Market Briefing: Mergers & Aquisitions World, Region, & Country Yardeni Research, Inc.

April 11, 2016

Dr. Edward Yardeni 516-972-7683 [email protected]

Joe Abbott 732-497-5306 [email protected]

Please visit our sites at www.yardeni.com blog.yardeni.com

thinking outside the box

Table Of Contents

Table Of Contents

World & Regions World World ex-US Asia Australasia Europe Latin America Middle East & Africa North America World By Region & Top 7 Countries World By Region & Top 7 Countries Countries Australia Brazil Canada China France Germany India Italy Japan Netherlands Russia South Korea Spain Sweden Switzerland United Kingdom United States Major Countries By Sector United States: M&A by Sector United States: Sector % Share of M&A World: M&A by Sector World: Sector % Share of M&A

April 11, 2016 / Mergers & Acquisitions

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 26 27 28 29 30 31

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World Figure 1. 1750

1750

M&A ACTIVITY: WORLD* (billion US dollars, quarterly)

1500

1500

Quarterly (728.2)

1250

1250

750

Q1

yardeni.com

1000

1000

750

500

500

250

250

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 2. 7500 6500

7500

M&A ACTIVITY: WORLD*

6500

(billion US dollars, ratio scale)

5500

5500 Q1

4500

4500

3500

3500

2500

2500

4-Quarter Sum (4502.4) Annualized Quarterly (2912.6)

1500

1500

yardeni.com

500

500

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

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World ex-US Figure 3. 1000

1000

M&A ACTIVITY: WORLD EX-US* (billion US dollars, quarterly)

750

750

Quarterly (474.1)

Q1

yardeni.com

500

250

500

250

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 4. 3750 3250

3750

M&A ACTIVITY: WORLD EX-US*

3250

(billion US dollars, ratio scale)

2750

2750 Q1

2250

2250

1750

1750

1250

1250

4-Quarter Sum (2383.2) Annualized Quarterly (1896.3)

750

750

yardeni.com

250

250

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 2 / April 11, 2016 / Mergers & Acquisitions

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Asia Figure 5. 400

400

M&A ACTIVITY: ASIA (North Asia, SouthEast Asia, India, Japan)* (billion US dollars, quarterly)

350

350

300

300

Quarterly (203.1)

250

250 yardeni.com

Q1

200

200

150

150

100

100

50

50

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 6. 1520 1220

1520

M&A ACTIVITY: ASIA (North Asia, SouthEast Asia, India, Japan)* (billion US dollars, ratio scale)

Q1

1220

920

920

620

620

320

320

4-Quarter Sum (1059.2) Annualized Quarterly (812.5)

yardeni.com

20

20

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 3 / April 11, 2016 / Mergers & Acquisitions

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Australasia Figure 7. 50

50

M&A ACTIVITY: AUSTRALASIA* (billion US dollars, quarterly)

40

40

Quarterly (20.0)

Q1

20

yardeni.com

30

10

30

20

10

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 8. 218 188 158

218 188

M&A ACTIVITY: AUSTRALASIA* (billion US dollars, ratio scale)

158

128

128

98

Q1

98

68

68

38

38

4-Quarter Sum (91.1) Annualized Quarterly (79.9)

yardeni.com

8

8

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

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Europe Figure 9. 800

800

M&A ACTIVITY: EUROPE* (billion US dollars, quarterly)

600

600

Quarterly (199.1)

yardeni.com

400

Q1

200

0

400

200

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 10. 3150 2650

3150

M&A ACTIVITY: EUROPE*

2650

(billion US dollars, ratio scale)

2150

4-Quarter Sum (1007.2) Annualized Quarterly (796.3)

1650

1150

2150 1650

1150 Q1

650

650

yardeni.com

150

150

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 5 / April 11, 2016 / Mergers & Acquisitions

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Latin America Figure 11. 100

100

M&A ACTIVITY: LATIN AMERICA (including Carribean)* (billion US dollars, quarterly)

