REUTERS / Kai Pfaffenbach

MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS First Nine Months 2014

First Nine Months 2014 | 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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First Nine Months 2014 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEW WW M&A Up 59% l Triple-digit Gains for Cross-Border and Large Cap Deals Drive Strongest First Nine Months Since '07 l Goldman Sachs Top Advisor Global Deals Intelligence

Worldwide Completed M&A by Region - Imputed Fees

WORLDWIDE M&A UP 59%, SURPASSING FULL YEAR 2013 LEVELS - Powered by a resurgence of deals over $5 billion, the value of worldwide M&A totalled US$2.7 trillion during the first nine months of 2014, a 59% increase from comparable 2013 levels and the strongest first nine months for worldwide deal making since 2007. The 59% year-over-year gain marks the strongest percentage gain since the first nine months of 1998, when deal activity increased 77%.

$5

NUMBER OF DEALS UP 2%; QUARTERLY M&A FALLS 22% - Just over 28,300 worldwide deals were announced during the first nine months of 2014, a 2% increase compared to the first nine months of last year. Third quarter 2014 M&A totalled US$888 billion, a 22% decrease from the second quarter of this year which was the first quarter to top US$1 trillion since the second quarter of 2007.

HOSTILE & UNSOLICITED M&A ACCOUNTS FOR 8% OF WORLDWIDE M&A - Hostile and unsolicited bids totalled US$222.8 billion during g the first nine months of 2014,, accounting g for 8% of worldwide merger g activity, y, the highest percentage since the first nine months of 2001 when hostile and unsolicited deal making accounted for 9% of announced activity. CROSS BORDER M&A MORE THAN DOUBLES – Cross Border M&A activity totalled US$1.1 trillion during the first nine months of 2014, accounting for 40% of overall M&A volume and more than double levels reached during the first nine months of 2013. COMPLETED ADVISORY FEES UP 10% - According to estimates from Thomson Reuters/Freeman Consulting, M&A advisory fees from completed transactions totalled US$19.5 billion during the first nine months of 2014, a 19% increase from the comparable period in 2013.

Q4 Volume (US$b) Q2 Volume (US$b)

38.3%

37.4%

33.7%

39.5%

$154.3

$406.0

40%

30% 25% $361.1

$800

$249.6 $254.2

$641.2

$326.5

$262.6

$600 $262.8

$200 $0

$363.5

$273.4

$400

$148.5

$241.3 $146.7 2005

$168.2

$281.0 2006

$405.4

2007

$258.3 2008

$269.8

$200.5 $204.5 $246.5

$203.8

$112.4

20%

$251.7 $202.9

$237.7 $189.8

$113.4

$234.2

2009

2010

2011

$132.6

2012

2013

$281.2

10% 5%

25%

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

20%

% of YTD Global M&A

$600

$271.6 $171.6

19.3%

$700

$163.8

13.5%

13.2%

$500

13.0%

15%

16.6%

10.8% $160.6

$400

$322.1 $300

$200

$100

$243.4

8.8%

$97.4

15% $462.3

$165.7

$175.1

21.4%

23.4%

Q3 Volume (US$b)

$108.0

35%

30.7%

Q4 Volume (US$b)

$800

35.4%

27.2%

$371.7

$1,000

% of YTD Global M&A

35.2%

$1,200

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

Rank Value (US$b)

Rank Value (US$b)

$1,400

$0

45%

Q1 Volume (US$b)

$1,600

$1

$900

% of Global M&A

$1,800 $430.7

$2

50%

Q3 Volume (US$b)

33.6%

$3

Worldwide Announced Buyside Financial Sponsor Activity

44.8%

$2,000

Japan

$75.8

$176.4

$114.1 $153.7

$35.7 $56.3 $203.3

$83.4 $78.4

$73.8 $0

0%

2005

2014

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$114.8

6.8%

2006

2007

2008

$91.7 $52.6 $36.2 $24.8 $22.9 2009

$79.0 $60.7 $32.0 2010

$106.4

$94.5

$70.5

$93.3

$88.2

$76.8

$65.9

$64.9

2011

2012

$81.8

$140.4

$130.2 5%

$80.3 $115.6

10%

% of Global M&A

Worldwide Cross Border Volume

EMEA

Asia Pacific

$4

Imputed Fees (US$b)

EUROPEAN M&A UP 81%; BEST START FOR ASIA PACIFIC M&A ON RECORD - M&A activity for European targets totalled US$693.7 billion during the first nine months of 2014, an increase of 81% compared to the level of activity seen during the first nine months of 2013. With US$492.9 billion in announced deals during the first nine months of 2014, Asia Pacific M&A registered the strongest period for deal making in the region since records began in 1980.

Americas

$153.6 0%

2013

2014

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First Nine Months 2014 | 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 France Republic of Irelan United Kingdom Asia Pacific Asia-Pacific Australasia Australia New Zealand South East Asia Singapore Malaysia North Asia China South Korea South Asia Central Asia Japan

1/1/2014 -9/30/2014 Rank Val No. US$m Deals 2,700,871.7 1,428,325.4 6,337.1 11,321.3 9,874.4 1,334,484.8 1,251,944.3 82,540.5 76,182.2 42,904.0 10,423.7 38,886.3 15,537.1 4,997.7 12,271.1 693,718.6 34,105.8 659,612.8 147,276.7 115,301.4 110,608.5 492 917 4 492,917.4 63,681.0 57,814.1 3,551.3 50,662.8 26,023.3 10,177.7 357,747.8 261,736.7 54,683.7 20,825.8 6,080.4 47,024.1

28,307 9,112 88 161 126 8,203 6,947 1,256 660 344 60 896 312 98 432 9,364 2,196 7,168 1,404 121 1,649 7 374 7,374 1,067 921 126 1,313 313 380 4,227 2,789 876 767 54 1,561

Jan 1 - Sep 30 1/1/2013 - 9/30/2013 Rank Val No. US$m Deals 1,696,027.1 901,577.8 4,621.2 21,061.9 16,760.1 827,575.5 760,376.9 67,198.6 48,319.2 31,424.6 8,667.4 59,949.3 19,397.2 6,284.5 23,069.6 384,285.3 71,095.8 313,189.5 33,398.7 12,363.6 71,136.0 289 241 9 289,241.9 44,071.4 40,824.3 2,657.0 43,369.2 8,549.7 8,135.8 185,816.8 139,081.2 27,136.7 15,984.5 11,198.1 60,972.9

27,747 8,909 71 208 157 7,817 6,582 1,235 813 414 97 788 347 66 328 9,736 2,509 7,227 1,099 96 1,710 6 765 6,765 1,127 992 124 1,297 289 376 3,601 2,464 720 740 47 1,549

% Change in Rank Value 59.2 58.4 37.1 -46.2 -41.1 61.3 64.6 22.8 57.7 36.5 20.3 -35.1 -19.9 -20.5 -46.8 80.5 -52.0 110.6 341.0 832.6 55.5 70 4 70.4 44.5 41.6 33.7 16.8 204.4 25.1 92.5 88.2 101.5 30.3 -45.7 -22.9

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

Scorecard: Worldwide Completed M&A

Target Region/Nation Worldwide Americas Caribbean Central America Mexico North America United States Canada South America Brazil Peru 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 South Korea South Asia Central Asia Japan

1/1/2014 -9/30/2014 No. Rank Val Deals US$m 1,639,653.2 891,963.9 5,459.1 6,830.6 6,318.8 818,063.3 755,469.1 62,594.2 61,611.0 26,522.1 14,724.6 37,984.6 11,359.0 6,989.0 13,502.6 360,277.1 48,498.7 311,778.3 75,005.8 46,966.7 42,375.3 302 399 1 302,399.1 78,171.2 72,544.5 4,004.6 33,598.1 19,451.8 4,949.3 176,662.3 110,325.8 35,609.4 13,967.6 6,134.0 47,028.5

20,298 7,375 57 110 89 6,705 5,768 937 503 282 41 562 222 58 240 7,721 1,747 5,974 1,415 1,295 845 3 642 3,642 747 645 6 737 203 216 1,688 840 568 470 42 998

Jan 1 - Sep 30 Worldwide Announced M&A Target Industry by Value 1/1/2013 - 9/30/2013 Rank Val No. US$m Deals 1,535,684.1 747,691.4 5,697.3 30,173.3 29,796.5 681,281.1 608,979.7 72,301.5 30,539.7 16,899.3 3,023.5 36,507.6 17,013.2 6,212.9 12,176.0 490,317.0 122,420.9 367,896.1 71,742.7 38,197.0 29,824.4 208 955 1 208,955.1 38,422.7 35,463.8 116.0 46,102.9 18,448.9 8,898.2 104,864.8 68,446.4 21,953.6 19,564.8 1,105.5 52,213.0

21,487 7,570 47 144 110 6,749 5,722 1,027 630 336 62 537 241 44 206 8,237 2,028 6,209 1,543 1,038 839 4 069 4,069 877 770 4 852 196 297 1,810 1,103 480 530 46 1,074

% Change in Rank Value 6.8 19.3 -4.2 -77.4 -78.8 20.1 24.1 -13.4 101.7 56.9 387.0 4.0 -33.2 12.5 10.9 -26.5 -60.4 -15.3 4.5 23.0 42.1 44 7 44.7 103.5 104.6 3,352.2 -27.1 5.4 -44.4 68.5 61.2 62.2 -28.6 454.9 -9.9

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

9.1%

8.4% 10.1% 8.1%

Date Effective Pending Pending Pending Pending Pending Pending 8/25/2014 Pending Pending Pending Pending 7/1/2014 Pending Pending Pending

Target (% Sought/Acquired) Time Warner Cable Inc (100%) DirecTV Inc (100%) Kinder Morgan Energy Partners (88.3%) Allergan Inc (91%) Shire PLC (100%) Covidien PLC (100%) CITIC Ltd (100%) Lafarge SA (100%) T-Mobile US Inc (56.6%) Lorillard Inc (100%) SFR (100%) Forest Laboratories Inc (100%) WhatsApp Inc (100%) Sinopec Sales Co Ltd (30%) Alstom SA-Energy Businesses (100%)

7.4%

14.0%

6.2% 5.8%

14.8% 3.0%

4.0%

Energy and Power

Healthcare

Media and Entertainment

Real Estate

Financials

Industrials

High Technology

Materials

Consumer Staples

Telecommunications

Retail

Consumer Products and Services

Government and Agencies

Top Fifteen Worldwide Announced Deals Rank Date 2/13/2014 5/18/2014 8/10/2014 4/22/2014 6/19/2014 6/15/2014 4/16/2014 4/7/2014 7/31/2014 7/15/2014 3/11/2014 2/18/2014 2/19/2014 9/14/2014 4/30/2014

9.0%

Jan 1 - Sep 30 2014 Acquiror Comcast Corp AT&T Inc Kinder Morgan Inc Valeant Pharmaceuticals Intl AbbVie Inc Medtronic Inc CITIC Pacific Ltd Holcim Ltd Iliad SA Reynolds American Inc Numericable Group SA Actavis PLC Facebook Inc Investor Group General Electric-Energy Assets

Acquiror / Target Nation United States / United States United States / United States United States / United States United States / United States United States / Ireland-Rep United States / Ireland-Rep Hong Kong / China Switzerland / France France / United States United States / United States France / France Ireland-Rep / United States United States / United States China / China United States / France

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Rank Value (US$m) 70,677.1 67,186.3 58,551.1 56,297.8 54,999.5 47,922.1 42,247.5 39,544.6 34,975.2 27,737.4 23,306.8 23,286.3 19,467.7 17,457.9 17,124.2

Target Macro / Mid Industry Media and Entertainment / Cable Media and Entertainment / Cable Energy and Power / Oil & Gas Healthcare / Pharmaceuticals Healthcare / Pharmaceuticals Healthcare / Healthcare Equipment & Supplies Financials / Asset Management Materials / Construction Materials Telecommunications / Wireless Consumer Staples / Tobacco Telecommunications / Telecommunications Services Healthcare / Pharmaceuticals High Technology / Internet Software & Services Energy and Power / Oil & Gas Industrials / Machinery

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First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

Worldwide Rankings

Worldwide Announced (AD1)

Financial Advisor Goldman Sachs & Co Morgan Stanley Citi JP Morgan Bank of America Merrill Lynch Barclays Lazard Deutsche Bank Credit Suisse Centerview Partners LLC UBS Rothschild BNP Paribas SA RBC Capital Markets Evercore Partners Jefferies LLC Allen & Co Inc Perella Weinberg Partners LP Societe Generale Paul J Taubman Zaoui & Co HSBC Holdings PLC CITIC Credit Agricole CIB Somerley Ltd Industry Total†

Jan 1 - Sep 30

Industry % Change from Same Period Last Year 59.2% ▲ Industry % Change from Last Quarter -21.7% ▼ †Note: Industry Totals include multiple competing bids for the same target.

Worldwide Completed (AF1)

# of Deals per Advisor # of Market Change in Deals Sh ($) # of Deals ▲ 1.1 +19 311 255 0.9 +27 ▲ 0.8 +70 233 ▲ 234 ▲ 0.8 +23 0.6 +19 182 ▲ 190 0.7 +53 ▲ 192 ▲ 0.7 +3 171 0.6 +27 ▲ 0.6 +11 ▲ 179 0.1 +12 40 ▲ 121 0.4 -22 ▼ 210 0.7 +23 ▲ 87 0.3 +6 ▲ 109 0.4 +13 ▲ ▲ 118 0.4 +32 ▲ 101 0.4 +15 ▲ 7 0.0 +1 23 0.1 +3 ▲ 49 0.2 -6 ▼ 4 0.0 +3 ▲ 0 0 +9 9 0.0 ▲ 50 -8 0.2 ▼ 22 ▼ 0.1 -7 ▲ 45 0.2 +22 ▼ 27 0.1 -7 +560 28,307

Financial Advisor Goldman Sachs & Co JP Morgan Morgan Stanley Bank of America Merrill Lynch Barclays UBS Citi Deutsche Bank Credit Suisse Guggenheim Securities LLC Paul J Taubman Lazard Rothschild BNP Paribas SA Centerview Partners LLC CITIC Somerley Ltd Macquarie Group RBC Capital Markets Evercore Partners Jefferies LLC Nomura China Securities Co Ltd Moelis & Co Credit Agricole CIB Industry Total

2.0% ▲ -11.1% ▼

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

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 Rank Rank US$m Sh (%) Share Ch. 1 795,387.4 0.2 ▲ 1 29.5 2 4 694,332.6 25.7 1.7 ▲ 3 23.5 634,249.4 9 14.2 ▲ 4 -6.1 ▼ 2 539,280.4 20.0 3 533,688.3 19.8 -4.4 ▼ 5 6 5 496,946.6 18.4 1.2 ▲ 7 10 425,957.2 15.8 6.9 ▲ 13.9 8 7 375,926.6 3.0 ▲ 12.8 8 2.9 ▲ 9 345,662.3 1.8 ▲ 10 208,603.9 13 7.7 6 11 202,003.1 7.5 -7.3 ▼ 1.7 ▲ 14 178,877.2 12 6.6 13 21 176,634.3 6.5 4.3 ▲ 5.0 14 16 135,181.7 1.0 ▲ 0.3 ▲ 4.2 15 17 114,186.3 22 106,806.4 2.0 ▲ 4.0 16 83 99,544.8 3.4 ▲ 3.7 17 28 3.5 2.1 ▲ 18 94,178.9 2.0 ▲ 32 3.1 82,946.7 19 12 3.0 -4.7 ▼ 20 80,077.1 80 051 1 30 30 ▲ 21 80,051.1 3.0 3.0 22 20 74,874.9 2.8 0.3 ▲ 31 2.7 1.5 ▲ 23 73,430.9 24 119 62,667.3 2.3 2.2 ▲ 25 58,702.6 1.5 ▲ 2.2 52 2,700,871.7 100.0

Jan 1 - Sep 30

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 Rank Rank US$m Sh (%) Share Ch. 458,743.6 1 1 28.0 -3.0 ▼ 2 403,682.3 24.6 -2.8 ▼ 2 -2.4 ▼ 3 3 403,226.0 24.6 23.5 385,748.2 4 5 4.2 ▲ 18.8 5 4 -4.2 ▼ 308,971.7 6 9 247,972.2 15.1 5.0 ▲ 207,180.5 12.6 6 7 -6.6 ▼ 8 8 197,566.0 12.1 -4.3 ▼ 9 7 169,267.2 10.3 -6.6 ▼ 10 8.0 ▲ 135,512.9 8.3 75 11 130,298.3 8.0 8.0 ▲ 7.0 12 10 113,912.3 -3.0 ▼ 13 11 68,479.5 4.2 -4.5 ▼ 14 12 66,118.0 4.0 -2.9 ▼ 59,643.1 3.6 15 16 -1.3 ▼ 37 53,185.1 3.2 16 2.1 ▲ 17 2.9 ▲ 85 52,232.1 3.2 18 38 48,301.0 3.0 2.0 ▲ 19 48,097.6 2.9 -1.1 ▼ 18 20 47,761.3 2.9 -2.6 ▼ 14 46 267 1 28 11 ▼ 21 19 46,267.1 2.8 -1.1 22 -2.7 ▼ 45,608.9 2.8 13 23 2.8 2.7 ▲ 141 45,368.9 24 15 42,758.7 2.6 -2.7 ▼ 25 41 37,358.4 2.3 1.4 ▲ 100.0 1,639,653.2

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 1.3 +6 ▲ 257 200 ▲ 1.0 +28 ▼ 205 1.0 -13 0.8 159 -1 ▼ 0.8 +16 158 ▲ 92 0.5 -39 ▼ 171 0.8 +13 ▲ 0.6 -7 126 ▼ 151 0.7 -1 ▼ 9 0.0 0 ▲ 0.0 +1 1 171 0.8 0 160 0.8 -34 ▼ 0.4 -5 80 ▼ 0.1 +7 ▲ 26 0.1 +4 18 ▲ 18 0.1 ▼ -5 89 ▲ 0.4 +26 0.5 94 -4 ▼ 99 0.5 +14 ▲ 04 6 86 0.4 -6 ▼ 87 0.4 -32 ▼ ▲ 21 0.1 +11 70 0.3 +5 ▲ 44 0.2 +10 ▲ 20,298 -1,189

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 1,445.1 0.3 ▲ 7.4 1,113.6 0.6 ▲ 5.7 5.0 0.1 ▼ 974.9 0.2 ▼ 4.2 813.3 743.7 3.8 0.5 ▲ 1.7 335.6 0.4 ▼ 3.6 0.1 ▼ 704.6 2.8 537.7 0.2 ▲ 634.5 3.3 0.1 ▲ 0.2 38.1 0.0 1.0 0.0 0.0 0.4 ▲ 3.0 591.1 0.6 ▼ 395.0 2.0 1.0 200.7 0.1 ▼ 266.7 1.4 0.6 ▲ 0.1 ▼ 4.7 0.0 0.1 23.3 0.0 0.3 ▲ 1.1 207.9 328.3 1.7 0.2 ▼ 1.8 0.2 ▼ 343.8 362 6 19 02 ▲ 362.6 1.9 0.2 149.0 0.8 0.3 ▼ 4.1 0.0 0.0 256.9 1.3 0.4 ▲ 70.5 0.4 0.2 ▲ 19,506.2 100.0

-5.5% ▼ -14.1% ▼

6.8% ▲ 12.0% ▲

19.4% ▲ -3.0% ▼

* tie

Rank Val US$m

Energy and Power Barclays Citi Jefferies LLC Healthcare Goldman Sachs & Co Bank of America Merrill Lynch Morgan Stanley Media and Entertainment Morgan Stanley JP Morgan Bank of America Merrill Lynch Real Estate Goldman Sachs & Co Morgan Stanley Deutsche Bank Financials JP Morgan Goldman Sachs & Co Somerley Ltd

398,532.0 147,652.7 145,887.3 81,159.1 379,070.2 255,955.3 175,109.8 169,613.1 273,995.8 120,076.2 110,737.8 99,391.8 245,619.0 24,481.8 22,568.1 20,136.3 244,384.9 59,390.3 55,401.0 47,221.0

Jan 1 - Sep 30 Rank

1 2 3

Mkt. Share

37.1 36.6 20.4

1 2 3

67.5 46.2 44.7

1 2 3

43.8 40.4 36.3

1 2 3

10.0 9.2 8.2

1 2 3

24.3 22.7 19.3

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

No. Deals

2,214 41 49 27 1,770 29 17 21 2,076 22 23 12 2,042 24 16 9 3,142 40 46 3

Jan 1 - Sep 30 2014

Covidien/Medtronic

$900

Shire/AbbVie

$800

Kinder Morgan Energy Partners/Kinder Morgan Inc

47.9 55.0

$700

67.2 Rank Value (US$bil)

Top WW Announced M&A Advisors by Target Industry

DirecTV/AT&T

55.0 70.7

$600

58.6

159.9 $500

Time Warner Cable/Comcast Corp

55.0

196.5

$400

70.7 111.5

Other Top 15 Deals

55.0 70.7 74.3

All Other Transactions

47.9 67.2 137.5

$300

58.6 70.7

67.2

112.8

125.2

69.5

254.9

233.6

251.4

55.0 136.3

465.4

$200

372.2

338.6

339.3

$100

281.1

70.7 209.4

93.1 $0

Goldman Sachs & Co

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Morgan Stanley

Citi

JP Morgan

Bank of America Merrill Lynch

Barclays

Lazard

Deutsche Bank

Credit Suisse

52.4

44.9

Centerview Partners LLC

149.6 UBS

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First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

