GLOBAL M&A MARKET REVIEW LEGAL RANKINGS 1H 2015

Transcription

1 GLOBAL M&A MARKET REVIEW LEGAL INGS 1H 2015

2 1H 2015 GLOBAL M&A LEGAL ADVISORY INGS CONTENTS 1. Introduction 2. Global M&A Heat Map 3. Global M&A Regional Review 4. Global M&A League Tables 6. Americas M&A Regional Review 7. Americas M&A League Tables 9. EMEA M&A Regional Review 10. EMEA M&A League Tables 14. APAC M&A Regional Review 15. APAC M&A League Tables 20. Disclaimer The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equityswaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards. Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends. Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. On the web, visit: Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone North America Rachel Campanelli rcampanelli3@bloomberg.net EMEA Paula Cook Dinan pcookdinan1@bloomberg.net Asia Pacific Parker Leung pleung50@bloomberg.net General M&A queries may be submitted to: m-a@bloomberg.net, malondon@bloomberg.net, maasia@bloomberg.net 2015 Bloomberg Finance L.P. All rights reserved.

3 Global M&A Heat Map North America USD 1.1T 1. Skadden Arps Meagher & Flom LLP 30.9% 2. Davis Polk & Wardwell LLP 28.0% 3. Sullivan & Cromwell LLP 24.0% Scale in USD Bln Western Europe USD 489.0B 1. Freshfields Bruckhaus Deringer LLP 29.2% 2. Slaughter & May 22.1% 3. De Brauw Blackstone Westbroek NV 21.2% Latin America & Caribbean USD 75.4B 1. Kirkland & Ellis LLP 11.3% 2. Norton Rose Fulbright LLP 9.7% 3. Blake Cassels & Graydon LLP 8.0% Eastern Europe USD 23.7B 1. Clifford Chance LLP 10.6% 2. Loyens & Loeff NV 9.9% 3. Dentons 9.3% Asia Pacific USD 643.6B 1. Skadden Arps Meagher & Flom LLP 16.1% 2. Freshfields Bruckhaus Deringer LLP 13.0% 3. Linklaters LLP 10.0% Middle East & Africa USD 54.8B 1. Allen & Overy LLP 11.6% 2. Clifford Chance LLP 11.0% 3. Linklaters LLP 10.9% Global M&A Review 1H 2015 Deal volume and adviser market share for any regional involvement (target, seller, or acquirer). 2

4 Global M&A Regional Review 1H2015 produced $1.8T in M&A deals, 12.5% greater than the volume for the same period last year and the second highest volume for the first half of the year on record. The number of announced deals in the first half was over 1,800 greater than in 1H2014. The largest two deals YTD were announced in 2Q, and represented 10% of volume. Royal Dutch Shell PLC s announced purchase of BG Group PLC for $79.3B was the third largest deal in the energy space to date. Charter Communications Inc replaced Comcast Corp as the buyer of Time Warner Cable Inc in the third largest deal for a media company for $79.3B. Targets in the Americas were the most sought after with a total volume of $939.1B, followed by Asia Pacific with a volume of $488.2B, up 60.6% from the same period last year. The average premium YTD is 19.5%. The highest premium on a billion dollar deal YTD was 128.3% as seen in Alexion Pharmaceuticals Inc s announced acquisition of Synageva BioPharma Corp. Summary Global M&A: Highlights of 1H 2015 Date Target Acquirer Total Value (Mln) Global M&A: Premium Breakdown Global M&A: Industry Breakdown Amount (Bln.) % of Total Number of deals 17,708 4/8/2015 BG Group PLC Royal Dutch Shell PLC - $79,308.5 Consumer, Non-cyclical $ % 7.8% Volume (Bln.) $1,833 Financial $ % 14.5% Avg Deal Size (Mln.) $103 5/26/2015 Time Warner Cable Inc Charter Communications Inc - $79,249.7 Communications $ % -2.8% Energy $ % 75.1% Top Adviser 3/25/2015 Kraft Foods Group Inc HJ Heinz Co - $55,422.9 Industrial $ % -6.1% Skadden Arps Slate Meagher & Flom LLP Technology $ % 104.7% Number of deals 140 Consumer, Cyclical $ % 9.5% 1/9/2015 Hutchison Whampoa Ltd CK Hutchison Holdings Ltd - $41,705.3 Volume (Bln.) $403.4 Diversified $ % 330.5% Avg Deal Size (Bln.) $2.9 4/8/2015 Perrigo Co PLC Mylan NV - $34,869.9 Basic Materials $ % -8.5% Utilities $ % -38.8% Seller Industry 36% 13% 1% 2% 20% 28% 0-10% 10-25% 25-50% 50-75% % 100%+ % YoY Change Global M&A Review 1H 2015 Global M&A: Quarterly Volume $1,200 10,000 $1,000 8,000 $800 6,000 $600 $400 4,000 $200 2,000 $ Q Q Q Q Q Q2 Volume (Bln.) Deal Count Deal Type Global M&A: Deal Type Breakdown Amount (Bln.) % Change Deal Count % Change Volume Company Takeover $1, % 41.8% Cross Border $ % 10.0% Private Equity $ % 10.7% Asset Sale $ % -20.3% Tender Offer $ % 29.7% Venture Capital $ % 49.8% Spin-off $ % -73.4% Minority Purchase $ % 32.2% Majority Purchase $ % -13.8% Quarterly Volume represents any involvement (target, seller, or acquirer). 3

