MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS

Transcription

1 MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS REUTERS / Arnd Wiegmann First Nine Months 0

2 First Nine Months 0 Mergers & Acquisitions s M&A y Review Table of Contents Global M&A EMEA M&A Asia Pacific (ex-japan) M&A Global Deals Intelligence European Deals Intelligence Asia Pacific (ex-japan) Deals Intelligence Scorecard: Worldwide Announced M&A Top Ten European Involvement Announced Deals Top Ten Any Asia (ex-japan) Involvement Announced Deals Scorecard: Worldwide Completed M&A Any European Involvement Announced (AE) Any Asian (ex-japan) Involvement Announced (AE) Top Fifteen Worldwide Announced Deals Any European Involvement Completed (AG0) Any Asian (ex-japan) Involvement Completed (AG) Worldwide Announced (AE) Any UK Involvement Announced (AE0) Any Asia Pacific (ex-japan) Involvement Announced (AE0) Worldwide Completed (AG) Any UK Involvement Completed (AG) Any Asia Pacific (ex-japan) 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 Nine Months 0 LEGAL ADVISORS MERGERS & ACQUISITIONS REVIEW Worldwide M&A Totals Record US$. trillion l Mega Deals Account for 0% of Value, Overall Deals Fall % l European Deal Making Up %, US M&A Up 0% Global Deals Intelligence WORLDWIDE DEAL MAKING HITS RECORD US$. TRILLION - Worldwide M&A activity totaled US$. trillion during the first nine months of 0, an increase of % compared to the first nine months of 0 and the strongest first nine months for global M&A since records began in 0. The third quarter of 0 registered a % decline compared to the second quarter of the year, and marks the slowest quarter for global deal making since the second quarter of 0. By number of worldwide deals, deal making declined % compared the first nine months of 0, a three-year low. MEGA DEALS ACCOUNT FOR % OF ANNOUNCED VALUE - The value of worldwide M&A greater than US$ billion totalled US$. trillion during the first nine months of 0, more than double the levels seen a year ago. One hundred deals greater than US$ billion accounted for % of announced M&A actvity, marking an all-time high for the value of mega deals and matching the 00 mega deals announced during the first nine months of 00. STRONGEST FIRST NINE MONTHS FOR CROSS-BORDER M&A SINCE 00 Cross-border M&A activity totaled US$. trillion, a % increase compared to first nine months of 0 and the strongest first nine months for cross-border M&A since 00. Cross-border M&A accounted for % of first nine month 0 M&A activity, up from % a year ago and the strongest first nine month percentage since 00 when cross-border M&A accounted for % of overall deal making. EUROPEAN M&A UP %; UNITED STATES DEALS UP 0% - M&A activity for United States targets totaled US$. trillion, an increase of 0% compared to the level of activity seen during 0. With US$. bilion in announced deals, European M&A increased % compared to a year ago. European deal making accounted for % of overall M&A activity during the first nine months, the highest percentage since the first nine months of 0. ENERGY & POWER, HEALTHCARE & TECH LEAD SECTOR MIX - Deal making in the Energy & Power sector totaled US$. billion, an increase of % compared to 0 levels and an all-time record. Healthcare and Technology M&A each accounted for % of overall M&A during the first nine months, while Industrials deal making accounted for 0% of activity. Worldwide Announced (AE) Jan Sept 0 Worldwide Announced Buyside Financial Sponsor Activity Rank Value (US$b) $00 $00 Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) % of YTD Global M&A $00.%.%.% Worldwide Cross Border Activity 0.% $. $. $..%.%.%.% $.0 $. $00.% $. $0. $. $. $.0 $00 $0. $. $0..% $. $. $0. $00 $. $0. $. $.0 $. $. $. $00 $. $. $. $. $. $. $. $0. $. $. $. $. $. $. $. $. $ % 0% % 0% % 0% % of Global M&A 0 0 Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals, ,.0.. * 0., Wachtell Lipton Rosen & Katz,0... * 0. -,.. -. * 0. - Cleary Gottlieb Steen & Hamilton, Freshfields Bruckhaus Deringer 0, , ,... * , , ,... * 0. Fried Frank Harris Shriver & Jacobson 0,..0. * 0. 0, , ,...0 * 0., , , Gibson Dunn & Crutcher 0, Slaughter and May 0,... * 0. Morrison & Foerster,0... * DLA Piper LLP, Jones Day, McCarthy Tetrault, ,, , -,0 *tie.% -.% -.% -.% Rank Value (US$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% % of Global M&A

4 First Nine Months 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 US$m No. Deals Rank Val US$m No. 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 Worldwide,,.0,,,.,00. Worldwide,,00.,,,0., -. Americas,0,00.,,0,.,0. Americas,0,.0,,,., -. Caribbean,.,. 0.0 Caribbean,.,.. Central America,.,.. Central America,. 0,. -. Mexico,0.,. 0.0 Mexico,0. 0,. -. North America,,. 0,,0.,. North America,,.,,0,. 0, -. United States,,.,,. 0, 0.0 United States,0,.,,,0., -. Canada 0,.,0,.,0 -.0 Canada,.0,,.,. South America,.,. -. South America,.,. -. Brazil,. 0,0. -. Brazil,. 0,. -. Chile,0.,. 0.0 Chile 0,.0,.. Africa/Middle East,0. 0,.,00. Africa/Middle East 0,., Middle East,.,0.. Middle East 0,.,0. -. North Africa,... North Africa,.,.. Sub-Saharan Africa,.,0. -. Sub-Saharan Africa,0. 0,0. -. Europe,.0,0,.0,.0 Europe,.,,., -. Eastern Europe,.,,.0,. Eastern Europe,0.,,.0,. Western Europe 0,.,,.0,. Western Europe,0.,,0.,0 -. United Kingdom,.,,.0,.0 United Kingdom,., 0,.,0. Germany,0.,,.,. France,.,0., -. Spain,0. 0,. 0. Germany,.,0. -. Asia-Pacific 0,.,,0.,. Asia-Pacific,., 0,.,.0 Australasia,0.,,00.,. Australasia,.0,.. Australia,.,,0.,. Australia,.,. 0. New Zealand,0.,0.. New Zealand,. 0,. -. South East Asia 0,.,,., -. South East Asia,. 0,. 0. Singapore,.0,. -. Singapore,.,0. 0. Thailand,., Malaysia,.,. 0. North Asia,.,0,.,00. North Asia,.,,.,.0 China,.,,.,0 -. China,., 0,00.,0. South Korea,0.,,0., -. South Korea,. 0,. -.0 South Asia 0,.,0,.,. South Asia,. 0,. 0. Central Asia,...0 Central Asia,0..,. Japan,.,,0.,. Japan,.,,0.,. 0% % % % Energy and Power High Technology Financials Media and Entertainment Consumer Staples Consumer Products and Services Government and Agencies % % % % % % Healthcare Industrials Real Estate Materials Telecommunications Retail % % Top Fifteen Worldwide Announced Deals Jan - Sept 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 Shire PLC (00%) Takeda Pharmaceutical Co Ltd Japan / Ireland-Rep,. Healthcare / Pharmaceuticals //0 Pending Express Scripts Holding Co (00%) Cigna Corp,. Healthcare / Healthcare Providers & Services (HMOs) //0 Pending Energy Transfer Partners LP (.%) Energy Transfer Equity LP,. Energy and Power / Pipelines //0 Pending Sprint Corp (00%) T-Mobile US Inc,. Telecommunications / Wireless //0 Pending Sky PLC (00%) Comcast Corp United States / United Kingdom,. Media and Entertainment / Broadcasting //0 Pending Abertis Infraestructuras SA (00%) Abertis Infraestructuras SPV Spain / Spain,. Industrials / Transportation & Infrastructure //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 //0 Dr Pepper Snapple Group Inc (00%) Keurig Green Mountain Inc,. Consumer Staples / Food and Beverage //0 /0/0 RELX NV (00%) RELX PLC United Kingdom / Netherlands,. Media and Entertainment / Publishing //0 Pending Unitymedia GmbH (00%) Vodafone Grp Plc United Kingdom / Germany,. Media and Entertainment / Cable //0 Pending VMware Class V Tracking Stock (%) Dell Technologies Inc,. High Technology / Computers & Peripherals