Worldwide M&A Matrix

Exit Multiple Matrix - Average Rank Value / EBITDA 2014 UP 2014 DOWN

World

Jan 1 - Sep 30 Americas

USA

Canada

EMEA

Europe

UK

Asia ex. Japan

Consumer Products and Services

11.9x

11.1x

13.6x

9.5x

14.4x

8.3x

10.6x

10.6x

10.1x

14.0x

10.8x

16.6x

8.9x

Consumer Staples

12.8x

11.9x

11.2x

10.9x

15.8x

13.0x

8.4x

14.0x

8.8x

13.5x

9.9x

13.5x

7.7x

Energy and Power

11.0x

10.1x

8.4x

12.5x

12.7x

14.7x

6.6x

9.5x

9.0x

6.9x

9.5x

6.9x

10.2x

Healthcare

17.1x

17.6x

17.7x

12.0x

18.6x

14.4x

9.0x

9.0x

13.6x

15.6x

14.4x

15.6x

-

High Technology

13.3x

11.3x

19.6x

11.5x

19.8x

11.8x

19.0x

6.3x

11.8x

10.4x

12.7x

11.0x

5.7x

Industrials

13.0x

10.7x

12.0x

8.2x

13.7x

8.8x

14.6x

6.9x

12.1x

9.5x

13.1x

9.5x

9.8x

Materials

11.8x

10.8x

14.3x

8.4x

16.0x

8.3x

10.3x

6.7x

11.5x

8.8x

11.9x

Media and Entertainment

13.1x

11.4x

9.3x

11.3x

10.9x

11.3x

4.1x

-

13.4x

10.9x

14.0x

Real Estate

19.8x

18.9x

12.6x

26.6x

-

28.7x

8.9x

16.5x

20.0x

24.3x

Retail

12.5x

12.8x

12.0x

13.6x

10.0x

14.8x

-

-

7.7x

Telecommunications

11.3x

9.1x

15.2x

11.8x

15.2x

11.8x

-

-

6.3x

Average Industry Total

13.3x

12.0x

13.1x

11.6x

15.1x

12.5x

9.5x

11.9x

8.4x

23.8x

12.4x

10.9x

15.9x

10.2x

-

14.3x

12.1x

13.8x

13.8x

3.1x

11.7x

10.3x

-

-

21.1x

22.4x

8.2x

22.4x

19.0x

14.0x

12.0x

8.9x

12.0x

7.9x

14.6x

13.8x

9.2x

13.8x

8.9x

6.9x

6.9x

11.9x

13.4x

12.9x

13.4x

11.6x

4.6x

7.1x

15.2x

11.4x

11.8x

11.4x

24.6x

27.1x

-

-

19.4x

14.3x

9.3x

14.3x

12.6x

6.6x

12.6x

6.7x

10.8x

19.4x

17.3x

12.0x

17.3x

5.5x

6.1x

6.0x

-

-

14.2x

10.3x

16.8x

10.3x

11.1x

12.6x

11.5x

7.3x

13.8x

14.5x

13.6x

11.2x

13.6x

Bid Premium Matrix - Average Premium to 4 Week Stock Price 2014 UP 2014 DOWN

Japan

2013

World

-

Jan 1 - Sep 30

Americas

USA

Canada

EMEA

Europe

UK

Asia ex. Japan

Japan

2013

Consumer Products and Services

22.8

23.3

35.3

31.8

39.1

33.9

28.2

28.2

15.1

27.2

18.6

34

-

Consumer Staples

24.9

26.6

33.9

29.2

52.4

30.3

21.0

33.3

22.2

23.2

18.0

22.7

-

Energy and Power

27.2

27.4

28.9

35.8

26.6

27.4

32.0

55.1

30.1

19.4

30.1

19.4

28.8

Financials

26.0

31.0

32.6

36.6

33.9

42.9

45.2

45.2

16.4

26.2

17.0

21.3

Healthcare

30.4

37.4

34.4

48.2

33.5

53.3

35.4

47.7

27.6

20.4

26.6

High Technology

24.3

29.6

29.3

39.9

28.6

41.6

32.0

28.8

30.0

37.1

30.8

Industrials

22.3

27.9

35.0

25.9

29.6

33.5

72.6

6.9

27.2

27.9

31.0

Materials

31.7

31.1

36.1

41.4

26.7

22.7

38.8

41.9

43.1

25.8

43.1

Media and Entertainment

24.6

28.4

27.6

37.3

37.0

37.3

4.3

-

42.2

Real Estate

18.8

25.5

22.8

23.5

16.0

21.8

19.0

25.6

14.8

Retail

22.3

26.9

39.0

23.1

35.6

28.4

-

-

Telecommunications

29.4

24.8

26.5

36.3

26.5

36.3

-

Average Industry Total

25.5

28.8

32.6

36.0

32.2

37.4

34.5

-

23.2

14.0

23.8

23.6

-

21.7

25.3

52.4

34.8

28.8

23.3

22.0

0.3

0.3

30.4

-

25.6

22.2

7.2

31.6

20.4

-

-

28.0

28.7

23.7

23.7

38.4

48.1

55.9

19.0

21.1

33.8

28.8

29.5

44.7

44.7

18.0

28.6

15.2

26.2

27.6

55.5

56.1

26.2

20.5

16.1

26.8

28.3

42.2

30.2

33.9

33.9

16.5

25.4

18.2

27.2

28.1

16.9

29.1

-

-

29.0

22.6

10.0

27.7

14.2

26.3

14.2

26.3

16.8

16.8

12.1

38.4

19.3

22.9

-

33.6

16.8

33.0

10.1

-

-

23.8

22.9

7.6

23.4

39.1

26.0

27.3

27.7

46.9

21.6

23.9

20.1

27.4

28

38.9

* 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 01/01/2013 - 9/30/2014 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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First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

Worldwide Announced Rankings* - A Decade in Review

1

Goldman Sachs & Co

2

2

Morgan Stanley

3

3

Citi

4

4

JP Morgan

5

5

Bank of America Merrill Lynch

6

6

Barclays

7

7

8

8

9

9

10

10

Rank

1

2005

2006

2007

2008

2009

2010

2011

2012

2013

Lazard

Deutsche Bank

Credit Suisse

Centerview Partners LLC

2014

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

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First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

Americas M&A Americas M&A Increase 67% From First Nine Months 2013 | Energy & Power Volume Drives US Activity | Canadian Activity Rises 35% Americas Deals Intelligence

US Announced Advisors by Target Industry

Driven by deal making over $5 billion, Americas volume increased 67% over totals reached through the first nine months of last year, accruing US$1.7 trillion in activity, from 11,107 announced deals. Estimated fees generated from completed deals in the Americas totaled US$13.8 billion, an 28.4% increase from fees earned during the first nine months of last year.

The Energy & Power sector led the US market for the first nine months of 2014, with deal volume totaling US$233.6 billion, an 18.7% market share. Media & Entertainment placed second, accruing US$193.4 billion for a 15.4% share. Healthcare rounded out the top 3 industries, with US$189 billion and a 15.1% share of the market. Accumulating US$145 billion in transaction value, announced Canadian Involvement activity rose by 34.5% over the totals reached in the same period last year. Completed Canadian Involvement also rose to US$125.7 billion from 1,405 deals, a 19,5% increase from completed activity during the first nine months of 2013. US targets enjoyed the highest average exit multiples worldwide during the first nine months of 2014 (15.1x), followed by Asia ex. Japan (14.5x). Most industries saw modest increases in multiples compared to the same period last year, with the biggest increases coming in Industrials.

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

Jan 1 – Sep 30 2014

450.0

55.4%

350.0

6.3%

Rnk Val US$bil

4.9%

Media and Entertainment Consumer Staples Financials Retail

170.8

Healthcare Industrials Real Estate Consumer Products and Services

Date Effective Pending Pending Pending Pending Pending Pending 7/1/2014 Pending Pending 4/30/2014

48.6 48.4 44.5

1 2 3

64.4 61.5 56.1

1 2 3

64.6 53.9 45.4

1 2 3

25.4 21.1 17.8

200.0

52.7%

54.3%

50.0% 47.2%

45.9%

40.0%

30.0%

192.5 60.3

43.4

100.0

34.0

50.0

41.8

-

60.0%

27.6% 86.1

35.3 2005

Target (% Sought/Acquired) Time Warner Cable Inc (100%) DirecTV Inc (100%) Kinder Morgan Energy Partners (88.3%) Allergan Inc (91%) T-Mobile US Inc (56.6%) Lorillard Inc (100%) Forest Laboratories Inc (100%) WhatsApp Inc (100%) Sigma-Aldrich Corp (100%) Beam Inc (100%)

1 2 3

No. Deals 591 33 28 18 533 12 16 6 638 14 19 11 259 7 7 4 1,286 20 22 20

42.9%

56.5 64.2

110.2 39.4 112.7 60.6 2006

2007

28.3

18.5 28.9 17.6

24.4 13.6 9.4 6.4

34.2

2008

2009

2010

Top Ten US-Target Announced Deals Rank Date 2/13/2014 5/18/2014 8/10/2014 4/22/2014 7/31/2014 7/15/2014 2/18/2014 2/19/2014 9/22/2014 1/13/2014

61.2 48.5 34.2

91.2

250.0

150.0

Energy and Power High Technology Telecommunications Materials Government and Agencies

42.8%

300.0

5.1%

Mkt. Share

1 2 3

Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of WW FS Volume YTD 39.5%

5.5%

18.7%

27.4 53.2%

400.0

7.3%

15.4%

Rank

US Buyside Financial Sponsor Activity

10.7%

15.1%

Rank Val (US$m) 233,613.3 142,958.3 113,308.4 79,824.5 193,419.0 93,895.4 93,659.1 86,151.2 189,048.8 121,787.7 116,252.6 106,037.6 91,676.4 59,200.1 49,447.9 41,643.6 134,235.7 34,135.5 28,299.5 23,912.8

Energy and Power Barclays Citi Jefferies LLC Media and Entertainment Morgan Stanley JP Morgan Citi Healthcare Bank of America Merrill Lynch Goldman Sachs & Co Morgan Stanley Consumer Staples Centerview Partners LLC JP Morgan Citi High Technology Morgan Stanley Deutsche Bank Goldman Sachs & Co

US Targeted M&A also posted significant gains, rising 64.6% over announced M&A during the first nine months of 2013. US-targeted volume accrued a total of US$1.3 trillion during the first nine months of 2014, driven by 6,949 deals.

Jan 1 - Sep 30 2014

26.7 33.9

59.7 20.0%

43.7

57.1

53.5

33.2

35.0

76.0

83.7

2013

2014

27.1

28.4

2011

2012

10.0%

0.0%

Jan 1 – Sep 30 2014 Acquiror Comcast Corp AT&T Inc Kinder Morgan Inc Valeant Pharmaceuticals Intl Iliad SA Reynolds American Inc Actavis PLC Facebook Inc Merck KGaA Suntory Holdings Ltd

Acquiror / Target Nation United States / United States United States / United States United States / United States United States / United States France / United States United States / United States Ireland-Rep / United States United States / United States Germany / United States Japan / United States

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Rank Value (US$m) 70,677.1 67,186.3 58,551.1 56,297.8 34,975.2 27,737.4 23,286.3 19,467.7 16,449.2 15,687.5

Target Macro / Mid Industry Media and Entertainment / Cable Media and Entertainment / Cable Energy and Power / Oil & Gas Healthcare / Pharmaceuticals Telecommunications / Wireless Consumer Staples / Tobacco Healthcare / Pharmaceuticals High Technology / Internet Software & Services Materials / Chemicals Consumer Staples / Food and Beverage

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First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

Americas Rankings Any Americas Involvement Announced (AD49)

Financial Advisor Goldman Sachs & Co Morgan Stanley Citi JP Morgan Barclays Bank of America Merrill Lynch Lazard Deutsche Bank Credit Suisse Centerview Partners LLC RBC Capital Markets Jefferies LLC Evercore Partners UBS Allen & Co Inc Paul J Taubman Rothschild Perella Weinberg Partners LP Wells Fargo & Co BNP Paribas SA Greenhill & Co, LLC BMO Capital Markets Tudor Pickering & Co LLC Moelis & Co Guggenheim gg Securities LLC Industry Total†

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 Rank Rank US$m Sh (%) Share Ch. 1 1 586,506.8 33.7 -4.2 ▼ 2 4 524,559.4 30.2 2.5 ▲ 3 13 470,421.3 27.0 17.8 ▲ 4 3 438,082.8 25.2 -8.2 ▼ 5 5 436,591.2 25.1 1.4 ▲ 6 2 422,793.0 24.3 -9.3 ▼ 7 12 268,818.6 15.5 6.1 ▲ 8 10 254,010.4 14.6 3.5 ▲ 9 9 252,600.4 14.5 2.4 ▲ 10 11 208,516.3 12.0 2.4 ▲ 11 15 130,926.0 7.5 1.2 ▲ 12 19 105,606.5 6.1 3.5 ▲ 13 16 104,603.6 6.0 -0.2 ▼ 14 6 100,925.4 5.8 -12.0 ▼ 15 67 99,544.8 5.7 5.4 ▲ 16 8 80,077.1 4.6 -7.9 ▼ 17 21 67,634.8 3.9 1.7 ▲ 18 47 59,358.4 3.4 2.7 ▲ 19 17 57,148.3 3.3 -1.1 ▼ 20 23 52,896.6 3.0 1.7 ▲ 21 20 47,143.4 2.7 0.5 ▲ 22 31 34,022.7 2.0 0.9 ▲ 23 42 32,805.9 1.9 1.1 ▲ 24 14 31,000.6 1.8 -4.7 ▼ 25 7 29,679.7 , 1.7 -11.8 ▼ 1,739,681.8 100.0

Industry % Change from Same Period Last Year 67.0% ▲ Industry % Change from Last Quarter -15.7% ▼ †Note: Industry Totals include multiple competing bids for the same Target.

US Target Announced (AD2)

Financial Advisor Goldman Sachs & Co Barclays Morgan Stanley Citi JP Morgan Bank of America Merrill Lynch Lazard Credit Suisse Centerview Partners LLC Deutsche Bank Allen & Co Inc Jefferies LLC RBC Capital Markets UBS Paul J Taubman BNP Paribas SA Evercore Partners Greenhill & Co, LLC Wells Fargo & Co Tudor Pickering & Co LLC Guggenheim Securities LLC Moelis & Co Mizuho Financial Group Houlihan Lokey Stifel/KBW Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 Rank Rank US$m Sh (%) Share Ch. 1 401,900.3 32.1 -11.4 ▼ 1 31.0 1.0 ▲ 2 5 387,888.8 4 374,407.4 29.9 -0.7 ▼ 3 13 353,812.5 28.3 18.0 ▲ 4 5 2 318,857.1 25.5 -18.0 ▼ 6 3 316,834.9 25.3 -15.8 ▼ 7 12 196,367.3 15.7 4.5 ▲ 8 9 193,479.3 15.5 2.4 ▲ 9 10 178,370.7 14.3 1.2 ▲ 10 11 118,940.9 9.5 -3.3 ▼ 11 47 99,544.8 8.0 7.6 ▲ 12 19 99,217.9 7.9 5.0 ▲ 13 16 90,433.5 7.2 1.2 ▲ 14 6 85,353.8 6.8 -16.5 ▼ 15 8 80,077.1 -10.7 ▼ 6.4 49,391.2 4.0 16 43 3.6 ▲ 45,839.7 3.7 17 -3.9 ▼ 15 0.6 ▲ 18 20 42,252.6 3.4 19 17 41,892.8 3.4 -2.5 ▼ 20 30 30,805.9 2.5 1.5 ▲ 21 7 29,175.7 2.3 -16.1 ▼ 22 14 27,912.3 2.2 -6.0 ▼ 23 70 23,638.0 1.9 1.8 ▲ 24 25 0.5 ▲ 20,810.8 1.7 25 34 16,934.1 0.5 ▲ 1.4 1,251,944.3 100.0

64.6% ▲ Industry % Change from Same Period Last Year -0.8% ▼ Industry % Change from Last Quarter †Note: Industry Totals include multiple competing bids for the same Target.

Jan 1 – Sep 30

Any Americas Involvement Completed (AF55)

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 223 2.0 +24 ▲ 169 1.5 +31 ▲ 141 1.3 +43 ▲ 164 1.5 +43 ▲ 151 1.4 +67 ▲ 135 1.2 +17 ▲ 109 1.0 -3 ▼ 107 1.0 +28 ▲ 129 1.2 +28 ▲ 39 0.4 +12 ▲ 102 0.9 +14 ▲ 86 0.8 +13 ▲ 102 0.9 +27 ▲ 62 0.6 -8 ▼ 7 0.1 +2 ▲ 4 0.0 +3 ▲ 68 0.6 +10 ▲ 17 0.2 +1 ▲ 68 0.6 +28 ▲ 18 0.2 -9 ▼ 25 0.2 +7 ▲ 43 0.4 +2 ▲ 26 0.2 +12 ▲ 59 0.5 -2 ▼ 14 0.1 +1 ▲ 11,107 +316

Financial Advisor Goldman Sachs & Co JP Morgan Bank of America Merrill Lynch Morgan Stanley Barclays UBS Citi Guggenheim Securities LLC Paul J Taubman Credit Suisse Deutsche Bank Lazard Centerview Partners LLC Jefferies LLC RBC Capital Markets Evercore Partners Moelis & Co Wells Fargo & Co BMO Capital Markets Greenhill & Co, LLC Mizuho Financial Group Macquarie Group Scotiabank Sandler O'Neill Partners Houlihan Lokeyy Industry Total

2.9% ▲ -12.0% ▼

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

Jan 1 – Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 138 2.0 +19 ▲ 1.6 +51 ▲ 114 1.5 +23 ▲ 104 101 1.5 +39 ▲ 112 1.6 +20 ▲ 96 1.4 +18 ▲ 1.0 -8 ▼ 68 88 1.3 +36 ▲ 33 ▲ 0.5 +7 66 0.9 +18 ▲ 6 0.1 +1 ▲ 68 1.0 +12 ▲ 66 0.9 +16 ▲ 40 0.6 +2 ▲ 0.1 +3 4 ▲ 0.1 -1 ▼ 4 ▲ 69 1.0 +8 16 0.2 +2 ▲ 63 0.9 +25 ▲ 25 0.4 +11 ▲ 12 0.2 -1 ▼ ▼ 0.7 -6 49 6 ▲ 0.1 +2 106 ▲ 1.5 +20 1.0 +3 ▲ 72 6,949 +365 5.5% ▲ -14.4% ▼

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 Rank Rank US$m Sh (%) Share Ch. 1 2 367,548.6 35.4 0.6 ▲ 2 1 322,113.4 31.1 -3.7 ▼ 3 4 306,610.6 29.6 6.1 ▲ 4 3 301,284.0 29.0 2.1 ▲ 5 5 266,316.0 25.7 4.5 ▲ 6 11 180,842.0 17.4 9.8 ▲ 7 6 141,379.8 13.6 -2.8 ▼ 8 47 135,480.3 13.1 12.5 ▲ 9 130,298.3 12.6 12.6 ▲ 10 7 109,755.2 10.6 -5.5 ▼ 11 8 97,289.2 9.4 -2.5 ▼ 12 9 68,132.8 6.6 -4.7 ▼ 13 10 56,985.5 5.5 -3.0 ▼ 14 13 45,449.5 4.4 -1.6 ▼ 15 12 44,119.7 4.3 -2.6 ▼ 16 14 39,142.9 3.8 -1.9 ▼ 17 17 32,594.8 3.1 -1.5 ▼ 18 16 31,728.1 3.1 -1.7 ▼ 19 19 27,901.9 2.7 -1.0 ▼ 20 18 27,066.2 2.6 -1.7 ▼ 21 20 25,330.5 2.4 -0.7 ▼ 22 53 23,604.9 2.3 1.8 ▲ 23 32 20,244.2 2.0 0.9 ▲ 24 60 17,189.4 1.7 1.3 ▲ 25 30 14,912.6 , 1.4 0.2 ▲ 1,037,411.9 100.0 18.7% ▲ 4.7% ▲

Jan 1 – Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 180 2.0 +27 ▲ 144 1.6 +43 ▲ 120 1.3 +8 ▲ 130 1.5 +19 ▲ 114 1.3 +29 ▲ 46 0.5 -20 ▼ 109 1.2 +17 ▲ 8 0.1 -1 ▼ 1 0.0 +1 ▲ 103 1.2 +14 ▲ 71 0.8 -9 ▼ 100 1.1 -13 ▼ 24 0.3 +6 ▲ 74 0.8 -4 ▼ 86 1.0 -4 ▼ 83 0.9 +14 ▲ 59 0.7 +12 ▲ 48 0.5 +14 ▲ 38 0.4 -1 ▼ 11 0.1 -9 ▼ 12 0.1 +1 ▲ 44 0.5 +18 ▲ 21 0.2 +5 ▲ 34 0.4 +6 ▲ 110 1.2 +17 ▲ 8,933 -148

28.4% ▲ 2.6% ▲

-1.6% ▼ -10.1% ▼

US Target Completed (AF2)

Financial Advisor Goldman Sachs & Co JP Morgan Morgan Stanley Bank of America Merrill Lynch Barclays UBS Guggenheim Securities LLC Paul J Taubman Citi Credit Suisse Deutsche Bank Centerview Partners LLC Lazard Evercore Partners Jefferies LLC Wells Fargo & Co Moelis & Co Greenhill & Co, LLC Mizuho Financial Group RBC Capital Markets Sandler O'Neill Partners RCS Capital Corp Qatalyst Partners Scotiabank Stifel/KBW Industry Total

Jan 1 – Sep 30

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 Rank Rank US$m Sh (%) Share Ch. 1 2 308,692.6 40.9 1.4 ▲ 1 280,888.4 37.2 -3.9 ▼ 2 3 3 35.0 5.1 ▲ 264,032.1 262,486.6 34.7 10.1 ▲ 4 4 5 5 242,462.5 32.1 7.7 ▲ 6 11 172,701.1 22.9 14.3 ▲ 7 32 17.8 16.9 ▲ 134,067.2 8 130,298.3 17.3 17.3 ▲ 9 7 100,208.4 13.3 -3.5 ▼ 10 6 79,542.3 10.5 -8.5 ▼ 11 9 55,633.7 7.4 -2.3 ▼ 12 8 55,195.4 7.3 -4.8 ▼ 13 10 54,627.3 7.2 -2.3 ▼ 14 16 38,371.7 5.1 -0.7 ▼ 15 -2.7 ▼ 12 34,208.6 4.5 13 16 31,520.9 4.2 -2.7 ▼ 17 14 28,970.7 3.8 -2.6 ▼ 15 3.6 -2.5 ▼ 18 26,914.2 19 18 24,841.3 3.3 -1.1 ▼ 20 22 20,952.0 2.8 -0.1 ▼ 21 17,189.4 2.3 1.8 ▲ 39 11,551.9 1.5 22 1.5 ▲ 1.4 -0.4 ▼ 23 23 10,663.3 24 92 1.4 1.4 ▲ 10,196.2 25 34 9,953.9 1.3 0.5 ▲ 755,469.1 100.0