75

75

Quarterly (12.4)

yardeni.com

50

25

50

25

Q1

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 12. 403 303

403

M&A ACTIVITY: LATIN AMERICA (including Carribean)*

303

(billion US dollars, ratio scale)

203

203

103

103 Q1

4-Quarter Sum (78.6) Annualized Quarterly (49.7)

yardeni.com

3

3

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 6 / April 11, 2016 / Mergers & Acquisitions

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Middle East & Africa Figure 13. 45

45

M&A ACTIVITY: MIDDLE EAST & AFRICA* (billion US dollars, quarterly)

40

40

35

35

Quarterly (17.4) 30

30

20 Q1

yardeni.com

25

25

20

15

15

10

10

5

5

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 14. 160.5 120.5

160.5

M&A ACTIVITY: MIDDLE EAST & AFRICA*

120.5

(billion US dollars, ratio scale)

80.5

80.5 Q1

40.5

40.5

4-Quarter Sum (55.7) Annualized Quarterly (69.6)

yardeni.com

.5

.5

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 7 / April 11, 2016 / Mergers & Acquisitions

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North America Figure 15. 800

800

M&A ACTIVITY: NORTH AMERICA* (billion US dollars, quarterly)

700

700

600

600

Quarterly (276.1)

500

500 yardeni.com

400

300

Q1

400

300

200

200

100

100

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 16. 3300 2800

3300

M&A ACTIVITY: NORTH AMERICA* (billion US dollars, ratio scale)

2800

2300

Q1

2300

1800

1800

1300

1300

800

800

4-Quarter Sum (2210.7) Annualized Quarterly (1104.6) yardeni.com

300

300

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 8 / April 11, 2016 / Mergers & Acquisitions

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World By Region & Top 7 Countries Figure 17. 1250.2 1000.2 750.2 500.2

1250.2 1000.2 750.2 500.2

M&A ACTIVITY: TOTAL BY REGION* (billion US$, quarterly, ratio scale)

Q1

250.2

250.2

yardeni.com

Asia (203.1) Australasia (20.0) Europe (199.1) Latin America (12.4) Middle East & Africa (17.4) North America (276.1) .2

.2 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 18. 90

90

M&A ACTIVITY: REGION % SHARE OF WORLD* (percent, quarterly)

80

80

Asia (27.9) Australasia (2.7) Europe (27.3) Latin America (1.7) Middle East & Africa (2.4) North America (37.9)

70

60

70

60

40

Q1

yardeni.com

50

50

40

30

30

20

20

10

10

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Page 9 / April 11, 2016 / Mergers & Acquisitions

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World By Region & Top 7 Countries Figure 19. 1750

1750

M&A ACTIVITY: WORLD & TOP 7 COUNTRIES* (billion US dollars, quarterly)

World (728.2)

1500

1500

Top 7 Countries (502.4) 1250

1250

750

Q1

yardeni.com

1000

1000

750

500

500

250

250

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Top seven countries: US, UK, China, Germany, Japan, France, & Canada. Source: Dealogic.

Figure 20. 80

80

M&A ACTIVITY: TOP 7 COUNTRIES % SHARE OF WORLD* (percent, quarterly)

70

70

Canada (3.0) China (16.5) France (2.8) Germany (1.1) Japan (4.1) United Kingdom (6.5) United States (34.9)

60

50

60

50

Q1

yardeni.com

40

40

30

30

20

20

10

10

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Top seven countries: US, UK, China, Germany, Japan, France, & Canada. Source: Dealogic.

