The Deloitte M&A Index The Deloitte M&A index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking. The Deloitte M&A Index has an accuracy rate of over 90% dating back to Q1 2008. M&A Dashboard Q4 2015 2014 11,621 2015 Q4 M&A deal forecast Q4 11,400 11,600 Q2 Q4 Q4 11,300 Q4 11,000 Q2 Q3 10,426 10,530 Q3 Q1 10,103 9,983 Record breaking deal values $4 + trillion 2015 $3.3 trillion 2014 $1 trillion of cross-border deals emergence of new corridors 1/3rd of cross-border deals are between N. America and Europe M&A opportunities amidst divergence Economic Corporate Monetary Currency growth performance policy fluctuations Outbound Chinese M&A deal values into Europe and North America $35.5bn $10.7bn $8bn $2.7bn 2009 2015 YTD 2009 2015 YTD Europe North America Japan’s disclosed M&A deal values ($bn) $81.4bn $56.4bn $46bn $10.7bn 2009 2015 YTD 2009 2015 YTD Outbound Domestic www.deloitte.co.uk/mna

The Deloitte M&A Index The Deloitte M&A index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking. The Deloitte M&A Index has an accuracy rate of over 90% dating back to Q1 2008. M&A Dashboard Q4 2015 2014 11,621 2015 Q4 M&A deal forecast Q4 11,400 11,600 Q2 Q4 Q4 11,300 Q4 11,000 Q2 Q3 10,426 10,530 Q3 Q1 10,103 9,983 Record breaking deal values $4 + trillion 2015 $3.3 trillion 2014 $1 trillion of cross-border deals emergence of new corridors 1/3rd of cross-border deals are between N. America and Europe M&A opportunities amidst divergence Economic Corporate Monetary Currency growth performance policy fluctuations Outbound Chinese M&A deal values into Europe and North America $35.5bn $10.7bn $8bn $2.7bn 2009 2015 YTD 2009 2015 YTD Europe North America Japan’s disclosed M&A deal values ($bn) $81.4bn $56.4bn $46bn $10.7bn 2009 2015 YTD 2009 2015 YTD Outbound Domestic www.deloitte.co.uk/mna

The Deloitte M&A Index The Deloitte M&A index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking. The Deloitte M&A Index has an accuracy rate of over 90% dating back to Q1 2008. M&A Dashboard Q4 2015 2014 11,621 2015 Q4 M&A deal forecast Q4 11,400 11,600 Q2 Q4 Q4 11,300 Q4 11,000 Q2 Q3 10,426 10,530 Q3 Q1 10,103 9,983 Record breaking deal values $4 + trillion 2015 $3.3 trillion 2014 $1 trillion of cross-border deals emergence of new corridors 1/3rd of cross-border deals are between N. America and Europe M&A opportunities amidst divergence Economic Corporate Monetary Currency growth performance policy fluctuations Outbound Chinese M&A deal values into Europe and North America $35.5bn $10.7bn $8bn $2.7bn 2009 2015 YTD 2009 2015 YTD Europe North America Japan’s disclosed M&A deal values ($bn) $81.4bn $56.4bn $46bn $10.7bn 2009 2015 YTD 2009 2015 YTD Outbound Domestic www.deloitte.co.uk/mna

The Deloitte M&A Index The Deloitte M&A index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking. The Deloitte M&A Index has an accuracy rate of over 90% dating back to Q1 2008. M&A Dashboard Q4 2015 2014 11,621 2015 Q4 M&A deal forecast Q4 11,400 11,600 Q2 Q4 Q4 11,300 Q4 11,000 Q2 Q3 10,426 10,530 Q3 Q1 10,103 9,983 Record breaking deal values $4 + trillion 2015 $3.3 trillion 2014 $1 trillion of cross-border deals emergence of new corridors 1/3rd of cross-border deals are between N. America and Europe M&A opportunities amidst divergence Economic Corporate Monetary Currency growth performance policy fluctuations Outbound Chinese M&A deal values into Europe and North America $35.5bn $10.7bn $8bn $2.7bn 2009 2015 YTD 2009 2015 YTD Europe North America Japan’s disclosed M&A deal values ($bn) $81.4bn $56.4bn $46bn $10.7bn 2009 2015 YTD 2009 2015 YTD Outbound Domestic www.deloitte.co.uk/mna

