brown LLP *, * 0. Cleary Gottlieb Steen & Hamilton 0,0., * * Carey & Cia Wachtell Lipton Rosen & Katz 0 *,.,..... * * *,.. 0. * 0. *,... * 0. Uria Menendez,... * 0. Osler Hoskin & Harcourt LLP *,... * 0. Garrigues, * 0. *,... *. Studio Legale RCC, * 0.,..0.0 *. Bonelli Erede e Pappalardo,.... Chiomenti Studio Legal,.0...,.,..... *..0 Studio Bonelli Studio Legale Carbonetti,.,..... * * Slaughter and May,... * 0. Legance Avvocati Associati, Cescon, Barrieu, Flesch & Barreto Advogados 0,... * 0. 0 *,0... *. Gatti Pavesi Bianchi,0... *. Gianni Origoni Grippo Cappelli & Partners....,.0.. * 0. Simmons & Simmons *... * 0. Barbosa Mussnich & Aragao *,... * 0. Bryan Cave Leighton Paisner LLP *... * 0. Lefosse Advogados * *,... * 0. *... * 0. Mayer Brown LLP, * 0.,. 00.0, %.%.%.%.%.0%.%.% *tie

14 First Half 0 Mergers & Acquisitions s EMEA Rankings Any Nordic Involvement Announced (AE) Jan June 0 Any Nordic Involvement Completed (AG) Jan June 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. Kromann Reumert,.0.. 0* 0. Roschier Advokatbyra AB,... * 0.,... * 0. Baker Mckenzie,0.... Gorrissen & Federspiel,0... * 0. DLA Piper LLP,... * 0. *,0... * 0. 0,... 0* 0.,0... * 0. Kromann Reumert * 0,.0.. * 0. Roschier Advokatbyra AB,... * 0. Plesner * * 0,.0.. * 0. Baker Mckenzie, Bruun & Hjejle I/S * 0,.0..0 * 0. 0,... * 0.,0.... DLA Piper LLP 0,... * 0. Advokatfirman Vinge 0,.... Plesner 0* 0* 0,.0.. * 0.,... * 0. Bruun & Hjejle I/S 0* 0* 0,.0.. * 0. Studio Legale RCC,... * 0. *, * 0.,... * 0. Slaughter and May * 0*,0... * 0.,... * 0. BechBruun *,0... * 0. Schoenherr Attorney's at Law 0,...0 * 0. Advokatfirmaet Thommessen AS, Roschier,.0... *, * 0. Gernandt & Danielsson Houthoff Buruma * *,.,0., * * * Proskauer Rose LLP Roschier Loyens & Loeff * * 0,.0,., * 0* *, * 0. Vinson & Elkins LLP *,0.0.. * 0. Hannes Snellman,.... Mattos Filho Veiga Filho Marrey Jr *,0.0.. * 0. Advokatfirmaet Thommessen AS,... *. Machado Meyer Sendacz & Opice * 0*,0.0.. * 0. Dechert * *,.. 0. * 0. Hannes Snellman,0... *. 0 Stibbe *,... * 0.,...., ,00 0, *., *tie 0.%.%.% 0.%.%.%.%.% Any Benelux Involvement Announced (AE) Jan June 0 Any Benelux Involvement Completed (AG) Jan June 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. De Brauw Blackstone Westbroek,....,0....,... * 0.,... *., *. Goodwin Procter LLP,0.0.. * 0. Serra Lopes Cortes Martins & Associados *, * 0.,0... * 0. Morais Leitao,Galvao Teles,Soares da Silva *, * 0.,... * 0., NautaDutilh 0,.0..0 * 0., * 0. Eubelius *,... * 0. Morgan Lewis & Bockius 0,... * 0. Loyens & Loeff 0,0.... Davies Ward Phillips & Vineberg LLP * *,0... * 0. Willkie Farr & Gallagher,...0 * 0. McDermott Will & Emery * 0,0... * 0. Mayer Brown LLP,0.0.. * 0. Loyens & Loeff *,.,0., *. 0.. Studio Bonelli Hunton Andrews Kurth LLP O'Melveny & Myers * * *,.,.0, * * * McCarthy Tetrault *,... * 0. Seward & Kissel *,... * 0. Proskauer Rose LLP * 0,... * 0. Debevoise & Plimpton *,... * 0.,.. 0. * 0.,...0., Akin, Gump, Strauss, Hauer & Feld, * 0. Goodwin Procter LLP 0,... * 0. Uria Menendez 0,... * 0. Mayer Brown LLP,.0.. * 0. Cuatrecasas 0,... * 0. Eubelius *,..0.0 * 0. Deloitte,.. 0. * 0.,.. 0. * 0. CMS,.. 0. *. NautaDutilh 0,... 0* 0. Cleary Gottlieb Steen & Hamilton, Schoenherr Attorney's at Law *,... 0., , *tie.%.%.%.%.%.%.%.%

