Mergermarket H1 2014 trend report : July 2014
Including financial and legal advisor league tables
Mergermarket H1 2014 trend report 1 www.mergermarket.com Mergermarket H1 2014 trend report www.mergermarket.com Contents
Global overview Press contacts: Private equity buyouts and exits overview EMEA: Flora Wilke T: +44 207 010 6348
Europe Americas: Chrissy Carney T: +1 646 378 3118 US Asia-Pacific: Elizabeth Chu Asia-Pacific (excl. Japan) T: +852 2158 9706 Japan Deal submission contacts: Africa & Middle East EMEA: Nancy Honsinger Emerging Markets T: +44 207 010 6227
CEE: Zaynab Dost T: +44 207010 6129 Appendix: Financial advisor league tables USA: Diana Isaacs Appendix: Legal advisor league tables T: +1 646 378 3149 Latam and Canada: Raquel Mozzer Criteria T: +1 212 574 7866 What Mergermarket can do for you Asia-Pacific: John Capulong T: +852 2158 9723
China: Helen Sun T: +852 2158 9787
South Korea: Jade Lee T: +852 2158 9709
Mergermarket H1 2014 trend report 2 www.mergermarket.com Global: H1 2014 snapshot versus H1 2013
98.3% Domestic $499.6bn 65.1% Europe $453.6bn 35.5% Inbound $195bn 310% Domestic $306.3bn 30.4% Outbound $123.8bn 65.6% Inbound $147.3 47.4% Pharma, Medical & Biotech $157bn 212% Outbound $132.9bn 218.6% Goldman Sachs $393.3bn 148.5% Pharma, Medical & Biotech $86.6bn 375.8% Skadden Arps Slate Meagher & Flom $301bn 224.3% Goldman Sachs $225.2bn 80.9% Freshfields Bruckhaus Deringer $239bn 246.8%
Asia $286.7bn 56.8% Domestic $236.9bn 56% Inbound $ 49.8bn Global $1,571.2bn 56.3% 60.7% Outbound $39.2bn Domestic $847.2bn 29.2% 17.6% Energy, Mining & Utilities$43.5bn 10.3% Cross-border $724bn 107.4% Morgan Stanley $74.3bn 165.3% Pharma, Medical & Biotech $258.6bn 225.7% Freshfields Bruckhaus Deringer $66.2bn 258.5% Goldman Sachs $533.8bn 112% Skadden Arps Slate Meagher & Flom $331.4bn 174.1%
*Regions/country total M&A is based on the target dominant geography only. **Global cross-border and US refers to cross-border M&A between different countries. Inbound for the other regions refers to inbound M&A between different regions.
Mergermarket H1 2014 trend report 3 www.mergermarket.com Financial advisor league tables and regional analysis
League Table of Financial Advisors to M&A by Value: Global including regional comparisons Ranking H1 2014 H1 2013 H1 2014 regional ranking Africa & H1 H1 Value Deal Value % Val. Europe US Asia Japan Middle 2014 2013 Company Name (US$bn) Count (US$bn) Change Rank Rank Rank Rank East
1 2 Goldman Sachs 533.8 182 251.8 112.0% 1 1 2 4 2 2 3 Morgan Stanley 495.6 136 176.7 180.4% 2 2 1 1 - 3 4 Bank of America Merrill Lynch 396.4 121 164.0 141.7% 4 3 7 53 1 4 1 JPMorgan 324.8 127 259.3 25.3% 3 4 11 12 5 5 9 Citi 304.4 117 109.8 177.2% 5 6 6 6 3 6 5 Barclays 290.5 104 142.0 104.6% 12 5 25 - 18 7 8 Lazard 260.3 113 118.2 120.2% 6 7 9 24 70 8 6 Credit Suisse 200.8 90 127.9 57.0% 10 9 8 2 15 9 7 Deutsche Bank 154.7 83 121.1 27.8% 8 12 10 18 7 10 12 Centerview Partners 125.1 22 58.3 114.8% 24 8 - 3 - 11 14 Rothschild 120.8 113 52.9 128.2% 9 23 12 22 9 12 13 BNP Paribas 118.7 51 54.2 119.2% 7 28 36 - 22 13 11 UBS Investment Bank 101.6 62 86.8 17.0% 15 15 13 30 8 14 18 RBC Capital Markets 94.1 69 38.4 144.9% 25 11 45 - - 15 32 Perella Weinberg Partners 87.0 14 16.1 439.6% 11 14 - 58 49
Mergermarket H1 2014 trend report 4 www.mergermarket.com Legal advisor league tables and regional analysis
League table of legal advisors to M&A by value: Global including regional comparisons Ranking H1 2014 H1 2013 H1 2014 regional ranking Africa & H1 H1 Value Deal Value % Val. Europe US Asia Japan Middle 2014 2013 Company Name (US$bn) Count (US$bn) Change Rank Rank Rank Rank East
1 3 Skadden Arps Slate Meagher & Flom 331.4 99 120.9 174.1% 5 1 14 33 28 2 4 Freshfields Bruckhaus Deringer 300.4 114 117.1 156.5% 1 11 1 28 3 3 8 Sullivan & Cromwell 275.7 58 82.1 235.8% 4 3 15 126 57 4 11 Simpson Thacher & Bartlett 266.8 78 74.4 258.7% 6 2 10 34 35 5 23 Cleary Gottlieb Steen & Hamilton 259.4 53 49.5 424.6% 2 6 21 5 66 6 2 Latham & Watkins 194.2 150 143.4 35.5% 13 4 66 64 9 7 5 White & Case 192.0 120 101.5 89.2% 18 7 11 2 12 8 10 Weil Gotshal & Manges 190.8 104 75.1 153.9% 12 5 12 17 107 9 1 Davis Polk & Wardwell 164.4 65 143.6 14.5% 28 8 9 18 131 10 22 Blake, Cassels & Graydon 144.8 50 50.8 185.1% 9 17 167 55 23 11 7 Linklaters 139.5 103 92.1 51.5% 3 36 5 24 4 12 6 Wachtell, Lipton, Rosen & Katz 122.0 40 99.6 22.5% 7 9 269 - - 13 21 Jones Day 113.8 150 52.8 115.4% 41 10 77 25 8 14 17 Kirkland & Ellis 111.6 163 63.9 74.6% 46 12 29 4 39 15 25 Shearman & Sterling 111.1 63 48.4 129.4% 38 16 22 7 10
Mergermarket H1 2014 trend report 5 www.mergermarket.com Global: Overview of H1 2014
•• Global M&A valued at US$ 1,571.2bn hit a post-crisis high in H1 2014 as management boards regain confidence in the markets, up 56.3% compared to H1 2013
•• The confidence resulted in 7,280 deal announcements during H1 2014, 457 more than in H1 2013 (6,823) as the pipeline continues to overflow from pre-planned deals
4,000 1,400 4,500
4,000 1,200
733.6 3,500 3,500 1,000 3,000
800 2,500
3,000 2,000 600 849.2 1,500 of Number Deals
Value of of (US$bn) Deals Value 400
1,000 2,500 200 458.0 500
473.3 752.4 570.2 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2,000 1,277.2 710.0 2007 2008 2009 2010 2011 2012 2013 2014 682.0 Europe US Asia-Pacific (excl. Japan) Rest of the world Number of Deals 596.1 569.1 •• H1 2014’s post-crisis high marks the beginning of deal-makers acceptance of the new normal 640.7 which has resulted in the final ingredient to conduct more deals - confidence. Global M&A 1,500 519.7 945.2
Value of deals (US$bn) deals valued at US$ 1,571.2bn in H1 2014 was the highest valued half-year since 2007. Deal 493.5 value increased 56.3% compared to H1 2013 (US$ 1,005bn) and was up 29.8% compared 677.2 to H2 2013 581.8 326.4 1,000 563.0 555.0 •• The confidence in the market extends to cross-border M&A where large-cap deals are 430.7 increasing at a drastic rate - the average deal size was US$ 550.6m in H1 2014, the highest 809.6 396.1 half-year average deal size on Mergermarket record (since 2001) for cross-border M&A
626.0 500 592.2 614.2 •• Following Q2’s second quarterly increase, 51% above Q1 2014, deals valued at US$ 945.2bn 460.5 419.2 458.8 450.0 made the quarter the third highest value on record. •• The inflated average deal size at US$ 408.8m was the highest on record and 38% up on H1 0 2013), in part due to the ongoing surge in mega-deals (deals above US$10bn) – 18 mega- 2007 2008 2009 2010 2011 2012 2013 2014 deals valued at US$ 476.5bn account for 30.3% of global M&A. A total of ten mega-deals Q1 M&A Value Q2 M&A Value Q3 M&A Value Q4 M&A Value during Q2 (the most since Q4 2008) reached the highest quarterly value since Q2 2007 at US$ 311.2bn
Mergermarket H1 2014 trend report 6 www.mergermarket.com Global: Industry and Cross-border analysis
H1 2014 vs. (H1 2013) value and market share comparison Cross-border analysis
•• Bold attempts to make footprints in new regions, creating synergies based on tax benefits and Forex exchanges has had a positive effect on cross-border M&A so far this year - re- gional cross-border M&A was 81.9% higher than H1 2013 with deals valued at US$ 371.5bn, the highest half year since H2 2007 9.3% 14.3% H1 2014 •• Europe was the most targeted by deal count with an extra 61 deals in H1 2014 compared 13.5% to H1 2013, as a result the US$ 132.9bn-worth of deals leapt 218.6% above the same time Consumer: US$ 146.1bn (US$ 136.2bn) last year (US$ 41.7bn). The region had a 36.1% share in global inbound M&A, nearly double Energy, Mining & Utilities: US$ 225.1bn (US$ 218.3bn) H1 2013 the 20.4% in H1 2013 21.7% 9.0% Industrials & Chemicals: US$ 141.6bn (US$ 102.7bn) 27.2% 29.4% •• Meanwhile North America was dominant in outbound activity with 331 deals valued at US$ Pharma, Medical & Biotech: US$ 258.6bn (US$ 79.4bn) 135.5bn, 56 more than H1 2013 resulted in a 210.2% value increase
Technology: US$ 109.4bn (US$ 63.8bn) •• Cross-border M&A between countries also increased with deals valued at US$ 724 account- Media: US$ 33.4bn (US$ 48.1bn) 10.2% ing for the highest half-year share in global M&A on Mergermarket record at 46.1%
Telecommunications: US$ 230.3bn (US$ 60.8bn) 6.0% 16.5% 7.9% 4.8% • Five mega-deals were cross-border transactions (between two different countries) in Q2 Other: US$ 427.2bn (US$ 296bn) 6.3% • and included the fifth largest cross-border deal since 2001 - US’s Meditronic acquisition of 14.7% Ireland-based Covidien for US$ 45.9bn 7.0% 2.1% 2,500 50.0%
44.4% 42.7% 44.5% 40.5% 27.3% 28.2% 33.7% 40.9% 39.1% 39.6% 39.2% 37.2% 34.7% 34.5% 46.1% 45.0%
2,000 40.0%
35.0% •• Pharma, Medical & Biotech deal making was the most active for cross-border M&A which
contributed to it being the highest valued sector over all – 566 deals worth US$ 258.6bn had 1,500 30.0%
a 16.5% market share in H1 2014. Even though three mega-deals in the top global deals so 25.0% far this year influenced the total value, there were also more deals being made compared to H1 2013 which saw 490 deals valued at US$ 79.4bn and a 7.9% market share 1,000 926.9 20.0%
724.0 676.5 15.0% •• The only sector to see a lower deal value in H1 2014 compared to H1 2013 was Media with (US$bn) of deals Value 565.5 462.2 491.9 467.4 473.5 US$ 33.3bn-worth of deals dropping 30.7% from US$ 48.1bn. However, the sector saw 51 500 423.0 401.4 417.3 10.0% 349.1 300.2 more deals 447.3 252.9 401.7 222.3 366.0 371.5 5.0% 309.7 312.1 262.7 284.5 293.8 283.0 265.5 207.6 •• The growing size of deals in the Telecommunications sector is reflected with three mega- 168.2 204.2 0 131.7 0.0% deals in the global top deals table for H1 2013 targeting this sector – the largest in Q2 be- H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 ing AT&T acquiring DIRECTV for US$ 65.5bn in May. Adding to this trend is the deal count 2007 2008 2009 2010 2011 2012 2013 2014 shrinking 18.3% compared to H1 2013 but the deal value jumping 278.9% to US$ 230.3bn Country cross-border share in global M&A Global value from US$ 60.8bn cross-border between countries Cross-border between regions
Mergermarket H1 2014 trend report 7 www.mergermarket.com Global: Top deals
Deal Announced Bidder Company Target Company Target Country Target Industry Seller Company Value Date (US$bn)
13-Feb-14 Comcast Corporation Time Warner Cable Inc USA Telecommunications 68.5
18-May-14 AT&T Inc DIRECTV USA Telecommunications 65.5
15-Jun-14 Medtronic Inc Covidien Plc Ireland (Republic) Pharma, Medical & Biotech 45.9
18-Jun-14 Valeant Pharmaceuticals Allergan Inc USA Pharma, Medical & Biotech 45.9 International Inc (90.29% Stake)
07-Apr-14 Holcim Ltd Lafarge SA France Construction 40.0
16-Apr-14 CITIC Pacific Limited CITIC Limited China Other CITIC Group Corporation 36.5
05-Apr-14 Altice SA SFR SA France Telecommunications Vivendi SA 23.3
18-Feb-14 Actavis plc Forest Laboratories Inc USA Pharma, Medical & Biotech 23.1
19-Feb-14 Facebook Inc WhatsApp Inc USA Technology Sequoia Capital 16.0
13-Jan-14 Suntory Holdings Limited Beam Inc USA Consumer 15.4
Mergermarket H1 2014 trend report 8 www.mergermarket.com Global: Private equity buyouts and exits
Private equity buyouts Private equity exits
450,000 1,800 •• The value of global exits climbed to US$ 260.2bn in the first half of 2014, an all 400,000 1,600 time high, exceeding the previous record set in H1 2007 (US$ 240.5bn)
350,000 1,400 •• The value of H1 2014 exits increased 131.2% compared to H1 2013 (US$ 112.5bn), 300,000 1,200 in part due to the average value of exiting a company hitting a post-crisis high at
US$ 566.3m 250,000 1,000 •• Q2’s US$ 146.2bn-worth of deals, the highest valued quarter on Mergermarket 200,000 800 record, contributed to positive results for H1 exit values
150,000 600 of Number Deals Value of of (US$bn) Deals Value •• Trade sales saw US$ 192.5bn-worth of deals in H1 2014, the highest half year 100,000 400 value on record after surging 152.8% above the same period in 2013
50,000 200 •• Corporate companies are embarking on larger cross-border deals - trade sale exits
0 0 between different regions saw a second consecutive half-year increase by value H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 2007 2008 2009 2010 2011 2012 2013 2014 Rest of the world Europe US Asia-Pacific (excl. Japan) Number of Deals
•• There were 109 more private equity buyouts in H1 2014 compared to H1 2013, boosting values to a post crisis high - US$ 182.9bn was up 9% compared to H1 2013. It was also the highest half-year value since H2 2007 300 Secondary buyouts and trade sale breakdown 100% •• After quarterly increases by value since Q3 2013, Q2 dropped 2.5% from Q1. 90%
However, the deal value was 19.4% higher than Q2 2013 250 192.5 80% 131.7
•• The average amount paid for a buyout so far this year stood at US$ 370.1m, 70% slightly down on the same period last year by 2.7% 200 60% 143.5 123.2 • Growth in Asia-Pacific’s buyout activity continues as the spending spree by 150 94.1 50% • 128.1 104.6 117.9 99.1 companies like Temasek continues. The H1 2014 value of buyouts hit a post-crisis 104.0 high and reached the highest valued half-year value since H2 2006. A total of US$ 40% 100 108.8 76.2 38.1bn-worth of buyouts increased 161.5% compared to H1 2013 of Value Deals (US$bn) 75.3 30%
