Thomson Reuters M&a Review (2015)

REUTERS / Rickey Rogers

MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS Full Year 2015

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

M&A Financial Advisory Review Table of Contents Global M&A

1

Any European Involvement Announced (AD21)

10

Any New Zealand Involvement Announced (AD39)

17

Global Deals Intelligence

1

Any European Involvement Completed (AF3)

10

Any New Zealand Involvement Completed (AF46)

17

Scorecard: Worldwide Announced M&A

2

Any UK Involvement Announced (AD32)

11

Scorecard: Worldwide Completed M&A

2

Any UK Involvement Completed (AF39)

11

Japan Deals Intelligence

18

Top Fifteen Worldwide Announced Deals

2

Any French Involvement Announced (AD33)

11

Top Ten Japanese Involvement Announced Deals

18

Worldwide Announced (AD1)

3

Any French Involvement Completed (AF40)

11

Any Japanese Involvement Announced (AD19)

19

Worldwide Completed (AF1)

3

Any Spanish Involvement Announced (AD34)

12

Any Japanese Involvement Completed (AF23)

19

6

Any Spanish Involvement Completed (AF41)

12

Americas Deals Intelligence

6

Any German Involvement Announced (AD35)

12

Top Ten US Announced Deals

6

Any German Involvement Completed (AF42)

12

Americas M&A

Any Americas Involvement Announced (AD49) Any Americas Involvement Completed (AF55)

7 7

Any Italian Involvement Announced (AD36) Any Italian Involvement Completed (AF43)

18

Fairness Opinion Rankings

20

Worldwide Announced Fairness Opinion

20

Any Americas Announced Fairness Opinion

20

Any USAnnounced Fairness Opinion

20

Any EMEA Announced Fairness Opinion

20

Any Asia Pacific Announced Fairness Opinion

20

Any Japanese Announced Fairness Opinion

20

13 13

US Target Announced (AD2)

7

Any Nordic Involvement Announced (AD37)

13

US Target Completed (AF2)

7

Any Nordic Involvement Completed (AF44)

13

Any US Involvement Announced (AD41)

8

Any Benelux Involvement Announced (AD40)

14

Any US Involvement Completed (AF48)

8

Any Benelux Involvement Completed (AF47)

14

Any Canadian Involvement Announced (AD42)

8

Any Canadian Involvement Completed (AF49)

8

Asia Pacific (ex-Japan) M&A

Japan M&A

Criteria Summary

21

15

Mergers & Acquisitions Criteria Summary

21

Asia Pacific (ex-Japan) Deals Intelligence

15

Regional Contacts

21

9

Top Ten Any Asia (ex-Japan) Involvement Announced Deals

15

European Deals Intelligence

9

Any Asia (ex-Japan) Involvement Announced (AD25)

16

Top Ten European Involvement Announced Deals

9

Any Asia (ex-Japan) Involvement Completed (AF32)

16

Any EMEA Involvement Announced (AD47)

10

Any Australian Involvement Announced (AD24)

16

Any EMEA Involvement Completed (AF53)

10

Any Australian Involvement Completed (AF31)

16

EMEA M&A

Thomson Reuters Soultions for the Deal the Deal Making Community

22

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Full Year 2015 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEW WW M&A Breaks All-Time Record l Deals Over $10 billion Double l Healthcare, Energy Push US and Asia Pacific to All-Time Highs l Goldman Sachs Top Advisor Global Deals Intelligence

Worldwide Completed M&A by Region - Imputed Fees

WORLDWIDE M&A UP 32%, STRONGEST YEAR FOR DEAL MAKING ON RECORD - Powered by a triple-digit percentage increase in the number of deals over $10 billion, which account for record-breaking 41% of announced M&A value, worldwide M&A totaled US$4.7 trillion during 2015, a 42% increase from comparable 2014 levels and the strongest annual period for worldwide deal making since records began. Seventy-one deals with a value greater than $10 billion were announced during 2015, their combined value more than double the level seen during 2014. Overall, just over 42,300 worldwide deals were announced during 2015, a 0.2% increase compared to last year. FOURTH QUARTER BREAKS ALL-TIME RECORD, THIRD CONSECUTIVE $1 TRILLION+ QUARTER - Fourth quarter 2015 M&A totaled a record-breaking US$1.6 trillion, a 50% increase by value compared to the third quarter of 2015. This quarter marks the third consecutive trillion-dollar plus quarter for worldwide M&A since records began in 1980.

HEALTHCARE, ENERGY & POWER, AND TECH LEAD ACTIVITY - Driven by pharmaceutical M&A, deal making in the totaled an increase compared t e Healthcare ea t ca e sector secto tota ed US$672.9 US$6 9 billion b o during du g 2015, 0 5, a c ease of o 71% % co pa ed to 2014 0 levels, e e s, while e Energy & Power increased 1% and Technology deal making doubled compared to a year ago. CROSS BORDER M&A UP 27% – Cross Border M&A activity totaled US$1.6 trillion during 2015, accounting for one-third of overall M&A volume and an 27% increase over 2014 levels. Cross border M&A accounted for 37% of total M&A activity during full year 2014. COMPLETED M&A ADVISORY FEES UP 7% - According to estimates from Thomson Reuters/Freeman Consulting, M&A advisory fees from completed transactions totaled US$29.4 billion during 2015, a 7% increase from the comparable period in 2014.

Q4 Volume (US$b)

44.9%

Q1 Volume (US$b)

37.7% 35.2%

Rank Value (US$b)

$800 $256.2

$640.7

32.9% $500.1 $307.0

25%

$326.0

$261.2

$363.4

$273.9

$165.6 $146.9

$200

$280.8

$407.9

$258.3

$0 2006

2007

2008

$272.0

$196.9 $204.3 $247.6

$203.7

$111.4

$315.1

$250.7 $203.3

$113.4

$235.4

2009

2010

2011

$428.0

19.3%

Q2 Volume (US$b) Q1 Volume (US$b)

$177.7

20%

$600

$382.8

$342.4

10%

$272.1 $172.4

$132.6

2012

2013

$240.2

$289.2

5%

16.5% $163.3

15.7% 13.1%

$158.9 $318.2

$118.7

$107.7 6.5%

$174.2 $200

$100

$153.4

$201.4

$35.9 $56.2

$96.2

$82.7

$74.6

$78.7 $0

2006

2015

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2007

2008

14.9% $184.2

8.8%

$300

$222.9 15%

12.7%

10.9%

0% 2014

$280.7

$500

$400

20%

% of YTD Global M&A

$700

15%

$236.4

$167.4

$175.5

Q3 Volume (US$b)

$113.0

35% 30%

27.0%

$600 $400

$800

40%

25%

Q4 Volume (US$b)

21.2%

35.3%

$154.2

$404.9

4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

45%

37.3% 30.6%

$1,000

$0

Rank Value (US$b)

38.3%

$371.6

$1

% of YTD Global M&A

33.7%

$1,200

$2

$900

% of Global M&A

$1,400

$3

50%

Q3 Volume (US$b)

Q2 Volume (US$b)

$1,800 $1,600

Japan

Worldwide Announced Buyside Financial Sponsor Activity

$2,000

$431.0

Asia Pacific

$51.6 $36.3 $24.7 $15.9 2009

$60.2 $32.0 2010

$106.7

$92.9

$70.5

$91.5

$86.5

$74.9

$65.7

$63.0

2011

2012

$82.0

$135.9

$118.6

$135.5 5%

$79.8 $116.5

10%

% of Global M&A

Worldwide Cross Border Volume

EMEA

$4

Imputed Fees (US$b)

UNITED STATES & ASIA PACIFIC DEAL MAKING ACCOUNT FOR 74% OF ACTIVITY - M&A activity for United States targets totaled US$2.3 trillion during 2015, an increase of 64% compared to the level of activity seen during 2014 and the strongest period for US M&A since records began in 1980. With US$1.1 trillion in announced deals during 2015, Asia Pacific M&A also registered the strongest period for deal making in the region since records began, topping US$1.0 trillion for the first time.

Americas

$5

$150.0

$165.1

2014

2015

0%

2013

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Full Year 2015 | Mergers & Acquisitions | Financial Advisors

Mergers & Acquisitions Scorecard: Worldwide Announced M&A

Target Region/Nation Worldwide Americas Caribbean Central America Mexico North America United States Canada South America Brazil Chile Africa/Middle East Middle East North Africa Sub-Saharan Africa Europe Eastern Europe Western Europe United Kingdom Germany France Asia Pacific Asia-Pacific Australasia Australia New Zealand South East Asia Singapore Malaysia North Asia China Hong Kong South Asia Central Asia Japan

1/1/2015 - 12/31/2015 No. Rank Val US$m Deals 4,747,567.3 2,517,835.6 18,752.5 21,762.8 19,791.9 2,425,775.4 2,344,405.8 81,369.7 51,544.9 40,471.9 5,993.2 80,107.2 21,958.2 3,618.4 53,015.9 907,480.4 55,729.3 851,751.1 423,539.5 83,818.5 81,784.6 1 142 542 3 1,142,542.3 120,842.6 111,574.6 8,396.9 53,186.0 28,541.5 10,228.1 940,606.2 684,289.2 153,831.6 27,907.5 1,514.7 99,601.9

Jan 1 - Dec 31 1/1/2014 - 12/31/2014 Rank Val No. US$m Deals

42,313 12,753 121 229 181 11,437 9,962 1,475 966 573 119 1,253 428 163 613 14,786 3,235 11,551 2,547 1,487 2,589 11 250 11,250 1,357 1,138 190 1,798 375 446 6,964 5,137 625 1,131 49 2,271

3,338,146.8 1,666,870.9 18,748.6 16,528.4 14,416.9 1,538,281.5 1,426,675.9 111,605.7 93,312.4 48,958.6 18,806.4 65,124.1 22,313.0 6,108.1 28,274.4 842,946.8 49,729.4 793,217.3 178,313.4 75,329.3 149,657.0 702 449 3 702,449.3 88,131.2 78,087.4 5,153.1 69,408.2 34,567.5 14,948.3 514,245.3 394,061.8 45,896.0 30,664.6 8,428.7 60,755.7

42,220 13,187 131 257 203 11,821 10,129 1,692 978 530 126 1,317 453 145 652 14,374 3,322 11,052 2,538 1,604 2,140 11 201 11,201 1,499 1,258 211 1,858 460 514 6,752 4,650 595 1,092 67 2,141

% Change in Rank Value 42.2 51.1 0.0 31.7 37.3 57.7 64.3 -27.1 -44.8 -17.3 -68.1 23.0 -1.6 -40.8 87.5 7.7 12.1 7.4 137.5 11.3 -45.4 62 7 62.7 37.1 42.9 62.9 -23.4 -17.4 -31.6 82.9 73.7 235.2 -9.0 -82.0 63.9

▲ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▼ ▼ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▲ ▲ ▼ ▼ ▼ ▲ ▲ ▲ ▼ ▼ ▲

Scorecard: Worldwide Completed M&A

Target Region/Nation Worldwide Americas Caribbean Central America Mexico North America United States Canada South America Brazil Chile Africa/Middle East Middle East North Africa Sub-Saharan Africa Europe Eastern Europe Western Europe United Kingdom France Germany Asia Pacific Asia-Pacific Australasia Australia Papua New Guin South East Asia Singapore Malaysia North Asia China Hong Kong South Asia Central Asia Japan

1/1/2015 - 12/31/2015 No. Rank Val Deals US$m 3,160,761.4 1,672,097.0 18,019.5 13,305.0 12,608.1 1,593,364.9 1,503,075.9 90,289.0 47,407.6 37,903.1 5,018.3 68,439.1 20,838.6 4,658.5 38,028.3 669,009.4 41,163.5 627,845.9 146,399.0 108,774.5 64,723.6 691 792 1 691,792.1 79,896.5 75,517.9 2,417.7 41,134.7 20,368.9 7,062.9 547,134.9 341,010.6 118,196.7 41,134.7 4,913.7 59,423.8

31,213 10,729 79 176 141 9,755 8,579 1,176 719 432 97 849 314 114 382 12,441 2,658 9,783 2,170 2,440 1,224 5 768 5,768 958 805 9 1,153 271 322 2,849 1,720 317 1,153 39 1,426

Jan 1 - Dec 31 Worldwide Announced M&A Target Industry by Value 1/1/2014 - 12/31/2014 Rank Val No. US$m Deals 2,531,512.4 1,374,115.5 7,048.7 13,455.1 11,661.5 1,260,784.3 1,154,166.5 106,617.8 92,827.4 45,469.9 15,890.1 48,635.8 13,935.2 7,551.3 20,584.7 610,356.9 64,197.3 546,159.6 123,049.6 95,919.7 77,765.9 438 413 2 438,413.2 91,473.8 83,441.5 4,063.5 45,656.4 26,458.0 6,742.0 283,941.2 185,726.6 38,287.9 45,656.4 6,564.6 59,991.0

31,700 11,050 88 188 148 9,996 8,652 1,344 778 448 87 896 338 99 406 12,203 2,730 9,473 2,226 2,013 1,338 6 111 6,111 1,104 929 10 1,134 311 322 3,134 1,816 314 1,134 53 1,440

% Change in Rank Value 24.9 21.7 155.6 -1.1 8.1 26.4 30.2 -15.3 -48.9 -16.6 -68.4 40.7 49.5 -38.3 84.7 9.6 -35.9 15.0 19.0 13.4 -16.8 57 8 57.8 -12.7 -9.5 -40.5 -9.9 -23.0 4.8 92.7 83.6 208.7 -9.9 -25.1 -0.9

▲ ▲ ▲ ▼ ▲ ▲ ▲ ▼ ▼ ▼ ▼ ▲ ▲ ▼ ▲ ▲ ▼ ▲ ▲ ▲ ▼ ▲ ▼ ▼ ▼ ▼ ▼ ▲ ▲ ▲ ▲ ▼ ▼ ▼

9.9%

8.7% 12.7% 7.4%

Date Effective Pending Pending Pending Pending Pending Pending Pending 7/2/2015 Pending 7/20/2015 6/3/2015 Pending Pending Pending Pending

Target (% Sought/Acquired) Allergan PLC (100%) SABMiller PLC (100%) BG Group PLC (100%) Time Warner Cable Inc (98.5%) DuPont (100%) EMC Corp (100%) The Williams Cos Inc (100%) Kraft Foods Group Inc (100%) Cigna Corp (100%) Paypal Holdings Inc (100%) Hutchison Whampoa Ltd (50.04%) Allergan PLC-Generic Drug Bus (100%) Norfolk Southern Corp (100%) Broadcom Corp (100%) Precision Castparts Corp (97.1%)

6.8%

12.7%

5.8% 4.8% 14.2% 3.6%

4.7%

Healthcare

Energy and Power

High Technology

Industrials

Financials

Real Estate

Materials

Consumer Staples

Media and Entertainment

Telecommunications

Consumer Products and Services

Retail

Government and Agencies

Top Fifteen Worldwide Announced Deals Rank Date 11/23/2015 10/7/2015 4/8/2015 5/26/2015 12/11/2015 10/12/2015 6/22/2015 3/25/2015 6/20/2015 7/6/2015 1/9/2015 7/27/2015 11/17/2015 5/28/2015 8/10/2015

8.8%

Jan 1 - Dec 31 2015 Acquiror Pfizer Inc Anheuser-Busch Inbev Royal Dutch Shell PLC Charter Communications Inc The Dow Chemical Co Dell Inc Energy Transfer Equity LP HJ Heinz Co Anthem Inc Shareholders Cheung Kong(Holdings)Ltd Teva Pharmaceutical Industries Canadian Pacific Railway Ltd Avago Technologies Ltd Berkshire Hathaway Inc

Acquiror / Target Nation United States / United States Belgium / United Kingdom Netherlands / United Kingdom United States / United States United States / United States United States / United States United States / United States United States / United States United States / United States United States / United States Hong Kong / Hong Kong Israel / United States Canada / United States United States / United States United States / United States

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Rank Value (US$m) 191,522.1 120,785.2 81,009.7 78,376.6 68,422.1 65,801.8 55,914.1 54,716.5 49,383.2 46,788.8 45,410.8 40,500.0 36,607.7 36,491.3 35,823.6

Target Macro / Mid Industry Healthcare / Pharmaceuticals Consumer Staples / Food and Beverage Energy and Power / Oil & Gas Media and Entertainment / Cable Materials / Chemicals High Technology / Computers & Peripherals Energy and Power / Oil & Gas Consumer Staples / Food and Beverage Healthcare / Healthcare Providers & Services (HMOs) High Technology / Internet Software & Services Telecommunications / Telecommunications Services Healthcare / Pharmaceuticals Industrials / Transportation & Infrastructure High Technology / Semiconductors Materials / Metals & Mining

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Worldwide Rankings

Worldwide Announced (AD1)

Financial Advisor Goldman Sachs & Co Morgan Stanley JP Morgan Bank of America Merrill Lynch Citi Credit Suisse Lazard Barclays Deutsche Bank Centerview Partners LLC UBS Guggenheim Securities LLC Moelis & Co Evercore Partners Rothschild RBC Capital Markets BNP Paribas SA Robey Warshaw LLP HSBC Holdings PLC Allen & Co Inc LionTree Advisors LLC Greenhill & Co, LLC Jefferies LLC China International Capital Co Anglo Chinese Corp Finance Industry Total†

Jan 1 - Dec 31

Rank Value per Advisor (US$m) Market Rank Value Market 2015 2014 Rank Rank US$m Sh (%) Share Ch. 1 8.1 ▲ 37.2 1 1,765,136.2 2 4 1,556,020.1 12.9 ▲ 32.8 3 29.4 3 1,395,858.2 9.4 ▲ 4 2 1,046,536.6 0.8 ▲ 22.0 5 5 -0.5 ▼ 810,986.9 17.1 4.5 ▲ 6 9 722,234.6 15.2 15.1 7 7 1.7 ▲ 717,641.6 673,716.9 8 14.2 6 0.0 ▲ 9 8 654,429.2 13.8 1.4 ▲ 10.3 489,758.6 6.5 ▲ 10 15 477,386.5 10 11 10.1 2.0 ▲ 365,755.6 7.0 ▲ 12 45 7.7 5.9 ▲ 13 34 343,072.2 7.2 7.0 17 330,553.8 14 4.0 ▲ 11 15 317,619.5 6.7 0.3 ▲ 16 16 231,163.9 4.9 1.2 ▲ 209,144.5 4.4 12 -0.2 ▼ 17 18 3.7 ▲ 202,451.4 48 4.3 21 194,898.4 4.1 1.6 ▲ 19 20 144,245.6 3.0 50 2.4 ▲ 106 698 7 23 23 ▲ 21 202 106,698.7 2.3 2.3 22 29 101,423.2 2.1 0.4 ▲ 23 13 92,479.2 2.0 -2.1 ▼ 28 24 87,803.8 1.9 0.1 ▲ 95 83,020.8 1.8 1.6 ▲ 25 100.0 4,747,567.3

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

42.2% ▲ 49.7% ▲

Worldwide Completed (AF1)

Jan 1 - Dec 31

# of Deals per Advisor # of Market Change in Deals Sh ($) # of Deals 417 ▼ 1.0 -21 407 1.0 +43 ▲ 340 0.8 +7 ▲ -5 256 0.6 ▼ -6 0.7 287 ▼ 225 0.5 -19 ▼ 0.6 -5 257 ▼ 0.5 -59 192 ▼ 233 ▼ 0.6 -20 49 0.1 +8 ▲ 0.4 -12 ▼ 178 0.1 +8 ▲ 29 0.3 -23 ▼ 110 146 0.3 -29 ▼ ▲ 349 0.8 +43 ▼ 125 0.3 -28 0.3 127 ▼ -9 3 0.0 0 80 0.2 +10 ▲ ▲ 0.0 +8 13 0 0 +2 11 0.0 ▲ ▲ 56 0.1 +17 152 0.4 +12 ▲ ▲ 53 0.1 +15 ▼ 0.0 -5 12 +93 42,313

Financial Advisor Goldman Sachs & Co JP Morgan Morgan Stanley Bank of America Merrill Lynch Citi Lazard Deutsche Bank Credit Suisse Barclays UBS Rothschild Centerview Partners LLC HSBC Holdings PLC RBC Capital Markets BNP Paribas SA Evercore Partners China International Capital Co Anglo Chinese Corp Finance Jefferies LLC Perella Weinberg Partners LP Somerley Nomura Zaoui & Co Wells Fargo & Co BMO Capital Markets Industry Total

0.2% ▲ -11.5% ▼

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

Rank Value per Advisor (US$m) Rank Value Market Market 2015 2014 Rank Rank US$m Sh (%) Share Ch. 1 1,085,472.6 8.2 ▲ 1 34.3 23.2 0.0 ▲ 2 3 731,647.3 -4.8 ▼ 3 2 627,527.8 19.9 19.8 4 4 625,932.0 -1.8 ▼ 5 6 532,415.3 16.8 0.8 ▲ 6 10 477,640.0 15.1 5.7 ▲ 7 364,270.8 11.5 -1.9 ▼ 7 11.2 1.7 ▲ 8 9 352,936.4 321,096.1 10.2 -8.9 ▼ 9 5 267,049.5 8.5 -4.8 ▼ 10 8 11 1.6 ▲ 11 7.2 226,130.5 6.7 3.1 ▲ 211,074.7 12 17 13 35 203,501.2 6.4 4.9 ▲ 14 16 131,410.6 4.2 0.2 ▲ 110,859.0 3.5 15 15 -1.2 ▼ 18 16 107,785.8 3.4 0.1 ▲ 104,915.9 17 79 3.3 3.0 ▲ 171 18 86,031.5 2.7 2.6 ▲ -2.8 ▼ 19 82,540.6 2.6 13 20 28 78,504.4 2.5 0.4 ▲ 73 056 6 23 00 ▲ 21 25 73,056.6 2.3 0.0 22 69,474.6 2.2 -0.2 ▼ 23 23 70 1.8 ▲ 2.2 68,919.9 24 1.9 -0.6 ▼ 21 61,269.3 25 34 59,346.2 1.9 0.4 ▲ 3,160,761.4 100.0 24.9% ▲ -13.2% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 365 ▼ 1.2 -11 0.9 -26 ▼ 285 ▲ 342 1.1 +13 225 ▼ 0.7 -11 234 0.7 -5 ▼ 226 0.7 -27 ▼ 203 ▼ 0.7 -13 0.6 -22 199 ▼ 175 0.6 -52 ▼ 145 ▼ 0.5 -20 ▲ 0.9 +46 292 38 0.1 +3 ▲ 67 0.2 +17 ▲ 0.4 -23 118 ▼ 0.4 -13 ▼ 114 119 0.4 -36 ▼ 0.1 +22 ▲ 38 0.0 +5 ▲ 12 148 0.5 +15 ▲ 19 0.1 -14 ▼ 0 1 +1 28 0.1 ▲ ▲ 141 0.5 +2 ▲ 7 0.0 +3 0.2 -17 ▼ 53 51 0.2 -6 ▼ -487 31,213

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 2.1 ▲ 2,802.6 9.5 6.2 1,810.5 0.6 ▲ 1,926.9 6.6 1.0 ▲ 1,306.2 0.2 ▲ 4.4 1,006.5 3.4 0.0 893.2 0.2 ▼ 3.0 2.5 0.6 ▼ 734.2 3.0 882.5 0.1 ▲ 802.6 2.7 0.8 ▼ 1.7 509.0 0.3 ▼ 0.4 ▲ 2.6 762.9 0.6 ▲ 1.8 516.8 0.3 ▲ 209.2 0.7 1.3 378.5 0.6 ▼ 275.9 0.9 0.2 ▼ 478.2 1.6 0.3 ▼ 80.0 0.3 0.2 ▲ 0.1 0.1 ▲ 15.3 527.0 1.8 0.0 0.0 159.0 0.5 24 3 01 00 24.3 0.1 0.0 200.6 0.7 0.1 ▼ 51.7 0.2 0.2 ▲ 215.4 0.7 0.4 ▼ 152.0 0.5 0.2 ▼ 29,387.0 100.0

