MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS. REUTERS / Gary Hershorn

Transcription

1 MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS REUTERS / Gary Hershorn Full Year 0

2 Full Year 0 Mergers & Acquisitions s M&A y Review Table of Contents Global M&A Any European Involvement Announced (AD) 0 Any New Zealand Involvement Announced (AD3) Global Deals Intelligence Any European Involvement Completed (AF3) 0 Any New Zealand Involvement Completed (AF) Scorecard: Worldwide Announced M&A Any UK Involvement Announced (AD3) Japan M&A Scorecard: Worldwide Completed M&A Any UK Involvement Completed (AF3) Japan Deals Intelligence Top Fifteen Worldwide Announced Deals Any French Involvement Announced (AD33) Top Ten Japanese Involvement Announced Deals Worldwide Announced (AD) 3 Any French Involvement Completed (AF0) Any Japanese Involvement Announced (AD) Worldwide Completed (AF) 3 Any Spanish Involvement Announced (AD3) Any Japanese Involvement Completed (AF3) Americas M&A Any Spanish Involvement Completed (AF) South Korea M&A 0 Americas Deals Intelligence Any German Involvement Announced (AD3) Any South Korea Involvement Announced (AD) 0 Top Ten US Announced Deals Any German Involvement Completed (AF) Any South Korea Involvement Completed (AF) 0 Any Americas Involvement Announced (AD) Any Italian Involvement Announced (AD3) 3 Top 0 Any South Korea Involvement Announced Deals 0 Any Americas Involvement Completed (AF) Any Italian Involvement Completed (AF3) 3 Fairness Opinion Rankings US Target Announced (AD) Any Nordic Involvement Announced (AD3) 3 Worldwide Announced Fairness Opinion US Target Completed (AF) Any Nordic Involvement Completed (AF) 3 Any Americas Announced Fairness Opinion Any US Involvement Announced (AD) Any Benelux Involvement Announced (AD0) Any USAnnounced Fairness Opinion Any US Involvement Completed (AF) Any Benelux Involvement Completed (AF) Any EMEA Announced Fairness Opinion Any Canadian Involvement Announced (AD) Asia Pacific (exjapan) M&A Any Asia Pacific Announced Fairness Opinion Any Canadian Involvement Completed (AF) Asia Pacific (exjapan) Deals Intelligence Any Japanese Announced Fairness Opinion EMEA M&A Top Ten Any Asia (exjapan) Involvement Announced Deals Criteria Summary European Deals Intelligence Any Asia (exjapan) Involvement Announced (AD) Mergers & Acquisitions Criteria Summary Top Ten European Involvement Announced Deals Any Asia (exjapan) Involvement Completed (AF3) Regional Contacts Any EMEA Involvement Announced (AD) 0 Any Australian Involvement Announced (AD) Any EMEA Involvement Completed (AF3) 0 Any Australian Involvement Completed (AF3) Thomson Reuters Soultions for the Deal Making Community 3

3 Full Year 0 FINANCIAL ADVISORS MERGERS & ACQUISITIONS REVIEW Worldwide M&A Totals US$3. trillion as Number of Deals Hits Record l Fourth Quarter Deal Making Up 33% l European Deal Making Up %, US M&A Falls % Global Deals Intelligence WORLDWIDE DEAL MAKING HITS US$3. TRILLION; RECORD NUMBER OF DEALS Worldwide M&A activity totaled US$3. trillion during full year 0, on par with full year 0 levels and the fourth consecutive year to surpass $3 trillion. Deals with a value less than US$ billion totaled US$.3 trillion, up % compared to full year 0. By number, deals less than US$ billion also increased % compared to a year ago. Overall,, worldwide deals were announced during 0, an increase of 3% compared to a year ago and the strongest year for M&A, by number of deals, since records began in 0. DEAL MAKING UP 33% FROM Q3' The value of worldwide M&A announced during the fourth quarter of 0 totaled US$. billion, an increase of 33% compared to the third quarter of the year and the third consecutive fourth quarter to surpass US$ trillion in announced deals. Worldwide Completed M&A by Region Imputed Fees Americas EMEA Asia Pacific Japan $ $ CROSSBORDER M&A FALLS TO THREEYEAR LOW Despite increased levels of outbound M&A from acquirors based in the United States and intraeurope M&A activity, crossborder M&A activity totaled US$.3 trilion during full year 0, a 0% decline compared to full year 0 and the slowest year for crossborder M&A since 0. China Outbound M&A totaled US$. billion, a 3% decline compared to last year's record. EUROPEAN M&A UP %; UNITED STATES DEALS DOWN % M&A activity for European targets totaled US$. billion during full year 0, an increase of % compared to the level of activity seen during 0. With US$. trillion in announced deals during 0, United States M&A fell % compared to a year ago, while the number of United States deals increased by %, the largest annual period, by number of deals, since records began in 0. Imputed Fees (US$b) $3 $ REAL ESTATE, ENERGY & POWER, TECH LEAD SECTOR MIX Deal making in the Real Estate sector totaled US$. billion during full year 0, an increase of % compared to 0 levels and an alltime annual record. Energy & Power and Technology M&A each accounted for 3% of overall M&A during the year, while Industrials deal making accounted for % of activity. Materials and Media M&A registered the steepest yearoveryear declines, down % and %, respectively. COMPLETED M&A ADVISORY FEES INCREASE % Estimated M&A advisory fees from completed transactions totaled US$3. billion during full year 0, a % increase from 0 levels. Worldwide Cross Border Volume $ $0 Q Q3 Q3 3Q3 Q3 Q Q 3Q Q Q Q 3Q Q Q Q 3Q Q Q Q 3Q Q Worldwide Announced Buyside Financial Sponsor Activity Rank Value (US$b) $,00 $,00 $,00 $,000 $00 $00 $00 $00 $0 3.% $. $3.0 $3.0 $. Q Volume (US$b) Q3 Volume (US$b) % Q Volume (US$b) Q Volume (US$b) 3.% % of YTD Global M&A 3.% 0% 3.% $.3 3.% 3.% 3.% $.0 3.% $30. $ %.% $. $. $. $. $3. $3. $333. $0. $3. $. $. $. $0. $. $33. $.0 $3. $.3 $0. $33.3 $30. $. $. $0. $. $. $3. $. $.3 $3.3 $3. $ % 30% % 0% % 0% % 0% % of Global M&A Rank Value (US$b) $00 $00 $00 $00 $00 $300 $00 $00 $0 0% Q Volume (US$b) Q3 Volume (US$b) Q Volume (US$b) Q Volume (US$b) % of YTD Global M&A %.%.%.% %.%.% $0. $. 3.% 3.3% % 0.% % $3.3 $3. $. 0%.% $.3 $. $3. %.% $3. $0. $. $3. $. % $3. $. $.0 $. $. $. $. $.0 $. % $. $. $.3 $. $.3 $0. $.0 $. % $3. $. $33. $. $. $. $. $. $3.3 $. 0% % of Global M&A