69.6 20% 51.7 67.7 of Percentage Total Exits (excl. IPOs) •• The value of US and European buyouts decreased compared to the first half of last 50 53.6 52.5 45.9 year: The US (US$ 80.1bn) accounted for 43.8% of buyout values in the first half 44.9 41.8 10% 30.2 36.2 36.0 36.4 27.6 28.6 of 2014, dropping from the same period last year (53.5%). Despite four quarterly 3.2 0 15.6 11.7 0% increases by value, European buyouts dropped 2.9% in H1 2014 (US$ 55bn) from H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 the same time last year 2007 2008 2009 2010 2011 2012 2013 2014 Value of SBOs Value of trade sales Trade Sales % of total exits SBOs % of total exits
Mergermarket H1 2014 trend report 9 www.mergermarket.com Global: Overview of H1 2014
Top private equity buyouts
Deal Announced Target Buyout Type Bidder Company Target Company Seller Company Value Date Sector (US$bn) 21-Mar-14 IBI Temasek Holdings Pte Ltd A.S. Watson & Co Limited Consumer Hutchison Whampoa Limited 5.7 (24.95% Stake)
04-Apr-14 IBO Blackstone Group LP The Gates Corporation Industrials & Chemicals Onex Corporation; Canada 5.4 Pension Plan Investment Board
14-May-14 IBI Investor group CITIC Pacific Limited (11.78% Other 5.1 Stake)
17-Feb-14 IBI Partners Group Holding; and MultiPlan Inc Pharma, Medical & Biotech BC Partners Limited; and Silver 4.4 Starr Investment Holdings LLC Lake Partners
16-Jan-14 IBO The Carlyle Group LLC Ortho-Clinical Diagnostics Inc Pharma, Medical & Biotech Johnson & Johnson 4.2
Top private equity exits
Deal Announced Target Exit Type Bidder Company Target Company Seller Company Value Date Sector (US$bn) 19-Feb-14 Trade Facebook Inc WhatsApp Inc Technology Sequoia Capital 16.0
24-Apr-14 Trade Zimmer Holdings Inc Biomet Inc Pharma, Medical & Utilities Investor group 13.4
17-Mar-14 Trade Vodafone Group Plc Grupo Corporativo ONO SA Telecommunications Providence Equity Partners LLC; 10.0 CCMP Capital Advisors LLC; Quadrangle Group LLC; Thomas H Lee Partners LP; and Caisse de Depot et Placement du Quebec
12-May-14 Trade Hillshire Brands Co Pinnacle Foods Inc Consumer Blackstone Group LP 6.7
14-Apr-14 Trade Teachers Insurance and Annuity Nuveen Investments Inc Financial Services Madison Dearborn Partners LLC 6.3 Association of America-College Retirement Equities Fund
Mergermarket H1 2014 trend report 10 www.mergermarket.com Europe: Overview of H1 2014
•• Total M&A in the region reached the highest valued half-year since H2 2008 as deals worth US$ 453.6bn increases 35.5% fropm H1 2013 (US$ 334.8bn)
•• Europe’s inbound M&A reached fourth highest half-year period on record with deals valued at US$ 147.3bn, up 47.4% compared to H1 2013
Average deal size trend 1,600 1,800 389.3 1,600 286.4 306.6
1,400 346.9 308.8 1,400 444.9 312.8 433.9 1,200 395.1 292.3 294.7 279 234.9 400.5 253.2 370.5 1,000 281.9 430.8 1,200 384.8 428.2 276.7 Value (US$m) Value 573.6 800 244.9 520.2 190.4 276.9 376.5 600 341.2 367.2 198.6 234.0 212.2 1,000 400 217.1 381.5 355.5 337.8 320.6 300.7 200 266.3 286.8 281.6
0 800 583.4 2007 2008 2009 2010 2011 2012 2013 2014 287.4 Q1 Q2 Q3 Q4 134.8 251.6 •• The first half of 2014 saw US$ 453.6bn-worth of deals announced in Europe, making it the highest valued half-year since H2 2008 600 241.9 157.2
Value of Value deals (US$bn) 165.5 •• In Q2 2014, three European deals ranked in the Global Top 10 by value: Medtronic’s (USA) US$ 49.5bn acquisition of Covidien (Ireland), Holcim’s (Switzerland) US$ 40bn merger with 204.1 149.1 188.2 111.4 282.0 Lafarge (France) and Altice’s (Luxembourg) US$ 23.3bn acquisition of SFR (France). 400 241.7 155.1 186.6 •• Q2 2014 is the highest valued quarter in terms of deal value since Q3 2008 (US$ 287.4bn). 199.8 Deal values leapt 64.3% to US$ 282bn from US$ 171.6bn in Q1 2014, or 41.1% from US$ 295.7 265.2 79.0 199.8bn in Q2 2013, as strength in the equity markets enticed boardrooms looking for 200 114.6 growth back to M&A 78.2 183.8 171.4 171.6 121.6 127.4 135.0 •• Deal volume shrank 7% to 1320 transactions in Q2 2014 from 1420 in Q1 2014, or 8.6% from 1444 in Q2 2013 as companies favoured select high-cost deals over smaller, bolt-on 0 acquisitions. 2007 2008 2009 2010 2011 2012 2013 2014 Q1 M&A Value Q2 M&A Value Q3 M&A Value Q4 M&A Value •• Average deal size leapt 54.8% from US$ 335.9m in Q1 2014 to US$ 520.2m in Q2 2014, or 30.7% from H1 2013’s US$ 329.5m to US$ 430.8m in H1 2014.
Mergermarket H1 2014 trend report 11 www.mergermarket.com Europe: Industry and Cross-border analysis
H1 2014 vs. (H1 2013) value and market share comparison Regional cross-border analysis
•• Confidence in Europe’s recovery is steadily increasing, as seen by a 47.4% increase in the total value of inbound deals: these were worth US$ 147.3bn in H1 2014 compared to H1 2013’s US$ 100bn
8.3% 9.5% H1 2014 •• Europe’s inbound value so far this year is the fourth highest valued half year on record fol- lowing a very active Q2. Q2’s inbound deals were valued at US$ 95.8bn, up 103.8% from 10.5% US$ 47bn in Q2 2013, resulting in the highest valued quarter for European inbound activity Consumer: US$ 37.7bn (US$ 35.2bn) 12.3% since Q2 2011 19.9% Energy, Mining & Utilities: US$ 43.4bn (US$ 66.6bn) H1 2013
Industrials & Chemicals: US$ 55.8bn (US$ 32.5bn) •• France logged the second-highest share of inbound deals out of all countries. France ac- 31.7% counted for 25.1% and overtook the traditionally more attractive European target areas of Pharma, Medical & Biotech: US$ 86.7bn (US$ 18.3bn) 35.0% the Germanic countries and came in a close second to UK & Ireland (25.9%) 9.7% Technology: US$ 9.9bn (US$ 6.3bn) • European bidders are also becoming more active in pursuing foreign targets - outbound Media: US$ 8.4bn (US$ 12.5bn) • 5.4% 19.1% M&A valued at US$ 139.2bn during H1 2014 was the highest level for any half-year since Telecommunications: US$ 68.2bn (US$ 46.7bn) 1.9% 3.7% H2 2007 Other: US$ 143.9bn (US$ 117.2bn) 13.9%
2.2% 1.8% 15.0% 350 600
300 500
250 400
•• Pharma, Medical & Biotech showed the most activity during H1 2014, accounting fora 19.1% market share with 191 deals worth US$ 86.6bn, a leap from 158 deals worth US$ 200 18.2bn in H1 2013 300
150 •• Telecommunications was the second most active sector by value, despite seeing the lowest volume of deals out of all sectors in H1 2014: 39 deals worth US$ 68.2bn, or a 15% market 200 of Number deals share, up 46.1% from 44 deals worth US$ 46.7bn in H1 2013 (US$bn) of deals Value 100
100 •• Central to the Telecommunications activity was Altice’s (France) US$ 23bn takeover of -Viv 50 endi’s (France) SFR. Following French Economy Minister Arnaud Montebourg’s call for the
country’s telecommunications industry to consolidate, Orange and Bouygues are also ru- 0 moured to be exploring a potential combination. H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 2007 2008 2009 2010 2011 2012 2013 2014 Inbound M&A Value Outbound M&A Value Inbound Number of Deals Outbound Number of Deals
Mergermarket H1 2014 trend report 12 www.mergermarket.com Europe: Top deals
Deal Announced Bidder Company Target Company Target Country Target Industry Seller Company Value Date (US$bn) 15-Jun-14 Medtronic Inc Covidien Plc Ireland Pharma, Medical & Biotech 45.9 (Republic)
07-Apr-14 Holcim Ltd Lafarge SA France Construction 40.0
05-Apr-14 Altice SA SFR SA France Telecommunications Vivendi SA 23.3
22-Apr-14 Novartis AG GlaxoSmithKline Plc (Oncology United Kingdom Pharma, Medical & Biotech GlaxoSmithKline Plc 14.5 division)
27-Jan-14 Liberty Global Plc Ziggo BV (71.5% Stake) Netherlands Telecommunications 11.0
20-Feb-14 Oi SA Portugal Telecom SGPS SA Portugal Telecommunications 10.6
17-Mar-14 Vodafone Group Plc Grupo Corporativo ONO SA Spain Telecommunications Providence Equity Partners LLC; 10.0 CCMP Capital Advisors LLC; Quadrangle Group LLC; Thomas H. Lee Partners LP; and Caisse de Depot et Placement du Quebec 21-Feb-14 Volkswagen AG Scania AB Sweden Industrials & Chemicals 9.1 (37.4% Stake)
11-Feb-14 L'Oreal SA L'Oreal SA (8% Stake) France Consumer Nestle SA 8.2
16-Mar-14 LetterOne Group RWE Dea AG Germany Energy, Mining & Utilities RWE AG 7.1
Mergermarket H1 2014 trend report 13 www.mergermarket.com US: Overview of H1 2014
•• US M&A hits post-crisis high in H1 2014 with deals valued at US$ 694.6bn, up 98.3% from H1 2013 (US$ 350.2bn)
•• Total M&A increase comes as inbound M&A reached the highest half-year period on Mergermarket record at US$ 195bn
Average deal size trend 1,600 2,500
515.7 500.9 2,000 494.8 463.1 424.8 1,400 437.2 445.3 334.0 400.9 422.4
563.1 396.2 296.2 228.8 1,500 482.0 285.5 660.6 364.6 668.5 555.7 454.6 751.8 1,200
Value (US$m) Value 512.2 494.4 1,000 617.5 315.8
255.6 359.1 444.4 782.9 409.1 475.3 378.5 1,000 500 578.7 519.3 508.3 466.6 391.9 310.4 262.9
223.9 500.8 312.5 0 2007 2008 2009 2010 2011 2012 2013 2014 800 186.3 Q1 Q2 Q3 Q4 78.0 243.9 204.8 405.2 •• US M&A is steadily climbing up to its pre-crisis levels: the first half of 2014 (US$ 694.6bn, 263.3 310.5 2,242 deals) was the most successful since H1 2007 (US$ 862.2bn) and more than doubled 600 207.3
Value of Value deals (US$bn) in value (129.3%) since the trough in H2 2009 (US$ 302.9bn). Overall, the market saw a 233.8 30% increase in deal value from H2 2013 (US$ 534.3bn) and a 98.3% jump from H1 2013 (US$ 350.2bn), signaling a clear upward trend. The country had a 44.2% share of the global 98.0 153.5 market by deal value in H1 2014, up from 34.8% in H1 2013 400 186.4 266.2 186.2 • M&A in Q2 was valued at US$ 405.2bn, more than double its value (135.6%) from last year 361.4 172.0 • 179.2 189.6 (US$ 172bn in Q2 2013) and a 40% increase from the previous quarter (US$ 289.3bn in 289.3 Q1 2014). It was the highest valued quarter since Q2 2007 (US$ 500.8bn). Such a strong 247.7 200 performance, however, was partly due to the five mega-deals announced this quarter, with 198.9 178.2 two of the deals valued over US$ 40bn 145.4 146.6 126.6 •• With the overall M&A market booming, buyouts of US-based companies have also been on 0 the rise: despite a lack of mega-buyouts, H1 2014 (US$ 80.1bn, 392 buyouts) saw the second 2007 2008 2009 2010 2011 2012 2013 2014 highest private equity value since H2 2007 (US$ 111.5bn). H1 2013 (US$ 89.7bn) managed Q1 M&A Value Q2 M&A Value Q3 M&A Value Q4 M&A Value to surpass the current record only as a result of two mega-buyouts with a combined value of US$ 47.5bn
Mergermarket H1 2014 trend report 14 www.mergermarket.com US: Industry and Cross-border analysis
H1 2014 vs. (H1 2013) value and market share comparison Regional cross-border analysis
•• Inbound M&A into the US amounted to US$ 195bn in H1 2014, the highest value on Merger- market record. The spotlight in H1 2014 was on the Pharma, Medical & Biotech industry (US$ 108.4bn), which accounted for 55.6% of the inbound M&A market (compared to 25% in H1 2013). Valeant’s pursuit of Allergan contributed over 42.3% to the inbound value in 9.2% 12.0% H1 2014 the sector
14.9% • Tax inversion among big US Pharma, Medical & Biotech players also led to a significant in- 15.0% • Consumer: US$ 64.2bn (US$ 52.1bn) crease in outbound M&A from the US: H1 2014’s US$ 144.7bn-worth of outbound deals had 7.3% Energy, Mining & Utilities: US$ 83.4bn (US$ 62.2bn) H1 2013 17.7% the highest value since H1 2008 (US$ 172.4bn) 20.9% Industrials & Chemicals: US$ 50.7bn (US$ 28.3bn) •• With a proposal to change inversion rules already in Congress, some US companies seem Pharma, Medical & Biotech: US$ 157bn (US$ 50.4bn) anxious to integrate with foreign counterparts in countries with lower corporate tax rates. Technology: US$ 68.5bn (US$ 44.1bn) US-based Medtronic’s purchase of Ireland-based Covidien valued at US$ 45.9bn is the larg- 2.2% 8.1% est such deal announced this year Media: US$ 14.4bn (US$ 32.4bn) 9.2% 22.6% Telecommunications: US$ 152.5bn (US$ 7.9bn) 22.0% 14.4% •• As a result of the trend, US acquisitions in the UK and Ireland in H1 2014 (US$ 63.5bn, 135 12.6% Other: US$ 104.3bn (US$ 73.4bn) deals) reached the highest value and the second highest deal count on Mergermarket re- cord, with only H2 2013 (137 transactions) surpassing by deal count
2.1% 9.9% 400 700
350 600
300 500
250 •• With four mega-deals already announced this year, the Pharma, Medical & Biotech sector (US$ 157bn) is seeing stronger activity, with its market share by deal value growing from 400 14.4% in H1 2013 (US$ 50.4bn) to 22.6% in H1 2014. The deal value increased 212% from 200
the same period last year with 61 more deal announcements 300 150 •• Foreign acquirers made up a large part of US-targeted M&A in the Pharma, Medical & Bio- of Number deals
Value of deals (US$bn) of deals Value 200 tech sector, accounting for US$ 108.4bn-worth of deals, a 69% share of its total deal value. 100 The largest deal was the hostile offer made by Canada-based Valeant Pharmaceutical for 100 Allergan valued at US$ 45.9bn 50
•• M&A has also intensified among large players in the Telecommunications sector, which saw 0 17 deals worth US$ 152.5bn in H1 2014, a spectacular jump from the US$ 7.8bn-worth H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 of deals in H1 2013. The purchase of Time Warner Cable by Comcast Corporation for US$ 2007 2008 2009 2010 2011 2012 2013 2014 68.5bn and the acquisition of DIRECTV by AT&T for US$ 65.5bn were the two top deals in Inbound M&A Value Outbound M&A Value Inbound Number of Deals Outbound Number of Deals the US and globally this year.