-1.5% ▼ -15.5% ▼

7.2% ▲ -2.5% ▼

* tie

Rank Val US$m

Energy and Power Goldman Sachs & Co Morgan Stanley JP Morgan Healthcare JP Morgan Morgan Stanley Goldman Sachs & Co High Technology Goldman Sachs & Co JP Morgan Bank of America Merrill Lynch Real Estate Goldman Sachs & Co Bank of America Merrill Lynch Morgan Stanley Financials Morgan Stanley Goldman Sachs & Co JP Morgan

361,857.4 217,360.3 216,372.2 193,056.3 338,258.1 363,495.4 354,706.3 349,211.0 237,436.3 249,736.7 213,071.7 170,852.6 220,115.9 92,698.3 88,145.9 75,546.6 174,465.0 148,082.8 107,909.6 101,732.4

Jan 1 - Dec 31 Rank

1 2 3 1 2 3

Mkt. Share

36.1 36.0 32.1 54.0 52.7 51.9

1 2 3

41.6 35.5 28.4

1 2 3

22.5 21.4 18.3

1 2 3

35.5 25.8 24.4

Top Worldwide Announced M&A Advisors by Transaction Size (AD1)

No. Deals

1,341 40 39 30 1,351 38 29 38 3,224 53 43 38 1,498 28 11 38 2,296 69 56 55

SABMILLER PLC/Anheuser-Busch Inc

$1,800

BG Group PLC/Royal Dutch Shell Time Warner Cable/Charter Communications

191.5

$1,600

120.8 81.0 78.4 68.4

$1,400 $1,200

213.9

$1,000

DuPont/The Dow Chemical Co

191.5

Other Top 15 Deals

120.8 81.0 78.4 68.4

191.5

207.7

235.3

$800

120.8 81.0

$600

All Other Transactions

120.8 81.0 78.4

78.4

230.6

194.0

1,011.11 808.20

$400

767.23

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Morgan Stanley

120.8

JP Morgan

120.8 198.7

120.8

354.22

375.44

158.2

176.4 535.73

Goldman Sachs & Co

32.1 78.4 243.4

$200 $0

Jan 1 - Dec 31 2015

Allergan PLC/Pfizer Inc

$2,000

Rank Value (US$bil)

Top WW Announced M&A Advisors by Target Industry

Bank of America Merrill Lynch

538.58

Citi

368.37 Credit Suisse

270.99 Lazard

191.5

171.1

78.4 54.7

306.29

165.14 Barclays

Deutsche Bank

Centerview Partners LLC

UBS

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Worldwide M&A Matrix

Jan 1 - Dec 31

Exit Multiple Matrix - Average Rank Value / EBITDA 2015 UP 2015 DOWN

World

Americas

USA

Canada

EMEA

Europe

UK

Asia ex. Japan

Japan

2015

Consumer Products and Services

14.8x

11.7x

11.0x

13.0x

11.8x

14.7x

-

-

13.2x

11.9x

13.1x

12.2x

12.2x

11.1x

21.8x

12.0x

13.2x

Consumer Staples

15.3x

15.7x

14.9x

14.5x

15.6x

16.7x

6.4x

9.8x

13.8x

15.8x

13.3x

14.7x

14.1x

24.4x

17.8x

16.7x

8.2x

8.2x

Energy and Power

12.0x

12.6x

11.4x

11.0x

12.2x

12.7x

11.2x

9.6x

9.6x

11.3x

9.8x

11.6x

11.6x

8.1x

15.6x

16.2x

16.7x

16.7x

Healthcare

17.1x

18.5x

15.6x

18.1x

15.5x

18.8x

18.1x

18.1x

15.0x

15.1x

15.0x

15.8x

18.1x

22.5x

22.1x

24.0x

6.9x

24.0x

High Technology

17.2x

14.0x

18.9x

17.1x

19.3x

17.2x

14.1x

16.6x

15.6x

12.9x

15.8x

13.3x

16.5x

14.8x

18.7x

15.1x

13.4x

15.1x

9.3x

Industrials

13.5x

13.0x

15.3x

11.5x

15.4x

11.1x

9.7x

14.6x

11.6x

12.0x

12.0x

12.3x

12.2x

12.4x

16.2x

14.6x

9.0x

14.6x

Materials

14.4x

13.9x

11.7x

15.1x

14.5x

16.3x

8.4x

17.1x

11.4x

11.5x

12.7x

11.7x

11.7x

11.7x

17.9x

16.1x

9.3x

16.1x

Media and Entertainment

13.8x

12.8x

13.8x

9.8x

14.0x

10.5x

-

6.3x

12.7x

11.8x

12.7x

11.3x

11.6x

9.0x

15.6x

15.4x

13.9x

15.4x

Real Estate

19.7x

19.7x

20.3x

24.7x

23.2x

28.4x

6.1x

-

20.9x

22.4x

21.5x

22.3x

19.1x

19.1x

18.2x

16.0x

21.7x

16.0x

Retail

12.8x

13.0x

11.6x

12.3x

10.7x

9.7x

3.5x

3.5x

12.5x

Telecommunications

11.8x

11.6x

11.7x

14.1x

14.0x

15.7x

-

Average Industry Total

14.9x

14.1x

14.5x

14.2x

15.8x

15.4x

10.1x

11.5x

12.5x

12.7x

12.3x

11.4x

13.6x

18.2x

14.0x

11.4x

14.0x

8.5x

9.8x

9.0x

9.7x

12.4x

12.4x

16.9x

12.4x

16.8x

12.4x

13.1x

13.1x

13.3x

13.1x

13.3x

13.1x

18.0x

15.7x

11.8x

15.7x

Bid Premium Matrix - Average Premium to 4 Week Stock Price 2015 UP 2015 DOWN

World

Jan 1 - Dec 31

Americas

USA

Canada

EMEA

Europe

UK

Asia ex. Japan

Japan

2014

Consumer Products and Services

28.6

28.0

26.4

34.2

23.3

35.1

16.9

16.9

35.0

28.7

37.8

32.0

20.1

84.8

24.0

26.5

23.2

Consumer Staples

22.5

22.7

42.0

43.8

36.6

47.0

42.1

21.0

21.9

17.5

19.6

14.4

47.4

53.3

15.3

19.3

33.2

29.2

Energy and Power

29.5

28.7

34.6

30.5

24.0

20.8

56.1

43.5

26.1

25.3

25.1

27.1

44.9

25.9

23.9

25.7

23.2

23.2

Financials

28.3

27.6

32.5

35.3

34.0

37.8

17.9

17.9

25.1

22.1

26.4

23.7

32.2

48.2

24.5

21.9

28.9

14.7

Healthcare

31.4

28.0

39.4

38.0

44.3

38.1

39.3

35.4

24.5

27.0

26.0

26.5

-

26.2

28.6

19.2

17.3

17.3

High Technology

27.6

28.2

36.2

41.4

36.7

42.3

31.6

32.0

28.4

28.5

27.6

28.4

34.1

36.8

22.3

23.3

28.9

27

Industrials

26.8

20.7

33.0

27.6

35.7

23.0

16.6

48.8

30.6

26.0

34.5

28.0

47.3

40.7

20.9

17.1

22.8

18.3

Materials

27.1

29.3

33.3

30.8

24.2

29.0

38.8

31.2

18.6

30.6

17.5

31.7

25.4

45.0

21.3

25.5

24.5

14.9

Media and Entertainment

25.2

24.0

36.4

27.7

38.4

29.0

-

21.3

23.0

26.2

23.0

26.2

27.8

24.5

24.3

22.1

11.4

22.4

Real Estate

22.5

20.8

17.6

29.4

17.4

30.7

21.6

24.5

19.9

18.3

18.7

20.3

31.8

22.3

29.0

22.0

16.0

13.2

Retail

29.8

22.5

45.7

35.0

44.7

31.1

-

-

17.5

18.2

17.5

18.2

65.2

26.1

41.9

11.8

24.7

23.3

Telecommunications

25.0

24.8

50.1

22.6

50.1

24.5

-

-

24.1

25.9

20.1

24.5

-

-

15.2

23.6

24.5

4.7

Average Industry Total

27.2

25.7

34.7

34.0

34.6

34.8

39.1

33.4

25.5

24.5

25.9

25.5

34.1

36.1

22.8

21.7

24.7

21.8

17.9

* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 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 01/01/2014 - 12/31/2015 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 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.

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Full Year 2015 | Mergers & Acquisitions | Financial Advisors

Worldwide Announced Rankings* - A Decade in Review

1

Goldman Sachs & Co

2

2

Morgan Stanley

3

3

JP Morgan

4

4

Bank of America Merrill Lynch

5

5

Citi

6

6

Credit Suisse

7

7

8

8

9

9

10

10

Rank

1

2006

2007

2008

2009

2010

2011

2012

2013

2014

Lazard

Barclays

Deutsche Bank

Centerview Partners LLC

2015

* League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year

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Full Year 2015 | Mergers & Acquisitions | Financial Advisors

Americas M&A Americas M&A up 43% | Healthcare Volume Drives US Activity | Canadian Activity Rises 36% Americas Deals Intelligence

US Announced Advisors by Target Industry

Americas M&A volume during 2015 increased 43.3% over comparable 2014 levels totals, accruing nearly US$2.9 trillion in activity from 15,922 announced deals. Estimated fees generated from completed deals in the Americas totaled US$21.1 billion, a 9.6% increase from fees earned duirng full year 2014.

The Healthcare sector led the US market, with deal volume totaling US$558.3 billion, accounting for a 23.8% market share. High Technology followed, accruing US$387.2 billion for a 16.5% share of the market. Energy & Power rounded out the top 3 sectors, with US$267.8 billion and an 11.4% share of the market. Accumulating US$278.6 billion in transaction value, announced Canadian Involvement activity rose 36% over the totals reached during full year 2014. Completed Canadian Involvement activity was up 13.2% compared to full year 2014, accruing US$216.2 billion from 1,865 deals. In the Americas, Media and Entertainment saw the highest average increase in exit multiples during full year 2015, climbing 4 turns on EBITDA - to 13.8x from the average of 9.8x in 2014. Overall average multiples across industries in the Americas saw a slight increase compared to full year 2015, at 14.5x compared to 14.2x during full year 2014.

US Target Announced M&A Target Industry by Value (US$ bil)

Jan 1 – Dec 31 2015

7.8%

350.0

7.3%

20.6 52.1% 170.8

91.2

41.5%

Rnk Val US$bil

5.7% 4.9%

Energy and Power Industrials Consumer Staples Telecommunications

200.0

84.3

Date Effective Pending Pending Pending Pending Pending 7/2/2015 Pending 7/20/2015 Pending Pending

58.5 45.9 41.3

1 2 3

50.7 41.7 39.3

1 2 3

60.5 52.9 44.7

1 2 3

60.7 59.2 56.6

57.1% 55.6% 52.7%

60.0%

50.0%

44.3% 137.1

40.0%

48.8

55.8 109.9

64.7

5.0 110.4

50.0 60.6 -

2007

18.5 28.7 17.5 2008

110.2

30.0%

60.5

27.5%

2006

Target (% Sought/Acquired) Allergan PLC (100%) Time Warner Cable Inc (98.5%) DuPont (100%) EMC Corp (100%) The Williams Cos Inc (100%) Kraft Foods Group Inc (100%) Cigna Corp (100%) Paypal Holdings Inc (100%) Allergan PLC-Generic Drug Bus (100%) Norfolk Southern Corp (100%)

1 2 3

192.7

28.4 13.6

33.5

2009

2010

51.2 41.5

43.9 33.0

33.5

34.6

77.2

84.4

2011

2012

2013

2014

26.6

20.0%

47.3

52.9

39.3

Top Ten US-Target Announced Deals Rank Date 11/23/2015 5/26/2015 12/11/2015 10/12/2015 6/22/2015 3/25/2015 6/20/2015 7/6/2015 7/27/2015 11/17/2015

64.8 60.4 57.4

250.0

100.0 High Technology Media and Entertainment Financials Retail

1 2 3

No. Deals 1,021 28 15 22 1,737 33 24 24 654 23 15 18 523 14 14 11 841 11 6 3

46.0%

150.0

Healthcare Materials Real Estate Consumer Products and Services Government and Agencies

Mkt. Share

42.7%

300.0

5.9%

23.8%

Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of WW FS Volume YTD

55.5%

400.0

7.6% 16.5%

Rank

US Buyside Financial Sponsor Activity 450.0

11.4%

Rank Val (US$m) 558,347.9 361,881.7 337,204.5 320,290.0 387,176.9 226,563.3 177,740.2 159,763.3 267,807.9 135,743.2 111,779.8 105,127.0 183,458.5 111,013.0 97,085.8 82,063.6 177,809.9 107,953.7 105,277.5 100,547.9

Healthcare JP Morgan Morgan Stanley Goldman Sachs & Co High Technology Goldman Sachs & Co JP Morgan Bank of America Merrill Lynch Energy and Power Citi Barclays Morgan Stanley Materials Goldman Sachs & Co Morgan Stanley Lazard Media and Entertainment Goldman Sachs & Co Bank of America Merrill Lynch Guggenheim Securities LLC

US Targeted M&A also posted significant gains, rising 64.3% over announced M&A during full year 2014. US-targeted volume accrued a total of US$2.3 trillion during full year 2015, driven by 9,962 deals.

Jan 1 - Dec 31 2015

115.1

26.6

10.0%

0.0% 2015

Jan 1 – Dec 31 2015 Acquiror Pfizer Inc Charter Communications Inc The Dow Chemical Co Dell Inc Energy Transfer Equity LP HJ Heinz Co Anthem Inc Shareholders Teva Pharmaceutical Industries Canadian Pacific Railway Ltd

Acquiror / Target Nation United States / United States United States / United States United States / United States United States / United States United States / United States United States / United States United States / United States United States / United States Israel / United States Canada / United States

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Rank Value (US$m) 191,522.1 78,376.6 68,422.1 65,801.8 55,914.1 54,716.5 49,383.2 46,788.8 40,500.0 36,607.7

Target Macro / Mid Industry Healthcare / Pharmaceuticals Media and Entertainment / Cable Materials / Chemicals High Technology / Computers & Peripherals Energy and Power / Oil & Gas Consumer Staples / Food and Beverage Healthcare / Healthcare Providers & Services (HMOs) High Technology / Internet Software & Services Healthcare / Pharmaceuticals Industrials / Transportation & Infrastructure

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Full Year 2015 | Mergers & Acquisitions | Financial Advisors

Americas Rankings Any Americas Involvement Announced (AD49)

Financial Advisor Goldman Sachs & Co Morgan Stanley JP Morgan Bank of America Merrill Lynch Citi Credit Suisse Barclays Centerview Partners LLC Lazard Deutsche Bank Guggenheim Securities LLC UBS Moelis & Co Evercore Partners RBC Capital Markets Allen & Co Inc Rothschild LionTree Advisors LLC Greenhill & Co, LLC M Klein & Co LLC Needham & Co LLC Jefferies LLC BMO Capital Markets BNP Paribas SA Intrepid p Investment Bankers Industry Total†

Rank Value per Advisor (US$m) Rank Value Market Market 2015 2014 Rank Rank US$m Sh (%) Share Ch. 1 1 1,225,443.8 42.6 7.0 ▲ 2 5 1,055,102.9 36.6 16.9 ▲ 3 3 1,026,838.0 35.7 11.6 ▲ 4 2 660,226.6 22.9 -3.5 ▼ 5 4 658,194.9 22.9 2.3 ▲ 6 8 577,032.7 20.0 7.4 ▲ 7 6 510,061.2 17.7 -0.7 ▼ 8 11 486,732.4 16.9 10.6 ▲ 9 7 437,410.9 15.2 1.0 ▲ 10 9 376,111.5 13.1 0.7 ▲ 11 33 365,713.2 12.7 11.5 ▲ 12 12 345,931.1 12.0 6.4 ▲ 13 23 323,679.5 11.2 9.4 ▲ 14 14 304,318.6 10.6 6.3 ▲ 15 13 226,390.2 7.9 2.4 ▲ 16 36 144,005.8 5.0 4.0 ▲ 17 15 113,076.5 3.9 -0.2 ▼ 18 111 98,429.3 3.4 3.3 ▲ 19 19 93,815.9 3.3 0.9 ▲ 20 75,038.9 2.6 2.6 ▲ 21 127 71,180.4 2.5 2.4 ▲ 22 10 70,118.1 2.4 -4.1 ▼ 23 22 61,591.4 2.1 0.3 ▲ 24 31 56,531.3 2.0 0.7 ▲ 25 468* 55,914.1 , 1.9 1.9 ▲ 2,879,525.2 100.0

Industry % Change from Same Period Last Year 43.3% ▲ Industry % Change from Last Quarter 27.4% ▲ †Note: Industry Totals include multiple competing bids for the same Target.

US Target Announced (AD2)

Financial Advisor Goldman Sachs & Co Morgan Stanley JP Morgan Citi Bank of America Merrill Lynch Credit Suisse Barclays Centerview Partners LLC Lazard Guggenheim Securities LLC Moelis & Co Evercore Partners Deutsche Bank UBS RBC Capital Markets Allen & Co Inc LionTree Advisors LLC Greenhill & Co, LLC M Klein & Co LLC Needham & Co LLC Jefferies LLC Intrepid Investment Bankers Wells Fargo & Co Rothschild BNP Paribas SA Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2015 2014 Rank Rank US$m Sh (%) Share Ch. 1 1,091,460.8 46.6 8.9 ▲ 1 2 6 961,010.5 41.0 22.0 ▲ 3 3 903,502.8 38.5 13.4 ▲ 4 4 610,920.4 26.1 3.1 ▲ 5 2 592,976.7 25.3 -3.2 ▼ 6 8 514,865.7 22.0 9.0 ▲ 7 5 481,331.1 20.5 -0.3 ▼ 8 11 480,060.5 20.5 13.3 ▲ 9 7 399,031.0 17.0 2.2 ▲ 10 23 365,587.9 15.6 14.0 ▲ 11 19 310,422.6 13.2 10.9 ▲ 12 13 299,220.6 12.8 7.5 ▲ 13 9 291,558.5 12.4 2.4 ▲ 14 12 291,480.3 12.4 6.3 ▲ 15 15 179,904.7 7.7 3.2 ▲ 16 25 140,946.8 6.0 4.6 ▲ 98,210.9 4.2 17 75 4.1 ▲ 18 17 79,722.6 3.4 0.3 ▲ 19 74,033.9 3.2 3.2 ▲ 3.0 2.9 ▲ 20 77 71,122.0 10 59,832.5 2.6 21 -6.1 ▼ 22 267* 55,914.1 2.4 2.4 ▲ 23 14 45,523.3 1.9 -2.7 ▼ 24 29 0.9 ▲ 44,410.8 1.9 25 45 42,005.9 1.8 1.4 ▲ 2,344,405.8 100.0

64.3% ▲ Industry % Change from Same Period Last Year 32.3% ▲ Industry % Change from Last Quarter †Note: Industry Totals include multiple competing bids for the same Target.

Jan 1 – Dec 31

Any Americas Involvement Completed (AF55)

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 285 1.8 -34 ▼ 245 1.5 +13 ▲ 224 1.4 -1 ▼ 191 1.2 +9 ▲ 175 1.1 -5 ▼ 151 0.9 -16 ▼ 137 0.9 -53 ▼ 46 0.3 +7 ▲ 141 0.9 -12 ▼ 130 0.8 -20 ▼ 27 0.2 +7 ▲ 82 0.5 -6 ▼ 95 0.6 -10 ▼ 117 0.7 -31 ▼ 113 0.7 -29 ▼ 12 0.1 +7 ▲ 116 0.7 +8 ▲ 10 0.1 +1 ▲ 38 0.2 +10 ▲ 5 0.0 +5 ▲ 19 0.1 0 124 0.8 +1 ▲ 59 0.4 +1 ▲ 45 0.3 +8 ▲ 5 0.0 -2 ▼ 15,922 -386

Financial Advisor Goldman Sachs & Co JP Morgan Bank of America Merrill Lynch Morgan Stanley Citi Lazard Barclays Credit Suisse Deutsche Bank Centerview Partners LLC UBS RBC Capital Markets Rothschild Evercore Partners Jefferies LLC Perella Weinberg Partners LP Wells Fargo & Co BMO Capital Markets Allen & Co Inc Guggenheim Securities LLC HSBC Holdings PLC Houlihan Lokey BNP Paribas SA Nomura Greenhill & Co,, LLC Industry Total

-2.4% ▼ -12.0% ▼

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

Jan 1 – Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 188 1.9 -15 ▼ 157 1.6 +27 ▲ 153 1.5 +8 ▲ 110 1.1 -13 ▼ 124 1.2 -1 ▼ 94 0.9 -15 ▼ 96 1.0 -40 ▼ 41 0.4 +8 ▲ 81 0.8 -16 ▼ 26 0.3 +10 ▲ 75 0.8 -19 ▼ 104 1.0 -7 ▼ 81 0.8 -5 ▼ 47 ▼ 0.5 -4 74 0.7 -17 ▼ 11 0.1 +7 ▲ ▲ 9 0.1 +1 28 0.3 +10 ▲ 4 0.0 +4 ▲ 16 -2 0.2 ▼ 98 1.0 -1 ▼ ▼ 0.1 -2 5 45 0.5 -29 ▼ 24 0 0.2 0.1 +4 ▲ 11 9,962 -180 -1.8% ▼ -13.0% ▼

Rank Value per Advisor (US$m) Rank Value Market Market 2015 2014 Rank Rank US$m Sh (%) Share Ch. 1 1 774,792.5 38.7 7.5 ▲ 2 2 621,562.7 31.0 3.9 ▲ 3 5 455,534.7 22.7 -2.3 ▼ 4 3 382,452.5 19.1 -6.8 ▼ 5 6 366,035.9 18.3 -0.2 ▼ 6 10 337,756.8 16.9 7.8 ▲ 7 4 261,951.8 13.1 -12.6 ▼ 8 9 235,445.5 11.8 2.4 ▲ 9 8 225,146.6 11.2 -0.8 ▼ 10 15 208,048.5 10.4 4.8 ▲ 11 7 128,107.1 6.4 -7.0 ▼ 12 14 118,184.4 5.9 -0.1 ▼ 13 24 103,737.8 5.2 3.0 ▲ 14 16 91,801.4 4.6 0.0 ▲ 15 12 77,877.6 3.9 -4.3 ▼ 16 39 76,458.8 3.8 2.9 17 17 60,999.3 3.1 -0.8 ▼ 18 20 59,346.2 3.0 0.7 ▲ 19 30 58,298.0 2.9 1.6 ▲ 20 11 57,829.7 2.9 -5.7 ▼ 21 68 45,981.0 2.3 2.0 ▲ 22 21 43,202.6 2.2 -0.1 ▼ 23 35 39,007.8 2.0 1.0 ▲ 24 37 35,493.3 1.8 0.8 ▲ 25 19 33,856.1 , 1.7 -0.8 ▼ 2,003,032.7 100.0 24.7% ▲ -17.9% ▼

Jan 1 – Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 258 1.9 -7 ▼ 211 1.6 +4 ▲ 162 1.2 -11 ▼ 218 1.6 +13 ▲ 156 1.2 +2 ▲ 129 1.0 -17 ▼ 127 1.0 -44 ▼ 136 1.0 -14 ▼ 124 0.9 +2 ▲ 35 0.3 +3 ▲ 70 0.5 -4 ▼ 106 0.8 -26 ▼ 103 0.8 +26 ▲ 98 0.7 -35 ▼ 122 0.9 +6 ▲ 15 0.1 -9 ▼ 52 0.4 -17 ▼ 51 0.4 -4 ▼ 7 0.1 +1 ▲ 23 0.2 +5 ▲ 19 0.1 +7 ▲ 196 1.5 +24 ▲ 46 0.3 +16 ▲ 26 0.2 -6 ▼ 28 0.2 +10 ▲ 13,255 -285