15 Asia Announced M&A Up % Energy and Power Top Industry China Inbound Activity Highest on Record First Half 0 Mergers & Acquisitions s Asia Pacific (exjapan) M&A Asia Pacific (exjapan) Deals Intelligence Any Asian (ExJapan) Involvement Advisors by Target Industry Jan June 0 0 Announced M&A volume with Asian involvement for the first six months of 0 totaled US$0. billion from, deals, up.% compared to the same period in 0. With a combined market share of.%, Energy and Power, Industrials and Financials were the most active industries this year. Energy and Power reached the highestever first half period with US$0 billion, up.% in value compared to the first half of 0. China inbound activity reached US$. billion from deals during the first six months of 0, the strongest first half on record. Deals with Australian involvement during the first half of 0 accrued US$. billion from deals, a.% increase from the same period last year, the strongest first half in the last three years. The top announced Asianinvolvement deal for the first half of 0 was the acquisition of a.% interest in EDP Energias de Portugal by China Three Gorges (Europe) for $. billion. Rank Val Mkt. No. Rank Val Mkt. No. (US$m) Rank Share Deals (US$m) Rank Share Deals Energy and Power 0,0. High Technology,., Serra Lopes Cortes Martins & Associados,.,. *.. Fangda Partners Baker Mckenzie,.,... 0 Morais Leitao,Galvao Teles,Soares da Silva,. *. Kim & Chang,.. Industrials,. Retail,. King & Wood Mallesons,0.. Khaitan & Co,00.0. JunHe LLP,.. Shardul Amarchand Mangaldas, Fangda Partners,0.. Trilegal, Financials,0. Healthcare,0.,.. AZB & Partners,..,.. Cyril Amarchand Mangaldas,..,.. AZB & Partners,.. Materials,. Media and Entertainment,. Zhongzi Law Office 0,.,... Shin & Kim Lee & Ko,.,..0. Zhong Lun Law Firm,.. Uria Menendez,.. Real Estate,. 0 Consumer Products and Services,00. Sidley Austin LLP,.. Kim & Chang,.. Han Kun Law Offices,.. Tian Yuan Law Firm,.. Allens,.. Lee & Ko,0.. Any Asian (ExJapan) Announced M&A by Target Industry Jan June 0 0 China Cross Border Announced M&A % % % % % $00 $0 $0 Outbound (US$b) Inbound (US$b) % of Cross Border is Outbound 00% 0% % % % % % % % Rank Value (US$b) $0 $0 $0 $0 0% 0% % Outbound 0% $0 $0 0% Energy and Power Financials Real Estate Retail Media and Entertainment Consumer Staples Government and Agencies Industrials Materials High Technology Healthcare Consumer Products and Services Telecommunications $0 $0 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 0% Top Ten Asia Pacific (exjapan) Announced Deals Jan June 0 0 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry //0 Intended EDP Energias de Portugal SA (.%) China Three Gorges (Europe) SA Luxembourg / Portugal,. Energy and Power / Power //0 Pending APA Group (00%) Investor Group Hong Kong / Australia,. Energy and Power / Oil & Gas //0 Pending 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,. Materials / Chemicals //0 //0 //0 Pending Daimler Ag (.