Mergermarket H1 2014 trend report 15 www.mergermarket.com US: Top deals
Deal Announced Bidder Company Bidder Country Target Company Target Industry Seller Company Value Date (US$bn) 13-Feb-14 Comcast Corporation USA Time Warner Cable Inc Telecommunications 68.5
18-May-14 AT&T Inc USA DIRECTV Telecommunications 65.5
18-Jun-14 Valeant Pharmaceuticals Canada Allergan Inc (90.29% Stake) Pharma, Medical & Biotech 45.9 International Inc
18-Feb-14 Actavis plc Ireland (Republic) Forest Laboratories Inc Pharma, Medical & Biotech 23.1
19-Feb-14 Facebook Inc USA WhatsApp Inc Technology Sequoia Capital 16.0
13-Jan-14 Suntory Holdings Limited Japan Beam Inc Consumer 15.4
06-May-14 Bayer AG Germany Merck & Co (Consumer care Pharma, Medical & Biotech Merck & Co Inc 14.2 business)
24-Apr-14 Zimmer Holdings Inc USA Biomet Inc Pharma, Medical & Biotech 13.4
30-Apr-14 Exelon Corporation USA Pepco Holdings Inc Energy, Mining & Utilities 12.2
23-Jun-14 Wisconsin Energy Corporation USA Integrys Energy Group Inc Energy, Mining & Utilities 9.0
Mergermarket H1 2014 trend report 16 www.mergermarket.com Asia-Pacific (excl. Japan): Overview of H1 2014
•• The region’s M&A value in H1 (US$ 286.7bn) reached the highest value on Mergermarket record following a record breaking Q2 (US$ 173.5bn)
•• Inbound M&A value in H1 2014 (US$ 50bn) increased 61.3% from H1 2013 (US$ 31bn) to mark the highest half-year period since H2 2011
Average deal size trend 450 1,000
900 215.3 260.6 203.4 800 200.1 120.8 193.1 171.4 187.7 192.1 400 241.2 213.4 160.1 194.2 700 166.6
150.9 600 260.5 133.2 152.3 213.7 350 73.9 152.6 200.5 500 216.5 240.6 90.2 83.9 149.7 92.2 (US$m) Value 278.9 400 280.0 226.5 161.1 180.6 168.9 198.1 300 300 162.9 105.8 109.1 200 115.2 173.5 227.3 215.7 191.3 198.7 167.3 178.1 166.1 171.3 104.7 100 250 56.7 75.4 0 2007 2008 2009 2010 2011 2012 2013 2014 92.7 Q1 Q2 Q3 Q4 200 126.0 •• In line with global and regional trends, Q2 2014 was the highest valued quarter for Asia- 65.9 108.2 Pacific (excl. Japan) M&A on Mergermarket record (since 2001) with deals valued at US$ 90.7
Value of Value deals (US$bn) 79.4 173.5bn, up 53.2% from Q1 2014 (US$ 113.3bn) and by 60.4% compared to Q2 2013 (US$ 150 81.1 108.2bn)
71.8 •• As a result of the impressive second quarter, H1 was the strongest half year on Mergermarket 76.8 113.3 record with deals valued at US$ 286.7bn, up 56.8% from H1 2013 (US$ 182.9bn) and by 100 24.7% compared to H2 2013 (US$ 230bn) 89.8 85.1 82.0 74.8 74.7 •• Q2 2014 was the highest valued quarter for Asia-Pacific Mid-Market M&A on Mergermarket 65.5 50 record with US$ 43.5bn-worth of deals, up 52.1% from Q1 2014 (US$ 28.6bn) and by 74% 45.8 compared to Q2 2013 (US$ 25bn) •• The total value of Private Equity buyouts in the Asia-Pacific (excl. Japan) region in the first 0 half of 2014 was US$ 38.1bn, just six months into the year and it is already the highest value 2007 2008 2009 2010 2011 2012 2013 2014 since the whole of 2011 (US$ 40.8bn). With over US$ 18bn-worth of deals in both Q1 and Q1 M&A Value Q2 M&A Value Q3 M&A Value Q4 M&A Value Q2, it was the first time since 2007 that two consecutive quarters had seen over US$ 10bn- worth of buyouts
Mergermarket H1 2014 trend report 17 www.mergermarket.com Asia-Pacific (excl. Japan): Industry and Cross-border analysis
H1 2014 vs. (H1 2013) value and market share comparison Regional cross-border analysis
•• Inbound M&A during the first half of 2014 was valued at US$ 50bn, the highest valued half year since H2 2011 (US$ 49bn), up 61.3% from H1 2013 (US$ 31bn)
•• The total value of deals involving European companies targeting companies in the Asia- 11.0% H1 2014 Pacific region in the first half (US$ 21.8bn) topped US$ 10bn in both Q1 and Q2 with signifi- 15.2% cant deals in each quarter. For example, the acquisition of South Korea’s Oriental Brewery 14.6% for US$ 5.8bn by Belgium-based Anheuser-Busch InBev in January. As a result, H1 2014’s Consumer: US$ 31.5bn (US$ 26.8bn) deal value jumped 72.2% compared to H1 2013 (US$ 12.7bn). The proportion of Asia-Pacific Energy, Mining & Utilities: US$ 43.5bn (US$ 48.5bn) H1 2013 inbound M&A accounted for by investment from Europe was 47.7%
Industrials & Chemicals: US$ 27.8bn (US$ 25bn) 23.5% 26.5% •• The Consumer sector saw the highest total inbound deal value (US$ 18.7bn) in the region Pharma, Medical & Biotech: US$ 9.4bn (US$ 6.7bn) 9.7% during H1 2014, up over 211% on the value of H1 2013 (US$ 6bn), followed by the Energy, Technology: US$ 24.8bn (US$ 8.5bn) 38.9% Mining & Utilities sector (US$ 10.4bn) and the Industrials & Chemicals sector (US$ 8.7bn) Media: US$ 9.6bn (US$ 2.7bn) 1.5% 3.3% Telecommunications: US$ 3.5bn (US$ 4.4bn) •• H1 2014 was the second consecutive half year to see a decrease in total outbound deal 9.6% value from the Asia-Pacific region with deals valued at US$ 38.5bn, down just 0.3% from Real Estate: US$ 25.5bn (US$ 17.6bn) 13.7% H2 2013 (US$ 38.1bn) and down 20.3% compared to H1 2013 (US$ 47.5bn). However, out- 2.4% 4.6% 8.6% Other: US$ 111.6bn (US$ 43bn) 3.6% bound deal value did increased in Q2 compared to Q1 (US$ 16.6bn), with US$ 22bn-worth
3.3% of deals 140 350 8.9% 1.2%
120 300
100 250
•• Energy, Mining & Utilities remained the most active sector so far in 2014 with US$ 43.5bn- worth of deals accounting for 15.2% of total M&A in the region, although this was the only 80 200 sector with a drop in deal value in the region, down 10.3% from H1 2013 (US$ 48.5bn)
60 150 •• The Technology, Media and Telecommunication (TMT) sector was also busy, up 136.9% by value to US$ 37.7bn with 264deals, 115 more than H1 last year (US$ 15.5bn). This was due of Number deals to a boost in M&A in Technology (US$ 24.8bn, up 132.7% from US$ 8.5bn in H1 2013) and (US$bn) of deals Value 40 100 Media (US$ 9.5bn, up 256% from US$ 2.7bn H1 2013) 20 50 •• Continued competition among Chinese giants like Tencent and Alibaba, and the publication
of a development plan for TMT industries by China’s Ministry of Industry and Information 0 Technology have stimulated M&A in the TMT sector H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 2007 2008 2009 2010 2011 2012 2013 2014 Inbound M&A Value Outbound M&A Value Inbound Number of Deals Outbound Number of Deals
Mergermarket H1 2014 trend report 18 www.mergermarket.com Asia-Pacific (excl. Japan): Top deals
Deal Announced Bidder Company Target Company Target Country Target Industry Seller Company Value Date (US$bn) 16-Apr-14 CITIC Pacific Limited CITIC Limited China Other CITIC Group Corporation 36.5
18-Mar-14 Shanghai Jinfeng Investment Co Ltd Shanghai Greenland (Group) Co Ltd China Real Estate An investor group led by 10.6 Shanghai Gelinlan Investment Management Ltd
23-Apr-14 Transurban Group; AustralianSuper Queensland Motorways Pty Limited Australia Transportation QIC Limited 6.2 Pty Ltd; and Tawreed Investments Ltd
20-Jan-14 Anheuser-Busch InBev NV Oriental Brewery Co Ltd South Korea Consumer Kohlberg Kravis Roberts & Co LP; 5.8 and Affinity Equity Partners
21-Mar-14 Temasek Holdings Pte Ltd A.S. Watson & Co Limited Hong Kong Consumer Hutchison Whampoa Limited 5.7 (24.95% Stake)
14-May-14 An investor group led by the CITIC Pacific Limited Hong Kong Other 5.1 National Council for Social Security (11.78% Stake) Fund
01-Apr-14 Oversea Chinese Banking Wing Hang Bank Limited Hong Kong Financial Services 5.0 Corporation Limited
15-Mar-14 Inner Mongolia BaoTou Steel Union Baotou Iron and Steel Group China Energy, Mining & Utilities Baotou Iron and Steel Group Co Ltd 4.7 Co Ltd (Mining asset)
02-Apr-14 COFCO Corporation Noble Agri Limited Hong Kong Agriculture Noble Group Limited 4.0 (51% Stake)
07-Apr-14 Sun Pharmaceutical Industries Ranbaxy Laboratories Limited India Pharma, Medical & Biotech Daiichi Sankyo Company Limited 4.0 Limited
Mergermarket H1 2014 trend report 19 www.mergermarket.com Japan: Overview of H1 2014
•• The total value of M&A in Japan during H1 2014 dropped to the lowest value since H2 2002 with deals valued at US$ 11.7bn
•• Inbound M&A contributed to Japan’s lull with deals worth US$ 1.2bn down 90% from the same period last year (US$ 11.9bn)
Average deal size trend 100 1,600 332.9 1,400 294.4 90 276 306.4 1,200 193.1 306.0 32.2 122.3 400.7 654.1 257.9 722.1 1,000 21.5 339.2 80 284 257.5 800 29.7 266.1 Value (US$m) Value 408.9 156.7 70 600 185.6 423.6 103.7 16.2 215.3 239.2 187.8 400 309.4
143.8 206.1 112.2 60 6.8 32.7 299.7 207.2 110.2 200 253.2 231.0 198.4 129.8 168.9 141.2 11.9 12.2 99.8 94.1 33.2 13.9 0 50 2007 2008 2009 2010 2011 2012 2013 2014 24.1 Q1 Q2 Q3 Q4
18.0 15.5 7.4 •• H1 2014 was subdued with US$ 11.7bn-worth of deals, a 43.7% drop by value from US$ 40 26.3 20.8bn in H2 2013 and a 50.1% drop from US$ 23.4bn in H1 2013. Japan saw its lowest half
Value of Value deals (US$bn) 13.4 year by total M&A value since H2 2002 (US$ 4.4bn, 84 deals), with only US$ 11.7bn-worth of deals (178 deals). 30 17.2 10.8 •• What would have been the biggest Japan-targeted deal in 2014 - Yahoo Japan’s acquisition 26.1 of eAccess for US$ 3.2bn - lapsed on 19 May 2014. Even including the lapsed Yahoo Japan – 14.0 15.3 20 eAccess deal, H1 2014 would have still been down 28.4% from H2 2013. The largest deal in 7.3 Q2 saw Orix Life Insurance Corporation acquire hartford Life Insurance for US$ 895m. 17.3 13.9 14.1 •• Q1 and Q2 saw roughly the same total deal values (US$5.5bn and US$ 6.2bn), though there 10 12.3 6.2 10.6 were fewer deals in Q2 with a higher average deal size of US$ 83.1m in Q2 2014 compared 8.1 with US$ 53m in Q1 2014 5.5 0 •• Under the new policies by Shinzo Abe, many corporate restructuring deals, such as Kokusai 2007 2008 2009 2010 2011 2012 2013 2014 Kogyou Holdings’ acquisition of its subsidiary Kokusai Kogyo for US$ 1.3bn, have been seen Q1 M&A Value Q2 M&A Value Q3 M&A Value Q4 M&A Value and more consolidations and mergers are expected in future
Mergermarket H1 2014 trend report 20 www.mergermarket.com Japan: Industry and Cross-border analysis
H1 2014 vs. (H1 2013) value and market share comparison Regional cross-border analysis
•• Foreign investors are still conservative about investing in Japan, demonstrated by a lull in inbound M&A in H1 2014 – there were only 23 deals worth US$ 1.6bn, down 86.2% from H2 2013 (US$ 11.9bn, 19 deals), making H1 2014 the lowest half-year since H1 2002 (US$ 636m, 11 deals). Even other Asian companies have refrained from investing in Japan with 19.4% H1 2014 deals valued at US$ 239m down 76.9%% compared to the same time last year (US$ 679m) 4.8%
15.8% •• Outbound M&A remained strong in H1 2014, with 101 deals worth US$ 32bn, up 145.7% Consumer: US$ 2270.7m (US$ 3701.6m) 0.4% by value from US$ 13bn in H1 2013. More than half of this was targeting the Consumer 9.6% Transport: US$ 2227.7m (US$ 93.1m) H1 2013 sector, with US$ 18.3bn-worth of deals being almost 66 times higher than H1 2013’s total (US$ 0.3bn) Technology: US$ 2072.8m (US$ 2258m) 19.1% 21.2% Industrials & Chemicals: US$ 982.1m (US$ 3189.1m) •• Although North America were still the top destination for Japanese investment, with 30 13.6% Media: US$ 587.4m (US$ 140m) deals worth a total of US$ 24.8bn, more outbound M&A into Southeast Asia is expected 0.6% as local megabanks are looking to offer loans to Japanese corporates which are ready to Business Services: US$ 515.6m (US$ 1091.2m) 51.9% expand in Southeast Asia 4.7% Financial Services: US$ 2474.5m (US$ 782.4m) 3.3% 4.4% Other: US$ 555.3m (US$ 12163.5m)
5.0% 17.7% 90 160 8.4%
80 140
70 120
60 100 •• The Financial Services sector was the strongest sector in H1 2014, with 10 deals worth US$
2.5bn, and was the top valued sector. The value leaped three times above H1 2013 (US$ 50 782.3m), and occupied nearly a quarter of Japan’s total M&A by value during H1 2014 80 40
•• The increase in national sales tax from 5% to 8% could have been a factor influencing a 60 38.7% decrease in the value of M&A in the Consumer sector, to US$ 2.3bn from US$ 3.7bn 30 of Number deals Value of deals (US$bn) of deals Value in H1 2013. However, the Consumer sector continued to be the second most active sector 40 in H1 2014 both by value and volume with US$2.3bn-worth 45 deals, accounting for 19.4% 20 of Japanese M&A value, where the Industrials & Chemicals sector was the highest volume 10 20 sector with 52 deals. It was also the most active sector for outbound M&A and the second