9.6% ▲ 1.1% ▲

-2.1% ▼ -13.3% ▼

US Target Completed (AF2)

Financial Advisor Goldman Sachs & Co JP Morgan Bank of America Merrill Lynch Citi Lazard Morgan Stanley Barclays Centerview Partners LLC Credit Suisse Deutsche Bank UBS Evercore Partners RBC Capital Markets Jefferies LLC Guggenheim Securities LLC Allen & Co Inc Wells Fargo & Co Houlihan Lokey Greenhill & Co, LLC Blackstone Group LP Stifel/KBW Moelis & Co Qatalyst Partners BMO Capital Markets Rothschild Industry Total

Jan 1 – Dec 31

Rank Value per Advisor (US$m) Rank Value Market Market 2015 2014 Rank Rank US$m Sh (%) Share Ch. 1 1 618,420.0 41.1 7.2 ▲ 2 492,659.2 32.8 0.7 ▲ 2 3 5 22.8 -6.5 ▼ 342,535.3 4 6 316,405.7 21.1 1.7 ▲ 5 13 297,061.2 19.8 13.5 ▲ 6 4 283,658.8 18.9 -11.2 ▼ 7 3 227,144.9 15.1 -15.9 ▼ 8 15 180,736.5 12.0 6.5 ▲ 9 11 175,238.8 11.7 2.4 ▲ 10 12 136,238.5 9.1 0.2 ▲ 11 7 98,383.4 6.6 -10.5 ▲ 12 14 82,620.7 5.5 -0.5 ▼ 13 18 73,529.1 4.9 1.4 ▲ 14 10 67,891.7 4.5 -5.8 ▼ 15 8 57,829.7 3.9 -7.9 ▼ 24 16 55,239.0 3.7 2.0 ▲ 17 17 54,754.8 3.6 -0.5 ▼ 18 20 41,972.2 2.8 0.2 ▲ 19 19 31,577.9 2.1 -1.1 ▼ 20 32 29,519.4 2.0 1.0 ▲ 21 29 1.7 0.5 ▲ 26,126.2 16 24,191.7 1.6 22 -2.9 ▼ 1.6 -0.3 ▼ 23 23 23,983.8 24 34 1.5 0.7 ▲ 23,158.8 25 30 22,199.6 1.5 0.3 ▲ 1,503,075.9 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 2,343.0 11.1 2.6 ▲ 1,585.7 7.5 1.3 ▲ 1,084.3 5.1 0.2 ▲ 1,545.4 7.3 1.1 ▲ 792.2 3.8 0.0 629.4 3.0 0.0 650.2 3.1 1.1 ▼ 685.7 3.3 0.0 529.2 2.5 0.3 ▼ 502.2 2.4 0.8 ▲ 287.9 1.4 0.3 ▼ 337.9 1.6 1.0 ▼ 316.0 1.5 0.5 ▲ 412.8 2.0 0.5 ▼ 481.4 2.3 0.1 ▼ 145.2 0.7 0.2 ▲ 212.2 1.0 0.5 ▼ 152.0 0.7 0.2 ▼ 117.0 0.6 0.3 ▲ 193.0 0.9 0.4 ▲ 45.1 0.2 0.0 381.5 1.8 0.0 118.2 0.6 0.2 ▲ 67.9 0.3 0.0 123.1 0.6 -0.1 ▼ 21,076.2 100.0

30.2% ▲ -23.8% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 174 2.0 +13 ▲ 140 1.6 -4 ▼ 112 1.3 -1 ▼ 102 1.2 -1 ▼ 87 1.0 +1 ▲ 126 1.5 0 89 1.0 -33 ▼ 27 0.3 -2 ▼ 85 1.0 -12 ▼ 79 0.9 +9 ▲ 42 0.5 -8 ▼ 85 1.0 -18 ▼ 67 0.8 -22 ▼ 98 1.1 +7 ▲ 23 0.3 +10 ▲ 6 0.1 +2 ▲ 46 0.5 -18 ▼ 170 2.0 +19 ▲ 19 0.2 +6 ▲ 0.2 -8 ▼ 13 82 1.0 -16 ▼ 72 0.8 -13 ▼ 15 0.2 +3 ▲ 19 0.2 -8 ▼ 20 0.2 -2 ▼ 8,579 -73 -0.8% ▼ -16.1% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 1,912.7 12.5 3.9 ▲ 1,292.7 8.4 1.5 ▲ 908.7 5.9 0.7 ▲ 609.4 4.0 0.0 519.6 3.4 0.6 ▲ 1,147.8 7.5 0.9 ▲ 512.7 3.4 1.2 ▼ 439.4 2.9 0.8 ▲ 539.2 3.5 0.2 ▲ 338.3 2.2 0.4 ▼ 186.5 1.2 0.7 ▼ 353.4 2.3 0.9 ▼ 230.9 1.5 0.7 ▼ 418.4 2.7 0.0 188.5 1.2 0.7 ▲ 104.7 0.7 0.3 ▲ 195.1 1.3 0.8 ▼ 339.8 2.2 0.0 94.9 0.6 0.1 ▼ 99.5 0.7 0.3 ▲ 142.7 0.9 0.3 ▼ 240.9 1.6 0.8 ▼ 312.9 2.0 0.7 ▲ 48.6 0.4 ▼ 0.3 83.9 0.6 0.2 ▲ 15,311.0 100.0 11.6% ▲ -4.0% ▼

* tie

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Full Year 2015 | Mergers & Acquisitions | Financial Advisors

Americas Rankings Any US Involvement Announced (AD41)

Financial Advisor Goldman Sachs & Co Morgan Stanley JP Morgan Bank of America Merrill Lynch Citi Credit Suisse Barclays Centerview Partners LLC Lazard Guggenheim Securities LLC Deutsche Bank UBS Moelis & Co Evercore Partners RBC Capital Markets Allen & Co Inc LionTree Advisors LLC Greenhill & Co, LLC Rothschild M Klein & Co LLC Needham & Co LLC Jefferies LLC Intrepid Investment Bankers BNP Paribas SA Wells Fargo & Co Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2015 2014 Rank Rank US$m Sh (%) Share Ch. 1 1 1,193,729.3 45.2 8.7 ▲ 2 5 1,028,610.6 39.0 19.5 ▲ 14.5 ▲ 3 3 1,000,857.4 37.9 4 2 646,955.1 24.5 -3.7 ▼ 23.7 5 4 625,901.0 2.5 ▲ 6 8 21.3 561,575.0 9.5 ▲ 6 507,445.3 19.2 0.4 ▲ 7 11.3 ▲ 8 11 485,934.5 18.4 16.3 9 7 429,485.9 1.1 ▲ 26 13.9 10 365,713.2 12.5 ▲ 11 9 332,737.6 12.6 1.6 ▲ 12 12 329,353.8 12.5 6.4 ▲ 13 21 315,970.6 12.0 10.0 ▲ 14 15 303,584.5 11.5 7.0 ▲ 15 13 180,353.2 6.8 1.8 ▲ 16 144,005.8 5.5 4.4 ▲ 28 3.7 3.6 ▲ 17 98,210.9 100 3.6 18 17 93,709.3 0.9 ▲ 19 19 3.5 1.3 ▲ 91,345.4 20 74,033.9 2.8 2.8 ▲ 21 108 71,180.4 2.7 2.6 ▲ 22 10 63,079.0 2.4 -5.0 ▼ 23 385* 55,914.1 2.1 2.1 ▲ 24 37 53,500.1 2.0 1.4 ▲ 25 14 51,767.8 2.0 -2.6 ▼ 2 640 336 5 100.0 2,640,336.5 100 0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

49.1% ▲ 25.3% ▲

Any Canadian Involvement Announced (AD42)

Financial Advisor JP Morgan Morgan Stanley RBC Capital Markets Bank of America Merrill Lynch BMO Capital Markets Goldman Sachs & Co Citi Deutsche Bank Credit Suisse CIBC World Markets Inc Macquarie Group Moelis & Co Scotiabank TD Securities Inc Barclays UBS Gresham Partners Rothschild INFOR Financial Inc Lenner & Partners Danske Bank HSBC Holdings PLC Jefferies LLC Sandler O'Neill Partners Ernst & Young LLP Industry Total

Rank Value per Advisor (US$m) Market Rank Value Market 2015 2014 Rank Rank US$m Sh (%) Share Ch. 1 3 107,683.8 38.7 15.4 ▲ 26.7 2 5 74,400.5 11.7 ▲ 3 2 63,868.0 22.9 -0.6 ▼ 11.2 ▲ 4 10 63,428.7 22.8 52,757.1 7.1 ▲ 5 9 18.9 1 6 43,571.2 -11.6 ▼ 15.6 0.1 ▲ 7 8 34,252.5 12.3 8 7 12.0 -0.7 ▼ 33,293.7 6.0 ▲ 9 20 26,360.4 9.5 13 25,173.6 9.0 1.2 ▲ 10 19 8.1 3.4 ▲ 11 22,529.4 12 68 18,886.0 6.8 6.7 ▲ 13 6 15,534.9 5.6 -7.5 ▼ 14 11 5.4 -3.7 ▼ 15,071.5 15 4 13,107.5 4.7 -17.0 ▼ 16 32 10,501.4 3.8 2.7 ▲ 17 9,306.6 3.3 3.3 ▲ 18 24 9,051.2 3.3 0.4 ▲ 19 7,274.3 2.6 2.6 ▲ 20* 6,954.1 2.5 2.5 ▲ 20* 6,954.1 2.5 2.5 ▲ 22 47 6,435.5 2.3 1.9 ▲ 23 46 6,292.8 2.3 1.9 ▲ 24 5,596.1 2.0 2.0 ▲ 25 38 4,886.3 1.8 1.2 ▲ 278,637.1 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

36.0% ▲ 82.7% ▲

Jan 1 – Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 260 2.0 -26 ▼ 220 ▲ 1.7 +20 211 ▲ 1.6 +13 171 1.3 +8 ▲ 150 1.1 -14 ▼ 135 1.0 -1 ▼ 128 1.0 -44 ▼ 45 0.3 +7 ▲ 125 1.0 -17 ▼ 27 0.2 +8 ▲ 113 0.9 -23 ▼ 68 0.5 -13 ▼ 90 0.7 -12 ▼ 113 0.9 -16 ▼ 0.6 -24 ▼ 78 12 0.1 +7 ▲ 9 0.1 +1 ▲ 36 0.3 +9 ▲ 91 0.7 +17 ▲ 4 ▲ 0.0 +4 19 0.1 0 115 0.9 -3 ▼ 5 0.0 -2 ▼ 36 0.3 +13 ▲ 51 0.4 -28 ▼ 13 066 13,066 -236 236 -1.8% ▼ -13.7% ▼

Jan 1 – Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 25 1.0 +4 ▲ 22 0.9 -3 ▼ 52 2.2 -5 ▼ 18 0.7 +4 ▲ 38 1.6 +3 ▲ 22 0.9 -12 ▼ 0.4 -1 10 ▼ 17 0.7 +9 ▲ 17 0.7 +7 ▲ 38 1.6 -14 ▼ 18 0.7 -3 ▼ 0.5 +9 12 ▲ 15 0.6 -12 ▼ 30 1.2 -20 ▼ -7 ▼ 0.6 15 0.4 +4 ▲ 9 1 0.0 +1 ▲ 13 0.5 +2 ▲ 0.2 +5 ▲ 5 1 0.0 +1 ▲ ▲ 1 0.0 +1 5 0.2 +4 ▲ 10 0.4 +2 ▲ 5 0.2 +5 ▲ 7 0.3 -1 ▼ 2,412 -241 -9.1% ▼ -10.3% ▼

Any US Involvement Completed (AF48)

Financial Advisor Goldman Sachs & Co JP Morgan Bank of America Merrill Lynch Citi Morgan Stanley Lazard Barclays Centerview Partners LLC Credit Suisse Deutsche Bank UBS Evercore Partners RBC Capital Markets Jefferies LLC Perella Weinberg Partners LP Rothschild Wells Fargo & Co Allen & Co Inc Guggenheim Securities LLC Houlihan Lokey HSBC Holdings PLC Greenhill & Co, LLC Blackstone Group LP Moelis & Co BNP Paribas SA Industry Total

Rank Value per Advisor (US$m) Market Rank Value Market 2015 2014 US$m Sh (%) Share Ch. Rank Rank 1 722,301.1 1 7.3 ▲ 40.5 2 2 551,276.9 1.2 ▲ 30.9 3 5 437,796.1 24.5 -1.5 ▼ 4 6 343,164.7 19.2 0.4 ▲ -9.2 ▼ 5 3 334,877.3 18.8 6 18.4 8.6 ▲ 9 327,809.2 7 4 241,939.5 13.6 -14.3 ▼ 8 14 207,250.6 11.6 5.4 ▲ 9 13 205,146.8 11.5 3.0 ▲ 10 8 169,990.7 9.5 -2.3 ▼ 11 7 115,105.4 6.5 -8.1 ▼ 12 15 83,940.4 4.7 -0.5 ▼ 13 16 74,420.1 4.2 -0.4 ▼ 12 71,724.1 4.0 -5.2 ▼ 14 15 33 69,250.5 3.9 2.9 ▲ 16 24 63,656.0 3.6 1.9 ▲ 17 60,999.3 3.4 -1.0 ▼ 17 1.9 ▲ 18 27 58,298.0 3.3 19 10 57,829.7 3.2 -6.5 ▼ 20 21 42,589.5 2.4 0.2 ▲ 21 1.9 1.6 ▲ 61 34,267.4 22 19 33,749.4 1.9 -1.0 ▼ 23 34 30,866.0 1.7 0.7 ▲ 24 18 29,571.5 1.7 -2.2 ▼ 25 45 28,005.9 1.6 1.1 ▲ 1 785 171 5 100.0 1,785,171.5 100 0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

26.2% ▲ -17.5% ▼

Jan 1 – Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals -9 231 2.1 ▼ 189 1.7 +1 ▲ 149 1.3 0 ▲ 141 1.3 +5 1.7 +7 ▲ 189 118 1.1 -18 ▼ 116 1.0 -42 ▼ 34 0.3 +3 ▲ 114 1.0 -9 ▼ 112 1.0 +3 ▲ 60 0.5 -7 ▼ 92 0.8 -25 ▼ 70 0.6 -30 ▼ 114 1.0 +3 ▲ 0.1 -9 ▼ 14 77 0.7 +22 ▲ 52 0.5 -17 ▼ 7 0.1 +1 ▲ 23 0.2 +6 ▲ 186 1.7 +19 ▲ 12 0.1 +4 ▲ 26 0.2 +9 ▲ 17 0.2 -10 ▼ 85 0.8 -11 ▼ 34 0.3 +16 ▲ 11 177 11,177 -132 132

9.6% ▲ -0.1% ▼

-1.2% ▼ -15.1% ▼

Any Canadian Involvement Completed (AF49)

Financial Advisor JP Morgan RBC Capital Markets BMO Capital Markets Goldman Sachs & Co Deutsche Bank Bank of America Merrill Lynch Morgan Stanley Credit Suisse Citi CIBC World Markets Inc Barclays TD Securities Inc Nomura Macquarie Group UBS Rothschild Scotiabank BNP Paribas SA INFOR Financial Inc Lenner & Partners Danske Bank Sandler O'Neill Partners Jefferies LLC Union Square Advisors LLC Qatalyst Partners Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2015 2014 Rank Rank US$m Sh (%) Share Ch. 18.9 ▲ 1 5 74,720.0 34.6 52,730.5 24.4 -6.6 ▼ 2 1 52,497.5 24.3 3 9 11.7 ▲ 4 3 50,931.1 23.6 6.6 ▲ 5 11 34,468.1 15.9 6.5 ▲ 6 4 28,181.3 13.0 -3.2 ▼ 7 8 26,324.5 12.2 -2.1 ▼ 11.4 6.6 ▲ 8 19 24,716.1 9 24,077.1 11.1 7 -3.6 ▼ 10 14 19,657.2 9.1 2.1 ▲ 11 17,977.7 8.3 -12.4 ▼ 2 12 12 15,459.6 7.2 -1.6 ▼ 13 47 12,797.7 5.9 5.6 ▲ 14 15 -1.5 ▼ 10,477.8 4.9 23 9,167.7 15 4.2 1.6 ▲ 16 29 9,085.1 4.2 2.8 ▲ 17 6 8,718.5 4.0 -11.3 ▼ 18 27 7,301.8 3.4 1.7 ▲ 19 7,274.3 3.4 3.4 ▲ 20* 6,954.1 3.2 3.2 ▲ 20* 6,954.1 3.2 3.2 ▲ 22 5,441.0 2.5 2.5 ▲ 23 26 4,990.3 2.3 0.5 ▲ 24* 4,674.0 2.2 2.2 ▲ 24* 4,674.0 2.2 2.2 ▲ 216,204.8 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

13.2% ▲ -38.0% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 2,200.1 11.7 11.7 ▲ 1,474.4 7.9 ▲ 7.9 1,030.2 5.5 5.5 ▲ 3.9 732.0 3.9 ▲ 7.5 1,409.6 7.5 ▲ 614.1 3.3 3.3 ▲ 610.6 3.3 3.3 ▲ 495.5 2.6 2.6 ▲ 631.6 3.4 3.4 ▲ 472.1 2.5 2.5 ▲ 261.3 1.4 1.4 ▲ 380.5 2.0 2.0 ▲ 237.1 1.3 1.3 ▲ 461.4 2.5 2.5 ▲ 135.8 0.7 0.7 ▲ 247.2 1.3 1.3 ▲ 212.2 1.1 1.1 ▲ 117.0 0.6 0.6 ▲ 193.0 1.0 1.0 ▲ 363.1 1.9 1.9 ▲ 29.1 0.2 0.2 ▲ 120.5 0.6 0.6 ▲ 108.2 0.6 0.6 ▲ 288.0 1.5 1.5 ▲ 90.3 0.5 0.5 ▲ 18 740 9 100.0 18,740.9 100 0

Jan 1 – Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 22 0.1 +3 ▲ 47 0.2 -2 ▼ 36 0.1 +2 ▲ 21 0.1 -8 ▼ 10 0.0 0 15 0.0 +1 ▲ 18 0.1 -5 ▼ ▲ 16 0.1 +4 8 0.0 -3 ▼ 40 0.1 +2 ▲ 17 0.1 -5 ▼ 32 0.1 -9 ▼ 1 0.0 0 15 0.0 -9 ▼ 9 0.0 +4 ▲ 12 0.0 +3 ▲ 0.0 -13 ▼ 14 4 0.0 -4 ▼ 5 0.0 +5 ▲ 1 0.0 +1 ▲ 1 0.0 +1 ▲ 0.0 +2 ▲ 2 8 0.0 -2 ▼ 2 0.0 +2 ▲ 1 0.0 +1 ▲ 1,865 -197 -9.6% ▼ -13.9% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 149.4 5.7 2.7 ▲ 136.2 5.2 3.7 ▼ 116.4 4.5 0.5 ▲ 148.9 5.7 0.8 ▼ 67.8 2.6 0.9 ▲ 110.4 4.2 0.9 ▲ 123.5 4.7 0.5 ▲ 0.2 ▲ 68.8 2.6 63.5 2.4 0.3 ▼ 136.9 5.3 1.2 ▲ 78.2 3.0 1.0 ▼ 92.5 3.6 0.7 ▼ 23.4 0.9 0.8 ▲ 41.7 1.6 0.4 ▼ 23.7 0.9 0.2 ▲ 41.2 1.6 0.3 ▲ 44.6 1.7 4.0 ▼ 21.8 0.8 0.4 ▼ 10.1 0.4 0.4 ▲ 15.0 0.6 ▲ 0.6 12.7 0.5 0.5 ▲ 0.5 0.5 ▲ 13.7 26.4 1.0 0.5 ▼ 3.5 0.1 0.1 ▲ 46.0 1.8 1.8 ▲ 2,605.8 100.0 -2.4% ▼ -21.5% ▼

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Full Year 2015 | Mergers & Acquisitions | Financial Advisors

EMEA M&A EMEA Announced M&A Up 13.9% | Consumer Staples Highest Valued Sector | Financial Sponsor Activity drops EMEA Deals Intelligence

EMEA Involvement Announced Advisors by Target Industry Rank Val US$m

Announced M&A activity with EMEA involvement totaled US$1.45 trillion in the full year of 2015, up 13.9% compared to the US$1.26 trillion reached last year.

Consumer Staples Lazard Goldman Sachs & Co Bank of America Merrill Lynch Energy and Power Bank of America Merrill Lynch Lazard Industrials Rothschild Citi Bank of America Merrill Lynch Healthcare Barclays Goldman Sachs & Co Morgan Stanley Financials Goldman Sachs & Co Morgan Stanley UBS

Estimated fees accumulated on EMEA deals completed in the full year of 2015 were up 3.7% from last year, totaling US$11.7 trillion, according to estimates from Thomson Reuters/Freeman Consulting. The Consumer Staples sector led the EMEA marketplace, with 1,324 deals totaling a combined US$190.4 billion, including the SABmiller PlC and Anheuser-Busch Inbev deal, which was the largest European deal of the year, valued at US$120.8 billion. Energy and Power accrued US$174.7 billion, and Industrials totaled US$172.0 billion of activity. Financial sponsors were less active this year so far compared to full year of 2014. EMEA-targeted buyside financial sponsor activity reached US$130.2 billion in the full year of 2015, down 21.5% from the US$165.8 billion reported for the same period last year. Acquirors listed on the Euronext Brussels Exchange were EMEA's most acquisitive companies for the full year of 2015, with a combined total of US$130.7 billion in offers.

