GLOBAL MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS. Full Year 2012

Transcription

1 GLOBAL MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS Full Year

2 Full Year Mergers & Acquisitions s M&A y Review Table of Contents Global M&A EMEA M&A Asia Pacific (exjapan) M&A Global Intelligence European Intelligence Asia Pacific (exjapan) Intelligence Scorecard: Worldwide Announced M&A Top Ten European Involvement Announced Top Ten Any Asia (exjapan) Involvement Announced Scorecard: Worldwide Completed M&A Any European Involvement Announced (AE) Any Asian (exjapan) Involvement Announced (AE) Top Fifteen Worldwide Announced Any European Involvement Completed (AG) Any Asian (exjapan) Involvement Completed (AG) Worldwide Announced (AE) Any UK Involvement Announced (AE) Any Asia Pacific (exjapan) Involvement Announced (AE) Worldwide Completed (AG) Any UK Involvement Completed (AG) Any Asia Pacific (exjapan) Involvement Completed (AG) Any French Involvement Announced (AE) Any Australia or NZ Involvement Announced (AE) Any French Involvement Completed (AG) Any Australia or New Zealand Involvement Completed (AG) Americas Intelligence Any Spanish Involvement Announced (AE) Top Ten US Announced Any Spanish Involvement Completed (AG) Any US Involvement Announced (AE) Any German Involvement Announced (AE) Japan Intelligence Any US Involvement Completed (AG) Any German Involvement Completed (AG) Top Ten Japanese Involvement Announced US Target Announced (AE) Any Italian Involvement Announced (AE) Any Japanese Involvement Announced (AE) US Target Completed (AG) Any Italian Involvement Completed (AG) Any Japanese Involvement Completed (AG) Any Canadian Involvement Announced (AE) Any Nordic Involvement Announced (AE) Any Canadian Involvement Completed (AG) Any Nordic Involvement Completed (AG) Any US Public Involvement Completed Any Benelux Involvement Announced (AE) Mergers & Acquisitions Criteria Summary Any Benelux Involvement Completed (AG) Regional Contacts Americas M&A Japan M&A Criteria Summary Thomson Reuters Soultions for the Deal Making Community

3 Full Year LEGAL ADVISORS MERGERS & ACQUISITIONS REVIEW Spinoffs & Divestitures Push Worldwide M&A Up % to US$. trillion l Cross Border M&A Up % Worldwide Announced Financial Sponsor Activity WORLDWIDE M&A UP %, SPINOFFS & DIVESTITURES ACCOUNT FOR % OF M&A Bolstered by record levels of spinoff and divestiture activity, the value of worldwide M&A totalled US$. trillion during full year, a % increase from comparable levels. Worldwide spinoffs and divestitures, which totalled US$. trillion for full year, accounted for % of overall M&A activity this year, the highest annual percentage since records began in. Compared to the third quarter of, the value of announced mergers & acquisitions increased % during the fourth quarter of. RESOURCES, REAL ESTATE, FINANCIALS LEAD ACTIVITY The energy & power sector was most active during full year, commanding % of announced M&A, while the financials and real estate sectors accounted for % and % of M&A activity, respectively. Consumer staples and retail deal making led all sectors as to growth rate, up % and %, respectively, during full year, while materials and high technology registered declines of % and % over full year. BUYSIDE PRIVATE EQUITY M&A FLAT COMPARED TO Worldwide private equitybacked M&A activity totalled US$. billion during full year. Private equity deal making in the energy & power, industrials and financial sectors accounted for % of activity during full year. Accounting for % of worldwide M&A during, private equitybacked M&A was flat compared to levels. Q Volume (US$b) % Q Volume (US$b) $.%.% Q Volume (US$b) Q Volume (US$b) % of YTD Global M&A $ % $ Rank Value (US$b) EMERGING MARKETS ACCOUNT FOR % OF M&A; CROSS BORDER UP % Accounting for over onequarter of worldwide announced merger activity, M&A involving companies located in the emerging markets totalled US$. billion during full year, a % increase from. Cross Border M&A activity totalled US$. billion during full year, accounting for % of overall M&A volume and up % compared to full year. Cross border M&A was driven by the energy & power, industrials, and consumer staples sectors, which comprised % of crossborder deal volume during. $ %.% $.%.%.% $ % of Global M&A Global Intelligence.%.%.%.% % $.% $ % $ $ % Worldwide Cross Border Volume $, $, % Q Volume (US$b).% Q Volume (US$b) % Q Volume (US$b) Q Volume (US$b) %.% % of YTD Global M&A Rank Value (US$b) $, $,.%.%.%.%.%.% %.% %.% $, % $ % $ % $ % $ % % of Global M&A $,.% % $