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

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 1,148.4 8.3 0.0 903.6 6.6 1.3 ▲ 675.2 4.9 0.9 ▼ 741.5 5.4 0.3 ▲ 595.4 4.3 0.3 ▲ 201.5 1.5 0.1 ▼ 552.9 4.0 0.3 ▼ 37.6 0.3 0.1 ▼ 1.0 0.0 0.0 488.4 3.5 0.1 ▲ 318.1 2.3 0.5 ▼ 401.8 2.9 0.1 ▲ 265.9 1.9 0.7 ▲ 343.1 2.5 0.3 ▲ 306.6 2.2 0.6 ▼ 307.5 2.2 0.5 ▼ 233.4 1.7 0.5 ▲ 207.9 1.5 0.3 ▲ 139.2 1.0 0.3 ▼ 82.1 0.6 0.4 ▼ 15.5 0.1 0.1 ▼ 108.5 0.8 0.4 ▲ 141.5 1.0 0.5 ▲ 62.6 0.5 0.1 ▲ 243.9 1.8 0.2 ▲ 13,777.9 100.0

24.1% ▲ 9.2% ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 111 1.9 +22 ▲ 99 1.7 +34 ▲ 81 1.4 +11 ▲ 80 1.4 +11 ▲ 82 1.4 +20 ▲ 32 0.6 -1 ▼ 6 0.1 -3 ▼ 1 0.0 +1 ▲ 76 1.3 +14 ▲ 68 1.2 +19 ▲ 42 0.7 -1 ▼ 22 0.4 +5 ▲ 62 1.1 -7 ▼ 60 1.0 +7 ▲ 57 1.0 0 0.8 +12 ▲ 45 50 0.9 +6 ▲ 8 0.1 -9 ▼ 7 0.1 +2 ▲ 1.0 +16 ▲ 57 34 ▲ 0.6 +6 3 0.1 +3 ▲ 6 0.1 -2 ▼ 5 0.1 +2 ▲ 57 1.0 +4 ▲ 5,768 +46 0.8% ▲ -13.7% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 835.7 8.5 0.8 ▼ 708.7 7.2 1.3 ▲ 545.7 5.5 0.4 ▼ 499.1 5.1 1.3 ▼ 474.7 4.8 0.1 ▼ 162.5 1.7 0.1 ▲ 23.6 0.2 0.3 ▼ 1.0 0.0 0.0 442.2 4.5 0.0 363.4 3.7 0.1 ▼ 193.7 2.0 0.8 ▼ 260.4 2.6 0.8 ▲ 283.8 2.9 0.2 ▲ 264.8 2.7 0.7 ▼ 2.5 250.0 0.1 ▲ 200.6 2.0 0.3 ▲ 208.1 2.1 0.4 ▲ 70.9 0.7 0.8 ▼ 13.3 0.1 0.2 ▼ 183.8 1.9 0.3 ▲ 62.6 0.6 0.0 13.6 0.1 0.1 ▲ 99.2 1.0 0.1 ▼ 75.8 0.8 ▲ 0.8 111.2 1.1 0.2 ▲ 9,869.9 100.0 38.2% ▲ 1.9% ▲

* tie

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First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

Americas Rankings Any US Involvement Announced (AD41)

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

Rank Value per Advisor (US$m) Market Rank Value Market 2014 2013 Rank Rank US$m Sh (%) Share Ch. -5.9 ▼ 1 1 552,457.7 34.8 2 4 500,848.6 31.5 1.5 ▲ 3 13 451,233.3 28.4 18.0 ▲ 418,622.8 5 26.4 4 -0.5 ▼ 5 26.3 2 417,345.2 -11.4 ▼ 3 408,154.9 25.7 6 -10.5 ▼ 12 7 258,739.1 16.3 5.8 ▲ 2.0 ▲ 223,259.2 14.1 8 10 9 9 220,077.2 13.9 1.5 ▲ 10 11 207,141.0 13.0 2.1 ▲ 11 16 114,336.2 2.0 ▲ 7.2 12 19 105,500.2 6.6 3.7 ▲ 0.2 ▲ 13 15 104,273.8 6.6 14 60 99,544.8 6.3 6.0 ▲ 15 6 94,056.3 5.9 -14.0 ▼ 8 16 80,077.1 5.0 -9.2 ▼ 17 40 59,358.4 3.7 3.1 ▲ 18 17 57,148.3 3.6 1.4 ▼ 19 23 51,416.0 3.2 1.7 ▲ 20 20 46,807.0 0.5 ▲ 3.0 21 22 44,500.8 2.8 1.0 ▲ 22 34 32,805.9 2.1 1.2 ▲ 23 14 1.9 -5.5 ▼ 30,850.6 24 7 29,300.7 1.9 -13.4 ▼ 93 23,638.0 1.5 1.4 ▲ 25 1 587 919 7 100.0 1,587,919.7 100 0

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

73.4% ▲ -17.2% ▼

Any Canadian Involvement Announced (AD42)

Financial Advisor RBC Capital Markets Barclays JP Morgan Goldman Sachs & Co Morgan Stanley Citi Scotiabank BMO Capital Markets Lazard Wells Fargo & Co TD Securities Inc Bank of America Merrill Lynch Deutsche Bank Evercore Partners CIBC World Markets Inc Canaccord Genuity National Bank of Canada Fin'l Macquarie Group Credit Suisse Tudor Pickering & Co LLC Houlihan Lokey XMS Capital Partners LLC Maxit Capital LP Centerview Partners LLC GMP Capital Corp Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 Rank Rank US$m Sh (%) Share Ch. 1 1 43,585.0 29.1 2.9 ▲ 20 38,441.5 2 25.7 23.9 ▲ 21 19.2 3 28,759.7 17.6 ▲ 4 19.0 4 28,444.1 5.0 ▲ 3 24,845.3 16.6 -3.5 ▼ 5 6 14 23,900.7 16.0 13.5 ▲ 8 23,854.0 15.9 7.0 ▲ 7 8 10 22,317.3 14.9 7.3 ▲ 9 88 15,819.4 10.6 10.6 ▲ 10 16 14,912.3 10.0 7.7 ▲ -2.4 ▼ 11 5 14,386.0 9.6 12 2 14,308.6 9.6 -12.5 ▼ 13 7 13,068.3 8.7 -1.1 ▼ 14 12 11,973.2 8.0 2.7 ▲ 15 6 10,980.9 7.3 -4.5 ▼ 9,414.4 16 11 6.3 -0.7 ▼ 17 9,173.7 6.1 5.4 ▲ 32 18 22 8,726.0 5.8 4.3 ▲ 19 9 7,482.7 5.0 -3.3 ▼ 4.4 4.4 ▲ 20 6,609.1 21 23 5,527.0 3.7 2.2 ▲ 3.6 ▲ 22 5,400.0 3.6 2.5 23 3,692.2 2.5 ▲ 24 2.1 1.9 ▲ 59* 3,190.1 -1.3 ▼ 25 13 3,086.8 2.1 149,777.0 100.0

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

34.5% ▲ 4.4% ▲

Jan 1 – Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 2.3 +27 203 ▲ 1.7 +29 ▲ 151 1.5 +41 ▲ 131 139 1.5 +57 ▲ 1.7 +40 149 ▲ 1.4 +19 ▲ 123 1.2 +8 ▲ 106 ▲ 96 1.1 +22 109 1.2 +29 ▲ ▲ 0.4 +12 38 0.8 +18 ▲ 75 83 ▲ 0.9 +13 87 1.0 +16 ▲ ▲ 7 0.1 +2 59 0.7 -2 ▼ 4 0.0 +3 ▲ 17 0.2 +2 ▲ 68 0.8 +28 ▲ 10 0.1 -13 ▼ 24 0.3 +6 ▲ 46 ▲ 0.5 +11 0.3 +12 26 ▲ 0.6 -4 ▼ 56 13 0 0.1 8 0.1 -1 ▼ 9 019 9,019 +472 5.5% ▲ -13.5% ▼

Jan 1 – Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 2.2 0 42 17 0.9 +13 ▲ 0.7 +6 ▲ 14 1.3 +15 ▲ 26 0.9 +6 ▲ 18 0.5 +1 10 ▲ 21 1.1 +7 ▲ 28 1.4 0 5 ▲ 0.3 +1 3 0.2 0 38 2.0 +1 ▲ 8 0.4 ▼ -6 7 0.4 +1 ▲ 0.6 +9 12 ▲ 29 1.5 +5 ▲ 14 0.7 0 ▲ 22 1.1 +13 19 1.0 +9 ▲ 0.5 +2 ▲ 9 1 0.1 +1 ▲ -1 7 0.4 ▼ 2 0.1 +2 ▲ 1 ▲ 0.1 +1 3 0.2 +2 ▲ 16 0.8 +1 ▲ 1,934 +93 5.1% ▲ -17.2% ▼

Any US Involvement Completed (AF48)

Financial Advisor Goldman Sachs & Co JP Morgan Morgan Stanley Bank of America Merrill Lynch Barclays UBS Guggenheim Securities LLC Paul J Taubman Citi Credit Suisse Deutsche Bank Lazard Centerview Partners LLC Jefferies LLC Evercore Partners Moelis & Co Wells Fargo & Co Greenhill & Co, LLC Mizuho Financial Group RBC Capital Markets Sandler O'Neill Partners Scotiabank BMO Capital Markets Macquarie Group RCS Capital Corp Industry Total

Rank Value per Advisor (US$m) Market Rank Value Market 2014 2013 Rank Rank US$m Sh (%) Share Ch. 38.0 1 2 342,249.5 2.1 ▲ 2 1 313,309.2 34.8 -2.4 ▼ 31.8 3 3 286,262.2 4.5 ▲ 4 278,151.2 4 30.9 6.8 ▲ 6.1 ▲ 5 5 254,887.6 28.3 6 11 177,360.2 19.7 11.1 ▲ 7 39 135,101.2 15.0 14.3 ▲ 8 130,298.3 14.5 14.5 ▲ 9 7 121,697.5 13.5 -3.3 ▼ 10 6 85,560.0 9.5 -8.8 ▼ 11 9 73,579.9 8.2 -2.2 ▼ 12 8 65,575.0 7.3 -3.3 ▼ 13 10 55,610.2 6.2 -3.7 ▼ 14 12 43,623.1 4.8 -1.5 ▼ 15 13 39,038.6 4.3 -1.6 ▼ 16 16 32,513.5 3.6 -1.8 ▼ -2.1 ▼ 17 15 31,728.1 3.5 -2.0 ▼ 18 17 27,066.2 3.0 19 18 25,281.1 2.8 -0.8 ▼ 20 21 21,839.8 2.4 -0.9 ▼ 21 49 17,189.4 1.9 1.5 ▲ 22 60 14,018.4 1.6 1.3 ▲ 23 33 13,804.6 1.5 0.7 ▲ 24 53 12,439.3 1.4 1.0 ▲ 25 11,551.9 1.3 1.3 ▲ 901 066 4 100.0 901,066.4 100 0

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

21.0% ▲ 6.0% ▲

Jan 1 – Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 161 2.2 +25 ▲ ▲ 130 1.7 +40 116 1.5 +18 ▲ 106 1.4 +5 ▲ 1.4 +20 ▲ 103 42 0.6 -14 ▼ 7 0.1 -2 ▼ 1 0.0 +1 ▲ 99 1.3 +13 ▲ 83 1.1 +10 ▲ 63 0.8 -4 ▼ 94 1.3 -2 ▼ 23 0.3 +6 ▲ 70 0.9 -2 ▼ 0.9 +5 ▲ 69 58 0.8 +11 ▲ 48 0.6 +14 ▲ 11 0.1 -9 ▼ 10 0.1 0 62 0.8 +8 ▲ 34 0.5 +6 ▲ 8 0.1 0 26 0.3 +2 ▲ 27 0.4 +11 ▲ 3 0.0 +3 ▲ 7 487 7,487 +114 1.5% ▲ -11.3% ▼

31.2% ▲ 1.7% ▲

Any Canadian Involvement Completed (AF49)

Financial Advisor Bank of America Merrill Lynch RBC Capital Markets Barclays Morgan Stanley Deutsche Bank Scotiabank Goldman Sachs & Co JP Morgan BMO Capital Markets TD Securities Inc Citi Macquarie Group Canaccord Genuity Houlihan Lokey Lazard National Bank of Canada Fin'l CIBC World Markets Inc XMS Capital Partners LLC UBS Credit Suisse Maxit Capital LP GMP Capital Corp Jefferies LLC Centerview Partners LLC Grant Samuel Industry Total

Rank Value per Advisor (US$m) Market Rank Value Market 2014 2013 US$m Sh (%) Share Ch. Rank Rank 21.8 12.8 ▲ 1 9 27,367.6 -19.3 ▼ 1 20.9 2 26,260.3 21,882.5 3 19 13.5 ▲ 17.4 4 8 19,048.5 15.2 6.1 ▲ 5 12 17,759.9 14.1 8.4 ▲ 14.0 6 10 17,636.9 5.3 ▲ 7 3 16,876.2 13.4 -13.1 ▼ 10.2 ▲ 8 22 15,034.5 12.0 9 14,529.9 11.6 2 -16.0 ▼ 6 13,469.2 10.7 10 -0.7 ▼ 5 13,039.3 10.4 -11.8 ▼ 11 12 24 11,212.4 8.9 7.4 ▲ 13 11 9,395.6 7.5 0.7 ▲ 14 23 6,869.6 5.5 4.0 ▲ 15 5.3 0.0 ▲ 14 6,599.4 16 16 4.9 0.1 ▲ 6,211.5 17 4 5,976.5 4.8 -18.3 ▼ 18 4.3 4.3 ▲ 5,400.0 19 43 4,732.4 3.8 3.4 ▲ 20 15 4,216.8 3.4 -1.6 ▼ 3,692.2 21 2.9 2.9 ▲ 22 20 3,598.1 2.9 0.4 ▲ 13 3,292.4 2.6 -2.9 ▼ 23 24 3,190.1 2.5 2.3 ▲ 58* 25 3,044.8 2.4 2.4 ▲ 125,680.9 100.0

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

19.5% ▲ 10.6% ▲

Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch. 1,062.9 8.8 ▲ 8.8 851.0 7.0 ▲ 7.0 689.2 5.7 ▲ 5.7 600.1 5.0 5.0 ▲ 4.6 4.6 ▲ 552.1 190.8 1.6 1.6 ▲ 33.6 0.3 0.3 ▲ 1.0 0.0 0.0 513.3 4.2 4.2 ▲ 421.6 3.5 3.5 ▲ 285.4 2.4 2.4 ▲ 379.4 3.1 3.1 ▲ 265.7 2.2 2.2 ▲ 323.6 2.7 2.7 ▲ 281.8 2.3 2.3 ▲ 232.0 1.9 1.9 ▲ 207.9 1.7 1.7 ▲ 82.1 0.7 0.7 ▲ 14.9 0.1 0.1 ▲ 198.3 1.6 1.6 ▲ 62.6 0.5 0.5 ▲ 94.9 0.8 0.8 ▲ 106.0 0.9 0.9 ▲ 77.8 0.6 0.6 ▲ 13.6 0.1 0.1 ▲ 12 120 9 100.0 12,120.9 100 0

Jan 1 – Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 0.1 ▼ -3 11 34 0.2 -14 ▼ 16 0.1 +7 ▲ 13 0.1 +4 ▲ 8 0.0 +1 ▲ 0.1 +5 ▲ 18 0.1 +10 20 ▲ ▲ 15 0.1 +7 23 -6 0.1 ▼ 34 0.2 -1 ▼ 10 0.0 +4 ▲ 19 0.1 +8 ▲ 15 0.1 +5 ▲ 9 0.0 +1 ▲ 6 0.0 0 0.1 +2 ▲ 12 0.1 -4 ▼ 23 2 0.0 +2 ▲ 4 0.0 ▼ -1 0.0 8 0 0.0 +1 1 ▲ 0.1 +7 ▲ 20 7 0.0 -1 ▼ 3 0.0 +2 ▲ 1 0.0 +1 ▲ 1,405 -39 -2.7% ▼ -13.6% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 72.7 3.7 0.4 ▲ 146.2 7.5 3.1 ▼ 78.3 4.0 1.8 ▲ 67.1 3.4 0.2 ▲ 40.9 2.1 0.1 ▼ 114.7 5.9 2.7 ▲ 108.9 5.6 2.0 ▲ 72.3 3.7 2.3 ▲ 78.7 4.0 2.5 ▼ 99.8 5.1 0.4 ▲ 47.6 2.4 0.3 ▼ 40.6 2.1 0.8 ▲ 30.0 1.5 0.7 ▼ 28.5 1.5 0.5 ▲ 2.1 0.7 ▲ 40.5 20.5 1.1 0.1 ▼ 58.0 3.0 5.2 ▼ 2.4 0.1 0.1 ▲ 11.0 0.6 0.2 ▲ 34.4 0.2 ▼ 1.8 4.2 0.2 0.2 ▲ 1.3 0.1 ▲ 25.9 33.8 1.7 0.1 ▲ 12.5 0.6 0.5 ▲ 6.5 0.3 0.3 ▲ 1,956.4 100.0 14.8% ▲ 10.7% ▲

* tie

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First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

EMEA M&A EMEA Announced M&A Increases 54% | Healthcare Highest Valued Sector | Financial Sponsor Activity Rises EMEA Deals Intelligence

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

Announced M&A activity with EMEA involvement totaled US$1.1 trillion in the first nine months of 2014, up 53.6% compared to the US$704.9 billion reached for the same period last year. The largest deals between Shire/Abbvie, Covidien/Medtronic, and Lafarge/Holcim represented 13.9% of volume in the first nine months of 2014.

Healthcare Goldman Sachs & Co Morgan Stanley Bank of America Merrill Lynch Industrials Deutsche Bank Goldman Sachs & Co Lazard Telecommunications BNP Paribas SA JP Morgan Morgan Stanley Materials Morgan Stanley Citi Goldman Sachs & Co Real Estate Goldman Sachs & Co Morgan Stanley UBS

EMEA fees accumulated on deals completed in the first nine months of 2014 increased 13.8%, totaling US$7.9 billion compared to the US$6.9 billion accrued for the same period last year, according to estimates from Thomson Reuters/Freeman Consulting. The Healthcare sector led the EMEA marketplace, with 675 deals totaling a combined US$230.2 billion, including the Shire/AbbVie and Covidien/Medtronic deals valued at US$55 billion and US$48 billion, respectively. Industrials accrued US$118.3 billion, and Telecommunications totaled US$116.6 billion worth of activity. Financial sponsors were more active this year compared to the previous two years. EMEA-targeted buyside financial sponsor activity reached US$121 billion in the first nine months of 2014, up from the US$83.4 billion reported in the first nine months of 2013. This marked the highest first nine months total since the pre-crisis levels in 2008. The largest FS-backed deal was the US$3.2 billion divestment of Dubai based pay television services provider Orbit Showtime Network to an undisclosed US private equity firm in July. Acquirors listed on the Euronext Paris exchange were EMEA's most acquisitive companies this year, with a combined total of US$110 billion in offers.

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

Jan 1 -Sep p 30 2014

230,213.0 167,916.8 101,288.7 96,354.2 118,306.6 56,042.0 43,755.7 41,477.1 116,593.2 83,690.3 47,518.7 45,118.1 107,268.7 63,077.3 55,914.3 51,925.4 95,399.5 21,013.3 15,038.6 14,277.8

Rank

No. Deals

1 2 3

72.9 44.0 41.9

1 2 3

47.4 37.0 35.1

1 2 3

71.8 40.8 38.7

1 2 3

58.8 52.1 48.4

1 2 3

68.9 49.3 46.8

675 13 11 8 1,830 11 15 15 227 6 6 4 956 11 14 11 768 6 3 5

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity) g p ( y p y) Q4 Volume (US$b)

Euronext Paris

$300

19.7%

London

Q3 Volume (US$b)

16.5%

25%

Q2 Volume (US$b)

$16.6

Q1 Volume (US$b)

$27.7

17.6%

Swiss Stock Exchange New York

$36.8

Zurich

$62.2 $45.8

$56.3

Nasdaq

$200

$150

$100

$60.3

$45.5

$24.9

$76.2

$74.4

9.7% 10%

7.6%

$28.3

$26.7

$44.4

$37.4

$33.4 2005

2006

2007

6/19/2014 6/15/2014 4/7/2014 7/31/2014 3/11/2014 2/18/2014 4/30/2014 9/22/2014 4/22/2014 7/31/2014

Pending Pending Pending Pending Pending 7/1/2014 Pending Pending Pending Pending

$22.5 $23.8 $38.3

$24.7

$24.1

$18.8

$33.4

$27.1

$16.2 $15.6

$21.9

$18.4

$25.9

2008

2009

2010

2011

2012

2013

Top Ten EMEA Involvement Announced Deals Date Effective

$34.5

$19.2 $14.6 $9.1

$0

15%

14.2%

10.2% $89.0

$37.1

$50

BMFBOVESPA

Rank Date

16.5%

13.4% $46.0

$61.2 OMX Stockholm

20%

18.4%

$54.6

Madrid

$56.2

% of YTD EMEA M&A

$91.2

$19.9

% of EMEA

$250

Frankfurt

$110.0

$19.3

Rank Value (US$b)

$16.7

Jan 1 - Sep 30 2014 Mkt. Share

$28.2 $43.9

5%

$48.9 0% 2014

Jan 1 – Sep 30 2014

Target (% Sought/Acquired)

Acquiror

Shire PLC (100%) Covidien PLC (100%) Lafarge SA (100%) T-Mobile US Inc (56.6%) SFR (100%) Forest Laboratories Inc (100%) Alstom SA-Energy Businesses (100%) Sigma-Aldrich Corp (100%) GlaxoSmithKline PLC-Oncology (100%) T-Mobile US Inc (43.8%)

AbbVie Inc Medtronic Inc Holcim Ltd Iliad SA Numericable Group SA Actavis PLC General Electric-Energy Assets Merck KGaA Novartis AG Iliad SA

Acquiror / Target Nation

Rank Value (US$m)

Target Macro / Mid Industry

United States / Ireland-Rep United States / Ireland-Rep Switzerland / France France / United States France / France Ireland-Rep / United States United States / France Germany / United States Switzerland / United Kingdom France / United States

54,999.5 47,922.1 39,544.6 34,975.2 23,306.8 23,286.3 17,124.2 16,449.2 16,000.0 14,288.0