The Deloitte M&A Index The Deloitte M&A index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking. The Deloitte M&A Index has an accuracy rate of over 90% dating back to Q1 2008. M&A Dashboard Q4 2015 2014 11,621 2015 Q4 M&A deal forecast Q4 11,400 11,600 Q2 Q4 Q4 11,300 Q4 11,000 Q2 Q3 10,426 10,530 Q3 Q1 10,103 9,983 Record breaking deal values $4 + trillion 2015 $3.3 trillion 2014 $1 trillion of cross-border deals emergence of new corridors 1/3rd of cross-border deals are between N. America and Europe M&A opportunities amidst divergence Economic Corporate Monetary Currency growth performance policy fluctuations Outbound Chinese M&A deal values into Europe and North America $35.5bn $10.7bn $8bn $2.7bn 2009 2015 YTD 2009 2015 YTD Europe North America Japan’s disclosed M&A deal values ($bn) $81.4bn $56.4bn $46bn $10.7bn 2009 2015 YTD 2009 2015 YTD Outbound Domestic www.deloitte.co.uk/mna

The Deloitte M&A Index The Deloitte M&A index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking. The Deloitte M&A Index has an accuracy rate of over 90% dating back to Q1 2008. M&A Dashboard Q4 2015 2014 11,621 2015 Q4 M&A deal forecast Q4 11,400 11,600 Q2 Q4 Q4 11,300 Q4 11,000 Q2 Q3 10,426 10,530 Q3 Q1 10,103 9,983 Record breaking deal values $4 + trillion 2015 $3.3 trillion 2014 $1 trillion of cross-border deals emergence of new corridors 1/3rd of cross-border deals are between N. America and Europe M&A opportunities amidst divergence Economic Corporate Monetary Currency growth performance policy fluctuations Outbound Chinese M&A deal values into Europe and North America $35.5bn $10.7bn $8bn $2.7bn 2009 2015 YTD 2009 2015 YTD Europe North America Japan’s disclosed M&A deal values ($bn) $81.4bn $56.4bn $46bn $10.7bn 2009 2015 YTD 2009 2015 YTD Outbound Domestic www.deloitte.co.uk/mna

The Deloitte M&A Index The Deloitte M&A index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking. The Deloitte M&A Index has an accuracy rate of over 90% dating back to Q1 2008. M&A Dashboard Q4 2015 2014 11,621 2015 Q4 M&A deal forecast Q4 11,400 11,600 Q2 Q4 Q4 11,300 Q4 11,000 Q2 Q3 10,426 10,530 Q3 Q1 10,103 9,983 Record breaking deal values $4 + trillion 2015 $3.3 trillion 2014 $1 trillion of cross-border deals emergence of new corridors 1/3rd of cross-border deals are between N. America and Europe M&A opportunities amidst divergence Economic Corporate Monetary Currency growth performance policy fluctuations Outbound Chinese M&A deal values into Europe and North America $35.5bn $10.7bn $8bn $2.7bn 2009 2015 YTD 2009 2015 YTD Europe North America Japan’s disclosed M&A deal values ($bn) $81.4bn $56.4bn $46bn $10.7bn 2009 2015 YTD 2009 2015 YTD Outbound Domestic www.deloitte.co.uk/mna

The Deloitte M&A Index The Deloitte M&A index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking. The Deloitte M&A Index has an accuracy rate of over 90% dating back to Q1 2008. M&A Dashboard Q4 2015 2014 11,621 2015 Q4 M&A deal forecast Q4 11,400 11,600 Q2 Q4 Q4 11,300 Q4 11,000 Q2 Q3 10,426 10,530 Q3 Q1 10,103 9,983 Record breaking deal values $4 + trillion 2015 $3.3 trillion 2014 $1 trillion of cross-border deals emergence of new corridors 1/3rd of cross-border deals are between N. America and Europe M&A opportunities amidst divergence Economic Corporate Monetary Currency growth performance policy fluctuations Outbound Chinese M&A deal values into Europe and North America $35.5bn $10.7bn $8bn $2.7bn 2009 2015 YTD 2009 2015 YTD Europe North America Japan’s disclosed M&A deal values ($bn) $81.4bn $56.4bn $46bn $10.7bn 2009 2015 YTD 2009 2015 YTD Outbound Domestic www.deloitte.co.uk/mna