Jan 1 - Dec 31 2015

$250

Amsterdam

$45.6

Rank Value (US$b)

New York $113.6

Zurich Nasdaq

$64.0

1 2 3

31.5 30.4 30.1

1 2 3

48.7 46.9 35.8

1 2 3

68.9 49.3 46.8

$200

% of YTD EMEA M&A

$54.2

$100

$50

13.2%

$24.9

$46.1

$75.9

$74.8

BMFBOVESPA

$44.3

9.4% 7.5%

2006

2007

$31.6

$22.3 $24.9 $37.2

$23.9 $37.7

$24.2

$18.6

$33.3

$27.4

$16.6 $15.6

$21.9

$18.5

$25.8

2008

2009

2010

2011

2012

2013

Top Ten EMEA Involvement Announced Deals

$29.8

$31.5

10%

$27.5 $24.0

$18.5 $14.6 $9.0

$0

15%

$45.1

10.2% $85.6

20%

18.3%

14.1%

$60.4

$28.2

OMX Stockholm

18.3%

17.1%

13.2% $150

25%

Q1 Volume (US$b)

$68.0

Madrid

$82.1

53.9 53.4

Q2 Volume (US$b)

$90.8

Swiss Stock Exchange

$57.9

1 2

1,324 13 9 8 1,248 16 13 2,834 50 26 17 1,070 8 22 11 1,977 6 3 5

Q3 Volume (US$b)

19.7%

London $130.7

75.5 73.1 71.8

Q4 Volume (US$b)

$300

$44.7

No. Deals

1 2 3

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity) g p ( y p y)

Euronext Brussels

$16.8 $16.6 $15.9

Rank

% of EMEA

Primary EMEA Companies - Top y Listing g of Most Acquisitive q p p 10 ((US$b) $ )

190,447.5 143,865.9 139,120.5 136,704.6 174,694.7 94,105.2 93,361.3 172,012.7 54,136.5 52,345.3 51,725.0 163,624.2 79,635.4 76,741.3 58,507.3 158,364.1 21,013.3 15,038.6 14,277.8

Jan 1 - Dec 31 2015 Mkt. Share

$19.3

$43.2 $41.0 $47.7

5%

$30.2 0%

2014

2015

Jan 1 – Dec 31 2015

Rank Date

Status

Target (% Sought/Acquired)

Acquiror

Acquiror / Target Nation

Rank Value (US$m)

Target Macro / Mid Industry

10/7/2015 4/8/2015 7/27/2015 8/4/2015 7/1/2015 11/2/2015 12/7/2015 9/17/2015 11/10/2015 7/9/2015

Pending Pending Pending Pending Pending Pending Completed Pending Pending Pending

SABMiller PLC (100%) BG Group PLC (100%) Allergan PLC-Generic Drug Bus (100%) Baxalta Inc (100%) Chubb Corp (100%) Visa Europe Ltd (100%) Steinhoff International (100%) Cablevision Systems Corp (100%) New Kansai Intl-Op Concession (100%) Procter & Gamble Co-Beauty (100%)

Anheuser-Busch Inbev Royal Dutch Shell PLC Teva Pharmaceutical Industries Shire PLC ACE Ltd Visa Inc Genesis Intl Hldg NV Investor Group Kansai Airports Coty Inc

Belgium / United Kingdom Netherlands / United Kingdom Israel / United States Ireland-Rep / United States Switzerland / United States United States / United Kingdom Netherlands / South Africa Netherlands / United States France / Japan United States / United States

120,785.2 81,009.7 40,500.0 33,741.4 28,533.6 23,964.4 22,671.4 18,108.5 17,911.2 16,917.8

Consumer Staples / Food and Beverage Energy and Power / Oil & Gas Healthcare / Pharmaceuticals Healthcare / Pharmaceuticals Financials / Insurance Financials / Other Financials Consumer Products and Services / Home Furnishings Media and Entertainment / Cable Industrials / Transportation & Infrastructure Consumer Products and Services / Other Consumer Products

* Undisclosed

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Full Year 2015 | Mergers & Acquisitions | Financial Advisors

EMEA Rankings Any EMEA Involvement Announced (AD47)

Financial Advisor Goldman Sachs & Co Morgan Stanley JP Morgan Bank of America Merrill Lynch Deutsche Bank Barclays Lazard Rothschild Citi BNP Paribas SA Robey Warshaw LLP Credit Suisse UBS HSBC Holdings PLC Evercore Partners Greenhill & Co, LLC Societe Generale Centerview Partners LLC Perella Weinberg Partners LP Guggenheim Securities LLC Zaoui & Co Moelis & Co Jefferies LLC Nomura Mediobanca Industry Total

2015 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Rank Value per Advisor (US$m) Rank Value Market Market 2014 Rank US$m Sh (%) Share Ch. 583,918.1 8.5 ▲ 1 40.4 2 547,755.8 37.9 11.9 ▲ 12.5 ▲ 3 37.8 546,742.7 10.3 ▲ 31.8 5 459,873.5 23.6 0.9 ▲ 341,458.1 4 8.2 ▲ 8 339,047.1 23.5 23.1 5.0 ▲ 7 333,957.1 246,859.6 9 2.6 ▲ 17.1 213,463.6 -5.6 ▼ 6 14.8 11 206,664.6 14.3 2.5 ▲ 29 202,451.4 12.3 ▲ 14.0 166,048.5 11.5 10 -1.3 ▼ 119,448.3 12 8.3 -2.6 ▼ 78,253.9 5.4 0.1 ▲ 17 5.3 3.1 ▲ 22 76,049.8 2.9 ▲ 34 59,249.0 4.1 -2.8 ▼ 3.8 15 54,640.7 19 -0.6 ▼ 49,575.7 3.4 -5.6 ▼ 13 47,530.5 3.3 1.9 ▲ 31 47,031.7 3.3 16 2.4 34,917.3 -3.2 ▼ 34,809.7 48 2.4 1.6 ▲ 33,532.0 0.5 ▲ 27 2.3 20 29,739.7 2.1 -1.4 ▼ 32 27,463.1 1.9 0.7 ▲ 1 445 267 3 100 0 1,445,267.3 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

13.9% ▲ 15.9% ▲

Any European Involvement Announced (AD21)

Financial Advisor Goldman Sachs & Co Morgan Stanley JP Morgan Bank of America Merrill Lynch Deutsche Bank Lazard Barclays Rothschild Citi BNP Paribas SA Robey Warshaw LLP Credit Suisse UBS HSBC Holdings PLC Evercore Partners Societe Generale Centerview Partners LLC Guggenheim Securities LLC Perella Weinberg Partners LP Zaoui & Co Moelis & Co Mediobanca Nomura Sumitomo Mitsui Finl Grp Inc Credit Agricole CIB Industry Total

2015 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Rank Value per Advisor (US$m) Market Rank Value Market 2014 US$m Sh (%) Share Ch. Rank 8.9 ▲ 42.4 563,258.4 1 40.3 535,902.5 2 13.2 ▲ 501,298.5 37.7 11.3 ▲ 3 34.0 5 451,843.6 11.6 ▲ 25.4 337,915.9 2.3 ▲ 4 333,112.1 6.2 ▲ 25.1 7 293,907.4 22.1 6.6 ▲ 8 9 235,450.6 2.8 ▲ 17.7 208,956.3 15.7 -4.9 ▼ 6 11 206,664.6 15.6 3.3 ▲ 202,451.4 29 13.4 ▲ 15.2 10 166,048.5 12.5 -0.9 ▼ -2.2 ▼ 12 119,207.3 9.0 17 77,672.6 5.8 0.6 ▲ 22 75,310.3 5.7 3.4 ▲ 15 54,640.7 4.1 -2.8 ▼ 18 3.7 -0.5 ▼ 49,575.7 3.5 31 47,031.7 2.0 ▲ -5.9 ▼ 3.4 13 45,610.3 16 34,917.3 2.6 -3.3 ▼ 2.6 60 34,630.1 2.1 ▲ 27,463.1 0.8 ▲ 32 2.1 2.0 -1.6 ▼ 20 26,906.4 2.0 186 2.0 ▲ 26,498.8 24,547.9 -5.2 ▼ 14 1.9 100.0 1,329,096.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

38.3% ▲ 1.9% ▲

Jan 1 – Dec 31

Any EMEA Involvement Completed (AF53)

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 170 0.4 +1 ▲ 155 0.4 -14 ▼ 149 ▼ 0.4 -10 129 0.3 +8 ▲ 112 0.3 -34 ▼ 97 0.2 -24 ▼ 161 0.4 -3 ▼ 295 0.7 +38 ▲ 0.3 +12 139 ▲ 112 0.3 ▼ -7 3 0.0 0 ▼ 84 0.2 -14 ▼ 77 0.2 -18 57 0.1 +7 ▲ 0.1 -6 49 ▼ 0.1 +5 25 ▲ -4 0.1 53 ▼ ▼ 0.0 11 -7 0.0 10 -9 ▼ 0.0 +1 6 ▲ 6 ▼ 0.0 -3 30 -5 0.1 ▼ 0.1 +17 ▲ 62 45 ▲ 0.1 +8 0.1 +2 48 ▲ 18 210 +224 18,210

Financial Advisor Goldman Sachs & Co JP Morgan Morgan Stanley Citi Lazard Bank of America Merrill Lynch Deutsche Bank Rothschild Credit Suisse Barclays BNP Paribas SA UBS HSBC Holdings PLC Zaoui & Co Perella Weinberg Partners LP Societe Generale Credit Agricole CIB Nomura Centerview Partners LLC Natixis Mediobanca Jefferies LLC Evercore Partners Macquarie Group RBC Capital Markets Industry Total

1.2% ▲ -14.3% ▼

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

Jan 1 – Dec 31

2015 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Rank Value per Advisor (US$m) Rank Value Market Market 2014 Rank US$m Sh (%) Share Ch. 354,510.1 -0.9 ▼ 1 35.3 3 -5.1 ▼ 262,905.5 26.1 23.8 -7.8 ▼ 2 239,196.8 8 214,720.3 21.4 6.9 ▲ 6.7 ▲ 9 20.7 207,900.1 20.1 -9.5 ▼ 201,923.4 4 7 -1.5 ▼ 194,780.0 19.4 176,902.2 17.6 7.3 ▲ 13 14 139,314.3 13.9 5.1 ▲ 11.4 -12.8 ▼ 114,951.1 5 12 10.4 104,942.6 -0.7 ▼ 10.3 6 -11.7 ▼ 103,181.2 7.1 ▲ 27 90,195.4 9.0 6.9 47 68,919.9 6.0 ▲ 63,307.2 6.3 19 2.4 ▲ 17 53,843.4 5.4 0.3 ▲ -0.8 ▼ 16 50,062.3 5.0 26 46,067.7 4.6 2.7 ▲ 18 -0.9 ▼ 37,542.1 3.7 51 35,913.6 3.6 2.9 ▲ 1.1 ▲ 24,364.4 2.4 36 24,295.5 2.4 29 0.7 ▲ 23,982.0 2.4 1.0 ▲ 35 25 21,792.0 0.3 ▲ 2.2 21,451.2 2.1 0.9 ▲ 38 1 005 646 0 100 0 1,005,646.0 100.0 -3.9% ▼ 14.5% ▲

Jan 1 – Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 154 1.0 -2 ▼ 138 ▲ 0.9 +1 ▲ 144 1.0 +6 112 ▲ 0.7 +9 140 0.9 -23 ▼ 103 0.7 0 104 0.7 -20 ▼ 1.6 +40 247 ▲ 0.5 -16 ▼ 76 90 ▼ 0.6 -14 0.6 -21 ▼ 94 71 ▼ 0.5 -12 49 0.3 +16 ▲ 7 ▲ 0.0 +3 10 0.1 -8 ▼ 43 ▼ 0.3 -15 44 ▼ 0.3 -14 38 ▲ 0.3 +7 12 0.1 ▼ -1 45 0.3 +29 ▲ 37 -8 ▼ 0.2 56 ▲ 0.4 +11 34 -9 ▼ 0.2 29 ▼ -5 0.2 0.1 21 ▼ -2 14 999 +116 14,999 0.8% ▲ -16.9% ▼

3.7% ▲ 4.0% ▲

Any European Involvement Completed (AF3)

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals -2 ▼ 162 0.9 ▼ 147 0.9 -19 ▼ 143 0.8 -12 0.7 +8 ▲ 123 ▼ 0.6 -33 109 -3 ▼ 0.9 157 ▼ 0.5 -20 90 ▲ 290 +40 1.7 ▲ 130 0.8 +10 -3 111 0.7 ▼ 0.0 0 3 -9 ▼ 83 0.5 0.4 -12 ▼ 75 ▲ 52 0.3 +8 -7 45 0.3 ▼ 0.3 53 -4 ▼ 0.1 ▼ -7 11 ▲ 0.0 +1 6 0.0 -10 7 ▼ ▼ 6 0.0 -3 -5 27 0.2 ▼ 0.3 +2 ▲ 48 0.3 +10 ▲ 44 0.1 +9 ▲ 15 ▼ 44 0.3 -15 +291 17,053

Financial Advisor Goldman Sachs & Co JP Morgan Morgan Stanley Lazard Citi Bank of America Merrill Lynch Deutsche Bank Rothschild Credit Suisse Barclays BNP Paribas SA UBS HSBC Holdings PLC Zaoui & Co Perella Weinberg Partners LP Societe Generale Credit Agricole CIB Nomura Centerview Partners LLC Natixis Mediobanca Evercore Partners Jefferies LLC Macquarie Group RBC Capital Markets Industry Total

3.4% ▲ -0.1% ▼

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

2015 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Rank Value per Advisor (US$m) Rank Value Market Market 2014 US$m Sh (%) Share Ch. Rank 349,726.8 36.7 1 -1.0 ▼ 257,055.0 3 27.0 -5.4 ▼ 2 25.0 238,425.5 -7.4 ▼ 9 207,055.1 7.3 ▲ 21.7 8 205,363.8 21.5 6.7 ▲ 4 193,893.6 20.3 -9.9 ▼ 7 184,194.9 19.3 -2.3 ▼ 176,627.2 13 18.5 8.0 ▲ 14 139,314.3 14.6 5.7 ▲ 108,055.9 5 -13.7 ▼ 11.3 12 104,822.6 11.0 -0.3 ▼ 6 -11.6 ▼ 102,940.1 10.8 27 86,648.0 7.1 ▲ 9.1 47 68,919.9 7.2 6.2 ▲ 19 62,316.4 6.5 2.5 ▲ 0.3 ▲ 17 5.6 53,843.4 15 50,062.3 5.3 -0.7 ▼ 25 2.5 ▲ 43,234.5 4.5 37,542.1 18 3.9 -0.9 ▼ 51 3.0 ▲ 35,913.6 3.8 1.3 ▲ 2.6 36 24,364.4 1.0 ▲ 23,882.0 2.5 35 2.5 29 0.7 ▲ 23,720.8 0.5 ▲ 28 21,792.0 2.3 1.1 ▲ 40 21,451.2 2.3 953,926.8 100.0 -5.1% ▼ 17.4% ▲

Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch. 8.3 0.8 ▲ 963.0 0.6 ▲ 675.2 5.8 1.2 ▲ 6.2 721.8 0.0 384.7 3.3 418.8 3.6 0.9 ▼ 3.3 0.1 ▼ 384.0 1.1 ▼ 3.1 365.3 5.2 0.6 ▲ 605.4 0.1 ▼ 287.4 2.5 0.6 ▼ 2.7 313.2 0.4 ▼ 235.2 2.0 0.3 ▼ 195.4 1.7 131.7 1.1 0.5 ▲ 0.3 ▲ 0.4 51.7 0.1 ▲ 86.6 0.7 0.5 ▼ 67.7 0.6 0.2 ▼ 42.7 0.4 110.0 0.9 0.3 ▲ 94.1 0.2 ▼ 0.8 39.6 0.3 0.1 ▲ 0.5 52.6 0.1 ▲ 1.1 0.3 ▼ 127.3 0.1 0.3 ▲ 0.2 0.8 89.4 0.1 ▲ 0.7 0.1 ▼ 83.6 11 654 8 100 0 11,654.8 100.0

Jan 1 – Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals -7 ▼ 147 1.0 133 -1 ▼ 0.9 1.0 +5 ▲ 139 1.0 -21 ▼ 137 0.7 +4 105 ▲ 97 0.7 -1 ▼ 99 0.7 -21 ▼ 1.7 +39 243 ▲ 74 0.5 -15 ▼ 0.6 -13 ▼ 85 ▼ 0.6 -19 92 69 0.5 ▼ -4 ▲ 43 0.3 +11 0.0 +3 7 ▲ 0.1 ▼ 8 -8 ▼ 0.3 -15 43 0.3 -14 44 ▼ 0.3 +6 37 ▲ 0.1 -1 12 ▼ 0.3 +29 45 ▲ 37 0.3 ▼ -8 0.2 -9 32 ▼ 52 0.4 +8 ▲ 28 ▼ 0.2 -4 0.1 21 -1 ▼ 14,210 +143 1.0% ▲ -17.7% ▼

Imputed Fees (US$m) Market Advisor Market Sh (%) Share Ch. Fees 921.4 8.3 0.6 ▲ 0.3 ▲ 632.1 5.7 705.9 6.4 1.3 ▲ 3.7 0.8 ▼ 411.6 3.2 0.1 ▼ 360.5 362.1 3.3 0.0 350.6 3.2 1.1 ▼ 5.4 0.7 ▲ 599.0 266.7 2.4 0.2 ▼ 2.7 0.6 ▼ 298.4 227.0 2.0 0.3 ▼ 191.1 1.7 0.2 ▼ 113.4 1.0 0.5 ▲ 0.5 51.7 0.4 ▲ 75.2 0.7 0.1 ▲ 67.7 0.6 0.5 ▼ 0.2 ▼ 42.7 0.4 106.5 0.3 ▲ 1.0 0.9 0.2 ▼ 94.1 39.6 0.4 0.2 ▲ 0.5 52.6 0.1 ▲ 0.3 ▲ 1.2 132.2 0.4 ▼ .2 0.1 85.8 0.1 ▲ 0.8 83.6 0.1 ▲ 0.8 11,125.2 100.0 2.7% ▲ 7.0% ▲

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Full Year 2015 | Mergers & Acquisitions | Financial Advisors

EMEA Rankings Any UK Involvement Announced (AD32)

Financial Advisor Goldman Sachs & Co JP Morgan Morgan Stanley Bank of America Merrill Lynch Lazard Robey Warshaw LLP Barclays Deutsche Bank Rothschild BNP Paribas SA UBS Credit Suisse HSBC Holdings PLC Perella Weinberg Partners LP Citi Moelis & Co Evercore Partners Greenhill & Co, LLC Macquarie Group Jefferies LLC Nomura Qatalyst Partners RBC Capital Markets LionTree Advisors LLC Ernst & Young LLP Industry Total

2015 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Rank Value per Advisor (US$m) Rank Value Market Market 2014 Rank Sh (%) Share Ch. US$m 338,271.5 56.0 20.8 ▲ 2 50.9 1 307,868.1 15.4 ▲ 18.9 ▲ 3 285,258.6 47.2 21.0 ▲ 6 41.9 253,345.3 8 241,988.9 40.0 22.3 ▲ 13 27.9 ▲ 202,451.4 33.5 4 186,620.5 30.9 6.0 ▲ 180,686.7 10.9 ▲ 29.9 7 9 12.7 ▲ 25.1 151,523.5 123,151.3 20.4 15.5 ▲ 16 77,383.8 10 12.8 3.5 ▲ 14 64,366.0 10.7 5.3 ▲ 42,509.6 24 3.9 ▲ 7.0 11 41,282.6 -1.1 ▼ 6.8 5 37,357.4 -14.9 ▼ 6.2 40 28,725.4 4.1 ▲ 4.8 28,530.4 21 4.7 1.3 ▲ 17,751.4 23 2.9 -0.3 ▼ 26 16,856.8 0.0 ▲ 2.8 15,358.9 19 2.5 -1.1 ▼ -2.1 ▼ 15,034.9 17 2.5 8,928.1 1.5 ▲ 1.5 15 -3.6 ▼ 8,881.9 1.5 108 1.4 ▲ 1.5 8,877.9 18 -2.3 ▼ 8,348.1 1.4 604 416 8 100 0 604,416.8 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

58.9% ▲ 115.2% ▲

Any French Involvement Announced (AD33) * tie Financial Advisor Bank of America Merrill Lynch BNP Paribas SA Morgan Stanley Rothschild Citi Societe Generale Goldman Sachs & Co JP Morgan Deutsche Bank Credit Suisse Zaoui & Co Barclays Credit Agricole CIB Sumitomo Mitsui Finl Grp Inc HSBC Holdings PLC Lazard UBS Sycomore Corporate Finance SAS Davy Goodbody Stockbrokers Canaccord Genuity Duff & Phelps DC Advisory Callisto Natixis Industry Total

2015 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19* 19* 21 22 23 24 25

Rank Value per Advisor (US$m) Market Market Rank Value 2014 Sh (%) Share Ch. Rank US$m 17.7 ▲ 63,278.6 13 38.6 -16.7 ▼ 33.0 1 54,094.4 52,439.5 32.0 -9.9 ▼ 5 50,065.5 30.5 -13.3 ▼ 3 48,735.4 29.7 2.7 ▲ 9 8 47,952.5 29.2 0.0 ▲ 4 47,247.4 28.8 -13.5 ▼ 37,778.0 23.0 0.8 ▲ 12 17.4 10 -8.5 ▼ 28,569.4 -22.4 ▼ 6 25,195.1 15.4 -2.8 ▼ 14.7 15 24,036.4 17 22,167.1 13.5 -1.4 ▼ 12.9 7 21,211.0 -20.0 ▼ 11.0 18,065.2 11.0 ▲ -9.1 ▼ 14 17,902.5 10.9 2 16,852.0 10.3 -37.0 ▼ 12,290.1 7.5 -17.2 ▼ 11 7,959.4 21 4.9 1.3 ▲ 4.5 4.5 ▲ 7,369.6 7,369.6 4.5 ▲ 4.5 2.0 ▲ 3,943.3 46 2.4 3,583.2 2.2 2.1 ▲ 76 3,305.8 2.0 1.7 ▲ 47 3,219.6 2.0 1.4 ▲ 39 2,932.3 1.8 -14.3 ▼ 16 164,071.3 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter * tie

-28.8% ▼ 130.7% ▲

Jan 1 – Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 87 2.1 +13 63 1.5 -8 ▼ 57 1.4 +2 ▲ 33 0.8 -13 ▼ 54 1.3 +4 ▲ 0.1 3 0 50 ▲ 1.2 +1 35 -7 0.8 ▼ 122 3.0 +22 ▲ 24 0.6 +4 ▲ 30 0.7 -1 ▼ 30 0.7 +9 ▲ 26 ▲ 0.6 +7 ▼ -2 5 0.1 40 1.0 0 0.4 0 16 26 0.6 -7 ▼ 0.3 +5 13 ▲ 29 0.7 +11 ▲ ▲ 38 0.9 +11 0.6 +9 ▲ 24 0.0 +2 2 ▲ 0.4 +1 ▲ 16 ▲ 3 0.1 +2 ▼ 64 1.6 -21 4 129 41 4,129 -41 -1.0% ▼ -17.9% ▼

Jan 1 – Dec 31

Any UK Involvement Completed (AF39)

Financial Advisor Goldman Sachs & Co JP Morgan Citi Rothschild Lazard Morgan Stanley Barclays Deutsche Bank UBS Credit Suisse HSBC Holdings PLC Bank of America Merrill Lynch Zaoui & Co Nomura Macquarie Group RBC Capital Markets Jefferies LLC Evercore Partners Centerview Partners LLC Robey Warshaw LLP BNP Paribas SA PricewaterhouseCoopers Ernst & Young LLP VTB Capital Altium Capital Limited Industry Total

2015 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Jan 1 – Dec 31

Rank Value per Advisor (US$m) Market Rank Value Market 2014 Rank US$m Sh (%) Share Ch. 1 2 12 11 10 3 5 9 6 28 41 4 33 39 29 34 30 32 14 13 31 16 235* 119

108,708.3 102,980.8 84,459.6 64,269.9 63,818.4 56,267.7 56,129.4 44,969.8 32,192.9 31,181.2 26,059.0 25,802.7 23,101.6 20,340.7 19,351.5 18,142.3 17,673.2 12,428.2 11,871.5 9,366.2 8,650.4 7,615.6 6,840.1 5,704.9 5,525.1 314 026 2 314,026.2

34.6 32.8 26.9 20.5 20.3 17.9 17.9 14.3 10.3 9.9 8.3 8.2 7.4 6.5 6.2 5.8 5.6 4.0 3.8 3.0 2.8 2.4 2.2 1.8 1.8 100 0 100.0

-15.7 -16.7 21.5 12.4 11.4 -31.1 -28.1 -0.4 -29.6 7.9 7.6 -40.6 7.4 5.4 5.3 4.0 4.5 2.4 2.6 -0.3 -1.4 1.2 -1.1 1.8 1.7

▼ ▼ ▲ ▲ ▲ ▼ ▼ ▼ ▼ ▲ ▲ ▼ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▲ ▼ ▲ ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 74 0.2 +22 59 0.2 +5 ▲ 39 0.1 +9 ▲ 103 ▲ 0.3 +32 45 0.1 +6 ▲ 0.1 0 46 43 0.1 +6 ▲ 32 0.1 -4 ▼ ▼ 0.1 -5 25 27 ▲ 0.1 +9 ▲ 0.1 +6 21 0.1 -17 ▼ 25 ▲ 0.0 +3 3 0.1 +12 22 ▲ 0.1 +8 ▲ 21 ▲ 15 0.0 +3 ▲ 0.1 +14 38 ▼ 18 0.1 -10 ▲ 5 0.0 +1 2 0.0 0 ▲ 22 0.1 +7 ▲ 89 0.3 +1 62 0.2 -14 ▼ 0 1 0.0 ▲ 25 0.1 +8 3 449 88 3,449 -88