Healthcare / Pharmaceuticals Healthcare / Healthcare Equipment & Supplies Materials / Construction Materials Telecommunications / Wireless Telecommunications / Telecommunications Services Healthcare / Pharmaceuticals Industrials / Machinery Materials / Chemicals Healthcare / Pharmaceuticals Telecommunications / Wireless

* Undisclosed

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First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

EMEA Rankings Any EMEA Involvement Announced (AD47)

Financial Advisor Goldman Sachs & Co Morgan Stanley Citi Deutsche Bank JP Morgan Bank of America Merrill Lynch Lazard BNP Paribas SA Rothschild Credit Suisse Barclays UBS Perella Weinberg Partners LP Societe Generale Zaoui & Co Evercore Partners HSBC Holdings PLC Credit Agricole CIB Centerview Partners LLC Greenhill & Co, LLC Santander Mizuho Financial Group SEB Guggenheim Securities LLC Ernst & Young LLP Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 Rank Rank US$m Sh (%) Share Ch. 398,462.8 -2.2 ▼ 1 1 36.9 337,913.0 -5.9 ▼ 2 2 31.3 14.0 ▲ 3 10 25.2 271,981.8 4 270,623.8 12.7 ▲ 9 25.1 3 5 -10.3 ▼ 24.6 265,373.7 4 6 -8.4 ▼ 225,389.1 20.9 12 7 12.4 ▲ 222,345.9 20.6 11.1 ▲ 8 14 173,557.2 16.1 14.9 5.1 ▲ 161,431.4 9 11 6.3 ▲ 10 13 145,365.6 13.5 5 -17.5 ▼ 11 125,486.3 11.6 -18.0 ▼ 6 97,306.1 9.0 12 18 87,824.6 8.1 5.2 ▲ 13 82,800.3 7.7 5.1 ▲ 14 19 80,051.1 7.4 7.4 ▲ 15 54 68,014.9 6.3 5.7 ▲ 16 15 63,083.6 5.8 17 0.9 ▲ 62,667.3 5.8 18 78 5.5 ▲ 27 57,127.5 19 3.6 ▲ 5.3 20 70 36,305.8 3.4 3.1 ▲ 21 45 24,047.6 2.2 1.5 ▲ 22 130 23,847.1 2.1 ▲ 2.2 23 18,402.9 43 1.7 0.9 ▲ 24 7 1.7 17,828.2 -16.8 ▼ 25 17 16,495.1 1.5 -1.4 ▼ 1 080 209 5 100 0 1,080,209.5 100.0

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

53.6% ▲ -19.9% ▼

Any European Involvement Announced (AD21)

Financial Advisor Goldman Sachs & Co Morgan Stanley Citi Deutsche Bank JP Morgan Bank of America Merrill Lynch Lazard BNP Paribas SA Rothschild Credit Suisse Barclays UBS Perella Weinberg Partners LP Societe Generale Zaoui & Co Evercore Partners Credit Agricole CIB HSBC Holdings PLC Centerview Partners LLC Greenhill & Co, LLC Santander Mizuho Financial Group SEB Guggenheim Securities LLC Ernst & Young LLP Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 Rank Rank Sh (%) Share Ch. US$m 1 1 38.2 398,218.4 -3.5 ▼ 2 336,200.0 -6.4 ▼ 2 32.3 269,388.3 25.9 14.2 ▲ 3 10 9 4 269,193.8 12.3 ▲ 25.8 5 264,847.3 -11.8 ▼ 3 25.4 4 6 225,103.3 21.6 -9.2 ▼ 7 12 12.6 ▲ 221,882.5 21.3 8 11.4 ▲ 173,205.0 15 16.6 9 11 15.3 4.6 ▲ 159,135.2 10 13 144,708.4 13.9 7.1 ▲ 11 5 11.8 123,292.2 -18.0 ▼ 12 -18.8 ▼ 96,956.3 9.3 6 8.4 5.3 ▲ 17 87,824.6 13 5.2 ▲ 82,800.3 8.0 14 19 7.7 7.7 ▲ 80,051.1 15 67,914.9 5.9 ▲ 59 16 6.5 5.7 ▲ 62,667.3 76 17 6.0 0.8 ▲ 14 62,603.6 6.0 18 27 19 5.5 3.7 ▲ 57,127.5 35,356.3 20 3.4 3.0 ▲ 69 21 45 23,983.8 1.5 ▲ 2.3 22 126 23,847.1 2.2 ▲ 2.3 1.0 ▲ 23 43 18,402.9 1.8 7 -18.5 ▼ 24 17,828.2 1.7 25 18 16,457.6 1.6 -1.5 ▼ 100.0 1,041,932.3

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

61.4% ▲ -20.0% ▼

Jan 1 – Sep 30

Any EMEA Involvement Completed (AF53)

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 0.4 -1 124 ▼ 110 0.4 +16 ▲ 0.3 +13 ▲ 96 89 ▲ 0.3 +11 97 0.3 +10 ▲ 78 0.3 +10 ▲ 123 0.4 +25 ▲ 78 0.3 +5 ▲ 177 0.6 +28 ▲ 0.2 +6 70 ▲ 80 0.3 +3 ▲ 0.2 -17 58 ▼ 12 0.0 +4 ▲ ▼ 41 0.1 -14 ▲ 9 0.0 +9 36 0.1 +7 ▲ -6 34 ▼ 0.1 ▲ 45 0.2 +23 0.1 +9 15 ▲ 17 0.1 +11 ▲ 20 ▲ 0.1 +3 0.0 +5 11 ▲ -6 0.1 ▼ 22 4 0.0 +2 ▲ 115 0.4 -42 ▼ 11 819 243 11,819 -243

Financial Advisor Goldman Sachs & Co JP Morgan Morgan Stanley Bank of America Merrill Lynch Barclays UBS Guggenheim Securities LLC Paul J Taubman Deutsche Bank Citi BNP Paribas SA Credit Suisse Lazard Rothschild Credit Agricole CIB Greenhill & Co, LLC Mizuho Financial Group Societe Generale SEB Ernst & Young LLP Centerview Partners LLC PricewaterhouseCoopers KPMG Nomura BBVA Industry Total

-2.0% ▼ -15.0% ▼

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

Jan 1 – Sep 30

Rank Value per Advisor (US$m) Market Rank Value Market 2014 2013 US$m Sh (%) Share Ch. Rank Rank 40.0 3 12.9 ▲ 288,775.0 1 2 253,709.4 6 35.1 10.1 ▲ 3 1.8 ▲ 1 248,909.2 34.5 7 4 242,253.5 14.2 ▲ 33.6 5 2 191,570.3 -3.0 ▼ 26.5 12.0 ▲ 6 173,598.5 24.0 12 7 131,711.5 89 18.2 18.0 ▲ 18.1 ▲ 8 130,298.3 18.1 4 110,354.4 15.3 -11.8 ▼ 9 -12.8 ▼ 5 92,042.2 12.8 10 63,546.7 11 9 8.8 -6.3 ▼ 12 8 55,571.4 7.7 -11.4 ▼ -5.3 ▼ 13 7.6 11 54,843.0 10 6.6 -8.1 ▼ 14 47,725.6 29 15 37,358.4 5.2 3.3 ▲ 0.1 ▲ 21 24,690.9 3.4 16 3.3 ▲ 3.4 17 24,252.9 137 22,904.3 23 18 0.2 ▲ 3.2 56 2.4 ▲ 19 21,402.6 3.0 20,823.8 2.9 0.0 24 20 55 21 19,432.5 2.7 2.1 ▲ 28 2.4 17,492.7 22 0.3 ▲ 14,987.0 2.1 -0.1 ▼ 23 27 14 14,455.5 2.0 -7.0 ▼ 24 43 1.2 ▲ 25 14,220.4 2.0 722 025 4 100 0 722,025.4 100.0 3.9% ▲ 16.8% ▲

Jan 1 – Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 104 1.1 -10 ▼ -5 ▼ 89 0.9 ▼ 80 0.8 -19 69 -1 0.7 ▼ 0.8 71 -5 ▼ 0.4 ▼ 41 -28 3 0.0 +1 ▲ 1 0.0 +1 ▲ 64 0.7 -10 ▼ 0 74 0.8 -5 ▼ 72 0.8 ▼ 60 0.6 -10 ▲ 105 1.1 +18 1.4 -28 129 ▼ 44 ▲ 0.5 +10 10 0.1 +2 ▲ 10 0.1 +4 ▲ 40 0.4 -9 ▼ 29 0.3 +2 ▲ 109 1.2 -35 ▼ 8 0.1 +5 ▲ 179 ▼ 1.9 -26 146 ▼ 1.5 -58 22 0.2 -18 ▼ 10 0.1 -10 ▼ 9 446 601 -601 9,446 -6.0% ▼ -15.7% ▼

13.8% ▲ 7.3% ▲

Any European Involvement Completed (AF3) Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 US$m Sh (%) Share Ch. Rank Rank 14.0 ▲ 1 4 41.8 288,575.7 2 6 253,519.4 36.7 11.0 ▲ 3 246,151.2 35.6 3.1 ▲ 1 4 14.0 ▲ 235,987.6 7 34.2 191,332.1 27.7 -2.8 ▼ 2 5 12.1 ▲ 24.6 6 170,134.5 12 131,711.5 7 88 19.1 18.9 ▲ 130,298.3 8 18.9 ▲ 18.9 16.0 110,195.8 9 3 -12.1 ▼ -13.7 ▼ 5 88,825.9 10 12.9 11 -6.8 ▼ 8.9 9 61,404.5 -5.6 ▼ 12 7.8 11 53,514.7 13 52,683.4 7.6 8 -11.7 ▼ 10 6.6 45,429.5 -8.7 ▼ 14 37,358.4 15 29 5.4 3.4 ▲ 24,252.9 132 3.4 ▲ 16 3.5 3.5 24,077.8 17 21 0.0 18 0.2 ▲ 23 22,904.3 3.3 56 3.1 2.5 ▲ 19 21,402.6 20,796.3 24 3.0 0.0 20 55 19,432.5 2.8 21 2.2 ▲ 2.4 0.3 ▲ 16,861.0 22 28 14,987.0 0.0 27 2.2 23 -7.3 ▼ 14 14,455.5 2.1 24 25 43 14,220.4 2.1 1.3 ▲ 690,932.4 100.0

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 122 1.1 +2 ▲ ▲ 107 1.0 +19 ▲ 90 0.8 +11 88 0.8 +12 ▲ ▲ 95 0.9 +14 74 0.7 +12 ▲ ▲ 1.1 +27 121 75 0.7 +4 ▲ 1.6 +29 173 ▲ 0.6 +7 65 ▲ 0.7 +2 75 ▲ 56 ▼ 0.5 -13 10 0.1 +2 ▲ 0.4 -14 ▼ 41 9 0.1 +9 ▲ 0.3 +6 ▲ 33 0.4 +24 ▲ 45 0.3 ▼ 30 -5 0.1 +9 15 ▲ 14 0.1 +8 ▲ 0.2 +2 ▲ 19 0.1 +5 11 ▲ 22 ▼ 0.2 -6 4 0.0 +2 ▲ 109 ▼ 1.0 -44 -323 10,983

Financial Advisor Goldman Sachs & Co JP Morgan Morgan Stanley Bank of America Merrill Lynch Barclays UBS Guggenheim Securities LLC Paul J Taubman Deutsche Bank Citi BNP Paribas SA Lazard Credit Suisse Rothschild Credit Agricole CIB Mizuho Financial Group Greenhill & Co, LLC Societe Generale SEB Ernst & Young LLP Centerview Partners LLC PricewaterhouseCoopers KPMG Nomura BBVA Industry Total

-2.9% ▼ -15.0% ▼

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

3.7% ▲ 14.1% ▲

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 628.2 8.0 2.1 ▲ 467.9 6.0 0.2 ▲ 0.8 ▼ 4.4 346.4 3.2 0.2 ▲ 252.4 0.8 ▲ 271.0 3.5 143.4 0.8 ▼ 1.8 18.0 0.0 0.2 - 270.7 3.4 0.4 ▲ 292.5 3.7 0.7 ▲ 183.6 0.0 2.3 206.8 2.6 0.5 ▼ 4.0 1.1 ▲ 311.6 0.8 ▼ 313.6 4.0 70.5 0.9 0.3 ▲ 66.4 0.2 ▲ 0.8 0.0 9.0 0.1 0.2 ▼ 86.7 1.1 58.9 0.3 ▲ 0.8 17.2 0.1 ▼ 0.2 1.0 0.7 ▲ 79.9 0.0 27.9 0.4 0.1 ▼ 0.1 0.2 45.8 0.6 0.5 ▼ 0.3 0.1 ▲ 19.7 7 862 7 100 0 7,862.7 100.0

Jan 1 – Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals -8 1.2 103 ▼ -1 ▼ 1.0 88 77 0.9 -15 ▼ 64 ▼ 0.7 -6 -4 0.8 ▼ 70 0.4 -30 ▼ 38 ▲ 3 0.0 +1 0.0 +1 1 ▲ ▼ 62 0.7 -8 71 0.8 +2 ▲ -8 68 0.8 ▼ ▲ 102 1.1 +18 58 0.7 -6 ▼ 125 1.4 -31 ▼ 44 0.5 +10 ▲ 0.1 +4 10 ▲ 8 0.1 0 ▼ 0.4 40 -9 ▲ 29 0.3 +2 105 1.2 -38 ▼ ▲ 8 0.1 +5 ▼ 173 1.9 -29 145 1.6 -53 ▼ 22 0.2 -18 ▼ 10 0.1 -10 ▼ -621 8,919 -6.5% ▼ -15.7% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 625.0 2.3 ▲ 8.3 0.4 ▲ 465.4 6.2 4.5 0.6 ▼ 337.3 3.1 0.0 231.4 3.6 0.9 ▲ 269.4 0.9 ▼ 1.8 133.3 0.2 0.0 18.0 - 3.5 0.5 ▲ 267.5 3.8 0.8 ▲ 284.1 0.1 ▼ 167.6 2.2 4.0 1.1 ▲ 305.7 0.2 ▼ 2.7 202.6 4.0 1.0 ▼ 303.2 0.9 0.3 ▲ 70.5 9.0 0.1 0.0 0.2 ▲ 61.7 0.8 0.3 ▼ 1.1 86.7 58.9 0.3 ▲ 0.8 0.2 16.8 0.1 ▼ 0.8 ▲ 1.1 79.9 27.0 0.0 0.4 0.1 0.1 ▼ 0.2 45.8 0.6 0.5 ▼ 0.1 ▲ 19.7 0.3 7,569.3 100.0 14.2% ▲ 4.5% ▲

e * ttie

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First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

EMEA Rankings Any UK Involvement Announced (AD32)

Financial Advisor Goldman Sachs & Co JP Morgan Morgan Stanley Deutsche Bank Lazard Citi Bank of America Merrill Lynch Barclays Rothschild UBS Zaoui & Co Credit Suisse Centerview Partners LLC Societe Generale BNP Paribas SA Perella Weinberg Partners LP ABN AMRO Bank Greenhill & Co, LLC BBVA Santander Credit Agricole CIB Robertson Robey Associates LLP Ernst & Young LLP RBC Capital Markets Evercore Partners Industry Total

Jan 1 – Sep 30

Rank Value per Advisor (US$m) Market Market Rank Value 2014 2013 Rank Rank Sh (%) Share Ch. US$m 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20* 20* 20* 23 24 25

1 4 2 9 16 12 5 6 15 3 10 18 17 11 186* 32 129 63* 89 27 45 28

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

89,201.3 65,881.1 64,616.6 56,072.0 55,207.0 54,545.2 52,652.5 51,082.2 39,829.3 29,975.9 23,101.6 12,872.2 12,512.4 12,368.5 12,220.8 11,299.4 10,854.2 10,710.2 10,168.7 10,025.1 10,025.1 10,025.1 8,479.1 5,432.5 5,134.1 253 256 9 253,256.9

35.2 26.0 25.5 22.1 21.8 21.5 20.8 20.2 15.7 11.8 9.1 5.1 4.9 4.9 4.8 4.5 4.3 4.2 4.0 4.0 4.0 4.0 3.4 2.2 2.0 100 0 100.0

-24.4 -29.9 -33.0 11.0 18.6 17.3 -33.6 -32.3 12.4 -45.2 9.1 0.4 4.9 2.2 2.0 0.1 4.3 3.4 4.0 3.8 3.9 4.0 2.3 1.7 0.9

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

-9.3% ▼ -21.6% ▼

Any French Involvement Announced (AD33) * tie Financial Advisor BNP Paribas SA Lazard Morgan Stanley Credit Suisse Rothschild Goldman Sachs & Co Societe Generale Citi Deutsche Bank HSBC Holdings PLC Credit Agricole CIB Zaoui & Co Bank of America Merrill Lynch JP Morgan Barclays UBS Perella Weinberg Partners LP Centerview Partners LLC Sycomore Corporate Finance SAS Natixis Ernst & Young LLP Mediobanca Nomura Leonardo & Co UniCredit Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 Rank Rank Sh (%) Share Ch. US$m 1 8 61.9 45.3 ▲ 154,403.1 2 48.1 7 25.9 ▲ 119,800.8 40.3 3 100,454.4 1 5.5 ▲ 99,213.6 39.8 4 13 31.8 ▲ 2 8.1 ▲ 5 95,777.0 38.4 5 11.9 ▲ 6 88,724.9 35.6 72,413.7 21.9 ▲ 29.1 7 14 17.5 ▲ 28.4 70,765.0 8 10 2.6 ▲ 25.7 9 6 64,149.0 58,600.4 18.2 ▲ 17 23.5 10 20.3 18.4 ▲ 11 20 50,558.5 19.7 ▲ 12 49,219.3 19.7 19.0 8.4 ▲ 47,425.6 12 13 14 -12.2 ▼ 43,859.3 17.6 3 36,473.9 -9.2 ▼ 14.6 15 4 10.7 9.0 ▲ 22 26,574.6 16 23 7.9 ▲ 23,752.0 9.5 17 17,211.9 6.9 -3.9 ▼ 18 11 3,875.8 1.6 0.9 ▲ 19 37 1.4 -5.0 ▼ 3,520.9 20 15 3,127.7 25 1.3 0.0 21 -4.2 ▼ 22 1.1 18 2,675.9 2,666.3 -0.4 ▼ 23 24 1.1 1.0 -0.9 ▼ 21 24 2,469.6 2,427.8 25 1.0 0.8 ▲ 57 100.0 249,290.5

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

209.8% ▲ 5.6% ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 51 ▲ 1.9 +10 ▲ 1.5 +9 40 ▼ 1.3 36 -1 27 1.0 +6 ▲ 35 1.3 +15 ▲ 1.2 +10 32 ▲ 32 ▲ 1.2 +9 1.2 +6 ▲ 34 2.5 +31 ▲ 70 21 0.8 -8 ▼ 3 0.1 +3 ▲ 0.5 ▼ -3 15 ▲ 0.2 +6 6 6 -2 ▼ 0.2 0.4 +1 12 ▲ 0.2 +3 ▲ 5 1 -1 ▼ 0.0 8 0.3 +2 ▲ 0.1 2 0 1 0.0 0 4 0.1 +2 ▲ ▲ 0.0 +1 1 -8 ▼ 1.3 35 8 0.3 +3 ▲ 0.8 +3 ▲ 21 2 755 +15 2,755 0.5% ▲ -11.5% ▼

Jan 1 – Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 45 2.4 +5 42 2.2 +17 ▲ 22 ▲ 1.2 +7 0.7 13 0 3.0 +7 58 ▲ -3 ▼ 13 0.7 1.9 +4 ▲ 36 0.5 ▼ 9 -2 ▲ 15 0.8 +4 0.5 +1 9 ▲ ▲ 40 2.1 +20 0.3 +5 ▲ 5 10 ▲ 0.5 +4 ▲ 0.7 +4 14 ▲ 14 0.7 +5 0.5 ▼ -4 10 0.1 0 2 0.1 -1 ▼ 2 0.2 +2 ▲ 4 ▼ -3 0.6 11 ▲ 0.9 +1 18 ▲ 8 0.4 +1 0.2 +1 ▲ 3 17 0.9 +3 ▲ ▲ 6 0.3 +4 1,907 +314 19.7% ▲ -21.4% ▼

Any UK Involvement Completed (AF39)

Financial Advisor JP Morgan Goldman Sachs & Co Bank of America Merrill Lynch Morgan Stanley Barclays UBS Guggenheim Securities LLC Paul J Taubman Deutsche Bank BNP Paribas SA Citi Societe Generale Rothschild Credit Agricole CIB BBVA Santander Robertson Robey Associates LLP Ernst & Young LLP RBC Capital Markets Lazard Evercore Partners Credit Suisse Mediobanca RBS Investec Industry Total

Jan 1 – Sep 30

Rank Value per Advisor (US$m) Market Rank Value Market 2014 2013 Rank Rank US$m Sh (%) Share Ch. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15* 15* 15* 18 19 20 21 22 23 24 25

10 8 3 5 2 7 4 26 1 25 11 73 130 31 49 20 12 9 185* 40

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

166,690.0 159,786.9 157,110.0 156,968.3 151,860.7 148,805.8 131,332.4 130,298.3 30,860.3 16,231.1 12,774.1 11,585.9 11,207.5 10,032.0 10,025.1 10,025.1 10,025.1 6,757.4 6,398.7 5,780.3 5,222.7 3,515.0 3,078.0 2,699.3 2,350.8 282 949 6 282,949.6

58.9 56.5 55.5 55.5 53.7 52.6 46.4 46.1 10.9 5.7 4.5 4.1 4.0 3.6 3.5 3.5 3.5 2.4 2.3 2.0 1.9 1.2 1.1 1.0 0.8 100 0 100.0

39.4 29.6 21.6 24.3 19.4 25.0 46.4 46.1 -20.6 3.8 -38.8 2.0 -15.2 3.4 3.5 3.5 3.5 0.8 1.8 -1.9 -16.0 -19.6 1.1 1.0 0.0

▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▼ ▲ ▼ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▼ ▲ ▲ -

26.5% ▲ 26.1% ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 0.2 ▼ -4 32 29 0.1 -13 ▼ ▼ -9 24 0.1 23 0.1 -12 ▼ 22 -5 ▼ 0.1 ▼ 18 0.1 -13 ▲ 2 0.0 +2 ▲ 1 0.0 +1 19 ▼ 0.1 -2 8 0.0 ▼ -4 24 0.1 -8 ▼ 5 0.0 ▼ -2 42 ▼ 0.2 -8 2 0.0 0 -2 1 ▼ 0.0 1 0.0 +1 ▲ 1 0.0 +1 ▲ 32 0.2 -10 ▼ 0.0 +2 10 ▲ 26 0.1 +10 ▲ 20 0.1 -7 ▼ -5 ▼ 11 0.1 0.0 +2 3 ▲ 1 ▲ 0.0 +1 0.0 -4 7 ▼ 2 238 160 -160 2,238