5 First Nine Months 0 Mergers & Acquisitions s Worldwide Rankings Worldwide Completed (AG) Jan Sept 0 Worldwide Completed (AG) - Based on Number of Deals Jan Sept # Rank Value Market Market Value US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Of Deals Sh (%) Deals US$m Rank Sh (%) Share Ch.,... * 0. - Jones Day 0. -0,..., , , Goodwin Procter LLP.,. 0..,.. -. * 0. -., , DLA Piper LLP., , Baker Mckenzie , , CMS 0. -0, , McGuireWoods LLP 0 0., , * 0. -, , ,..., * 0. -,...0 Freshfields Bruckhaus Deringer, ,.. -. Debevoise & Plimpton,... * , , * ,0..., Morgan Lewis & Bockius * 0. -,...0 King & Wood Mallesons,.. 0. * * 0.,... Arnold & Porter,...0 * 0. - Freshfields Bruckhaus Deringer 0. -,.. -.,... * ,... Hogan Lovells,.. -. * 0. - Eversheds Sutherland LLP * 0., , * 0. -,... AZB & Partners 0, Orrick Herrington & Sutcliffe LLP * 0. -, Wachtell Lipton Rosen & Katz, * 0. - McDermott Will & Emery * ,.. 0. Morrison & Foerster,0... * 0. Hogan Lovells * 0. -,.. -. Stikeman Elliott, Cooley LLP * * 0., Davies Ward Phillips & Vineberg LLP,0... 0* 0. - Norton Rose Fulbright * , ,, , -, * ,.. -.0, -,,, % -.0% -.% -.% -.0% -.% -.% -.% Worldwide Announced (AE) - Based on Number of Deals Jan Sept 0 WW Announced Incl. Withdrawn (AE) Jan Sept # Rank Value Market Market Of Deals Sh (%) Deals US$m Rank Sh (%) Share Ch. Jones Day. -, , Goodwin Procter LLP.0 0, ,0.0.. DLA Piper LLP 0. -,... CMS 0. -, , Baker Mckenzie 0. -, McGuireWoods LLP * 0., , , Freshfields Bruckhaus Deringer ,. 0.. * ,... * 0. -, , ,0...0 Morgan Lewis & Bockius 0. -, Orrick Herrington & Sutcliffe LLP * 0. -, * 0. 0,...0 Hogan Lovells * , Cooley LLP * 0. 0, , ,... Eversheds Sutherland LLP * 0., * * 0. 0,.0..,,0,, Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals, , Wachtell Lipton Rosen & Katz, Cleary Gottlieb Steen & Hamilton, , , ,. 0.. * 0. Freshfields Bruckhaus Deringer, , , , Fried Frank Harris Shriver & Jacobson 0 0, , ,.. -.., , Slaughter and May, McCarthy Tetrault, , * , * 0. - Gibson Dunn & Crutcher, , Hogan Lovells, Jones Day, DLA Piper LLP, ,, , -.% -.%.% -.%.% -.% -.% -.% *tie

6 First Nine Months 0 Mergers & Acquisitions s Worldwide M&A Matrix Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA 0 UP 0 DOWN 0 Consumer Products and Services World.x.x.x Consumer Staples.x.0x.x Americas.x USA Jan Sept 0 Canada EMEA Europe UK Asia ex. Japan Japan.x.x 0.x 0.x.0x.x.x 0.x.x.x.x.x.x.x.x.x.x -.x.x.x.x.x.x.x.x.x Energy and Power.x.x.0x.x.x.x.x.x.x.x.x.x.x.x.x.x.x - Healthcare.x.x.x.0x.x.x.x.x.x.x.x.x.x.x.x.x.x.x High Technology.x.x.x.0x.0x.x 0.x.x.x.x.0x.x.x.x 0.0x.x.x 0.0x Industrials.x.x.x.0x.x.x 0.x.x.x.x.x.x.x.x.x.x.x.x Materials.x.x.x.x.x.x.x.0x.x.x.x 0.x.x.x.x.x.x 0.x Media and Entertainment.x.x.x 0.x 0.x 0.x.x.0x.x.x 0.x.x.x.x.x.x.0x.x Real Estate.x.x.x.x.x.x -.0x.x.x 0.x.x.x.x.x.x.x.x Retail.x.x.x.x.x.x.x.x.x 0.x.x.x.x.x.x 0.x.x.x Telecommunications.0x.x.x.x.x.x.0x.0x.x.x.x.x - -.x.x -.x Average.x.x.0x.x.x.x.x.x.x.x.x.x.x.x.x.xx.x 0.x.0x.0x Bid Premium Matrix - Year to Date Average Premium to Week Stock Price Jan Sept 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 Up % First Nine Months 0 Mergers & Acquisitions s Americas M&A Americas Deals Intelligence US Announced Advisors by Target Industry Jan - Sept 0 0 Americas M&A volume during the first nine months of 0 was up % compared to the same period last year, accruing US$. trillion in activity from, announced deals. US Targeted M&A volume totaled US$. trillion, a 0% increase in activity compared to the first nine months 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$00. billion, accounting for a.% market share. Technology followed, accruing US$. billion for a.% share of the market. Healthcare rounded out the top sectors, with US$. billion and a % share. Accumulating US$0. billion in transaction value, announced Canadian Involvement activity saw a.% increase from the totals reached during the first nine months of 0. Completed Canadian Involvement activity was down 0.% compared to the same period last year. In the Americas, out of the sectors saw an increase in exit multiples during the first nine months of 0. Overall average EBITDA multiples across industries in the Americas posted a decrease during the period, declining to x compared to.x averaged during the first nine months of 0. Rank Val Mkt. No. Rank Val Mkt. No. (US$m) Rank Share Deals (US$m) Rank Share Deals Energy & Power 00,00. Media 0,. Cleary Gottlieb Steen & Hamilton,..,..0 Vinson & Elkins LLP 0,.. Freshfields Bruckhaus Deringer,. 0. 0,0..0,..0 Technology,0.0, Industrials 0,0. Wachtell Lipton Rosen & Katz,. 0.0,.. Morrison & Foerster,.. Blake Cassels & Graydon,. 0.,.. Jones Day,. 0. Healthcare,0. Consumer Products,0.,0,0. 0.,0.. Wachtell Lipton Rosen & Katz,0.. Cleary Gottlieb Steen & Hamilton,..,..,.. Real Estate,.,.. Materials Cleary Gottlieb Steen & Hamilton 0,.,.. Wachtell Lipton Rosen & Katz,..,.. Cleary Gottlieb Steen & Hamilton,..,.0. Financials 0,0., Consumer Staples,0.,0..,.0. Morgan Lewis & Bockius,.. Wachtell Lipton Rosen & Katz,..,. *. Davies Ward Phillips & Vineberg LLP,. *. *tie McDermott Will & Emery,. *. US Target Announced M&A Target Industry by Value Jan - Sept 0 0 LBOs as a Percentage of US Targeted Announced M&A.0%.% $00 Non-LBO LBO LBO as % of US M&A %.%.%.%.%.0%.%.%.0% Rank Value (US$b) $00 $00 $00 $00 $00 $00 0% % 0% % 0% % of US M&A $00 % Energy and Power High Technology Healthcare Real Estate Financials Media and Entertainment Telecommunications Industrials Consumer Products and Services Materials Consumer Staples Retail Government and Agencies $0 Q0 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 0% Top Ten US Announced Deals Jan - Sept 0 0 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry //0 Pending Express Scripts Holding Co (00%) Cigna Corp,. Healthcare / Healthcare Providers & Services (HMOs) //0 Pending Energy Transfer Partners LP (.%) Energy Transfer Equity LP,. Energy and Power / Pipelines //0 Pending Sprint Corp (00%) T-Mobile 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 //0 Dr Pepper Snapple Group Inc (00%) Keurig Green Mountain Inc,. Consumer Staples / Food and Beverage //0 Pending VMware Class V Tracking Stock (%) Dell Technologies Inc,. High Technology / Computers & Peripherals //0 Pending Ca Inc (00%) Broadcom Inc,. High Technology / Software /0/0 Pending Refinitiv (%) Finl & Risk US Hldg Inc Spv,0.0 High Technology / E-commerce / BB //0 /0/0 Altaba (.%) Altaba,. Financials / Other Financials