4 Full Year Mergers & Acquisitions s Mergers & Acquisitions Scorecard: Worldwide Announced M&A Target Region/Nation Worldwide Americas Caribbean Central America Panama North America United States Canada South America Brazil Chile Africa/Middle East Middle East North Africa SubSaharan Africa Europe Eastern Europe Western Europe United Kingdom Spain Switzerland AsiaPacific Australasia Australia New Zealand South East Asia Singapore Malaysia North Asia China South Korea South Asia Central Asia Japan // // Rank Val No. US$m,,.,,.,.,.,.,,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,,,,,,,,,,,,,,,,,,, Scorecard: Worldwide Completed M&A // / Rank Val No. US$m,,,,.,.,..,,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,,,,,,,,,,,,,,,,,,,, % Change in Rank Value Target Region/Nation Worldwide Americas Caribbean Central America Mexico North America United States Canada South America Brazil Chile Africa/Middle East Middle East North Africa SubSaharan Africa Europe Eastern Europe Western Europe United Kingdom Spain Germany AsiaPacific Australasia Australia New Zealand South East Asia Malaysia Singapore North Asia China South Korea South Asia Central Asia Japan // // Rank Val No. US$m,,.,,.,.,.,.,.,.,.,.,,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,,.,.,.,.,.,.,.,.,,,,,,,,,,,,,,,,,, Worldwide Announced M&A by Target Industry // / Rank Val No. US$m,,.,,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,,,,,,,,,,,,,,,,,, % Change in Rank Value % % Date Effective // // // Intended Target (% Sought/Acquired) Abbott LaboratoriesResearch (%) Xstrata PLC (.%) Kraft Foods IncN Amer Grocery (%) TNKBP Ltd (%) TNKBP Ltd (%) Bankia SABad RE Assets (%) Banco Financiero y de Ahorros (%) ConocoPhillipsRefining,Mktg (%) Alliance Boots GmbH (%) Sprint Nextel Corp (%) Grupo Modelo SAB de CV (.%) China Telecom CorpG Assets (%) Bankia SA (%) Nexen Inc (%) Plains Expl & Prodn Co (%) % % % Top Fifteen Worldwide Announced Rank Date // // // // // // // // // // // // // // // % % % % % % % Energy and Power Financials Real Estate Materials Industrials Consumer Staples Healthcare High Technology Telecommunications Media and Entertainment Retail Jan Dec Acquiror Shareholders Glencore International PLC Shareholders NK Rosneft' NK Rosneft' SAREB FROB Shareholders Walgreen Co SoftBank Corp AnheuserBusch Inbev China Telecom Corp Ltd FROB CNOOC Canada Holding Ltd FreeportMcMoRan Copper & Gold Acquiror / Target Nation Switzerland / Switzerland Russian Fed / Russian Fed Russian Fed / Russian Fed Spain / Spain Spain / Spain United States / Switzerland Japan / United States Belgium / Mexico China / China Spain / Spain Canada / Canada Rank Value (US$m),.,.,.,,.,.,.,.,.,,.,.,.,.,. Target Macro / Mid Industry Healthcare / Pharmaceuticals Materials / Metals & Mining Consumer Staples / Food and Beverage Real Estate / Residential Financials / Banks Retail / Other Retailing Telecommunications / Telecommunications Services Consumer Staples / Food and Beverage Telecommunications / Wireless Financials / Banks

5 Full Year Mergers & Acquisitions s Worldwide Rankings Worldwide Announced (AE) Mattos Filho Veiga Filho Marrey Jr Worldwide Completed (AG) Rank Value US$m Sh (%) Share Ch.,...,...,...,...,...,...,...,...,...,...,...,..,...,...,...,...,...,...,...,...,..,...,...,...,...,,..%.% per Advisor.. * *..... * *.,, Dewey & LeBoeuf LLP Vinson & Elkins LLP Bracewell & Giuliani.%.% Worldwide Announced (AE) Based on Number of DLA Piper CMS Gowling Lafleur Henderson LLP Mayer Brown LLP Paul Hastings Norton Rose * * * * * * * * * * * * * * * * per Advisor # Of Share (%) ,,.%.% Rank Value US$m Sh (%) Share Ch.,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,..,...,...,...,...,..,...,...,...,...,,..%.% per Advisor *.. *. *.... *. *.... *.... *.,,.%.% Worldwide Completed (AG) Based on Number of Rank Value US$m Share Ch.,..,,..,..,..,..,..,..,..,..,..,..,,..,,,..,..,..,,,..,..,,,, DLA Piper CMS Gowling Lafleur Henderson LLP Paul Hastings Mayer Brown LLP Norton Rose.%.% * * * * * per Advisor # Of Sh (%) ,,.%.% Rank Value US$m Share Ch.,..,,..,..,..,..,..,..,..,..,..,,..,..,,,..,..,..,,..,,..,,,,.%.%

6 Full Year Mergers & Acquisitions s Worldwide M&A Matrix Exit Multiple Matrix Year to Date Average Rank Value / EBITDA UP DOWN World Americas USA Canada EMEA Europe UK Asia ex. Japan Japan.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x..x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x..x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x Materials.x.x.x.x.x.x.x.x.x.x.x.x.x Media and Entertainment.x.x.x.x.x.x.x.x.x.x.x.x.x Real Estate.x Retail.x.x.x.x.x Consumer Products and Services.x Consumer Staples.x Energy and Power.x.x.x.x.x Healthcare.x.x High Technology.x Industrials Telecommunications Average.x.x.x.x.x.x.x x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x..x.x.x.x.x.x.x.x.x.x.x Bid Premium Matrix Year to Date Average Premium to Week Stock Price UP DOWN World Americas USA Canada EMEA Europe UK Asia ex. Japan Japan Consumer Products and Services Consumer Staples Energy and Power Financials Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Telecommunications Average * Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period // // and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at x and for average premium to week stock price prior to announcement is capped at %.