Page 10 / April 11, 2016 / Mergers & Acquisitions

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Australia Figure 21. 50

50

M&A ACTIVITY: AUSTRALIA* (billion US dollars, quarterly)

40

40

Quarterly (18.8)

yardeni.com

30

20

Q1

10

30

20

10

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 22. 205 165

205

M&A ACTIVITY: AUSTRALIA*

165

(billion US dollars, ratio scale)

125

125 Q1

85

45

85

45

4-Quarter Sum (85.3) Annualized Quarterly (75.2)

yardeni.com

5

5

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

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Brazil Figure 23. 80

80

M&A ACTIVITY: BRAZIL* (billion US dollars, quarterly)

60

60

Quarterly (3.2)

yardeni.com

40

20

40

20

Q1 0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 24. 400.5 320.5 240.5

400.5 320.5 240.5

M&A ACTIVITY: BRAZIL*

(billion US dollars, ratio scale)

160.5

160.5

80.5

80.5 Q1

4-Quarter Sum (41.0) Annualized Quarterly (12.9)

yardeni.com

.5

.5

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 12 / April 11, 2016 / Mergers & Acquisitions

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Canada Figure 25. 100

100

M&A ACTIVITY: CANADA* (billion US dollars, quarterly)

75

75

Quarterly (22.1)

yardeni.com

50

25

Q1

0

50

25

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 26. 505 405

505

M&A ACTIVITY: CANADA*

405

(billion US dollars, ratio scale)

305

305

205

205

105

105 Q1

4-Quarter Sum (81.9) Annualized Quarterly (88.3)

yardeni.com

5

5

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 13 / April 11, 2016 / Mergers & Acquisitions

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China Figure 27. 250

250

M&A ACTIVITY: CHINA*

(billion US dollars, quarterly)

200

200

Quarterly (120.5)

Q1 100

yardeni.com

150

50

150

100

50

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 28. 1000.4 800.4 600.4

M&A ACTIVITY: CHINA*

Q1

(billion US dollars, ratio scale)

1000.4 800.4 600.4

400.4

400.4

200.4

200.4

4-Quarter Sum (681.9) Annualized Quarterly (482.0)

yardeni.com

.4

.4

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 14 / April 11, 2016 / Mergers & Acquisitions

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France Figure 29. 125

125

M&A ACTIVITY: FRANCE* (billion US dollars, quarterly)

100

100

Quarterly (20.2)

yardeni.com

75

50

25

75

50

25 Q1

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 30. 605 505 405

605 505 405

M&A ACTIVITY: FRANCE* (billion US dollars, ratio scale)

4-Quarter Sum (94.5) Annualized Quarterly (81.0)

305

305

205

205

105

Q1

yardeni.com

5

105

5

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 15 / April 11, 2016 / Mergers & Acquisitions

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Germany Figure 31. 250

250

M&A ACTIVITY: GERMANY* (billion US dollars, quarterly)

200

200

Quarterly (8.0)

yardeni.com

150

100

50

150

100

50

Q1 0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 32. 1503 1253 1003 753

1503 1253 1003 753

M&A ACTIVITY: GERMANY* (billion US dollars, ratio scale)

4-Quarter Sum (77.4) Annualized Quarterly (32.1)

503

503

253

253

Q1

yardeni.com

3

3

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 16 / April 11, 2016 / Mergers & Acquisitions

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India Figure 33. 35

35

M&A ACTIVITY: INDIA*

(billion US dollars, quarterly) 30

30

Quarterly (8.2)

25

25

yardeni.com

20

15

10

20

15

10 Q1

5

5

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 34. 150.1 120.1 90.1

150.1 120.1 90.1

M&A ACTIVITY: INDIA*

(billion US dollars, ratio scale)

60.1

60.1 Q1

30.1

30.1

4-Quarter Sum (35.3) Annualized Quarterly (32.8)

yardeni.com

.1

.1

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 17 / April 11, 2016 / Mergers & Acquisitions

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Italy Figure 35. 75

75

M&A ACTIVITY: ITALY*

(billion US dollars, quarterly)

60

60

Quarterly (8.8)

yardeni.com

45

30

15

45

30

15 Q1

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 36. 425 355 285

425 355

M&A ACTIVITY: ITALY*

(billion US dollars, ratio scale)

285

215

215

145

145

75

75 Q1

4-Quarter Sum (60.6) Annualized Quarterly (35.1)

yardeni.com

5

5

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 18 / April 11, 2016 / Mergers & Acquisitions