most active sector for inbound M&A 0 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 •• Under the new policies by Shinzo Abe, many corporate restructuring deals, such as Kokusai 2007 2008 2009 2010 2011 2012 2013 2014 Kogyou Holdings’ acquisition of its subsidiary Kokusai Kogyo for US$ 1.3bn, have been seen Inbound M&A Value Outbound M&A Value Inbound Number of Deals Outbound Number of Deals and more consolidations and mergers are expected in future
Mergermarket H1 2014 trend report 21 www.mergermarket.com Japan: Top deals
Deal Announced Bidder Company Bidder Country Target Company Target Industry Seller Company Value Date (US$bn) 16-Jan-14 Kokusai Kogyo Holdings Co Ltd Japan eAccess Limited Telecommunications Softbank Corporation 3.2 (33.29% Stake)
31-Jan-14 H2O Retailing Corporation Japan Kokusai Kogyo Co Ltd Transportation Cerberus Capital Management 1.3 (55% Stake) LP
28-Apr-14 Orix Life Insurance Corporation Japan Izumiya Co Ltd Consumer 1.1
30-Jan-14 Japan Industrial Partners Inc Japan Hartford Life Insurance KK Financial Services Hartford Life Inc 0.9
15-May-14 Nankai Electric Railway Co Ltd Japan NEC Biglobe Ltd Technology NEC Corporation; and Daiwa 0.9 Securities Group
14-May-14 Dwango Co Ltd Japan Osaka Prefectural Urban Transportation The Bank of Tokyo-Mitsubishi 0.7 Development Co Ltd UFJ Ltd; The Kansai Electric Power Co Inc; Osaka Gas Company Limited; Resona Bank Limited; Sumitomo Mitsui Banking Corporation; and Osaka Prefectural Government 10-Jun-14 Synaptics Incorporated USA KADOKAWA Corporation Media 0.6
02-May-14 The Yachiyo Bank Ltd Japan Renesas SP Drivers Inc Technology Sharp Corporation; Powerchip 0.5 Technology Corp; and Renesas Electronics Corporation
25-Jun-14 Yahoo Japan Corporation; and Japan The Tokyo Tomin Bank Limited Financial Services 0.4 Softbank Payment Service Corporation
28-Jan-14 Toyota Tsusho Corporation Japan KC Co Ltd Financial Services KC Card Co Ltd 0.3
Mergermarket H1 2014 trend report 22 www.mergermarket.com Africa & Middle East: Overview of H1 2014
•• H1 2014 M&A deal value drops 38% from H1 2013 with deals valued at US$ 21.3bn, the lowest half-year since H1 2009
•• A decreased total deal value partially because of lower inbound values at US$ 7.6bn, down 59.4% compared to H1 2013
Average deal size trend 1,200 100
245.6 1,000 232.3 198.5 90 222.4 332.9 215.4 188.2 800 286.2 34.6 180.8 206.3 111.2 80 151.3 177.2 600 138.7 199.5
Value (US$m) Value 235.0 122.5 354.1 192.5 178.9 124.8 70 270.6 400 97.5 118.5 384.3 220.7 138.6 330.1 167.5 15.9 200 120.2 239.9 60 209.5 77.1 217.2 154.8 134.6 125.0
12.8 0 20.9 2007 2008 2009 2010 2011 2012 2013 2014 50 20.0 14.6 Q1 Q2 Q3 Q4 13.4 7.1 •• M&A deals in Africa and the Middle East totalled US$ 21.3bn in H1 2014, down 38% from 40 8.2 the US$ 34.3bn-worth of deals announced in the first half of last year. It was the lowest first half-year total since H1 2009 (US$ 9.3bn) and accounted for only 4.5% of total EMEA activity
Value of Value deals (US$bn) 11.4 10.0 (US$ 474.9bn) compared to 9.3% in H1 2013 8.0 21.6 30 12.6 7.8 10.0 •• The drop in the total value is partly due to a 44.4% decrease in the average size of M&A 12.9 6.5 deals in the region, to US$ 167.5m from US$ 301m in H1 2013, 15.4 25.4 20 13.5 14.5 19.9 19.8 •• After a slow start to the year, with no billion-dollar deals in Q1, Q2 saw the announcement of four deals valued over US$1bn, totalling US$ 7.6 between them and bringing the Q2 total up to US$ 14.6bn, more than double the US$ 6.7bn-worth of deals announced in Q1 10 13.1 12.7 4.0 8.8 •• The biggest deal in the region in the first half of the year, announced in April, was the 6.7 5.3 acquisition of a 51% stake in Orascom Telecom Algerie by Algeria-based Fonds National 0 d’Investissement from Global Telecom Holding for US$ 2.6bn. The transaction, whichis 2007 2008 2009 2010 2011 2012 2013 2014 subject to a series of conditions, is expected to close by the end of 2014 Q1 M&A Value Q2 M&A Value Q3 M&A Value Q4 M&A Value
Mergermarket H1 2014 trend report 23 www.mergermarket.com Africa & Middle East: Industry and Cross-border analysis
H1 2014 vs. (H1 2013) value and market share comparison Regional cross-border analysis
•• In line with the overall regional trend, inbound activity decreased 59.4% in H1 2014 to US$ 7.6bn from US$ 18.8bn in h1 2013. It accounted for 35.8% of the total value of Middle East and African M&A, the second lowest proportion in six years
16.8% H1 2014 •• Q2 showed a positive uptick with 43 inbound deals valued at US$ 4.6bn, up 55.1% by value from the US$ 3bn-worth of deals announced in Q1, but down 53.6% compared to Q2 2013 (US$ 10bn) 4.7% Consumer: US$ 3.6bn (US$ 1.7bn)
Energy, Mining & Utilities: US$ 4.4bn (US$ 11.6bn) 33.5% •• Foreign investment into the Energy Mining & Utilities sector dropped to US$ 1.3bn from H1 2013 20.6% 20.3% US$ 9.4bn in H1 2013, representing a 86.3% drop in total. As a result, the sector’s value Industrials & Chemicals: US$ 0.3bn (US$ 10.6bn) 28.9% market share for total inbound value collapsed from 50% to 16.8% so far in 2014 Pharma, Medical & Biotech: US$ 0.4bn (US$ 1.4bn) 0.4% •• Almost half of the investment into the region targeted the Consumer sector with total 11 Technology: US$ 2.1bn (US$ 2bn) 0.6% 5.6% deals valued at US$ 3bn, a huge 582.6% increase compared to H1 2013 Media: US$ 0.1bn (US$ 0.3bn) 1.2% 4.0% 1.5% Telecommunications: US$ 4.5bn (US$ 0.2bn) •• Meanwhile, outbound deals saw a significant 96.9% increase compared to H1 2013, with 63 30.8% deals valued at US$ 15.3bn already almost matching the full value for each of the previous Other: US$ 6.2bn (US$ 7bn) 9.7% two years (US$ 15.1bn in 2013 and US$ 15.8bn in 2012)
0.2% 70 100 21.1%
90 60
80
50 70
•• Telecommunications overtook Energy, Mining and Utilities as the most active sector by val- 60 ue in the first half of 2014, with ten deals valued at US$ 4.5bn, accounting for 21.1% of total 40 deal value in the region. In the same period last year the deals in the sector had added up 50
to only $122m, or 0.4% of total M&A value. This year’s total included three of the region’s 30 top ten M&A deals which accounted for 18.8% of total M&A in the region between them. 40 Number of Number deals 30 •• In terms of volume, Energy, Mining & Utilities remained the most active sector with 28 (US$bn) of deals Value 20 deals. However, with less than half the total value of H1 last year, US$ 4.4bn compared with 20 US$ 11.5bn in H1 2013, the share of Energy, Mining and Utilities values decreased to 20.6% 10 from 33.5% last year 10
0 •• Other sectors saw a significant increase in M&A activity and consequently in market share. H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 The Consumer sector reached a 16.8% proportion, up from 4.7% last year, thanks to a 120% 2007 2008 2009 2010 2011 2012 2013 2014 increase in its M&A value (US$ 3.6bn in H1 2014). M&A activity in the Leisure, Business Inbound M&A Value Outbound M&A Value Inbound Number of Deals Outbound Number of Deals Services and Agriculture sectors also went up 695%, 338% and 260% respectively
Mergermarket H1 2014 trend report 24 www.mergermarket.com Africa & Middle East: Top deals
Deal Announced Bidder Company Target Company Target Country Target Industry Seller Company Value Date (US$bn) 18-Apr-14 Fonds National d'Investissement Orascom Telecom Algerie SPA Algeria Telecommunications Global Telecom Holding SAE 2.6 (51% Stake)
22-May-14 Bright Food (Group) Co Ltd Tnuva Food Industries Ltd Israel Consumer Apax Partners LLP 2.5 (56% Stake)
13-Jun-14 Government of Chad Chevron Corporation Chad Energy, Mining & Utilities Chevron Global Energy Inc 1.3 (Chad oil assets)
04-Jun-14 Lafarge Cement WAPCO Nigeria Plc Lafarge SA South Africa Construction Lafarge SA 1.2 (South African and Nigerian businesses)
14-Feb-14 Rakuten Inc Viber Media Inc Israel Technology Shabtai family; IRS WEST LLC; 0.9 and Marco family
04-Feb-14 Sonangol EP Angola Block 15/06 Angola Energy, Mining & Utilities Total SA 0.8 (15% Stake)
19-May-14 Vodacom Group Limited Neotel South Africa Telecommunications Tata Communications Ltd; Nexus 0.7 Connexion; and Communitel Telecommunications (Pty) Ltd
20-Jan-14 Qatari Diar Real Estate Investment Barwa Bank PQSC Qatar Financial Services Barwa Real Estate Company QSC 0.7 Company (37.34% Stake)
05-May-14 Maroc Telecom Atlantique Telecom Group; and Ivory Coast Telecommunications Emirates Telecommunications 0.7 Prestige Telecom SA Corporation
22-Apr-14 A consortium led by Fajr Capital National Petroleum Services United Arab Emirates Energy, Mining & Utilities 0.5 Limited (Undisclosed Majority Stake)
20-Jan-14 Emirates Central Cooling Systems Palm Utilities United Arab Emirates Energy, Mining & Utilities Istithmar World Capital 0.5 Corporation
Mergermarket H1 2014 trend report 25 www.mergermarket.com Emerging Markets: Overview of H1 2014
•• Emerging market M&A hit the highest half-year value on Mergermarket record with deals valued at US$ 279.9bn, up 23.4% from H1 2013
•• Outbound M&A values increased 39.7% during H1 2014 (US$ 46.9bn) despite a slight drop in outbound acitivity in Q2
Average deal size trend 600 1,200
259.1 251.2 1,000 305.7 241.7 186.7 335.2 221.3 201.5 200.7 206.1 223.9 194.9 800 217.0 500 224.0 301.2 179.8 153.6 279.7 223.0 94.3 600 172.1 227.3 180.6 Value (US$m) Value 151.2 170.1 111.2 203.4 225.5 197.2 250.1 400 250.7 234.9 230.1 400 232.0 201.8
123.5 138.2 301.2 304.4 200 231.1 196.6 198.7 171.9 188.0 190.0 128.5
110.7 0 101.2 85.2 2007 2008 2009 2010 2011 2012 2013 2014 300 89.8 Q1 Q2 Q3 Q4 172.6 49.2 •• In the strongest start to the year on Mergermarket record (since 2001), the emerging 108.4 markets saw M&A deals with a total value of US$ 279.9bn in H1 2014, a 23.4% increase 138.2 compared to H1 2013 (US$ 226.8bn). The trend in 2014 has so far been upwards, with an
Value of Value deals (US$bn) 133.2 75.7 92.5 increase of 60.9% between Q1 (US$ 107.3bn) and Q2 (US$ 172.6bn). Q2 saw an increase 200 124.3 110.6 of 29.6% compared to Q2 2013.
•• BRIC countries were up 28.9% compared to H1 2013 (US$ 144.8bn), with a total of US$ 86.0 142.4 186.6bn-worth of deals announced in the first half of 2014. This increase was led by China 129.5 and was mainly driven by the CITI Limited restructuring. Latin America also showed an 100 increase, with deals valued at US$ 56.8bn, up 45.6% from US$ 39bn in H1 2013. 104.8 103.3 107.3 93.5 86.4 •• The average size of deals targeting emerging markets increased to US$ 225.5m in H1 2014, 57.1 the fourth highest average on Mergermarket record (since 2001) compared to other annual averages – the highest being in 2010 (US$ 259.1bn)
0 2007 2008 2009 2010 2011 2012 2013 2014 Q1 M&A Value Q2 M&A Value Q3 M&A Value Q4 M&A Value
Mergermarket H1 2014 trend report 26 www.mergermarket.com Emerging Markets: Industry and Cross-border analysis
H1 2014 vs. (H1 2013) value and market share comparison Regional cross-border analysis
•• All regions, except for the Middle East, had a positive inbound M&A value change in H1 2014, with Europe claiming the highest share (US$ 28.3bn) at 49.1%, up 82% by value com- pared to H1 2013 (US$ 15.6bn). Meanwhile, deal making was down for North America, Asia and Europe decreasing by 13, 17 and 10 deals respectively 8.1% H1 2014 17.3% •• Emerging market countries have been seeking growth opportunities outside of domestic 15.9% markets, with total outbound investments valued at US$ 46.9bn, a 39.7% increase over H1 Consumer: US$ 22.8bn (US$ 36bn) 2013 (US$ 33.6bn). There was a slight drop-off, however, in Q2 2014, which saw US$20.8bn- Energy, Mining & Utilities: US$ 48.6bn (US$ 71.9bn) H1 2013 worth of outbound deals, a decrease of 20.2% compared to Q1 2014
Industrials & Chemicals: US$ 28.9bn (US$ 23.7bn) 10.3% •• Emerging market countries have been seeking growth opportunities outside of domestic 31.9% Pharma, Medical & Biotech: US$ 13.9bn (US$ 5.3bn) 31.7% markets, with total outbound investments valued at US$ 46.9bn, a 39.7% increase over H1