5 Global Announced Deals (By Volume) 01/01/ /30/2015 Global Announced Deals (By Deal Count) 01/01/ /30/2015 Skadden Arps Slate Meagher & Flom LLP , Jones Day , Davis Polk & Wardwell LLP , Skadden Arps Slate Meagher & Flom LLP , Sullivan & Cromwell LLP , Kirkland & Ellis LLP , Latham & Watkins LLP , Latham & Watkins LLP , Cravath Swaine & Moore LLP , White & Case LLP , Wachtell Lipton Rosen & Katz , Allen & Overy LLP , Freshfields Bruckhaus Deringer LLP , Linklaters LLP , White & Case LLP , Clifford Chance LLP , Kirkland & Ellis LLP , Weil Gotshal & Manges LLP , Fried Frank Harris Shriver & Jacobson LLP , Stikeman Elliott LLP , Allens , Baker & McKenzie LLP , King & Wood Mallesons , Davis Polk & Wardwell LLP , Simpson Thacher & Bartlett LLP , Freshfields Bruckhaus Deringer LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Hogan Lovells , Weil Gotshal & Manges LLP , Nagashima Ohno & Tsunematsu , Ashurst LLP , Fenwick & West LLP , Slaughter & May , Sullivan & Cromwell LLP , De Brauw Blackstone Westbroek NV , DLA Piper LLP , DLA Piper LLP , Morgan Lewis & Bockius LLP , Linklaters LLP , CMS Legal Services EEIG , TOTAL 1,832,364 17,710 1,577,330 TOTAL 1,832,364 17,710 Global Announced Deals- Principals (By Volume) 01/01/ /30/2015 Global Announced Deals- Principals (By Deal Count) 01/01/ /30/2015 (Mln) COUNT (Mln) COUNT Skadden Arps Slate Meagher & Flom LLP , Jones Day , Cravath Swaine & Moore LLP , Kirkland & Ellis LLP , Wachtell Lipton Rosen & Katz , Skadden Arps Slate Meagher & Flom LLP , Freshfields Bruckhaus Deringer LLP , Latham & Watkins LLP , Latham & Watkins LLP , Linklaters LLP , Sullivan & Cromwell LLP , Allen & Overy LLP , Kirkland & Ellis LLP , Clifford Chance LLP , Allens , Baker & McKenzie LLP , King & Wood Mallesons , Weil Gotshal & Manges LLP , Weil Gotshal & Manges LLP , Stikeman Elliott LLP , Davis Polk & Wardwell LLP , Freshfields Bruckhaus Deringer LLP , Slaughter & May , White & Case LLP , De Brauw Blackstone Westbroek NV , Hogan Lovells , Paul Weiss Rifkind Wharton & Garrison LLP , Nagashima Ohno & Tsunematsu , Linklaters LLP , Fenwick & West LLP , Davies Ward Phillips & Vineberg LLP , DLA Piper LLP , Simpson Thacher & Bartlett LLP , Morgan Lewis & Bockius LLP , Wilson Sonsini Goodrich & Rosati PC , CMS Legal Services EEIG , Stikeman Elliott LLP , Squire Patton Boggs US LLP , Gibson Dunn & Crutcher LLP , Mori Hamada & Matsumoto , TOTAL 1,466,906 4,126 1,251,576 TOTAL 1,466,906 4,126 1,251, VOLUME USD (Mln) DEAL COUNT 2014 (Mln) COUNT 1,577,330 4

6 Cross Border Announced Deals (By Volume) 01/01/ /30/2015 Global Private Equity Deals (By Volume) 01/01/ /30/2015 (Mln) COUNT (Mln) COUNT Freshfields Bruckhaus Deringer LLP , Davis Polk & Wardwell LLP , Cravath Swaine & Moore LLP , Weil Gotshal & Manges LLP , Slaughter & May , Skadden Arps Slate Meagher & Flom LLP , Skadden Arps Slate Meagher & Flom LLP , Sullivan & Cromwell LLP , Sullivan & Cromwell LLP , Hogan Lovells , Ashurst LLP , Kirkland & Ellis LLP , King & Wood Mallesons , Simpson Thacher & Bartlett LLP , Latham & Watkins LLP , Torys LLP , De Brauw Blackstone Westbroek NV , King & Wood Mallesons , Allens , Sidley Austin LLP , Davis Polk & Wardwell LLP , Ropes & Gray LLP , Linklaters LLP , Clifford Chance LLP , Allen & Overy LLP , Fried Frank Harris Shriver & Jacobson LLP , Herbert Smith Freehills LLP , Latham & Watkins LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Dechert LLP , Simpson Thacher & Bartlett LLP , O'Melveny & Myers LLP , Fried Frank Harris Shriver & Jacobson LLP , Debevoise & Plimpton LLP , Torys LLP , Cleary Gottlieb Steen & Hamilton LLP , Clifford Chance LLP , Allen & Overy LLP , Morrison & Foerster LLP , Cadwalader Wickersham & Taft LLP , TOTAL 700,157 6, ,865 TOTAL 358,459 4, ,703 5