3.1% ▲ 9.4% ▲

-6.7% ▼ -11.7% ▼

Any French Involvement Completed (AF40) Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 Rank Rank Financial Advisor US$m Sh (%) Share Ch. 10 40,348.8 32.5 ▲ BNP Paribas SA 46.8 1 29.1 -0.9 ▼ Lazard 2 3 25,097.0 20,173.4 23.4 5.4 ▲ 5 Credit Agricole CIB 3 17,054.5 19.8 2.1 ▲ JP Morgan 6 4 16,711.7 5 7 19.4 2.6 ▲ Credit Suisse 15,669.1 18.2 6 2 Morgan Stanley -23.3 ▼ 1 13,680.0 Rothschild 15.9 -31.3 ▼ 7 15 12,600.4 Bank of America Merrill Lynch 8 14.6 6.2 ▲ 12,599.5 9 12 Barclays 14.6 1.4 ▲ 12,056.5 14 14.0 10 5.3 ▲ Deutsche Bank 9 9,475.6 11.0 -3.4 ▼ Goldman Sachs & Co 11 8,235.3 Zaoui & Co 9.6 ▲ 12 9.6 7,842.0 13 4 9.1 -9.7 ▼ Societe Generale 6,013.9 123* Moelis & Co 14 7.0 7.0 ▲ ATTIJARIWAFA BANK (MIDDLE EAST 15 6.6 ▲ 6.6 5,658.9 Natixis 16 5,040.3 17 -1.4 ▼ 5.9 Nomura 17 24 0.8 ▲ 4,074.6 4.7 3,875.8 Sycomore Corporate Finance SAS 18 123* 4.5 ▲ 4.5 Ernst & Young LLP 4.4 31 3,759.0 3.0 ▲ 19 Citi 3,223.3 3.7 -10.6 ▼ 20 11 Macquarie Group 21 3,204.0 3.7 2.3 ▲ 30 HSBC Holdings PLC 2,947.0 -6.5 ▼ 13 22 3.4 23 2,803.4 3.3 -4.0 ▼ UBS 16 26 0.1 ▲ 24 2,661.7 3.1 Leonardo & Co Santander 59 2,169.2 2.5 2.3 ▲ 25 100.0 Industry Total 86,200.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter

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21.7% ▲ -15.6% ▼

Imputed Fees (US$m) Market Market Advisor Sh (%) Share Ch. Fees 136.2 1.0 ▼ 5.8 7.7 181.9 2.6 ▲ 0.7 ▲ 88.7 3.8 0.1 ▼ 4.9 115.9 5.0 2.2 ▲ 118.2 2.8 1.0 ▼ 67.3 0.6 ▲ 0.6 14.0 0.0 0.0 1.0 2.8 0.5 ▲ 65.6 21.6 0.9 0.1 ▼ 2.8 66.0 1.2 ▼ 0.5 11.0 0.3 ▼ 104.7 0.9 ▼ 4.4 3.5 0.2 0.0 0.2 3.4 0.1 ▲ 0.2 0.2 ▲ 3.4 0.2 4.3 0.2 ▲ 0.2 0.1 ▼ 4.9 30.7 1.3 0.7 ▲ 2.9 1.5 ▲ 68.1 1.0 ▼ 45.4 1.9 1.1 0.6 ▼ 26.3 9.1 0.4 0.4 ▲ 6.1 0.3 0.3 ▲ 14.7 0.6 0.1 ▲ 2 364 5 100 0 2,364.5 100.0

Jan 1 – Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 42 2.5 +2 ▲ ▲ 1.7 +2 28 ▲ 40 2.4 +10 ▲ 15 0.9 +6 11 ▼ -4 0.7 1.0 ▼ -2 16 2.6 -10 ▼ 44 -3 ▼ 7 0.4 13 0.8 +7 ▲ ▲ 10 0.6 +4 0.7 0 12 ▲ 2 0.1 +2 1.7 ▼ -4 28 ▲ 0.3 +4 5 ▲ 0.1 +1 1 ▼ 8 0.5 -6 5 0.3 +1 ▲ 0.2 +3 ▲ 4 1.0 ▼ 16 -2 7 -1 ▼ 0.4 0.3 +1 ▲ 5 0.5 +2 ▲ 9 ▼ 7 0.4 -11 0.8 ▼ -1 14 ▲ 4 0.2 +3 1,680 +233 16.1% ▲ -24.5% ▼

Imputed Fees (US$m) Market Market Advisor Fees Sh (%) Share Ch. 9.1 120.3 1.4 ▲ 89.4 2.4 ▲ 6.8 64.8 1.9 ▲ 4.9 67.1 5.1 2.3 ▲ 44.5 3.4 0.6 ▼ 5.5 73.0 1.7 ▲ 100.9 7.7 4.0 ▼ 1.4 18.3 1.1 ▼ 2.3 ▲ 50.2 3.8 25.8 2.0 0.1 ▼ 4.7 1.6 ▲ 61.9 4.8 0.4 0.4 ▲ 57.8 4.4 0.5 ▼ 0.9 0.7 ▲ 12.5 .3 0.0 0.0 9.2 0.0 0.7 1.2 15.8 0.0 2.7 0.2 0.1 ▲ 3.0 0.2 0.0 25.3 1.9 0.5 ▼ 13.8 1.0 0.5 ▲ 12.8 1.0 0.2 ▼ 16.5 1.3 2.6 ▼ 17.9 1.4 0.4 ▼ .0 0.0 0.5 ▲ 100.0 1,319.0 28.6% ▲ -31.1% ▼

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First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

EMEA Rankings Any Spanish Involvement Announced (AD34)

Financial Advisor Santander UBS Goldman Sachs & Co Deutsche Bank Bank of America Merrill Lynch JP Morgan BNP Paribas SA Morgan Stanley Societe Generale BBVA Credit Agricole CIB Robertson Robey Associates LLP Rothschild Nomura Banco BTG Pactual SA Citi Lazard PricewaterhouseCoopers Barclays KPMG Deloitte Mediobanca N+1 AZ Capital Itau Unibanco Industry Total

Jan 1 – Sep 30

Rank Value per Advisor (US$m) Market Market Rank Value 2014 2013 Rank Rank US$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

13 5 1 18 3 7 32 4 19 12 38 6 17 54 2 23 15 14 16 11 27 35 22 -

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

23,144.0 20,792.5 20,170.0 18,693.6 16,843.6 14,375.8 13,355.2 12,620.3 11,198.2 10,752.4 10,446.8 10,025.1 8,307.0 7,616.0 6,680.3 5,623.7 4,857.4 3,692.7 3,260.4 3,219.6 2,638.5 2,490.5 2,243.2 1,505.0 1,342.7 66 991 5 66,991.5

34.6 31.0 30.1 27.9 25.1 21.5 19.9 18.8 16.7 16.1 15.6 15.0 12.4 11.4 10.0 8.4 7.3 5.5 4.9 4.8 3.9 3.7 3.4 2.3 2.0 100 0 100.0

27.5 2.4 -19.1 23.8 -7.4 -7.0 18.8 -11.1 13.0 5.6 15.0 15.0 -16.2 7.1 10.0 -24.4 5.1 -0.5 -2.0 -0.3 -17.5 2.0 2.6 0.0 2.0

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

49.4% ▲ -27.3% ▼

Any German Involvement Announced (AD35)

Financial Advisor Morgan Stanley Deutsche Bank Goldman Sachs & Co BNP Paribas SA JP Morgan Bank of America Merrill Lynch Lazard Rothschild Citi Barclays Guggenheim Securities LLC UBS Ernst & Young LLP SEB Nordea Zaoui & Co Qatalyst Partners Greenhill & Co, LLC Credit Suisse Mediobanca UniCredit Lambert Energy Advisory Ltd VICTORIAPARTNERS GmbH Deloitte Societe Generale Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 US$m Rank Rank Sh (%) Share Ch. 33.1 69,099.1 3 1 -0.1 ▼ 61,670.2 29.6 2 2 -4.6 ▼ 3 1 25.9 53,904.7 -20.5 ▼ 4 17 25.8 20.4 ▲ 53,798.5 41,894.5 20.1 5 5 -7.2 ▼ 33,663.0 -3.6 ▼ 6 7 16.1 15.8 3.1 ▲ 7 11 33,016.5 15.3 -3.7 ▼ 8 8 31,829.6 29,780.1 14.3 -9.7 ▼ 9 6 25 10 16,869.2 8.1 4.4 ▲ 11 16,449.2 7.9 7.9 ▲ 4 15,288.3 -25.7 ▼ 7.3 12 10,211.2 4.9 13 13 -7.2 ▼ 9,230.0 63 4.4 14 4.4 ▲ 9,056.2 4.3 76* 15 4.3 ▲ 3.7 7,730.2 16 -3.6 ▼ 17 7,263.2 3.1 ▲ 3.5 18 4,637.5 -3.7 ▼ 2.2 1.4 19 -9.7 ▼ 9 2,822.6 20 2,582.4 27 1.2 4.4 ▲ 26 1,701.6 0.8 21 7.9 ▲ 1,300.0 22 0.6 -25.7 ▼ 23 1,212.9 0.6 -7.2 ▼ 24 76* 1,136.0 0.5 4.4 ▲ 47 984.6 0.5 4.3 ▲ 25 208,531.2 101.0

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

111.6% ▲ 165.4% ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 2.0 +3 ▲ 14 ▲ 9 1.3 +5 -4 ▼ 1.6 11 ▲ 1.3 +6 9 7 1.0 +4 ▲ 7 1.0 +2 ▲ 1.7 +11 12 ▲ 8 1.1 0 6 0.8 -2 ▼ 9 1.3 -12 ▼ 0.4 +2 3 ▲ 1 0.1 +1 ▲ 1.1 +1 8 ▲ 4 0.6 -10 ▼ 0.1 ▼ 1 -1 0.3 2 -9 ▼ 12 ▲ 1.7 +5 39 ▲ 5.5 +2 ▲ 5 0.7 +2 24 ▼ 3.4 -25 4.0 -10 28 ▼ 5 0.7 ▼ -2 6 0.8 +3 ▲ 2 0.3 -3 ▼ 4 0.6 +4 ▲ 707 +20 2.9% ▲ -27.0% ▼

Jan 1 – Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 1.3 +9 ▲ 20 1.4 +2 21 ▲ -2 1.1 ▼ 17 ▼ -3 7 0.5 0.9 +1 ▲ 13 13 0.9 0 ▲ 1.3 +4 19 26 1.7 +3 ▲ ▲ 0.7 +2 11 ▲ 0.7 +4 10 0.1 +1 ▲ 1 4 0.3 -7 ▼ 2.0 -10 ▼ 31 2 0 0.1 1 0 0.1 0.1 +1 1 ▲ 1 0.1 +1 ▲ 3 0.2 +3 ▲ 7 0.5 ▼ -5 3 0.2 0 0.7 11 -4 ▼ 1 ▲ 0.1 +1 1 0.1 +1 ▲ 7 ▲ 0.5 +5 0.1 -2 ▼ 1 1,516 -23

-1.5% ▼ -14.3% ▼

Any Spanish Involvement Completed (AF41)

Financial Advisor Goldman Sachs & Co Deutsche Bank JP Morgan Morgan Stanley Societe Generale BBVA Bank of America Merrill Lynch Santander BNP Paribas SA UBS Credit Agricole CIB Robertson Robey Associates LLP Citi PricewaterhouseCoopers Nomura KPMG Deloitte Barclays Lazard Rothschild Credit Suisse Mediobanca Blackstone Group LP Rabobank NV Ernst & Young LLP Industry Total

Jan 1 – Sep 30

Rank Value per Advisor (US$m) Market Rank Value Market 2014 2013 Rank Rank US$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

4 5 22 11 18 6 13 7 37 14 34 8 9 15 12 17 2 20 1 19 3 25* 24

24,313.9 21,172.4 16,315.5 15,425.1 14,730.2 14,220.4 14,117.6 13,967.3 13,553.7 11,310.4 10,446.8 10,025.1 9,631.9 8,881.2 6,992.4 5,570.3 5,486.3 4,114.5 3,715.7 2,518.2 2,210.6 2,059.2 1,630.2 1,604.8 1,051.6 58 962 0 58,962.0

41.2 35.9 27.7 26.2 25.0 24.1 23.9 23.7 23.0 19.2 17.7 17.0 16.3 15.1 11.9 9.5 9.3 7.0 6.3 4.3 3.8 3.5 2.8 2.7 1.8 100 0 100.0

29.7 24.6 26.0 18.8 22.2 13.9 19.4 14.2 22.6 15.4 17.2 17.0 8.1 7.4 8.5 4.5 6.1 -17.4 4.3 -28.3 1.1 -18.7 1.7 2.7 0.5

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

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▼ 12 -2 1.9 ▼ 6 1.0 -4 1.9 +1 ▲ 12 ▼ 7 1.1 -2 5 0 0.8 1.6 10 -9 ▼ 5 ▲ 0.8 +3 ▼ 1.1 -10 7 9 ▲ 1.5 +8 3 0.5 0 3 0.5 +2 ▲ 1 ▲ 0.2 +1 6 0 1.0 -5 42 ▼ 6.8 3 ▼ 0.5 -9 25 4.0 -22 ▼ 30 4.8 +3 ▲ 4 0.6 -9 ▼ ▲ 11 1.8 +5 ▼ 1.1 -10 7 3 0.5 +2 ▲ 4 0.6 -6 ▼ 1 0.2 0 ▲ 0.2 +1 1 3.7 +3 23 ▲ 620 +27

Imputed Fees (US$m) Market Advisor Market Sh (%) Share Ch. Fees 8.0 ▲ 12.9 81.5 0.1 ▼ 27.2 4.3 7.6 3.9 ▲ 48.2 5.9 1.3 ▲ 37.0 3.2 2.6 ▲ 20.3 19.7 3.1 0.4 ▼ 1.9 0.1 ▼ 12.1 22.0 0.5 ▼ 3.5 3.0 19.0 2.8 ▲ 13.9 2.2 0.7 ▲ 1.3 8.3 0.9 ▲ 4.3 0.7 0.7 ▲ 2.7 ▼ 17.7 2.8 8.7 0.1 ▲ 1.4 11.2 1.8 0.2 ▲ 4.8 0.8 0.7 ▼ 0.8 5.0 0.0 10.6 1.7 2.9 ▼ 5.1 32.0 3.4 ▲ 3.3 20.5 3.4 ▼ 15.2 2.4 2.1 ▲ 2.4 ▼ 7.5 1.2 1.5 1.0 ▲ 9.6 1.3 0.2 ▲ 0.2 0.5 0.0 2.9 631 0 100 0 631.0 100.0

Industry % Change from Same Period Last Year

11.2% ▲

4.6% ▲

54.2% ▲

Industry % Change from Last Quarter

88.7% ▲

-24.3% ▼

112.0% ▲

Any German Involvement Completed (AF42)

Financial Advisor Goldman Sachs & Co Deutsche Bank Rothschild Citi Morgan Stanley JP Morgan Ernst & Young LLP SEB Nordea Bank of America Merrill Lynch Credit Suisse BNP Paribas SA Perella Weinberg Partners LP Barclays Lazard Acxit Capital Management GmbH Sumitomo Mitsui Finl Grp Inc Moelis & Co Development Bank of Japan Inc UBS Gleacher & Co Inc Centerview Partners LLC goetzpartners Corp Finance Mediobanca DNB ASA Industry Total

Rank Value per Advisor (US$m) Market Rank Value Market 2014 2013 Rank Rank US$m Sh (%) Share Ch. 12.4 ▲ 37,063.1 1 1 48.5 0.0 2 21,659.8 28.4 5 18,917.8 24.8 3 21 20.4 ▲ 12 18,053.4 4 15.4 ▲ 23.6 6.5 ▲ 22.5 17,199.4 6 5 2 16,938.6 -9.9 ▼ 6 22.2 7 19.2 7 14,705.0 5.2 ▲ 11,660.0 15.3 14.8 ▲ 45 8 11.9 9,056.2 9 78* 11.9 ▲ 10.5 7,996.7 -1.0 ▼ 9 10 4 9.8 7,512.1 11 -12.1 ▼ 9.4 27 7.4 ▲ 12 7,212.6 8.2 8.2 ▲ 6,274.5 13 7.0 -2.2 ▼ 14 10 5,324.4 3 6.5 15 4,927.0 -15.7 ▼ 5.2 5.2 ▲ 3,959.8 16* 5.2 3,959.8 5.2 ▲ 16* 78* 5.2 ▲ 16* 3,959.8 5.2 5.2 5.2 ▲ 3,959.8 16* 8 3,249.8 4.3 -7.9 ▼ 20 3.8 ▲ 2,887.0 3.8 21 2,870.0 31 3.8 2.4 ▲ 22 23 22 3.5 -0.4 ▼ 2,636.3 11 2,582.4 -5.6 ▼ 24 3.4 25 3.4 2,570.0 3.4 ▲ 100.0 76,411.9

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

31.1% ▲ -41.1% ▼

Jan 1 – Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 19 1.6 +3 -3 ▼ 14 1.1 1.8 +6 ▲ 22 ▲ 0.8 +4 10 ▲ 12 1.0 +3 -1 ▼ 1.0 12 -5 ▼ 30 2.5 0 3 0.2 0 1 0.1 -2 ▼ 0.7 9 -6 ▼ 8 0.7 0.5 -5 ▼ 6 ▲ 0.3 +4 4 ▲ 14 1.1 +7 ▲ 16 1.3 +7 ▲ 0.2 +2 2 ▲ 1 0.1 +1 ▲ 6 0.5 +5 ▲ 0.1 +1 1 -2 ▼ 0.3 4 1 0.1 +1 ▲ 0.2 +1 ▲ 2 0.4 0 5 4 0.3 ▼ -1 0.1 +1 ▲ 1 1,221 -68 -5.3% ▼ -3.2% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 115.8 11.7 3.1 ▲ 4.2 2.1 ▼ 41.5 63.5 6.4 2.3 ▲ 23.4 2.4 0.4 ▲ 41.0 0.0 4.2 53.7 1.4 ▼ 5.4 0.2 ▲ 7.6 0.8 0.3 3.3 0.1 ▼ .7 0.1 0.0 4.0 40.0 0.3 ▲ 23.8 2.4 2.1 ▼ 21.2 0.6 ▲ 2.2 2.6 2.6 ▲ 25.2 38.5 3.9 1.7 ▲ 43.0 4.4 1.7 ▲ .8 0.1 ▲ 0.1 4.9 0.5 0.5 ▲ 14.9 1.5 1.3 ▲ .0 0.0 0.0 11.5 1.2 0.1 ▼ 0.4 0.4 ▲ 4.0 0.2 2.0 0.2 ▼ 9.6 1.0 0.1 ▼ 11.1 1.1 0.7 ▼ 0.0 .3 0.0 988.5 100.0 3.6% ▲ -3.0% ▼

* tie

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First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

EMEA Rankings Any Italian Involvement Announced (AD36)

Financial Advisor Morgan Stanley Lazard Barclays Rothschild Goldman Sachs & Co Deutsche Bank Mediobanca Citi Credit Suisse Bank of America Merrill Lynch Stifel/KBW JP Morgan UniCredit Leonardo & Co Banca IMI (Intesa Sanpaolo) BNP Paribas SA Credit Agricole CIB UBS Evercore Partners Macquarie Group KPMG Banco BTG Pactual SA VICTORIAPARTNERS GmbH HSBC Holdings PLC PricewaterhouseCoopers Industry Total

Jan 1 – Sep 30

Rank Value per Advisor (US$m) Market Rank Value Market 2014 2013 Rank Rank US$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

12 7 8 11 1 2 4 17 14* 3 6 9 5 10 26 27 22 28 13 39

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

16,080.2 15,079.1 12,154.9 11,218.7 10,454.1 9,633.9 8,826.4 8,570.0 7,834.6 7,160.3 6,074.1 5,215.0 4,550.4 4,442.2 4,382.2 4,268.8 3,642.1 3,578.1 2,862.2 2,814.5 2,813.5 1,930.6 1,212.9 352.0 298.7 47 631 4 47,631.4

33.8 31.7 25.5 23.6 22.0 20.2 18.5 18.0 16.5 15.0 12.8 11.0 9.6 9.3 9.2 9.0 7.7 7.5 6.0 5.9 5.9 4.1 2.6 0.7 0.6 100 0 100.0

16.9 ▲ 8.8 ▲ 4.0 ▲ 5.9 ▲ -16.1 ▼ -10.8 ▼ -9.1 ▼ 7.0 ▲ 4.8 ▲ 15.0 ▲ 12.8 ▲ -17.3 ▼ -15.8 ▼ -12.1 ▼ -17.9 ▼ -11.4 ▼ 7.7 ▲ 6.5 ▲ 6.0 ▲ 5.0 ▲ 2.3 ▲ 3.3 ▲ 2.6 ▲ -14.1 ▼ 0.5 ▲

35.5% ▲ 237.6% ▲

Any Nordic Involvement Announced (AD37)

Financial Advisor Deutsche Bank Goldman Sachs & Co SEB JP Morgan Nordea Morgan Stanley Rothschild Citi UBS Global M&A PricewaterhouseCoopers Infima AS MHS Corporate Handelsbanken Capital Markets ABG Sundal Collier Carnegie Access Partners Scotiabank Credit Suisse Fondsfinans AS Deloitte Ernst & Young LLP Wells Fargo & Co Lambert Energy Advisory Ltd Bank of America Merrill Lynch Industry Total