8 First Nine Months 0 Mergers & Acquisitions s Americas Rankings Any US Involvement Announced (AE) Jan Sept 0 Any US Involvement Completed (AG) Jan Sept 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.... Cleary Gottlieb Steen & Hamilton, , , , ,... * 0. - Arnold & Porter, ,... * 0., ,.. -. * ,.... 0, , , Hogan Lovells, , , Freshfields Bruckhaus Deringer 0, Debevoise & Plimpton,... * 0. Fried Frank Harris Shriver & Jacobson 0, ,... * 0. - Gibson Dunn & Crutcher, Wachtell Lipton Rosen & Katz, * 0. - Morrison & Foerster,... 0* 0. -, ,0..0. * 0. - Davies Ward Phillips & Vineberg LLP,... * 0. - Richards Layton & Finger 0,... * 0. 0,... * 0. Jones Day,... 0 *. - 0, * 0. 0, AZB & Partners 0 0, Vinson & Elkins LLP, Gibson Dunn & Crutcher 0, Sidley Austin LLP,....0 King & Wood Mallesons 0 0,0... * 0. - Goodwin Procter LLP, *. Morrison & Foerster 0,... * 0. Cooley LLP 0, Stikeman Elliott 0,... * 0. -,... * 0. -, ,, , -,,,. 00.0, -,.0% -.% -0.% -.0% -.0% -.% -.% -.% US Target Announced (AE) Jan Sept 0 US Target Completed (AG) Jan Sept Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Wachtell Lipton Rosen & Katz, , , Cleary Gottlieb Steen & Hamilton, * 0. -, ,... * , , , , , Morrison & Foerster, * 0. - Richards Layton & Finger 0,... * 0. 0, Fried Frank Harris Shriver & Jacobson, * 0. Vinson & Elkins LLP, , Jones Day, Sidley Austin LLP,....0 Gibson Dunn & Crutcher 0 0, Cooley LLP 0,0.... Goodwin Procter LLP, Morgan Lewis & Bockius 0, ,.0.. * 0. Freshfields Bruckhaus Deringer,... 0.,,. 00.0, -, 0 0 Value US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals, ,0... * 0., ,.0..0., Arnold & Porter, , Debevoise & Plimpton,... * 0. Hogan Lovells,0...0 * , Wachtell Lipton Rosen & Katz, , , , , , * 0. AZB & Partners 0 0,...0 0* 0. - King & Wood Mallesons 0,... * 0. Davies Ward Phillips & Vineberg LLP, * 0. - Gibson Dunn & Crutcher 0, Morrison & Foerster, ,... * 0., Dechert, Stikeman Elliott,... 0.,0,. 00.0, -, *tie 0.0% -.0% -.% -.% -.% -.% -.% 0.%

9 First Nine Months 0 Mergers & Acquisitions s Americas Rankings Any US Public Involvement Completed Jan Sept 0 US Target Announced (AE) - Based on Number of Deals Jan Sept Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals, ,.... -, , , *. -, Arnold & Porter,... * 0. - Hogan Lovells, ,.0.. *. - Debevoise & Plimpton 0,., Wachtell Lipton Rosen & Katz, *. -,... 0 *. - 0,.... -,0... * 0. - Davies Ward Phillips & Vineberg LLP, * 0. - King & Wood Mallesons 0,. 0.. * 0. - Gibson Dunn & Crutcher 0, ,... 0 * 0. - AZB & Partners 0 0, * 0. 0, * , Stikeman Elliott,0..0. * 0. -,... * 0. - Jones Day 0, ,0,. 00.0, 0 0 Rank Value Market Market Deals Sh (%) Deals US$m Rank Sh (%) Share Ch., Goodwin Procter LLP.0,.0..0 Jones Day 0. -,..0. McGuireWoods LLP., ,0... DLA Piper LLP. -,0... Morgan Lewis & Bockius. -,0... Cooley LLP. 0, , ,.... 0,... Gibson Dunn & Crutcher 0.0 0, , Sidley Austin LLP.0,... 0., , Hunton Andrews Kurth LLP 0. -, Bryan Cave Leighton Paisner LLP 0., McDermott Will & Emery 0. -,.. -. Vinson & Elkins LLP 0 0.,.. Ropes & Gray 0. -,.. -. * 0. 0,00... Orrick Herrington & Sutcliffe LLP 0., Pillsbury Winthrop Shaw Pitt LLP * 0 0., Wachtell Lipton Rosen & Katz * 0. -,..., -,,, % -.% -.% -.% -.% 0.0% -.% -.0% Any Canadian Involvement Announced (AE) Jan Sept 0 Any Canadian Involvement Completed (AG) Jan Sept 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, Stikeman Elliott,.... -,... * 0. - Torys,.... -, Blake Cassels & Graydon 0, Torys 0,.0... Osler Hoskin & Harcourt LLP, Norton Rose Fulbright, ,..0. * 0. Stikeman Elliott, ,.. 0. * 0. McCarthy Tetrault,.... -,... * 0. Wachtell Lipton Rosen & Katz 0,... * 0. - Davies Ward Phillips & Vineberg LLP, Davies Ward Phillips & Vineberg LLP 0, ,.. -. * 0. Freshfields Bruckhaus Deringer 0,0... * 0. Goodwin Procter LLP 0, Blake Cassels & Graydon, Norton Rose Fulbright, Gibson Dunn & Crutcher, * 0.,.. -. * 0. -0, * 0. -,.... Cleary Gottlieb Steen & Hamilton,... * 0. - Jones Day,0... * 0. -0,. 0.. * 0. Allens,... * 0. - Vinson & Elkins LLP,.. 0. * 0. -,... * 0. - Dechert,... * 0., ,... * 0. - Baker Mckenzie 0,... * 0. Gilbert + Tobin,... 0* 0. McCarthy Tetrault, Shardul Amarchand Mangaldas & Co 0,.0.. * 0. Cleary Gottlieb Steen & Hamilton 0,.. 0. * 0. -,... * 0. - *,... * 0.,.0.. * 0. - Goodmans, ,... * ,... * 0. - Morris Nichols Arsht & Tunnell * - 0,... * 0. Fasken Martineau DuMoulin LLP, Bracewell LLP * 0,.. -. * 0. - Vinson & Elkins LLP,.. 0. * , , -,. 00.0, -.% -.% -0.% -.% -.%.% -.% -.% *tie