7 Americas M&A Regional Review The US continues to drive M&A activity in the Americas, with an increase of 12.2% in volume from 1H2014. Dealmaking in Brazil fell close to 50%, impacted by a devaluation of currency and an overall economic slowdown in the country. The consumer, non-cyclical industry was the most targeted in 1H2015 with the largest deal volume as well as the highest deal count at a total of $283.1B and 1,923 deals. This was driven by the pharmaceutical and food sub-sectors. For the second year in a row, telecommunications had the largest deal in the first half with Charter Communications Inc announcing its acquisition of Time Warner Cable Inc. However, volume in the telecommunications sub-sector as a whole is down 57.7% compared to the same period last year. Americas M&A: Highlights of 1H 2015 Americas M&A: Country Breakdown Amount % YoY Country United States (Bln.) $864.8 % of Total 92.1% Change 12.2% Canada $ % -43.7% Brazil $ % -49.1% British Virgin Islands $ % 139.4% Mexico $ % -34.6% Colombia $ % 75.3% Bermuda $ % 50.5% Chile $ % -59.7% Americas M&A: Industry Breakdown Total Value Amount % YoY Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 8,107 Charter Communications Consumer, Non-cyclical $ % 16.7% 5/26/2015 Time Warner Cable Inc - $79,249.7 Volume (Bln.) $939.1 Inc Financial $ % 28.9% Avg Deal Size (Mln.) $115.8 Communications $ % -10.7% 3/25/2015 Kraft Foods Group Inc HJ Heinz Co - $55,422.9 Technology $ % 96.7% Top Adviser Energy $ % 9.9% 4/8/2015 Perrigo Co PLC Mylan NV - $34,869.9 Skadden Arps Slate Meagher & Flom LLP Industrial $ % 18.9% Number of deals 95 Consumer, Cyclical $ % -9.1% 5/28/2015 Broadcom Corp Avago Technologies Ltd - $29,805.9 Volume (Bln.) $309.5 Basic Materials $ % -42.4% Avg Deal Size (Bln.) $3.3 Utilities $ % -71.1% 3/4/2015 Pharmacyclics Inc AbbVie Inc - $19,776.9 Diversified $ % -80.0% Global M&A Review 1H 2015 Americas M&A: Quarterly Volume $700 6,000 $600 5,000 $500 4,000 $400 $300 3,000 $200 2,000 $100 1,000 $ Q Q Q Q Q Q2 Volume (Bln.) Deal Count Americas M&A: Deal Type Breakdown Amount (Bln.) % Change Deal Count % Change Volume Deal Type Company Takeover $ % 38.0% Cross Border $ % 1.3% Private Equity $ % 3.4% Asset Sale $ % -17.3% Tender Offer $ % 172.1% Venture Capital $ % 31.6% Spin-off $ % -96.9% Minority Purchase $ % 34.1% Majority Purchase $ % -43.7% Quarterly Volume represents any involvement (target, seller, or acquirer). 6

8 US Announced Deals (By Volume) 01/01/ /30/2015 US Announced Deals (By Deal Count) 01/01/ /30/2015 (Mln) COUNT (Mln) COUNT Skadden Arps Slate Meagher & Flom LLP , Kirkland & Ellis LLP , Davis Polk & Wardwell LLP , Jones Day , Sullivan & Cromwell LLP , Latham & Watkins LLP , Latham & Watkins LLP , Skadden Arps Slate Meagher & Flom LLP , Wachtell Lipton Rosen & Katz , Fenwick & West LLP , White & Case LLP , Weil Gotshal & Manges LLP , Kirkland & Ellis LLP , White & Case LLP , Fried Frank Harris Shriver & Jacobson LLP , Davis Polk & Wardwell LLP , Cravath Swaine & Moore LLP , Sullivan & Cromwell LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Morgan Lewis & Bockius LLP , Simpson Thacher & Bartlett LLP , Wilson Sonsini Goodrich & Rosati PC , Weil Gotshal & Manges LLP , Wachtell Lipton Rosen & Katz , DLA Piper LLP , Stikeman Elliott LLP , Davies Ward Phillips & Vineberg LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Gibson Dunn & Crutcher LLP , Cooley LLP , Shearman & Sterling LLP , Simpson Thacher & Bartlett LLP , Wilson Sonsini Goodrich & Rosati PC , Gibson Dunn & Crutcher LLP , Cleary Gottlieb Steen & Hamilton LLP , Ropes & Gray LLP , McCarthy Tetrault LLP , Hogan Lovells , Ropes & Gray LLP , O'Melveny & Myers LLP , TOTAL 1,029,321 8, ,527 TOTAL 1,029,321 8,386 US Announced Deals- Principals (By Volume) 01/01/ /30/2015 US Announced Deals- Principals (By Deal Count) 01/01/ /30/2015 (Mln) COUNT Skadden Arps Slate Meagher & Flom LLP , Kirkland & Ellis LLP , Wachtell Lipton Rosen & Katz , Jones Day , Latham & Watkins LLP , Latham & Watkins LLP , Kirkland & Ellis LLP , Skadden Arps Slate Meagher & Flom LLP , Sullivan & Cromwell LLP , Fenwick & West LLP , Cravath Swaine & Moore LLP , Weil Gotshal & Manges LLP , Weil Gotshal & Manges LLP , Morgan Lewis & Bockius LLP , Davis Polk & Wardwell LLP , Wilson Sonsini Goodrich & Rosati PC , Paul Weiss Rifkind Wharton & Garrison LLP , Wachtell Lipton Rosen & Katz , Davies Ward Phillips & Vineberg LLP , Stikeman Elliott LLP , Simpson Thacher & Bartlett LLP , Cooley LLP , Wilson Sonsini Goodrich & Rosati PC , Paul Weiss Rifkind Wharton & Garrison LLP , Gibson Dunn & Crutcher LLP , Davis Polk & Wardwell LLP , McCarthy Tetrault LLP , Ropes & Gray LLP , Ropes & Gray LLP , Hogan Lovells , King & Wood Mallesons , King & Spalding LLP , Baker Botts LLP , Gibson Dunn & Crutcher LLP , White & Case LLP , White & Case LLP , NautaDutilh NV , Simpson Thacher & Bartlett LLP , Blake Cassels & Graydon LLP , Dorsey & Whitney LLP , TOTAL 905,977 2, ,557 TOTAL 905,977 2, ,557 (Mln) COUNT 892,527 7