4 Full Year 0 Mergers & Acquisitions s Mergers & Acquisitions Scorecard: Worldwide Announced M&A Jan Dec 3 Scorecard: Worldwide Completed M&A Jan Dec 3 Worldwide Announced M&A Target Industry by Value Target Region/Nation //0 /3/0 //0 /3/0 Rank Val US$m No. Deals Rank Val US$m No. Deals % Change in Rank Value Target Region/Nation //0 /3/0 Rank Val No. US$m Deals //0 /3/0 Rank Val No. US$m Deals % Change in Rank Value Worldwide 3,0,., 3,0,30.,0 0. Worldwide,,3.0 3, 3,333,3. 3, 0. Americas,,.,,,.,.0 Americas,,.,,0,3.3,. Caribbean,3. 3,. 0.3 Caribbean,3.3,0. 3. Central America 0,0., Central America,.3,. 3. Mexico,., Mexico,0.3 3, North America,30,.,,3,0. 3,0 3. North America,,33. 3,,0,.,. United States,0,. 3,0,,3.,0. United States,3,.,0,,.0,. Canada 0,0.0, 0,.,0 3.0 Canada,.,,3.,00.3 South America,3.,.,0. South America,. 3 3, Brazil,., Brazil 0,3.0, Chile,. 0,. 3. Chile,3. 0,..3 Africa/Middle East,.0,,3.0, 0. Africa/Middle East,.,. 3. Middle East 0,. 3,30.. Middle East 0,.0 3 3,.. North Africa,000.,3..0 North Africa 3,0.0,3. 3. SubSaharan Africa 0,. 0 3,. 3. SubSaharan Africa,3. 3 0,0. 3. Europe,.,0,00.,. Europe,3.,30,.3 3,. Eastern Europe,3.,3 3,. 3, 3. Eastern Europe 0,3.,,. 3,0. Western Europe 3,.3,0,.,3 3. Western Europe,0.3 0,0,. 0, 0.3 United Kingdom,0.,,.,3 0. United Kingdom 0,0.,3 3,0., 3.0 Spain 3,., France,.,3,., 0.3 Germany AsiaPacific,3.,00., 3, 0,.3 3,33.33, 3,.. Switzerland AsiaPacific,. 3,3. 0,,.,. 30, Australasia 3,., 0,3., 3. Australasia,0.,30,3.,0 30. Australia 0,.,,0.3,. Australia,.,,.. New Zealand 3,0.,.3 3. New Zealand,3.,3..3 South East Asia,.3,,3.0, 33. South East Asia,.,0,.3,3 3. Singapore,.,. 3.0 Singapore, , Malaysia 0,3., Malaysia,.,.0. North Asia 0,0.3,,3.3,00. North Asia 33,3.,3 3,.,00. China 0,., 0,., 0.3 China,., 3,.0 3,3 3.3 Hong Kong 3,3.,0. 3. Hong Kong,0. 3,.. South Asia 0,0.,3,3.3,. South Asia,.,0,.3,3 3. Central Asia, Central Asia..0.3 Japan,.,,0., 3. Japan,0.,30,., 3..% 3.%.% Real Estate High Technology Financials Media and Entertainment Consumer Staples Retail Government and Agencies.%.%.%.3%.%.%.%.0% 3.% Energy and Power Industrials Healthcare Materials Consumer Products and Services Telecommunications Top Fifteen Worldwide Announced Deals Rank Date Date Effective Target (% Sought/Acquired) //0 Intended Qualcomm Inc (00%) /3/0 Pending Aetna Inc (00%) //0 Pending st Century Fox Inc (00%) 0//0 Intended Abertis Infraestructuras SA (00%) //0 Pending Abertis Infraestructuras SA (00%) //0 Pending Rockwell Collins Inc (00%) //0 //0 Actelion Pharmaceuticals Ltd (00%) /3/0 Intended GGP Inc (%) //0 Pending Westfield Corp (00%) /3/0 //0 CR Bard Inc (00%) /3/0 /3/0 Wharf RE Invest Co Ltd (00%) /0/0 //0 Valepar SA (00%) //0 //0 Essity AB (00%) //0 /0/0 Pending Pending Energy Future Holdings Corp (00%) Toshiba Memory Corp (00%) Acquiror Broadcom Ltd CVS Health Corp Walt Disney Co Hochtief AG Atlantia SpA United Technologies Corp Janssen Holding GmbH Brookfield Ppty Partners LP UnibailRodamco SE Becton Dickinson & Co Shareholders Vale SA Shareholders Sempra Energy Inc KK Pangea Jan Dec 3 0 Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry,0.,0.,. High Technology / Semiconductors Healthcare / Healthcare Providers & Services (HMOs) Media and Entertainment / Cable Germany / Spain 3,.3 Industrials / Transportation & Infrastructure Italy / Spain 3,.3 Industrials / Transportation & Infrastructure 30,30.3 Industrials / Aerospace & Defense Switzerland / Switzerland,03. Healthcare / Pharmaceuticals Bermuda / United States,. Real Estate / Non Residential France / Australia,3. Real Estate / REITs,. Healthcare / Healthcare Equipment & Supplies Hong Kong / Hong Kong Brazil / Brazil Sweden / Sweden 3,.3 0,. 0,0. Real Estate / REITs Materials / Metals & Mining Consumer Staples / Household & Personal Products Japan / Japan,00.0,30.0 Energy and Power / Power High Technology / Semiconductors 3

5 Full Year 0 Mergers & Acquisitions s Worldwide Rankings Worldwide Announced (AD) Jan Dec 3 Worldwide Completed (AF) Jan Dec Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh ($) # of Deals Fees Sh (%) Share Ch., , ,..3. 0, , ,... 3, , ,...3 0, , , ,... 0., , , , , , , , Centerview Partners LLC 33, , , , , , , , , Centerview Partners LLC 3 0, , RBC Capital Markets 3, Wells Fargo & Co, CITIC, BNP Paribas SA 33, China International Capital Co, Jefferies LLC 3, Industrial & Comm Bank China, Guggenheim Securities LLC 3 0, Wells Fargo & Co 3, Allen & Co Inc, , China International Capital Co 0 0 3, BMO Capital Markets 0, Societe Generale, BNP Paribas SA, RBC Capital Markets, Jefferies LLC, Mediobanca 3, Alantra Partners SA 3 0, CITIC, M Klein & Co LLC, , Guggenheim Securities LLC, ,0,. 00.0, +,,, , +3 3, % 3.%.%.% 0.% 0.%.%.%.%.% Top WW Announced M&A Advisors by Target Industry Jan Dec 3 Top Worldwide Announced M&A Advisors by Transaction Size (AD) Jan Dec 3 0 Real Estate Energy and Power High Technology Industrials Financials Mkt. Rank Val US$m Rank Share,.,0..,3..,3. 3.,. 0,0.. 3,..,30. 3.,.3,0..,.. 3, ,00. 30,..,3..0 0, ,0.0,.3. 3,..,. 3. No. Deals, , ,3, 3,30 Rank Value (US$bil) $,000 $00 $00 $00 $00 $00 $00 $300 $00 $00 $ Goldman Sachs & Co Morgan Stanley Bank of America Merrill Lynch Deutsche Bank Evercore Partners Qualcomm Inc/Broadcom Ltd Aetna Inc/CVS Health Corp st Century Fox/Walt Disney Co Abertis Infraestruturas SA/Hochtief AG Abertis Infraestruturas SA/Atlantia SpA Other Top Deals All Other Transactions.... Centerview Partners LLC

6 Full Year 0 Mergers & Acquisitions s Worldwide M&A Matrix Exit Multiple Matrix Average Rank Value / EBITDA 0 UP 0 DOWN 0 Consumer Products and Services Consumer Staples Energy and Power Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Telecommunications Average.x.3x 3.3x.x.x.x 3.x.0x 3.x 3.x.x.x World Americas USA Canada EMEA.x.x.x.x.x.x.x.x.x 0.x.x.3x 0.x.x.x.x 0.x.x.3x.x.x.x.x 0.x.x.x.x.x 0.0x.x.x.0x.0x.3x.x.x.x.x.x.x.0x.x.x 0.0x.x.0x.x.x.x.x.x 3.x.x.x.x.x.x.x.x.x.x.0x.x 0.x.x.x.x 0.x.x.x.x.x 0.x.3x.x.3x.x.3x.x.x.x 0.x.x 3.x.0x.x.3x.x.x.x 3.0x.x 3.x.x.x.x.x.x.x.x 3.x 3.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x 0.3x.x 0.x.x.0x 0.x 3.x 3.x 3.x 3.x.x.x.3x.x.3x.x.x.x 3.0x.3x.x.0x 3.x 3.x 3.x.0x 3.x 3.x.x 3.x.x 3.x.x.x.x.x.x.x.x.x 0.x.3x 0.x.x 0.3x.x.x.x.x 3.x.x.x.x.x.3x.3x 0.x.x.x.x.0x.x.x.3x.x 3.x.x.x.x.x.x.3x.x.x.x.x.x.3x 0.x.3x Europe UK Asia ex. Japan Jan Dec 3 Japan Bid Premium Matrix Average Premium to Week Stock Price Jan Dec 3 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 /3/0 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 Full Year 0 Mergers & Acquisitions s Worldwide Announced Rankings* A Decade in Review 3 3 Bank of America Merrill Lynch Rank Centerview Partners LLC * League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year