%) Indus Towers Ltd (%) Tenaciou Prospect Invest Ltd Bharti Infratel Ltd China / Germany India / India,.,. Industrials / Automobiles & Components Telecommunications / Telecommunications Services /0/0 //0 Hindustan Petro Corp Ltd (.%) Oil & Natural Gas Corp Ltd India / India,. Energy and Power / Petrochemicals //0 Pending Dalian Wanda Coml Ppty Co Ltd (.%) Investor Group China / China,. Real Estate / Other Real Estate //0 //0 Bhushan Steel Ltd (.%) Bamnipal Steel Ltd India / India,. Materials / Metals & Mining

16 First Half 0 Mergers & Acquisitions s Asia (ExJapan) Rankings Any Asian (exjapan) Involvement Announced (AE) Jan June 0 Any Asian (exjapan) Involvement Completed (AG) Jan June 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,... 0 * 0. King & Wood Mallesons 0, ,... * 0. AZB & Partners,....0 AZB & Partners 0,.... Cyril Amarchand Mangaldas, Morrison & Foerster 0,.0.. * 0. Serra Lopes Cortes Martins & Associados *,... * 0.0 0,... * 0. Morais Leitao,Galvao Teles,Soares da Silva *,... * 0.0 WongPartnership LLP,0..0. * 0. Khaitan & Co, Allen & Gledhill,... * 0. Trilegal,.0.. 0* 0.,... * 0. Allens 0,... * 0. 0, ,.. 0. * 0. Drew & Napier,... * 0. Hogan Lovells,... 0* 0. Rajah & Tann LLP, * 0.,0...0 * 0. Shook Lin & Bok LLP,...0 * 0.,.. 0. * 0. Machado Meyer Sendacz & Opice,... * 0.,.. 0. * 0. Shardul Amarchand Mangaldas & Co, Gibson Dunn & Crutcher,0... * 0.,.. 0. * 0. Gunderson Dettmer Stough Villeneuve Franklin,... * 0.,... * 0. 0,... * 0.,... 0 * 0. Allen & Gledhill, * 0. Fangda Partners,... * 0. Fried Frank Harris Shriver & Jacobson 0*, * 0. King & Wood Mallesons 0 0, Dentons Rodyk & Davidson LLP 0*, * 0.0,... * 0. 0,.. 0. * 0. Jones Day,..0. * 0. Lee & Ko 0, Commerce & Finance Law Offices,.0.. * 0. Kim & Chang 0, Kim & Chang,.... Zhongzi Law Office 0,... * 0.0 Slaughter and May,.. 0. * 0. 0,. 00.0,,. 00.0,.% 0.%.%.% 0.%.%.%.0% Any Asia Pacific (exjapan) Involvement Announced (AE0) Jan June 0 Any Asia Pacific (exjapan) Involvement Completed (AG) Jan June 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. King & Wood Mallesons, ,.. 0. * 0.,... * 0.,0... * 0. Allens, King & Wood Mallesons,.... AZB & Partners 0,... 0.,.... Cyril Amarchand Mangaldas *, ,0... * 0. Serra Lopes Cortes Martins & Associados *,... * 0.0,... * 0. Morais Leitao,Galvao Teles,Soares da Silva *,... * 0.0, Khaitan & Co, , Trilegal 0,.0.. * 0. Allens 0, , * 0. AZB & Partners,....,0... * 0. Debevoise & Plimpton,...0 * 0., Loyens & Loeff *, * 0. Hogan Lovells,... * 0. Darrois Villey Maillot Brochier * *,0... * 0.0,..0. * 0. NautaDutilh *, * 0.0 Gibson Dunn & Crutcher,0..0. * 0. Capstan LMS SELARL *, * 0.0 Gunderson Dettmer Stough Villeneuve Franklin,... * 0. Lacourte Raquin Tatar SCPA *, * 0.0,... * 0. Morrison & Foerster 0,.0.. * 0. Allen & Gledhill,... 0 * 0. 0,... * ,.. 0. * 0. WongPartnership LLP 0,0... * 0. Fried Frank Harris Shriver & Jacobson *, * 0. Allen & Gledhill,...0 * 0. Dentons Rodyk & Davidson LLP *, * 0.0,... * 0.,.. 0. * 0., , Drew & Napier 0,... * 0. Lee & Ko 0, Rajah & Tann LLP, * 0.,. 00.0,,. 00.0,.% 0.%.%.% *ti tie.% 0.0%.0%.%