7 Full Year Mergers & Acquisitions s Americas M&A Overall US M&A Decreases %; Falls % Exclusive of Spinoff Value Canadian Activity Up % Americas Intelligence US Announced Advisors by Target Industry Overall M&A activity with US involvement decreased.% from, reaching US$. trillion. The number of USinvolved M&A transactions decreased by.%, dropping from, to, announced deals. Exclusive of the over $ billion of value attributed to spinoffs executed in (including of the top overall deals in the year), USinvolved M&A activity declined.% over the course of. Energy & Power Rank Val (US$m) Bracewell & Giuliani Despite a.% decrease in the number of announced M&A deals with Canadian involvement and an.% decrease in the number of completed M&A deals with Canadian involvement, the value of both announced and completed M&A activity in Canada involvement surpassed totals by.% and %, respectively. Healthcare Minter Ellison High Technology The Energy & Power sector led the US market, with deal volume totaling US$. billion, a.% market share and a % decrease compared to last year. Healthcare placed second, with US$. billion, a.% share. By deal count, High Technology was the most prolific sector, with, transactions. Financials On average, EBITDA multiples for Americas Targets during decreased to.x from the.x reported in. From an industry perspective, among US target transactions, average industry multiples ranged from.x for Telecommunications to.x for Real Estate targets. Consumer Staples A&L Goodbody US Target Announced M&A Target Industry by Value Jan Dec Rank Mkt. Share No., % Date Effective // // // // //.,..,..,. Materials,..,..,..,..,..,.. Consumer Products & Services,.,. Real Estate,..,..,... Media,..,..,.. LBO as % of US M&A % % $ % % Consumer Staples Industrials Telecommunications Retail % $ % $ % Top Ten US Announced Rank Date // // // // // // // // // //,. $ $ Healthcare Financials Media and Entertainment Consumer Products and Services % %.% No. % $ %.% NonLBO $.% Mkt. Share % LBO.% Rank,. LBOs as a Percentage of US Targeted Announced M&A.%.% Energy and Power Real Estate High Technology Materials Government and Agencies Rank Val (US$m) Industrials $.%.% %,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,. Jan Dec Jan Dec Target (% Sought/Acquired) Abbott LaboratoriesResearch (%) Kraft Foods IncN Amer Grocery (%) ConocoPhillipsRefining,Mktg (%) Sprint Nextel Corp (%) Plains Expl & Prodn Co (%) Archstone Enterprise LP (%) Pfizer Nutrition (%) ArchstoneSmith Trust (.%) Tyco International LtdADT (%) NYSE Euronext (%) Acquiror Shareholders Shareholders Shareholders SoftBank Corp FreeportMcMoRan Copper & Gold Investor Group Nestle SA Lehman Brothers Holdings Inc Shareholders IntercontinentalExchange Inc Acquiror / Target Nation Japan / United States Switzerland / United States Rank Value (US$m),.,.,.,,.,.,,,.,. Target Macro / Mid Industry Healthcare / Pharmaceuticals Consumer Staples / Food and Beverage Telecommunications / Telecommunications Services Real Estate / REITs Consumer Staples / Food and Beverage Real Estate / REITs Consumer Products and Services / Professional Services Financials / Brokerage

8 Full Year Mergers & Acquisitions s Americas Rankings Any US Involvement Announced (AE) Minter Ellison Musat & Asociatii A&L Goodbody Debevoise & Plimpton Any US Involvement Completed (AG) Rank Value US$m Sh (%) Share Ch.,...,...,...,...,...,...,...,...,...,...,...,...,...,...,..,...,...,...,...,...,...,...,...,...,...,,..%.% per Advisor * * *. *. *... *. *. * *...., Dewey & LeBoeuf LLP Vinson & Elkins LLP Bracewell & Giuliani A&L Goodbody Baker Botts LLP Greenberg Traurig Dechert.%.% US Target Announced (AE).%.% per Advisor. *... *..... *. *... *.. *. *. *. * *., per Advisor... * *. *... *. *. *.. *. *. *. *. *. *. *. *.,.%.% US Target Completed (AG) Rank Value US$m Sh (%) Share Ch.,...,...,...,...,...,...,...,...,...,...,...,... Minter Ellison *,... Musat & Asociatii,...,..,...,... A&L Goodbody,... Alston & Bird,... Vinson & Elkins LLP,...,... Fried Frank Harris Shriver & Jacobson,...,... Debevoise & Plimpton,..,...,. Rank Value US$m Sh (%) Share Ch.,..,...,...,...,...,...,...,...,...,...,...,..,...,...,...,...,...,...,...,...,...,...,...,...,...,,..%.% per Advisor *... *. *.... *. *.. *. * * *.. *. *.. *. *. *. *.. *., Rank Value US$m Sh (%) Share Ch.,..,...,...,...,... Dewey & LeBoeuf LLP,...,...,...,...,... Vinson & Elkins LLP,...,... Bracewell & Giuliani,...,...,...,...,.. Greenberg Traurig,...,... Baker Botts LLP,...,... A&L Goodbody,... Dechert,... Alston & Bird,... Fried Frank Harris Shriver & Jacobson,...,..%.% *tie.%.%.%.%