8 Americas M&A Down % Technology Volume Drives US Activity Canadian Activity Decreases % Full Year 0 Mergers & Acquisitions s Americas M&A Americas Deals Intelligence Americas M&A volume during full year 0 was down.3% compared to 0, accruing US$ trillion in activity from 0,30 announced deals. According to estimates, fees generated from completed deals in the Americas totaled US$. billion, a.% increase from fees earned duirng full year 0. US Targeted M&A saw a decrease in 0 from a volume perspective, down.% compared to announced M&A during full year 0, accruing a total of US$. trillion. Conversely, the number of US targeted transactions announced during full year 0 reached 3,0 deals, a 3.% increase from a year ago. The Technology sector led the US market, with deal volume totaling US$0. billion, accounting for a.% market share. Energy and Power followed closely, accruing US$. billion for a.% share of the market. Healthcare rounded out the top 3 sectors, with US$. billion and a.% share. Accumulating US$3. billion in transaction value, announced Canadian Involvement activity decreased.% from the totals reached during 0. Completed Canadian Involvement activity was up % compared to full year 0, driven by the completion of Enbridge Inc's and Spectra Energy Corp's US$3. billion merger in Q. In the Americas, out of the sectors saw an increase in exit multiples during full year 0. Overall average EBITDA multiples across industries in the Americas posted an increase during full year 0, rising to.x compared to 3.x averaged during full year 0. US Announced Advisors by Target Industry Jan Dec 3 0 Rank Val Mkt. No. (US$m) Rank Share Deals High Technology 0,0.,, ,..3 3, Energy and Power,. 3,.3 3.,3.3. 0, Healthcare,.,33,..,.. 3, Media and Entertainment,.3,..,0.. Guggenheim Securities LLC, Real Estate 3,0., 0,3. 3.,.. 3, US Target Announced M&A Target Industry by Value (US$ bil) 0 US Buyside Financial Sponsor Activity (Any Buyside Financial Sponsor Involvement) 0.0 Q Volume (US$b) 0.0%.% 0.0% Q3 Volume (US$b).% Q Volume (US$b) 3.%.% 00.0 Q Volume (US$b) % of WW FS Volume YTD 0.0%.% %.%.% 0.% 33.3.% % 0.0%.0%.%.%.% %.%.% 30.0% % High Technology Energy and Power Healthcare. 0.0% Media and Entertainment Real Estate Industrials Financials Consumer Products and Services Retail Consumer Staples Materials Telecommunications Government and Agencies 0.0% Top Ten USTarget Announced Deals 0 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry //0 Intended Qualcomm Inc (00%) Broadcom Ltd,0. High Technology / Semiconductors /3/0 Pending Aetna Inc (00%) CVS Health Corp,0. Healthcare / Healthcare Providers & Services (HMOs) //0 Pending st Century Fox Inc (00%) Walt Disney Co,. Media and Entertainment / Cable //0 Pending Rockwell Collins Inc (00%) United Technologies Corp 30,30.3 Industrials / Aerospace & Defense /3/0 Intended GGP Inc (%) Brookfield Ppty Partners LP Bermuda / United States,. Real Estate / Non Residential /3/0 //0 CR Bard Inc (00%) Becton Dickinson & Co,. Healthcare / Healthcare Equipment & Supplies //0 Pending Energy Future Holdings Corp (00%) Sempra Energy Inc,00.0 Energy and Power / Power //0 //0 Mead Johnson Nutrition Co (00%) Reckitt Benckiser Group PLC United Kingdom / United States,. Consumer Staples / Food and Beverage //0 /30/0 ONEOK Partners LP (0%) ONEOK Inc,. Energy and Power / Oil & Gas //0 Pending Calpine Corp (00%) Calpine Corp SPV,. Energy and Power / Power Rnk Val US$bil

9 Full Year 0 Mergers & Acquisitions s Americas Rankings Any Americas Involvement Announced (AD) Any Americas Involvement Completed (AF) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Fees Sh (%) Share Ch. 3, , , , , , , , ,..., , , , , , , , Centerview Partners LLC 33, , , , , , , , , , , Centerview Partners LLC 3, Wells Fargo & Co 3, RBC Capital Markets 3 3, Guggenheim Securities LLC 0, Wells Fargo & Co 0, Allen & Co Inc, , Jefferies LLC, BMO Capital Markets 30, , Jefferies LLC, , M Klein & Co LLC, RBC Capital Markets 3, Guggenheim Securities LLC 3, Perella Weinberg Partners LP 0 3, Perella Weinberg Partners LP 0 3, TD Securities Inc 0, , PJT Partners Inc, TD Securities Inc 3, , PJT Partners Inc 3 3 3, CIBC World Markets Inc, Banco Bradesco SA 3, Alantra Partners SA, , ,00, ,30 +,3,3, , +,, % 3.%.%.%.% 0.%.% 3.0%.0%.% Note: s include multiple competing bids for the same Target. US Target Announced (AD) US Target Completed (AF) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Fees Sh (%) Share Ch., , , , , ,0... 3, , , , , , , Centerview Partners LLC 30, , , , , , , , , , , Centerview Partners LLC, Wells Fargo & Co, , Guggenheim Securities LLC 3 0, RBC Capital Markets 3, Allen & Co Inc, Wells Fargo & Co, , M Klein & Co LLC 0, Jefferies LLC, Jefferies LLC, , Guggenheim Securities LLC, Perella Weinberg Partners LP, BMO Capital Markets 30, , Perella Weinberg Partners LP, RBC Capital Markets 0 3, , , Sandler O'Neill Partners, PJT Partners Inc, , Sandler O'Neill Partners 3 3, , Robey Warshaw LLP, Robey Warshaw LLP, Tudor Pickering & Co LLC 3, PJT Partners Inc, ,0, ,0 +,,3,. 00.0,0 +,3, %.% 3.%.%.%.3% 3.%.3%.%.% Note: s include multiple competing bids for the same Target.

10 Full Year 0 Mergers & Acquisitions s Americas Rankings Any US Involvement Announced (AD) Any US Involvement Completed (AF) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Fees Sh (%) Share Ch. 00, , ,03..., , , , , ,..., , , , , , , Centerview Partners LLC 33, , , , ,... 0., , , , , , Centerview Partners LLC 3, Wells Fargo & Co 3, RBC Capital Markets 3, Guggenheim Securities LLC 0, Wells Fargo & Co, Allen & Co Inc, , Jefferies LLC, Jefferies LLC 3, , BMO Capital Markets 3, , M Klein & Co LLC, RBC Capital Markets, Guggenheim Securities LLC 3, Perella Weinberg Partners LP 0, Perella Weinberg Partners LP 0, PJT Partners Inc, , , PJT Partners Inc 3, Alantra Partners SA 3 3, , , Alantra Partners SA 3, Sandler O'Neill Partners 3, Sandler O'Neill Partners, ,, ,3 +,3,03, , +,, %.%.%.%.%.%.%.%.% 0.% Any Canadian Involvement Announced (AD) Any Canadian Involvement Completed (AF) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Fees Sh (%) Share Ch. 0, , , , , RBC Capital Markets 3, TD Securities Inc, , , , RBC Capital Markets 3, , CIBC World Markets Inc, , , BMO Capital Markets, , , , Wells Fargo & Co 0 0 0, Scotiabank 3, TD Securities Inc 3, BMO Capital Markets, CIBC World Markets Inc, National Bank of Canada Fin'l 3 3, Scotiabank 3, , National Bank of Canada Fin'l, , , Centerview Partners LLC, Centerview Partners LLC, , , , Banco Bradesco SA, AlixPartners LLC *, Sandler O'Neill Partners, Ankura Consulting Group LLC *, , PricewaterhouseCoopers, , Macquarie Group, Santander Global Corporate Bnk *, Robert W Baird & Co Inc 3 3*, Credit Agricole CIB *, , AlixPartners LLC *, Ernst & Young LLP, Ankura Consulting Group LLC *, , , +, 3, , + 3, %.%.%.%.0%.%.%.%.%.%