9 Canada Announced Deals (By Volume) 01/01/ /30/2015 Canada Announced Deals (By Deal Count) 01/01/ /30/ Torys LLP , Stikeman Elliott LLP , Osler Hoskin & Harcourt LLP , Osler Hoskin & Harcourt LLP , Shearman & Sterling LLP , Gowling Lafleur Henderson LLP , Blake Cassels & Graydon LLP , McCarthy Tetrault LLP , Debevoise & Plimpton LLP , Blake Cassels & Graydon LLP , Davis Polk & Wardwell LLP , Davies Ward Phillips & Vineberg LLP , Sidley Austin LLP , Torys LLP , Cadwalader Wickersham & Taft LLP , Fasken Martineau DuMoulin LLP , Stikeman Elliott LLP , Borden Ladner Gervais LLP , Weil Gotshal & Manges LLP , Norton Rose Fulbright LLP , White & Case LLP , Weil Gotshal & Manges LLP , Sullivan & Cromwell LLP , Goodmans LLP , Clifford Chance LLP , Cassels Brock & Blackwell LLP , Cravath Swaine & Moore LLP , Bennett Jones LLP , Herbert Smith Freehills LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Wilson Sonsini Goodrich & Rosati PC , Kirkland & Ellis LLP , Mannheimer Swartling Advokatbyra AB , Dorsey & Whitney LLP Advokatfirman Vinge KB , Jones Day , Norton Rose Fulbright LLP , Morgan Lewis & Bockius LLP , Dentons , Fried Frank Harris Shriver & Jacobson LLP , TOTAL 119,421 1,457 99,392 TOTAL 119,421 1,457 Brazil Announced Deals (By Volume) 01/01/ /30/2015 Brazil Announced Deals (By Deal Count) 01/01/ /30/ VOLUME USD (Mln) DEAL COUNT (Mln) COUNT (Mln) COUNT Barbosa Mussnich & Aragao , Pinheiro Neto Advogados Shearman & Sterling LLP , Barbosa Mussnich & Aragao , Mattos Filho Veiga Filho Marrey Jr e Quiroga Advoga , Mattos Filho Veiga Filho Marrey Jr e Quiroga Advoga , Demarest Advogados , Souza Cescon Barrieu & Flesch Advogados , Freshfields Bruckhaus Deringer LLP , Demarest Advogados , Souza Cescon Barrieu & Flesch Advogados , Machado Meyer Sendacz e Opice Advogados Cassels Brock & Blackwell LLP Tozzini Freire Teixeira E Silva Skadden Arps Slate Meagher & Flom LLP Azevedo Sette Advogados Kirkland & Ellis LLP Veirano Advogados Pinheiro Neto Advogados Skadden Arps Slate Meagher & Flom LLP Veirano Advogados Lobo & Rizzo Advogados Machado Meyer Sendacz e Opice Advogados Allen & Overy LLP Lefosse Advogados Shearman & Sterling LLP , Tozzini Freire Teixeira E Silva Lefosse Advogados Pinheiro Guimaraes Advogados Pinheiro Guimaraes Advogados Baker & McKenzie LLP Baker & McKenzie LLP Mayer Brown LLP Jones Day Blake Cassels & Graydon LLP Stocche Forbes Padis Filizzola e Clapis Advogados Lobo & Rizzo Advogados Boccuzzi Advogados Associados Anderson Mori & Tomotsune Freshfields Bruckhaus Deringer LLP , TOTAL 21, ,530 TOTAL 21, VOLUME USD (Mln) DEAL COUNT ,392 32,530 8