Technology: US$ 25.6bn (US$ 8.5bn) 2013 (US$ 33.6bn). There was a slight drop-off, however, in Q2 2014, which saw US$20.8bn- 43.6% worth of outbound deals, a decrease of 20.2% compared to Q1 2014 Media: US$ 9.2bn (US$ 3.3bn) 5.0%
Telecommunications: US$ 9.2bn (US$ 6.1bn) 2.7% 3.7% 10.4% Other: US$ 122.1bn (US$ 72.3bn) 1.4% 2.3% 9.1%
3.3% 3.3% 120 400
350 100
300
80 250 •• Most sectors showed increases in M&A in the emerging markets compared to the same period last year, including Industrials & Chemicals (US$ 28.8bn), Pharma, Medical & Biotech (US$ 13.9bn), Technology (US$ 25.6bn), Media (US$ 9.2bn) and Telecommunications (US$ 60 200 9.1bn), all up 21.5%, 162.3%, 201.2%, 187.5% and 49.2% respectively. 150 •• The Consumer sector and Energy, Mining & Utilities, in spite of dominating in terms of -mar 40 of Number deals Value of deals (US$bn) of deals Value ket share in the emerging markets, with US$ 22.7bn and US$ 48.5bn respectively, were the 100 only sectors showing a decrease compared to H1 2013 (36.9% and 32.5%) 20 50 •• Despite a slight decrease in number of deals of -1.8% compared to H1 2013, Industrials &
Chemicals had the highest number of deals in the emerging markets, with a total of 323 0 deals in the first six months of 2014, followed by Technology (195 deals) H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 2007 2008 2009 2010 2011 2012 2013 2014 Inbound M&A Value Outbound M&A Value Inbound Number of Deals Outbound Number of Deals
Mergermarket H1 2014 trend report 27 www.mergermarket.com Emerging Markets: Top deals
Deal Announced Bidder Company Target Company Target Country Target Industry Seller Company Value Date (US$bn) 16-Apr-14 CITIC Pacific Limited CITIC Limited China Other CITIC Group Corporation 36.5
18-Mar-14 Shanghai Jinfeng Investment Co Ltd Shanghai Greenland (Group) Co Ltd China Real Estate An investor group led by 10.6 Shanghai Gelinlan Investment Management Ltd
29-Apr-14 Banco Santander SA Banco Santander Brasil SA Brazil Financial Services 6.5 (25% Stake)
13-Apr-14 MMG South America Management Xstrata Las Bambas SA (99.99% Peru Energy, Mining & Utilities Glencore Xstrata plc 5.9 Company Limited Stake)
20-Jan-14 Anheuser-Busch InBev NV Oriental Brewery Co Ltd South Korea Consumer Kohlberg Kravis Roberts & Co LP; 5.8 and Affinity Equity Partners
27-Jun-14 Inmobiliaria Carso SA de CV America Movil SAB de CV Mexico Telecommunications AT&T Inc 5.6 (8.38% Stake)
15-Mar-14 Inner Mongolia BaoTou Steel Union Baotou Iron and Steel Group China Energy, Mining & Utilities Baotou Iron and Steel Group Co Ltd 4.7 Co Ltd (Mining asset)
15-Apr-14 Rumo Logistica SA ALL - America Latina Logistica SA Brazil Transportation 4.1
07-Apr-14 Sun Pharmaceutical Industries Ranbaxy Laboratories Limited India Pharma, Medical & Biotech Daiichi Sankyo Company Limited 4.0 Limited
10-Mar-14 Tencent Holdings Ltd JD.com Inc (20.2% Stake) China Technology 3.4
Mergermarket H1 2014 trend report 28 www.mergermarket.com Appendix: financial advisor league tables - Global
League table of financial advisors to M&A by value: Global League table of financial advisors to M&A by volume: Global Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 2 Goldman Sachs 533,780 182 251,764 112.0% 1 1 PwC 24,963 188 186 2 2 3 Morgan Stanley 495,572 136 176,738 180.4% 2 3 Goldman Sachs 533,780 182 135 47 3 4 Bank of America Merrill Lynch 396,433 121 164,015 141.7% 3 2 KPMG 26,091 144 150 -6 4 1 JPMorgan 324,815 127 259,298 25.3% 4 4 Morgan Stanley 495,572 136 126 10 5 9 Citi 304,411 117 109,813 177.2% 5 7 JPMorgan 324,815 127 108 19 6 5 Barclays 290,488 104 141,985 104.6% 6 6 Deloitte 6,610 125 118 7 7 8 Lazard 260,321 113 118,238 120.2% 7 11 Bank of America Merrill Lynch 396,433 121 82 39 8 6 Credit Suisse 200,801 90 127,865 57.0% 8 10 Citi 304,411 117 83 34 9 7 Deutsche Bank 154,727 83 121,067 27.8% 9 8 Lazard 260,321 113 99 14 10 12 Centerview Partners 125,134 22 58,253 114.8% 10 9 Rothschild 120,789 113 98 15 11 14 Rothschild 120,789 113 52,926 128.2% 11 12 Barclays 290,488 104 78 26 12 13 BNP Paribas 118,718 51 54,169 119.2% 12 5 EY 29,224 94 126 -32 13 11 UBS Investment Bank 101,602 62 86,834 17.0% 13 14 Credit Suisse 200,801 90 76 14 14 18 RBC Capital Markets 94,078 69 38,408 144.9% 14 17 Deutsche Bank 154,727 83 63 20 15 32 Perella Weinberg Partners 86,980 14 16,120 439.6% 15 22 RBC Capital Markets 94,078 69 47 22 16 104 Allen & Company 86,102 9 2,841 2,930.7% 16 15 UBS Investment Bank 101,602 62 74 -12 17 22 Societe Generale 79,143 24 24,712 220.3% 17 18 Houlihan Lokey 22,010 62 52 10 18 - Paul J. Taubman 75,792 3 - - 18 25 Macquarie Group 25,401 57 42 15 19 - Zaoui & Co 70,114 6 - - 19 20 Jefferies 23,341 54 51 3 20 19 HSBC 59,477 25 32,327 84.0% 20 27 Evercore Partners 36,438 52 39 13
Mergermarket H1 2014 trend report 29 www.mergermarket.com Appendix: financial advisor league tables - Global buyouts
League table of financial advisors to private equity buyouts by value: Global League table of financial advisors to private equity buyouts by volume: Global Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 4 Credit Suisse 22,498 22 37,232 -39.6% 1 3 PwC 5,114 24 13 11 2 8 Deutsche Bank 21,446 19 28,581 -25.0% 2 10 Credit Suisse 22,498 22 11 11 3 5 Barclays 20,898 8 34,388 -39.2% 3 7 Deutsche Bank 21,446 19 12 7 4 12 Morgan Stanley 19,017 12 9,823 93.6% 4 2 Goldman Sachs 18,764 18 13 5 5 13 Goldman Sachs 18,764 18 7,742 142.4% 5 4 KPMG 1,945 16 13 3 6 2 UBS Investment Bank 10,420 8 37,561 -72.3% 6 1 Deloitte 892 15 16 -1 7 3 JPMorgan 9,477 7 37,261 -74.6% 7 8 Morgan Stanley 19,017 12 12 0 8 9 RBC Capital Markets 8,103 7 28,167 -71.2% 8 23 Macquarie Group 4,273 11 4 7 9 1 Lazard 6,258 9 37,995 -83.5% 9 5 EY 2,525 11 13 -2 10 14 Nomura Holdings 6,010 7 7,372 -18.5% 10 9 Lazard 6,258 9 11 -2 11 6 Bank of America Merrill Lynch 5,987 9 31,577 -81.0% 11 13 Bank of America Merrill Lynch 5,987 9 8 1 12 - XMS Capital Partners 5,400 1 - - 12 12 Barclays 20,898 8 8 0 13 17 PwC 5,114 24 4,259 20.1% 13 6 UBS Investment Bank 10,420 8 12 -4 14 10 Citi 4,408 3 22,383 -80.3% 14 15 JPMorgan 9,477 7 7 0 15 26 Macquarie Group 4,273 11 1,825 134.1% 15 20 RBC Capital Markets 8,103 7 5 2 16 15 Jefferies 3,780 7 7,295 -48.2% 16 11 Nomura Holdings 6,010 7 9 -2 17 - Infima 3,158 1 - - 17 14 Jefferies 3,780 7 8 -1 18 - MHS Corporate Finance 3,158 1 - - 18 38 Wells Fargo Securities 2,276 6 2 4 19 24 EY 2,525 11 2,645 -4.5% 19 29 BNP Paribas 2,194 4 4 0 20 32 Credit Agricole 2,479 3 1,284 93.1% 20 16 Rothschild 1,139 4 7 -3
Based on the target geography only and the adviser advising the buy-side only
Mergermarket H1 2014 trend report 30 www.mergermarket.com Appendix: financial advisor league tables - Europe
League table of financial advisors to M&A by value: Europe League table of financial advisors to M&A by volume: Europe Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 1 Goldman Sachs 225,202 57 124,480 80.9% 1 1 PwC 18,529 132 120 12 2 3 Morgan Stanley 202,193 53 76,433 164.5% 2 2 KPMG 11,100 97 99 -2 3 2 JPMorgan 163,309 55 95,950 70.2% 3 4 Rothschild 102,357 93 83 10 4 11 Bank of America Merrill Lynch 162,423 48 40,994 296.2% 4 5 Deloitte 4,346 83 83 0 5 9 Citi 141,951 45 46,316 206.5% 5 3 EY 23,541 71 91 -20 6 8 Lazard 136,860 66 51,806 164% 6 10 Lazard 136,860 66 48 18 7 7 BNP Paribas 113,353 42 52,878 114.4% 7 6 Goldman Sachs 225,202 57 64 -7 8 6 Deutsche Bank 104,331 43 58,212 79.2% 8 7 JPMorgan 163,309 55 49 6 9 10 Rothschild 102,357 93 43,192 137.0% 9 9 Morgan Stanley 202,193 53 48 5 10 5 Credit Suisse 96,042 34 60,007 60.1% 10 20 Bank of America Merrill Lynch 162,423 48 30 18 11 21 Perella Weinberg Partners 85,717 8 13,775 522.3% 11 14 Citi 141,951 45 38 7 12 4 Barclays 80,106 42 63,682 25.8% 12 21 Deutsche Bank 104,331 43 29 14 13 16 Societe Generale 79,143 24 24,712 220.3% 13 12 BNP Paribas 113,353 42 47 -5 14 - Zaoui & Co 70,114 6 - - 14 13 Barclays 80,106 42 43 -1 15 14 UBS Investment Bank 67,520 34 31,401 115.0% 15 11 BDO 2,475 38 48 -10 16 19 HSBC 51,636 17 21,764 137.3% 16 16 Credit Suisse 96,042 34 35 -1 17 43 Credit Agricole 46,277 21 4,239 991.7% 17 15 UBS Investment Bank 67,520 34 36 -2 18 29 Greenhill & Co 32,622 10 8,605 279.1% 18 8 M&A International 739 30 49 -19 19 17 EY 23,541 71 23,572 -0.1% 19 18 Canaccord Genuity 7,137 28 31 -3 20 511 Mizuho Financial Group 23,138 3 - - 20 24 UniCredit Group 5,698 26 27 -1
Mergermarket H1 2014 trend report 31 www.mergermarket.com Appendix: financial advisor league tables - European buyouts
League table of financial advisors to private equity buyouts by value: Europe League table of financial advisors to private equity buyouts by volume: Europe Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 18 Lazard 5,931 7 1,603 270.0% 1 1 PwC 1,697 14 11 3 2 7 UBS Investment Bank 4,993 3 4,743 5.3% 2 3 KPMG 1,718 13 11 2 3 6 Deutsche Bank 4,886 7 4,808 1.6% 3 4 Deloitte 779 12 10 2 4 4 Nomura Holdings 3,861 3 5,259 -26.6% 4 2 EY 2,515 10 11 -1 5 3 Goldman Sachs 3,550 3 5,281 -32.8% 5 12 Lazard 5,931 7 4 3 6= - Infima 3,158 1 - - 6 19 Deutsche Bank 4,886 7 3 4 6= - MHS Corporate Finance 3,158 1 - - 7 18 Credit Suisse 3,136 4 3 1 8 1 Credit Suisse 3,136 4 7,029 -55.4% 8 85 ING 910 4 1 3 9 14 EY 2,515 10 2,645 -4.9% 9 20 UBS Investment Bank 4,993 3 3 0 10 27 Credit Agricole 2,479 3 1,025 141.9% 10 9 Nomura Holdings 3,861 3 4 -1 11 17 HSBC 2,193 3 1,875 17.0% 11 5 Goldman Sachs 3,550 3 8 -5 12 - Capitalmind Corporate Finance Advisory 2,031 1 - - 12 30 Credit Agricole 2,479 3 2 1 13 - RBC Capital Markets 2,003 2 - - 13 11 HSBC 2,193 3 4 -1 14 15 KPMG 1,718 13 2,592 -33.7% 14 40 JPMorgan 1,272 3 1 2 15 - Arma Partners 1,718 2 - - 15 7 DC Advisory 803 3 7 -4
Based on the target geography only and the adviser advising the buy-side only
Mergermarket H1 2014 trend report 32 www.mergermarket.com Appendix: financial advisor league tables - Europe
League table of financial advisors to M&A by value: UK League table of financial advisors to M&A by volume: UK Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 1 Goldman Sachs 61,729 33 56,068 10.1% 1 4 Rothschild 17,621 40 30 10 2 - JPMorgan 50,722 25 - - 2 8 Goldman Sachs 61,729 33 24 9 3 16 Bank of America Merrill Lynch 47,722 25 8,858 438.7% 3 2 PwC 3,726 32 34 -2 4 9 Citi 38,649 18 14,304 170.2% 4 - JPMorgan 50,722 25 - - 5 6 Morgan Stanley 37,458 18 21,161 77.0% 5 15 Bank of America Merrill Lynch 47,722 25 13 12 6 8 Lazard 26,582 17 15,774 68.5% 6 1 KPMG 2,155 25 39 -14 7 5 Deutsche Bank 24,970 15 23,951 4.3% 7 5 BDO 381 24 29 -5 8 15 Barclays 22,385 19 9,190 143.6% 8 3 EY 7,492 23 32 -9 9 - Zaoui & Co 19,750 3 - - 9 7 Canaccord Genuity 2,113 23 25 -2 10 11 Rothschild 17,621 40 12,003 46.8% 10 6 Deloitte 1,840 21 26 -5 11 7 UBS Investment Bank 16,743 13 20,503 -18.3% 11 14 Barclays 22,385 19 13 6 12 - Arkle Associates 14,500 1 - - 12 19 Citi 38,649 18 12 6 13 12 Societe Generale 12,421 7 11,297 9.9% 13 10 Morgan Stanley 37,458 18 20 -2 14 53 RBC Capital Markets 12,060 9 651 1,752.5% 14 22 Lazard 26,582 17 8 9 15 10 Perella Weinberg Partners 11,444 4 12,236 -6.5% 15 21 Deutsche Bank 24,970 15 10 5
League table of financial advisors to M&A by value: Ireland League table of financial advisors to M&A by volume: Ireland Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 2 Goldman Sachs 69,523 3 10,447 565.5% 1 5 IBI Corporate Finance 150 9 3 6 2 - Perella Weinberg Partners 45,894 1 - - 2 8 Barclays 9,652 4 2 2 3 1 Bank of America Merrill Lynch 28,672 2 11,280 154.2% 3 - Lazard 2,362 4 - - 4 9 JPMorgan 23,696 2 1,273 1,761% 4 7 Citi 1,781 4 2 2 5 36 Morgan Stanley 23,623 3 - - 5 4 Rothschild 167 4 3 1 6= 4 Greenhill & Co 23,126 1 8,428 174.4% 6 2 Goldman Sachs 69,523 3 3 0 6= - Mizuho Financial Group 23,126 1 - - 7 36 Morgan Stanley 23,623 3 1 2 8 8 Barclays 9,652 4 1,273 658.2% 8 17 Davy Corporate Finance 121 3 1 2 9 6 Centerview Partners 6,745 2 3,249 108% 9 - Key Capital - 3 - - 10 3 Deutsche Bank 3,524 2 10,167 -65.3% 10 1 Bank of America Merrill Lynch 28,672 2 4 -2 11 - Lazard 2,362 4 - - 11 9 JPMorgan 23,696 2 2 0 12 5 Citi 1,781 4 3,469 -48.7% 12 13 Centerview Partners 6,745 2 1 1 13 - RBC Capital Markets 1,521 1 - - 13 6 Deutsche Bank 3,524 2 2 0 14 - Arma Partners 800 2 - - 14 - Arma Partners 800 2 - - 15 - PwC 724 2 - - 15 - PwC 724 2 - -