11 EMEA Announced M&A down % Industrials Highest Valued Sector Financial Sponsor Volume Increases Full Year 0 Mergers & Acquisitions s EMEA M&A EMEA Deals Intelligence EMEA Involvement Announced Advisors by Target Industry Jan Dec 3 Announced M&A activity with EMEA involvement totaled US$. trillion from, deals in 0, down.% compared to the US$.3 trillion reached the last year. Estimated fees accumulated on EMEA deals completed in 0 were up 0.%, compared to last year, totaling US$. billion. The Industrials sector led the EMEA marketplace, with, deals totaling a combined US$0. billion, including the acquisition of Abertis Infraestructuras SA by Hochtief AG, which was the largest European deal of 0, valued at US$3. billion. Real Estate accrued US$. billion, and Energy & Power yielded US$ billion of activity. Financial sponsors were more active this year compared to 0. EMEAtargeted buyside financial sponsor activity reached US$. billion in 0, up.% from the US$. billion reported in the last year. Acquirors listed on the Euronext Paris Stock Exchange were EMEA's most acquisitive companies for 0, with a combined total of US$0. billion in offers. Industrials Real Estate Energy and Power Financials Healthcare Mkt. Rank Val US$m Rank Share 0,0.3,. 3., , ,.3,. 3.,. 3.,. 3 3.,. 3,..,3. 0., ,.,3..,0..0, ,.,03.3.,03..3,. 3. No. Deals, 3, 0, 3, 3,0 3 Primary Listing of Most Acquisitive EMEA Companies Top 0 (US$b) Jan Dec 3 EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity) $300 Q Volume (US$b) % $.3 $0. $. $. $.3 $.0 $. $. $.0 $0. Euronext Paris Frankfurt New York Nasdaq OMX Stockholm London Swiss Stock Exchange Zurich Madrid BMFBOVESPA Rank Value (US$b) $0 $00 $0 $00 $0 $0 Q3 Volume (US$b) Q Volume (US$b) Q Volume (US$b).%.%.0%.% % of YTD EMEA M&A.% 3.% 3.%.% $. $. $. 0.3% $.0.0% $3. $30. $3. $. $3.3 $30.0 $. $. $3. $. $3. $. $3.0 $. $3. $.3 $3.3 $3. $3. $3.3 $. $. $. $. $. $. $3. $. $. $.3 $.3 $. $.0 $.0 $0. $ % % 0% % 0% % of EMEA Top Ten EMEA Involvement Announced Deals Rank Date 0//0 //0 //0 //0 //0 //0 //0 3/3/0 //0 /0/0 * Undisclosed 0 Status Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry Intended Abertis Infraestructuras SA (00%) Hochtief AG Germany / Spain 3,.3 Industrials / Transportation & Infrastructure Pending Abertis Infraestructuras SA (00%) Atlantia SpA Italy / Spain 3,.3 Industrials / Transportation & Infrastructure Completed Actelion Pharmaceuticals Ltd (00%) Janssen Holding GmbH Switzerland / Switzerland,03. Healthcare / Pharmaceuticals Pending Westfield Corp (00%) UnibailRodamco SE France / Australia,3. Real Estate / REITs Completed Essity AB (00%) Shareholders Sweden / Sweden 0,0. Consumer Staples / Household & Personal Products Completed Mead Johnson Nutrition Co (00%) Reckitt Benckiser Group PLC United Kingdom / United States,. Consumer Staples / Food and Beverage Pending Luxottica Group SpA (.%) Essilor International SA France / Italy,0. Consumer Products and Services / Other Consumer Products Completed Mobileye NV (00%) Cyclops Holdings Inc United States / Israel,.3 High Technology / Software Completed Logicor Ltd (00%) China Investment Corp China / United Kingdom 3,. Real Estate / Non Residential Pending Uniper SE (00%) Fortum Deutschland Se Germany / Germany,. Energy and Power / Power 0

12 Full Year 0 Mergers & Acquisitions s EMEA Rankings Any EMEA Involvement Announced (AD) Any EMEA Involvement Completed (AF3) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. 3, , , , , , , , , , , , , , , , , , BNP Paribas SA 0, , , Centerview Partners LLC 0, Societe Generale 30, , Mediobanca 3 33, Alantra Partners SA 3, , BNP Paribas SA, , Industrial & Comm Bank China, Credit Agricole CIB, , PricewaterhouseCoopers 0, CITIC 3, KPMG 3, China International Capital Co 3, Jefferies LLC 3, China Construction Bank * 3*, Santander Global Corporate Bnk 0 3, Lakeside Capital Advisers LLC *, AZ Capital 3, Dyal Co *, Robey Warshaw LLP 3, Credit Agricole CIB 3, Alantra Partners SA 3 3, Societe Generale 3 0, RBC Capital Markets 3, VTB Capital, , Ernst & Young LLP 3, ,3, ,,,0, ,0,, %.0%.%.%.%.%.% 3.% 0.%.% Any European Involvement Announced (AD) Any European Involvement Completed (AF3) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market Rank Rank US$m Sh (%) Share Ch. 3, ,. 3.., , , ,0..., , , , , ,.3.0.,... 0.,..., , , ,0... BNP Paribas SA 0, , , Centerview Partners LLC,... Societe Generale 30, , Mediobanca 3 33, Alantra Partners SA 3 0,3..3., BNP Paribas SA,0..3. Credit Agricole CIB, Industrial & Comm Bank China, , , PricewaterhouseCoopers 0, CITIC, KPMG 3, China International Capital Co *, Jefferies LLC 3, China Construction Bank * *,..3.3 Santander Global Corporate Bnk 0 3, Lakeside Capital Advisers LLC *,..3.3 AZ Capital 3, Dyal Co *,..3.3 Robey Warshaw LLP 3, Credit Agricole CIB 3, Alantra Partners SA 3 0 3, Societe Generale 3 0, RBC Capital Markets 3, VTB Capital,.0.. 3, Robey Warshaw LLP,...,, ,3,,00, # of Market Change in Advisor Market Market Deals Sh (%) # of Deals Fees Sh (%) Share Ch ,30, 3, %.%.%.%.%.%.3%.% 0.0%.3% te

13 Full Year 0 Mergers & Acquisitions s EMEA Rankings Any UK Involvement Announced (AD3) Any UK Involvement Completed (AF3) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. 3, , , , , , , Centerview Partners LLC 0, , , , , , , , , , , ,.3, ,3., Robey Warshaw LLP 0 3, , , Robey Warshaw LLP 3, RBC Capital Markets, , , Wells Fargo & Co 0, Industrial & Comm Bank China 3, Industrial & Comm Bank China, Wells Fargo & Co 3, BNP Paribas SA, PJT Partners Inc, PJT Partners Inc, , , Macquarie Group 0 3, RBC Capital Markets 0 3, Kotak Mahindra Bank Ltd 3, Macquarie Group 30 3, Centerview Partners LLC 3, Numis 0, BNP Paribas SA 3 3 3, , Perella Weinberg Partners LP 3, Greenhill & Co, LLC, Jefferies LLC 3, Investec 0, , , +3 33, , +3, % 0.%.%.3%.%.%.%.%.0%.% Any French Involvement Announced (AD33) Any French Involvement Completed (AF0) 0 0 Rank Value Market Market # of Market Change in, BNP Paribas SA, , , BNP Paribas SA, Credit Agricole CIB Credit Agricole CIB 3, , Societe Generale 3, , , Natixis Societe Generale 0 3, Mediobanca 30, , Jefferies LLC 3, Natixis,0...., Mediobanca, Macquarie Group 03* 0, Messier & Associes, Ledouble SA Ledouble SA 0 3, Lambert Energy Advisory Ltd, UniCredit Zaoui & Co *, Messier & Associes 3, Sycomore Corporate Finance SAS, RBC Capital Markets China International Capital Co, Clearwater International,. 00.0, 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch., , , , , , , , , , , , , , , , , , , , , , , , , , , 3 3, %.%.%.%.0%.3% 3.%.% 3.0%.% te