10 EMEA M&A Review At $409.7B, a marginal 0.6% increase on 1H2014, volume in EMEA was consistent with that of the previous last half of the year. The oil and gas industry replaced real estate as the top industry by volume in the region, driven by the acquisition of BG Group PLC by Royal Dutch Shell PLC, at $79.3B. Shell's offer represented a 54.1% premium at the time of announcement, driven mainly by BG's LNG assets. The premium was double that of Mobil Corp when acquired by Exxon Corp in 1998 (26.2%). The average premium in 1H2015 increased compared to 1H2014 (24.28% from 19.4%), with acquisitions within the mining industry drawing particularly high premiums of 78.9% compared to others. Private equity volume in 1H2015 increased 25.3% from the same period of the prior year. Private equity in EMEA increased at a higher rate than the global benchmark change of 10.7% YTD. EMEA M&A Highlights of 1H 2015 EMEA M&A: Country Breakdown Amount % YoY Country United Kingdom (Bln.) $193.3 % of Total 48.1% Change 148.9% France $ % -68.0% Germany $ % -37.5% Italy $ % 164.1% Netherlands $ % -1.3% Switzerland $ % -12.5% Spain $ % -40.6% Finland $ % -21.0% EMEA M&A: Industry Breakdown Total Value Amount % YoY Summary Date Target Acquirer Seller (USD Mln.) Industry (Bln.) % of Total Change Number of deals 4,356 Energy $ % 226.4% 4/8/2015 BG Group PLC Royal Dutch Shell PLC - $79,308.5 Volume (Bln.) $410 Financial $ % -6.1% Avg Deal Size (Mln.) $92.5 Industrial $ % -37.3% 3/24/2015 Telefonica UK Ltd Hutchison Whampoa Ltd Telefonica SA $15,125.1 Communications $ % -25.6% Top Adviser Consumer, Non-cyclical $ % -18.4% 4/15/2015 Alcatel-Lucent Nokia OYJ - $11,669.9 Freshfields Bruckhaus Deringer LLP Consumer, Cyclical $ % -3.5% Number of deals 61 Technology $ % 93.2% 6/24/2015 Delhaize Group SA Koninklijke Ahold NV - $11,473.4 Volume (Bln.) $144.7 Utilities $ % 19.4% Avg Deal Size (Bln.) $2.4 Basic Materials $ % -38.7% 2/19/2015 Rexam PLC Ball Corp - $8,500.6 Diversified $ % 113.6% Global M&A Review 1H 2015 EMEA M&A: Quarterly Volume $400 4,000 $300 3,000 $200 2,000 $100 1,000 $ Q Q Q Q Q Q2 Volume (Bln.) Deal Count EMEA M&A: Deal Type Breakdown Amount (Bln.) % Change Deal Count % Change Volume Deal Type Company Takeover $ % 26.7% Cross Border $ % 13.8% Private Equity $ % 25.3% Asset Sale $ % -35.5% Tender Offer $ % -7.4% Venture Capital $ % 28.8% Spin-off $ % -50.8% Minority Purchase $ % -8.0% Majority Purchase $ % -23.7% Quarterly Volume represents any involvement (target, seller, or acquirer). 9

11 Europe Announced Deals (By Volume) 01/01/ /30/2015 Europe Announced Deals (By Deal Count) 01/01/ /30/2015 Freshfields Bruckhaus Deringer LLP , Linklaters LLP , Slaughter & May , Clifford Chance LLP , De Brauw Blackstone Westbroek NV , Allen & Overy LLP , Cravath Swaine & Moore LLP , Jones Day , Ashurst LLP , CMS Legal Services EEIG , King & Wood Mallesons , Freshfields Bruckhaus Deringer LLP , Allens , Latham & Watkins LLP , Skadden Arps Slate Meagher & Flom LLP , White & Case LLP , Latham & Watkins LLP , Baker & McKenzie LLP , Linklaters LLP , Squire Patton Boggs US LLP , Sullivan & Cromwell LLP , Hogan Lovells , Davis Polk & Wardwell LLP , Skadden Arps Slate Meagher & Flom LLP , Allen & Overy LLP , Weil Gotshal & Manges LLP , Simpson Thacher & Bartlett LLP , Cuatrecasas Goncalves Pereira , White & Case LLP , Ashurst LLP , Clifford Chance LLP , DLA Piper LLP , Herbert Smith Freehills LLP , Slaughter & May , Wilson Sonsini Goodrich & Rosati PC , Loyens & Loeff NV , Houthoff Buruma , De Brauw Blackstone Westbroek NV , Wachtell Lipton Rosen & Katz , Herbert Smith Freehills LLP , TOTAL 502,856 5, ,388 TOTAL 502,856 5,326 Europe Announced Deals- Principals (By Volume) 01/01/ /30/2015 Europe Announced Deals- Principals (By Deal Count) 01/01/ /30/2015 (Mln) COUNT (Mln) COUNT 2014 Freshfields Bruckhaus Deringer LLP , Linklaters LLP , Slaughter & May , Clifford Chance LLP , De Brauw Blackstone Westbroek NV , Allen & Overy LLP , Cravath Swaine & Moore LLP , Jones Day , King & Wood Mallesons , CMS Legal Services EEIG , Allens , Freshfields Bruckhaus Deringer LLP , Skadden Arps Slate Meagher & Flom LLP , Latham & Watkins LLP , Linklaters LLP , White & Case LLP , Allen & Overy LLP , Baker & McKenzie LLP , Simpson Thacher & Bartlett LLP , Squire Patton Boggs US LLP , Latham & Watkins LLP , Hogan Lovells , Clifford Chance LLP , Weil Gotshal & Manges LLP , Herbert Smith Freehills LLP , Skadden Arps Slate Meagher & Flom LLP , Sullivan & Cromwell LLP , Cuatrecasas Goncalves Pereira , Davis Polk & Wardwell LLP , DLA Piper LLP , Wilson Sonsini Goodrich & Rosati PC , Slaughter & May , Houthoff Buruma , Loyens & Loeff NV , Torys LLP , Ashurst LLP , Ashurst LLP , De Brauw Blackstone Westbroek NV , Paul Weiss Rifkind Wharton & Garrison LLP , Herbert Smith Freehills LLP , TOTAL 398,140 1, ,637 TOTAL 398,140 1, ,637 (Mln) COUNT 2015 VOLUME USD (Mln) DEAL COUNT 558,388 10