10 EMEA Announced M&A up % Media and Entertainment Highest Valued Sector Financial Sponsor Volume Increases First Nine Months 0 Mergers & Acquisitions s EMEA M&A EMEA Deals Intelligence Announced M&A activity with EMEA involvement totaled US$. trillion from,0 deals in the first nine months of 0, up.% compared to the US$. billion reached in the same period last year. The Media and Entertainment sector led the EMEA marketplace, with deals totaling US$. billion, including the US$. billion acquisition of Sky PLC by Comcast Corp, which was the fourth largest European deal of the first nine months. Energy and Power accrued US$. billion, and Consumer Staples yielded US$. billion of activity. Financial sponsors were more active in the first nine months of 0 compared to the first nine months of 0. EMEA-targeted buyside financial sponsor activity reached US$. billion in the first nine months of 0, up.% from the US$. billion reported for the same period last year. Acquirors listed on the London Stock Exchange were EMEA's most acquisitive companies for the first nine months of 0, with a combined total of US$. billion in offers. EMEA Involvement Announced Advisors by Target Industry Jan - Sept 0 Rank Val Mkt. US$m Rank Share No. Deals Media and Entertainment,0. Freshfields Bruckhaus Deringer,0..,.. 0,.. Energy and Power,.0,.. Freshfields Bruckhaus Deringer,.0.,.0. Consumer Staples,. 0,0.. Demarest Advogados 0,..,. 0. Industrials,.,,0.0.,0..0,.. Primary Stock Exch. Listing of Most Acquisitive EMEA Companies - Top 0 (US$ bil) EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity) $. $. $. $. London New York $00 $0 Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) 0% % Q Volume (US$b) $. $. $. Nasdaq Zurich Madrid BMFBOVESPA Swiss Stock Exchange Nasdaq OMX Stockholm Rank Value (US$b) $00 $0 $00 $0 $0 % of YTD EMEA M&A 0.%.%.0%.%.%.%.%.%.% $. $. $. $. $. $. $. $..% $. $. $. $. $. $. $0. $. $. $. $. $. $0. $. $. $. $. $. $. $. $. $.0 $. $. $. $. $. $0.0 $ % % % of EMEA 0% % 0% Top Ten EMEA Involvement Announced Deals Jan Sept 0 0 Rank Date Status 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 Shire PLC (00%) Takeda Pharmaceutical Co Ltd Japan / Ireland-Rep,. Healthcare / Pharmaceuticals //0 Pending Sprint Corp (00%) T-Mobile US Inc,. Telecommunications / Wireless //0 Pending Sky PLC (00%) Comcast Corp United States / United Kingdom,. Media and Entertainment / Broadcasting //0 Pending Abertis Infraestructuras SA (00%) Abertis Infraestructuras SPV Spain / Spain,. Industrials / Transportation & Infrastructure //0 Pending Innogy SE (.%) E ON SE Germany / Germany,00. Energy and Power / Alternative Energy Sources //0 Completed Altice USA Inc (.%) Shareholders,. Media and Entertainment / Cable //0 Intended EDP Energias de Portugal SA (.%) China Three Gorges (Europe) SA Luxembourg / Portugal,. Energy and Power / Power //0 Completed Dr Pepper Snapple Group Inc (00%) Keurig Green Mountain Inc,. Consumer Staples / Food and Beverage //0 Completed RELX NV (00%) RELX PLC United Kingdom / Netherlands,. Media and Entertainment / Publishing

11 First Nine Months 0 Mergers & Acquisitions s EMEA Rankings Any European Involvement Announced (AE) Jan - Sept 0 Any European Involvement Completed (AG0) Jan - Sept 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 Freshfields Bruckhaus Deringer 0, ,.... -,... * 0. -, , Freshfields Bruckhaus Deringer, , , ,0...., ,... * 0. -,... 0* 0. - Slaughter and May 0, Debevoise & Plimpton,... 00* 0., ,.. -. * 0.,0... * 0., * ,... * 0. - Hogan Lovells 0, Cleary Gottlieb Steen & Hamilton, Davies Ward Phillips & Vineberg LLP, * 0. Fried Frank Harris Shriver & Jacobson, * 0. Dentons, , , * 0. DLA Piper LLP 0, Slaughter and May,00... * 0. Wachtell Lipton Rosen & Katz,0... 0* 0. - Stikeman Elliott,... * 0. - Ashurst,0... * , , Wachtell Lipton Rosen & Katz 0, * 0. 0,... * 0. Dechert,... * ,... * 0. - Arnold & Porter,0... 0* , Morrison & Foerster 0,...0 0* 0. - Demarest Advogados 0,0... * 0. Luthra & Luthra Law Offices,.0.. 0* 0. McCarthy Tetrault,...0 0* 0., *. - Ogier & Le Massurier,..0. * 0.,.. -. * 0. - CMS, , Nishimura & Asahi,0... * , ,,. 00.0, -,0 0, , -,00.% -.% -.% -.% -.% -.% -.% -.% Any UK Involvement Announced (AE0) Jan - Sept 0 Any UK Involvement Completed (AG) Jan - Sept 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. - Freshfields Bruckhaus Deringer, Freshfields Bruckhaus Deringer 0, *., ,0.... Slaughter and May,... * 0. Demarest Advogados 0,... 0* 0.0,... *. - Slaughter and May,....0,.... Norton Rose Fulbright, Ashurst,0... * 0. -,.. -..,... * , , *. - Wachtell Lipton Rosen & Katz Travers Smith 0,00., * 0.. De Brauw Blackstone Westbroek 0,0., * 0* , AZB & Partners,.. -. * 0. 0, Baker Mckenzie, *. -, * ,.. -.., DLA Piper LLP,.... Ashurst, * 0. -0,.. -. * 0. - CMS, Norton Rose Fulbright,... * 0. - De Brauw Blackstone Westbroek *,... 0* 0., * Hengeler Mueller,... 0* 0. - S&R Associates -,... 0* 0., *. Hogan Lovells, , * 0. - Bharucha & Partners 0* -,... * 0.0 DLA Piper LLP,.. -. *. - Vaish Associates Advocates 0* -,... * 0.0, Uria Menendez, * 0. -, Arthur Cox 0, * 0. Gibson Dunn & Crutcher,0... * 0. - Mattos Filho Veiga Filho Marrey Jr * 0, * 0. Baker Mckenzie,.. 0. *. -, , -0,. 00.0, - *tie.% -0.% -0.% -.% -.% 0.0% -.% -.%