14 Full Year 0 Mergers & Acquisitions s EMEA Rankings Any Spanish Involvement Announced (AD3) Any Spanish Involvement Completed (AF) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. 3, , , , , BNP Paribas SA 3 3, , , PricewaterhouseCoopers 0 3, , Societe Generale Santander Global Corporate Bnk 3,0.0,., Deloitte,0.,3., KPMG 0 3, , AZ Capital 0 3, Natixis 0 *, , , Mediobanca 3 * 3,., PricewaterhouseCoopers 3 3,.0, , , BBVA, , , , Deloitte BNP Paribas SA,33., Mediobanca Santander Global Corporate Bnk *,., Credit Agricole CIB 3, Stifel/KBW, Itau Unibanco 0 3 3, Natixis *, Dome Group , PJT Partners Inc , BBVA Scotiabank, Oakley Advisory Ltd , Montalban , , +3, % 30.% 3.%.%.%.%.0%.%.% 3.% Any German Involvement Announced (AD3) Any German Involvement Completed (AF) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch., , , , , , Societe Generale, , , , , , , BNP Paribas SA, KPMG 3 3,...., , , AZ Capital 0 3, , , Ernst & Young LLP, , Deloitte, , Industrial & Comm Bank China 3, Macquarie Group, Commerzbank AG, BNP Paribas SA, CITIC, , Valence Group, Ernst & Young LLP,..3.. Berenberg Bank, , , , *, RBC Capital Markets 0 0, , Jefferies LLC, PricewaterhouseCoopers, Perella Weinberg Partners LP, , VICTORIAPARTNERS GmbH 3 0*, Banco BTG Pactual SA 3, Platinum Securities Co Ltd *, Societe Generale 3*, Anglo Chinese Corp Finance *, Jefferies LLC 3, ,. 0.0,3, ,, %.%.0%.%.% 3.3%.%.%.% 3.% 3

15 Full Year 0 Mergers & Acquisitions s EMEA Rankings Any Italian Involvement Announced (AD3) Any Italian Involvement Completed (AF3) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Mediobanca, Mediobanca 3, , , , UniCredit 3 0, Santander Global Corporate Bnk 0 3, , PricewaterhouseCoopers 33 3, , , KPMG, , , BNP Paribas SA 0, , , , , Credit Agricole CIB 0 3, , , KPMG, , LionTree Advisors LLC 3, Colombo & Associati 3 3, , , , , UniCredit, Banca IMI (Intesa Sanpaolo), , BNP Paribas SA, Banca IMI (Intesa Sanpaolo),3..0.., Leonardo & Co, Societe Generale BBVA 0, Equita SIM SpA , Equita SIM SpA BNDES * The Raine Group LLC International Finance Corp * Societe Generale Leonardo & Co IMAP EnVent SpA , ,3 +0, , %.%.%.%.%.% 0.%.3%.% 3.% Any Nordic Involvement Announced (AD3) Any Nordic Involvement Completed (AF) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Fees Sh (%) Share Ch. 3, , , Handelsbanken Capital Markets 0, , , , , Handelsbanken Capital Markets 0, , , Nordea 0, Nordea,... 0., , , , SEB 0, SEB 0 3 0, , , , Lambert Energy Advisory Ltd, , MHS Corporate 3, Arma Partners LLP 3 3, , Quayle Munro Ltd, Itau Unibanco 3, DNB ASA, , , Quayle Munro Ltd, *, DNB ASA 3, ABG Sundal Collier 3, FIH Partners AS 3*, FIH Partners AS, Arma Partners LLP 0, Bain & Co 0 *, ABG Sundal Collier 3, Messier & Associes *, Bain & Co 3*, NC Advisory A/S *, Messier & Associes 3*, , NC Advisory A/S 3*, Arctic Securities ASA, PJT Partners Inc 3*, Perella Weinberg Partners LP, ,. 00.0,3, , 3, %.%.0%.%.%.%.3%.3%.%.%

16 Full Year 0 Mergers & Acquisitions s EMEA Rankings Any Benelux Involvement Announced (AD0) Any Benelux Involvement Completed (AF) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. 3, , , , ,033. 3, ,3.0, ,... 0., BNP Paribas SA 3, , Mediobanca,3., CITIC Alantra Partners SA 0,.3, , Industrial & Comm Bank China *, , China International Capital Co * 30, Scotiabank TD Securities Inc 3 *,.3,3., China Construction Bank Lakeside Capital Advisers LLC Dyal Co * * *,.,., , , RBC Capital Markets, , Credit Agricole CIB, , American Stock Transfer &Tr Co, , Platinum Securities Co Ltd *, , Anglo Chinese Corp Finance *, , Messier & Associes 0 *, Ernst & Young LLP 0 3, Societe Generale 3, Scotiabank *, BMO Capital Markets *, TD Securities Inc *, , American Stock Transfer &Tr Co 3, Nordea *, ING 3, Cooperatieve Rabobank UA, BMO Capital Markets *, , ,0 0, ,0, %.% 0.%.%.%.%.%.%.0% 33.3% EMEA Inv. Announced M&A Target Sector by Value ($bil) Quarterly EMEA Cross Border Volume $00 Inbound (US$b) Outbound (US$b) Number of deals,00 $. $.0 $. $3. $0. ` $00 $00,000 $. $0. $0.0 $.0 $. Rank Value (US$b) $300 $00,00,000 # of Deals $0. $3. $00 00 Industrials Real Estate Energy and Power Financials Healthcare High Technology $ Consumer Staples Consumer Products and Services Materials Media and Entertainment Telecommunications Retail

17 Asia M&A Activity Hits Trillion I Real Estate Top Industry I China Outbound Down 3% Full Year 0 Mergers & Acquisitions s Asia Pacific (exjapan) M&A Asia Pacific (exjapan) Deals Intelligence Announced M&A volume with Asian involvement for full year 0 decreased by.% to US$.0 trillion compared to the same period in 0. 3, deals were announced in 0, a slight increase in deal count from the same period last year. With a combined market share of.%, Real Estate, Industrials and Financials were the most active industries this year. Real Estate took.% market share, while Industrials and Financials had 3.% and.3%, respectively. The top announced Asiainvolvement deal for 0 was the spinoff of Hong Kongbased Wharf Real Estate Investment valued at US$3.3 billion. According to estimates, M&A advisory fees from completed transactions in Asia totaled US$.3 billion in 0, a.% increase from the levels recorded during the full year in 0. Industrial and Commercial Bank of China took the top wallet share with US$.3m, followed by Goldman Sachs and, each with US$0m and US$.m, respectively. China outbound activity in 0 posted US$. billion from deals, a % decrease in number of transactions and a 3% decrease in value compared to the same period last year. Australia's outbound activity was at US$.3 billion from 3 deals, an increase of % in value and 0% in number of deals from the same period in 0. Asia (exjapan) Involvement Announced Advisors by Target Industry Mkt. Rank Val US$m Rank Share No. Deals Real Estate Industrial & Comm Bank China 3,3. 3,..,3 3,.. 33,0. 3. Industrials 33,.0,0 CITIC,. 0. China International Capital Co,0. 0. Financials,0.,3. 3.0,,03.. Gram Capital,00.., High Technology,0.,0, China International Capital Co 0,.. Huatai Securities Co Ltd,3. 3. Materials,3. Industrial & Comm Bank China,3. 0.3,0..,.3 3. Jan Dec 3 0 China Cross Border Announced M&A Asian Completed M&A by Region Imputed Fees $00 Outbound (US$b) 00% $. $0 $0 Inbound (US$b) % of Cross Border is Outbound 0% $. North Asia South Asia Southeast Asia Australasia Rank Value (US$b) $0 $0 $0 $0 $30 0% 0% % Outbound Imputed Fees (US$b) $.0 $0. $0. $0. $0 $0 0% $0. $0 3Q Q Q Q 3Q Q Q3 Q3 3Q3 Q3 Q Q 3Q Q Q Q 3Q Q Q Q 3Q Q Q Q 3Q Q 0% $0.0 3Q3 Q3 Q Q 3Q Q Q Q 3Q Q Q Q 3Q Q Q Q 3Q Q Top Ten Any Asia (exjapan) Involvement Announced Deals Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) /3/0 /3/0 Wharf RE Invest Co Ltd (00%) Shareholders Hong Kong / Hong Kong 3,.3 //0 Pending Global Logistic Properties Ltd (00%) Nesta Investment Holdings Ltd China / Singapore,. //0 //0 Logicor Ltd (00%) China Investment Corp China / United Kingdom 3,. 3/0/0 Pending Idea Cellular LtdMobile Bus (00%) Vodafone Grp PLCVodafone Asts India / India,.3 //0 //0 China Unicom Hong Kong Ltd (.%) China Unicom (BVI) Ltd China / Hong Kong,. //0 Pending Rosneft Oil Co (.%) China CEFC Energy Co Ltd China / Russian Fed,.3 /3/0 Pending 30 Technology Inc (00%) SJEC Corp China / China,.3 //0 Intended Orient Overseas(Intl)Ltd(OOIL) (00%) Investor Group Hong Kong / Hong Kong,3. //0 //0 Guangdong Intl Tr InvestAsts (00%) Guangzhou Wanxi RE Co Ltd China / China,0. //0 //0 ista Luxemburg GmbH (00%) Lamarillo Sarl Luxembourg / Germany,. Jan Dec 3 0 Target Macro / Mid Industry Real Estate / REITs Real Estate / Non Residential Real Estate / Non Residential Telecommunications / Wireless Telecommunications / Telecommunications Services Energy and Power / Oil & Gas High Technology / Software Industrials / Transportation & Infrastructure Real Estate / Transportation & Infrastructure High Technology / Electronics