Rank Value per Advisor (US$m) Market Market Rank Value 2014 2013 Sh (%) Share Ch. US$m Rank Rank 1 16 21.8 ▲ 23,090.9 26.5 2 1 21.3 18,556.5 -8.1 ▼ 7 3 18,251.3 20.9 11.6 ▲ 4 2 20.7 -5.2 ▼ 18,012.7 5 6 7.5 ▲ 16.9 14,730.5 6 4 12,549.0 14.4 3.8 ▲ 7 12,317.3 32 14.1 12.8 ▲ 17 11,984.6 13.7 8 9.6 ▲ 9 9 6,653.9 7.6 -0.7 ▼ 4.0 85 3,520.5 4.0 ▲ 10 3,427.7 3.9 -2.0 ▼ 11 14 12* 3,151.3 3.6 ▲ 3.6 3.6 ▲ 3,151.3 12* 3.6 14 8 2,780.1 3.2 -5.2 ▼ 2,768.5 3.2 23 15 0.9 ▲ 21 3.0 16 2,654.5 -0.1 ▼ 2.9 2.9 ▲ 2,488.1 93* 17 18 2.4 2,100.0 2.4 ▲ 19 12 -5.4 ▼ 1,818.7 2.1 20 2.0 1,730.0 2.0 ▲ 21 35 1,699.6 2.0 0.8 ▲ 22 18 1.9 1,641.2 -1.9 ▼ 1,500.0 23 1.7 1.7 ▲ -3.9 ▼ 1.5 24 15 1,300.0 5 1,275.6 1.5 25 -8.1 ▼ 100.0 87,247.7

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

49.0% ▲ 66.3% ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 12 2.2 +9 ▲ 4.9 +7 27 ▲ 0 0.7 4 4.5 +14 25 ▲ 0 9 1.6 ▼ 6 1.1 -1 ▲ 26 4.7 +10 ▼ 5 0.9 -3 6 ▲ 1.1 +4 ▲ 9 1.6 +9 0.2 +1 1 ▲ ▼ 0.9 5 -6 ▼ 19 3.4 -13 ▲ 17 3.1 +8 ▼ -4 26 4.7 ▲ 18 3.3 +5 ▲ 3 0.5 +3 ▼ -1 5 0.9 ▲ 1 0.2 +1 0 1 0.2 5.6 +5 ▲ 31 ▲ 0.4 +1 2 0.2 +1 ▲ 1 -3 ▼ 3 0.5 ▲ 12 2.2 +1 552 +7 1.3% ▲ -17.3% ▼

Jan 1 – Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 12 0.9 +6 ▲ 13 1.0 +2 ▲ 1.6 21 ▼ -7 12 ▲ 0.9 +2 12 -3 0.9 ▼ 0 0.4 5 0 10 0.7 ▼ 0.4 -4 5 ▼ 4 0.3 -2 2 0.1 0 49 0 3.6 1 0.1 +1 ▲ 1 ▲ 0.1 +1 0.9 +3 12 ▲ ▲ 0.8 +3 11 18 1.3 +7 ▲ 0 2 0.1 1 0.1 +1 ▲ 6 ▲ 0.4 +5 2 0.1 +2 ▲ 10 0.7 +1 ▲ 12 0.9 -15 ▼ 3 ▲ 0.2 +3 -2 ▼ 1 0.1 3 ▼ 0.2 -7 1,353 -311 -18.7% ▼ -21.6% ▼

Any Italian Involvement Completed (AF43)

Financial Advisor Bank of America Merrill Lynch Deutsche Bank Lazard Barclays JP Morgan Mediobanca BNP Paribas SA Evercore Partners Goldman Sachs & Co Banca IMI (Intesa Sanpaolo) UniCredit Leonardo & Co KPMG Rothschild Citi Morgan Stanley Credit Suisse UBS Credit Agricole CIB Perella Weinberg Partners LP VICTORIAPARTNERS GmbH Jefferies LLC Vitale & Associati SpA HSBC Holdings PLC Blackstone Group LP Industry Total

Jan 1 – Sep 30

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 Rank Rank US$m Sh (%) Share Ch. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18* 18* 20 21 22 23 24 25

14 2 5 6 1 7 13 8 3 10 16 22 9 21 4 12 28 49* 49* 11 34

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

6,587.1 6,347.4 5,198.1 4,998.3 4,885.8 4,750.8 4,678.4 4,587.1 4,023.3 3,965.5 3,588.8 3,495.7 3,272.6 2,721.1 2,331.8 1,992.7 1,760.5 1,727.8 1,727.8 1,724.9 1,212.9 957.6 902.0 614.3 288.0 25 701 7 25,701.7

25.6 24.7 20.2 19.5 19.0 18.5 18.2 17.9 15.7 15.4 14.0 13.6 12.7 10.6 9.1 7.8 6.9 6.7 6.7 6.7 4.7 3.7 3.5 2.4 1.1 100 0 100.0

13.4 -8.7 -6.2 -6.8 -16.1 -7.7 4.7 17.9 -9.4 -16.0 -5.6 4.1 9.1 -10.4 5.3 -21.4 -7.3 6.3 6.7 6.7 4.7 3.7 3.5 -12.0 0.9

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

-26.9% ▼ -33.7% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 1.4 +5 ▲ 6 0.9 -7 ▼ 4 20 ▲ 4.7 +1 3 0.7 -1 ▼ -4 ▼ 5 1.2 5.8 +4 ▲ 25 -6 ▼ 2.3 10 0.5 +2 ▲ 2 8 1.9 +1 ▲ 25 5.8 -5 ▼ 19 4.4 -12 ▼ ▲ 18 4.2 +13 -1 23 ▼ 5.3 ▲ 4.2 +6 18 1.2 ▼ 5 -1 -2 0.5 ▼ 2 -1 0.7 ▼ 3 0.7 -2 3 ▼ ▲ 1 0.2 +1 0.2 +1 ▲ 1 0.2 +1 1 ▲ 0.9 +3 4 ▲ 1.6 +3 7 ▲ 0.7 3 ▼ -2 0.5 +1 2 ▲ 430 22 -22 -4.9% ▼ -32.0% ▼

8.7% ▲ -53.7% ▼

Any Nordic Involvement Completed (AF44)

Financial Advisor Goldman Sachs & Co Deutsche Bank SEB JP Morgan Citi Morgan Stanley Nordea Rothschild Danske Bank ICECAPITAL Securities Ltd UBS Infima AS MHS Corporate ABG Sundal Collier Centerview Partners LLC DNB ASA Barclays Lazard Global M&A Evercore Partners BNP Paribas SA Perella Weinberg Partners LP Credit Suisse Bank of America Merrill Lynch PricewaterhouseCoopers Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 US$m Sh (%) Share Ch. Rank Rank 0.3 ▲ 34.0 26,196.7 1 1 30.4 ▲ 2 28 24,741.0 32.1 20.1 ▲ 21,187.5 10 3 27.5 -2.5 ▼ 2 4 17,382.3 22.6 12.7 ▲ 5 11 19.4 14,963.8 13,924.9 6 18.1 -0.3 ▼ 3 7 12,992.7 7.3 ▲ 4 16.9 11,238.9 8 13.2 ▲ 14.6 30 7.6 5,892.2 7.6 ▲ 9 89* 4.5 ▲ 4.6 3,506.6 10 66 3,151.3 4.1 -5.2 ▼ 11* 6 4.1 ▲ 11* 3,151.3 4.1 3,151.3 4.1 ▲ 4.1 11* 2,768.5 3.6 1.5 ▲ 14 26 3.5 ▲ 2,657.7 15 3.5 -0.2 ▼ 19 2,570.0 3.3 16 2,490.6 3.2 0.8 ▲ 17 23 0.9 ▲ 2,374.4 3.1 18 25 19 89* 2,170.7 2.8 2.8 ▲ 24 0.4 ▲ 1,989.5 2.6 20 32 2.2 1,724.9 1.2 ▲ 21* 1,724.9 2.2 21* 2.2 ▲ 23 5 1,585.2 -7.3 ▼ 2.1 42 1,555.4 2.0 1.4 ▲ 24 13 25 1,543.2 2.0 -3.7 ▼ 77,072.7 100.0

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

41.6% ▲ -35.8% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 3.5 0.9 ▲ 16.8 3.4 0.4 ▼ 16.2 37.7 7.9 0.3 ▼ 15.3 0.9 ▼ 3.2 2.8 13.5 3.5 ▼ 25.2 5.3 1.4 ▲ 14.9 3.6 ▼ 3.1 7.7 1.6 1.6 ▲ 3.5 16.8 1.2 ▼ 6.4 1.1 ▲ 30.5 5.1 2.4 ▼ 24.3 4.0 1.2 ▲ 19.2 4.0 0.9 0.1 ▲ 36.4 7.6 1.3 ▲ 9.0 1.9 0.2 ▼ 3.2 2.5 ▼ 0.7 2.6 ▼ 3.9 0.8 0.7 ▼ 5.6 1.2 1.6 0.3 0.3 ▲ 0.6 0.6 ▲ 2.7 0.9 ▲ 4.1 0.9 30.2 6.1 ▲ 6.3 1.9 ▲ 10.5 2.2 0.4 ▼ 3.9 0.8 1.9 0.3 ▲ 0.4 476 8 100 0 476.8 100.0

Jan 1 – Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 15 1.5 +5 ▲ 1.1 +8 11 27 0 2.7 ▲ 12 1.2 +5 0 0.7 7 5 0.5 ▼ -1 11 -3 ▼ 1.1 8 0.8 -3 ▼ 7 0.7 +2 ▲ 1 0.1 0 1 ▼ 0.1 -4 1 ▲ 0.1 +1 1 0.1 +1 ▲ 1.0 +4 ▲ 10 0.2 +2 ▲ 2 ▼ 0.4 -5 4 0.6 +2 ▲ 6 9 ▲ 0.9 +5 1 0.1 -1 ▼ 3 -3 ▼ 0.3 3 0.3 0 0.2 +2 ▲ 2 4 0.4 +1 ▲ 5 0 0.5 35 3.5 -8 ▼ 990 -317 -24.3% ▼ -21.8% ▼

Imputed Fees (US$m) Market Advisor Market Sh (%) Share Ch. Fees 93.7 2.2 ▲ 10.1 6.6 60.8 5.5 ▲ 55.8 6.0 2.3 ▲ 7.7 0.7 ▼ 71.9 3.1 0.2 ▲ 28.7 2.2 20.8 0.7 ▼ 18.9 2.0 0.8 ▼ 2.3 0.4 ▼ 21.1 1.9 1.6 ▲ 17.7 0.8 7.1 0.7 ▲ 0.8 ▼ 5.3 0.6 0.5 0.5 ▲ 4.4 0.5 0.5 ▲ 4.4 12.6 1.4 0.1 ▲ .8 0.1 0.1 ▲ 1.8 1.7 ▼ 0.2 13.3 1.4 0.1 ▲ 20.2 2.2 0.9 ▲ 11.0 1.2 1.0 ▲ 6.7 0.7 1.1 ▼ 6.7 0.3 ▼ 0.7 0.5 4.7 0.5 ▲ 0.1 ▼ 11.5 1.2 0.3 ▼ 1.2 11.2 0.3 ▼ 4.9 0.5 928.4 100.0 10.6% ▲ -35.3% ▼

* tie

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First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

EMEA Rankings Any Benelux Involvement Announced (AD40)

Financial Advisor Morgan Stanley Deutsche Bank Goldman Sachs & Co Bank of America Merrill Lynch Lazard Citi JP Morgan Perella Weinberg Partners LP Rothschild ABN AMRO Bank Centerview Partners LLC BNP Paribas SA Deloitte Barclays BDT & Co LLC UBS Mediobanca RBS Jefferies LLC Gresham Partners HSBC Holdings PLC UniCredit Moelis & Co ING Evercore Partners Industry Total

Jan 1 – Sep 30

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 Rank Rank US$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

3 21 1 5 10 4 2 41 6 13 15 20 17 16 9 58 46 7 100* 59 11 43*

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

47,512.4 30,553.4 28,282.6 24,317.2 22,957.0 22,299.9 21,845.0 15,854.2 13,818.9 11,788.2 11,300.0 11,015.4 7,139.5 6,881.8 5,000.0 4,973.2 3,830.6 2,699.3 2,678.5 2,660.6 1,769.6 1,585.9 1,460.0 1,450.8 1,200.0 115 110 4 115,110.4

41.3 26.5 24.6 21.1 19.9 19.4 19.0 13.8 12.0 10.2 9.8 9.6 6.2 6.0 4.3 4.3 3.3 2.3 2.3 2.3 1.5 1.4 1.3 1.3 1.0 100 0 100.0

3.4 22.1 -20.6 -7.6 4.8 -10.2 -21.4 13.1 -12.4 -1.6 9.8 0.6 1.5 -2.3 -4.4 -11.0 3.1 2.3 1.8 2.3 -16.6 1.4 1.1 -11.5 0.5

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

16.4% ▲ -17.2% ▼

Any Benelux Involvement Completed (AF47)

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 20 ▲ 1.9 +6 14 ▲ 1.3 +6 ▼ 12 1.1 -6 9 0.9 ▼ -5 ▲ 13 1.2 +2 14 1.3 +2 ▲ 13 ▼ 1.2 -4 3 0.3 +1 ▲ 21 2.0 +3 ▲ 20 1.9 +11 ▲ ▲ 0.3 +3 3 9 0.9 -15 ▼ 9 ▲ 0.9 +5 9 0.9 ▼ -1 1 0 0.1 7 ▼ 0.7 -3 4 0.4 +2 ▲ 0.1 +1 ▲ 1 8 ▲ 0.8 +4 1 0.1 +1 ▲ 0 7 0.7 4 0.4 +2 ▲ 3 ▲ 0.3 +1 19 1.8 +1 ▲ 2 0.2 +1 ▲ 1 045 619 -619 1,045

Financial Advisor Goldman Sachs & Co Bank of America Merrill Lynch Morgan Stanley Citi JP Morgan Deutsche Bank Deloitte UBS Lazard KPMG Credit Agricole CIB Rothschild Jefferies LLC Barclays Societe Generale Credit Suisse BNP Paribas SA RBS Mediobanca ING Itau Unibanco Banco BTG Pactual SA Rabobank NV PricewaterhouseCoopers RBC Capital Markets Industry Total

-7.4% ▼ -13.5% ▼

Jan 1 – Sep 30

Rank Value per Advisor (US$m) Market Rank Value Market 2014 2013 Rank Rank US$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

3 4 1 8 2 6 79 9 7 36 44 26 33 5 96* 10 16 52 61 24 41* 19 15 27 30

25,520.4 21,977.9 20,940.4 19,791.6 15,957.9 14,917.8 10,687.9 8,617.0 8,092.6 5,587.4 5,432.2 5,325.2 5,319.3 5,029.8 4,480.5 4,169.6 3,270.3 2,932.8 2,794.3 2,719.6 2,593.4 2,527.8 2,457.9 2,406.6 2,108.4 79 557 8 79,557.8

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

32.1 27.6 26.3 24.9 20.1 18.8 13.4 10.8 10.2 7.0 6.8 6.7 6.7 6.3 5.6 5.2 4.1 3.7 3.5 3.4 3.3 3.2 3.1 3.0 2.7 100 0 100.0

2.7 -1.5 -15.1 15.9 -16.4 -5.6 13.4 2.0 -13.6 5.8 6.3 4.8 5.5 -18.7 5.6 -3.5 -0.2 3.4 3.3 1.2 2.6 0.0 -1.4 1.3 1.2

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

-23.9% ▼ -47.5% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 15 1.8 ▼ -9 ▼ 1.5 -3 12 ▼ -5 14 1.7 ▲ 11 1.3 +1 1.3 -5 ▼ 11 ▲ 1.2 +1 10 ▲ 1.2 +7 10 ▼ 5 0.6 -10 1.7 +5 14 ▲ 19 2.3 ▼ -6 1 0.1 -3 ▼ 8 1.0 ▼ -4 0.8 +3 7 ▲ ▼ -6 6 0.7 4 ▲ 0.5 +2 10 1.2 -3 ▼ 1.3 11 -5 ▼ 2 0 0.2 ▲ 3 0.4 +1 17 2.1 -2 ▼ 0.5 +3 ▲ 4 -1 ▼ 3 0.4 ▼ 29 -1 3.5 18 ▼ 2.2 -9 2 0 0.2 824 483 -483

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 9.3 0.1 ▲ 99.4 0.4 ▲ 54.2 5.1 59.4 2.8 ▼ 5.6 3.8 ▲ 6.3 67.4 0.1 ▲ 5.8 62.6 3.6 ▲ 5.6 59.8 3.5 0.3 ▲ 0.3 2.2 23.1 2.3 ▼ 0.9 ▲ 45.1 4.2 0.3 0.1 ▼ 2.7 0.5 ▼ .2 0.0 0.3 ▲ 26.6 2.5 2.0 ▲ 32.3 3.0 0.6 ▼ 16.2 1.5 1.1 0.8 ▲ 11.7 27.1 1.5 ▼ 2.5 24.9 0.3 ▼ 2.3 7.7 0.7 0.6 ▲ 5.1 0.5 0.4 ▲ 16.4 1.5 0.6 ▼ 3.2 0.2 ▲ 0.3 4.5 0.4 0.6 ▼ 16.1 1.5 0.3 ▼ 0.3 0.0 3.2 9.7 0.9 0.1 ▲ 1 071 0 100 0 1,071.0 100.0

-15.9% ▼ -8.8% ▼

-11.8% ▼ -22.8% ▼

* tie

EMEA Inv. Announced M&A Target Sector by Value ($bil) $54.1

$33.9

Jan 1 – Sep 30 2014

$25.9

$1,000

`

$230.2

$63.7

Quarterly EMEA Cross Border Volume Inbound (US$b)

Outbound (US$b)

2,500

Number of deals

$900

$67.1

2,000

$800 $118.3

$116.6 $95.4

$107.3

Healthcare

Industrials

Telecommunications

Materials

Real Estate

Energy and Power

Financials

Consumer Staples

Media and Entertainment

High Technology

Consumer Products and Services

Retail

Rank Value (US$b)

$88.1

$700 1,500

$600 $500

# of Deals

$79.6

1,000

$400 $300

500

$200 $100

0

$0 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3

Government and Agencies

2007

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2008

2009

2010

2011

2012

2013

2014

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First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

Asia Pacific (ex-Japan) M&A Asian M&A Rises 59% I Imputed Fees Up 8% I Australian M&A Increases 52% Asia Pacific (ex-Japan) Deals Intelligence

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

Announced M&A activity with Asian involvement in the first nine months of 2014 grossed US$504.3 billion in value, a 59.1% increase over the US$317 billion recorded in the same period last year. China remains the most targeted nation in the region with US$261.7 billion from 2,789 deals. Companies in the Financials sector were the most targeted, with US$98.7 billion accumulated from 808 deals. The top deal in the region was CITIC Pacific’s acquisition of parent’s main assets for US$42.2 billion, which surpassed PCCW’s US$35.5 billion acquisition of Cable & Wireless HKT in 2000, as the largest Asian involvement transaction on record.

Rank Val US$m

Financials Somerley Ltd China Securities Co Ltd CITIC Energy and Power Citi Goldman Sachs & Co UBS Real Estate Haitong Securities Co Ltd DBS Group Holdings Morgan Stanley High Technology Bank of America Merrill Lynch Goldman Sachs & Co Credit Suisse Materials CITIC Citi Goldman Sachs & Co

Buyside financial sponsor M&A activity in Asia Pacific (excluding Japan) saw a record period as deal value reached US$60.8 billion and surpassed annual volume in recent years. This was driven by Sinopec’s US$17.5 billion retail stake sale to 25 domestic and foreign investors which included financial sponsors. Imputed Fees earned for the region were estimated at US$2 billion, a 7.8% increase from the volume recorded during the same period last year, according to Thomson Reuters/Freeman Consulting. The top earner was Morgan Stanley with US$139.9 million, followed by Goldman Sachs & Co with US$128.8 million and Citi with US$102.3 million. China cross-border activity accrued US$75 billion, a slight decrease from the US$76.3 billion accumulated in the same period last year. Outbound investment volume reached US$40.3 billion, a 17% decrease from the US$48.6 billion in the first nine months of 2013. Australian announced M&A activity increased by 52.4%, reaching US$84.9 billion as compared to the US$55.7 billion accumulated in the first nine months of 2013. Australia cross border activity reached US$47.8 billion, with outbound activity amounting to US$18.5 billion.

