GLOBAL M&A MARKET REVIEW

GLOBAL M&A MARKET REVIEW

FINANCIAL RANKINGS

1H 2018

CONTENTS

1. Introduction 2. Global M&A Heat Map 3. Global M&A Regional Review 4. Global M&A League Tables 5. Americas M&A Regional Review 6. Americas M&A League Tables 8. EMEA M&A Regional Review 9. EMEA M&A League Tables 12. APAC M&A Regional Review 13. APAC M&A League Tables 16. Disclaimer

1H 2018

GLOBAL M&A FINANCIAL ADVISORY RANKINGS

The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equityswaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards.

Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends.

Visit {NI LEAG CRL } to download copies of the final release and a full range of market specific league table results. On the web, visit: .

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

DATA SUBMISSIONS AND QUERIES

North America EMEA Asia Pacific

Contact

Nageen Qasim Madeeha Ahmad Sayaka Sakashita

Phone

+1-646-324-2878 +44-20-3525-3754 +81-3-3201-2198

Email

nqasim1@ mchaudhry13@ ssakashita@

General M&A queries may be submitted to: m-a@, malondon@, maasia@

?2018 Bloomberg Finance L.P. All rights reserved.

Global M&A Heat Map

North America USD 1.3T 1. Morgan Stanl ey 2. Gol dman Sachs & Co 3. JPMorgan Chas e & Co

39.2% 33.4% 31.6%

Western Europe USD 692.6B 1. Morga n Sta nl ey 2. JPMorga n Cha s e & Co 3. Gol dma n Sa chs & Co

30.3% 25.3% 20.8%

Eastern Europe USD 42.5B 1. JPMorga n Cha s e & Co 2. BNP Pa ri ba s SA 3. Roths chi l d & Co

15.8% 10.3%

8.9%

Latin America

USD 101.5B

1. Morga n Sta nl ey

30.9%

2. Ba nk of Ameri ca Merri l l Lynch 20.2%

3. Banco Itau BBA SA

19.7%

Middle East & Africa USD 87.4B 1. JPMorga n Cha s e & Co 2. Ba rcl a ys Pl c 3. Gol dma n Sa chs & Co

34.5% 22.9% 22.8%

Asia Pacific USD 727.0B 1. Morga n Sta nl ey 2. JPMorga n Cha s e & Co 3. Ci ti group Inc

23.9% 23.7% 20.0%

Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1H 2018.

2

Global M&A Review | 1H 2018

Global M&A Regional Review

Global M&A: Premium Breakdown

? Global merger and acquisition activity reached $2.1 trillion in 1H 2018, representing a 36.4%

increase from the same period last year. The consumer, non-cyclical sector experienced year-on-

year growth of 59.6%, with $490.5 billion in deal activity for the period. Takeda Pharmaceutical

Co Ltd's announced acquisition of Shire Plc for $80.2 billion was the largest deal announced

within the sector as well as globally.

? Private equity activity increased 22.5% year-on-year to $518.6 billion in transactions. The United

States continued to be the most acquisitive country in 1H2018, accounting for 46.4% of the

global private equity volume.

? Cross border deals reached $957.1 billion in deal volume for 1H2018, representing an increase of

35.8% from 1H2017. Deals involving European-based targets experienced a year-on-year

increase of 42.3% to $405.0 billion.

Global M&A: Highlights of 1H 2018

Total

Summary

Date

Target

Acquirer

Seller Value

Number of deals Volume (Bln.)

21,146 $2,078.2

5/8/2018

Shire PLC

Takeda

Pharmaceutical Co

-

Ltd

$80,163.1

Avg Deal Size (Mln.)