18 Any Asia (exjapan) Involvement Announced (AD) Jan Dec 3 Full Year 0 Mergers & Acquisitions s Asia (exjapan) Rankings Any Asia (exjapan) Involvement Completed (AF3) Jan Dec Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Fees Sh (%) Share Ch., , China International Capital Co 3 3, CITIC, , , CITIC Industrial & Comm Bank China,0., China International Capital Co Industrial & Comm Bank China,., , , , , , , , , , China Construction Bank 0 0, , Lakeside Capital Advisers LLC *, Gram Capital 0, Dyal Co *, DBS Group Holdings 3 0, Alantra Partners SA *, Huatai Securities Co Ltd, , , , , VTB Capital 0 3, Wells Fargo & Co 0,3., JM Financial Group,., PJT Partners Inc 3, , Anglo Chinese Corp Finance 0, Wells Fargo & Co 0, Kotak Mahindra Bank Ltd, , Axis Bank Ltd 3, PJT Partners Inc 3, Robey Warshaw LLP 3 3, GF Securities 3, China Renaissance Partners, , ING 3, Arpwood Capital 3, ,0, , + 3, ,,, %.% 0.%.% 3.%.%.0% 0.%.%.3% Any Australian Involvement Announced (AD) Jan Dec 3 Any Australian Involvement Completed (AF3) Jan Dec Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Fees Sh (%) Share Ch., Macquarie Group 3, , , , , , , , , BNP Paribas SA *, Gresham Partners 0, , Platinum Securities, , RBC Capital Markets, Jefferies LLC, , Macquarie Group 0,.... 0, , , , , RBC Capital Markets 3, Robey Warshaw LLP 3, , Deloitte 3 3, Societe Generale, Industrial & Comm Bank China 3, Santander Global Corporate Bnk 3, , Itau Unibanco * 3, , Credit Agricole CIB * 3, Ernst & Young LLP, Industrial & Comm Bank China 3, , Deloitte 0 3 3, Highbury Partnership Pty Ltd 0, , Punongbayan & Araullo, SEB 3, Allier Capital, , Jefferies LLC 3, Highbury Partnership Pty Ltd *,0., ,03., , ,0 +3, , +, % 0.%.% 3.%.% 0.%.0%.% 3.% 0.%

19 Asia (exjapan) Buyside Financial Sponsor Activity Any New Zealand Inv Announced (AD3) Full Year 0 Mergers & Acquisitions s Asia (exjapan) Rankings Jan Dec 3 Rank Value (US$b) $0 Q Volume (US$b) % Q3 Volume (US$b) $0.% Q Volume (US$b).% 0% $0 Q Volume (US$b) $. % of WW FS Volume YTD $..% $00.% $0.%.3% $3. $. $.0 $..0% $0.0%.0%.% $. $3. $0 $. $0.3 $. $. % $. $. $0. $0 $. $.3 $. $. $3.3 $. $. $. $. $3. $3.3 $. $. $.0 $. $. $. $.0 $. $0 0% Any Asian (exjapan) Involvement Announced M&A by Target Industry ($bil) % 0% % of Asia (exjapan) Volume First NZ Capital Cameron Partners Ltd Cameron Partners Ltd First NZ Capital Forsyth Barr Macquarie Group 0 Rank * 3 Rank Value Market Market US$m Sh (%) Share Ch ,. 3.%.% Any New Zealand Involvement Completed (AF) 0 Rank * # of Market Change in Deals Sh (%) # of Deals 0. 0.%.% 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Fees Sh (%) Share Ch ,.0.% 0.% Australian Cross Border Announced M&A %.0%.%.% Jan Dec $0 00% Outbound (US$b) Inbound (US$b) % % % $0 % of Cross Border is Outbound 0% % 3% % % % % % % Rank Value (US$b) $30 $0 0% 0% Outbound $0 0% Real Estate Industrials Financials High Technology Materials Energy and Power Consumer Staples Telecommunications Consumer Products and Services Healthcare Media and Entertainment Retail Government and Agencies $0 3Q Q Q Q 3Q Q Q3 Q3 3Q3 Q3 Q Q 3Q Q Q Q 3Q Q Q Q 3Q Q Q Q 3Q Q 0%

20 Japanese M&A Down % Financial Sponsor Volume Triples Japanese Outbound Down 3% Full Year 0 Mergers & Acquisitions s Japan M&A Japan Deals Intelligence Japanese M&A activity for full year 0 totaled US$. billion, a.% decrease from full year 0 levels and the slowest annual volume since 0. Japanese involvement deals over US$ billion were announced during full year 0, totaling US$3 billion in aggregate and down.% compared to 0. Overall, 3,0 deals were announced in 0, a % increase in deal count compared to last year and the highest deal count on record. Deal making in the High Technology sector led the Japanese market, with deal volume totaling US$3. billion, accounting for a.% market share. Real Estate followed, accruing US$0.3 billion for a.3% share of the market. Japantargeted buyside financial sponsor activity reached US$. billion from deals in 0, up 3.3% compared to 0. Both volume and deal count posted the highest annual totals for deal making since records began in 0. Bain Capital s US$. billion acquisition of AsatsuDK was the largest financial sponsor involvement deal during the fourth quarter of the year. Outbound activity totaled US$. billion in 0, a 3.% decrease compared to 0, marking the slowest full year volume since 0. The Softbank led US$. billion acquisition of Didi Chuxing Technology was the largest outbound deal in 0. Any Japanese involvement Completed M&A Activity totaled US$3 billion from,0 deals. Estimated M&A advisory fees from any Japanese involvement completed transactions totaled US$. billion in 0, a 3.% increase from 0. Any Japanese Involvement Announced M&A Japanese Involvement Announced M&A Top Advisors by Target Industry Jan Dec 3 0 Rank Val Mkt. No. US$m Rank Share Deals High Technology 3,. 0 0,..,0..,0. 3. Real Estate 0,33. Sumitomo Mitsui Finl Grp Inc Daiwa Securities Group Inc *. PricewaterhouseCoopers 0.0 3*. Industrials,0. Sumitomo Mitsui Finl Grp Inc 3,.3. 3,.3., Financials,.0 Mitsubishi UFJ,3..,.. Mizuho Financial Group 3, Healthcare,.,0..3,3.0.0, Any Japanese Involvement by Market $ $00 Q Volume (US$b) Q3 Volume (US$b) Q Volume (US$b) Q Volume (US$b) # of Deals Q, Domestic Value Inbound Value Outbound Value Outbound # Inbound # Domestic # 00 Rank Value (US$b) $ $0 $ $00 $ $0 $ $0 $. $. $3. $3.0 $3. $. $. $3. $30.3 $0.3 $. $0. $0. $.3 $. $. $. $3. $3. $3.0 $3. $. $3. $3. $. $.0 $3. $. $. $. $. $3. $.0 $0. $30. $. $. $. $3.3 $ , # of Deals Top Ten Japanese Involvement Announced Deals Jan Dec 3 0 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry /0/0 Pending Toshiba Memory Corp (00%) KK Pangea Japan / Japan,30.0 High Technology / Semiconductors //0 Completed Didi Chuxing Technology Co Ltd (%) Investor Group Japan / China,00.0 High Technology / Software //0 Completed ARIAD Pharmaceuticals Inc (00%) Kiku Merger Co Inc,30.3 Healthcare / Biotechnology //0 Pending Sunoco LPConvenience Stores (00%) Eleven Inc 3,30. Energy and Power / Oil & Gas //0 Completed Fortress Investment Group LLC (00%) SoftBank Group Corp Japan / United States 3,0. Financials / Asset Management //0 Pending Wework Cos Inc (%) SoftBank Group Corp Japan / United States 3,000.0 Real Estate / Non Residential //0 Completed USJ Co Ltd (%) NBCUniversal Media LLC United States / Japan,. Media and Entertainment / Recreation & Leisure /3/0 Completed First Capital Insurance Ltd (.%) Mitsui Sumitomo Insurance Japan / Singapore,00.0 Financials / Insurance //0 Pending Takata CorpBusiness (00%) Key Safety Systems Inc United States / Japan,3.3 Industrials / Automobiles & Components //0 Completed One Communications Ltd (0%) SoftBank Group Capital Ltd United Kingdom / India,00.0 Telecommunications / Telecommunications Services Rank Value (US$b) Q Q Q 3Q Q Q Q 3Q Q Q Q 3Q Q # of Deals