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 385.1 2.6 ▲ 9.7 256.7 0.4 ▲ 6.5 1.3 ▲ 132.8 3.3 7.0 1.8 ▲ 279.4 135.8 0.4 ▲ 3.4 4.9 0.7 ▼ 194.5 137.7 3.5 0.9 ▼ 106.4 0.0 0.8 ▼ 73.3 0.5 ▼ 1.8 81.3 0.7 ▲ 2.0 62.3 1.6 0.9 ▲ 71.0 1.8 2.9 ▼ 12.5 0.3 ▲ 0.3 44.3 1.1 0.3 ▲ 68.7 1.7 0.9 ▲ 0.3 ▲ 59.0 1.5 0.2 ▲ 1.8 70.7 61.9 1.6 0.0 0.5 20.5 0.2 ▲ 0.4 15.2 0.2 ▲ 1.0 38.2 0.2 ▲ 0.4 0.0 14.1 0.3 10.3 0.0 0.2 6.1 0.2 ▲ 21.9 0.6 0.4 ▲ 3 976 0 100 0 3,976.0 100.0

Industry % Change from Same Period Last Year

-17.9% ▼

-1.5% ▼

12.0% ▲

Industry % Change from Last Quarter

-41.5% ▼

-7.1% ▼

-15.8% ▼

Any French Involvement Completed (AF40)

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals -2 0.4 ▼ 15 1.7 -1 ▼ 59 ▼ 0.6 -15 22 ▲ 3.5 +31 118 ▲ 0.5 +4 18 ▼ 1.2 42 -8 0 0.6 22 0.6 -3 ▼ 19 0.4 -8 ▼ 15 0.7 +5 23 ▲ -2 0.1 ▼ 3 -2 ▼ 0.4 14 1.2 -11 42 ▼ 0.1 +2 ▲ 2 0 0.4 12 1.4 -4 ▼ 48 0.5 +3 ▲ 17 0 0.1 5 0.0 +1 ▲ 1 0.0 +1 ▲ 1 ▲ 0.2 +3 8 3 0.1 -1 ▼ 1.0 +15 ▲ 35 5 0.1 +1 ▲ ▲ 44 1.3 +26 +494 3,413

Financial Advisor BNP Paribas SA Goldman Sachs & Co Rothschild Morgan Stanley Lazard Credit Suisse Societe Generale HSBC Holdings PLC Credit Agricole CIB UBS Citi Deutsche Bank Zaoui & Co JP Morgan Bank of America Merrill Lynch Natixis Barclays Sycomore Corporate Finance SAS Itau Unibanco Centerview Partners LLC Davy Goodbody Stockbrokers Santander Callisto Canaccord Genuity Industry Total

16.9% ▲ -4.4% ▼

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

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2015 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21* 21* 23 24 25

Rank Value per Advisor (US$m) Rank Value Market Market 2014 US$m Sh (%) Share Ch. Rank 1 84,281.1 46.9 -7.2 ▼ 83,244.2 7 46.3 20.9 ▲ 10 82,506.6 23.1 ▲ 45.9 77,447.7 4 13.6 ▲ 43.1 42.6 76,588.3 7.9 ▲ 2 10.1 ▲ 65,901.8 36.7 6 7.0 ▲ 12 51,633.2 28.7 51,561.1 22 28.7 25.6 ▲ 46,698.6 -3.7 ▼ 3 26.0 13 23.9 42,956.8 5.8 ▲ 41,748.0 6.7 ▲ 14 23.2 39,919.0 -2.2 ▼ 8 22.2 38,088.1 14.8 ▲ 21.2 16 -7.9 ▼ 5 20.5 36,823.5 9 20.4 -3.7 ▼ 36,616.4 17 20.0 35,913.6 15.0 ▲ 12,510.6 7.0 11 -15.4 ▼ 24 12,415.9 6.9 4.3 ▲ 6.0 33 10,839.7 5.0 ▲ 10,701.7 6.0 82* 5.9 ▲ 4.1 7,369.6 4.1 ▲ 7,369.6 4.1 4.1 ▲ 4,900.8 0.9 ▲ 28 2.7 2.4 71 2.2 ▲ 4,251.8 2.0 1.5 ▲ 43 3,625.1 100.0 179,798.9 19.3% ▲ -50.2% ▼

Jan 1 – Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 1.6 -12 ▼ 50 0.8 +4 ▲ 24 97 3.1 +22 ▲ ▼ 27 0.9 -3 ▼ 40 1.3 -5 ▲ 28 0.9 +13 ▼ 37 -6 1.2 ▲ 11 0.4 +1 ▼ 40 1.3 -15 ▲ 16 0.5 +3 ▲ 13 0.4 +1 ▼ 17 0.5 -2 ▼ 0.1 -2 2 ▼ 21 0.7 -2 ▲ 0.5 +5 17 ▲ 44 1.4 +29 0.5 +1 ▲ 16 ▲ 5 0.2 +1 0.2 +2 ▲ 5 0.0 1 0 ▲ 1 0.0 +1 ▲ 1 0.0 +1 0.1 ▼ -3 2 0.2 +2 ▲ 5 ▲ 6 0.2 +1 +491 3,132

Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch. 2.4 ▼ 127.3 6.2 150.8 7.3 2.4 ▲ 1.0 ▲ 10.9 224.7 119.6 5.8 0.4 ▲ 1.8 ▼ 110.7 5.4 103.3 2.3 ▲ 5.0 54.2 2.6 1.8 ▼ 31.0 1.5 0.8 ▲ 39.4 1.9 1.3 ▼ 44.3 2.2 0.6 ▲ 1.2 24.2 1.3 ▼ 51.3 2.5 0.1 ▲ 16.7 0.8 0.5 ▲ 75.6 3.7 1.5 ▼ 73.0 2.1 ▲ 3.5 39.1 1.0 ▲ 1.9 44.2 2.1 0.4 ▼ 10.0 0.5 0.4 ▲ 0.0 0.2 ▲ 0.3 0.3 ▲ 5.1 3.5 0.2 0.2 ▲ .3 0.0 0.0 7.8 0.1 ▼ 0.4 9.6 0.5 0.4 ▲ 0.0 0.3 ▲ .0 2,060.8 100.0

18.6% ▲ -7.9% ▼

7.8% ▲ -25.7% ▼

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Full Year 2015 | Mergers & Acquisitions | Financial Advisors

EMEA Rankings Any Spanish Involvement Announced (AD34)

Financial Advisor UBS HSBC Holdings PLC Lazard Moelis & Co Goldman Sachs & Co Rothschild Deloitte Morgan Stanley Citi Bank of America Merrill Lynch Deutsche Bank Credit Suisse JP Morgan PricewaterhouseCoopers Macquarie Group Nomura Societe Generale BBVA RBC Capital Markets Ernst & Young LLP BNP Paribas SA Mediobanca KPMG Santander Banca IMI (Intesa Sanpaolo) Industry Total

2015 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Rank Value per Advisor (US$m) Rank Value Market Market 2014 Rank US$m Sh (%) Share Ch. 9 23,080.6 29.7 10.8 ▲ 21.3 31 16,505.3 20.3 ▲ 15,709.3 17 20.2 13.9 ▲ 57 15,381.2 19.8 19.7 ▲ 2 16.0 -24.3 ▼ 12,446.6 18 10.2 ▲ 12,279.6 15.8 27 12,122.0 13.3 ▲ 15.6 10,901.4 14.1 10 -3.4 ▼ 11 13.9 -0.4 ▼ 10,754.8 -13.1 ▼ 5 8,105.9 10.4 3 9.3 -23.3 ▼ 7,230.7 29 6,127.7 5.7 ▲ 7.9 6,018.9 7.8 -34.4 ▼ 1 15 5.3 -4.4 ▼ 4,083.5 3,830.0 4.9 20 -0.1 ▼ 7 4.7 3,655.3 -15.7 ▼ 6 3,348.3 4.3 -17.2 ▼ 12 2,893.3 -7.7 ▼ 3.7 3.3 ▲ 44 2,800.0 3.6 2,791.7 -0.3 ▼ 23 3.6 8 2,162.6 2.8 -17.0 ▼ 2.7 28 0.4 ▲ 2,106.6 21 2,026.8 2.6 -1.9 ▼ 4 1.7 -22.4 ▼ 1,340.7 33 1,198.9 1.5 1.0 ▲ 77 611 8 100 0 77,611.8 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

-22.2% ▼ -42.6% ▼

Any German Involvement Announced (AD35)

Financial Advisor JP Morgan Deutsche Bank Goldman Sachs & Co Morgan Stanley Credit Suisse Citi Rothschild Bank of America Merrill Lynch UBS Puhl GmbH & Co KG Lazard Ernst & Young LLP Mizuho Financial Group UniCredit Nomura Deloitte ING ABN AMRO Bank China International Capital Co Evercore Partners Altium Capital Limited Barclays Centerview Partners LLC Mediobanca Jefferies LLC Industry Total

2015 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Rank Value per Advisor (US$m) Rank Value Market Market 2014 US$m Rank Sh (%) Share Ch. 43,701.9 3 -3.8 ▼ 31.6 -11.1 ▼ 42,969.6 1 31.1 -11.7 ▼ 23.6 4 32,616.6 -16.3 ▼ 2 23.5 32,498.9 11.9 ▲ 13 26,827.4 19.4 18.4 25,521.7 6 -1.7 ▼ 9 24,827.0 17.9 2.5 ▲ 22,014.1 15.9 5 -13.2 ▼ 12 18,317.2 13.2 4.7 ▲ 15 17,727.1 12.8 7.9 ▲ 8,141.3 -9.6 ▼ 8 5.9 5,900.6 -9.6 ▼ 4.3 10 5,011.1 99 3.6 3.6 ▲ 5,005.6 31 2.9 ▲ 3.6 4,942.7 2.9 ▲ 32 3.6 -1.7 ▼ 3.1 36 4,324.0 3.1 2.5 ▲ 50 4,238.1 2.9 -13.2 ▼ 40 4,065.0 3,961.7 2.9 4.7 ▲ 3,193.8 2.3 7.9 ▲ 25 64 3,155.5 2.3 -9.6 ▼ 7 -9.6 ▼ 2.2 3,102.1 2,599.3 3.6 ▲ 51 1.9 28 2,389.0 1.7 2.9 ▲ 30 2,229.6 1.6 2.9 ▲ 138,367.3 101.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

-38.2% ▼ -18.8% ▼

Jan 1 – Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▼ -5 7 0.6 ▲ 6 0.5 +5 1.2 -3 14 ▼ 1 0.1 0 ▼ 13 1.2 -2 14 1.2 +4 ▲ ▲ 67 6.0 +13 14 1.2 ▼ -3 ▲ 19 1.7 +14 0 10 0.9 0.4 4 -7 ▼ 4 0.4 -5 ▼ ▼ -9 6 0.5 10.0 +9 113 ▲ -4 0.3 3 ▼ 0.6 +2 ▲ 7 5 0.4 -3 ▼ 12 -4 ▼ 1.1 0.1 0 1 37 ▼ 3.3 -18 ▼ 11 1.0 -4 2 -6 ▼ 0.2 ▼ 74 6.6 -14 7 0.6 -11 ▼ 0.2 -2 ▼ 2 1 126 56 1,126 -56 -4.7% ▼ -27.3% ▼

Jan 1 – Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 17 0.8 -4 ▼ 1.4 -13 ▼ 31 ▼ 13 0.6 -13 0.9 -10 21 ▼ 0.4 9 -3 ▼ 16 0.7 -4 ▼ 1.6 +2 37 ▲ 0.5 ▼ -7 11 -3 0.2 5 ▼ 2 0.1 0 -5 ▼ 16 0.7 61 2.7 -8 ▼ 6 0.3 +1 ▲ 0.5 +1 12 ▲ 5 0.2 0 13 0.6 +5 ▲ 5 0.2 +2 ▲ 3 ▼ 0.1 -4 1 0.0 +1 ▲ 3 ▲ 0.1 +2 21 ▲ 0.9 +12 8 0.4 -6 ▼ 2 ▲ 0.1 +1 0.4 +5 ▲ 8 0.2 5 0 2,262 -112

-4.7% ▼ -20.5% ▼

Any Spanish Involvement Completed (AF41)

Financial Advisor Goldman Sachs & Co JP Morgan Nomura Morgan Stanley Deutsche Bank Bank of America Merrill Lynch Citi Lazard PricewaterhouseCoopers Societe Generale Santander UBS Deloitte Rothschild Macquarie Group Evercore Partners N+1 Ernst & Young LLP BBVA BNP Paribas SA Barclays Mediobanca KPMG HSBC Holdings PLC LXG Capital M&A International Industry Total

2015 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25* 25* 25

Jan 1 – Dec 31

Rank Value per Advisor (US$m) Market Rank Value Market 2014 Rank US$m Sh (%) Share Ch. 1 2 20 5 7 3 6 23 16 8 10 4 22 11 43 34 29 12 9 26 27 19 13 41

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

31,105.2 25,061.9 17,269.6 14,324.9 13,500.7 12,763.0 12,559.0 9,123.4 8,814.3 6,876.0 6,823.8 5,624.6 4,610.9 4,526.0 4,060.8 3,881.2 3,357.7 3,304.8 2,950.1 2,747.9 2,486.2 2,218.0 2,092.1 1,922.0 882.8 882 8 882.8 72,138.9

43.1 34.7 23.9 19.9 18.7 17.7 17.4 12.7 12.2 9.5 9.5 7.8 6.4 6.3 5.6 5.4 4.7 4.6 4.1 3.8 3.5 3.1 2.9 2.7 1.2 1 2 1.2 100.0

-0.6 -1.4 15.7 -9.9 -6.2 -16.1 -10.7 5.7 0.9 -12.3 -10.7 -22.3 -0.7 -13.6 5.2 5.4 3.9 1.2 -11.6 -17.7 -1.0 -0.4 -5.6 -9.8 1.2 0 8 0.8

▼ ▼ ▲ ▼ ▼ ▼ ▼ ▲ ▲ ▼ ▼ ▼ ▼ ▼ ▲ ▲ ▲ ▲ ▼ ▼ ▼ ▼ ▼ ▼ ▲ ▲

-23.4% ▼ -25.0% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 1.5 -1 ▼ 15 6 0.6 -10 ▼ 0.6 +1 ▲ 6 14 0 1.4 3 0.3 -8 ▼ 9 0.9 -2 ▼ 1.1 +2 ▲ 11 12 ▼ -5 1.2 115 11.4 +11 ▲ ▼ 4 0.4 -4 0.9 ▼ 9 -4 -4 5 ▼ 0.5 5.3 -2 54 ▼ 0 12 1.2 0.4 +2 ▲ 4 0.4 +4 4 ▲ 9 0.9 -1 ▼ 38 -6 3.8 ▼ 13 1.3 ▼ -3 0.7 -6 ▼ 7 -1 0.5 ▼ 5 ▼ -5 3 0.3 77 7.6 +1 ▲ 4 0.4 +2 ▲ 1 0.1 +1 ▲ 1 0 1 3 ▼ 0.1 -3 -45 1,010 -4.3% ▼ -28.7% ▼

-10.2% ▼ -19.0% ▼

Any German Involvement Completed (AF42)

Financial Advisor Deutsche Bank JP Morgan Goldman Sachs & Co Morgan Stanley Rothschild Citi Lazard Bank of America Merrill Lynch Credit Suisse UBS Guggenheim Securities LLC Puhl GmbH & Co KG Kempen and Co NV Zaoui & Co Barclays Evercore Partners BNP Paribas SA Nomura UniCredit Ernst & Young LLP PricewaterhouseCoopers Mizuho Financial Group Altium Capital Limited Macquarie Group Jefferies LLC Industry Total

2015 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Rank Value per Advisor (US$m) Rank Value Market Market 2014 US$m Sh (%) Share Ch. Rank 37.5 56,115.6 1 -0.8 ▼ 54,097.8 36.1 0.0 5 29.4 -7.5 ▼ 44,024.9 3 25.8 -11.1 ▼ 38,638.8 2 8 34,328.0 22.9 1.5 ▲ 18.6 27,787.5 -6.5 ▼ 7 25,740.8 10 17.2 5.9 ▲ 12.6 -20.0 ▼ 4 18,874.5 17 6.3 ▲ 11.9 17,839.6 11 0.8 ▲ 17,292.7 11.6 11.2 ▲ 16,729.2 11.2 12,563.3 42 8.0 ▲ 8.4 80 7.0 ▲ 10,431.4 7.0 5.2 7,730.2 5.2 ▲ 4.4 -7.0 ▼ 9 6,598.0 6,180.4 4.1 3.0 ▲ 39 19 3.8 -1.5 ▼ 5,608.3 1.4 ▲ 27 5,327.7 3.6 3.3 1.5 ▲ 29 5,005.6 -22.0 ▼ 6 3.3 4,930.7 37 3,983.3 2.7 1.5 ▲ 3,872.4 2.6 ▲ 100 2.6 2.2 2.2 ▲ 92 3,328.6 -0.2 ▼ 3,281.9 26 2.2 0.4 ▲ 31 2.1 3,202.1 149,683.2 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

-1.8% ▼ 61.5% ▲

Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch. 10.6 0.3 ▲ 86.0 40.5 5.0 2.2 ▼ 4.9 39.8 3.4 ▲ 66.2 8.2 2.8 ▲ 21.4 2.6 2.3 ▼ 0.1 ▼ 26.0 3.2 47.8 5.9 1.7 ▲ 4.8 38.5 2.2 ▼ 0.1 ▲ 15.5 1.9 7.9 1.0 1.5 ▼ 0.4 ▲ 18.2 2.2 1.6 13.2 0.8 ▼ 0.7 0.2 ▼ 5.8 2.9 0.4 ▼ 23.5 1.8 1.5 ▲ 14.2 2.1 16.8 2.1 ▲ 2.8 22.9 1.6 ▲ 0.7 0.0 5.5 2.7 0.3 ▲ 21.9 1.8 0.5 ▼ 14.4 1.0 0.6 ▼ 7.9 0.2 ▲ 1.2 9.6 1.2 0.2 ▲ 9.9 7.3 0.9 0.5 ▼ 1.6 0.2 0.2 ▲ 4 9 0 6 0 1 ▲ 4.9 0.6 0.1 810.9 100.0

Jan 1 – Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals -9 ▼ 1.5 28 0 18 1.0 17 ▼ 0.9 -11 ▼ -3 1.2 22 -6 ▼ 29 1.6 0 0.9 17 ▼ 16 0.9 -7 0.5 -7 ▼ 9 ▼ -2 0.4 8 6 0.3 -1 ▼ ▲ 2 0.1 +2 2 0.1 +1 ▲ 1 0.1 -2 ▼ ▲ 0.1 +1 1 -8 ▼ 9 0.5 2 0 0.1 -3 9 ▼ 0.5 0.3 +1 6 ▲ 11 0 0.6 61 3.3 +6 ▲ 24 ▼ 1.3 -19 ▲ 7 0.4 +4 18 1.0 +12 ▲ ▼ 0.3 5 -9 0.2 4 -2 ▼ -89 1,852

-4.6% ▼ -25.5% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 107.3 2.9 ▼ 6.7 140.0 8.7 4.3 ▲ 1.1 ▼ 7.7 123.2 9.1 2.4 ▲ 146.5 0.4 ▲ 100.7 6.3 4.3 0.6 ▲ 68.3 2.2 ▼ 30.6 1.9 1.7 ▼ 59.3 3.7 0.1 ▼ 28.8 1.8 0.1 ▲ 21.6 1.4 1.5 23.9 1.5 ▲ 0.4 6.6 0.2 ▲ 0.4 ▲ 7.8 0.5 1.4 ▲ 22.3 1.4 43.5 2.7 0.0 0.7 ▲ 16.6 1.0 0.2 ▼ 23.3 1.5 0.9 14.5 0.5 ▲ 12.9 0.8 0.3 ▼ 0.7 0.1 ▼ 11.0 3.0 0.1 ▼ 0.2 0.2 0.2 ▲ 3.0 11.7 0.5 ▲ 0.7 13.5 0.8 0.6 ▼ 17.5 0.1 ▲ 1.1 1,602.8 100.0

-4.9% ▼ 7.1% ▲

* tie

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Full Year 2015 | Mergers & Acquisitions | Financial Advisors

EMEA Rankings Any Italian Involvement Announced (AD36)

Financial Advisor Morgan Stanley Goldman Sachs & Co Lazard Mediobanca Deutsche Bank Citi Bank of America Merrill Lynch Credit Suisse Banca IMI (Intesa Sanpaolo) HSBC Holdings PLC JP Morgan UniCredit Rothschild Leonardo & Co UBS Barclays Banca Agricola Mantovana ChemChina Finance Co Ltd BDT & Co LLC Nomura Credit Agricole CIB Equita SIM SpA IMAP First Annapolis Capital Boston Consulting Group Industry Total

2015 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17* 17* 19 20 21 22 23 24* 24*

Rank Value per Advisor (US$m) Market Market Rank Value 2014 Rank US$m Sh (%) Share Ch. 2 33,654.1 43.5 16.1 ▲ 5 27,836.7 35.9 14.7 ▲ 26,251.5 1 33.9 5.4 ▲ 9 20.4 ▲ 25,207.0 32.6 29.0 7.4 ▲ 22,437.4 4 21,255.7 10.7 ▲ 27.5 6 13.9 ▲ 13 19,460.7 25.1 8 20.9 8.1 ▲ 16,162.2 20.5 11 15,852.2 8.8 ▲ 15,650.7 20.2 19.6 ▲ 33 20.0 15,472.1 10 8.2 ▲ 12 15,159.6 19.6 8.1 ▲ 14,608.3 18.9 7 2.8 ▲ 14.0 15 10,876.1 5.0 ▲ 10.4 24 8,048.8 7.6 ▲ 3 10.2 7,883.9 -16.5 ▼ 9.1 ▲ 9.1 7,064.9 7,064.9 9.1 9.1 ▲ 6,715.4 8.7 8.7 ▲ 36 4,502.3 5.8 5.3 ▲ 3,789.9 4.9 27 2.9 ▲ 47 2,960.7 3.8 3.5 ▲ 2,171.1 2.8 2.1 ▲ 31 2.7 2.7 ▲ 2,083.1 2.7 2.7 ▲ 2,083.1 77 445 8 100 0 77,445.8 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

39.0% ▲ -25.0% ▼

Jan 1 – Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 10 1.0 -6 ▼ 15 1.5 +3 ▲ -5 2.4 24 ▼ 38 3.9 +5 ▲ 1.6 +5 16 ▲ 2.0 +11 20 ▲ ▲ 1.5 +6 15 ▼ -2 8 0.8 34 3.4 ▼ -5 0.6 +3 ▲ 6 6 0.6 0 4.3 +8 42 ▲ -5 30 3.0 ▼ ▼ 12 -8 1.2 ▲ 1.0 +3 10 8 0.8 ▼ -2 ▲ 1 0.1 +1 ▲ 1 0.1 +1 1 0.1 +1 ▲ 0.6 +2 6 ▲ 0.3 +2 ▲ 3 5 0.5 -6 ▼ 1.2 ▼ -1 12 ▲ 1 0.1 +1 ▲ 2 0.2 +2 987 +151 18.1% ▲ -18.3% ▼

Any Italian Involvement Completed (AF43)

Financial Advisor Mediobanca Goldman Sachs & Co Citi Morgan Stanley Bank of America Merrill Lynch Lazard Banca IMI (Intesa Sanpaolo) Deutsche Bank Rothschild JP Morgan UniCredit Barclays Leonardo & Co Credit Suisse Banca Agricola Mantovana ChemChina Finance Co Ltd UBS Stifel/KBW Credit Agricole CIB HSBC Holdings PLC Equita SIM SpA Nomura Ernst & Young LLP IMAP First Annapolis Capital Boston Consulting Group Industry Total

2015 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15* 15* 17 18 19 20 21 22 23 24 25* 25* 25

Rank Value per Advisor (US$m) Rank Value Market Market 2014 Rank US$m Sh (%) Share Ch. 13 4 16 6 10 1 9 2 5 7 8 3 14 23 26 25 30 46 35 38 27 -

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

Any Nordic Involvement Announced (AD37)