17 First Half 0 Mergers & Acquisitions s Australia & New Zealand Rankings Any Australia or New Zealand Involvement Announced (AE) Jan June 0 Any Australia or New Zealand Involvement Completed (AG) Jan June 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 Allens,.. 0.., King & Wood Mallesons, Allens,.0...,0....,... *.0 Chapman Tripp,0.... King & Wood Mallesons,... *. *,0... * 0.,... *. Gleiss Lutz,0... * 0.,0... * 0., * 0.,...0 * 0. Clayton Utz,.... Loyens & Loeff *, * 0. Minter Ellison,... *. Darrois Villey Maillot Brochier *, * 0. DLA Piper LLP 0,.. 0. * 0. * 0*, * 0. Osler Hoskin & Harcourt LLP 0*,... * 0. NautaDutilh *, * 0.,0... * 0. Debevoise & Plimpton *, * 0. Gilbert + Tobin,.... * *, * 0.,... * 0. Capstan LMS SELARL *, * 0. Vinson & Elkins LLP, * 0. Lacourte Raquin Tatar SCPA *, * 0. Baker Mckenzie,... *. Gilbert + Tobin 0,... *. *, * 0. 0,... * 0. Ashurst,0... *. Ashurst,....0 Watson Mangioni,... * 0. PwC Legal LLP,... * 0. Davies Ward Phillips & Vineberg LLP 0 *,0... * 0. Clayton Utz 0,... *. *,... * 0. Chapman Tripp *,... *.0 Hengeler Mueller *,... * 0. Sidley Austin LLP 0*,... * 0. Rothschild & Morgan PC (GA) *,... * 0. Baker Mckenzie,... *. Norton Rose Fulbright,.. 0. *. Lee and Li,.0.. * 0. Blake Cassels & Graydon,0... * 0. Arnold Bloch Leibler 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 $0 Q Q Q Q Q Q Q Q Outbound (US$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) 0% Q Volume (US$b) % of WW FS Volume YTD $.0 % % % % $. % % $. $. $. % % % $. $. $.0 $0. $.0 $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $ % 0% % 0% % 0% % of Asia (exjapan) Volume

18 Japanese M&A Activity Hits Record High US$ Billion Healthcare Sector Leads Activity Japanese Outbound Up % First Half 0 Mergers & Acquisitions s Japan M&A Japan Deals Intelligence Japanese M&A volume during the first half of 0 hit an alltime high, with US$0. billion, a.% increase from the same period in 0. Japanese involvement deals over US$ billion were announced during the first half of the year; their combined value jumped.% compared to the same period last year. Overall,,0 deals were announced during the first half of 0, a.% increase compared to the same period in 0. Deal making in the Healthcare sector led the Japanese market, with deal volume totaling US$0. billion, accounting for a.% market share. Telecommunications increased,0.% with US$. billion in value and.% market share. This was driven by TMobile s US$. billion merger with Sprint; the second largest Japanese involvement deal on record. Japanese Outbound activity totaled US$. billion, a.