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Japan Figure 37. 125

125

M&A ACTIVITY: JAPAN* (billion US dollars, quarterly)

100

100

Quarterly (30.0)

yardeni.com

75

50

75

50

Q1 25

25

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 38. 501 401 301

501 401 301

M&A ACTIVITY: JAPAN*

(billion US dollars, ratio scale)

201

201 Q1

101

101

4-Quarter Sum (111.5) Annualized Quarterly (120.0)

yardeni.com

1

1

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 19 / April 11, 2016 / Mergers & Acquisitions

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Netherlands Figure 39. 150

150

M&A ACTIVITY: NETHERLANDS* (billion US dollars, quarterly)

125

125

Quarterly (8.3) 100

100 yardeni.com

75

75

50

50

25

25 Q1

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 40. 603 503 403

603 503 403

M&A ACTIVITY: NETHERLANDS* (billion US dollars, ratio scale)

303

303

203

203

103

103

Q1

4-Quarter Sum (50.2) Annualized Quarterly (33.0) yardeni.com

3

3

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 20 / April 11, 2016 / Mergers & Acquisitions

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Russia Figure 41. 100

100

M&A ACTIVITY: RUSSIA* (billion US dollars, quarterly)

80

80

Quarterly (5.4)

yardeni.com

60

40

20

60

40

20

Q1 0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 42. 500.1 400.1 300.1 200.1

500.1 400.1 300.1 200.1

M&A ACTIVITY: RUSSIA*

(billion US dollars, ratio scale)

100.1

100.1

Q1

4-Quarter Sum (36.1) Annualized Quarterly (21.7) yardeni.com

.1

.1

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 21 / April 11, 2016 / Mergers & Acquisitions

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South Korea Figure 43. 60

60

M&A ACTIVITY: SOUTH KOREA* (billion US dollars, quarterly)

45

45

Quarterly (14.6)

yardeni.com

30

Q1

15

0

30

15

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 44. 240.4 200.4 160.4 120.4

M&A ACTIVITY: SOUTH KOREA* (billion US dollars, ratio scale)

Q1

240.4 200.4 160.4 120.4

80.4

80.4

40.4

40.4

4-Quarter Sum (100.8) Annualized Quarterly (58.5)

yardeni.com

.4

.4

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 22 / April 11, 2016 / Mergers & Acquisitions

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Spain Figure 45. 100

100

M&A ACTIVITY: SPAIN*

(billion US dollars, quarterly)

80

80

Quarterly (13.8)

yardeni.com

60

40

20

60

40

20 Q1

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 46. 420.3 350.3 280.3 210.3

420.3 350.3 280.3 210.3

M&A ACTIVITY: SPAIN*

(billion US dollars, ratio scale)

140.3

140.3 Q1

70.3

70.3

4-Quarter Sum (71.7) Annualized Quarterly (55.1)

yardeni.com

.3

.3

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 23 / April 11, 2016 / Mergers & Acquisitions

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Sweden Figure 47. 50

M&A ACTIVITY: SWEDEN* (billion US dollars, quarterly)

40

Quarterly (11.0)

yardeni.com

30

20

Q1

10

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Figure 48. 281 211

281

M&A ACTIVITY: SWEDEN*

211

(billion US dollars, ratio scale)

141

141

4-Quarter Sum (19.5) Annualized Quarterly (44.1)

71

71

Q1

yardeni.com

1

1

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 24 / April 11, 2016 / Mergers & Acquisitions

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Switzerland Figure 49. 60

60

M&A ACTIVITY: SWITZERLAND* (billion US dollars, quarterly)

45

Q1

45

Quarterly (53.9)

yardeni.com

30

15

30

15

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 50. 250.5 200.5 150.5

250.5 200.5 150.5

M&A ACTIVITY: SWITZERLAND* (billion US dollars, ratio scale)

100.5

100.5 Q1

50.5

50.5

4-Quarter Sum (62.8) Annualized Quarterly (215.5) yardeni.com

.5

.5

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 25 / April 11, 2016 / Mergers & Acquisitions