Financial Advisor Deutsche Bank Citi Morgan Stanley JP Morgan Credit Suisse Bank of America Merrill Lynch Goldman Sachs & Co Credit Agricole CIB Zaoui & Co Societe Generale SEB Danske Bank Lenner & Partners Lazard Perella Weinberg Partners LP Evercore Partners Deloitte PricewaterhouseCoopers ABG Sundal Collier Pangea Property Partners AB Mitsubishi UFJ Financial Group Moelis & Co Rothschild Nordea Houlihan Lokey Industry Total

2015 Rank 1 2 3 4 5 6 7 8* 8* 8* 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Rank Value per Advisor (US$m) Market Rank Value Market 2014 Sh (%) Share Ch. US$m Rank 1 27.9 7.8 ▲ 24,094.8 8 22,005.9 25.5 13.7 ▲ 6 20,043.6 9.5 ▲ 23.2 3 22.4 5.4 ▲ 19,328.3 18,910.0 28 20.3 ▲ 21.9 11 20.1 17,318.9 16.0 ▲ 18.7 16,140.5 4 2.5 ▲ 56 13,784.4 15.5 ▲ 16.0 13,784.4 16.0 16.0 ▲ 16.0 16.0 ▲ 112* 13,784.4 -5.1 ▼ 2 12.2 10,530.8 38 7,445.3 7.6 ▲ 8.6 57 8.1 7.7 ▲ 6,954.1 19 8.0 5.7 ▲ 6,927.9 4,327.7 5.0 5.0 ▲ 3,836.3 4.4 52 3.8 ▲ 26 3,487.8 4.0 2.2 ▲ 14 3.8 3,288.7 0.1 ▲ -0.8 ▼ 12 3.3 2,802.4 2,763.6 3.2 24 1.2 ▲ 2,727.3 3.2 3.2 ▲ 35 2,512.1 2.9 1.8 ▲ 7 2,482.7 -9.8 ▼ 2.9 2.6 5 2,221.9 -11.4 ▼ 62 2,211.8 2.3 ▲ 2.6 100.0 86,352.6

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

-22.9% ▼ 5.7% ▲

Jan 1 – Dec 31

Jan 1 – Dec 31

21,122.1 20,896.7 18,352.3 17,932.6 17,751.6 15,848.7 15,739.7 14,888.3 14,845.6 14,047.5 13,164.5 11,419.0 11,329.9 11,169.3 7,064.9 7,064.9 6,948.5 5,832.3 3,789.9 3,663.2 2,960.7 2,472.2 2,400.3 2,171.1 2,083.1 2 083 1 2,083.1 53,815.9

39.3 38.8 34.1 33.3 33.0 29.5 29.3 27.7 27.6 26.1 24.5 21.2 21.1 20.8 13.1 13.1 12.9 10.8 7.0 6.8 5.5 4.6 4.5 4.0 3.9 3 9 3.9 100.0

29.2 16.7 26.6 17.3 20.4 -0.8 16.1 1.0 7.6 12.5 11.2 -1.3 12.2 18.3 13.1 13.1 10.9 10.8 4.9 5.6 5.1 4.1 4.0 2.1 3.9 3 9 3.9

▲ ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 28 3.4 ▼ -4 12 1.4 ▼ -2 15 ▲ 1.8 +5 1.1 9 -1 ▼ 1.0 +1 8 ▲ 18 ▼ 2.2 -15 34 4.1 -5 ▼ 1.3 11 0 21 2.5 -10 ▼ 7 0.8 -1 ▼ ▼ 32 3.8 -2 1.0 0 8 12 ▼ 1.4 -12 6 0.7 0 1 ▲ 0.1 +1 1 0.1 +1 ▲ 1.2 +7 ▲ 10 1 0.1 +1 ▲ ▲ 0.4 +2 3 4 0.5 +1 ▲ 0.5 -3 ▼ 4 2 0.2 -2 ▼ 12 ▲ 1.4 +1 13 1.6 -2 ▼ 1 0.1 +1 ▲ 2 0 2 +2 ▲ 0.2 +145 835

4.2% ▲

21.0% ▲

9.6% ▲

84.2% ▲

-27.0% ▼

70.0% ▲

Any Nordic Involvement Completed (AF44)

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 0.3 ▼ 6 -6 10 0.5 +1 ▲ 8 0.4 +2 ▲ 17 0.9 +1 ▲ 3 0.2 -4 ▼ ▲ 0.4 +2 8 8 -5 ▼ 0.4 ▼ 0.1 -1 2 0.1 +1 1 ▲ 0.1 1 0 ▼ -6 19 1.0 9 -2 ▼ 0.5 0.1 2 0 0 11 0.6 0.1 +1 ▲ 1 ▲ 0.2 +2 4 ▲ 19 1.0 +7 ▼ -4 66 3.4 ▼ 7 -9 0.4 10 ▲ 0.5 +5 0.1 +2 ▲ 2 0.3 5 0 ▲ 19 1.0 +4 18 ▲ 0.9 +4 2 0.1 -1 ▼ 1,960 -2

Financial Advisor Deutsche Bank Citi SEB Danske Bank Lazard Lenner & Partners Bank of America Merrill Lynch PricewaterhouseCoopers Morgan Stanley JP Morgan Deloitte Goldman Sachs & Co Evercore Partners Pangea Property Partners AB Nordea Houlihan Lokey Moelis & Co Arctic Securities ASA Nomura DNB ASA Swedbank Carnegie ABG Sundal Collier Global M&A UBS Industry Total

-0.1% ▼ 9.7% ▲

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

2015 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Imputed Fees (US$m) Advisor Market Market Sh (%) Share Ch. Fees 5.1 1.6 ▲ 41.2 46.8 5.8 1.9 ▲ 27.0 3.3 1.0 ▲ 6.5 52.6 3.7 ▲ 24.7 1.3 ▲ 3.0 5.9 ▼ 39.6 4.9 5.0 0.1 ▼ 40.3 15.2 1.9 1.5 ▼ 47.8 2.8 ▼ 5.9 2.2 0.2 ▲ 18.3 4.1 0.7 ▲ 33.3 2.2 2.1 ▼ 17.8 24.9 3.1 0.1 ▼ 31.4 3.9 2.9 ▲ 2.6 0.3 0.3 ▲ 0.3 2.6 0.3 ▲ 20.9 2.6 1.1 ▲ 0.0 0.0 .0 0.2 0.0 1.4 - 1.0 8.0 0.6 ▲ 6.8 0.8 0.4 ▲ 2.0 0.3 0.2 ▲ 1.7 0.9 ▼ 13.7 0.2 1.2 0.2 ▲ 1 7 0 2 0 2 ▲ 1.7 0.2 0.2 813.0 100.0

Rank Value per Advisor (US$m) Rank Value Market Market 2014 Rank US$m Sh (%) Share Ch. -11.0 ▼ 17.4 2 11,003.1 1.7 ▲ 7 10,213.5 16.2 -8.7 ▼ 3 9,967.3 15.8 10 11.4 7,189.9 5.2 ▲ 7,087.8 11.2 16 8.1 ▲ 11.0 49 10.6 ▲ 6,954.1 22 5,775.2 6.7 ▲ 9.1 7.9 6.3 ▲ 35 5,008.6 -9.6 ▼ 7.8 5 4,936.5 7.3 4,580.2 4 -13.3 ▼ 7.0 4,395.6 60 6.7 ▲ 1 4,175.3 6.6 -23.0 ▼ 3,511.8 5.6 3.7 ▲ 29 3,105.1 4.9 57* 4.5 ▲ 4.8 -10.1 ▼ 6 3,002.8 108* 4.1 ▲ 4.1 2,568.6 37 2,512.1 4.0 2.8 ▲ 56 1,757.1 2.8 2.4 ▲ 2.6 54* 1,662.2 2.2 ▲ 21 1,582.3 0.1 ▲ 2.5 77 1,549.6 2.5 2.4 ▲ 11 1,496.5 2.4 -3.4 ▼ 25 1,389.9 2.2 -0.1 ▼ 26 0.1 ▲ 1,353.9 2.1 1,347.4 9 2.1 -6.8 ▼ 63,198.9 100.0 -40.5% ▼ 38.4% ▲

Jan 1 – Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▼ -8 6 0.4 ▼ -4 0.4 5 ▼ 17 1.3 -16 ▼ -6 6 0.4 0 12 0.9 2 0.1 -1 ▼ 0.4 0 6 53 ▼ 3.9 -3 6 ▼ 0.4 -1 ▼ -9 6 0.4 1.1 +6 ▲ 15 5 ▼ 0.4 -15 4 0.3 +1 ▲ 9 0.7 +7 ▲ 12 0.9 -2 ▼ 3 ▲ 0.2 +1 -1 5 0.4 ▼ 7 0.5 +4 ▲ 5 0.4 +4 ▲ 7 0.5 -5 ▼ 5 0.4 -1 ▼ 17 -7 1.3 ▼ ▼ 0.4 -6 6 0.2 -6 ▼ 3 5 -2 0.4 ▼ 1,353 -148 -9.9% ▼ -27.0% ▼

Imputed Fees (US$m) Market Market Advisor Sh (%) Share Ch. Fees 2.9 28.5 3.4 ▼ 30.5 3.1 0.6 ▲ 34.2 3.5 0.8 ▼ 1.6 15.3 0.4 ▲ 1.1 ▲ 3.3 32.7 1.6 1.1 ▲ 15.5 1.5 ▲ 29.7 3.0 0.0 0.6 5.9 0.6 ▲ 30.1 3.1 1.9 18.9 5.3 ▼ 2.7 0.3 0.2 ▲ 1.9 6.6 ▼ 18.3 1.8 ▲ 22.9 2.3 1.0 0.6 ▲ 9.9 22.2 2.3 0.2 ▲ 0.7 6.6 0.4 ▲ 52.8 5.4 4.2 ▲ 1.4 0.9 ▲ 13.9 1.1 ▲ 1.4 13.3 0.9 0.4 ▲ 9.2 0.7 0.3 ▲ 7.1 1.8 17.9 0.1 ▲ 0.2 ▲ 12.9 1.3 1.0 0.3 ▼ 9.8 0.0 12.9 1.3 982.8 100.0 -20.1% ▼ 34.1% ▲

* tie

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Full Year 2015 | Mergers & Acquisitions | Financial Advisors

EMEA Rankings Any Benelux Involvement Announced (AD40)

Financial Advisor JP Morgan Goldman Sachs & Co Bank of America Merrill Lynch Morgan Stanley Lazard Robey Warshaw LLP Deutsche Bank BNP Paribas SA Barclays Rothschild Credit Suisse Perella Weinberg Partners LP PJT Partners LP Citi Guggenheim Securities LLC Centerview Partners LLC HSBC Holdings PLC Zaoui & Co Jefferies LLC ING ABN AMRO Bank UBS Societe Generale Mediobanca Rabobank NV Industry Total

2015 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Jan 1 – Dec 31

Rank Value per Advisor (US$m) Market Rank Value Market 2014 Rank US$m Sh (%) Share Ch. 4 285,752.0 31.9 ▲ 68.6 5 283,512.7 68.1 37.2 ▲ 3 273,013.5 65.5 27.6 ▲ 252,985.0 1 60.7 16.1 ▲ 229,336.8 6 55.0 29.1 ▲ 201,794.9 48.4 48.4 ▲ 2 151,680.0 36.4 -3.3 ▼ 10 151,253.1 36.3 18.1 ▲ 11 18.4 ▲ 148,206.4 35.6 13 88,435.3 21.2 8.5 ▲ -7.6 ▼ 9 60,289.1 14.5 7 7.7 -16.0 ▼ 32,078.1 5.0 ▲ 5.0 21,006.3 4.5 -18.7 ▼ 8 18,854.9 37 18,175.9 4.4 3.9 ▲ 18 15,037.1 3.6 -2.2 ▼ 1.6 ▲ 3.0 30 12,283.7 2.6 10,880.8 2.6 ▲ 9,838.6 2.4 0.8 ▲ 27 -1.1 ▼ 22 2.2 8,952.3 -5.2 ▼ 7,057.8 1.7 16 6,002.0 12 1.4 -13.0 ▼ 14 -10.0 ▼ 5,912.0 1.4 5,537.5 -0.5 ▼ 1.3 26 1.3 0.9 ▲ 5,462.2 43 416 652 3 100 0 416,652.3 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

121.3% ▲ 195.3% ▲

Any Benelux Involvement Completed (AF47)

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 1.5 +5 28 ▲ ▲ 37 2.0 +17 1.6 +10 ▲ 30 1.6 +3 30 ▲ 1.7 +11 ▲ 32 2 0.1 +2 ▲ -7 ▼ 20 1.1 ▲ 33 1.8 +12 15 ▲ 0.8 +4 33 ▲ 1.8 +7 ▲ 0.8 +2 15 -4 ▼ 2 0.1 ▲ 2 0.1 +2 15 0.8 -5 ▼ ▲ 2 0.1 +1 3 0.2 0 5 -5 ▼ 0.3 0.1 +2 ▲ 2 11 ▲ 0.6 +2 2.2 +17 41 ▲ 15 0.8 -13 ▼ 0.6 -2 ▼ 11 0.5 +6 ▲ 10 0.5 +4 ▲ 9 -3 39 2.1 ▼ 1 842 120 1,842 -120 7.8% ▲ -14.8% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 22 1.4 +3 ▲ 1.9 +2 ▲ 29 1.4 +2 22 ▲ 25 1.6 +4 ▲ 21 1.3 +3 ▲ 2.0 +8 31 ▲ 0 14 0.9 24 1.5 +4 ▲ 29 1.9 +9 ▲ 0.9 +3 14 ▲ 3 0.2 -1 ▼ 0.1 ▼ -7 2 4 0.3 +3 ▲ 1 ▲ 0.1 +1 0.8 -4 ▼ 12 0.6 ▼ -2 10 -2 ▼ 1 0.1 28 1.8 +6 ▲ ▲ 8 0.5 +3 ▲ 11 0.7 +5 0.4 6 0 ▲ 1 0.1 +1 6 ▲ 0.4 +4 5 ▲ 0.3 +3 ▲ 4 0.3 +4 1 556 +55 1,556

Rank Value per Advisor (US$m) Market Rank Value Market 2014 Rank US$m Sh (%) Share Ch.

2015 Rank

Financial Advisor Deutsche Bank Morgan Stanley JP Morgan Goldman Sachs & Co Bank of America Merrill Lynch Lazard Credit Suisse BNP Paribas SA Rothschild Barclays Perella Weinberg Partners LP Kempen and Co NV Centerview Partners LLC Puhl GmbH & Co KG Citi UBS Banco BTG Pactual SA ING Mediobanca Leonardo & Co HSBC Holdings PLC BDT & Co LLC Credit Agricole CIB RBC Capital Markets Industrial & Comm Bank China Industry Total

Jan 1 – Dec 31

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

50,967.8 48,701.4 43,836.2 42,359.4 40,692.0 30,940.3 30,623.8 21,591.7 20,144.8 14,713.0 12,678.9 10,855.1 10,736.2 10,431.4 8,629.9 8,362.5 7,208.3 5,618.4 5,107.8 4,923.0 4,632.8 4,212.9 3,617.8 3,550.1 3,321.4 168 418 3 168,418.3

7 1 3 4 2 9 12 11 16 10 8 31 35 5 6 26 17 23 72 18 13 29 -

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

30.3 28.9 26.0 25.2 24.2 18.4 18.2 12.8 12.0 8.7 7.5 6.5 6.4 6.2 5.1 5.0 4.3 3.3 3.0 2.9 2.8 2.5 2.2 2.1 2.0 100 0 100.0

3.2 -17.6 -16.8 -15.2 -20.2 -2.7 0.0 -5.9 -1.3 -10.1 -14.2 5.3 5.7 6.2 -31.8 -24.1 2.6 -6.5 0.8 2.8 -6.2 2.5 -15.5 0.7 2.0

▲ ▼ ▼ ▼ ▼ ▼ ▲ ▼ ▼ ▼ ▼ ▲ ▲ ▲ ▼ ▼ ▲ ▼ ▲ ▲ ▼ ▲ ▼ ▲ ▲

Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch. 0.3 ▲ 93.5 4.8 7.8 0.3 ▲ 150.7 0.9 ▼ 117.8 6.1 6.0 115.7 2.2 ▼ 93.1 0.0 4.8 100.9 5.2 0.7 ▲ 2.4 47.0 0.1 ▲ 3.4 1.0 ▲ 65.7 72.8 0.5 ▲ 3.8 45.9 2.4 0.7 ▲ 0.1 ▲ 27.3 1.4 0.2 ▼ 0.5 9.4 1.7 ▲ 41.4 2.1 0.1 ▲ 1.3 0.1 42.4 2.2 3.4 ▼ 1.3 26.1 1.2 ▼ 15.5 0.6 ▲ 0.8 1.6 31.9 0.0 13.7 0.7 0.3 ▲ 10.7 0.6 0.4 ▲ 0.8 16.4 0.5 ▼ 2.3 0.1 0.1 ▲ 7.0 0.4 0.3 ▲ 1.2 0.6 ▲ 23.9 14.1 0.7 0.7 ▲ 1 941 6 100 0 1,941.6 100.0

12.3% ▲ -16.8% ▼

12.9% ▲ 132.9% ▲

16.5% ▲ 27.7% ▲

* tie

EMEA Inv. Announced M&A Target Sector by Value ($bil) $73.9

$52.9

Jan 1 – Dec 31 2015

Quarterly EMEA Cross Border Volume $600

`

$190.4

Inbound (US$b)

Outbound (US$b)

2,500

Number of deals

$81.7 $174.7

$500

2,000

$172.0 $120.7 $158.4

$163.6

Consumer Staples

Energy and Power

Industrials

Healthcare

Financials

Real Estate

Consumer Products and Services

Telecommunications

Media and Entertainment

Materials

High Technology

Retail

$400 Rank Value (US$b)

$88.5

1,500 $300

# of Deals

$83.9 $84.5

1,000 $200

500

$100

0

$0 4

Government and Agencies

2007

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1

2

3

2008

4

1

2

3

2009

4

1

2

3

2010

4

1

2

3

2011

4

1

2

3

2012

4

1

2

3

2013

4

1

2

3

2014

4

1

2

3

4

2015

https://www.thomsonone.com 14

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

Asia Pacific (ex-Japan) M&A Asian M&A Hits Record High I Imputed Fees Up 11% I Australian M&A Up 24% Asia Pacific (ex-Japan) Deals Intelligence

Asia (ex-Japan) Involvement Announced Advisors by Target Industry

Announced Mergers & Acquisitions activity with Asian involvement in 2015 hit the trillion dollar mark for the first time in history, with US$1.165 trillion, a 59% increase over the US$731.3 billion recorded last year. The majority of activity involving Asian companies targeted the Industrials sector, followed by High Technology and Financials.

Rank Val US$m

Industrials Goldman Sachs & Co Morgan Stanley China International Capital Co High Technology JP Morgan Huatai Securities Co Ltd Southwest Securities Co Ltd Financials Morgan Stanley JP Morgan China International Capital Co Real Estate HSBC Holdings PLC Bank of America Merrill Lynch Goldman Sachs & Co Telecommunications HSBC Holdings PLC Goldman Sachs & Co Morgan Stanley

The top deal with Asian involvement in the region was Cheung Kong's purchase of the remaining 50.035% interest in Hutchison Whampoa Ltd for US$45.4 billion, the biggest-ever acquisition involving Asia Pacific (excluding Japan) deals. This surpassed the prior record holder from 2014 – CITIC Pacific’s acquisition of its state-owned parent, CITIC Group, valued at US$42.2 billion. Asian buy-side financial sponsor M&A activities reached US$133.2 billion last year, a 76% increase over US$75.6 billion last year. Companies in the High Technology sector were the most targeted, followed by Retail and Financials. According to estimates from Thomson Reuters/ Freeman Consulting Co., M&A advisory fees from completed transactions in the region totaled US$3.1 billion in 2015, an 11% increase from the US$2.8 billion recorded last year. The top earner was Morgan Stanley, with US$208.1 million, followed by Goldman Sachs & Co., with US$161.6 million and Citi, with US$140.2 million. China cross-border activity accrued US$161.9 billion in 2015, a 61% increase from the US$100.8 billion accumulated last year. Outbound investment volume reached US$112.7 billion, where companies in the Financials sector were the most targeted. Announced M&A activity with Australian involvement grossed US$144.2 billion, a 24.4% increase over the US$115.9 billion recorded last year; Australia’s cross border activity recorded US$81.3 billion, while outbound activity amounted to US$24.7 billion.

