Market Briefing: Mergers & Acquisitions World, Region, & Country

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Market Briefing: Mergers & Acquisitions World, Region, & Country December 26, 217 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Please visit our sites at www. blog. thinking outside the box

Table Of Contents Table Of Contents World & Regions World 1 World ex-us 2 Asia 3 Australasia 4 Europe 5 Latin America 6 Middle East & Africa 7 North America 8 World By Region World By Region 9 Countries Canada 1 Japan 11 United States 12 December 26, 217 / Mergers & Acquisitions www.

World 175 Figure 1. M&A ACTIVITY: WORLD* 175 15 15 1 Quarterly (171.7) 1 1 75 1 75 5 5 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 75 65 55 45 Figure 2. M&A ACTIVITY: WORLD* 75 65 55 45 35 35 15 4-Quarter Sum (3498.1) Annualized Quarterly (4286.9) 15 5 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 5 Page 1 / December 26, 217 / Mergers & Acquisitions www.

World ex-us 1 Figure 3. M&A ACTIVITY: WORLD EX-US* 1 75 Quarterly (528.6) 75 5 5 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 375 3 275 Figure 4. M&A ACTIVITY: WORLD EX-US* 375 3 275 2 175 2 175 1 1 75 4-Quarter Sum (244.3) Annualized Quarterly (2114.5) 75 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 2 / December 26, 217 / Mergers & Acquisitions www.

4 35 Figure 5. Asia M&A ACTIVITY: ASIA (North Asia, SouthEast Asia, India, Japan)* 4 35 3 Quarterly (193.8) 3 2 2 15 15 1 1 5 5 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 152 122 92 62 Figure 6. M&A ACTIVITY: ASIA (North Asia, SouthEast Asia, India, Japan)* 152 122 92 62 32 32 4-Quarter Sum (773.1) Annualized Quarterly (775.1) 2 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 2 Page 3 / December 26, 217 / Mergers & Acquisitions www.

Australasia 6 Figure 7. M&A ACTIVITY: AUSTRALASIA* 6 5 5 4 Quarterly (42.6) 4 3 3 2 2 1 1 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 218 188 158 128 Figure 8. M&A ACTIVITY: AUSTRALASIA* 218 188 158 128 98 98 68 68 38 38 4-Quarter Sum (93.4) Annualized Quarterly (17.2) 8 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 8 Page 4 / December 26, 217 / Mergers & Acquisitions www.

Europe 8 Figure 9. M&A ACTIVITY: EUROPE* 8 6 Quarterly (23.9) 6 4 4 2 2 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 315 265 215 165 Figure 1. M&A ACTIVITY: EUROPE* 4-Quarter Sum (899.) Annualized Quarterly (923.7) 315 265 215 165 115 115 65 65 15 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 15 Page 5 / December 26, 217 / Mergers & Acquisitions www.

1 Figure 11. M&A ACTIVITY: LATIN AMERICA Latin America 1 75 Quarterly (26.3) 75 5 5 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 43 33 23 Figure 12. M&A ACTIVITY: LATIN AMERICA 43 33 23 13 13 4-Quarter Sum (95.4) Annualized Quarterly (15.2) 3 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 3 Page 6 / December 26, 217 / Mergers & Acquisitions www.

45 4 Figure 13. M&A ACTIVITY: MIDDLE EAST & AFRICA* Middle East & Africa 45 4 35 3 Quarterly (14.7) 35 3 2 2 15 15 1 1 5 5 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 2.5 16.5 12.5 Figure 14. M&A ACTIVITY: MIDDLE EAST & AFRICA* 2.5 16.5 12.5 8.5 8.5 4.5 4.5 4-Quarter Sum (73.1) Annualized Quarterly (58.8).5 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219.5 Page 7 / December 26, 217 / Mergers & Acquisitions www.

North America 8 7 Figure 15. M&A ACTIVITY: NORTH AMERICA* 8 7 6 Quarterly (562.4) 6 5 5 4 3 4 3 2 2 1 1 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 33 28 23 Figure 16. M&A ACTIVITY: NORTH AMERICA* 33 28 23 18 13 18 13 8 8 3 4-Quarter Sum (1554.2) Annualized Quarterly (2249.5) 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 3 Page 8 / December 26, 217 / Mergers & Acquisitions www.

World By Region 1.2 1.2 75.2 5.2 Figure 17. M&A ACTIVITY: TOTAL BY REGION* (billion US$, quarterly, ratio scale) 1.2 1.2 75.2 5.2.2.2.2 Asia (193.8) Australasia (42.6) Europe (23.9) Latin America (26.3) Middle East & Africa (14.7) North America (562.4) 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219.2 9 8 7 6 Figure 18. M&A ACTIVITY: REGION % SHARE OF WORLD* (percent, quarterly) Asia (18.1) Australasia (4.) Europe (21.5) Latin America (2.5) Middle East & Africa (1.4) North America (52.5) 9 8 7 6 5 4 5 4 3 3 2 2 1 1 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 9 / December 26, 217 / Mergers & Acquisitions www.

1 Figure 19. M&A ACTIVITY: CANADA* Canada 1 75 Quarterly (9.5) 75 5 5 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 55 45 35 Figure 2. M&A ACTIVITY: CANADA* 55 45 35 15 15 4-Quarter Sum (85.3) Annualized Quarterly (38.1) 5 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 5 Page 1 / December 26, 217 / Mergers & Acquisitions www.

1 Figure 21. M&A ACTIVITY: JAPAN* Japan 1 1 1 Quarterly (17.7) 75 5 75 5 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 51 41 31 21 Figure 22. M&A ACTIVITY: JAPAN* 51 41 31 21 11 11 4-Quarter Sum (89.) Annualized Quarterly (7.9) 1 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 1 Page 11 / December 26, 217 / Mergers & Acquisitions www.

United States 7 Figure 23. M&A ACTIVITY: UNITED STATES* 7 6 6 5 Latest (581.9) 5 4 3 4 3 2 2 1 1 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 33 28 23 Figure 24. M&A ACTIVITY: UNITED STATES* 4-Quarter Sum (1652.3) Annualized Quarterly (2327.8) 33 28 23 18 18 13 13 8 8 3 1995 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 3 Page 12 / December 26, 217 / Mergers & Acquisitions www.

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