12 UK Announced Deals (By Volume) 01/01/ /30/2015 UK Announced Deals (By Deal Count) 01/01/ /30/2015 (Mln) COUNT Freshfields Bruckhaus Deringer LLP , Linklaters LLP , Slaughter & May , Clifford Chance LLP , Ashurst LLP , Freshfields Bruckhaus Deringer LLP , Allens , Allen & Overy LLP , De Brauw Blackstone Westbroek NV , Squire Patton Boggs US LLP , Cravath Swaine & Moore LLP , Jones Day , King & Wood Mallesons , White & Case LLP , Linklaters LLP , Slaughter & May , Clifford Chance LLP , CMS Legal Services EEIG Herbert Smith Freehills LLP , Hogan Lovells , Skadden Arps Slate Meagher & Flom LLP , Ashurst LLP , Davis Polk & Wardwell LLP , Herbert Smith Freehills LLP , Allen & Overy LLP , Latham & Watkins LLP , Hogan Lovells , DLA Piper LLP , Shearman & Sterling LLP , Olswang , Axinn Veltrop & Harkrider LLP , Skadden Arps Slate Meagher & Flom LLP , Torys LLP , Weil Gotshal & Manges LLP , White & Case LLP , MacFarlanes Ltd , Simpson Thacher & Bartlett LLP , Kirkland & Ellis LLP , Sullivan & Cromwell LLP , Dentons TOTAL 241,862 2, ,665 TOTAL 241,862 2,168 Germany Announced Deals (By Deal Count) 01/01/ /30/2015 France Announced Deals (By Deal Count) 01/01/ /30/2015 (Mln) COUNT Clifford Chance LLP , Latham & Watkins LLP , CMS Legal Services EEIG Clifford Chance LLP , Noerr LLP , Jones Day Freshfields Bruckhaus Deringer LLP , Bredin Prat , Hengeler Mueller CMS Legal Services EEIG Linklaters LLP , Allen & Overy LLP , Allen & Overy LLP , Dechert LLP Jones Day , Weil Gotshal & Manges LLP , Luther Rechtsanwaltsgesellschaft mbh Mayer Brown LLP Latham & Watkins LLP Linklaters LLP , DLA Piper LLP , Baker & McKenzie LLP Hogan Lovells Dentons , White & Case LLP Skadden Arps Slate Meagher & Flom LLP , Taylor Wessing Ashurst LLP Norton Rose Fulbright LLP Willkie Farr & Gallagher LLP Ashurst LLP , White & Case LLP Weil Gotshal & Manges LLP , Herbert Smith Freehills LLP Cuatrecasas Goncalves Pereira Hogan Lovells Mannheimer Swartling Advokatbyra AB Gide Loyrette Nouel Squire Patton Boggs US LLP Hengeler Mueller TOTAL 41, ,135 TOTAL 72, ,843 (Mln) COUNT (Mln) COUNT 203,665 11

13 Italy Announced Deals (By Deal Count) 01/01/ /30/2015 Benelux Announced Deals (By Deal Count) 01/01/ /30/2015 (Mln) COUNT Legance Studio Legale Associato , De Brauw Blackstone Westbroek NV , NCTM Studio Legale Associato Loyens & Loeff NV , Linklaters LLP , Allen & Overy LLP , Latham & Watkins LLP , Houthoff Buruma , Gianni Origoni Grippo Capelli Partners , Linklaters LLP , Cleary Gottlieb Steen & Hamilton LLP Clifford Chance LLP , Skadden Arps Slate Meagher & Flom LLP , CMS Legal Services EEIG Bonelli Erede Pappalardo , White & Case LLP , Slaughter & May , Freshfields Bruckhaus Deringer LLP , Baker & McKenzie LLP NautaDutilh NV , Portolano Cavallo Studio Legale Baker & McKenzie LLP , CMS Legal Services EEIG Stibbe , Jones Day Skadden Arps Slate Meagher & Flom LLP , Hogan Lovells DLA Piper LLP White & Case LLP Jones Day Allen & Overy LLP Latham & Watkins LLP , Shearman & Sterling LLP Simpson Thacher & Bartlett LLP , Freshfields Bruckhaus Deringer LLP , Weil Gotshal & Manges LLP , Sullivan & Cromwell LLP , Noerr LLP Paul Weiss Rifkind Wharton & Garrison LLP , AZB & Partners TOTAL 34, ,398 TOTAL 146, Iberia Announced Deals (By Deal Count) 01/01/ /30/2015 Nordic Announced Deals (By Deal Count) 01/01/ /30/2015 (Mln) COUNT Cuatrecasas Goncalves Pereira , Advokatfirman Vinge KB , Linklaters LLP , Roschier Asianajotoimisto Oy , Clifford Chance LLP Hannes Snellman Advokatbyra Ab/FI Perez-Llorca Mannheimer Swartling Advokatbyra AB , Uria Menendez Abogados SLP Linklaters LLP Allen & Overy LLP , Advokatfirmaet Schjodt AS Gomez-Acebo & Pombo Abogados SLP White & Case LLP , Freshfields Bruckhaus Deringer LLP , Advokatfirmaet Thommessen AS , Ashurst LLP Allen & Overy LLP , Jones Day Weil Gotshal & Manges LLP Rousaud Costas Duran Slp Jones Day Latham & Watkins LLP , Attorneys COBALT AS Hogan Lovells Latham & Watkins LLP , White & Case LLP , Skadden Arps Slate Meagher & Flom LLP , Slaughter & May Raidla Ellex Advokaadiburoo OU DLA Piper LLP Freshfields Bruckhaus Deringer LLP Garrigues Abogados CMS Legal Services EEIG Machado Meyer Sendacz e Opice Advogados Clifford Chance LLP Roca Junyent SLP Reed Smith LLP Herbert Smith Freehills LLP , Baker & McKenzie LLP TOTAL 43, ,522 TOTAL 37, (Mln) COUNT (Mln) COUNT 77,952 54,406 12

