Table of Contents Table of Contents 1 List of Tables 2 List of Figures 3 Upstream Deals Review - Crude Price Volatility Stalls M&A Activity 5 Sector Highlights 5 Mergers and Acquisitions and Asset Transactions - Americas 8 Capital Raising - Americas 11 Acquisitions and Asset Transaction Multiples - Americas 11 Mergers and Acquisitions and Asset Transactions - Europe, Middle East, and Africa 12 Capital Raising - Europe, Middle East, and Africa 15 Acquisitions and Asset Transaction Multiples - Europe, Middle East, and Africa 15 Mergers and Acquisitions and Asset Transactions - Asia-Pacific 16 Capital Raising - Asia-Pacific 18 Acquisitions and Asset Transaction Multiples - Asia-Pacific 18 Disclaimer 19

List of Tables Table 1: Upstream Oil and Gas, Global, Acquisitions and Asset Transaction Multiples by Region, September 2015-February 2016 7 Table 2: Upstream Oil and Gas, Americas, Top Mergers and Acquisitions and Asset Transactions, February 2016 9 Table 3: Upstream Oil and Gas, Americas, Rumored M&As and Asset Transactions, September 2015-February 2016 10 Table 4: Upstream Oil and Gas, Americas, Acquisitions and Asset Transaction Multiples, September 2015-February 2016 11 Table 5: Upstream Oil and Gas, EMEA, Top M&As and Asset Transactions, February 2016 13 Table 6: Upstream Oil and Gas, EMEA, Rumored M&As and Asset Transactions, September 2015-February 2016 14 Table 7: Upstream Oil and Gas, EMEA, Acquisitions and Asset Transaction Multiples, September 2015-February 2016 15 Table 8: Upstream Oil and Gas, APAC, Top M&As and Asset Transactions, February 2016 17 Table 9: Upstream Oil and Gas, APAC, Rumored M&As and Asset Transactions, September 2015-February 2016 17 Table 10: Upstream Oil and Gas, APAC, Acquisitions and Asset Transaction Multiples, September 2015-February 2016 18 List of Figures Figure 1: Upstream Oil and Gas, Global, M&A, Deal Value (US$ bil) and Number of Deals, February 2015-February 2016 6 Figure 2: Upstream Oil and Gas, Global, Capital Raising, Deal Value (US$ bil) and Number of Deals, February 2015-February 2016 6 Figure 3: Upstream Oil and Gas, Global, Deal Share (%) and Value (US$ bil) by Region, YTD 2016 6 Figure 4: Upstream Oil and Gas, Global, Deal Share (%) and Value (US$ bil) by Terrain, YTD 2016 6 Figure 5: Upstream Oil and Gas, Americas, Deal Value (US$ bil) and Number of Deals, February 2015-February 2016 8 Figure 6: Upstream Oil and Gas, Americas, Top 10 Buyers by Deal Value (US$ bil), September 2015-February 2016 10 Figure 7: Upstream Oil and Gas, Americas, Top 10 Sellers by Deal Value (US$ bil), September 2015-February 2016 10 Figure 8: Upstream Oil and Gas, Americas, Deal Value (US$ bil) and Number of Deals, February 2015-February 2016 11 Figure 9: Upstream Oil and Gas, Europe, Middle East, and Africa, Deal Value (US$ bil) and Number of Deals, February 2015-February 2016 12 Figure 10: Upstream Oil and Gas, EMEA, Top 10 Buyers by Deal Value (US$ bil), September 2015-February 2016 14 Figure 11: Upstream Oil and Gas, EMEA, Top 10 Sellers by Deal Value (US$ bil), September 2015-February 2016 14 Figure 12: Upstream Oil and Gas, EMEA, Deal Value (US$ bil) and Number of Deals, February 2015-February 2016 15 Figure 13: Upstream Oil and Gas, APAC, Deal Value (US$ bil) and Number of Deals, February 2015-February 2016 16 Figure 14: Upstream Oil and Gas, APAC, Top 10 Buyers by Deal Value (US$ mil), September 2015-February 2016 17 Figure 15: Upstream Oil and Gas, APAC, Top 10 Sellers by Deal Value (US$ mil), September 2015-February 2016 17 Figure 16: Upstream Oil and Gas, APAC, Deal Value (US$ bil) and Number of Deals, February 2015-February 2016 18