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2019 Global M&A Outlook

JANUARY 2019. 2019 Global M&A Outlook Unlocking value in a dynamic market Published by Morgan's M&A team in January 2019. Global Hernan Cristerna Chris Ventresca Global Co-Head of M&A Global Co-Head of M&A. E: E: T: +44 20 7134 4631 T: +1 212 622 2228. North America Anu Aiyengar Regional Head of M&A. E: T: +1 212 622 2260. Europe, Middle East and Africa Dirk Albersmeier David Lomer Regional Co-Head of M&A Regional Co-Head of M&A. E: E: T: +44 20 7742 4461 T: +44 20 7134 9798. Asia Pacific Rohit Chatterji Kerwin Clayton Regional Co-Head of M&A Regional Co-Head of M&A. E: E: T: +65 6882 2638 T: +852 2800 6555. Latin America Marcelo Gaiani Regional Head of M&A. E: T: +1 212 622 6755. 2019 Global M&A Outlook | 1. Contents 1. Executive summary 2. 2018 The year in review 2. 2019 The year ahead 5. 2. Corporate clarity 6.

2 | 2019 GLOBAL M&A OUTLOOK 1. Executive summary 2018 – The year in review The global M&A market remained strong in 2018 with announced transaction volumes reaching $4.1 trillion, the third highest year ever for M&A volumes.

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