% increase compared to a year ago and the highest first half volume since records began. Takeda Pharmaceutical s US$. billion acquisition of Shire was the largest Japanese involvement deal and the largest crossborder deal in the healthcare sector globally on record. Domestic activity more than doubled compared to the same period last year, with US$. billion in aggregate value, representing the strongest first six months since 00. Any Japanese involvement completed M&A activity reached US$. billion. Any Japanese Involvement Advisors by Target Industry Jan June 0 0 Rank Val Mkt. No. Rank Val Mkt. No. (US$m) Rank Share Deals (US$m) Rank Share Deals Healthcare 0,. 0 High Technology,. Nishimura & Asahi,.. Morrison & Foerster,.. Nagashima Ohno & Tsunematsu,..,..,.. Gibson Dunn & Crutcher,.. Telecommunications,. Energy and Power,00. Cleary Gottlieb Steen & Hamilton,. * 00.0 Nagashima Ohno & Tsunematsu,..,. * 00.0 Anderson Mori & Tomotsune,. *. K&L Gates,. * 00.0,. *. Pillsbury Winthrop Shaw Pitt LLP,. * 00.0,. *. Cooley LLP,. * 00.0 Baker Mckenzie,. *. Fried Frank Harris Shriver & Jacobso,. * 00.0 Real Estate,.,. * 00.0 Anderson Mori & Tomotsune,.. DLA Piper LLP Goodwin Procter LLP,.,. * * Morrison & Foerster Nagashima Ohno & Tsunematsu,00.,... Potter, Anderson & Corroon,. * 00.0 Consumer Products and Services.,. * 00.0,00.0 * 0.,. * 00.0 Morrison & Foerster,00.0 * 0.,. * 00.0,00.0 * 0.,. * 00.0,00.0 * 0.,. * 00.0 Richards Layton & Finger,. * 00.0 *tie Wachtell Lipton Rosen & Katz,. * 00.0 Morrison & Foerster,. * 00.0 Japanese Involvement Announced M&A Target Industry by Value Jan June 0 0 Any Japanese Involvement Announced M&A $ Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) Deals YTD,000.% $0.% Healthcare High Technology Real Estate Financials Media and Entertainment 0.%.%.%.%.%.% Telecommunications Energy and Power Consumer Products and Services Industrials Materials Rank Value (US$b) $ $00 $ $0 $ $00 $ $0 $ $0 $0. $. $0. $. $. $. $0. $. $0. $.0 $. $. $. $. $. $.0 $0. $. $. $. $. $. $. $0. $. $. $. $. $. $. $. $. $.0 $. $. $. $. $ ,00, Deals Top Ten Japanese Involvement Announced Deals Rank Date Date Effective Target (% Sought/Acquired) Acquiror //0 Pending Shire PLC (00%) Takeda Pharmaceutical Co Ltd //0 Pending Sprint Corp (00%) TMobile US Inc //0 //0 Uber Technologies Inc (.%) Investor Group //0 Pending Fuji Xerox Co Ltd (%) Fuji Xerox Co Ltd //0 Pending Xerox Corp (0.%) FUJIFILM Holdings Corp //0 Pending Tepco Fuel & PowerExisting (00%) JERA Co Inc //0 Pending Chubu Elec PowerExisting (00%) JERA Co Inc //0 Pending Westinghouse Electric Co LLC (00%) Brookfield Bus Partners Lp //0 Pending DH Publishing LP (0.%) Sony Corp of America //0 //0 Sekisui House Residential (00%) Sekisui House Reit Inc Acquiror / Target Nation Japan / IrelandRep Japan / United States Japan / Japan Japan / United States Japan / Japan Japan / Japan Bermuda / United States United States / United Kingdom Japan / Japan Jan June 0 0 Rank Value (US$m),. Target Macro / Mid Industry Healthcare / Pharmaceuticals,. Telecommunications / Wireless,0.0 High Technology / Software,. High Technology / Computers & Peripherals,00.0 Consumer Products and Services / Other Consumer Products,. Energy and Power / Power,0. Energy and Power / Power,00.0 Energy and Power / Power,.0 Media and Entertainment / Motion Pictures / Audio Visual,00. Real Estate / REITs