9 Full Year Mergers & Acquisitions s Americas Rankings Any Canadian Involvement Announced (AE) Any Canadian Involvement Completed (AG) Rank Value US$m Sh (%) Share Ch.,... Osler Hoskin & Harcourt LLP,... Stikeman Elliott,... Burnet Duckworth & Palmer,... Torys,...,... Norton Rose,...,... Bennett Jones,...,...,...,...,... Richard A Shaw Professional Corp,... Fasken Martineau DuMoulin LLP,...,...,...,...,... Fried Frank Harris Shriver & Jacobson,... Sidley Austin LLP,... Davies Ward Phillips & Vineberg LLP,...,... Goodmans,...,...,..%.% per Advisor... *.... *.. *. *. *. *. *.. *. *. *. *. *. *. *. *. *., Rank Value US$m Sh (%) Share Ch. Osler Hoskin & Harcourt LLP,... Torys,...,...,... Norton Rose,... Stikeman Elliott,... Fasken Martineau DuMoulin LLP,...,... Bennett Jones,... Davies Ward Phillips & Vineberg LLP,...,... Burnet Duckworth & Palmer,...,...,.. Goodmans,...,... Fried Frank Harris Shriver & Jacobson,...,...,...,.. Sidley Austin LLP,... Borden Ladner Gervais LLP,...,... Gowling Lafleur Henderson LLP,... Paul Hastings,...,..%.% Any US Public Involvement Completed Rank Value US$m Sh (%) Share Ch.,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,..%.%.%.% US Target Announced (AE) Based on Number of (Published in Collaboration with Westlaw Business) Dewey & LeBoeuf LLP Vinson & Elkins LLP Bracewell & Giuliani A&L Goodbody Baker Botts LLP Alston & Bird Dechert Greenberg Traurig.%.% per Advisor *. *. *.. *.. *.. *. *. *.. *. *. *. *.. *., per Advisor. *.... *... *. *... *... *. *. *... *. *. *. *. *., DLA Piper Wilson Sonsini Goodrich & Rosati Vinson & Elkins LLP Dorsey & Whitney LLP Morgan Lewis & Bockius Bryan Cave LLP K&L Gates Paul Hastings Fenwick & West LLP Ropes & Gray Sidley Austin LLP Cooley LLP.%.% * * * * * * * * * * * * * * * * * * * * *tie per Advisor Sh (%) ,..%.% Rank Value US$m Share Ch,...,...,...,.,...,...,.,...,...,...,.,...,...,.,.,.,...,...,.,...,...,...,.,....,..,.,.%.%

10 Full Year Mergers & Acquisitions s EMEA M&A EMEA Announced M&A rises at % Energy & Power Most Active Sector EMEA Intelligence in First Place EMEA Financial Sponsor Investments Q Volume (US$b) $ Announced M&A activity with EMEA involvement totalled US$. trillion in, rising % from the full year totals. Fourth quarter deal value was more than double the totals recorded in the third quarter. % Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) $ Energy and Power finished as the most active sector, with, deals grossing a combined US$ billion, just edging out Financials which accrued US$. billion. Industrials finished third, with US$. billion worth of activity..%.% $ % of YTD EMEA M&A.%.% EMEA Targeted buyside financial sponsor activity reached only US$. billion, falling short of the US$. billion reported last year. However, fourth quarter totals in reached US$. billion, accounting for the most activity in a single quarter since the second quarter of. Although totals lagged behind those seen in, the market largely held onto annual volume levels regained after the trough. %.% $.%.%.%.% $ Acquirors on the London exchange were EMEA's most acquisitve companies in, with deals accounting for a combined total of US$. billion in offers. The US$ billion Xstrata / Glencore transaction from the first quarter accounted for a significant portion of this M&A activity. %.% % $ $ % Primary Stock Exchange Listing of Most Acquisitive EMEA Companies Top (US$ bil) $ $ $ $. $. Russian Trading System Euronext Brussels $. Energy and Power Financials Garrigues Industrials Real Estate Materials $. $. EMEA Involvement Announced Advisors by Target Industry London $. %.% Frankfurt New York $. Zurich Euronext Paris Rank Val US$m,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,,.,. Jan Dec Rank Mkt. Share No.,,,,, Top Ten EMEA Involvement Announced Rank Date // // // // // // // // // // Date Effective // Intended // // Target (% Sought/Acquired) Xstrata PLC (.%) TNKBP Ltd (%) TNKBP Ltd (%) Bankia SABad RE Assets (%) Banco Financiero y de Ahorros (%) Alliance Boots GmbH (%) Grupo Modelo SAB de CV (.%) Bankia SA (%) International Power PLC (.%) Cooper Industries PLC (%) Acquiror Glencore International PLC NK Rosneft' NK Rosneft' SAREB FROB Walgreen Co AnheuserBusch Inbev FROB Electrabel SA Eaton Corp Acquiror / Target Nation Switzerland / Switzerland Russian Fed / Russian Fed Russian Fed / Russian Fed Spain / Spain Spain / Spain United States / Switzerland Belgium / Mexico Spain / Spain Belgium / United Kingdom United States / IrelandRep Rank Value (US$m),.,,.,.,.,.,.,.,.,. Target Macro / Mid Industry Materials / Metals & Mining Real Estate / Residential Financials / Banks Retail / Other Retailing Consumer Staples / Food and Beverage Financials / Banks Energy and Power / Power Industrials / Other Industrials

11 Full Year Mergers & Acquisitions s EMEA Rankings Any European Involvement Announced (AE) Mattos Filho Veiga Filho Marrey Jr Bennett Jones Jan Dec Rank Value US$m Sh ($) Share Ch.,...,...,...,...,...,..,...,...,...,...,...,...,...,...,...,...,..,...,...,...,...,...,...,...,...,,..%.% per Advisor.. *.... *.. *. *. *. *. *. *. *. *. *. *. *. *. *. *.. *., Garrigues A&L Goodbody Hengeler Mueller per Advisor. *. *.. *. *... *... *. *.. *... *. *. *. *.. *. *. *., Jan Dec Rank Value US$m Sh ($) Share Ch.,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,..,...,. Jan Dec Rank Value US$m Sh ($) Share Ch.,...,...,...,... Mattos Filho Veiga Filho Marrey Jr *,...,...,...,...,...,...,...,...,...,...,... DLA Piper,...,...,...,...,...,...,..,...,... Fried Frank Harris Shriver & Jacobson,...,..%.%,.%.% Any UK Involvment Announced (AE) Any European Involvment Completed (AG).%.% per Advisor.. *.. *.. *. *.... *. *.. *. *. *. *. *. *.. *.. *. *.,.%.% Any UK Involvment Completed (AG) Jan Dec Rank Value US$m Sh ($) Share Ch.,...,...,...,...,..,...,...,...,...,...,...,...,...,...,...,...,...,...,... DLA Piper,...,...,... Eversheds,... Arnold & Porter,... Fried Frank Harris Shriver & Jacobson,.,..%.%.%.%, per Advisor.... *.. *. *. *. *. *. *. *.. *. *. *. *... *.. *. *. *.,.%.% *tie