14 Eastern Europe Announced Deals (By Deal Count) 01/01/ /30/2015 (Mln) COUNT Dentons , Attorneys COBALT AS Baker & McKenzie LLP CMS Legal Services EEIG White & Case LLP Raidla Ellex Advokaadiburoo OU Allen & Overy LLP , Weil Gotshal & Manges LLP , Loyens & Loeff NV , Balcioglu Selcuk Akman Keki Avukatlik Ortakligi Linklaters LLP Squire Patton Boggs US LLP Clifford Chance LLP , King & Spalding LLP , Herguner Bilgen Ozeke AZB & Partners SORAINEN DLA Piper LLP Skadden Arps Slate Meagher & Flom LLP , Noerr LLP TOTAL 23, ,565 13

15 APAC M&A Regional Review In 1H2015, APAC M&A volume and deal count (any involvement) increased 65.0% and 32.1% to $643.8B and 6,234 respectively, compared to 1H2014. The Greater China region saw the highest deal volume (any involvement) in the APAC region in 1H2015, increasing 91.7% to $354.9B year-on-year. The largest M&A deal in 2Q2015 was SK C&C Co Ltd's takeover of SK Holdings Co Ltd for $26.7B. This was also the largest ever deal announced in South Korea at the time of announcement. The most targeted industry in APAC by volume was the financial industry, whose $119.8B contributed to 24.3% of the overall volume in 1H2015. The industry's biggest deal was the $11.2B private placement of China Overseas Land & Investment Ltd to China State Construction Engineering Corp Ltd. The average premium paid to APAC targets was 11.0%, with most premiums falling between 0 and 10%. Summary Date Target Acquirer Seller Number of deals 5,048 Volume (Bln.) $488.2 Avg Deal Size (Mln.) $95.4 Top Adviser 3/24/2015 Skadden Arps Meagher & Flom LLP Number of deals 24 Volume (Bln.) $64.8 Avg Deal Size (Bln.) $2.7 APAC Industry Breakdown 6% 8% 10% 6% 3% 11% 11% 23% 11% 11% APAC M&A: Highlights of 1H /9/2015 Hutchison Whampoa Ltd CK Hutchison Holdings Ltd - 4/20/2015 SK Holdings Co Ltd China Overseas Land & Investment Ltd APAC M&A: Breakdown Deal Type Amount (Bln.) % Change Deal Count Total Value (USD Mln.) $41,705.3 SK C&C Co Ltd - $26,731.5 China State Construction Engineering Corp Ltd - $11, /26/2015 Samsung C&T Corp Cheil Industries Inc - $10, /30/2015 Adani Ports & Special Economic Zone Ltd Financial Communications Diversified Industrial Consumer, Non-cyclical Consumer, Cyclical Energy Basic Materials Technology Utilities Shareholders Adani Enterprises Ltd $10,682.8 % YoY Change Company Takeover $ % 81.1% Cross Border $ % 24.2% Private Equity $ % 18.7% Asset Sale $ % 8.6% Tender Offer $ % -74.7% Venture Capital $ % 182.4% Spin-off $ % 605.7% Minority Purchase $ % 58.8% Majority Purchase $ % 11.4% $400 $300 $200 $100 $0 $80 $60 $40 $20 $0 $200 $150 $100 $50 $0 $100 $50 $0 APAC M&A: Quarterly Volume Volume (Bln.) Deal Count Australia/NZ M&A: Quarterly Volume Volume (Bln.) Deal Count Greater China M&A: Quarterly Volume Volume (Bln.) Deal Count Japan M&A: Quarterly Volume 4,000 3,000 2,000 1, ,500 1, Volume (Bln.) Deal Count Graphs represent any regional involvement (target, seller, or acquirer.) 0 Global M&A Review 1H