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United Kingdom Figure 51. 200

200

M&A ACTIVITY: UNITED KINGDOM* (billion US dollars, quarterly)

150

150

Quarterly (47.5)

yardeni.com

100

50

Q1

0

100

50

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 52. 950 800

950

M&A ACTIVITY: UNITED KINGDOM*

800

(billion US dollars, ratio scale)

4-Quarter Sum (410.5) Annualized Quarterly (190.0)

650

650

500

500 Q1

350

350

200

200

yardeni.com

50

50

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 26 / April 11, 2016 / Mergers & Acquisitions

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United States Figure 53. 800

800

M&A ACTIVITY: UNITED STATES* (billion US dollars, quarterly)

600

600

Quarterly (254.1)

yardeni.com

400

400

Q1 200

200

0

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

* Excludes spinoffs. Source: Dealogic.

Figure 54. 3300 2800

3300

M&A ACTIVITY: UNITED STATES* (billion US dollars, ratio scale)

2800

4-Quarter Sum (2119.2) Annualized Quarterly (1016.3)

2300

Q1

2300

1800

1800

1300

1300

800

800

yardeni.com

300

300

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.

Page 27 / April 11, 2016 / Mergers & Acquisitions

Yardeni Research, Inc. www.yardeni.com

United States: M&A by Sector Figure 53. 250 200

CONSUMER DISCRETIONARY SECTOR* (billion US dollars, quarterly)

45

Quarterly M&A (39.5)

150

60

INDUSTRIALS (9.3)

30 100 50

Q1

Q1

0

0 95

100

97

99

01

03

05

07

09

11

13

15

17

CONSUMER STAPLES

95

97

99

01

03

05

07

09

11

13

15

17 175

INFORMATION TECHNOLOGY

(3.0)

80

150 125

(60.8)

60

100

40

Q1

20 95

97

99

01

03

05

07

09

11

13

Q1 15 17

50

ENERGY

0 95

97

99

01

03

05

07

09

11

13

15

17 100

MATERIALS

100

80

(15.0)

75

(18.7)

60

50

40

25

Q1

Q1

0

20 0

95 250

75 25

0

125

15

97

99

01

03

FINANCIALS

05

07

09

11

13

15

17

97

99

01

03

05

07

09

11

13

15

17 150

TELECOMMUNICATION SERVICES

(37.2)

200

95

(1.8)

120

150

90

100

60

50

30

Q1

0

250

97

99

01

03

HEALTH CARE

05

07

09

11

13

15

17

97

99

01

03

05

07

09

11

13

15

Q1 17

150 100 50

0

100

UTILITIES

(24.9)

200

95

80

yardeni.com

95

(43.8)

60 Q1

40 20

Q1

0

0 95

97

99

01

03

05

07

09

11

13

15

17

95

97

99

01

03

05

07

09

11

13

15

17

Source: Dealogic.

Page 28 / April 11, 2016 / Mergers & Acquisitions

Yardeni Research, Inc. www.yardeni.com

United States: Sector % Share of M&A Figure 54. 60 45

CONSUMER DISCRETIONARY SECTOR* (% share, quarterly)

25

INDUSTRIALS

20

(15.6) (3.7)

15

30 10 Q1

15

Q1 0

0 95

30

5

97

99

01

03

05

07

09

11

13

15

17

CONSUMER STAPLES

95

97

99

01

03

05

07

09

11

13

15

17 35

INFORMATION TECHNOLOGY

(1.2)

30

(23.9)

20

Q1

25 20 15

10

10 5

0 95 40

97

99

01

03

05

07

09

11

13

Q1 15 17

ENERGY

0 95

97

99

01

03

05

07

09

11

13

15

17 20

MATERIALS

30

15

(5.9)

(7.4)

20

10 Q1

10

5 Q1

0

0 95

50

97

99

01

03

05

07

09

11

FINANCIALS

13

15

17

97

99

01

03

05

07

09

11

13

15

17 50

TELECOMMUNICATION SERVICES

(14.6)

40

95

40

(0.7)

30

30

20

20 Q1

10

10

0 95 60 50

97

99

01

03

HEALTH CARE

05

07

09

11

13

15

17

95

97

99

01

03

05

07

09

11

UTILITIES

(9.8)

13

15

Q1 17

yardeni.com

25 20

(17.2)

40

0

Q1 15

30 10

20

5

Q1

10 0

0 95

97

99

01

03

05

07

09

11

13

15

17

95

97

99

01

03

05

07

09

11

13

15

17

Source: Dealogic.