21 Full Year 0 Mergers & Acquisitions s Japan Rankings Any Japanese Involvement Announced (AD) Jan Dec 3 Any Japanese Involvement Completed (AF3) Jan Dec Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Fees Sh (%) Share Ch. 3, Mitsubishi UFJ 3, Mitsubishi UFJ 3,.... Sumitomo Mitsui Finl Grp Inc, , Mizuho Financial Group 3, , , Sumitomo Mitsui Finl Grp Inc 0, , , , Mizuho Financial Group 0, , , Daiwa Securities Group Inc, , , Daiwa Securities Group Inc 0,.... 0, , , , , PricewaterhouseCoopers 3, , , , , Ernst & Young LLP, Ernst & Young LLP 3, Plutus Consulting Co Ltd 0, KPMG,.. 0.., Jefferies LLC 3, GCA Corp, BMO Capital Markets, Centerview Partners LLC, Macquarie Group 0, , , YAMADA & Partners 3, GCA Corp, PricewaterhouseCoopers, , KPMG 3, Plutus Consulting Co Ltd, Houlihan Lokey, Deloitte, Macquarie Group 0, , ,0 +3 3, ,0 +, %.0%.% 3.% Japanese Involvement Announced M&A Target Industry by Value.%.3% Japanese Target Completed M&A Fees.3% 3.% 0.%.%.3%.3%.0%.%.% $,00 $,000 Q 3Q Q Q # of Deals Q % $ $00 $ $. $.. $.3 $. $00 $.3 $3. $. $.3 High Technology Real Estate Industrials $.0 $. $.3 $3. $0. $0. Financials Healthcare Consumer Staples $. $. $0. $00 Materials Energy and Power Consumer Products and Services $. Media and Entertainment Telecommunications Retail $. $. $. $0. $. $. $0. $.0 $. $00. $ Imputeed Fees (US$mil) $ Number of Deals Visit it th t to view archives and order custom League Tables 0 th

22 Full Year 0 I Mergers & Acquisitions I s South Korea M&A Any South Korea Involvement Announced (AD) Jan Dec 3 Any South Korea Involvement Completed (AF) Jan Dec Rank Value Market Market # of Market Change in 0 0 Rank Market Market # of Market Change in Rank Rank US$m Sh (%) Share Ch. Deals Rank Sh (%) # of Deals Rank Rank Value US$m Sh (%) Share Ch. Deals Rank Sh (%) # of Deals,0... * 0. *,... * 0. PricewaterhouseCoopers, *, * 0.3 Samsung Securities 3 3, *, * 0. Ernst & Young LLP, ,0..3. * 0. 3, * 0. 0 Samsung Securities 3, , ,0... * 0.,33... * 0. PricewaterhouseCoopers, Wells Fargo & Co *,... * 0., * 0. 0 CBRE Holding SAS *,... * 0. Daiwa Securities Group Inc 3, * BNP Paribas SA *,... * 0. Ernst & Young LLP 0, Korea Development Bank, Plutus Consulting Co Ltd,0.3.. * * 0. 0 Korea Development Bank, Mirae Asset Daewoo Co Ltd * 0. 3,.0.. * 0. 3 * 3*... * 0. 0 Mirae Asset Daewoo Co Ltd, * 0.3 The Raine Group LLC *... * * * 0. Brava Negocios Ltda * 0. Standard Chartered PLC * 0. Mizuho Financial Group * * 0. 0 KPMG Daiwa Securities Group Inc * * 0. 0 Brava Negocios Ltda * 0. Guosen Securities Co Ltd * 0. KPMG Standard Chartered PLC. 0.. * 0. Mizuho Financial Group * 0. 0 Oaklins (FKA M&A Intl Inc) * 0. GF Securities * 0. Danske Bank * 0. Guosen Securities Co Ltd * 0. Cowen & Co 3* * 0. 0 Globalscope 3* * 0. 0 Macquarie Group * 0.,. 00.0,, ,0 0.%.0% 3.%.% 0.% 3.%.%.% Top Ten Any South Korea Involvement Announced Deals Jan Dec 3 Rank Date Date Effective Target Acquiror Acquiror / Target Nation Rank Value (US$m) Target Industry //0 //0 HyundaiRobot & Invest Bus Shareholders South Korea/South Korea,0. Machinery //0 //0 BGF Ret Co LtdChain Shareholders South Korea/South Korea 3,00.0 Retail TradeFood Stores //0 //0 Orion CorpFood & Beverage Bus Shareholders South Korea/South Korea,0. Food and Kindred Products //0 //0 Carver Korea Co Ltd Unilever PLC United Kingdom/South Korea,03. Soaps, Cosmetics, and PersonalCare Products //0 0//0 Lotte Shopping CoInvest bus Lotte Confectionery Co Ltd South Korea/South Korea,.3 Investment & Commodity Firms,Dealers,Exchanges //0 3//0 Daesung Industrial Gases Co Korea Industrial Gas Hldg Inc South Korea/South Korea,33.3 Chemicals and Allied Products 0//0 Pending NPSSony Center Berlin Investor Group Canada/Germany,. Real Estate; Mortgage Bankers and Brokers /3/0 //0 Hyundai Heavy Inds Co Ltd Hyundai Robotics Co Ltd South Korea/South Korea,.0 Transportation Equipment //0 //0 DSME KEXIM South Korea/South Korea,. Transportation Equipment //0 //0 KB Insurance Co Ltd KB Financial Group Inc South Korea/South Korea,0. Insurance Top Ten South Korea Buyside Financial Sponsor Involvement Deals Jan Dec 3 Rank Date Date Effective Target Acquiror Acquiror / Target Nation Rank Value (US$m) Target Industry //0 3//0 Daesung Industrial Gases Co Korea Industrial Gas Hldg Inc South Korea/South Korea,33.3 Chemicals and Allied Products //0 Pending Double Down Interactive LLC DoubleUGames Co Ltd South Korea/United States. Prepackaged Software //0 Pending LSAutomotive Components Bus LS Automotive Tech Co Ltd South Korea/South Korea.0 Transportation Equipment //0 Pending Hyundai Card Co Ltd Investor Group South Korea/South Korea.3 Credit Institutions //0 //0 E Land Ltd Investor Group South Korea/South Korea.0 Textile and Apparel Products //0 //0 Kyungnam Energy Co Ltd Prostar Capital Ltd United States/South Korea. Electric, Gas, and Water Distribution //0 Pending Dongyang HC Co Ltd Leguh Issuer Designated United States/South Korea. Wholesale TradeDurable Goods 3//0 //0 Tasaki & Co Ltd Stardust Japan/Japan 30. Miscellaneous Retail Trade //0 Pending Halla Cement Corp Asia Cement Co Ltd South Korea/South Korea 33. Stone, Clay, Glass, and Concrete Products //0 //0 Hugel Inc Leguh Issuer Designated United States/South Korea 3. Drugs