$98.2

3/8/2018

Express Scripts Holding Co

Cigna Corp

-

$68,375.7

5% 2% 1% 19%

40% 33%

0-10% 10-25% 25-50% 50-75% 75-100% 100%+

Global M&A: Industry Breakdown

Amount

% YoY

Industry

(Bln.) % of Total Change

Consumer Non-cyclical

$490.3

23.1% 59.5%

Financial

$437.3

20.6%

3.9%

Communications

$276.9

13.0% 139.9%

Consumer Cyclical

$180.2

8.5% -5.0%

Top Adviser Morgan Stanley

4/29/2018

Sprint Corp

Energy

T-Mobile US Inc

-

$57,805.6

Industrial

$175.0 $169.7

8.2% 8.0%

-5.9% 11.2%

Number of deals Volume (Bln.)

174 $623.5

4/25/2018

Sky PLC

Comcast Corp

Technology

-

$40,647.0

Utilities

$147.3 $141.4

6.9% 73.9% 6.7% 166.2%

Avg Deal Size (Bln.)

$3.6

4/30/2018

Andeavor

Marathon Petroleum Corp

-

Basic Materials

$30,465.0

Diversified

$100.3 $4.0

4.7% 183.1% 0.2% -55.9%

$1,400 $1,200 $1,000

$800 $600 $400 $200

$0 2013 Q2

Global M&A: Quarterly Volume

2014 Q2

2015 Q2

2016 Q2

2017 Q2

Volume $(Bln.)

Deal Count

Quarterly Volume represents any involvement (target, seller, or acquirer).

14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2018 Q2

Global M&A: Deal Type Breakdown

Amount % Change % Change

Deal Type

(Bln.) Deal Count Volume

Company Takeover

$1,265.3

-0.2% 57.7%

Cross Border

$957.1

-1.1% 35.8%

Private Equity

$518.6

1.5% 22.5%

Asset sale

$350.3

-7.0% 15.3%

Tender Offer

$222.3 -23.9% 39.5%

Venture Capital

$104.2

5.2% 65.1%

Spin-off

$28.4

37.1% -6.7%

Minority purchase

$257.4

5.0% 29.3%

Majority purchase

$173.0

-2.9% 29.8%

3

Global Announced Deals

FIRM Morgan Stanley Goldman Sachs & Co LLC JPMorgan Chase & Co Citigroup Inc Evercore Inc Bank of America Merrill Lynch Lazard Ltd Barclays PLC Centerview Partners LLC Credit Suisse Group AG Deutsche Bank AG Rothschild & Co PJT Partners Inc UBS AG Nomura Holdings Inc RBC Capital Markets Sumitomo Mitsui Financial Group Inc Robey Warshaw LLP Wells Fargo & Co Mizuho Financial Group Inc TOTAL

MKT SHR RANK (%)

2018 VOLUME USD

(Mln)

1

30.0

623,521

2

25.1

522,014

3

23.5

489,016

4

16.7

346,841

5

13.0

270,146

6

12.0

248,890

7

11.3

234,452

8

11.0

228,809

9

8.9

185,871

10

8.9

185,341

11

6.7

138,930

12

6.4

133,525

13

5.9

122,391

14

5.9

121,830

15

4.8

99,336

16

4.7

96,742

17

3.2

66,841

18

3.2

65,631

19

3.0

62,683

20

3.0

61,826

2,078,527

DEAL COUNT

01/01/2018 - 06/30/2018

2017 MKT SHR MKT SHR

RANK (%)

CHANGE

174

2

16.1

13.9

184

1

21.0

4.1

166

5

13.0

10.5

126

3

14.3

2.4

69 12

4.9

8.1

95 4

13.1

-1.2

109 9

7.8

3.5

90 6

8.7

2.3

27 18

2.6

6.4

98 7

8.3

0.6

52 13

4.7

2.0

159 8

8.3

-1.9

16 28

1.6

4.3

67 10

6.1

-0.3

61 29

1.4

3.4

64 14

3.9

0.7

90 46

0.7

2.5

3 22

2.0

1.1

22 23

2.0

1.0

53 65

0.4

2.6

21,174

1,524,122

Global Private Equity Announced Deals

2018

MKT SHR VOLUME USD

FIRM

RANK (%)