12 First Nine Months 0 Mergers & Acquisitions s EMEA Rankings Any French Involvement Announced (AE) Jan - Sept 0 Any French Involvement Completed (AG) Jan - Sept Rank Value Market Market 0 0 US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Value US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals,.... -,..0.. Debevoise & Plimpton, * 0. Debevoise & Plimpton, * 0. Bredin Prat,.. -. *., * 0., King & Wood Mallesons 0,0..0. * 0. Cleary Gottlieb Steen & Hamilton 0,... *. - Darrois Villey Maillot Brochier 0, * 0. -,... *. -, *. -, * 0. - Bredin Prat,... *. - Willkie Farr & Gallagher, , * 0. Homburger *,0... * 0., ,... * 0. Cleary Gottlieb Steen & Hamilton 0,... *. King & Wood Mallesons,... * 0. - NautaDutilh,... * 0. -,... *. Loyens & Loeff *,0... * 0. 0,... 0* 0., * 0. - Freshfields Bruckhaus Deringer 0,.. -. *.,... * 0. Darrois Villey Maillot Brochier 0, * 0. - Freshfields Bruckhaus Deringer,... *. - Goodwin Procter LLP,... *. - Allens *,... * 0., *. - Lacourte Raquin Tatar SCPA *,..0.0 * 0.,... * 0. Capstan LMS SELARL -,0... * 0. Baker Mckenzie, Willkie Farr & Gallagher,... *. - CMS 0, , Gide Loyrette Nouel, Homburger *, * 0. PwC Societe D'Avocats SELAS,..0. * 0. -,. 0.. * 0. Jones Day, , * 0. - De Pardieu Brocas Maffei 0,.. -. *.,... *. - Reed Smith LLP 0,... * ,0... * 0 0.,. 00.0, -0, , - -.% -.% -.% -.% -.% -0.% -.% -.% Any Spanish Involvement Announced (AE) Jan - Sept 0 Any Spanish Involvement Completed (AG) Jan - Sept 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, Uria Menendez,... 0 *. -, , *,... * 0. PwC Legal LLP, Freshfields Bruckhaus Deringer,... * 0. - Garrigues,0... *. -,... *. - Carey & Cia,... * 0.,.. 0. * 0. Perez Llorca 0,... 0 *. - DLA Piper LLP, ,..0.., Cuatrecasas 0,...0. Gianni Origoni Grippo Cappelli & Partners -,... * 0.,0... * 0. - Gleiss Lutz,... * 0. Freshfields Bruckhaus Deringer 0, ,0... * 0. - Torys -, * 0. Cleary Gottlieb Steen & Hamilton * -,... * 0. Mattos Filho Veiga Filho Marrey Jr *,. 0.. * 0. Legance Avvocati Associati * *,... 0* 0. -,... * 0. Garrigues,.. -. *. - Deloitte, Perez Llorca,.0... Blake Cassels & Graydon *,0... * 0. Cuatrecasas, Studio Legale Carbonetti -,... * 0. Greenberg Traurig -,.0.. * 0. Bird & Bird,... * 0. - Nishimura & Asahi * -,.0.. 0* 0. Baker Mckenzie,...0 *. - McDermott Will & Emery * *,.0.. * 0. -,... * 0. A&L Goodbody * *,.0.. 0* 0. 0,.. -. * 0. - PwC Legal LLP, Goodmans * -, * 0. -, Guerrero, Olivos & Novoa * -, * 0. Carey & Cia,... * 0. Ramon & Cajal Abogados * 0. Mattos Filho Veiga Filho Marrey Jr *,... 0* 0. Legance Avvocati Associati * 0... * 0. Osler Hoskin & Harcourt LLP -,.0.. 0* 0. Allens *... * 0. -, * * 0., % -.% -.% -.0%.% -.% -0.% -.% *tie 0

13 First Nine Months 0 Mergers & Acquisitions s EMEA Rankings Any German Involvement Announced (AE) Jan - Sept 0 Any German Involvement Completed (AG) Jan - Sept 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. - Hengeler Mueller, , Freshfields Bruckhaus Deringer,0.... Dentons, * 0. -, , CMS,..0..0,... 0* 0. Cleary Gottlieb Steen & Hamilton,... 0* 0. -,. 0.. *. - 0,...0 * 0. Hogan Lovells,... 0* ,... * 0. - Stikeman Elliott *,... * 0. - Goodwin Procter LLP 0 0,. 0,. 0, * * Morrison & Foerster Dechert 0 * 0,.,., * * * Morrison & Foerster *,... * 0. Davies Ward Phillips & Vineberg LLP * -,.0.. 0* 0. DLA Piper LLP,.. 0. * 0. - *,.0.. 0* 0. Sidley Austin LLP,... * 0. Luthra & Luthra Law Offices * -,.0.. 0* 0.,... * 0. Debevoise & Plimpton *,.0.. * 0. - K&L Gates 0,.0.. * 0. Wachtell Lipton Rosen & Katz * *,.0.. 0* 0. - Fried Frank Harris Shriver & Jacobson *,... * 0. Arnold & Porter * -,.0.. * 0. Pillsbury Winthrop Shaw Pitt LLP * -,... * 0. Freshfields Bruckhaus Deringer, Cooley LLP * *,... * 0. Hengeler Mueller, Potter, Anderson & Corroon * -,... * 0. Machado Meyer Sendacz & Opice 0, * 0. - Wachtell Lipton Rosen & Katz * *,... * 0. - Redeker Sellner Dahs & Widmaier * -,0... * 0. Richards Layton & Finger * -,... * 0. Cohen & Grigsby * -,0... * 0.,... *. Demarest Advogados *,0... * 0. - Gibson Dunn & Crutcher,00... * 0. - Noerr LLP 0, Slaughter and May,... * Baker Mckenzie, ,. 00.0, -0,. 00.0, -0 0.% -.% -0.% -.%.%.%.% -.% Any Italian Involvement Announced (AE) Jan - Sept 0 Any Italian Involvement Completed (AG) Jan - Sept 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*. Bonelli Erede e Pappalardo, Gianni Origoni Grippo Cappelli & Partners,.0...,0... *.0,0... *.,. 0.. *. 0, Freshfields Bruckhaus Deringer,... * 0. - Legance Avvocati Associati,0..0. *. - Jones Day,0.0.. *. - Freshfields Bruckhaus Deringer,. 0.. * Gatti Pavesi Bianchi,.. -. *. - *, * 0. Slaughter and May -,... * 0. Cleary Gottlieb Steen & Hamilton, * 0. - Chiomenti Studio Legal, ,... * 0. *, *. DLA Piper LLP 0,0... * 0. -,.0.. * 0. Gleiss Lutz *,... * 0. * -, * 0. *,..0. 0* 0. Mayer Brown LLP * -, * 0. Uria Menendez 0,..0. * 0. -,... 0 *. Garrigues,... * 0. Barbosa Mussnich & Aragao * -,... * 0.,... *. Lefosse Advogados * *,... * 0. Pedersoli Studio Legale 0, Cescon, Barrieu, Flesch & Barreto Advogados *,... * 0. Bonelli Erede e Pappalardo, *. Carey & Cia -,... * 0. -,0... * 0. Wachtell Lipton Rosen & Katz * -,... * 0. Chiomenti Studio Legal, * 0*,... * 0. 0,.... Osler Hoskin & Harcourt LLP * 0*,... * 0. Studio Legale RCC, * 0.,... 0 *. Facchini Rossi Scarioni *,... * 0. Studio Bonelli -,... * 0. Gattai Minoli Agostinelli & Partners, Perez Llorca * -,... * 0. Slaughter and May -,... 0* 0. Studio Legale Carbonetti * -,... * 0. Gatti Pavesi Bianchi, *. - Mattos Filho Veiga Filho Marrey Jr *,..0. * 0., , % -.0% -.% -.%.% -.% -.% -.% *tie