China Cross Border Announced M&A

Rank

1 2 3

47.9 42.8 42.8

1 2 3

33.6 32.1 31.3

1 2 3

17.3 11.9 10.4

1 2 3

8.1 7.7 5.7

1 2 3

18.7 16.2 16.1

No. Deals

808 3 2 2 558 8 5 3 520 3 6 2 1,099 4 4 5 848 2 4 5

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

$50

100%

$0.5

North Asia

Inbound (US$b)

South Asia

Southeast Asia

Australasia

$0.4

% of Cross Border is Outbound 80%

$30

60%

$20

40%

$10

$0.4 Imputed Fees (US$b)

$40

% Outbound

Rank Value (US$b)

98,685.6 47,221.0 42,252.8 42,247.5 69,560.7 23,394.9 22,311.2 21,738.2 66,992.2 11,594.9 7,971.5 6,941.3 51,807.2 4,195.3 3,969.0 2,927.8 49,144.4 9,172.3 7,966.1 7,901.3

Jan 1 - Sep 30 2014 Mkt. Share

$0.3 $0.3 $0.2 $0.2 $0.1

20%

$0.1 $0.0

3Q14

2Q14

1Q14

4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

4Q11

1Q12

3Q11

2Q11

1Q11

4Q10

3Q10

2Q10

1Q10

4Q09

3Q09

2Q09

1Q09

4Q08

3Q08

0% 2Q08

$0

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

Top Ten Any Asia (ex-Japan) Involvement Announced Deals Rank Date 4/16/2014 9/14/2014 3/18/2014 4/13/2014 7/25/2014 1/20/2014 3/21/2014 5/26/2014 4/1/2014 1/9/2014

Date Effective 8/25/2014 Pending Pending 8/1/2014 Pending 4/1/2014 Pending Pending 7/29/2014 1/9/2014

Target (% Sought/Acquired) CITIC Ltd (100%) Sinopec Sales Co Ltd (30%) Greenland Holding Group Co Ltd (100%) Xstrata Peru SA (100%) Hong Yuan Securities Co Ltd (100%) Oriental Brewery Co Ltd (100%) AS Watson Holdings Ltd (25%) Kakao Corp (100%) Wing Hang Bank Ltd (97.82%) Frasers Centrepoint Ltd (100%)

Jan 1 - Sep 30 2014 Acquiror CITIC Pacific Ltd Investor Group Shanghai Jinfeng Investment Co MMG South America Management Shenyin & Wanguo Sec Co Ltd Anheuser-Busch Inbev Mayon Investments Pte Ltd Daum Communications Corp OCBC Pearl Ltd Shareholders

Acquiror / Target Nation Hong Kong / China China / China China / China Hong Kong / Peru China / China Belgium / South Korea Singapore / Hong Kong South Korea / South Korea Singapore / Hong Kong Singapore / Singapore

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Rank Value (US$m) 42,247.5 17,457.9 10,307.1 7,005.0 6,390.5 5,800.0 5,671.7 5,082.4 4,846.6 4,398.8

Target Macro / Mid Industry Financials / Asset Management Energy and Power / Oil & Gas Real Estate / Other Real Estate Materials / Metals & Mining Financials / Brokerage Consumer Staples / Food and Beverage Retail / Other Retailing High Technology / Internet Software & Services Financials / Banks Real Estate / Other Real Estate

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First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

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

Financial Advisor CITIC Citi Goldman Sachs & Co Somerley Ltd Morgan Stanley China Securities Co Ltd Bank of America Merrill Lynch Deutsche Bank Lazard UBS China International Capital Co JP Morgan Credit Suisse DBS Group Holdings Haitong Securities Co Ltd Guotai Junan Securities HSBC Holdings PLC Standard Chartered PLC Macquarie Group Huatai Securities Co Ltd Nomura PricewaterhouseCoopers KPMG Rothschild Deloitte Industry Total

Jan 1 - Sep 30

Rank Value per Advisor (US$m) Market Rank Value Market 2014 2013 Rank Rank US$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 10 3 13 1 24 7 14 17 2 11 4 9 85 32 51 6 18 15 57 41 21 29 19 63

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

73,430.9 63,460.1 60,084.4 58,702.6 52,176.3 47,962.5 46,663.0 45,455.8 34,818.3 34,392.1 26,991.4 24,855.2 23,052.4 17,325.3 14,426.2 11,147.2 10,358.4 9,996.6 9,881.6 9,633.4 9,354.7 8,437.1 8,259.6 8,219.0 7,051.4 504 316 8 504,316.8

14.6 12.6 11.9 11.6 10.4 9.5 9.3 9.0 6.9 6.8 5.4 4.9 4.6 3.4 2.9 2.2 2.1 2.0 2.0 1.9 1.9 1.7 1.6 1.6 1.4 100 0 100.0

8.3 8.5 4.7 8.0 0.5 8.2 3.2 5.5 4.6 -0.9 1.7 -1.7 -0.3 3.2 2.1 1.8 -4.1 0.1 -0.9 1.5 1.4 0.2 0.6 0.0 1.1

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

59.1% ▲ -20.9% ▼

Any Australian Involvement Announced (AD24)

Financial Advisor Goldman Sachs & Co Macquarie Group UBS Citi Bank of America Merrill Lynch Credit Suisse Grant Samuel Deutsche Bank Lazard Morgan Stanley Rothschild BMO Capital Markets Gresham Partners CITIC Fort Street Advisers JP Morgan Standard Chartered PLC RBC Capital Markets Scotiabank Standard Bank Group Ltd Mediobanca Credit Agricole CIB Barclays Davy Corp plc Greenhill & Co, LLC Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 US$m Sh (%) Share Ch. Rank Rank 30,553.1 12.0 ▲ 1 2 36.0 2 1 -6.3 ▼ 22.7 19,231.8 3 4 15,448.3 18.2 3.3 ▲ 4 9 13,744.5 16.2 11.3 ▲ 5 18 13,243.0 15.6 13.9 ▲ 6 8 7.2 ▲ 15.5 13,130.4 14.7 ▲ 14.7 7 12,482.1 14.3 8 6 12,105.5 3.9 ▲ 9 -4.6 ▼ 3 11,502.9 13.6 5 11,069.4 13.0 1.5 ▲ 10 32 12.7 12.1 ▲ 10,745.5 11 12 8.8 7,498.3 8.8 ▲ 13 21 8.4 7,169.2 6.8 ▲ 14 8.3 8.3 ▲ 7,005.0 15 14 5,095.6 6.0 3.8 ▲ 16 20 3,917.2 4.6 3.0 ▲ 3.8 ▲ 17 30 3,901.9 4.6 18 75* 2,756.2 3.3 3.3 ▲ 19 2,325.2 25 2.7 1.5 ▲ 2,296.1 2.7 2.7 ▲ 20 21* 1,914.3 2.3 2.3 ▲ 1,914.3 2.3 21* 2.3 ▲ 23 23 1,364.7 1.6 0.1 ▲ 24 1,067.0 1.3 ▲ 1.3 25 833.6 1.0 1.7 ▼ 12 84,896.4 100.0

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

52.4% ▲ -65.2% ▼

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

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 22 0.3 -7 ▼ 0.9 +35 ▲ 62 0.6 -10 43 ▼ 27 0.4 -7 ▼ 38 0.5 +2 ▲ ▼ 21 0.3 -8 ▲ 0.3 +2 22 32 0.5 +6 ▲ 20 0.3 +4 ▲ 0.3 -14 ▼ 22 0.1 -28 ▼ 9 0.5 -11 ▼ 39 30 0.4 -15 ▼ ▲ 0.2 +8 16 21 ▲ 0.3 +8 ▲ 0.2 +6 15 ▼ -6 19 0.3 18 0.3 +3 ▲ 19 -5 ▼ 0.3 ▲ 24 0.3 +7 ▲ 22 0.3 +14 1.3 +7 94 ▲ 0.9 +36 ▲ 67 29 0.4 0 28 0.4 +1 ▲ 7 096 +768 7,096

Financial Advisor CITIC Somerley Ltd China Securities Co Ltd Morgan Stanley Citi Goldman Sachs & Co Deutsche Bank Bank of America Merrill Lynch Credit Suisse JP Morgan UBS Barclays Lazard Standard Chartered PLC Macquarie Group Nomura PricewaterhouseCoopers KPMG BMO Capital Markets Deloitte United Overseas Bank Ltd Rothschild DBS Group Holdings Evercore Partners China Renaissance Partners Industry Total

12.1% ▲ -3.5% ▼

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

Jan 1 - Sep 30

Jan 1 - Sep 30

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 Rank Rank US$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

10 26 47 3 2 1 18 12 8 6 5 11 33 32 31 28 21 17 9 55 15 23 19 197 152

53,185.1 52,232.1 45,368.9 41,943.6 40,931.9 36,066.8 29,719.2 27,372.5 25,144.1 22,701.2 14,170.1 12,604.7 12,263.8 10,919.0 9,326.0 8,962.6 8,913.8 7,676.6 7,005.0 6,841.5 5,695.8 5,315.2 5,137.9 4,991.1 4,942.7 288 044 3 288,044.3

18.5 18.1 15.8 14.6 14.2 12.5 10.3 9.5 8.7 7.9 4.9 4.4 4.3 3.8 3.2 3.1 3.1 2.7 2.4 2.4 2.0 1.9 1.8 1.7 1.7 100 0 100.0

11.8 16.2 15.3 -0.4 -2.5 -9.3 7.3 3.5 0.9 -3.1 -6.9 -1.9 2.9 2.4 1.8 1.3 0.2 -0.8 -5.0 2.0 -1.6 -0.3 -1.2 1.7 1.7

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

20.4% ▲ 78.6% ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 18 0.5 +4 ▲ 18 0.5 -5 ▼ 21 0.6 +11 ▲ 41 1.2 +10 ▲ 41 1.2 +8 ▲ ▼ 35 1.0 -21 27 0.8 +7 ▲ 17 0.5 -5 ▼ 0.8 -5 ▼ 27 22 0.6 -8 ▼ ▼ 18 0.5 -11 20 ▲ 0.6 +4 12 0.4 0 15 ▲ 0.4 +3 17 -1 0.5 ▼ ▲ 15 0.4 +4 70 2.1 -1 ▼ 58 1.7 +27 ▲ 0.0 ▼ -1 1 -2 ▼ 23 0.7 6 0.2 +1 ▲ 19 0.6 -8 ▼ 4 0.1 -2 ▼ 0.1 +2 ▲ 5 0.9 +14 31 ▲ 3 401 3 696 3,401 -3,696 -8.0% ▼ -9.6% ▼

7.8% ▲ 9.6% ▲

Any Australian Involvement Completed (AF31) Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 US$m Sh (%) Share Ch. Rank Rank 1 6 34,264.9 35.5 22.4 ▲ 2 4 33,906.8 35.2 18.7 ▲ 3 14 31,638.1 32.8 30.1 ▲ 4 3 30,853.9 32.0 15.2 ▲ 5 1 29,589.6 30.7 5.6 ▲ 30.4 13 27.6 ▲ 29,296.6 6 28.6 9.8 ▲ 2 7 27,533.5 11 26,210.1 27.2 24.3 ▲ 8 20.1 18.8 ▲ 31* 19,343.8 9 7 18,728.1 19.4 10.9 ▲ 10 23 14.6 12.6 ▲ 14,067.5 11 5 14.0 -1.3 ▼ 12 13,537.8 13 7,498.3 15* 7.8 5.2 ▲ 14 7,005.0 7.3 7.3 ▲ 15 6.9 6,670.6 33 5.7 ▲ 25 6,308.6 6.5 16 4.7 ▲ 2.5 ▲ 5,095.6 5.3 17 12 2,325.2 2.4 ▲ 18 2.4 2.4 19 2,296.1 2.4 ▲ 1,711.1 1.8 -0.6 ▼ 20 20 1,559.7 -0.3 ▼ 1.6 21 24 0.8 29 -0.5 ▼ 765.1 22 -1.6 ▼ 576.0 0.6 23 21 571.4 0.6 -0.8 ▼ 24 26 25 15* 532.9 0.6 -2.0 ▼ 96,439.4 100.0

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 0 25 2.0 3.2 +9 40 ▲ 1.8 +4 ▲ 22 ▲ 0.8 +3 10 0.7 +5 9 ▲ 11 0.9 +3 ▲ 8 0.6 +8 ▲ 0.6 7 -2 ▼ 9 -1 ▼ 0.7 0.9 -2 ▼ 11 ▲ 19 1.5 +14 0.2 +2 2 ▲ 0.9 +6 11 ▲ 1 0.1 +1 ▲ 7 ▲ 0.6 +1 11 0.9 +5 ▲ 5 0.4 +3 ▲ 5 0.4 +4 ▲ 0 1 0.1 2 0.2 +2 ▲ 1 ▲ 0.1 +1 2 ▲ 0.2 +2 0.3 +1 ▲ 4 0.1 +1 1 ▲ 5 0.4 -3 ▼ 1,256 -19

Financial Advisor Goldman Sachs & Co UBS Citi Credit Suisse Macquarie Group Deutsche Bank Morgan Stanley Bank of America Merrill Lynch JP Morgan Rothschild Grant Samuel Lazard BMO Capital Markets CITIC Gresham Partners Standard Chartered PLC Fort Street Advisers Scotiabank Standard Bank Group Ltd RBC Capital Markets Barclays Greenhill & Co, LLC Nomura CIMB Group Sdn Bhd Canaccord Genuity Industry Total

-1.5% ▼ 0.9% ▲

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

130.5% ▲ 7.9% ▲

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 4.7 0.2 1.0 ▼ 23.3 1.2 0.4 ▲ 4.1 0.2 0.2 ▲ 139.9 7.1 2.9 ▲ 102.3 5.2 0.2 ▲ 128.8 6.5 1.5 ▼ 82.2 4.2 2.3 ▲ 68.3 3.5 0.2 ▲ 3.7 0.1 ▲ 72.3 89.3 4.5 0.4 ▼ 44.2 2.2 2.1 ▼ 62.6 3.2 0.4 ▼ 2.2 0.7 ▲ 43.6 39.0 2.0 1.0 ▲ 33.6 1.7 0.0 1.0 ▲ 32.9 1.7 0.6 0.1 ▲ 10.9 9.1 0.5 0.3 ▲ 5.2 0.3 1.1 ▼ 5.6 0.3 0.1 ▲ 14.3 0.7 0.4 ▲ 0.6 ▼ 35.1 1.8 10.6 0.5 0.2 ▲ 0.8 15.0 0.7 ▲ 19.3 1.0 0.9 ▲ 1 975 9 100 0 1,975.9 100.0

Jan 1 - Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 2.9 +5 25 ▲ 24 2.8 +13 ▲ 8 0.9 +4 ▲ 1.4 +2 12 ▲ ▲ 41 4.8 +10 0 0.9 8 ▲ 1.8 +2 15 1.3 +5 ▲ 11 10 ▲ 1.2 +7 ▲ 1.5 +4 13 ▲ 0.9 +3 8 1.2 +3 ▲ 10 0.2 +1 ▲ 2 ▲ 0.1 +1 1 1.1 +4 ▲ 9 5 0.6 +3 ▲ 7 ▲ 0.8 +2 1 0.1 +1 ▲ 2 0.2 +2 ▲ 5 ▲ 0.6 +2 6 ▲ 0.7 +2 -4 ▼ 3 0.4 ▲ 0.4 +2 3 -2 ▼ 2 0.2 2 0.2 +1 ▲ 856 -102 -10.6% ▼ 5.9% ▲

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 8.9 3.3 ▲ 93.5 2.8 ▲ 75.4 7.2 4.7 3.4 ▲ 49.6 4.0 0.5 ▼ 42.3 0.8 ▼ 104.8 10.0 28.0 2.7 0.3 ▲ 2.1 ▼ 59.7 5.7 4.3 2.1 ▲ 45.2 31.6 3.0 0.9 ▲ 42.9 4.1 1.4 ▲ 23.0 1.6 ▲ 2.2 46.8 4.5 1.3 ▲ 0.2 ▲ 6.4 0.6 .0 0.0 0.0 2.7 27.8 2.0 ▲ 14.9 1.4 0.7 ▲ 1.7 0.1 ▼ 17.5 1.4 1.4 ▲ 14.5 6.5 0.6 0.6 ▲ 1.3 13.3 0.1 ▲ 1.2 12.8 0.1 ▲ 1.1 ▼ 6.6 0.6 0.3 ▲ 6.9 0.7 5.4 0.5 0.1 ▼ 0.4 1.1 ▼ 3.8 1,048.4 100.0 58.0% ▲ 1.6% ▲

* tie

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First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

Asia (ex-Japan) Rankings Asia (ex-Japan) Buyside Financial Sponsor Activity

Any New Zealand Inv Announced (AD39)

Q4 Volume (US$b)

$70

14.3%

Q1 Volume (US$b) $50

11.0%

12%

10%

7.7%

9.2%

$40

8.0% 3.1%

7.7%

$11.0

2.3%

2.6% $10 $1.7 $0

$2.2 2005

$4.1 $3.0 $6.0 2006

$6.9 $7.3

$2.3 $3.9 $3.8 $9.6

$3.1 2007

2008

$7.1 $2.8 $5.1 $3.9 $0.9 2009

$3.3 $3.9 $3.5 2010

$8.0

$18.0 4%

$6.3

$13.3

$8.2

$6.5 $6.0

6%

$9.7

$6.0

$7.4

$20

8%

$3.1

6.8%

$30

2%

$13.0

$8.9

$5.9 0%

2011

2012

2013

2014

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

% of Asia (ex-Japan) Volume

% of WW FS Volume YTD $29.8

Rank Value (US$b)

Financial Advisor Credit Suisse PricewaterhouseCoopers Nomura Macquarie Group Deutsche Bank HSBC Holdings PLC Industry Total

14%

Q2 Volume (US$b)

$60

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 Rank Rank US$m Sh (%) Share Ch. 1 8 32.1 1,598.5 25.2 ▲ 2 9 1,122.9 22.5 17.1 ▲ 17.9 3* 17.9 ▲ 889.1 5 3* 889.1 17.9 4.5 ▲ 5* 16.0 795.1 16.0 ▲ 16.0 16.0 ▲ 5* 795.1 100.0 4,982.1

16%

Q3 Volume (US$b)

Jan 1 - Sep 30

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

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 4 2.4 +3 ▲ 21 12.8 +4 1 0.6 +1 ▲ 2 1.2 0 ▲ 1 0.6 +1 ▲ 1 0.6 +1 164 +12

25.8% ▲ 98.3% ▲

7.9% ▲ 3.4% ▲

Any New Zealand Involvement Completed (AF46)

Jan 1 - Sep 30

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 US$m Sh (%) Share Ch. Rank Rank 30.1 795.1 1* 11 27.0 ▲ 795.1 1* 30.1 30.1 ▲ -4.9 ▼ 19.2 2 508.6 3 15.5 4 1.3 ▲ 5 409.4 3.0 ▲ 265.6 7 10.1 5 100.0 2,643.6

Financial Advisor Deutsche Bank HSBC Holdings PLC Goldman Sachs & Co Macquarie Group PricewaterhouseCoopers Industry Total

-29.2% ▼ 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 1 0.8 0 ▲ 0.8 +1 1 2.5 3 -1 ▼ -1 0.8 1 ▼ ▲ 17 14.2 +1 +5 120

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 10.4 6.1 9.2 ▲ 5.5 9.4 9.4 ▲ 3.2 5.5 6.6 ▼ 2.1 3.6 3.9 ▼ 1.7 0.1 ▲ 2.8 58.8 100.0

4.3% ▲ 8 5% ▼ -8.5%

-19.3% ▼ 0 0% 0.0%

Australian Cross Border Announced M&A $40

100%

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

10% 10%

13%

80% $30

10% 14% 6%

3%

4%

$20

40%

Outbound

4% 20%

60% Rank Value (US$b)

5%

$10 20%

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3Q14

2Q14

1Q14

4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

4Q11

1Q12

3Q11

2Q11

1Q11

0% 4Q10

Government and Agencies

$0 3Q10

Telecommunications

2Q10

Healthcare

Consumer Products and Services

1Q10

Media and Entertainment

Retail

4Q09

Consumer Staples

3Q09

Industrials

2Q09

Materials

1Q09

High Technology

4Q08

Real Estate

3Q08

Energy and Power

2Q08

Financials

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First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

Japan M&A Japanese M&A Value Up 2% | Consumer Staples - Most Active | Domestic Deals Lowest since 2002 Japan Deals Intelligence

Japanese Involvement Announced M&A - Top Advisors by Target Industry Rank Val US$m

Any Japanese involvement announced M&A volume during the first three quarters of 2014 totaled US$99.8 billion, a 2% increase compared to the same period in 2013.

Consumer Staples Mitsubishi UFJ Morgan Stanley Credit Suisse Centerview Partners LLC Real Estate Mizuho Financial Group Citi Wells Fargo & Co Financials Goldman Sachs & Co Mitsubishi UFJ Morgan Stanley Nomura High Technology Mitsubishi UFJ Morgan Stanley KPMG Goldman Sachs & Co Materials JP Morgan Nomura Morgan Stanley

The consumer staples sector continued to lead the market, with 148 deals worth US$22.8 billion; primarily driven by four billion-dollar deals including MC Ocean’s US$1.7 billion acquisition of Cermaq and Itochu & Charoen Pokphand Group’s US$1 billion capital tie-up, both announced during the third quarter of the year. Japanese outbound activity increased by 38.4%, with deals worth US$46.1 billion from 453 deals, compared to US$33.3 billion amount of deals announced during the same period in 2013. Domestic Japanese deals recorded the lowest first three quarters volume since 2002, with deals worth US$38.4 billion from 1,429 deals. NTT Docomo’s US$3 billion self-tender offer is the largest Japanese domestic deal to date in 2014, followed by Resona Holdings’ buyback worth US$2.3 billion; which was the largest deal announced during the third quarter. Any Japanese involvement completed M&A volume reached US$90.5 billion from 1,358 deals. Total estimated advisory fees, according to Thomson Reuters/Freeman Consulting, reached US$1.1 billion.