(Mln)

JPMorgan Chase & Co

1

25.7

133,346

Morgan Stanley

2

20.9

108,383

Goldman Sachs & Co LLC

3

20.9

108,362

Citigroup Inc

4

19.3

100,239

Barclays PLC

5

10.5

54,260

Lazard Ltd

6

9.4

48,666

Bank of America Merrill Lynch

7

9.2

47,653

Evercore Inc

8

8.1

41,790

Credit Suisse Group AG

9

7.6

39,436

Deutsche Bank AG

10

7.3

37,799

Rothschild & Co

11

6.8

35,040

Macquarie Group Ltd

12

5.7

29,585

UBS AG

13

5.4

28,109

Guggenheim Capital LLC

14

5.3

27,389

TD Securities Inc

15

4.2

21,797

RBC Capital Markets

16

4.1

21,251

China International Capital Corp Ltd

17

4.0

20,891

Centerview Partners LLC

18

4.0

20,890

Canson Capital Partners

19

3.3

17,000

CITIC Securities Co Ltd

20

2.7

14,000

TOTAL

518,587

DEAL COUNT

01/01/2018 - 06/30/2018

2017 MKT SHR MKT SHR

RANK (%)

CHANGE

66

5

14.0

11.8

74

2

23.0

-2.1

81

1

23.1

-2.2

46

6

12.5

6.8

40

8

10.1

0.3

47 15

4.0

5.4

33

3

14.8

-5.6

34 21

2.2

5.9

42

4

14.3

-6.7

23 10

6.2

1.1

80

9

6.4

0.4

21 17

3.0

2.7

26

7

11.5

-6.0

8 75

0.2

5.1

8 86

0.2

4.0

25 14

5.6

-1.5

9 94

0.1

3.9

13 13

5.6

-1.6

1

-

-

3.3

1 47

0.5

2.2

6,476

423,485

Cross Border Announced Deals

FIRM

MKT SHR RANK (%)

2018 VOLUME USD

(Mln)

Morgan Stanley

1

35.4

338,855

JPMorgan Chase & Co

2

28.4

272,158

Goldman Sachs & Co LLC

3

26.7

255,624

Citigroup Inc

4

23.5

225,030

Evercore Inc

5

16.3

156,377

Barclays PLC

6

14.8

141,563

Bank of America Merrill Lynch

7

13.2

126,537

Lazard Ltd

8

11.7

112,038

Nomura Holdings Inc

9

9.2

88,428

UBS AG

10

9.1

86,943

Robey Warshaw LLP

11

6.9

65,631

Rothschild & Co

12

6.7

63,757

Deutsche Bank AG

13

6.4

61,454

PJT Partners Inc

14

6.1

58,776

Credit Suisse Group AG

15

5.9

56,310

RBC Capital Markets

16

5.4

51,379

Wells Fargo & Co

17

4.5

43,065

Banco Comercial Portugues SA

18

4.1

39,409

LionTree Advisors LLC

19

3.7

35,301

Macquarie Group Ltd

20

3.1

29,254

TOTAL

957,129

DEAL COUNT

01/01/2018 - 06/30/2018

2017 MKT SHR MKT SHR

RANK (%)

CHANGE

89

4

18.6

16.8

95

5

16.3

12.2

104

1

27.3

-0.6

71

2

19.5

4.0

35 19

3.0

13.4

48 12

6.2

8.6

50 3

19.3

-6.1

74 8

11.3

0.4

26 29

1.8

7.4

39 9

9.0

0.1

3 16

4.4

2.5

111 6

12.0

-5.4

27 11

7.4

-1.0

8 21

2.7

3.4

55 7

11.4

-5.5

32 13

5.0

0.3

8 23

2.3

2.2

2 113

0.1

4.0

5 182

0.0

3.7

32 33

1.7

1.4

7,705

705,050

4

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