14 First Nine Months 0 Mergers & Acquisitions s EMEA Rankings Any Nordic Involvement Announced (AE) Jan - Sept 0 Any Nordic Involvement Completed (AG) Jan - Sept 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. Baker Mckenzie,.... Freshfields Bruckhaus Deringer,0.... Roschier Advokatbyra AB DLA Piper LLP -,., * 0* Kromann Reumert Gorrissen & Federspiel,.0, * * Plesner *, * 0. 0, , * 0. 0*, * 0. Kromann Reumert * 0, * 0. - Slaughter and May,0... * 0. Bruun & Hjejle I/S * 0, * 0. - Baker Mckenzie,....,... 0*.0 Advokatfirmaet Thommessen AS,... *. - Advokatfirmaet Thommessen AS 0, Roschier Advokatbyra AB,... * 0., DLA Piper LLP 0,..0. * , * 0. Plesner * * 0, * 0., Bruun & Hjejle I/S * * 0, * 0. - Slaughter and May *,.. -. * 0. -, * 0. - Jackson Walker LLP * -,... * 0. Roschier,. 0.. *. - Advokatfirman Vinge,.... 0,. 0.. *., * 0. 0,... * 0. Hannes Snellman, Bech-Bruun -,0... * 0. Roschier, Proskauer Rose LLP,.0.. * 0. Studio Legale RCC,... * 0. Jackson Walker LLP,... * 0.,.. -. * 0. -, Ellex,... 0*., Gernandt & Danielsson,... 0* 0. Hengeler Mueller * 0,..0. * 0. - Schoenherr Attorney's at Law,... * 0. - *,..0. * 0. - Simonsen Law Firm PC *,... * 0 0. Mattos Filho Veiga Filho Marrey Jr 00*,... 0* ,. 00.0, -,. 00.0, -0 *tie.%.% -.% -.%.0% -.% -0.0% -.% Any Benelux Involvement Announced (AE) Jan - Sept 0 Any Benelux Involvement Completed (AG) Jan - Sept 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. Freshfields Bruckhaus Deringer, Demarest Advogados 0,0... * 0.,... * 0. Freshfields Bruckhaus Deringer 0,..0..,..0.0.,. 0.. * 0. -, *. -, *. - 0,0.0.. * 0. - De Brauw Blackstone Westbroek, De Brauw Blackstone Westbroek, ,.... Morgan Lewis & Bockius,... * 0. 0, Davies Ward Phillips & Vineberg LLP * *,... * 0. 0, * 0. McDermott Will & Emery *,...0 * 0. Serra Lopes Cortes Martins & Associados 0* -,... * 0. 0, Morais Leitao,Galvao Teles,Soares da Silva 0* -,... * 0., Morgan Lewis & Bockius,... * 0. - Goodwin Procter LLP,... * 0. Davies Ward Phillips & Vineberg LLP *,... * 0. -, *. - McDermott Will & Emery *,... * 0. -,.. -. * 0. -, Loyens & Loeff, *,00... *., Loyens & Loeff,..0.. NautaDutilh,.0.0. * 0. -, Eubelius *,... * 0. - McCarthy Tetrault,.. -. * 0. - Schoenherr Attorney's at Law,.0.. * 0. ENSafrica 0* -,..0.0 * 0. Willkie Farr & Gallagher 0,... * 0. - Proskauer Rose LLP 0*,..0. * 0. - Mayer Brown LLP 0,0.0.. * 0. - Goodwin Procter LLP,... * 0. Studio Bonelli -,... * 0.,.. 0. * 0. Cleary Gottlieb Steen & Hamilton,.. -. * 0. - Mayer Brown LLP,.0..0 * 0. - Lenz & Staehelin *,... * 0. Eubelius *,... * 0. Hunton Andrews Kurth LLP 0, * 0.,. 00.0, -,. 00.0, - *tie.% -0.% -.% -.% -0.%.% -.% -.%