China Cross Border Announced M&A

Rank

1 2 3

25.6 19.6 12.7

1 2 3

12.4 8.7 8.4

1 2 3

18.0 10.3 10.1

1 2 3

33.9 28.8 26.0

1 2 3

58.6 42.7 39.4

No. Deals

1,604 12 16 14 1,870 12 21 9 1,383 19 11 12 723 5 2 3 213 4 3 7

Asian Completed M&A by Region - Imputed Fees Outbound (US$b)

$60

100%

$0.5

North Asia

Inbound (US$b)

South Asia

Southeast Asia

Australasia

$0.4

% of Cross Border is Outbound

$50

80%

$40 60% $30 40% $20

Imputed Fees (US$b)

$0.4

% Outbound

Rank Value (US$b)

163,677.9 41,949.7 32,063.7 20,828.9 162,478.9 20,206.7 14,077.2 13,586.1 144,718.8 25,973.5 14,844.1 14,585.3 139,421.4 47,290.0 40,182.4 36,183.6 127,087.3 74,430.2 54,262.3 50,041.6

Jan 1 - Dec 31 2015 Mkt. Share

$0.3 $0.2 $0.2 $0.1

20%

$10

$0.3

$0.1 $0.0

4Q15

3Q15

2Q15

1Q15

4Q14

3Q14

2Q14

1Q14

4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

4Q11

1Q12

3Q11

2Q11

1Q11

4Q10

3Q10

2Q10

1Q10

4Q09

0% 3Q09

$0

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

Top Ten Any Asia (ex-Japan) Involvement Announced Deals Rank Date 1/9/2015 6/3/2015 4/20/2015 10/14/2015 1/23/2015 4/21/2015 11/7/2015 11/6/2015 5/26/2015 12/24/2015

Date Effective 6/3/2015 6/3/2015 8/1/2015 10/31/2015 Pending 9/1/2015 Pending Pending 9/1/2015 Pending

Target (% Sought/Acquired) Hutchison Whampoa Ltd (50.04%) Cheung Kong (Hldg) Ltd- Ppty (100%) SK Holdings Co Ltd (58.23%) China-Telecommun tower asts (100%) O2 PLC (100%) Ondereel Ltd,Best-Growth es (100%) Sanxia Jinsha River Chuanyun (100%) Tongfang Guoxin Electn Co Ltd (79.2%) Samsung C&T Corp (100%) PetroChina United Pipelines (100%)

Jan 1 - Dec 31 2015 Acquiror Cheung Kong(Holdings)Ltd Shareholders SK C&C Co Ltd China Tower Corp Ltd Hutchison Whampoa Ltd China Resources (Hldg) Co Ltd China Yangtze Power Co Ltd Investor Group Cheil Industries Inc PetroChina Pipelines Co Ltd

Acquiror / Target Nation Hong Kong / Hong Kong Hong Kong / Hong Kong South Korea / South Korea China / China Hong Kong / United Kingdom Hong Kong / Hong Kong China / China China / China South Korea / South Korea China / China

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Rank Value (US$m) 45,410.8 35,632.4 23,059.6 18,349.3 15,381.2 14,027.7 14,006.3 12,039.3 11,238.8 10,873.3

Target Macro / Mid Industry Telecommunications / Telecommunications Services Real Estate / Other Real Estate Energy and Power / Oil & Gas Telecommunications / Telecommunications Services Telecommunications / Wireless Retail / Food & Beverage Retailing Energy and Power / Power High Technology / Electronics Industrials / Building/Construction & Engineering Industrials / Building/Construction & Engineering

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Full Year 2015 | Mergers & Acquisitions | Financial Advisors

Asia (ex-Japan) Rankings Any Asia (ex-Japan) Involvement Announced (AD25)

Financial Advisor Goldman Sachs & Co Morgan Stanley HSBC Holdings PLC Bank of America Merrill Lynch China International Capital Co Anglo Chinese Corp Finance Somerley Citi CITIC JP Morgan Deutsche Bank UBS Credit Suisse Huatai Securities Co Ltd PricewaterhouseCoopers Rothschild China Securities Co Ltd Guotai Junan Securities Industrial & Comm Bank China Southwest Securities Co Ltd NH Investment & Securities Co Haitong Securities Co Ltd Lazard Moelis & Co GF Securities Industry Total

Jan 1 - Dec 31

Rank Value per Advisor (US$m) Rank Value Market Market 2015 2014 Rank Rank US$m Sh (%) Share Ch. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

5 1 26 6 7 37 4 3 2 10 9 8 14 20 24 19 11 17 12 28 147 15 13 56 65

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

194,035.0 175,559.4 140,971.5 91,889.5 87,803.8 83,020.8 82,333.1 77,922.7 71,295.1 69,570.7 69,441.4 59,992.5 57,017.0 41,333.6 37,282.5 35,758.1 30,001.6 29,107.0 28,966.4 24,953.4 24,157.9 23,784.5 20,798.7 20,477.9 19,818.9 1 165 836 5 1,165,836.5

16.6 15.1 12.1 7.9 7.5 7.1 7.1 6.7 6.1 6.0 6.0 5.2 4.9 3.6 3.2 3.1 2.6 2.5 2.5 2.1 2.1 2.0 1.8 1.8 1.7 100 0 100.0

6.8 -0.4 10.3 -1.8 -0.6 6.3 -3.0 -4.2 -5.1 -1.2 -1.3 -2.4 0.9 1.4 1.4 0.9 -4.2 -0.2 -3.6 0.5 2.1 -1.1 -2.8 1.4 1.4

▲ ▼ ▲ ▼ ▼ ▲ ▼ ▼ ▼ ▼ ▼ ▼ ▲ ▲ ▲ ▲ ▼ ▼ ▼ ▲ ▲ ▼ ▼ ▲ ▲

59.4% ▲ 40.3% ▲

Any Australian Involvement Announced (AD24)

Financial Advisor UBS Macquarie Group Goldman Sachs & Co Deutsche Bank Citi Gresham Partners Credit Suisse JP Morgan Bank of America Merrill Lynch Morgan Stanley RBC Capital Markets Lazard Moelis & Co Fort Street Advisers Mizuho Financial Group Rothschild Greenhill & Co, LLC Barclays Evercore Partners Flagstaff Partners Pty Ltd Santander Azure Capital CIBC World Markets Inc Hartleys Ltd Euroz Securities Ltd Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2015 2014 US$m Sh (%) Share Ch. Rank Rank 47,958.5 1 3 33.3 15.4 ▲ 2 2 2.1 ▲ 45,318.7 31.4 3 1 24.4 35,246.7 -15.3 ▼ 4 7 23.8 11.6 ▲ 34,335.8 5 5 19,081.3 13.2 -0.9 ▼ 14 6 4.8 ▲ 15,953.8 11.1 15,514.7 10.8 -1.6 ▼ 7 6 8 17 11,233.4 7.8 3.3 ▲ 9 9,697.5 4 6.7 -7.4 ▼ 10 -5.5 ▼ 8 9,118.9 6.3 23 8,679.1 6.0 4.5 ▲ 11 5.9 12 8,556.8 -4.3 ▼ 9 5.0 ▲ 13 8,462.1 29 5.9 14 4.5 16 6,502.0 -0.1 ▼ 6,143.0 4.3 ▲ 15 4.3 -4.8 ▼ 4,728.2 16 10 3.3 17 1.8 ▲ 25 4,081.5 2.8 18 21 1.7 -0.2 ▼ 2,421.0 19 1.7 1.7 ▲ 2,375.6 20 62* 2,254.8 1.6 1.5 ▲ 21 1.1 ▲ 1,618.8 1.1 57 1,479.9 1.0 22 0.8 ▲ 23 1,422.2 1.0 1.0 ▲ 24 0.8 ▲ 52 1.0 1,390.6 46* 25 1,372.4 0.6 ▲ 1.0 144,192.0 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

24.4% ▲ 87.1% ▲

Any Asia (ex-Japan) Involvement Completed (AF32) Rank Value per Advisor (US$m) Market Rank Value Market 2015 2014 Rank Rank US$m Sh (%) Share Ch.

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals -1 ▼ 66 0.6 91 0.8 +30 ▲ 0.3 +6 32 ▲ 23 ▼ 0.2 -16 53 0.5 +15 ▲ 0.1 ▼ 12 -5 71 0.6 +27 ▲ 0.6 -14 ▼ 63 0.6 +28 66 ▲ 0.6 +5 ▲ 62 52 0.5 +8 ▲ 0.4 +5 ▲ 45 44 0.4 +1 ▲ 70 0.6 +34 ▲ 98 ▼ 0.9 -49 -7 33 0.3 ▼ ▲ 56 0.5 +29 65 0.6 +31 ▲ ▼ 86 0.8 -61 ▲ 52 0.5 +24 ▲ 0.0 +4 5 ▲ 33 0.3 +4 22 ▲ 0.2 +3 8 0.1 -11 ▼ ▲ 0.4 +24 47 10 990 +133 10,990

Financial Advisor Goldman Sachs & Co Morgan Stanley Bank of America Merrill Lynch China International Capital Co HSBC Holdings PLC Citi Anglo Chinese Corp Finance Deutsche Bank Somerley UBS Credit Suisse JP Morgan Industrial & Comm Bank China Rothschild Huatai Securities Co Ltd CITIC PricewaterhouseCoopers Lazard Guotai Junan Securities China Securities Co Ltd Haitong Securities Co Ltd NH Investment & Securities Co Southwest Securities Co Ltd Barclays Great Wall Securities Co Ltd Industry Total

1.2% ▲ -12.1% ▼

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

Jan 1 - Dec 31

Jan 1 - Dec 31

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

5 1 7 26 18 6 54 8 2 11 10 9 12 22 31 3 21 13 23 4 45 93 28 19 88

167,112.5 148,230.6 116,867.3 104,915.9 103,548.4 90,956.0 86,031.5 78,118.6 73,056.6 60,151.4 56,077.9 43,556.7 35,674.7 34,636.6 31,743.5 31,410.5 31,314.9 28,798.4 26,694.9 26,016.6 25,551.0 24,157.9 21,501.9 16,498.2 15,636.7 712 373 9 712,373.9

23.5 20.8 16.4 14.7 14.5 12.8 12.1 11.0 10.3 8.4 7.9 6.1 5.0 4.9 4.5 4.4 4.4 4.0 3.8 3.7 3.6 3.4 3.0 2.3 2.2 100 0 100.0

12.6 -0.2 8.0 13.0 11.1 2.1 11.7 3.5 -2.9 3.2 0.7 -1.3 0.1 2.5 3.2 -8.4 1.8 -0.7 1.5 -7.2 3.1 3.2 1.5 -1.0 2.0

▲ ▼ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▼ ▲ ▲ ▲ ▼ ▲ ▼ ▲ ▼ ▲ ▲ ▲ ▼ ▲

61.1% ▲ 0.6% ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▼ 52 0.9 -4 66 1.2 +6 ▲ 30 0.5 +2 ▲ 38 0.7 +22 ▲ 21 0.4 +5 ▲ ▼ 44 0.8 -13 12 0.2 +5 ▲ 41 0.7 +6 ▲ 0.5 +1 ▲ 28 25 0.5 -5 ▼ 33 0.6 -4 ▼ ▼ 31 0.6 -14 94 1.7 -27 ▼ 28 0.5 0 1.0 +33 58 ▲ ▼ 29 0.5 -2 77 1.4 -34 ▼ 10 0.2 -12 ▼ 39 0.7 +16 ▲ 29 0.5 -4 ▼ 23 0.4 +7 ▲ 5 0.1 +3 ▲ 37 0.7 +2 ▲ 0.2 -17 ▼ 9 25 0.5 +21 ▲ 5 555 5 789 -5,789 5,555 -4.0% ▼ -19.8% ▼

11.2% ▲ -12.7% ▼

Any Australian Involvement Completed (AF31) Rank Value per Advisor (US$m) Rank Value Market Market 2015 2014 US$m Sh (%) Share Ch. Rank Rank 4.8 ▲ 1 1 38,190.0 38.3 2 6 30,861.3 30.9 3.8 ▲ 22.7 3 2 22,619.7 -10.7 ▼ 15.1 4 5 15,102.5 -12.2 ▼ 8 5 11,299.0 11.3 -11.9 ▼ 10,096.4 6 9 10.1 -7.9 ▼ 8.7 29 7.9 ▲ 7 8,698.2 8.7 -19.6 ▼ 8 8,653.5 3 22 8,539.6 7.1 ▲ 9 8.6 -6.0 ▼ 11 7,222.3 7.2 10 4 -20.3 ▼ 11 7,159.1 7.2 12 14 0.3 ▲ 6,456.9 6.5 13 6.2 ▲ 6.2 6,143.0 5,436.7 5.5 7 -19.1 ▼ 14 -14.0 ▼ 3,451.6 10 3.5 15 -1.9 ▼ 18 16 2,479.6 2.5 2.4 2.4 ▲ 17 2,375.6 2,214.9 2.2 62* 18 2.1 ▲ -3.7 ▼ 2,201.5 16 2.2 19 20 21 0.2 ▲ 1,732.6 1.7 21 1,618.8 1.6 1.6 ▲ 22 26 1.5 1,520.8 0.5 ▲ 23 1.5 1.3 ▲ 1,486.2 53 1.4 1.4 ▲ 24 1,422.2 1.2 ▲ 25 60 1,390.6 1.4 99,762.5 100.0

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals -4 1.9 ▼ 30 3.0 48 -3 ▼ 26 1.6 -12 ▼ 19 ▲ 1.2 +9 1.0 +3 16 ▲ 10 -5 ▼ 0.6 ▲ 16 1.0 +1 0.6 10 -3 ▼ 8 0.5 -4 ▼ ▲ 1.2 +3 19 0.3 ▼ 5 -2 7 0.4 -7 ▼ 0.6 0 9 0.5 -2 8 ▼ 2 0.1 +2 ▲ ▼ 1.0 16 -5 0 0.5 8 -3 ▼ 4 0.3 0.5 +8 ▲ 8 0.2 +2 ▲ 3 ▲ 3 0.2 +3 ▼ 1 -3 0.1 0.1 +2 ▲ 2 2 0 0.1 0.1 +1 2 ▲ 1,592 -141

Financial Advisor UBS Macquarie Group Goldman Sachs & Co Deutsche Bank Bank of America Merrill Lynch JP Morgan Moelis & Co Credit Suisse RBC Capital Markets Lazard Citi Gresham Partners Mizuho Financial Group Morgan Stanley Rothschild Fort Street Advisers Evercore Partners Flagstaff Partners Pty Ltd Grant Samuel Barclays Santander Greenhill & Co, LLC Azure Capital CIBC World Markets Inc Hartleys Ltd Industry Total

-8.1% ▼ -8.3% ▼

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

-13.8% ▼ 62.7% ▲

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 161.6 5.3 1.2 ▼ 208.1 6.8 0.3 ▲ 133.5 4.4 0.9 ▲ 80.0 2.6 1.7 ▲ 86.1 2.8 1.5 ▲ 134.3 4.4 0.3 ▼ 15.3 0.5 0.3 ▲ 140.2 4.6 1.3 ▲ 24.3 0.8 0.3 ▼ 94.0 3.1 0.6 ▲ 125.8 4.1 0.7 ▲ 82.0 2.7 1.6 ▼ 2.9 0.2 ▲ 88.7 94.6 3.1 1.3 ▲ 8.1 0.3 0.2 ▲ 0.1 ▲ 19.9 0.7 11.8 0.4 0.1 ▼ 26.8 0.9 2.5 ▼ 4.9 0.2 0.1 ▲ 0.1 ▲ 7.2 0.2 0.2 ▲ 9.1 0.3 11.5 0.4 0.2 ▲ 4.1 0.1 0.0 38.5 1.3 -0.8 ▼ 2.4 0.1 -0.1 ▼ 3 070 3 100 0 3,070.3 100.0

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 23 2.1 -14 ▼ ▼ 3.2 -13 35 ▼ 1.9 -13 21 -3 ▼ 9 0.8 8 0.7 -5 ▼ 7 -7 ▼ 0.6 -1 ▼ 9 0.8 ▼ 15 1.4 -1 ▼ 5 -1 0.5 0.5 -10 5 ▼ 1.0 +1 11 ▲ -7 ▼ 7 0.6 ▲ 2 0.2 +2 ▼ 11 1.0 -5 10 0.9 -9 ▼ ▼ 5 0.5 -3 ▲ 6 0.6 +6 0.1 0 1 0.6 +1 ▲ 6 0.4 -3 ▼ 4 0.2 +2 2 ▲ 0.7 +2 ▲ 8 2 0.2 -2 ▼ ▲ 2 0.2 +2 2 0.2 +1 ▲ 1,089 -163 -13.0% ▼ -19.7% ▼

Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch. 1.5 ▼ 77.8 7.2 11.5 2.3 ▲ 124.3 97.0 9.0 2.2 ▼ 28.6 0.9 ▼ 2.6 2.4 0.8 ▼ 26.3 0.8 ▼ 23.6 2.2 16.0 1.5 0.3 ▼ 1.0 ▲ 46.5 4.3 1.3 0.0 13.7 20.2 1.5 ▼ 1.9 0.1 ▲ 35.9 3.3 1.4 0.9 ▼ 15.1 11.3 1.1 1.1 ▲ 3.7 39.8 0.8 ▼ 27.5 2.5 1.8 ▼ 3.6 0.3 1.1 ▼ 27.4 2.5 ▲ 2.5 1.1 0.1 0.1 ▼ 0.4 0.0 4.8 1.8 0.7 ▲ 19.6 0.9 9.8 0.9 ▲ 1.3 0.3 ▲ 13.6 0.8 0.5 ▲ 8.6 0.5 0.5 ▲ 4.8 0.4 0.3 ▲ 4.8 1,082.7 100.0 -6.4% ▼ 4.5% ▲

* tie

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Full Year 2015 | Mergers & Acquisitions | Financial Advisors

Asia (ex-Japan) Rankings Asia (ex-Japan) Buyside Financial Sponsor Activity Q4 Volume (US$b) Q3 Volume (US$b)

$120

$30.7

Q2 Volume (US$b)

Rank Value (US$b)

16%

14.4%

Q1 Volume (US$b)

$100

14%

% of WW FS Volume YTD

11.0%

10.7%

$80

12%

$42.3

10%

$13.9

7.8%

$60

10.0% 8% 8.1%

$40

3.1%

$7.4 $4.4

$0

$6.0

$7.4 $3.1

2006

2007

$2.3 $3.9 $4.0 $9.6

$9.8

$13.3

$6.6

$3.3 $3.9 $3.5

$6.6 $6.0

$8.9

$6.1

2008

2010

2011

2012

2013

$5.9

$31.7

6%

$46.2

$8.1

$17.3 $2.9 $5.1 $3.9 $1.0 2009

8.0% $3.4 $10.0

2.3% $20

Financial Advisor Goldman Sachs & Co Rothschild Cameron Partners Ltd Macquarie Group PricewaterhouseCoopers Citi Industry Total

18%

$8.2

4% $17.3 2% $12.7

$14.1

2014

2015

0%

Any Asian (ex-Japan) Involvement Announced M&A by Target Industry ($bil)

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 6.4 +12 ▲ 15 ▲ 9.0 +2 3 1.7 +1 4 ▲ ▲ 2.1 +3 5 -7 22 9.4 ▼ ▲ 2 0.9 +2 233 -29

Rank Value per Advisor (US$m) Rank Value Market Market 2015 2014 Rank Rank US$m Sh (%) Share Ch. 2,294.2 1 -15.3 ▼ 1 24.3 2* 26 9.0 8.9 ▲ 848.4 29* 9.0 ▲ 2* 848.4 9.0 0.4 ▲ 4 7* 7.8 732.5 5 6 667.7 7.1 -2.5 ▼ 6 314.6 3.3 3.3 ▲ 9,424.9 100.0

20%

18.8%

% of Asia (ex-Japan) Volume

$140

Any New Zealand Inv Announced (AD39)

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

-11.1% ▼ 4.5% ▲

-21.7% ▼ 304.1% ▲

Any New Zealand Involvement Completed (AF46)

Jan 1 - Dec 31

Rank Value per Advisor (US$m) Market Rank Value Market 2015 2014 US$m Sh (%) Share Ch. Rank Rank 9 4,966.8 55.7 ▲ 1 64.8 4,665.9 2* 60.9 ▲ 60.9 60.9 ▲ 4,665.9 2* 60.9 4,665.9 60.9 60.9 ▲ 2* 7.4 563.8 7.4 ▲ 5 100.0 7,662.1

Financial Advisor Goldman Sachs & Co Bank of America Merrill Lynch Barclays JP Morgan Haitong Securities Co Ltd Industry Total

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 29.3 28.5 25.1 ▲ 2.5 2.5 2.5 ▲ 7.4 ▲ 7.6 7.4 2.5 2.5 ▲ 2.5 4.3 4.2 4.2 ▲ 102.9 100.0

-18.2% ▼ 20 5% ▲ 20.5%

37.1% ▲ -20 7% ▼ -20.7%

Industry % Change from Same Period Last Year Industry % Change from Last Quarter * tie

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 10 6.2 +7 ▲ 0.6 +1 1 0.6 +1 ▲ 1 1 ▲ 0.6 +1 ▲ 0.6 +1 1 162 -36

8.0% ▲ 0 0% 0.0%

Australian Cross Border Announced M&A $40

100%

Outbound (US$b) Inbound (US$b) % of Cross Border is Outbound

12%

11%

80% $30

10%

12%

7%

4% 4%

14%

4%

60%

$20

40%

Outbound

5%

Rank Value (US$b)

14%

$10 20%

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4Q15

3Q15

2Q15

1Q15

4Q14

3Q14

2Q14

1Q14

4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

0% 4Q11

Government and Agencies

$0 1Q12

Consumer Products and Services

3Q11

Consumer Staples

2Q11

Media and Entertainment

1Q11

Retail 4Q10

Energy and Power

Healthcare

3Q10

Telecommunications

Materials

2Q10

Real Estate

1Q10

Financials

4Q09

High Technology

3Q09

Industrials

https://www.thomsonone.com 17

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

Japan M&A Japanese M&A Up 56% | Financial Sector Drives M&A Activity | Outbound Highest On Record Japan Deals Intelligence

Japanese Involvement Announced M&A - Top Advisors by Target Industry

Driven by 40 large scale deals valued at US$1 billion or more, announced M&A activity with Japanese involvement totaled US$195.2 billion during full year 2015, a 55.5% increase from comparable 2014 levels and the second strongest full year period for Japanese M&A on record after 1999’s US$242.4 billion. Orix and Vinci’s Kansai Airport’s acquisition of New Kansai International Airport’s operating rights worth US$17.9 billion was the largest Japanese deal in 2015 and the tenth largest Japanese involvement deal, since records began in 1980.

Rank Val US$m

Financials Mitsubishi UFJ Morgan Stanley Goldman Sachs & Co Nomura Industrials Rothschild Citi Mitsubishi UFJ Morgan Stanley High Technology Deloitte Mizuho Financial Group Mitsubishi UFJ Morgan Stanley Real Estate Mitsubishi UFJ Morgan Stanley Nomura Sumitomo Mitsui Finl Grp Inc Consumer Products and Services Nomura Bank of America Merrill Lynch ING

The financials sector led the Japanese market in 2015, with deal volume totaling US$60.9 billion, accounting for 31.2% market share and a 225.9% increase compared to 2014. Industrials followed, accruing US$43.3 billion for a 22.2% share of the market. Outbound activity continued to drive the Japanese M&A market, reaching a new record high with total value worth US$87.8 billion, a 53.4% increase compared to 2014. Number of deals recorded 701 deals and the second highest deal count since 2012's 732 deals. Seven out of the top 10 deals were outbound deals. Americas targets were the most sought-after by Japanese companies, recording US$38 billion with a 43.3% market share and the second highest volume on record. Japanese Domestic market activity totaled US$72.6 billion, registering 52.2% increase compared to the same period in 2014, the first increase after three years of decline on domestic M&A activity. The fourth quarter of 2015 recorded US$32.4 billion, a 184% increase compared to the last three months of 2014 and the second highest volume since 1999’s US$74.3 billion on record.