12 Full Year Mergers & Acquisitions s EMEA Rankings Any French Involvement Announced (AE) Darrois Villey Maillot Brochier Bredin Prat Gide Loyrette Nouel De Brauw Blackstone Westbroek PLMJ Internacional SGPS SA Vinson & Elkins LLP Hengeler Mueller Osler Hoskin & Harcourt LLP Zaki Hashem & Partners Dechert Simmons & Simmons Stevens & Bolton Jan Dec Rank Value US$m Sh ($) Share Ch.,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,.. *,... *,...,...,...,... *,... *,...,..%.% per Advisor.. *. *. *. *. *. *..... *. *. *. *. *. *. *. *. *. *. *. *. *. *.,.% % Jan Dec Rank Value US$m Sh ($) Share Ch. Garrigues,... Uria Menendez,...,...,... Cuatrecasas Goncalves Pereira,...,... *,...,...,...,... Mattos Filho Veiga Filho Marrey Jr,...,... Lefosse Advogados,... Covington & Burling *,.. Haynes & Boone *,.. DLA Piper,...,... Souza, Cescon, Barrieu & Flesch Advogados *,... *,... Debevoise & Plimpton * *,... McGrigors LLP *,... *,... *... Deloitte... Bird & Bird *..., per Advisor *. *.. *. *. *. *. *. *.. *. *. *. *. *. *. *.. *., Jan Dec Rank Value US$m Sh ($) Share Ch.,...,...,..,...,...,... Bredin Prat,...,... *,...,.. Gianni Origoni Grippo Cappelli & Partners,... Darrois Villey Maillot Brochier,... Willkie Farr & Gallagher,...,...,...,...,...,...,...,...,... Gide Loyrette Nouel,... Tozzini Freire Teixeira e Silva,... De Brauw Blackstone Westbroek,... Bonelli Erede e Pappalardo,...,..%.% Any Spanish Involvment Announced (AE) Any French Involvment Completed (AG).%.% per Advisor... *. *... *. *. *. *. *. *.. *. *. *. *. *. *. *.. *. *. *.,.%.% Any Spanish Involvment Completed (AG) Jan Dec Rank Value US$m Sh ($) Share Ch. Garrigues,... Uria Menendez,...,...,... Cuatrecasas Goncalves Pereira,...,...,... Mattos Filho Veiga Filho Marrey Jr,...,... Perez Llorca *,... Lefosse Advogados,...,...,...,... DLA Piper,.. Souza, Cescon, Barrieu & Flesch Advogados *,... *,... Debevoise & Plimpton * *,... *,... McGrigors LLP *,... Dechert *,... Posse, Herrera & Ruiz *, Deloitte......,..%.%.%.% per Advisor.. *. *... *. *. *. *. *.. *. *.. *. *. *. *. *. *. *. *.. *..%.% *tie

13 Full Year Mergers & Acquisitions s EMEA Rankings Any German Involvement Announced (AE) Hengeler Mueller CMS P+P Pollath + Partners Paul Hastings Willkie Farr & Gallagher Greenberg Traurig Bonelli Erede e Pappalardo Jan Dec Rank Value US$m Sh ($) Share Ch.,..,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,... *,...,...,...,...,..,...,..%.% per Advisor *. *. *. *. *. *. *. *.. *. *. *. *. *. *.. *., Hengeler Mueller CMS P+P Pollath + Partners Willkie Farr & Gallagher Greenberg Traurig Bonelli Erede e Pappalardo Castren & Snellman Hannes Snellman per Advisor. *. *. *.. *. *. *. *.. *. *. *. *. *. *. *. *. *. *.. *. *. *. *. Jan Dec Rank Value US$m Sh ($) Share Ch.,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,... *,... *,... *,...,... * *,... * *,...,. Jan Dec Rank Value US$m Sh ($) Share Ch. Chiomenti Studio Legal,... Origoni & Partners,...,...,... Gianni Origoni Grippo Cappelli & Partners,... *,... Bonelli Erede e Pappalardo,...,... *,... Legance Studio Legale Associato,...,... DLA Piper,... Torys,...,...,... Pinheiro Neto Advogados *,... *,... De Brauw Blackstone Westbroek *,...,..... Studio Pedersoli e Associati... Cuatrecasas Goncalves Pereira *... Debevoise & Plimpton *.. Squire Sanders & Dempsey LLP * *.. Paul Hastings...,..%.%.%.% Any Italian Involvment Announced (AE) Any German Involvment Completed (AG).%.% per Advisor... *.. *.... *. *. *. *.. *.. *.. *. *. *. *. *. *. *.,.%.% Any Italian Involvment Completed (AG) Jan Dec Rank Value US$m Sh ($) Share Ch. Chiomenti Studio Legal,... Gianni Origoni Grippo Cappelli & Partners,.. Origoni & Partners,...,...,... *,... *,... Willkie Farr & Gallagher * *,...,... Bonelli Erede e Pappalardo,... *,...,...,... Torys,... Debevoise & Plimpton,...,... Pinheiro Neto Advogados *... Paul Hastings..... Cuatrecasas Goncalves Pereira *... Squire Sanders & Dempsey LLP *.. Studio Pedersoli e Associati... Legance Studio Legale Associato Grimaldi e Associati...,..%.%.%.% per Advisor.. *. *. *. *. *. *. *.. *.. *. *. *. *. *. *. *. *. *. *. *. *. *..%.% *tie