Mergermarket H1 2014 trend report 33 www.mergermarket.com Appendix: financial advisor league tables - Europe
League table of financial advisors to M&A by value: Germany League table of financial advisors to M&A by volume: Germany Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 5 Morgan Stanley 34,619 8 14,495 138.8% 1 2 PwC 2,384 24 19 5 2 2 Goldman Sachs 29,120 8 22,651 28.6% 2 10 Rothschild 25,462 19 8 11 3 11 Rothschild 25,462 19 5068 402.4% 3 3 KPMG 2,519 19 13 6 4 4 JPMorgan 25,256 8 15,157 66.6% 4 1 EY 17,369 16 21 -5 5 1 Deutsche Bank 18,645 11 23,604 -21.0% 5 8 Deutsche Bank 18,645 11 8 3 6 10 Bank of America Merrill Lynch 17,409 4 6,415 171.4% 6 132 VR Corporate Finance 30 9 1 8 7 14 EY 17,369 16 4373 297.2% 7 7 Perspektiv 12 9 9 0 8= - Lenner & Partners 9,148 1 - - 8 17 Morgan Stanley 34,619 8 5 3 8= - Nordea Corporate Finance 9,148 1 - - 9 4 Goldman Sachs 29,120 8 9 -1 8= 52 SEB 9,148 1 35 26,037% 10 9 JPMorgan 25,256 8 8 0 11 8 Citi 8,329 6 8,241 1.1% 11 6 Deloitte 462 8 9 -1 12 7 Credit Suisse 4,884 4 10,967 -55.5% 12 14 UniCredit Group 1,619 7 7 0 13 3 UBS Investment Bank 4,391 6 15,820 -72.2% 13 24 Altium Capital - 7 4 3 14 - Greenhill & Co 3,055 1 - - 14 18 Citi 8,329 6 5 1 15 - Gleacher Shacklock 2,848 1 - - 15 15 UBS Investment Bank 4,391 6 6 0
League table of financial advisors to M&A by value: Germanic League table of financial advisors to M&A by volume: Germanic Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 1 Goldman Sachs 107,456 20 34,426 212.1% 1 2 PwC 6,624 37 22 15 2 2 Morgan Stanley 80,112 14 26,842 198.5% 2 3 KPMG 3,339 28 19 9 3 5 Citi 77,481 14 17,184 351% 3 5 Rothschild 73,960 25 15 10 4 7 Rothschild 73,960 25 16,076 360.1% 4 1 EY 17,633 23 27 -4 5 8 Lazard 71,064 13 15,448 360.0% 5 4 Deloitte 813 22 16 6 6 11 Credit Suisse 67,954 18 13,149 416.8% 6 8 Goldman Sachs 107,456 20 13 7 7 - Zaoui & Co 67,908 5 - - 7 6 Credit Suisse 67,954 18 15 3 8 15 BNP Paribas 49,887 6 5,211 857.3% 8 11 Morgan Stanley 80,112 14 10 4 9 24 Societe Generale 41,226 4 1,788 2,205.7% 9 23 Citi 77,481 14 7 7 10 25 HSBC 39,968 1 1436 2,683.3% 10 7 Lazard 71,064 13 14 -1 11 9 Bank of America Merrill Lynch 38,499 11 15,038 156.0% 11 9 JPMorgan 36,856 13 12 1 12 3 JPMorgan 36,856 13 26,507 39.0% 12 12 Deutsche Bank 23,270 13 10 3 13 4 Deutsche Bank 23,270 13 25,533 -8.9% 13 27 Bank of America Merrill Lynch 38,499 11 5 6 14 17 EY 17,633 23 4,490 292.7% 14 13 UBS Investment Bank 8,950 11 10 1 15 - Arkle Associates 14,500 1 - - 15 16 UniCredit Group 1,655 10 10 0
Mergermarket H1 2014 trend report 34 www.mergermarket.com Appendix: financial advisor league tables - Europe
League table of financial advisors to M&A by value: Benelux League table of financial advisors to M&A by volume: Benelux Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 3 Morgan Stanley 52,296 7 23,969 118.2% 1 7 KPMG 2,205 15 13 2 2 8 Bank of America Merrill Lynch 41,699 5 13,460 209.8% 2 13 ABN AMRO Bank 17,074 13 10 3 3 4 JPMorgan 39,296 3 20,391 92.7% 3 3 Deloitte 949 13 18 -5 4 - Perella Weinberg Partners 39,296 3 - - 4 2 Rabobank 320 13 19 -6 5 6 Citi 36,095 5 16,076 124.5% 5 4 PwC 21 11 16 -5 6 9 Lazard 35,666 10 12,690 181.1% 6 15 Lazard 35,666 10 8 2 7 26 Deutsche Bank 31,714 5 2,123 1,393.8% 7 12 Rothschild 10,799 10 10 0 8 12 BNP Paribas 25,071 6 7,867 219% 8 5 ING 1,228 10 15 -5 9 17 Barclays 24,746 3 6,039 309.8% 9 10 Morgan Stanley 52,296 7 10 -3 10 28 Societe Generale 24,460 4 1,305 1,774% 10 8 BNP Paribas 25,071 6 12 -6 11 18 Credit Suisse 23,432 3 4,642 404.8% 11 17 Bank of America Merrill Lynch 41,699 5 7 -2 12 43 Credit Agricole 23,297 2 204 11,320% 12 19 Citi 36,095 5 6 -1 13 13 UBS Investment Bank 23,297 1 7,224 222.5% 13 26 Deutsche Bank 31,714 5 3 2 14 34 ABN AMRO Bank 17,074 13 657 2,498.8% 14 20 EY 9,639 5 6 -1 15 2 Goldman Sachs 12,638 3 30,786 -58.9% 15 - NIBC Bank - 5 - -
League table of financial advisors to M&A by value: France League table of financial advisors to M&A by volume: France Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 6 Lazard 90,511 26 6,139 1,374.4% 1 1 Rothschild 56,979 29 26 3 2 3 BNP Paribas 87,537 26 7,034 1,144.5% 2 6 Lazard 90,511 26 14 12 3 1 Morgan Stanley 78,957 12 8,100 874.8% 3 2 BNP Paribas 87,537 26 23 3 4 10 Credit Suisse 75,243 8 3,916 1,821.4% 4 4 Societe Generale 69,116 21 15 6 5 7 Societe Generale 69,116 21 4,241 1,529.7% 5 3 Credit Agricole 36,250 19 16 3 6 11 Citi 65,368 5 3,736 1,649.7% 6 7 PwC 543 14 13 1 7 4 Rothschild 56,979 29 6,957 719.0% 7 13 EY 3,581 13 8 5 8 - Zaoui & Co 50,364 3 - - 8 9 Morgan Stanley 78,957 12 9 3 9 2 Goldman Sachs 44,486 7 7,409 500.4% 9 33 JPMorgan 36,058 11 3 8 10 8 HSBC 41,882 5 4,165 905.6% 10 19 KPMG 1,137 10 7 3 11 9 Credit Agricole 36,250 19 3,975 811.9% 11 46 Deutsche Bank 31,026 9 2 7 12 12 JPMorgan 36,058 11 3,226 1,017.7% 12 21 Credit Suisse 75,243 8 6 2 13 24 Deutsche Bank 31,026 9 1,076 2,783.5% 13 15 Barclays 28,978 8 7 1 14 18 UBS Investment Bank 30,364 5 1,432 2,020.4% 14 10 Goldman Sachs 44,486 7 9 -2 15 5 Barclays 28,978 8 6,229 365.2% 15 42 Bank of America Merrill Lynch 28,479 7 2 5
Mergermarket H1 2014 trend report 35 www.mergermarket.com Appendix: financial advisor league tables - Europe
League table of financial advisors to M&A by value: Iberia League table of financial advisors to M&A by volume: Iberia Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 7 Bank of America Merrill Lynch 28,071 4 2,948 852.2% 1 1 PwC 3,035 20 19 1 2 19 Morgan Stanley 22,232 5 1,024 2,071.1% 2 2 Deloitte 967 17 15 2 3 18 BNP Paribas 21,696 6 1,237 1,653.9% 3 4 EY 1,047 15 13 2 4 11 Santander Global Banking and Markets 21,301 6 1,910 1,015.2% 4 6 KPMG 2,688 14 10 4 5 8 JPMorgan 20,613 6 2,775 642.8% 5 3 Banco Bilbao Vizcaya Argentaria 11,448 9 13 -4 6 10 UBS Investment Bank 18,281 4 1,934 845% 6 20 Lazard 4,095 8 3 5 7 17 Deutsche Bank 17,795 4 1,335 1,233% 7 25 BNP Paribas 21,696 6 2 4 8 1 Goldman Sachs 17,428 4 11,243 55.0% 8 10 Santander Global Banking and Markets 21,301 6 4 2 9 14 Caixa Banco de Investimento 11,946 3 1,578 657% 9 14 JPMorgan 20,613 6 3 3 10 2 Barclays 11,883 4 6,723 76.8% 10 - Montalban Atlas Capital 477 6 - - 11 6 Banco Bilbao Vizcaya Argentaria 11,448 9 3,437 233.1% 11 11 Morgan Stanley 22,232 5 4 1 12 12 Banco Espirito Santo de Investimento 10,867 5 1,648 559.4% 12 16 Banco Espirito Santo de Investimento 10,867 5 3 2 13 44 Banco BTG Pactual 10,574 1 29 36,362% 13 13 Bank of America Merrill Lynch 28,071 4 3 1 14= 29 Credit Agricole 10,027 1 264 3,698.1% 14 15 UBS Investment Bank 18,281 4 3 1 14= - Robertson Robey Associates 10,027 1 - - 15 33 Deutsche Bank 17,795 4 1 3 14= 26 Societe Generale 10,027 1 385 2,504.4% League table of financial advisors to M&A by value: Spain League table of financial advisors to M&A by volume: Spain Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 8 JPMorgan 19,255 5 2,775 593.9% 1 1 PwC 3,035 20 19 1 2 10 UBS Investment Bank 18,281 4 1,934 845.2% 2 2 Deloitte 892 16 15 1 3 13 Deutsche Bank 17,795 4 1,335 1,233.0% 3 3 EY 1,047 15 13 2 4 7 Bank of America Merrill Lynch 17,497 3 2,948 493.5% 4 7 KPMG 2,688 14 9 5 5 1 Goldman Sachs 17,428 4 11,243 55.0% 5 4 Banco Bilbao Vizcaya Argentaria 11,448 9 12 -3 6 6 Banco Bilbao Vizcaya Argentaria 11,448 9 3,314 245.4% 6 19 Lazard 3,540 7 3 4 7 14 BNP Paribas 11,122 5 1,237 799.1% 7 - Montalban Atlas Capital 477 6 - - 8 11 Santander Global Banking and Markets 10,727 5 1,787 500.3% 8 13 JPMorgan 19,255 5 3 2 9 15 Morgan Stanley 10,300 3 1,024 906% 9 22 BNP Paribas 11,122 5 2 3 10= 25 Credit Agricole 10,027 1 264 3,698.1% 10 15 Santander Global Banking and Markets 10,727 5 3 2 10= - Robertson Robey Associates 10,027 1 - - 11 14 UBS Investment Bank 18,281 4 3 1 10= 22 Societe Generale 10,027 1 385 2,504.4% 12 29 Deutsche Bank 17,795 4 1 3 13 4 Rothschild 7,095 4 4,007 77.1% 13 9 Goldman Sachs 17,428 4 6 -2 14= 12 Citi 5,000 1 1,598 212.9% 14 6 Rothschild 7,095 4 9 -5 14= 24 Nomura Holdings 5,000 1 307 1,528.7% 15 12 Bank of America Merrill Lynch 17,497 3 3 0
Mergermarket H1 2014 trend report 36 www.mergermarket.com Appendix: financial advisor league tables - Europe
League table of financial advisors to M&A by value: Italy League table of financial advisors to M&A by volume: Italy Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 5 Lazard 11,317 12 7,051 60.5% 1 1 Banca IMI/Intesa Sanpaolo 4,684 17 15 2 2 - Credit Agricole 4,783 2 - - 3 2 KPMG 2,811 13 10 3 3 2 Banca IMI/Intesa Sanpaolo 4,684 17 12,022 -61.0% 5 3 Lazard 11,317 12 8 4 4 1 Goldman Sachs 4,616 4 16,042 -71.2% 8 4 Mediobanca 3,818 12 6 6 5 11 BNP Paribas 4,020 8 6,113 -34.2% 2 5 UniCredit Group 3,054 11 15 -4 6 17 Bank of America Merrill Lynch 3,887 2 2,406 61.6% 6 6 Rothschild 3,777 10 8 2 7 9 Mediobanca 3,818 12 6,513 -41% 4 7 BNP Paribas 4,020 8 9 -1 8 7 Rothschild 3,777 10 6,789 -44.4% 13 8 Leonardo & Co 1,366 7 4 3 9= 10 Deutsche Bank 3,650 1 6,208 -41.2% 12 9 PwC 905 7 5 2 9= - Evercore Partners 3,650 1 - - 9 10 Vitale & Associati 519 5 6 -1 9= 8 JPMorgan 3,650 1 6,666 -45.2% 7 11 Goldman Sachs 4,616 4 7 -3 12 12 Morgan Stanley 3,241 4 5,761 -43.7% 21 12 Morgan Stanley 3,241 4 2 2 13 3 UniCredit Group 3,054 11 10027 -69.5% 51 13 EY 371 4 1 3 14 25 KPMG 2,811 13 375 649.6% 11 14 Fineurop Soditic 348 4 5 -1 15 6 Leonardo & Co 1,366 7 6,966 -80.4% - 15 Ethica Corporate Finance 158 4 - -
League table of financial advisors to M&A by value: Nordic League table of financial advisors to M&A by volume: Nordic Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 36 Deutsche Bank 18,114 6 502 3,508.4% 1 1 PwC 5,439 37 28 9 2 16 SEB 14,584 14 2,843 413.0% 2 4 ABG Sundal Collier Holding 6,534 20 14 6 3 7 Nordea Corporate Finance 13,632 11 4,754 187% 3 2 SEB 14,584 14 14 0 4 2 Morgan Stanley 13,383 3 6,610 102.5% 4 5 KPMG 713 12 13 -1 5 6 JPMorgan 11,951 7 4,842 146.8% 5 13 Deloitte 466 12 7 5 6 1 Goldman Sachs 10,715 5 11,632 -7.9% 6 7 Nordea Corporate Finance 13,632 11 11 0 7 21 Rothschild 9,920 6 1,162 753.7% 7 3 EY 3,811 10 14 -4 8 - Lenner & Partners 9,821 4 - - 8 12 Carnegie Investment Bank 936 10 7 3 9 22 ABG Sundal Collier Holding 6,534 20 997 555.4% 9 6 Handelsbanken Capital Markets 3,086 9 12 -3 10 4 UBS Investment Bank 5,755 2 5286 8.9% 10 10 Pareto Securities 442 9 9 0 11 10 PwC 5,439 37 3,623 50.1% 11 14 Advizer - 8 7 1 12 18 EY 3,811 10 1,717 122.0% 12 31 Keystone Advisers - 8 4 4 13= - Infima 3,158 1 - - 13 17 JPMorgan 11,951 7 6 1 13= - MHS Corporate Finance 3,158 1 - - 14 54 Access Partners 2,928 7 2 5 15 3 Handelsbanken Capital Markets 3,086 9 5,639 -45.3% 15 20 FIH Partners 2,447 7 6 1
Mergermarket H1 2014 trend report 37 www.mergermarket.com Appendix: financial advisor league tables - Europe
League table of financial advisors to M&A by value: Sweden League table of financial advisors to M&A by volume: Sweden Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 12 SEB 12,861 8 2,625 389.9% 1 1 PwC 265 16 18 -2 2 8 Nordea Corporate Finance 11,916 5 4,232 181.6% 2 4 SEB 12,861 8 7 1 3 9 Morgan Stanley 9,888 2 3,550 178.5% 3 8 KPMG 591 8 6 2 4 - Lenner & Partners 9,821 4 - - 4 18 Keystone Advisers - 6 3 3 5 1 Goldman Sachs 9,338 2 8,365 11.6% 5 7 Nordea Corporate Finance 11,916 5 6 -1 6 - Deutsche Bank 9,327 2 - - 6 3 Handelsbanken Capital Markets 2,953 5 8 -3 7 20 Rothschild 9,148 4 473 1,834.0% 7 - Lenner & Partners 9,821 4 - - 8 2 Handelsbanken Capital Markets 2,953 5 5440 -45.7% 8 14 Rothschild 9,148 4 3 1 9 - Access Partners 2,597 3 - - 9 2 Grant Thornton Corporate Finance 262 4 9 -5 10 5 UBS Investment Bank 2,597 1 4,423 -41.3% 10 55 Deloitte 261 4 1 3 11 51 Global M&A Partners 2,173 2 12 18,008% 11 5 ABG Sundal Collier Holding 174 4 7 -3 12 36 Bank of America Merrill Lynch 1,289 2 82 1,472.0% 12 - Access Partners 2,597 3 - - 13 - Simmons & Company International 740 1 - - 13 37 Morgan Stanley 9,888 2 1 1 14 32 KPMG 591 8 129 358.1% 14 10 Goldman Sachs 9,338 2 4 -2 15 27 Carnegie Investment Bank 369 2 349 5.7% 15 - Deutsche Bank 9,327 2 - -