16 APAC Ex Japan Announced Deals (By Volume) 01/01/ /30/2015 APAC Ex Japan Announced Deals (By Deal Count) 01/01/ /30/2015 Skadden Arps Slate Meagher & Flom LLP , AZB & Partners , Freshfields Bruckhaus Deringer LLP , King & Wood Mallesons , Linklaters LLP , Herbert Smith Freehills LLP , Allens , Baker & McKenzie LLP , Herbert Smith Freehills LLP , Allens , Stikeman Elliott LLP , Kim & Chang , Davis Polk & Wardwell LLP , Lee & Ko , Latham & Watkins LLP , Skadden Arps Slate Meagher & Flom LLP , Kim & Chang , Grandall Legal Group , Sullivan & Cromwell LLP , Minter Ellison , WongPartnership LLP , Shin & Kim , Morrison & Foerster LLP , Khaitan & Co , Paul Weiss Rifkind Wharton & Garrison LLP , J Sagar Associates , Fried Frank Harris Shriver & Jacobson LLP , Bae Kim & Lee , Bae Kim & Lee , Norton Rose Fulbright LLP , King & Wood Mallesons , Clifford Chance LLP , Norton Rose Fulbright LLP , Allen & Overy LLP , Ashurst LLP , Linklaters LLP , Weil Gotshal & Manges LLP , WongPartnership LLP , Kirkland & Ellis LLP , Gilbert + Tobin , TOTAL 581,980 5, ,965 TOTAL 581,980 5,110 APAC Private Equity Announced Deals (By Volume) 01/01/ /30/2015 (Mln) COUNT (Mln) COUNT King & Wood Mallesons , Kirkland & Ellis LLP , Skadden Arps Slate Meagher & Flom LLP , Weil Gotshal & Manges LLP , Sullivan & Cromwell LLP , Davis Polk & Wardwell LLP , Allen & Overy LLP , Clifford Chance LLP , Ashurst LLP , Herbert Smith Freehills LLP , HWL Ebsworth Lawyers , Shearman & Sterling LLP , Dechert LLP , Hogan Lovells , Simpson Thacher & Bartlett LLP , Freshfields Bruckhaus Deringer LLP , O'Melveny & Myers LLP , Slaughter & May , Kim & Chang , AZB & Partners , TOTAL 95, ,161 (Mln) COUNT 341,965 15

17 AU & NZ Announced Deals (By Volume) 01/01/ /30/2015 AU & NZ Announced Deals (By Deal Count) 01/01/ /30/2015 (Mln) COUNT Herbert Smith Freehills LLP , Allens , Allens , Herbert Smith Freehills LLP , Ashurst LLP , Minter Ellison , King & Wood Mallesons , Gilbert + Tobin , Minter Ellison , King & Wood Mallesons , Weil Gotshal & Manges LLP , Ashurst LLP , Cravath Swaine & Moore LLP , Norton Rose Fulbright LLP , Blake Cassels & Graydon LLP , Corrs Chambers Westgarth , White & Case LLP , Baker & McKenzie LLP HWL Ebsworth Lawyers , HWL Ebsworth Lawyers , Clayton Utz , Allen & Overy LLP , Nishimura & Asahi , DLA Piper LLP Kirkland & Ellis LLP , Weil Gotshal & Manges LLP , Hogan Lovells , Blake Cassels & Graydon LLP , Simpson Thacher & Bartlett LLP , Clifford Chance LLP , Sullivan & Cromwell LLP , McCarthy Tetrault LLP , Dechert LLP , Squire Patton Boggs US LLP Davis Polk & Wardwell LLP , Cravath Swaine & Moore LLP , Skadden Arps Slate Meagher & Flom LLP , Clayton Utz , Norton Rose Fulbright LLP , Kirkland & Ellis LLP , TOTAL 70, ,507 TOTAL 70, ,507 Japan Announced Deals (By Volume) 01/01/ /30/2015 Japan Announced Deals (By Deal Count) 01/01/ /30/2015 (Mln) COUNT Mori Hamada & Matsumoto , Nagashima Ohno & Tsunematsu , Nishimura & Asahi , Mori Hamada & Matsumoto , Freshfields Bruckhaus Deringer LLP , Nishimura & Asahi , Simpson Thacher & Bartlett LLP , Anderson Mori & Tomotsune , Nagashima Ohno & Tsunematsu , Oh-Ebashi LPC & Partners Sullivan & Cromwell LLP , Morrison & Foerster LLP , Skadden Arps Slate Meagher & Flom LLP , Baker & McKenzie LLP Willkie Farr & Gallagher LLP , Freshfields Bruckhaus Deringer LLP , Herbert Smith Freehills LLP , Skadden Arps Slate Meagher & Flom LLP , Clayton Utz , Herbert Smith Freehills LLP , Ashurst LLP , Sullivan & Cromwell LLP , Cleary Gottlieb Steen & Hamilton LLP , Clifford Chance LLP , Clifford Chance LLP , Shearman & Sterling LLP , Shearman & Sterling LLP , Jones Day , Jones Day , Latham & Watkins LLP , Greenberg Traurig LLP , Ropes & Gray LLP Anderson Mori & Tomotsune , Ashurst LLP , Gernandt & Danielsson , Kim & Chang , Mannheimer Swartling Advokatbyra AB , Allen & Overy LLP , Morrison & Foerster LLP , Fenwick & West LLP TOTAL 87,935 1,377 58,023 TOTAL 87,935 1,377 58,023 (Mln) COUNT (Mln) COUNT 16