14 Full Year Mergers & Acquisitions s EMEA Rankings Any Nordic Involvement Announced (AE) Advokatfirman Vinge Advokatfirmaet Thommessen AS Advokatfirmaet Wiersholm AS Eversheds Hannes Snellman Castren & Snellman Hengeler Mueller Mannheimer Swartling Advokatbyra Bonelli Erede e Pappalardo Kromann Reumert Advokatfirmaet Haavind Vislie DA Davies Ward Phillips & Vineberg LLP Roschier Gernandt & Danielsson Jan Dec Rank Value US$m Sh ($) Share Ch.,...,...,...,...,...,...,... *,...,...,...,...,...,...,...,...,...,...,... *,...,...,...,...,...,...,...,..%.% per Advisor *. *.. *.. *.. *. *. *... *... *. *. *. *. *. *. *. *. *..,.%.% Advokatfirmaet Thommessen AS Advokatfirmaet Wiersholm AS Roschier Hannes Snellman Kromann Reumert Mannheimer Swartling Advokatbyra Advokatfirman Vinge Eversheds Gernandt & Danielsson Castren & Snellman Dewey & LeBoeuf LLP Hengeler Mueller Bonelli Erede e Pappalardo Gorrissen & Federspiel Advokatfirmaet Haavind Vislie DA per Advisor.. *.. *. *... *. *. *. *. *. *. *. *. *. *. *. *. *. *. *. *. *., Jan Dec Rank Value US$m Sh ($) Share Ch.,...,..,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,... *,..,...,...,...,... * *,...,. Jan Dec Rank Value US$m Sh ($) Share Ch.,...,..,...,...,...,...,...,...,...,...,... *,.. *,.. *,..,...,...,...,...,... *,...,...,...,... * *,... *,...,..%.% Any Benelux Involvment Announced (AE) Darrois Villey Maillot Brochier McCann Fitzgerald Bar & Karrer De Brauw Blackstone Westbroek Greenberg Traurig Alston & Bird Creel, Garcia Cuella, Aiza y Enriquez Stibbe Drew & Napier Any Nordic Involvment Completed (AG).%.% per Advisor *. *.. *... *. *. *.. *. *. *. *. *. *... *. *. *. *. *.. *., De Brauw Blackstone Westbroek NautaDutilh Dechert Loyens & Loeff Mayer Brown LLP Squire Sanders & Dempsey LLP Bar & Karrer Darrois Villey Maillot Brochier McCann Fitzgerald.%.%.%.% Jan Dec Rank Value US$m Sh ($) Share Ch.,...,... *,...,...,...,...,...,...,...,...,...,...,...,... *,...,...,...,...,...,... *,... *,...,...,..,...,..%.% Any Benelux Involvment Completed (AG) per Advisor. *. *.. *. *. *. *. *. *.. *. *. *. *. *. *. *. *. *. *. *. *. *..,.%.% *tie

15 Full Year Mergers & Acquisitions s Asia Pacific (exjapan) M&A Asian M&A Recovers I Fees Earned Drop % I Australian M&A Value Halved Asia Pacific (exjapan) Intelligence Any Asian (ExJapan) Involvement Advisors by Target Industry M&A activity with Asian involvement in increased.% over, to US$. billion, from the US$. billion recorded last year. in the Energy & Power sector registered the highest value in, accruing US$ billion in activity from deals. The Materials sector reached US$. billion in value, from a marketleading deal count of,. Activity in the Financials sector amounted to US$. billion from deals. China outbound activity in the fourth quarter of decreased by.% compared to the fourth quarter last year, reaching US$. billion. Despite being behind totals at the end of the third quarter, China cross border activity for fullyear reached US$. billion, just surpassing the US$ billion in activity recorded last year. Australian M&A activity amounted to US$ billion, a % decline from the US$ billion grossed in. Australian cross border activity totaled US$. billion in, falling far short of the US$. billion accrued last year. Foreign companies invested US$. billion in the Australian Materials sector, representing.% of inbound volume. Any Asian (ExJapan) Involvement Announced M&A by Target Industry Jan Dec,.,.,.,.,.,.,.,.,.,.,.,.,.,.,., Rank Val (US$m) Rank Materials Amarchand Mangaldas Industrials Debevoise & Plimpton Consumer Staples Stamford Law Corp WongPartnership LLP Allen & Gledhill Healthcare AZB & Partners Grandall Law Firm Z&T Law Firm,.,.,.,.,.,.,,.,.,.,.,.,.,.,,. Mkt. No. Share ,, China Cross Border Announced M&A.% Outbound (US$b) $.%.% Mkt. No. Share Rank Val (US$m) Rank Financials Energy & Power Burnet Duckworth & Palmer Osler Hoskin & Harcourt LLP Telecommunications Arthur Cox Real Estate Allen & Gledhill Jan Dec % Inbound (US$b).%.% % of Cross Border is Outbound.% $ % $ % $ % $ % $ %.%.%.%.%.% Energy and Power Financials Industrials High Technology Media and Entertainment Healthcare Government and Agencies.%.% Materials Consumer Staples Real Estate Telecommunications Consumer Products and Services Retail Top Ten Asia Pacific (exjapan) Announced Rank Date // // // // // // // // // // Date Effective // // // Target (% Sought/Acquired) China Telecom CorpG Assets (%) Nexen Inc (%) Fraser & Neave Ltd (%) Ping An Insurance(Group)Co (.%) Fraser & Neave Ltd (.%) Alibaba Group Holding Ltd (%) Hankook Tire Co LtdTire Bus (%) Progress Energy Resources Corp (%) NCOC BV (.%) Bank Danamon Tbk PT (.%) Jan Dec Acquiror China Telecom Corp Ltd CNOOC Canada Holding Ltd OUE Baytown Pte Ltd Investor Group TCC Assets Ltd Alibaba Group Holding Ltd Shareholders Petronas Carigali Canada Ltd ONGC Videsh Ltd DBS Group Holdings Ltd Acquiror / Target Nation China / China Canada / Canada Singapore / Singapore Thailand / China British Virgin / Singapore China / China South Korea / South Korea Canada / Canada India / Kazakhstan Singapore / Indonesia Rank Value (US$m),.,.,.,.,.,,.,.,,. Target Macro / Mid Industry Telecommunications / Wireless Consumer Staples / Food and Beverage Financials / Insurance Consumer Staples / Food and Beverage Consumer Products and Services / Professional Services Industrials / Automobiles & Components Financials / Banks