15 First Nine Months 0 Mergers & Acquisitions s Asia Pacific (ex-japan) M&A Asia M&A Up % Industrials Drive Asia Activity Australian M&A Up % Asia Pacific (ex-japan) Deals Intelligence Any Asian (Ex-Japan) Involvement Advisors by Target Industry Jan - Sept 0 0 Asian involvement M&A for the first nine months of 0 increased by.% compared to the same period in 0, accruing US$. billion in activity from, announced deals. The industrials sector led the Asian market, accumulating US$0. billion in value, the strongest year on record for industrials. Accumulating US$0. billion in value, announced Australian involvement M&A increased by %, compared to totals reached during the first nine months of 0; the highest first nine months period since 0. The US$. billion acquisition of APA Group by an investor group comprised of CK Infrastructure Holdings, CK Asset Holdings and Power Asset Holdings drove deal activity in the region. The top announced Asian-involvement deal for the first three quarters of 0 was the acquisition of a.% interest in EDP Energias de Portugal by China Three Gorges (Europe), for US$. billion. With a total value of US$. billion, China-targeted M&A saw a 0.% increase compared to the same period last year, the highest first nine months since 0. Conversely, China outbound deal activity accrued US$. billion, a.% decrease from a year ago. Any Asian (Ex-Japan) Announced M&A by Target Industry Jan - Sept 0 0 Rank Val Mkt. No. Rank Val Mkt. No. (US$m) Rank Share Deals (US$m) Rank Share Deals Industrials 0,., High Technology,0., Allens,0..0,..0 King & Wood Mallesons,.. 0 Chongqing Tianyuan Law Firm,.. Fangda Partners,0.. Fangda Partners,.. Materials,. Healthcare 0,0. 0,. 0. Conyers Dill & Pearman,.0 *. Zhongzi Law Office 0,.0 0.,.0 *. Jones Day,0.. AZB & Partners,.. Financials,.,0 Consumer Products and Services 0,.,..0 Tian Yuan Law Firm,.. Goodwin Procter LLP,0.. Kim & Chang,0. 0.0,.. Lee & Ko,.. Energy and Power,. Media and Entertainment,.,0.. Lee & Ko,.0. 0,.. Shin & Kim,.. Serra Lopes Cortes Martins & Associados,. *. Zhong Lun Law Firm,.. Morais Leitao,Galvao Teles,Soares da Silva,. *. Retail,. Real Estate,0. Khaitan & Co,00.0. Sidley Austin LLP,.. Shardul Amarchand Mangaldas,00.0. Han Kun Law Offices Allens,.,0.0.. Trilegal,0.. China Cross Border Announced M&A % % % 0% $00 $0 Outbound (US$b) Inbound (US$b) 00% % $0 % of Cross Border is Outbound 0% % % % % % % % Rank Value (US$b) $0 $0 $0 $0 0% 0% % Outbound 0% $0 $0 0% Industrials Financials Real Estate Healthcare Media and Entertainment Consumer Staples Government and Agencies Materials Energy and Power High Technology Consumer Products and Services Retail Telecommunications $0 $0 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 0% Top Ten Asia Pacific (ex-japan) Announced Deals Jan - Sept 0 0 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$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 //0 Flipkart Group (%) Walmart Inc United States / India,000.0 Retail / Internet and Catalog Retailing //0 //0 Ant Small & Micro Finl Svcs (%) Investor Group United States / China,000.0 Financials / Credit Institutions /0/0 Pending Yantai Wanhua Chem Ind Co Ltd (00%) Wanhua Chemicals Group China / China 0,.0 Materials / Chemicals //0 //0 Daimler AG (.%) Tenaciou Prospect Invest Ltd China / Germany,. Industrials / Automobiles & Components //0 //0 Intended Pending Amer Sports Oyj (00%) Indus Towers Ltd (%) Investor Group Bharti Infratel Ltd China / Finland India / India,.,. Consumer Products and Services / Other Consumer Products Telecommunications / Telecommunications Services /0/0 //0 Hindustan Petro Corp Ltd (.%) Oil & Natural Gas Corp Ltd India / India,. Energy and Power / Petrochemicals //0 Pending Beijing Offcn Educ Tech Co (00%) Yaxia Automobile Corp China / China,. Consumer Products and Services / Educational Services

16 First Nine Months 0 Mergers & Acquisitions s Asia (Ex-Japan) Rankings Any Asian (ex-japan) Involvement Announced (AE) Jan Sept 0 Any Asian (ex-japan) Involvement Completed (AG) Jan Sept 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. -, ,... * 0. -,.. -. * 0.,... * 0. - Allen & Gledhill,0... * 0. - Freshfields Bruckhaus Deringer,... * 0. - AZB & Partners, AZB & Partners,.. 0.., * 0. Cyril Amarchand Mangaldas 0, Fangda Partners, King & Wood Mallesons 0, Shardul Amarchand Mangaldas & Co, Serra Lopes Cortes Martins & Associados * -,... * 0.0 Slaughter and May, Morais Leitao,Galvao Teles,Soares da Silva * -,... * ,0... * 0. -,0... * 0. - Cyril Amarchand Mangaldas,0... * 0. Allens,... * 0., * 0. -, Morrison & Foerster,... 0 * 0. Khaitan & Co, ,.. -. * 0. - Fangda Partners, WongPartnership LLP 0, , Khaitan & Co, Trilegal, Hogan Lovells,.. 0. * 0. -, * 0. -,.. -. * ,... * 0. - Rajah & Tann LLP,... * 0. 0, * 0. - Gibson Dunn & Crutcher 0,0...0 * 0. - Allen & Gledhill,.. -. * 0. - Drew & Napier,0... * 0. Hogan Lovells, Gunderson Dettmer Stough Villeneuve Franklin&Ha -,... * 0. Fried Frank Harris Shriver & Jacobson,.0.. * 0. Trilegal 0,... * 0. Kim & Chang 0, ,.. -. * 0. - Gibson Dunn & Crutcher, * 0. - Machado Meyer Sendacz & Opice, * 0. -, , -0,. 00.0,0 -.% -.% -.0% -.% -.% -.0% -.% -.% Any Asia Pacific (ex-japan) Involvement Announced (AE0) Jan Sept 0 Any Asia Pacific (ex-japan) Involvement Completed (AG) Jan Sept 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 * 0. 0, * 0. - Freshfields Bruckhaus Deringer 0,... * 0. -, * 0. -, ,. 0.. * 0. -, * 0. - King & Wood Mallesons 0, ,...0 * 0. -,... * 0. - King & Wood Mallesons, , Shardul Amarchand Mangaldas & Co,..0. * 0. 0,0... * 0. -,0... * 0. -,.. -. * 0.,... * 0. - Allens 0, ,... 0* 0. Allen & Gledhill 0,0... * 0. - AZB & Partners, AZB & Partners 0, Cyril Amarchand Mangaldas * 0,... 0.,..0. * 0. Serra Lopes Cortes Martins & Associados * -,... * 0.0 Fangda Partners, Morais Leitao,Galvao Teles,Soares da Silva * -,... * 0.0 Shardul Amarchand Mangaldas & Co,0... 0* 0. - Khaitan & Co, ,... 0., * 0. - Slaughter and May,... * 0. Fangda Partners, * 0. - Cyril Amarchand Mangaldas,0... * 0.,... * 0. -,... * 0. - Trilegal 0, Debevoise & Plimpton 0,..0. * 0. 0, * 0. - Loyens & Loeff 0,..0.0 * 0. Hogan Lovells 0,... 0 * 0. - Darrois Villey Maillot Brochier * *, * 0.0, * 0. - NautaDutilh * -,0... * 0.0 Allen & Gledhill,.. -. * 0. - Capstan LMS SELARL * -,0... * 0.0 Fried Frank Harris Shriver & Jacobson,.0.. * 0. Lacourte Raquin Tatar SCPA * -,0... * 0.0 Kim & Chang, Morrison & Foerster 0,... 0 * 0., , -0, , -.% -.% -.0% -.0% *ti tie -.% -.% - -.% -.%