League table of financial advisors to M&A by value: Denmark League table of financial advisors to M&A by volume: Denmark Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 1 PwC 5,056 17 1,897 166.5% 1 1 PwC 5,056 17 10 7 2 3 JPMorgan 4,733 3 1,052 349.9% 2 2 Advizer - 8 7 1 3= - Infima 3,158 1 - - 3 5 FIH Partners 2,447 7 5 2 3= - MHS Corporate Finance 3,158 1 - - 4 15 ABG Sundal Collier Holding 1,447 5 2 3 3= - UBS Investment Bank 3,158 1 - - 5 3 Deloitte 51 5 6 -1 6 - Deutsche Bank 2,886 2 - - 6 9 SEB 359 4 3 1 7 14 FIH Partners 2,447 7 495 394.3% 7 4 Carnegie Investment Bank 133 4 5 -1 8= 40 ABN AMRO Bank 2,344 1 - - 8 11 JPMorgan 4,733 3 2 1 8= 11 EY 2,344 1 538 335.7% 9 8 Nordea Corporate Finance 988 3 3 0 10 21 ABG Sundal Collier Holding 1,447 5 136 964.0% 10 - Nordic M&A 116 3 - - 11= 2 Citi 1,050 1 1,097 -4.3% 11 14 Handelsbanken Capital Markets 115 3 2 1 11= - RBC Capital Markets 1,050 1 - - 12 - Deutsche Bank 2,886 2 - - 13 15 Nordea Corporate Finance 988 3 347 184.7% 13 - IMAP M&A Consultants - 2 - - 14= 5 Moelis & Company 542 1 700 -22.6% 14 17 KPMG - 2 2 0 14= - Torreya Partners 542 1 - - 15 6 M&A International - 2 5 -3
Mergermarket H1 2014 trend report 38 www.mergermarket.com Appendix: financial advisor league tables - Europe
League table of financial advisors to M&A by value: Norway League table of financial advisors to M&A by volume: Norway Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 8 ABG Sundal Collier Holding 4,998 14 964 418.5% 1 1 ABG Sundal Collier Holding 4,998 14 12 2 2 5 Morgan Stanley 3,495 1 2,900 20.5% 2 3 PwC 244 9 8 1 3 18 SEB 2,789 4 430 548.6% 3 2 Pareto Securities 345 7 8 -1 4 30 JPMorgan 2,349 2 140 1,577.9% 4 4 EY 1,176 6 6 0 5 48 Global M&A Partners 2,173 2 - - 5 43 Carnegie Investment Bank 626 5 1 4 6 - Scotiabank 2,100 1 - - 6 22 Alpha Corporate Finance 270 5 2 3 7= 14 Deutsche Bank 1,315 1 502 162.0% 7 7 SEB 2,789 4 5 -1 7= - William Blair & Company 1,315 1 - - 8 13 Nordea Corporate Finance 759 3 3 0 9 7 EY 1,176 6 1160 1.4% 9 6 DNB Markets 429 3 5 -2 10= - Arma Partners 1,094 1 - - 10 - ICECAPITAL Securities 327 3 - - 10= 4 Goldman Sachs 1,094 1 2,900 -62.3% 11 - Credit Suisse 249 3 - - 12 21 Nordea Corporate Finance 759 3 333 127.9% 12 15 Handelsbanken Capital Markets 215 3 3 0 13 32 Carnegie Investment Bank 626 5 104 501.9% 13 41 JPMorgan 2,349 2 1 1 14 13 DNB Markets 429 3 596 -28.0% 14 9 Global M&A Partners 2,173 2 4 -2 15 19 Pareto Securities 345 7 385 -10.4% 15 5 Arctic Securities 204 2 6 -4
League table of financial advisors to M&A by value: Finland League table of financial advisors to M&A by volume: Finland Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 - JPMorgan 5,082 3 - - 1 5 PwC 139 6 3 3 2 - Deutsche Bank 4,586 1 - - 2 6 Nordea Corporate Finance 3,369 5 3 2 3 3 Nordea Corporate Finance 3,369 5 610 452.3% 3 32 Access Partners 2,928 5 1 4 4 32 Access Partners 2,928 5 - - 4 36 Globalscope Partners - 5 1 4 5 12 Handelsbanken Capital Markets 2,756 4 94 2,831.9% 5 11 Handelsbanken Capital Markets 2,756 4 2 2 6 7 UBS Investment Bank 2,597 1 367 607.6% 6 23 ICECAPITAL Securities 341 4 1 3 7 4 SEB 1,778 3 479 271.2% 7 8 PCA Corporate Finance - 4 3 1 8 - Leimdorfer 748 1 - - 8 - JPMorgan 5,082 3 - - 9 17 ICECAPITAL Securities 341 4 51 568.6% 9 3 SEB 1,778 3 4 -1 10 6 Goldman Sachs 283 1 367 -22.9% 10 - Advium Corporate Finance 177 3 - - 11 35 DC Advisory 240 1 - - 11 31 Deloitte 100 3 1 2 12 - DNB Markets 229 1 - - 12 - ABG Sundal Collier Holding - 3 - - 13 15 Initia Corporate Finance 213 1 61 249.2% 13 39 MCF Corporate Finance - 3 1 2 14 - Advium Corporate Finance 177 3 - - 14 - Aventum Partners 177 2 - - 15 - Aventum Partners 177 2 - - 15 9 EY 86 2 3 -1
Mergermarket H1 2014 trend report 39 www.mergermarket.com Appendix: financial advisor league tables - Europe
League table of financial advisors to M&A by value: CEE League table of financial advisors to M&A by volume: CEE Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 20 Sberbank CIB 8,456 10 1,277 562.2% 1 4 Deloitte 714 11 7 4 2 1 VTB Capital 3,036 5 21,813 -86.1% 2 25 Sberbank CIB 8,456 10 2 8 3 9 Citi 2,572 6 2,833 -9.2% 3 7 UniCredit Group 2,508 10 6 4 4 28 UniCredit Group 2,508 10 359 598.6% 4 2 KPMG 1,298 8 11 -3 5 27 Rothschild 1,579 7 450 250.9% 5 12 Rothschild 1,579 7 5 2 6 10 Deutsche Bank 1,315 2 2,690 -51.1% 6 10 Citi 2,572 6 5 1 7 11 KPMG 1,298 8 2,634 -50.7% 7 29 UBS Investment Bank 518 6 2 4 8 2 Morgan Stanley 1,269 2 19,951 -93.6% 8 8 VTB Capital 3,036 5 5 0 9 23 Credit Suisse 1,129 1 1,115 1.3% 9 1 EY 687 5 14 -9 10 22 Lazard 1,101 3 1197 -8% 10 51 Macquarie Group 20 5 1 4 11 - Ligerion Group 1,041 1 - - 11 27 Lazard 1,101 3 2 1 12= 3 Barclays 1,000 1 17,419 -94.3% 12 43 Banca IMI/Intesa Sanpaolo 929 3 1 2 12= - Jamieson Corporate Finance 1,000 1 - - 13 - SUMMA Advisers 181 3 - - 14 30 Banca IMI/Intesa Sanpaolo 929 3 357 160.2% 14 37 Porta Finance 46 3 2 1 15 34 Deloitte 714 11 256 178.9% 15 15 Deutsche Bank 1,315 2 4 -2
League table of financial advisors to M&A by value: Russia League table of financial advisors to M&A by volume: Russia Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 14 Sberbank CIB 8,456 10 1,277 562.2% 1 9 Sberbank CIB 8,456 10 2 8 2 1 VTB Capital 3,036 5 21,813 -86.1% 2 1 VTB Capital 3,036 5 5 0 3 2 Morgan Stanley 1,269 2 17,925 -92.9% 3 27 Citi 1,074 5 1 4 4 26 Citi 1,074 5 165 550.9% 4 - Rothschild 711 3 - - 5 20 KPMG 1,066 2 346 208.1% 5 5 Morgan Stanley 1,269 2 2 0 6= 21 Lazard 1,041 1 346 200.9% 6 11 KPMG 1,066 2 2 0 6= - Ligerion Group 1,041 1 - - 7= 21 Banca IMI/Intesa Sanpaolo 828 2 1 1 8 4 Barclays 1,000 1 14,375 -93.0% 7= 12 UniCredit Group 828 2 2 0 9= 18 Banca IMI/Intesa Sanpaolo 828 2 357 131.9% 9 8 Goldman Sachs 648 2 2 0 9= 25 UniCredit Group 828 2 167 395.8% 10 51 Otkritie Holding 120 2 5 -3
Mergermarket H1 2014 trend report 40 www.mergermarket.com Appendix: financial advisor league tables - Americas
League table of financial advisors to M&A by value: Americas League table of financial advisors to M&A by volume: Americas Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Value Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count (US$m) Change 1 2 Goldman Sachs 416,403 139 181,618 129.3% 1 1 Goldman Sachs 416,403 139 87 52 2 4 Morgan Stanley 335,854 96 91,590 266.7% 2 3 Morgan Stanley 335,854 96 64 32 3 3 Bank of America Merrill Lynch 329,488 95 145,658 126.2% 3 4 Bank of America Merrill Lynch 329,488 95 60 35 4 7 Barclays 250,174 83 85,184 193.7% 4 2 JPMorgan 250,129 88 70 18 5 1 JPMorgan 250,129 88 183,385 36.4% 5 8 Barclays 250,174 83 46 37 6 8 Citi 191,859 77 71,671 167.7% 6 6 Citi 191,859 77 52 25 7 9 Lazard 143,373 61 65,988 117.3% 7 11 RBC Capital Markets 91,301 64 44 20 8 11 Centerview Partners 125,049 21 58,253 114.7% 8 5 Lazard 143,373 61 59 2 9 6 Credit Suisse 111,259 59 88,262 26.1% 9 7 Credit Suisse 111,259 59 50 9 10 5 Deutsche Bank 92,367 51 88,827 4.0% 10 9 Houlihan Lokey 20,821 55 46 9 11 16 RBC Capital Markets 91,301 64 37,757 141.8% 11 10 Deutsche Bank 92,367 51 45 6 12 99 Allen & Company 86,102 9 631 13,545% 12 12 Jefferies 22,940 47 44 3 13 - Paul J. Taubman 75,792 3 - - 13 14 Stifel/KBW 6,542 44 42 2 14 13 UBS Investment Bank 53,899 31 48,924 10.2% 14 15 Evercore Partners 29,428 43 36 7 15 52 Perella Weinberg Partners 52,157 10 3,274 1,493.1% 15 16 Raymond James & Associates 3,104 42 36 6 16 17 Greenhill & Co 41,310 14 21,548 91.7% 16 17 PwC 8,987 38 34 4 17 14 Evercore Partners 29,428 43 47,398 -37.9% 17 18 KPMG 3,693 38 32 6 18 20 Rothschild 27,044 25 14,245 89.8% 18 24 Sandler O'Neill & Partners 3,403 34 24 10 19 40 Santander Global Banking and Markets 24,632 13 4,638 431.1% 19 25 Wells Fargo Securities 23,809 32 23 9 20 15 Wells Fargo Securities 23,809 32 42,275 -43.7% 20 32 Robert W. Baird & Co 6,168 32 16 16
Mergermarket H1 2014 trend report 41 www.mergermarket.com Appendix: financial advisor league tables - Americas
League table of financial advisors to M&A by value: US League table of financial advisors to M&A by volume: US Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 2 Goldman Sachs 393,308 125 158,302 148.5% 1 1 Goldman Sachs 393,308 125 73 52 2 5 Morgan Stanley 314,588 84 84,242 273.4% 2 5 Bank of America Merrill Lynch 301,871 87 53 34 3 3 Bank of America Merrill Lynch 301,871 87 138,241 118.4% 3 3 Morgan Stanley 314,588 84 56 28 4 1 JPMorgan 242,169 82 175,592 37.9% 4 2 JPMorgan 242,169 82 62 20 5 6 Barclays 230,421 77 82,275 180.1% 5 8 Barclays 230,421 77 44 33 6 8 Citi 176,016 69 71,323 146.8% 6 6 Citi 176,016 69 49 20 7 9 Lazard 143,373 61 64,475 122.4% 7 4 Lazard 143,373 61 54 7 8 11 Centerview Partners 123,571 20 58,253 112.1% 8 7 Credit Suisse 100,155 54 46 8 9 4 Credit Suisse 100,155 54 86,361 16.0% 9 9 Houlihan Lokey 15,921 53 44 9 10 86 Allen & Company 86,102 9 631 13,545% 10 14 RBC Capital Markets 80,622 47 34 13 11 16 RBC Capital Markets 80,622 47 34,400 134.4% 11 10 Deutsche Bank 78,401 47 42 5 12 7 Deutsche Bank 78,401 47 81,068 -3.3% 12 11 Jefferies 19,699 44 42 2 13 - Paul J. Taubman 75,792 3 - - 13 12 Stifel/KBW 6,542 44 42 2 14 40 Perella Weinberg Partners 52,157 10 3,274 1,493.1% 14 15 Evercore Partners 29,373 42 33 9 15 13 UBS Investment Bank 46,810 27 45,620 2.6% 15 20 Sandler O'Neill & Partners 3,403 34 24 10 16 17 Greenhill & Co 41,310 14 21,548 91.7% 16 16 Raymond James & Associates 1,748 34 30 4 17 14 Evercore Partners 29,373 42 42,646 -31.1% 17 21 Wells Fargo Securities 23,809 32 23 9 18 15 Wells Fargo Securities 23,809 32 42,275 -43.7% 18 27 Robert W. Baird & Co 6,168 32 16 16 19 123 Mizuho Financial Group 23,381 4 211 10,981% 19 18 KPMG 3,342 31 27 4 20 18 Jefferies 19,699 44 18,128 8.7% 20 25 Lincoln International 568 29 19 10
Mergermarket H1 2014 trend report 42 www.mergermarket.com Appendix: financial advisor league tables - US buyouts
League table of financial advisors to private equity buyouts by value: US League table of financial advisors to private equity buyouts by volume: US Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 3 Barclays 20,390 7 30,004 -32.0% 1 1 Credit Suisse 14,597 14 7 7 2 4 Credit Suisse 14,597 14 30,003 -51.3% 2 3 Deutsche Bank 13,235 10 7 3 3 9 Deutsche Bank 13,235 10 23,287 -43.2% 3 11 Goldman Sachs 10,888 9 4 5 4 13 Morgan Stanley 11,220 6 4,380 156.2% 4 9 Barclays 20,390 7 4 3 5 17 Goldman Sachs 10,888 9 2,333 366.7% 5 10 Morgan Stanley 11,220 6 4 2 6 1 JPMorgan 6,810 3 32,095 -78.8% 6 4 Jefferies 3,380 6 6 0 7 6 RBC Capital Markets 6,100 5 28,167 -78.3% 7 5 RBC Capital Markets 6,100 5 5 0 8 - XMS Capital Partners 5,400 1 - - 8 6 Bank of America Merrill Lynch 4,710 5 5 0 9 8 Bank of America Merrill Lynch 4,710 5 25,852 -81.8% 9 13 Wells Fargo Securities 1,967 5 2 3 10 10 Citi 4,110 2 21,222 -80.6% 10 - Macquarie Group 2,377 4 - - 11 7 UBS Investment Bank 3,497 3 27,490 -87.3% 11 7 JPMorgan 6,810 3 4 -1 12 16 Jefferies 3,380 6 2,433 38.9% 12 2 UBS Investment Bank 3,497 3 7 -4 13 - Macquarie Group 2,377 4 - - 13 - Blackstone Group 1,950 3 - - 14 5 Wells Fargo Securities 1,967 5 28,662 -93.1% 14 - PwC 81 3 - - 15 - Blackstone Group 1,950 3 - - 15 14 Citi 4,110 2 2 0
Based on the target geography only and the adviser advising the buy-side only
Mergermarket H1 2014 trend report 43 www.mergermarket.com Appendix: financial advisor league tables - Americas
League table of financial advisors to M&A by value: Canada League table of financial advisors to M&A by volume: Canada Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 10 Barclays 69,227 12 4,496 1,439.7% 1 1 RBC Capital Markets 64,594 27 13 14 2 12 RBC Capital Markets 64,594 27 4,297 1,403.2% 2 7 Goldman Sachs 61,420 16 9 7 3 3 Morgan Stanley 61,984 10 14,270 334.4% 3 6 TD Securities 7,772 16 10 6 4 1 Goldman Sachs 61,420 16 25,377 142.0% 4 2 BMO Capital Markets 14,034 13 13 0 5 4 Bank of America Merrill Lynch 57,252 8 10,522 444.1% 5 10 Scotiabank 11,204 13 8 5 6 14 BMO Capital Markets 14,034 13 3,836 265.8% 6 18 Barclays 69,227 12 5 7 7 5 Deutsche Bank 11,644 3 10,245 13.7% 7 11 Macquarie Group 7,585 12 8 4 8 6 Scotiabank 11,204 13 9,015 24% 8 16 National Bank Financial 3,981 12 6 6 9 2 JPMorgan 9,300 7 16,374 -43.2% 9 9 CIBC World Markets 3,718 12 9 3 10 8 TD Securities 7,772 16 5,977 30.0% 10 4 GMP Securities 2,911 12 11 1 11 7 Canaccord Genuity 7,611 8 6,486 17% 11 30 FirstEnergy Capital 1,739 11 3 8 12 21 Macquarie Group 7,585 12 1,675 352.8% 12 5 Morgan Stanley 61,984 10 10 0 13 16 Citi 7,244 7 2,688 169.5% 13 12 Raymond James & Associates 1,356 9 8 1 14 - Centerview Partners 6,745 3 - - 14 3 Bank of America Merrill Lynch 57,252 8 11 -3 15 25 Houlihan Lokey 6,544 5 1,416 362.1% 15 13 Canaccord Genuity 7,611 8 7 1