16 Full Year Mergers & Acquisitions s Asia (ExJapan) Rankings Any Asian (exjapan) Involvement Announced (AE) Burnet Duckworth & Palmer WongPartnership LLP Osler Hoskin & Harcourt LLP Stikeman Elliott Stamford Law Corp Richard A Shaw Professional Corp Allen & Gledhill Fangda Partners Amarchand Mangaldas Shook Lin & Bok LLP Any Asian (exjapan) Involvement Completed (AG) Rank Value US$m Sh (%) Share Ch.,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,..,...,...,...,...,...,...,..%.% per Advisor *. *. *. *. *. *... *. *. * *. *.. *. * *., Kim & Chang Lee & Ko Bae Kim & Lee Norton Rose Allen & Gledhill Fangda Partners Jingtian & Gongcheng Shin & Kim Vinson & Elkins LLP Fenwick & West LLP O'Melveny & Myers.%.% Any Asia Pacific (exjapan) Involvement Announced (AE) Osler Hoskin & Harcourt LLP Burnet Duckworth & Palmer WongPartnership LLP Stikeman Elliott Stamford Law Corp Richard A Shaw Professional Corp Allen & Gledhill Allens.%.%.%.% per Advisor *. *. *. *.. *..... *... *.. *. *.. *. *. *. *. *.. *., per Advisor *. * *.. *... *... *.. *. *... *.,.%.% Any Asia Pacific (exjapan) Involvement Completed (AG) Rank Value US$m Sh (%) Share Ch.,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,. Rank Value US$m Sh (%) Share Ch.,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,. per Advisor. *.. *.. *. *. *. *... *. *.. *. *. *. *. *. *. *.. *., Gilbert + Tobin Allens Clayton Utz Norton Rose Kim & Chang Corrs Chambers Westgarth Lee & Ko Bae Kim & Lee Minter Ellison Allen & Gledhill Fangda Partners Jingtian & Gongcheng.%.% Rank Value US$m Sh (%) Share Ch.,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,. * tie.%.%.%.%

17 Full Year Mergers & Acquisitions s Australia & New Zealand Rankings Any Australia or New Zealand Involvement Announced (AE) Any Australia or New Zealand Involvement Completed (AG) Rank Value US$m Sh (%) Share Ch.,..,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,... *,...,...,..,...,...,... *,...,...,. Allens Gilbert + Tobin Clayton Utz Minter Ellison Norton Rose Jipyong Jisung Corrs Chambers Westgarth Osler Hoskin & Harcourt LLP Bell Gully DLA Piper Johnson Winter & Slattery Middletons Lawyers Squire Sanders & Dempsey LLP.%.% per Advisor..... *.. *... *. *. *.. *. *. *. *. *. *.. *. *. *. *.,.%.% * tie Australian Cross Border Announced M&A $ Rank Value US$m Sh (%) Share Ch.,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,... *,...,...,...,...,...,. Gilbert + Tobin Allens Clayton Utz Corrs Chambers Westgarth Minter Ellison Norton Rose Bell Gully McCullough Robertson Jipyong Jisung Baker Botts LLP Orrick Herrington & Sutcliffe LLP Stikeman Elliott Mayer Brown LLP Osler Hoskin & Harcourt LLP Simpson Grierson.%.% per Advisor... *... *.. *.. *. *. *. *. *.... *. *. *. *. *. *..,.%.% Asia (exjapan) Buyside Financial Sponsor Activity % Outbound (US$b) $ Inbound (US$b) $ % of Cross Border is Outbound % Q Volume (US$b) Q Volume (US$b) % Q Volume (US$b) % $ $ % Q Volume (US$b) Rank Value (US$b) % Outbound $ $ $ % $ % $ % $ % $ % $ % $ % % $ Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q % Q $ Q Rank Value (US$b) % % of Asia (exjapan) Volume % of Asia (exjapan) Volume YTD %