23 Full Year 0 Mergers & Acquisitions s Fairness Opinion Rankings Worldwide Announced Fairness Opinion Any Americas Involvement Announced Fairness Opinion Any US Involvement Announced Fairness Opinion Based on Number of Transactions Based on Number of Transactions Based on Number of Transactions Rank Value (US$m) Rank Value (US$m) Rank Value (US$m) 0 0 # of Market Change in Rank Value Market 0 0 # of Market Change in Rank Value Market 0 0 # of Market Change in Rank Value Market Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Duff & Phelps.0 0,.. Duff & Phelps 0. +0,0. 0. Duff & Phelps 3. +0,0. 0. Gram Capital ,3.. Stout Risius Ross Inc * ,3. 0. Stout Risius Ross Inc * ,3. 0. Huatai Securities Co Ltd 3 0* 3.,.. Chartwell y * Chartwell y * ,...3,0..., , Sandler O'Neill Partners. 0,3.. Sandler O'Neill Partners. 0,3.. China International Capital Co * 0* 30.3, ,0. 0. *.0,0.. Stout Risius Ross Inc * , Stifel/KBW * * 3.3,3.. Stifel/KBW * * 3.,3.. Chartwell y * Prairie Capital Advisors Inc * Prairie Capital Advisors Inc * * CITIC *. + 0,.. * ,.. * ,. 3. KPMG China Merchants Securities Co 0 * * ,.0, Pendo Advisors LLC 0* 0* , Pendo Advisors LLC 0* 0* * , Guotai Junan Securities * *., ,3.. 3.,3. 3. Haitong Securities Co Ltd 3*. 0,.0.0 Houlihan Lokey 3 *.,.. 3 * 0.,30.. Somerley 3* 3*. + 0,33.. * * 0.0 3,30.. Houlihan Lokey * *.0 3,. 0. China Securities Co Ltd 3* *. +0,3. 0. Raymond James Financial Inc * 0.0,. 0.3 Raymond James Financial Inc * *.0 3, * *.,0.. * * 0.0 +,0.. * *.0 +3,03.3. CSC Financial Co Ltd Sandler O'Neill Partners * * 0*.. 0 +,0. 0, Stephens Inc * * 3* ,., Stephens Inc * * * * ,03., * 0.,.. * *. +,33.. Piper Jaffray Cos * *. 0,. 0. 0* *.3 +,.. Piper Jaffray Cos * *. 0,. 0. Centerview Partners LLC * *. +,.. Stifel/KBW 0* *.3,3. 0. Centerview Partners LLC * *. +,.. * *. 3,.. Prairie Capital Advisors Inc 0* * BMO Capital Markets *., ,.. 3* 3*. 3,3. 3. KPMG 3* * KPMG 3 3* Pendo Advisors LLC 3* 0* *. 3,.. 3* *. +,.0. TD Securities Inc * 30*. +,0..3,3, Ernst & Young LLP * , National Bank of Canada Fin'l * 30*. +,...% 33.% 0 0, %.%.%.%.%.%.%.% 0.% 3.% Any EMEA Inv Announced Fairness Opinion Any Asia Pacific Inv Announced Fairness Opinion Based on Number of Transactions Based on Number of Transactions Rank Value (US$m) Rank Value (US$m) 0 0 # of Market Change in Rank Value Market 0 0 # of Market Change in Rank Value Market Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) KPMG Gram Capital 3.,3.. *.0 + 0,.. Huatai Securities Co Ltd * 3. +,.. 3 *.,..0 China International Capital Co 3 * 30. +,3.0.0 PricewaterhouseCoopers * *. + 3,0. 3. CITIC 3*.0 0 0,..3 * *. +,00.. China Merchants Securities Co * 3.3,.. * 3.,0.. Guotai Junan Securities * 3.3,..3 Duff & Phelps * * 3., Haitong Securities Co Ltd * ,.0 3. * 3* 3. +,00..0 Somerley * * , * 3* 3. +,.3. China Securities Co Ltd * 3* 3.0, Ledouble SA * * 3. +3,. 3.0 CSC Financial Co Ltd 0. +,0. 3. Ernst & Young LLP * 3* GF Securities.,..0 Deloitte * 3*. +3,0..0 Guosen Securities Co Ltd.,0.. BDO * * * * 3. +,. 0. * *.,3..3 Red Sun Capital Ltd 3* * Mediobanca 3* 3. +, Duff & Phelps 3* * 3. +3,3..3 Zhongtian Guofu Sec Co Ltd 3* * ,3.3. Minsheng Securities Co Ltd * *. +, Lego Corporate Finance Ltd * 0* Huaxi Securities Co Ltd * * 0. +, Dongxing Securities * 3* 0. +,. 0. Octal Capital Ltd * 0* 0. +,. 0. Zhongtai Securities Co Ltd * , , Any Japan Inv Announced Fairness Opinion Based on Number of Transactions Rank Value (US$m) 0 0 # of Market Change in Rank Value Market Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) * *. 0,. 3. Ernst & Young LLP PricewaterhouseCoopers * * * *... MTS Health Partners LP * * * , Sumitomo Mitsui Finl Grp Inc * Chartwell y * *. +, * * *.. + 0,30.3, YAMADA & Partners * *. 0,.. Plutus Consulting Co Ltd * * * * Guosen Securities Co Ltd * , % 3.%.%.%.%.%.0%.0% 0.%.0%.%.0% Fairness Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness opinions provided as part of a broader advisory mandate.

24 Full Year 0 Mergers & Acquisitions s Ranking Criteria Summary If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact: Americas Robert Levine Tel: robert.levine@thomsonreuters.com Announced league tables include all deals that were announced between January, 0 and December, 0 and of which Thomson Reuters was made aware. All current data and previous year's data is as of :00pm EDT on December, 0. League tables include rank eligible mergers, acquisitions, repurchases, spinoffs, selftenders, minority stake purchases and debt restructurings. A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional. EMEA Ewelina Jarecka Tel: + (0) 0 ewelina.jarecka@thomsonreuters.com AsiaPacific & Japan Kaori Motohashi Tel: kaori.motohashi@thomsonreuters.com Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. NonUS dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms. Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer. Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Any involvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction. Imputed fees are generated using a proprietary Thomson Reuters algorithm when spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor is allocated its share of deal fees using the Thomson Reuters allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to nonlead loan syndicate members. Fee estimates presented in the Quarterly Review for deals updated prior to February st, 0 were generated by Freeman Consulting in partnership with Thomson Reuters. League table volumes for Mitsubishi UFJ Financial Group and, included herein reflect the changes after the commencement of their jointly established securities firms in Japan: () Mitsubishi UFJ Securities and () MUFG Securities. Accreditation for transactions involving the newly established joint ventures are reflected in totals for. For Japanese related rankings, is represented as "Mitsubishi UFJ. While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertakenany liability or obligation relating to the purchaseor sale of securities for or by any person in connection with this document. 0 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party. 3

25 Thomson Reuters Solutions for the Deal Making Community FOR INFORMATION PROFESSIONALS SDC Platinum is the world s foremost financial transactions database, covering new issues, M&A, syndicated loans, private equity, project finance, poison pills, and more. Solution for: Market Analysis & Trends (Geography, Sector, Asset Class, Deal Type, Deal Size, etc.) Deal Origination (Debt Maturity Analysis, Company Lifecycle including Private Equity) Pitch Creation (Firm Credentials, Representative Acquirors) M&A Targeting (Active Strategic/Sponsor Acquirors, Target Company Screener) Negotiation (T&C Benchmarking) FOR STRATEGY AND PLANNING TEAMS Thomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities all within a tool built into your workflow in Excel, saving you valuable time and giving you a competitive edge. Solution for: Conducting market analysis and identifying trends Benchmarking your performance and monitoring competitors Targeting clients by wallet size and banking relationship Allocating resources more effectively by evaluating and analyzing lost deals FOR INVESTMENT BANKERS Thomson Reuters Eikon is the most intuitive and comprehensive way of staying informed. With naturallanguage search, you can quickly find global information, news, charts and analytics. Company and industry views provide toplevel summaries, and then detailed information is just a click away. Identify new opportunities and gain deep understanding of markets, industries, companies and events. Thomson Reuters Eikon also includes an Add In for Microsoft Office to help you increase your efficiency. From screening and targeting to comparables analysis, building league tables, valuing a company and developing a client pitch book, you can do all this without leaving Microsoft Office. Search and autosuggest features in Excel make modelbuilding easier. Solution for: Managing Client Relationships Deal Origination New Issues PreMarketing/Roadshows Financial Modeling Customized League Tables Simple Deals screening Valuation analysis and comparable deal screening Onbrand pitch book creation Send us a sales enquiry at: financial.thomsonreuters.com/sales Read more about our products at: financial.thomsonreuters.com/products To purchase individual Thomson reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group: trondemand@thomsonreuters.com Access unique analysis for free anytime using Thomson Reuters Deals Intelligence website and receive regular updates, delivered direct to your inbox. Go to: dmi.thomsonreuters.com/dealsintelligence 0 Thomson Reuters Thomson Reuters and the Kinesis logo are trademarks of Thomson Reuters.