17 First Nine Months 0 Mergers & Acquisitions s Australia & New Zealand Rankings Any Australia or New Zealand Involvement Announced (AE) Jan Sept 0 Any Australia or New Zealand Involvement Completed (AG) Jan Sept 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..., Allens, *.0 King & Wood Mallesons,.... King & Wood Mallesons,0... *. Freshfields Bruckhaus Deringer,... * 0.,... *. -,.. 0. * 0., Minter Ellison 0,... *. -,0...0 * 0., ,... * 0., * 0. Loyens & Loeff *,0...0 * 0.,..0. * 0. Darrois Villey Maillot Brochier * -,0... * 0. Cleary Gottlieb Steen & Hamilton 0*,... * 0. * *,0... * * -,... * 0. NautaDutilh * -,0... * 0. Faegre Baker Daniels LLP 0* -,... * 0. Debevoise & Plimpton *,0...0 * 0. Norton Rose Fulbright,0... *. - *,0... * 0. - Clayton Utz,0.... Capstan LMS SELARL * -,0... * 0. Gleiss Lutz -,0... * 0. Lacourte Raquin Tatar SCPA * -,0... * 0. Gilbert + Tobin, Clayton Utz,... *. Chapman Tripp 0,.. 0. *. Gilbert + Tobin, , Minter Ellison, Ashurst,.. -. *. -,.. -. * 0. - Blake Cassels & Graydon 0,..0. * 0. Ashurst 0,... *. DLA Piper LLP, Chapman Tripp,... *. Corrs Chambers Westgarth, *. - PwC Legal LLP 0*,... * 0. Baker Mckenzie,.. -. *. Blake Cassels & Graydon,... * 0. Bell Gully,.. -. *. Baker Mckenzie,.. -. *. - Osler Hoskin & Harcourt LLP 0*,... * 0.,... * 0.,. 00.0, -,. 00.0, -.% -.% 0.%.%.% -.% -.%.% * tie Australian Cross Border Announced M&A Asia (ex-japan) Buyside Financial Sponsor Activity Rank Value (US$b) $0 $0 $0 $0 $0 $0 Q Q Q Q Q Q Q Q Outbound (US$b) Inbound (US$b) % of Cross Border is Outbound Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 00% 0% 0% 0% 0% 0% Outbound Rank Value (US$b) $0 $0 $0 $00 $0 $0 $0 $0 $0 Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) 0% Q Volume (US$b) % of WW FS Volume YTD % $. % % % $. % $. % $. $. % $. $. % % $. $. $0. $.0 $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $. $ % 0% % 0% % 0% % of Asia (ex-japan) Volume

18 First Nine Months 0 Mergers & Acquisitions s Japanese M&A Activity Breaks Record At US$ Billion Japanese Outbound Highest On Record Japan Second Most Active Buyer Japan M&A Japan Deals Intelligence Announced Japanese M&A activity totaled US$0. billion during the first nine months of 0, an increase of.% compared to the same period last year and the strongest first nine months for Japanese M&A since records began in 0. Japanese involvement deals over US$ billion were announced during the first nine months of the year; the combined value jumped.% compared to the same period last year. Overall,, deals were announced during the first nine months of 0, a 0.% increase from the comparable period in 0. Deal making in the Healthcare sector led the Japanese market, with deal volume totaling US$. billion, accounting for a.% market share. Telecommunications and High Technology followed with US$. billion and US$. billion respectively, representing a combined.% market share. Japanese outbound activity reached US$ billion from deals during the first nine months of 0, a.% increase compared to a year ago and the highest first nine months volume since records began in 0. Japan ranked second as the most active buyer nation in the global cross-border deal making activity during the first nine months of the year. Japanese acquisitions of US-based targets was highest on record with US$. billion in aggregate value from deals. Domestic activity totaled US$0 billion in aggregate value, up.% and representing the strongest first nine months since 0. Any Japanese involvement completed M&A activity reached US$. billion. Any Japanese Involvement Advisors by Target Industry Jan - Sept 0 0 Rank Val Mkt. No. Rank Val Mkt. (US$m) Rank Share Deals (US$m) Rank Share No. Deals Healthcare,. High Technology,0. Slaughter and May,0.. Morrison & Foerster,0.. Nagashima Ohno & Tsunematsu,.. Nagashima Ohno & Tsunematsu, Nishimura & Asahi,.0.,.. Telecommunications,0. Energy and Power,0.0 Cleary Gottlieb Steen & Hamilton,. * 00.0 Baker Mckenzie,0..0,. * 00.0 Nagashima Ohno & Tsunematsu,.. K&L Gates,. * 00.0 Anderson Mori & Tomotsune,0.. Sidley Austin LLP,. * 00.0 Industrials,. Pillsbury Winthrop Shaw Pitt LLP,. * 00.0 Nishimura & Asahi,.. DLA Piper LLP,. * 00.0 Baker Mckenzie,.. Goodwin Procter LLP,. * 00.0,.0 0.0,. * 00.0 Real Estate,. Cooley LLP,. * 00.0 Anderson Mori & Tomotsune,00.0. Fried Frank Harris Shriver & Jacobso,. * 00.0 Nagashima Ohno & Tsunematsu,.. Potter, Anderson & Corroon,. * 00.0 Morrison & Foerster,00..,. * 00.0 Consumer Products and Services 00. 0,. * 00.0,00 *.,. * 00.0 Morrison & Foerster,00 *.,. * 00.0,00 *.,. * 00.0,00 *. Richards Layton & Finger,. * 00.0 Wachtell Lipton Rosen & Katz,. * 00.0 *tie Japanese Involvement Announced M&A Target Industry by Value Jan - Sept 0 0 Any Japanese Involvement Announced M&A.% 0.%.%.%.%.%.%.% Healthcare Telecommunications High Technology Energy and Power Industrials Real Estate Financials Materials Consumer Products and Services Consumer Staples Media and Entertainment Retail Rank Value (US$b) $0 $ $00 $ $0 $ $00 $ $0 $ $00 $ $0 $ $0 Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) Deals YTD $0. $. $0. $. $. $0. $. $0. $.0 $. $. $. $. $0. $.0 $. $. $. $. $. $. $. $0. $. $. $. $. $. $. $. $.0 $. $. $. $. $. $. $. $ ,000,00,000,00, 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%) T-Mobile US Inc //0 //0 Uber Technologies Inc (.%) Investor Group /0/0 Pending Integrated Device Technology (00%) Renesas Electronics Corp //0 Pending Fuji Xerox Co Ltd (%) Fuji Xerox Co Ltd //0 Pending Xerox Corp (0.%) FUJIFILM Holdings Corp //0 Pending Tepco Fuel & Power-Existing (00%) JERA Co Inc //0 Pending Praxair Inc-European Business (00%) Taiyo Nippon Sanso Corp //0 Pending Chubu Elec Power-Existing (00%) JERA Co Inc //0 //0 Westinghouse Electric Co LLC (00%) Brookfield Bus Partners Lp Acquiror / Target Nation Japan / Ireland-Rep Japan / United States Japan / United States Japan / Japan Japan / United States Japan / Japan Japan / Spain Japan / Japan Bermuda / United States Jan - Sept 0 0 Rank Value (US$m),. Target Macro / Mid Industry Healthcare / Pharmaceuticals,. Telecommunications / Wireless,0.0 High Technology / Software,. High Technology / Semiconductors,. High Technology / Computers & Peripherals,00.0 Consumer Products and Services / Other Consumer Products,. Energy and Power / Power,.0 Materials / Chemicals,0. Energy and Power / Power,00.0 Energy and Power / Power