Rank

22,764.5 20,369.1 15,687.6 15,687.6 16,174.7 1,737.8 526.8 395.0 15,832.4 9,143.1 6,474.9 4,013.6 8,385.9 2,267.9 1,793.4 1,454.1 7,664.8 3,255.5 2,995.8 2,791.6

Mkt. Share

1 2* 2*

89.5 68.9 68.9

1 2 3

10.7 3.3 2.4

1 2 3

57.8 40.9 25.4

1 2 3

27.0 21.4 17.3

1 2 3

42.5 39.1 36.4

Jan 1 - Sep 30 2014 No. Deals

148 5 1 1 167 1 5 1 129 6 3 11 347 11 9 3 148 10 10 6

* tie

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

# of Deals First Nine Months

$175 $42.3

$50.5 $51.9 $48.5

$30.3

$38.3

$22.5

$28.7

$38.1

$50.2 $42.4

$47.6 $50.3

$75

$42.4

$31.1 $51.8

$50

$37.1

$71.3 $50.3

$25 $26.9

$39.4 $46.0

$40.1

$19.2

$23.5

$35.1

$24.9

1,500

$32.5

1,000

$32.8

$21.6 $34.0

2,000

$38.8

$37.0

$25.6

$42.4

Inbound

Outbound

Outbound

Inbound

Domestic

40.0

700

35.0

600

30.0

$28.6 $38.8

$100

2,500 Rank Value (US$b)

Rank Value (US$b)

$59.3 $31.5

Domestic

3,000

$150 $125

3,500

# of Deals

$200

Any Japanese Involvement by Market

500

25.0 400 20.0 300 15.0 200

10.0

500

# of Deals

Any Japanese Involvement Announced M&A

100

5.0 0

$0 2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

.0 3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

Top Ten Japanese Involvement Announced Deals Rank Date 1/13/2014 6/3/2014 4/7/2014 4/25/2014 7/25/2014 5/22/2014 3/27/2014 2/12/2014 9/21/2014 8/19/2014

Date Effective 4/30/2014 Completed Pending 9/3/2014 7/30/2014 7/1/2014 3/27/2014 3/26/2014 Completed Pending

Target (% Sought/Acquired) Beam Inc (100%) Protective Life Corp (100%) Ranbaxy Laboratories Ltd (100%) NTT DOCOMO Inc (4.38%) Resona Holdings Inc (17.34%) Conopco Inc-N America Pasta (100%) Nakano Ekimae Kaihatsu- (100%) Tokyo Prime Stage-Otemachi (30%) Cermaq ASA (100%) Waupaca Foundry Holdings Inc (100%)

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

Jan 1 - Sep 30 2014 Acquiror Suntory Holdings Ltd The Dai-ichi Life Insurance Sun Pharmaceutical Inds Ltd NTT DOCOMO Inc Resona Holdings Inc Mizkan Holdings Co Ltd Investor Group Mizuho Bank Ltd MC Ocean Holdings Ltd Hitachi Metals Ltd

Acquiror / Target Nation Japan / United States Japan / United States India / India Japan / Japan Japan / Japan Japan / United States Japan / Japan Japan / Japan United Kingdom / Norway Japan / United States

Rank Value (US$m) 15,687.5 5,708.1 4,068.7 3,012.3 2,307.4 2,150.0 1,805.3 1,737.8 1,726.9 1,300.0

Target Macro / Mid Industry Consumer Staples / Food and Beverage Financials / Insurance Healthcare / Pharmaceuticals Telecommunications / Telecommunications Services Financials / Banks Consumer Staples / Food and Beverage Real Estate / Non Residential Real Estate / Non Residential Consumer Staples / Agriculture & Livestock Materials / Metals & Mining

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First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

Japan Rankings Any Japanese Involvement Announced (AD19)

Financial Advisor Mitsubishi UFJ Morgan Stanley Nomura Goldman Sachs & Co Credit Suisse Centerview Partners LLC Sumitomo Mitsui Finl Grp Inc JP Morgan Mizuho Financial Group Citi Daiwa Securities Group Inc GCA Savvian Group Corp KPMG Evercore Partners Ernst & Young LLP ICICI Bank Ltd Deutsche Bank Bank of America Merrill Lynch Carnegie Fondsfinans AS PricewaterhouseCoopers UBS Development Bank of Japan Inc Macquarie Group Qatalyst Partners Plutus Consulting Co Ltd Industry Total

Jan 1 - Sep 30

Rank Value per Advisor (US$m) Market Rank Value Market 2014 2013 Rank Rank US$m Sh (%) Share Ch. 33.3 1 33,204.2 1 3.4 ▲ 2 0.7 ▲ 17.7 17,617.7 3 -4.5 ▼ 17,539.0 3 2 17.6 4 16.7 15 16,660.4 12.0 ▲ 5 55* 16.0 15.8 ▲ 15,985.8 -2.9 ▼ 6 5 9,879.0 9.9 8 8.8 -0.9 ▼ 7 8,775.4 -2.0 ▼ 8,587.5 8.6 8 7 9 8,200.4 35 8.2 7.4 ▲ -4.4 ▼ 6 6,956.0 10 7.0 11 6,421.8 6.4 0.8 ▲ 11 3.0 ▲ 25 12 5.7 5,724.6 5,035.6 5.1 5.0 ▲ 13 80* 4,582.9 14 -0.1 ▼ 14 4.6 4,068.7 4.1 4.1 ▲ 15 -4.3 ▼ 16 9 3,440.0 3.5 -11.8 ▼ 4 3,371.5 3.4 17 1.7 ▲ 18* 1,726.9 1.7 1.7 ▲ 18* 1,726.9 1.7 20 32 1,568.1 1.6 0.6 ▲ 1.1 ▲ 58 1,251.5 1.3 21 22 16 1,223.4 1.2 -2.9 ▼ 23 33 1,094.6 1.1 0.2 ▲ 1.0 ▲ 24 1,000.0 1.0 17 846 9 09 32 ▼ 25 846.9 0.9 -3.2 99,772.7 100.0 2.0% ▲ -23.5% ▼

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

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 1.9 -1 ▼ 40 3.3 -6 70 ▼ 16 0.8 0 ▲ 0.4 +3 8 0.1 +1 ▲ 2 107 5.1 +13 ▲ 19 0.9 +9 ▲ 101 4.8 -31 ▼ 0.5 +8 ▲ 11 ▼ -6 2.0 41 24 1.1 -7 ▼ 42 2.0 +6 ▲ 5 0.2 +3 ▲ 9 ▼ -9 0.4 1 ▲ 0.0 +1 0.4 -1 ▼ 8 ▼ 6 -8 0.3 ▲ 1 0.0 +1 ▲ 1 0.0 +1 30 ▲ 1.4 +7 6 ▲ 0.3 +4 15 0.7 +3 ▲ -3 ▼ 3 0.1 0.0 +1 1 ▲ 1 0 -11 11 21 1.0 ▼ 2,102 +17 0.8% ▲ -1.3% ▼

Any Japanese Involvement Completed (AF23)

Financial Advisor Mitsubishi UFJ Morgan Stanley Nomura Credit Suisse Goldman Sachs & Co Centerview Partners LLC Sumitomo Mitsui Finl Grp Inc Bank of America Merrill Lynch Daiwa Securities Group Inc JP Morgan Mizuho Financial Group Moelis & Co Citi KPMG BNP Paribas SA GCA Savvian Group Corp Development Bank of Japan Inc Ernst & Young LLP Acxit Capital Management GmbH PricewaterhouseCoopers Macquarie Group Lazard Deutsche Bank Rothschild The Raine Group LLC Banco BTG Pactual SA Industry Total

Jan 1 - Sep 30

Rank Value per Advisor (US$m) Rank Value Market Market 2014 2013 US$m Sh (%) Share Ch. Rank Rank 7 1 32,192.5 35.6 12.0 ▲ 2 3.5 ▲ 12 21,771.0 24.1 3 8 20,958.4 23.2 1.0 ▲ 2 4 19,235.2 -17.1 ▼ 21.3 15,687.6 17.3 5 55* 17.1 ▲ 15,281.8 6.4 ▲ 6 13 16.9 7 4 14,424.2 15.9 -13.9 ▼ 8 16 10,204.0 11.3 5.8 ▲ 3 9.2 9 -23.9 ▼ 8,298.2 10 7,257.6 8.0 1 -30.5 ▼ 19 6,281.7 6.9 4.2 ▲ 11 6.9 -14.7 ▼ 12 9 6,262.4 0.0 ▲ 13 15 5,255.9 5.8 14 4.5 ▲ 38 4,335.4 4.8 15 20 4,242.5 4.7 2.0 ▲ 4.3 ▲ 16 4.4 68 3,972.0 48 17* 4.2 ▲ 3,959.8 4.4 3,959.8 17* 4.4 4.4 ▲ 3,240.2 3.6 19 26 2.6 ▲ 80* 20 2,728.6 3.0 2.9 ▲ 21 49 2,403.8 2.7 2.5 ▲ 2.6 6 -21.9 ▼ 2,342.2 22 23 10 1.8 1,599.5 -19.1 ▼ 24 11 1,260.0 1.4 -19.3 ▼ 1 258 9 14 14 ▲ 25 1,258.9 1.4 1.4 90,500.9 100.0

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

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 2.6 -15 35 ▼ 61 4.5 -23 ▼ 0 8 0.6 1.3 18 -1 ▼ 1 0 0.1 ▲ 98 7.2 +2 12 ▼ 0.9 -8 ▼ 34 2.5 -9 -1 10 ▼ 0.7 ▼ 89 6.6 -37 6 0.4 +3 ▲ ▲ 10 0.7 +6 37 2.7 +2 ▲ ▲ 3 0.2 +1 2.0 +3 27 ▲ 0.5 7 -4 ▼ 0.3 -6 4 ▼ 0.1 +1 ▲ 1 25 ▲ 1.8 +7 0.3 +2 4 ▲ 0.3 +2 ▲ 4 7 0.5 -4 ▼ 7 0.5 +3 ▲ 1 0.1 0 0 1 +2 2 0.1 ▲ 1,358 -95

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 103.1 9.7 1.3 ▲ 2.7 ▼ 7.5 80.3 49.8 4.7 2.4 ▲ 69.5 6.5 0.5 ▲ 31.0 2.9 2.8 ▲ 8.6 3.2 ▲ 91.3 40.0 3.8 2.5 ▼ 3.8 1.1 ▲ 40.1 35.6 3.3 0.5 ▼ 58.2 5.5 2.8 ▼ 52.4 4.9 4.4 ▲ 2.1 0.5 ▲ 22.9 6.8 0.6 0.2 ▼ 0.6 6.2 0.2 ▲ 0.3 ▲ 23.2 2.2 .8 0.1 0.4 ▼ .5 0.1 0.0 .3 0.0 0.0 0.3 ▲ 0.5 4.9 13.6 1.3 1.1 ▲ 13.1 1.2 0.9 ▲ 1.8 1.6 ▼ 18.9 1.7 17.7 0.9 ▲ 0.6 0.5 ▼ 5.9 79 07 07 ▲ 7.9 0.7 0.7 1,066.7 100.0

-6.5% ▼ -28.3% ▼

-13.5% ▼ -31.9% ▼

-0.1% ▼ -38.3% ▼

* tie

Japanese Target Completed M&A Fees $1,200

4Q

3Q

2Q

1Q

3000

YTD Number of Deals

2500

$1,000

15.9%

8.4%

$227.1

7.7% 6.4% 5.9% 4.2%

22.8% 3.3%

3.8%

4.0%

Imputeed Fees (US$mil)

16.2%

$223.1 $304.7

$186.4 $265.5

Real Estate

Financials

High Technology

Materials

Healthcare

Industrials

Media and Entertainment

Retail

Consumer Products and Services

Telecommunications

Energy and Power

$269.4

$154.1

1500

$168.8 $235.6 $186.8

$124.1

$290.5 $277.4

$200.3

$166.6

$151.7

$268.8

$106.0 $150.5

$213.8

$126.4

$147.8

$203.8

$239.4

500 $251.5

$222.3

$192.6

$228.2

$230.8

2010

2011

2012

2013

2014

$110.3

0

$0 2005

Vi it http://dmi.thomsonreuters.com Visit htt //d i th t t view to i archives hi and d order d custom t L League Tables T bl 19

1000

$82.2

$161.4 $287.9

Consumer Staples

$229.8 $248.1

$400

2000

$244.4

$186.4

$204.4 $600

$200

1.3%

$280.7

$800

2006

2007

2008

2009

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

Number of Deals

Japanese Involvement Announced M&A Target Industry by Value

First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

Fairness Opinion Rankings † Worldwide Announced Fairness Opinion

Jan 1 – Sep 30

Based on Number of Transactions

Fairness Opinion Provider JP Morgan Duff & Phelps Huatai Securities Co Ltd Stifel/KBW Citi China Securities Co Ltd Southwest Securities Co Ltd Morgan Stanley Great Wall Securities Co Ltd Houlihan Lokey Haitong Securities Co Ltd Guotai Junan Securities Guosen Securities Co Ltd GF Securities Somerley Ltd Barclays CITIC Minsheng Securities Co Ltd Sandler O'Neill Partners Industry Total

Jan 1 – Sep 30

Based on Number of Transactions

# of Deals per Advisor # of Market 2014 2013 Rank Rank Deals Sh (%) 1 3* 27 3.9 2 3* 3.6 25 3.3 3* 10* 23 3* 1 23 3.3 5 21 3.0 20* 6* 2 19 2.7 6* 6 19 2.7 6* 8* 19 2.7 9 25* 17 2.4 2.3 10* 10* 16 14* 10* 16 2.3 25* 12* 15 2.2 12* 102* 2.2 15 60* 14 14 2.0 15* 14* 13 1.9 15* 13 14* 1.9 1.9 15* 18 13 54* 12 1.7 18* 18* 13 12 1.7 697

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

Any Americas Inv Announced Fairness Opinion

Change in # of Deals 0 +1 ▲ ▼ -1 +7 ▲ ▼ -6 ▲ +13 -9 ▼ -3 ▼ +1 ▲ +10 ▲ 0 +5 ▲ +8 ▲ ▲ +14 ▲ +11 +2 ▲ +2 ▲ +3 ▲ ▲ +8 +52

8.1% ▲ -18.4% 18 4% ▼

Rank Value (US$m) Rank Value Market US$m Sh (%) 48,171.5 8.2 0.4 2,084.9 3,242.9 0.5 4,740.3 0.8 32,998.8 5.6 5,578.4 0.9 0.7 4,089.5 44,059.8 7.5 0.3 1,811.5 2.5 14,784.1 13,619.4 2.3 11,147.2 1.9 1,849.0 0.3 1,455.4 0.2 50,301.0 8.5 7.0 41,237.1 0.7 4,037.3 1,129.5 0.2 1,182.2 0.2 3.7 100.0

Fairness Opinion Provider Stifel/KBW Duff & Phelps JP Morgan Houlihan Lokey Morgan Stanley Barclays Sandler O'Neill Partners Goldman Sachs & Co Stout Risius Ross Inc Bank of America Merrill Lynch Citi Evercore Partners Raymond James Financial Inc Industry Total

-10.0% ▼ -54.3% ▼

Rank Value (US$m) Rank Value Market US$m Sh (%) 4,740.3 1.1 2,078.9 0.5 10.3 43,744.2 3.5 14,784.1 9.8 41,437.4 8.9 37,737.1 1,182.2 0.3 23.2 98,402.6 0.0 193.3 19.9 84,704.4 6.6 27,950.3 3.4 14,570.6 0.3 1,276.4 424,787.4 100.0 -2.2% ▼ -56.5% ▼

6.6% ▲ -50.7% 50 7% ▼

Fairness Opinion Provider Stifel/KBW Duff & Phelps Houlihan Lokey JP Morgan Morgan Stanley Sandler O'Neill Partners Barclays Stout Risius Ross Inc Goldman Sachs & Co Bank of America Merrill Lynch Citi Evercore Partners Centerview Partners LLC Stephens Inc Lazard Wells Fargo & Co Raymond James Financial Inc Credit Suisse Sheshunoff & Co Inc Deutsche Bank Hovde Financial, Inc. Sterne Agee & Leach Inc Industry Total

# of Deals per Advisor # of Market Change in 2014 2013 Deals Sh (%) # of Deals Rank Rank 23 ▼ 1* 1 10.2 -5 1* 10.2 23 2 0 4* 6.7 -1 ▼ 3* 15 15 6.7 3* 3 -6 ▼ 5 9 13 5.8 ▲ +3 7* 12 5.3 -2 ▼ 6 11* 11 4.9 +6 ▲ 7 4.4 8* 10 -5 ▼ 6 -6 10 8* 4* 4.4 ▼ -6 3.6 10* 7* ▼ 8 10* ▲ 3.6 17* 8 +4 0 12 10 7 3.1 2.7 13 17* +2 6 ▲ 14* 2.2 5 0 11* 14* 11* 5 2.2 0 16* 4 42* 1.8 +3 ▲ ▼ -1 16* 11* 4 1.8 16* 17* 4 1.8 0 +2 19* 42* 3 1.3 ▲ -1 19* 17* 3 ▼ 1.3 19* 42* 3 1.3 +2 ▲ 19* 32* 3 1.3 +1 ▲ 225 -29 29

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

Any EMEA Inv Announced Fairness Opinion

Jan 1 – Sep 30

Based on Number of Transactions

Fairness Opinion Provider JP Morgan KPMG Barclays Ernst & Young LLP Goldman Sachs & Co Deutsche Bank Centerview Partners LLC Citi Morgan Stanley Wells Fargo & Co Houlihan Lokey Rothschild Freitag & Co UBS EQUITA SIM SPA Northland Capital Partners Ltd BDO Industry Total

Any Asia Pacific Inv Announced Fairness Opinion

Jan 1 – Sep 30

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

-33.3% ▼ -35.7% ▼

Rank Value (US$m) Rank Value Market US$m Sh (%) 27,976.7 25.0 302.8 0.3 11.2 12,514.3 0.1 61.3 10.0 11,197.7 11,414.4 10.2 14,547.3 13.0 2,417.3 2.2 9,129.0 8.1 0.4 463.0 2,798.4 2.5 726.0 0.6 597.9 0.5 9,168.4 8.2 130.2 0.1 6.0 0.0 14.4 0.0 100.0 112,040.1 -44.5% ▼ -26.5% ▼

* tie

Fairness Opinion Provider Huatai Securities Co Ltd China Securities Co Ltd Southwest Securities Co Ltd Great Wall Securities Co Ltd Haitong Securities Co Ltd Guotai Junan Securities Guosen Securities Co Ltd GF Securities Somerley Ltd Citi CITIC Minsheng Securities Co Ltd Platinum Securities Co Ltd Sinolink Securities Co Ltd Hongyuan Securities Co Ltd AVIC Securities Co Ltd Changjiang Securities Co Ltd JP Morgan Industrial Securities Co Ltd Donghai Securities Co Ltd Gram Capital Industry Total

-11.4% ▼ -54.0% ▼

Any Japan Inv Announced Fairness Opinion

-5.7% ▼ -55.9% ▼

Jan 1 – Sep 30

# of Deals per Advisor # of Market 2014 2013 Deals Sh (%) Rank Rank 1 3 23 5.9 1 19 4.9 2* 19 2 2* 4.9 4.4 8* 17 4 4* 5 4.1 16 8* 15 3.9 6* 45* 15 3.9 6* 8 14 3.6 22* 4* 13 3.3 9* 18* 13 3.3 9* 6 13 3.3 9* 18* 12 3.1 12 13 22* 11 2.8 8 2.1 14 8* 15* 33* 7 1.8 15* 45* 7 1.8 15* 18* 7 1.8 15* 33* 7 1.8 19* 33* 6 1.5 19* 45* 6 1.5 19* 6 1.5 390

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

43.4% ▲ 14.2% ▲

Change in # of Deals +7 ▲ ▼ -9 -3 ▼ ▲ +10 ▲ +5 ▲ +8 +14 ▲ +11 ▲ +2 ▲ ▲ +9 +3 ▲ +8 ▲ +8 ▲ ▲ +1 ▲ +5 ▲ +6 +3 ▲ +5 ▲ +4 ▲ +5 ▲ +6 ▲ +118

Rank Value (US$m) Rank Value Market US$m Sh (%) 3,242.9 2.5 4.3 5,578.4 4,089.5 3.1 1.4 1,811.5 13,619.4 10.4 11,147.2 8.5 1,849.0 1.4 1.1 1,455.4 50,301.0 38.3 2.5 3,341.5 3.1 4,037.3 1,129.5 0.9 0.4 480.4 1.0 1,323.5 1,401.9 1.1 72.9 0.1 703.6 0.5 1,021.7 0.8 571.5 0.4 869.0 0.7 22.3 0.0 100.0 131,163.5

Fairness Opinion Provider JP Morgan Nomura Deloitte Morgan Stanley Roth Capital Partners Inc Credit Suisse Centerview Partners LLC Growin Partners Inc Sumitomo Mitsui Finl Grp Inc Plutus Consulting Co Ltd Stephens Inc Sumitomo Mitsui Trust Holdings China Renaissance Partners Bank of America Merrill Lynch Industry Total

# of Deals per Advisor # of Market Change in 2014 2013 Deals Sh (%) # of Deals Rank Rank 11* 9 40.9 +8 ▲ 1 7* 3 13.6 0 2 2 9.1 0 3 9* 7* 1 4.6 -2 ▼ 4* 4* 1 4.6 +1 ▲ 4* 1 4.6 ▲ +1 +1 1 4* 4.6 ▲ ▲ +1 4.6 4* 1 0 4.6 1 11* 4* ▼ -6 4.6 1 1 4* ▲ +1 4.6 1 4* ▲ +1 4.6 1 4* ▲ +1 4.6 1 4* ▲ +1 4.6 1 4* 22 0

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

0.0% -88.9% ▼

53.5% ▲ -32.8% ▼

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

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Rank Value (US$m) Rank Value Market US$m Sh (%) 4,740.3 1.2 2,078.9 0.5 14,103.2 3.7 41,875.1 10.9 38,667.8 10.1 1,182.2 0.3 31,276.0 8.2 193.3 0.1 97,091.2 25.4 84,704.4 22.1 27,950.3 7.3 14,570.6 3.8 109,191.8 28.5 1,047.1 0.3 37,911.8 9.9 3,261.2 0.9 296.1 0.1 25,478.6 6.7 262.8 0.1 6,757.0 1.8 185.7 0.0 316.2 0.1 382 853 6 382,853.6 100 0 100.0

Based on Number of Transactions

Based on Number of Transactions # of Deals per Advisor # of Market Change in 2014 2013 Rank Rank Deals Sh (%) # of Deals +1 ▲ 4* 7 9.0 1 2 1 7.7 -12 ▼ 6 4* 5 6.4 ▼ 3 -1 5.1 4* 2* 4 ▼ -4 4* 4* 4 -2 ▼ 5.1 3.9 ▲ +1 15* 6* 3 3 3.9 +3 ▲ 6* 0 10* 3.9 6* 3 ▼ 6* 7* 3.9 -2 3 +2 10* 2 2.6 ▲ +1 ▲ 2 10* 24* 2.6 9 2.6 -2 ▼ 10* 2 ▲ 2 2.6 +2 10* 10* 7* 2 2.6 -3 ▼ ▲ 10* 2 2.6 +2 ▲ 10* 2 2.6 +2 ▼ 10* 10* 2 2.6 -1 78 -39

Jan 1 – Sep 30

Based on Number of Transactions

# of Deals per Advisor # of Market Change in 2014 2013 Deals Sh (%) # of Deals Rank Rank 1* 1 23 8.2 -6 ▼ -1 ▼ 1* 2 23 8.2 ▼ 3 3 17 6.1 -4 16 4* 5* 5.7 0 5.7 +2 ▲ 4* 8* 16 12* +6 6* 4.3 ▲ 12 6* ▼ 8* 12 4.3 -2 11 -6 ▼ 3.9 4 8 7 9 3.6 -5 ▼ 10 5* 10 3.2 9 -7 ▼ 22* 11 2.9 8 +4 ▲ 11 12* 2.5 7 0 16* 12* 2.5 7 +2 ▲ -31 280

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

Any US Inv Announced Fairness Opinion

20

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Rank Value (US$m) Rank Value Market US$m Sh (%) 2,610.2 10.2 671.4 2.6 267.1 1.0 5,708.1 22.4 361.1 1.4 15,687.6 61.6 15,687.6 61.6 .0 0.0 131.1 0.5 195.9 0.8 39.7 0.2 .0 0.0 120.0 0.5 357.1 1.4 25,477.8 100.0 38.3% ▲ -100.0% ▼

First Nine Months 2014 | Mergers & Acquisitions | Financial Advisors

Ranking Criteria Summary - Announced league tables include all deals that were announced between January 1, 2013 and September 30, 2014 and of which Thomson Reuters was made aware. All current data

If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact:

and previous year's data is as of 5:00pm EDT on September 30, 2014.

-

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 Redina Doda Tel: +44 (0) 20 7542 3558

- 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.

-

Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer.

-

Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Any involvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases

-

League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

-

Imputed fees are 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.

-

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. © 2014 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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