Page 29 / April 11, 2016 / Mergers & Acquisitions

Yardeni Research, Inc. www.yardeni.com

World: M&A by Sector Figure 55. 400 300

CONSUMER DISCRETIONARY SECTOR* (billion US dollars, quarterly)

300

INDUSTRIALS

250

Quarterly M&A (125.5)

200

(56.7) 200

150 Q1

100

100 Q1

0

0 95

200

97

99

01

03

05

07

09

11

13

15

17

CONSUMER STAPLES

95

97

99

01

03

05

07

09

11

13

15

17 250

INFORMATION TECHNOLOGY

(74.9)

150

200

(127.4)

Q1

100

150 100

Q1 50

50

0

0 95

200

50

97

99

01

03

05

07

09

11

13

15

17

ENERGY

95

97

99

01

03

05

07

09

11

13

15

17 180

MATERIALS

150

160

(26.3)

120

120

(48.9)

90 80 Q1

40

30

Q1

0

0 95

500

60

97

99

01

03

05

07

09

11

13

15

17

FINANCIALS

97

99

01

03

05

07

09

11

13

15

17 200

TELECOMMUNICATION SERVICES

(137.0)

400

95

(10.6)

150

300 100 200 Q1

100

50 Q1

0

250

97

99

01

03

HEALTH CARE

05

07

09

11

13

15

17

97

99

01

03

05

07

09

11

13

15

150 100 Q1

50

0

17 150

UTILITIES

(59.3)

200

95

120

yardeni.com

95

(61.6)

90 Q1

60 30

0

0 95

97

99

01

03

05

07

09

11

13

15

17

95

97

99

01

03

05

07

09

11

13

15

17

Source: Dealogic.

Page 30 / April 11, 2016 / Mergers & Acquisitions

Yardeni Research, Inc. www.yardeni.com

World: Sector % Share of M&A Figure 56. 50 40

CONSUMER DISCRETIONARY SECTOR* (% share, quarterly)

30

INDUSTRIALS

25

(17.2)

20

(7.8)

30

15 20

Q1

Q1

10

5

0

0 95

20

10

97

99

01

03

05

07

09

11

13

15

17

CONSUMER STAPLES

97

99

01

03

05

07

09

11

13

15

17 25

INFORMATION TECHNOLOGY

(10.3)

16

95

(17.5)

12

Q1

20 15

Q1

8

10

4

5

0

0 95

25

97

99

01

03

05

07

09

11

13

15

17

ENERGY

95

97

99

01

03

05

07

09

11

13

15

17 25

MATERIALS

20

20

(6.7) (3.6)

15

15

10

10 Q1

5

Q1

0

0 95

60 50

5

97

99

01

03

05

07

09

11

FINANCIALS

13

15

17

95

97

99

01

03

05

07

09

11

13

15

17 30

TELECOMMUNICATION SERVICES

(18.8)

(1.5)

40

20

30 Q1

20

10

10 0 95 25

97

99

01

03

05

HEALTH CARE

07

09

11

13

15

17

97

99

01

03

05

07

09

11

UTILITIES

(8.1)

20

95

13

15

Q1 17

yardeni.com

0

20 15

(8.5)

15 10

Q1

Q1

10 5

5 0

0 95

97

99

01

03

05

07

09

11

13

15

17

95

97

99

01

03

05

07

09

11

13

15

17

Source: Dealogic.

Page 31 / April 11, 2016 / Mergers & Acquisitions

Yardeni Research, Inc. www.yardeni.com

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