18 Full Year Mergers & Acquisitions s Japan M&A Japanese Announced M&A Down.% Outbound Volume Reach Record High Japan Intelligence Any Japanese Involvement Advisors by Target Industry In, announced M&A activity with Japanese involvement reached US$. billion, a.% decrease from the US$ billion of value recorded in. In spite of the slight annual decline, the fourth quarter of recorded the highest quarterly announced volume for Japanese deals since, with deal value reaching US$ billion. acquisition of a % interest in Sprint Nextel worth $. billion was largest Japanese announced and crossborder transaction, as well as the eighth largest Japanese involvement deal in history. Japanese outbound M&A reached a record high in, with deals accruing $. billion, a.% increase in value compared to. US target transactions accounted for approximately % of the total value. Three UStarget acquisition of Sprint Nextel, acquisition of Gavilon Group, and Daikin On average, acquirors paid.x EBITDA for Japanese targets in, representing a decline of. "turns" from averages. Average bid premia (to week prior stock price) for Japanese targets increased. percetage Japanese Involvement Announced M&A Target Industry by Value Jan Dec US$m (US$m) Rank Energy and Power,. Nishimura & Asahi,. Nagashima Ohno & Tsunematsu,.,. Telecommunications,.,., *, * Polsinelli Shughart PC, *, *, * Foulston, Siefkin, Powers & Elkouri (KS), * Potter Anderson & Corroon, * High Technology,.,.,. Nagashima Ohno & Tsunematsu,. Industrials,.,.,.,. Consumer Staples,.,., *, *, * Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) $.%.% Jan Dec US$m (US$m) Rank Materials,. Nagashima Ohno & Tsunematsu,. Nishimura & Asahi,.,. Real Estate,,. Nagashima Ohno & Tsunematsu,.,. Financials,. Nagashima Ohno & Tsunematsu,.,.,.,. Media and Entertainment,.,.,. *,. *,. Healthcare, Cooley LLP, Dewey & LeBoeuf LLP, * Mintz Levin Cohn Ferris Glovsky & Popeo, * *tie $.%,, $.%,.% $.%.%.% Mkt. Share No Any Japanese Involvement Announced M&A.%.% Mkt. Share No ,.% $, $.%, $ Energy and Power Industrials Real Estate Telecommunications Consumer Staples Financials High Technology Materials Media and Entertainment Healthcare Retail Consumer Products and Services $ $ Top Ten Japanese Involvement Announced Rank Date // // // // // // // // // // Date Effective // // // // Intended // Target (% Sought/Acquired) Sprint Nextel Corp (%) TEPCO (.%) Gavilon Group LLC (%) Annington Homes Ltd (%) Exxon Mobil (%) eaccess Ltd (%) Aegis Group PLC (.%) Goodman Global Group Inc (%) Jupiter Telecommunications (.%) Boston Biomedical Inc (%) Jan Dec Acquiror SoftBank Corp NDF Marubeni Corp Terra Firma Capital Partners TonenGeneral Sekiyu KK SoftBank Corp Dentsu Inc Daikin Industries Ltd Investor Group Dainippon Sumitomo Pharma Co Acquiror / Target Nation Japan / United States Japan / Japan Japan / United States United Kingdom / United Kingdom Japan / Japan Japan / Japan Japan / United Kingdom Japan / United States Japan / Japan Japan / United States Rank Value (US$m),,.,,,.,.,.,,., Target Macro / Mid Industry Telecommunications / Telecommunications Services Energy and Power / Power Consumer Staples / Agriculture & Livestock Real Estate / Residential High Technology / Internet Software & Services Media and Entertainment / Advertising & ing Industrials / Other Industrials Media and Entertainment / Broadcasting Healthcare / Biotechnology

19 s nkings Any Japanese Involvement Announced (AE) Any Japanese Involvement Completed (AG) Rank Value US$m Sh (%) Share Ch.,... Nagashima Ohno & Tsunematsu,... Nishimura & Asahi,...,...,...,... Anderson Mori & Tomotsune,... *,.. Polsinelli Shughart PC,.. Potter Anderson & Corroon (DE) *,.. Foulston, Siefkin, Powers & Elkouri (KS) *,..,...,...,...,...,...,...,...,...,...,...,...,...,...,...,..%.% per Advisor..... *.. *. *. * * *. *. *. *... *. *. *.. *. *. *., Nagashima Ohno & Tsunematsu Nishimura & Asahi Anderson Mori & Tomotsune Clayton Utz Lee and Li Allen & Gledhill WongPartnership LLP O'Melveny & Myers TMI Associates.%.% per Advisor..... *. *. *. *.. *. *... *. *.. *. *.. *.. *. *. *., Rank Value US$m Sh (%) Share Ch.,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,...,..%.%.%.% *Tie Japense Outbound M&A Target Nation Region Americas Europe Asia Pacific Americas Number of Europe Number of Rank Value (US$b) Asia Pacific Number of

20 Full Year Mergers & Acquisitions s Ranking Criteria Summary If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact: Announced league tables include all deals that were announced between January, and December, and of which Thomson Reuters was made aware. All current data and previous year's data is as of :pm EST on December,. Americas Robert Levine Tel: + robert.levine@thomsonreuters.com EMEA Serkan Tecimer Tel: + () serkan.tecimer@thomsonreuters.com AsiaPacific Jason Pacannuayan Tel: + jason.pacannuayan@thomsonreuters.com League tables include rank eligible mergers, acquisitions, repurchases, spinoffs, selftenders, minority stake purchases and debt restructurings. A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional. with undisclosed dollar values are rank eligible but with no corresponding Rank Value. NonUS dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms. Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer. Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction. Japan Akemi Mamiya Tel: + akemi.mamiya@thomsonreuters.com While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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