Any Japanese Involvement Announced M&A $225

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

# of Deals Q4

3,500

54.0 49.7 48.9

1 2 3

35.2 34.4 28.5

1 2 3

40.1 35.9 28.7

1 2 3

18.9 13.8 12.3

Domestic Value

Inbound Value

Outbound Value

Outbound #

Inbound #

Domestic #

40.0

700

2,500

35.0

600

30.0

$51.9

$28.7 $30.2 $38.9

$22.5

$75

$28.7

$50.2 $42.4

$47.5

$51.8

$37.1 $50.1

$26.9

$21.6 $34.0

$23.4

$26.8

$32.6 $45.9

$32.2

$40.1

$19.2 $35.2

$35.2

$45.1

$24.4

$50.3 $42.4

$31.1

$25

2,000

$33.0

$32.9 $38.8

$37.0

$25.6

$42.1

$51.0

1,500 1,000

Rank Value (US$b)

$59.3 $48.5

500

25.0 400 20.0 300 15.0 200

10.0

500

# of Deals

$66.1

$50.5

# of Deals

Rank Value (US$b)

1 2 3

190 14 6 16 470 4 5 12 553 13 29 9 187 5 9 6 357 8 2 1

3,000

$150

$50

48.0 44.4 42.3

* tie

$175

$100

1 2 3

Jan 1 - Dec 31 2015 No. Deals

Any Japanese Involvement by Market

$200

$125

Rank

60,897.0 29,239.3 27,008.0 25,740.4 43,270.4 23,379.2 21,509.2 21,136.9 17,328.9 6,106.6 5,961.0 4,937.3 16,370.0 6,564.2 5,883.7 4,698.6 14,385.1 2,713.5 1,983.8 1,768.3

Mkt. Share

100

5.0 0

$0 2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

.0 4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

Top Ten Japanese Involvement Announced Deals Rank Date 11/10/2015 6/10/2015 10/19/2015 2/18/2015 1/20/2015 9/8/2015 9/29/2015 7/23/2015 12/15/2015 1/20/2015

Date Effective Pending Completed Completed Completed Pending Pending Pending Pending Pending Pending

Target (% Sought/Acquired) New Kansai Intl-Op Concession (100%) HCC Insurance Holdings Inc (100%) Japan Post Holdings Co Ltd (8.52%) Toll Holdings Ltd (100%) CITIC Ltd (11.8%) Amlin PLC (100%) Reynolds Amer Inc-Natural (100%) StanCorp Financial Group Inc (100%) Gen Elec Co-Coml Lending (100%) CITIC Ltd (10%)

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

Jan 1 - Dec 31 2015 Acquiror Kansai Airports Tokio Marine & Nichido Fire Japan Post Holdings Co Ltd Japan Post Co Ltd Chia Tai Bright Investment Mitsui Sumitomo Insurance Japan Tobacco Inc Meiji Yasuda Life Insurance Co Sumitomo Mitsui Fin & Leasing Chia Tai Bright Investment

Acquiror / Target Nation Japan, France / Japan Japan / United States Japan / Japan Japan / Australia Hong Kong / Hong Kong Japan / United Kingdom Japan / United States Japan / United States Japan / Japan Hong Kong / Hong Kong

Rank Value (US$m) 17,911.2 7,540.9 6,121.1 6,021.2 5,924.0 5,296.5 5,005.2 4,961.3 4,755.8 4,433.3

Target Macro / Mid Industry Industrials / Transportation & Infrastructure Financials / Other Financials Consumer Products and Services / Professional Services Industrials / Transportation & Infrastructure Financials / Other Financials Financials / Insurance Consumer Staples / Tobacco Financials / Insurance Financials / Credit Institutions Financials / Other Financials

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Full Year 2015 | Mergers & Acquisitions | Financial Advisors

Japan Rankings Any Japanese Involvement Announced (AD19)

Financial Advisor Mitsubishi UFJ Morgan Stanley Nomura Sumitomo Mitsui Finl Grp Inc Mizuho Financial Group Citi Goldman Sachs & Co Bank of America Merrill Lynch Rothschild JP Morgan Lazard Evercore Partners UBS CITIC Somerley Deutsche Bank Daiwa Securities Group Inc Credit Suisse PricewaterhouseCoopers KPMG Deloitte Gresham Partners GCA Savvian Group Corp Mitsubishi UFJ Financial Group SEB ING Industry Total

Jan 1 - Dec 31

Rank Value per Advisor (US$m) Market Rank Value Market 2015 2014 Rank Rank US$m Sh (%) Share Ch. 1 7.5 ▲ 1 74,000.0 37.9 2 2 56,593.7 11.2 ▲ 29.0 3 7 22.7 44,337.9 12.7 ▲ 4 6 9.5 ▲ 42,050.8 21.5 5 9 19.2 37,414.2 10.9 ▲ 6 3 36,906.5 1.8 ▲ 18.9 18.6 7 36,225.5 15.6 ▲ 16 31,331.5 16.1 8 20 14.7 ▲ 8 15.0 5.6 ▲ 29,365.0 9 8.4 ▲ 10 8.8 34 17,263.4 11 15,104.8 7.7 3.7 ▲ 13 5.5 ▲ 12 13,325.6 6.8 24 10,630.2 5.5 5.5 ▲ 13 10,357.2 14 5.3 5.3 ▲ 15 9,969.8 5.1 3.7 ▲ 23 16 10 9,714.2 5.0 -1.7 ▼ 17 5 9,590.5 4.9 -8.9 ▼ 2.2 ▲ 18 17 9,317.5 4.8 4.8 19 11 9,288.5 -0.5 ▼ 20 30 8,062.7 4.1 3.4 ▲ 21 6,021.2 3.1 3.1 ▲ 22 12 1.6 -3.6 ▼ 3,048.4 23 38 2,958.4 1.5 1.2 ▲ 1.2 ▲ 2,372.8 1.2 24 33 1 768 3 09 05 ▲ 25 1,768.3 0.9 0.5 195,224.4 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

55.5% ▲ 46.4% ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 2.0 +5 ▲ 62 4.2 +24 ▲ 132 5.2 +11 ▲ 163 ▲ 5.4 +10 169 0 19 0.6 0.6 -2 ▼ 19 16 0.5 +8 ▲ 0.4 0 11 25 0.8 +2 ▲ 12 ▲ 0.4 +7 0.3 +1 8 ▲ 11 0.4 +4 ▲ 4 0.1 +4 ▲ 2 0.1 +2 ▲ 0 0.2 7 2.1 +5 ▲ 66 0.3 0 8 63 2.0 +10 ▲ 80 2.6 +15 ▲ 2.3 +6 ▲ 70 1 0.0 +1 ▲ 29 0.9 -1 ▼ ▲ 41 1.3 +9 1 0.0 +1 ▲ 00 2 1 0.0 -2 ▼ 3,108 +178 6.1% ▲ -5.8% ▼

Any Japanese Involvement Completed (AF23)

Jan 1 - Dec 31

Rank Value per Advisor (US$m) Rank Value Market Market 2015 2014 US$m Sh (%) Share Ch. Rank Rank 1 29,370.7 24.2 6.9 ▲ 4 28,715.8 23.6 1 2 -12.1 ▼ 3 2 25,430.1 20.9 -5.6 ▼ 9 22,993.2 18.9 4 7.5 ▲ 5 5 15,748.8 -3.9 ▼ 13.0 13,604.1 10.3 ▲ 30 11.2 6 11 7 13,367.4 11.0 4.2 ▲ 21 8 10,165.1 8.4 6.0 ▲ 9 5.9 ▲ 22 8.0 9,766.5 10 10 9,356.3 7.7 -2.6 ▼ 3 8,063.1 11 6.6 -12.8 ▼ 12 6.3 25 7,674.1 4.9 ▲ 5.8 7,004.1 13 14 0.5 ▲ 14 5.5 33 6,671.7 4.8 ▲ 6,459.4 5.3 15 8 -7.4 ▼ 16 5.0 5.0 ▲ 6,021.2 17 4,471.1 3.7 17 -0.2 ▼ -1.6 ▼ 15 4,098.6 3.4 18 4,068.7 3.4 3.4 ▲ 19 7 3.2 -9.6 ▼ 20 3,934.3 3,634.4 -2.6 ▼ 21 3.0 13 6 3,380.4 -11.0 ▼ 22 2.8 2.6 ▲ 23 2.6 3,154.5 2.1 ▲ 47 24 2.4 2,955.2 29 2 570 2 21 11 ▲ 25 2,570.2 2.1 1.1 121,469.0 100.0

Financial Advisor Goldman Sachs & Co Mitsubishi UFJ Morgan Stanley Nomura Mizuho Financial Group Sumitomo Mitsui Finl Grp Inc Evercore Partners Citi Deutsche Bank Lazard Daiwa Securities Group Inc Credit Suisse Rothschild GCA Savvian Group Corp Deloitte Bank of America Merrill Lynch Gresham Partners Ernst & Young LLP PricewaterhouseCoopers ICICI Bank Ltd JP Morgan KPMG Centerview Partners LLC MTS Health Partners LP Mitsubishi UFJ Financial Group UBS Industry Total

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▼ 0.9 -5 18 2.4 -12 47 ▼ ▲ 107 5.4 +3 7.9 +9 157 ▲ 7.3 +7 145 ▲ -1 6 0.3 ▼ 16 0.8 +4 ▲ 6 -3 0.3 ▼ 8 0.4 +4 ▲ 63 3.2 +6 ▲ 0.3 -5 ▼ 6 9 0 0.5 23 1.2 -11 ▼ 2.6 52 -1 ▼ 10 0.5 -4 ▼ 0.1 +1 ▲ 1 20 1.0 +7 ▲ 2.3 ▼ 45 -3 1 ▲ 0.1 +1 0.6 -12 ▼ 12 3.0 +3 ▲ 60 3 0.2 +1 ▲ ▲ 1 0.1 +1 ▲ 35 1.8 +2 0 5 +7 10 0.5 ▲ 1,993 -1 -0.1% ▼ -3.1% ▼

4.6% ▲ 110.8% ▲

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 139.9 9.9 4.4 ▲ 139.4 2.8 ▼ 9.9 1.5 ▼ 101.2 7.2 0.9 ▲ 99.7 7.1 2.2 ▼ 4.8 68.4 35.7 1.6 ▲ 2.5 1.5 ▲ 46.5 3.3 20.4 0.6 ▼ 1.4 1.3 ▲ 2.2 31.1 0.3 ▲ 3.6 50.9 1.9 ▼ 2.1 29.3 31.6 0.7 ▲ 2.2 2.0 0.0 28.7 26.1 1.1 ▲ 1.9 3.4 48.2 0.4 ▲ 0.7 9.9 0.7 ▲ 0.1 0.0 1.7 7.7 0.2 ▼ 0.6 0.2 ▲ 2.8 0.2 36.7 2.6 1.6 ▼ 0.3 ▼ 6.1 0.4 0.2 ▲ 37.8 2.7 0.7 0.7 ▲ 9.4 0.6 ▲ 16.4 1.2 19 8 14 11 ▲ 19.8 1.4 1.1 1,413.7 100.0 -1.0% ▼ 77.2% ▲

* tie

Japanese Involvement Announced M&A Target Industry by Value

Japanese Target Completed M&A Fees $1,000

$800

7.4%

31.2%

Industrials

High Technology

Consumer Products and Services

Consumer Staples

1Q

3000

# of Deals YTD

Retail

Healthcare

Media and Entertainment

Materials

Energy and Power

Telecommunications

2500

202.1 255.9

$600

2000

176.6

$191.4

208.8

$206.5 $500 $400

$144.9 $160.9

237.7

155.9

$138.5

$239.6 $180.4

$142.2 $132.3

$200

$89.5 $202.9

$116.5

$140.3

$191.0

$236.8

$227.2

$212.7

$175.3

$217.8

$128.0 0

$0 2006

19

500

$224.0

$98.2

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1000

$75.8

$147.8 $267.2

1500 195.6

$192.6

$106.3 $269.0

149.0

$223.3

$273.6

$300

$100

239.1

178.2

$700 Imputeed Fees (US$mil)

6.3%

Real Estate

2Q

2007

2008

2009

2010

2011

2012

2013

2014

2015

htt https://www.thomsonone.com // th

Number of Deals

8.4%

Financials

3Q

$900

8.9%

22.2%

4Q

Full Year 2015 | Mergers & Acquisitions | Financial Advisors

Fairness Opinion Rankings† Worldwide Announced Fairness Opinion

Jan 1 – Dec 31

Based on Number of Transactions Change in # of Deals 0 ▲ +31 +24 ▲ ▲ +32 ▲ +26 ▲ +26 +11 ▲ +26 ▲ +23 ▲ ▼ -2 +21 ▲ -7 ▼ -3 ▼ ▲ +6 ▲ +10 +13 ▲ -2 ▼ ▲ +5 ▲ +10 +1 ▲ -2 ▼ -2 ▼ -21 ▼ +17 ▲ +14 ▲ +365

32.6% ▲ 44.1% ▲

Any EMEA Inv Announced Fairness Opinion

Rank Value (US$m) Rank Value Market US$m Sh (%) 2.6 37,352.0 16,173.9 1.1 26,106.2 1.8 1.1 15,860.0 0.7 9,994.0 444,259.0 31.3 36,224.1 2.6 19,613.9 1.4 0.1 1,127.4 15,297.1 1.1 20,733.0 1.5 10.3 146,300.1 23,377.2 1.6 9,506.8 0.7 0.2 3,372.3 1.3 18,347.2 7,370.2 0.5 16,401.9 1.2 8,949.8 0.6 14,638.4 1.0 76,333.1 5.4 1,801.8 0.1 7,204.6 0.5 2,259.8 , 0.2 158,861.7 11.2 1,417,907.2 100.0 55.5% ▲ 129.5% ▲

Jan 1 – Dec 31

Fairness Opinion Provider Duff & Phelps Stout Risius Ross Inc JP Morgan Houlihan Lokey Stifel/KBW Morgan Stanley Prairie Capital Advisors Inc Bank of America Merrill Lynch Sandler O'Neill Partners Evercore Partners Cormark Securities Inc Goldman Sachs & Co Pendo Advisors LLC GMP Capital Corp Jefferies LLC BMO Capital Markets Deutsche Bank Raymond James Financial Inc Rothschild Credit Suisse Moelis & Co Hovde Group LLC Evans & Evans Inc Industry y Total

# of Deals per Advisor # of Market Change in 2015 2014 Rank Rank Deals Sh (%) # of Deals 3 18 10.3 ▲ 1 +7 1 2 16 9.1 -1 ▼ 15* 13 ▲ 3 +10 7.4 4 4* 10 +2 ▲ 5.7 8* 8 +3 ▲ 4.6 5 +2 3.4 12* 6* 6 ▲ 6 ▲ 26* +5 3.4 6* +5 2.9 ▲ 8* 5 5 22* 2.9 8* +3 ▲ 8* ▲ 5 +2 2.9 15* +3 ▲ 11* 26* 2.3 4 2.3 12* 0 11* 4 2 2.3 -12 ▼ 11* 4 11* 26* 4 2.3 +3 ▲ 15* 15* 3 1.7 0 15* 15* 3 1.7 0 15* 3 1.7 +3 ▲ 175 +16

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

10.1% ▲ 4.5% ▲

Rank Value (US$m) Rank Value Market US$m Sh (%) 22.9 78,634.6 0.2 651.5 15.3 52,622.5 119,253.8 34.7 95,598.0 27.8 3,658.3 1.1 2,505.3 0.7 2,255.1 0.7 281.0 0.1 1.1 3,729.5 37.5 0.0 8,136.6 2.4 27,991.4 8.1 8,968.3 2.6 880.8 0.3 20,774.0 6.0 276.7 0.1 343,810.3 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

Change in # of Deals +13 ▲ -2 ▼ +11 ▲ ▼ -5 -21 ▼ -9 ▼ +13 ▲ -4 ▼ ▼ -6 ▲ +1 ▲ +8 -11 ▼ +4 ▲ +2 ▲ +3 ▲ ▲ +3 ▼ -1 ▼ -8 ▲ +2 -2 ▼ 0 ▲ +1 +5 ▲ -14

83.3% ▲ 16.5% ▲

* tie †Fairness Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness opinions provided as part of a broader advisory mandate.

Rank Value (US$m) Rank Value Market US$m Sh (%) 9,769.4 1.1 1,127.4 0.1 424,087.6 48.8 20,733.0 2.4 0.2 1,801.8 13.1 114,171.5 .0 0.0 70,132.9 8.1 3,434.0 0.4 75,530.4 8.7 475.9 0.1 62,928.8 7.2 30.5 0.0 2,430.0 0.3 24,329.2 2.8 28,533.0 3.3 0.4 3,203.5 0.2 1,364.6 13,030.2 1.5 24,625.9 2.8 2,517.3 0.3 188.0 0.0 36.1 0.0 869,306.1 100.0 ,

Jan 1 – Dec 31

Fairness Opinion Provider Duff & Phelps Stout Risius Ross Inc JP Morgan Houlihan Lokey Stifel/KBW Morgan Stanley Prairie Capital Advisors Inc Sandler O'Neill Partners Bank of America Merrill Lynch Evercore Partners Goldman Sachs & Co Pendo Advisors LLC Deutsche Bank Rothschild Hovde Group LLC Jefferies LLC Raymond James Financial Inc Piper Jaffray Cos Simmons & Co International Industry Total

# of Deals per Advisor # of Market 2015 2014 Rank Rank Deals Sh (%) 1 3 52 13.2 2 1 10.7 42 3 36 9.2 5 30 4 7.6 4 5 4.8 19 2 15 6 6 3.8 7* 53* 3.6 14 7* 3.6 14 7 9 9 13 3.3 10 2.5 10 13 8 9 11 2.3 23* 8 2.0 12 13* 18* 6 1.5 13* 23* 6 1.5 13* 20* 6 1.5 13* 23* 6 1.5 17* 11 5 1.3 17* 33* 5 1.3 17* 5 1.3 393

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

Change in # of Deals +13 ▲ ▼ -2 ▲ +10 -2 ▼ ▼ -21 -6 ▼ +13 ▲ -6 ▼ -4 ▼ +1 ▲ -9 ▼ +4 ▲ 0 +2 ▲ +1 ▲ +2 ▲ -6 ▼ +3 ▲ +5 ▲ -15

-3.7% ▼ 12.8% ▲

Rank Value (US$m) Rank Value Market US$m Sh (%) 9,769.4 1.2 1,127.4 0.1 416,335.9 51.3 20,733.0 2.6 1,801.8 0.2 112,416.3 13.9 .0 0.0 3,434.0 0.4 70,132.9 8.6 75,530.4 9.3 62,928.8 7.8 30.5 0.0 3,203.5 0.4 13,030.2 1.6 188.0 0.0 24,056.3 3.0 1,297.4 0.2 2,195.0 0.3 537.1 0.1 811,140.9 100.0 42.9% ▲ 159.6% ▲

Any Japan Inv Announced Fairness Opinion

Jan 1 – Dec 31

Based on Number of Transactions

# of Deals per Advisor # of Market 2015 2014 Deals Sh (%) Rank Rank 65 6.9 1 1 6.6 2 2 62 5.4 3* 3* 51 3* 3* 5.4 51 47 5 6* 5.0 6 6* 44 4.7 7 39 4.1 11 8 28 5 3.0 9 12 27 2.9 10 2.8 13* 26 11 9* 24 2.5 12 22 2.3 6* 20 13 13* 2.1 19 2.0 58* 14 32* 18 1.9 15 16* 81* 16 1.7 1.7 16* 17 16 1.5 18 16 14 1.4 19* 44* 13 1.4 19* 32* 13 19* 13 1.4 22* 9* 11 1.2 22* 32* 11 1.2 22* 58* 11 1.2 947

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

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Jan 1 – Dec 31

41.8% ▲ 152.2% ▲

-2.9% ▼ 14.9% ▲

Any Asia Pacific Inv Announced Fairness Opinion

Fairness Opinion Provider Huatai Securities Co Ltd Guotai Junan Securities Southwest Securities Co Ltd China Securities Co Ltd CITIC GF Securities Somerley Haitong Securities Co Ltd Guosen Securities Co Ltd Industrial Securities Co Ltd Sinolink Securities Co Ltd Shenwan Hongyuan Securities Co Citi New Times Securities Co Ltd China Merchants Securities Co Deutsche Bank Gram Capital Minsheng Securities Co Ltd China International Capital Co Essence Securities Co Ltd Bank of China Ltd Great Wall Securities Co Ltd Zheshang Securities Co Ltd Duff & Phelps Industry Total

Any US Involvement Announced Fairness Opinion Based on Number of Transactions

# of Deals per Advisor # of Market 2015 2014 Rank Deals Sh (%) Rank 52 1 3 11.1 2 1 42 9.0 3 5 39 8.3 30 4 4 6.4 4.1 5 2 19 6 16 3.4 6 66* 14 3.0 7* 14 7* 3.0 9 7* 7* 14 3.0 13* 10 2.1 10* 45* 10 10* 2.1 9 12 7* 1.9 28* 13 8 1.7 1.5 7 14* 24* 1.5 7 14* 28* 1.5 7 14* 28* 17* 16* 6 1.3 17* 11 6 1.3 17* 28* 6 1.3 17* 15 6 1.3 19* 6 1.3 17* 24* 6 1.3 17* 66* 6 1.3 17* 469

Based on Number of Transactions

Based on Number of Transactions

Fairness Opinion Provider JP Morgan KPMG Bank of America Merrill Lynch Goldman Sachs & Co Rothschild PricewaterhouseCoopers Deloitte Evercore Partners Somerley Duff & Phelps Stout Risius Ross Inc Citi UBS Lazard Investec Morgan Stanley equinet AG Industry Total

Jan 1 – Dec 31

Based on Number of Transactions

# of Deals per Advisor # of Market 2015 2014 Rank Rank Deals Sh (%) Fairness Opinion Provider Huatai Securities Co Ltd 4.4 1* 6 65 2 1* 4.4 65 Duff & Phelps 62 4.2 3 8 Guotai Junan Securities Southwest Securities Co Ltd 3.4 51 4* 10* China Securities Co Ltd 51 3.4 4* 10* JP Morgan 3.4 4* 3* 51 CITIC 47 3.2 7 16* GF Securities 44 3.0 8 16* Stout Risius Ross Inc 9 1 42 2.8 Somerley 10 2.6 23* 39 11 5 Houlihan Lokey 2.0 30 28 1.9 Morgan Stanley 12* 7 28 Haitong Securities Co Ltd 12* 1.9 15 27 Guosen Securities Co Ltd 25 14 1.8 15 Industrial Securities Co Ltd 27* 1.8 26 16* 9 24 1.6 Citi 21* 16* 1.6 24 Sinolink Securities Co Ltd Deutsche Bank 18 27* 23 1.6 Shenwan Hongyuan Securities Co 19 16* 22 1.5 KPMG 20* 13* 21 1.4 Bank of America Merrill Lynch 13* 21 1.4 20* Stifel/KBW 19 1.3 22* 3* New Times Securities Co Ltd 19 1.3 22* 99* China Merchants Securities Co 18 24 1.2 62* Goldman Sachs & Co 25 16* 1.2 17 1,484 Industry Total Industry % Change from Same Period Last Year Industry % Change from Last Quarter

Any Americas Involvement Announced Fairness Opinion

20

65.0% ▲ 64.9% ▲

Change in # of Deals +31 ▲ ▲ +32 +26 ▲ ▲ +26 +26 ▲ ▲ +23 +21 ▲ +6 ▲ +10 ▲ +13 ▲ +5 ▲ +1 ▲ +7 ▲ ▲ +17 ▲ +14 +15 ▲ ▲ +5 ▲ +2 +10 ▲ +9 ▲ +13 ▲ -8 ▼ +7 ▲ +9 ▲ +373

Rank Value (US$m) Rank Value Market US$m Sh (%) 37,352.0 9.1 26,106.2 6.4 15,860.0 3.9 9,994.0 2.4 36,224.1 8.9 4.8 19,613.9 3.7 15,297.1 23,377.2 5.7 9,506.8 2.3 0.8 3,372.3 1.8 7,370.2 8,949.8 2.2 3.4 13,721.8 1.8 7,204.6 2,259.8 0.6 11,717.8 2.9 754.0 0.2 2,808.4 0.7 5,425.8 1.3 1,715.4 0.4 5,904.4 1.4 2,957.8 0.7 851.5 0.2 2,892.9 0.7 408,362.5 100.0

Fairness Opinion Provider JP Morgan Plutus Consulting Co Ltd Nomura Daiwa Securities Group Inc Mizuho Financial Group Deloitte GF Securities Evercore Partners Morgan Stanley es Networks Co Ltd Moelis & Co Sumitomo Mitsui Finl Grp Inc CITIC ACE Consulting Lazard Goldman Sachs & Co Panmure Gordon & Co Ltd Duff & Phelps Bank of America Merrill Lynch Industry Total

# of Deals per Advisor # of Market Change in 2015 2014 Rank Rank Deals Sh (%) # of Deals 1 1 5 17.2 -4 ▼ 5* 13.8 +3 2* 4 ▲ 4 13.8 +1 2* 2 ▲ 2* 4 13.8 +4 ▲ +3 10.3 ▲ 5 3 0 3* 2 6.9 6 +1 7* 1 3.5 ▲ 1 0 7* 5* 3.5 5* 7* 1 3.5 0 ▲ 7* 1 3.5 +1 3.5 1 ▲ +1 7* 3.5 1 ▼ -1 7* 3* 3.5 1 ▲ +1 7* ▲ +1 3.5 1 7* ▲ +1 3.5 1 7* ▲ +1 3.5 1 7* ▲ +1 3.5 1 7* ▲ +1 3.5 1 7* 0 3.5 1 5* 7* 29 +5

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

20.8% ▲ -66.7% ▼

Rank Value (US$m) Rank Value Market US$m Sh (%) 796.9 4.1 756.4 3.9 450.5 2.3 2,523.1 13.0 1,773.3 9.1 2,414.7 12.4 1,631.1 8.4 410.4 2.1 3,817.4 19.6 .0 0.0 7.8 0.0 574.0 3.0 .0 0.0 13.1 0.1 988.8 5.1 4,961.3 25.5 84.3 0.4 .1 0.0 825.7 4.2 19,450.6 100.0 -24.3% ▼ -66.7% ▼

95.8% ▲ 67.8% ▲

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Full Year 2015 | Mergers & Acquisitions | Financial Advisors

Ranking Criteria Summary - Announced league tables include all deals that were announced between January 1, 2014 and December 31, 2015 and of which Thomson Reuters was made aware. All current data

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and previous year's data is as of 5:00pm EST on December 31, 2015.

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League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.

Americas Robert Levine Tel: +1 646 223 5682 E-mail: [email protected]

- A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.

EMEA Christina Mavraki Tel: +44 (0) 20 7542 7381

- Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the

E-mail: [email protected]

Asia-Pacific Kelvin Bian Tel: +852 3761 1852

time of announcement of terms.

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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.

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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

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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.

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Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated members.

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League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures are reflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.

E-mail: [email protected]

Japan Kaori Motohashi Tel: +813 6441 1338 E-mail: [email protected]

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 undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. © 2016 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.

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