League table of financial advisors to M&A by value: US North East League table of financial advisors to M&A by volume: US North East Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 5 Morgan Stanley 179,801 50 55,124 226.2% 1 1 Goldman Sachs 126,924 73 37 36 2 1 JPMorgan 173,749 40 103,100 68.5% 2 3 Morgan Stanley 179,801 50 31 19 3 3 Goldman Sachs 126,924 73 87,218 45.5% 3 2 Bank of America Merrill Lynch 103,842 42 32 10 4 11 Citi 119,098 32 31,943 272.8% 4 5 JPMorgan 173,749 40 26 14 5 10 Barclays 114,949 34 35,064 227.8% 5 9 Barclays 114,949 34 22 12 6 2 Bank of America Merrill Lynch 103,842 42 98,750 5.2% 6 8 Credit Suisse 40,042 33 24 9 7 4 Centerview Partners 89,364 11 57,239 56.1% 7 6 Citi 119,098 32 26 6 8 - Paul J. Taubman 75,792 3 - - 8 12 Houlihan Lokey 6,581 32 19 13 9 69 Allen & Company 68,592 2 444 15,349% 9 7 Deutsche Bank 57,336 29 25 4 10 6 Deutsche Bank 57,336 29 54,567 5.1% 10 4 Lazard 32,671 28 28 0 11 12 Credit Suisse 40,042 33 23,684 69.1% 11 11 Jefferies 7,856 25 19 6 12 14 UBS Investment Bank 34,553 18 16,276 112.3% 12 19 Evercore Partners 12,527 21 13 8 13 8 Lazard 32,671 28 45,670 -28.5% 13 10 UBS Investment Bank 34,553 18 19 -1 14 15 Greenhill & Co 29,971 6 11,838 153.2% 14 17 Wells Fargo Securities 13,597 18 14 4 15 - Mizuho Financial Group 23,126 1 - - 15 15 Stifel/KBW 3,791 18 15 3
Mergermarket H1 2014 trend report 44 www.mergermarket.com Appendix: financial advisor league tables - Americas
League table of financial advisors to M&A by value: US Mid-West League table of financial advisors to M&A by volume: US Mid-West Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 7 Goldman Sachs 132,974 35 11,193 1,088.0% 1 4 Goldman Sachs 132,974 35 13 22 2 9 Morgan Stanley 61,366 23 8,264 642.6% 2 10 Barclays 52,352 31 9 22 3 3 Bank of America Merrill Lynch 56,483 29 36,250 56% 3 8 Bank of America Merrill Lynch 56,483 29 10 19 4 10 Barclays 52,352 31 7,325 614.7% 4 7 Morgan Stanley 61,366 23 11 12 5 25 Perella Weinberg Partners 50,894 3 1,518 3,252.7% 5 1 Lazard 44,570 23 19 4 6 1 Lazard 44,570 23 43,398 2.7% 6 2 JPMorgan 38,354 23 15 8 7 11 Credit Suisse 41,734 13 6,693 523.5% 7 12 RBC Capital Markets 22,388 17 9 8 8 2 JPMorgan 38,354 23 37,192 3.1% 8 15 Robert W. Baird & Co 3,094 17 8 9 9 5 Centerview Partners 30,593 7 28,147 8.7% 9 5 Citi 23,943 16 12 4 10 8 Citi 23,943 16 8,810 171.8% 10 14 Houlihan Lokey 2,606 16 8 8 11 26 RBC Capital Markets 22,388 17 1,516 1,376.8% 11 28 Stifel/KBW 2,227 16 5 11 12 14 Deutsche Bank 18,921 10 4,452 325.0% 12 6 William Blair & Company 3,461 15 12 3 13 21 UBS Investment Bank 12,448 7 2,756 351.7% 13 9 Credit Suisse 41,734 13 10 3 14 - Loop Capital Markets 12,186 1 - - 14 16 Lincoln International 318 13 8 5 15 17 Evercore Partners 10,286 11 3,974 159% 15 37 Piper Jaffray & Co 1,547 12 4 8
League table of financial advisors to M&A by value: US South League table of financial advisors to M&A by volume: US South Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 7 Goldman Sachs 141,554 48 38,754 265.3% 1 1 Goldman Sachs 141,554 48 28 20 2 3 Bank of America Merrill Lynch 96,862 28 45,626 112.3% 2 8 Barclays 55,743 33 20 13 3 14 Lazard 87,516 25 13,601 543.5% 3 9 Citi 39,900 33 20 13 4 2 Barclays 55,743 33 51,960 7.3% 4 6 JPMorgan 52,684 31 21 10 5 4 JPMorgan 52,684 31 45,062 16.9% 5 14 Bank of America Merrill Lynch 96,862 28 16 12 6 11 Morgan Stanley 46,128 26 22,847 101.9% 6 5 Houlihan Lokey 3,309 28 22 6 7 5 Citi 39,900 33 42,686 -6.5% 7 13 Morgan Stanley 46,128 26 17 9 8 1 Credit Suisse 24,446 20 52,151 -53.1% 8 7 Lazard 87,516 25 21 4 9 10 UBS Investment Bank 20,664 13 29,610 -30.2% 9 10 RBC Capital Markets 12,426 24 18 6 10 9 Deutsche Bank 13,061 12 30,746 -57.5% 10 11 Stifel/KBW 2,711 24 18 6 11 6 Evercore Partners 13,035 23 39,320 -66.8% 11 4 Evercore Partners 13,035 23 22 1 12 - Centerview Partners 12,906 7 - - 12 20 Raymond James & Associates 629 21 11 10 13 8 RBC Capital Markets 12,426 24 31,724 -60.8% 13 2 Credit Suisse 24,446 20 24 -4 14 35 Loop Capital Markets 12,248 2 1,900 544.6% 14 3 Jefferies 11,665 17 23 -6 15 15 Jefferies 11,665 17 11,498 1.5% 15 30 Robert W. Baird & Co 2,611 17 6 11
Mergermarket H1 2014 trend report 45 www.mergermarket.com Appendix: financial advisor league tables - Americas
League table of financial advisors to M&A by value: US West League table of financial advisors to M&A by volume: US West Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 10 Bank of America Merrill Lynch 163,353 24 10,270 1,490.6% 1 3 Goldman Sachs 154,979 35 21 14 2 2 Goldman Sachs 154,979 35 41,452 273.9% 2 4 Bank of America Merrill Lynch 163,353 24 19 5 3 6 Morgan Stanley 79,993 21 22,277 259.1% 3 1 JPMorgan 27,380 23 22 1 4 9 Lazard 73,794 12 16,486 347.6% 4 2 Morgan Stanley 79,993 21 22 -1 5 4 Barclays 67,769 19 27,589 145.6% 5 11 Credit Suisse 23,848 21 12 9 6 24 RBC Capital Markets 51,981 14 2,206 2,256.3% 6 8 Barclays 67,769 19 14 5 7 11 Citi 37,164 15 9,767 280.5% 7 9 Deutsche Bank 17,509 17 13 4 8 1 JPMorgan 27,380 23 48,744 -43.8% 8 5 Houlihan Lokey 10,874 17 18 -1 9 3 Credit Suisse 23,848 21 36,484 -34.6% 9 6 Jefferies 6,533 16 16 0 10 8 Deutsche Bank 17,509 17 21,889 -20% 10 22 Piper Jaffray & Co 1,062 16 6 10 11 39 Allen & Company 17,060 6 631 2,603.6% 11 13 Citi 37,164 15 12 3 12 34 Centerview Partners 12,270 5 1,014 1,110.1% 12 18 RBC Capital Markets 51,981 14 9 5 13 12 Evercore Partners 11,120 9 8,962 24.1% 13 39 Robert W. Baird & Co 2,044 13 4 9 14 33 Houlihan Lokey 10,874 17 1,059 926.8% 14 32 Harris Williams & Co 2,036 13 4 9 15 16 Greenhill & Co 10,571 4 5,115 106.7% 15 7 Lazard 73,794 12 15 -3
League table of financial advisors to M&A by value: Central & South America League table of financial advisors to M&A by volume: Central & South America Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 6 Bank of America Merrill Lynch 25,873 7 6,640 289.7% 1 2 Banco Itau BBA 7,823 20 18 2 2 10 Santander Global Banking and Markets 23,968 12 3,158 659.0% 2 16 Santander Global Banking and Markets 23,968 12 3 9 3 5 Morgan Stanley 17,891 9 7,038 154% 3 3 Goldman Sachs 16,281 11 11 0 4 2 Goldman Sachs 16,281 11 9,846 65.4% 4 1 Banco BTG Pactual 13,902 10 24 -14 5 19 Barclays 15,568 6 1,056 1,374.2% 5 9 Morgan Stanley 17,891 9 6 3 6 18 Citi 14,459 7 1,500 864% 6 11 Bank of America Merrill Lynch 25,873 7 5 2 7 3 Banco BTG Pactual 13,902 10 8,973 55% 7 18 Citi 14,459 7 3 4 8 26 Deutsche Bank 13,391 6 705 1,799% 8 19 Barclays 15,568 6 3 3 9 14 Rothschild 12,384 4 1,978 526.1% 9 25 Deutsche Bank 13,391 6 2 4 10 29 BNP Paribas 10,643 3 400 2,560.8% 10 7 PwC 2,071 6 8 -2 11 - Caixa Banco de Investimento 10,588 2 - - 11 - KPMG 351 6 - - 12 - Banco Espirito Santo de Investimento 10,574 1 - - 12 13 Credit Suisse 9,662 5 4 1 13 13 Credit Suisse 9,662 5 2,066 367.7% 13 8 JPMorgan 8,297 5 7 -2 14 15 JPMorgan 8,297 5 1,701 387.8% 14 6 Rothschild 12,384 4 8 -4 15 1 Banco Itau BBA 7,823 20 10229 -23.5% 15 70 RBC Capital Markets 1,650 4 1 3
Mergermarket H1 2014 trend report 46 www.mergermarket.com Appendix: financial advisor league tables - Asia-Pacific
League table of financial advisors to M&A by value: Asia-Pacific (excl. Japan) League table of financial advisors to M&A by volume: Asia-Pacific (excl. Japan) Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 2 Morgan Stanley 74,287 34 28,004 165.3% 1 1 PwC 9,472 55 56 -1 2 7 Goldman Sachs 52,484 35 19,893 163.8% 2 2 KPMG 15,031 44 37 7 3 25 Somerley 49,514 9 5,359 823.9% 3 5 Goldman Sachs 52,484 35 28 7 4 4 CITIC Securities 45,017 17 22,615 99.1% 4 4 Morgan Stanley 74,287 34 29 5 5 37 China Securities 44,105 11 2,979 1,380.5% 5 9 Deloitte 2,437 34 21 13 6 9 Citi 40,660 33 17,670 130% 6 14 Citi 40,660 33 15 18 7 21 Bank of America Merrill Lynch 33,551 21 7,393 353.8% 7 11 Rothschild 16,476 30 16 14 8 5 Credit Suisse 26,712 23 21,978 21.5% 8 7 Macquarie Group 14,175 28 23 5 9 6 Lazard 25,551 18 20,216 26.4% 9 13 Credit Suisse 26,712 23 15 8 10 35 Deutsche Bank 21,659 22 3,286 559.1% 10 31 Deutsche Bank 21,659 22 8 14 11 1 JPMorgan 20,248 21 31,694 -36.1% 11 17 Bank of America Merrill Lynch 33,551 21 13 8 12 19 Rothschild 16,476 30 9,213 78.8% 12 6 JPMorgan 20,248 21 27 -6 13 3 UBS Investment Bank 15,784 18 23,291 -32.2% 13 3 EY 5,552 20 35 -15 14 13 KPMG 15,031 44 11,566 30.0% 14 18 Lazard 25,551 18 12 6 15 10 Macquarie Group 14,175 28 17,422 -18.6% 15 8 UBS Investment Bank 15,784 18 22 -4 16 8 HSBC 13,504 11 18,677 -27.7% 16 12 CITIC Securities 45,017 17 15 2 17 51 Haitong Securities 13,089 15 1,515 764.0% 17 42 Haitong Securities 13,089 15 5 10 18 34 Nomura Holdings 11,953 11 3,316 260.5% 18 23 China Renaissance Partners 4,544 15 12 3 19 84 DBS Bank 11,037 9 551 1,903.1% 19 43 Southwest Securities Company 3,735 15 5 10 20 101 Gresham Advisory Partners 10,315 9 424 2,332.8% 20 32 China Securities 44,105 11 8 3
Mergermarket H1 2014 trend report 47 www.mergermarket.com Appendix: financial advisor league tables - Asia-Pacific buyouts
League table of financial advisors to private equity buyouts by value:Asia-Pacific (excl. Japan) League table of financial advisors to private equity buyouts by volume:Asia-Pacific Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2014 Company Name (US$m) Count (US$m) Change 2014 2014 Company Name (US$m) Count Count Change 1 7 Morgan Stanley 6,325 3 622 916.9% 1 10 PwC 3,226 6 2 4 2 20 Credit Suisse 4,765 4 200 2,282.5% 2 6 Macquarie Group 1,383 5 2 3 3 22 Goldman Sachs 3,498 4 128 2,632.8% 3 24 Credit Suisse 4,765 4 1 3 4 32 Deutsche Bank 3,325 2 0 - 4 25 Goldman Sachs 3,498 4 1 3 5 21 PwC 3,226 6 132 2,343.9% 5 4 Morgan Stanley 6,325 3 3 0 6= - DBS Bank 1,996 1 - - 6 32 Deutsche Bank 3,325 2 1 1 6= - United Overseas Bank 1,996 1 - - 7 5 UBS Investment Bank 1,930 2 2 0 8 2 UBS Investment Bank 1,930 2 5,328 -63.8% 8 14 China Renaissance Partners 41 2 1 1 9= - BNP Paribas 1,395 1 - - 9 18 Bank of America Merrill Lynch - 2 1 1 9= - ICBC International Holdings 1,395 1 - - 10= - DBS Bank 1,996 1 - - 9= - JPMorgan 1,395 1 - - 10= - United Overseas Bank 1,996 1 - - 9= - Minsheng Securities 1,395 1 - - 12= - BNP Paribas 1,395 1 - - 13 4 Macquarie Group 1,383 5 1,306 5.9% 12= - ICBC International Holdings 1,395 1 - - 14 27 CIMB Group 526 1 53 892.5% 12= - JPMorgan 1,395 1 - - 15= 16 Barclays 508 1 276 84.1% 12= - Minsheng Securities 1,395 1 - - 15= - China International Capital 508 1 - -
Based on the target geography only and the adviser advising the buy-side only
Mergermarket H1 2014 trend report 48 www.mergermarket.com Appendix: financial advisor league tables - Asia-Pacific
League table of financial advisors to M&A by value: Asia (excl. Japan & Australasia) League table of financial advisors to M&A by volume: Asia (excl. Japan & Australasia) Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 4 Morgan Stanley 64,930 28 20,382 218.6% 1 1 PwC 7,957 41 45 -4 2 25 Somerley 49,514 9 5,359 823.9% 2 2 KPMG 13,394 36 27 9 3 2 CITIC Securities 45,017 17 22,615 99.1% 3 4 Morgan Stanley 64,930 28 23 5 4 33 China Securities 44,105 11 2,979 1,380.5% 4 14 Citi 34,583 26 12 14 5 8 Citi 34,583 26 16,481 110% 5 9 Deloitte 2,094 25 16 9 6 5 Goldman Sachs 31,796 23 18,929 68.0% 6 6 Goldman Sachs 31,796 23 21 2 7 21 Bank of America Merrill Lynch 30,744 18 7,263 323.3% 7 34 Deutsche Bank 21,503 21 7 14 8 3 Credit Suisse 23,132 20 21,978 5.3% 8 17 Rothschild 7,562 21 12 9 9 45 Deutsche Bank 21,503 21 1,886 1,040.1% 9 11 Credit Suisse 23,132 20 15 5 10 1 JPMorgan 16,327 15 31,694 -48.5% 10 5 EY 5,407 19 23 -4 11 9 Lazard 15,847 14 14,499 9.3% 11 18 Bank of America Merrill Lynch 30,744 18 12 6 12 6 HSBC 13,504 11 18,677 -27.7% 12 10 CITIC Securities 45,017 17 15 2 13 14 KPMG 13,394 36 11,153 20.1% 13 3 JPMorgan 16,327 15 24 -9 14 49 Haitong Securities 13,089 15 1,515 764.0% 14 41 Haitong Securities 13,089 15 5 10 15 78 DBS Bank 11,037 9 551 1,903.1% 15 21 China Renaissance Partners 4,544 15 12 3
League table of financial advisors to M&A by value: Australasia League table of financial advisors to M&A by volume: Australasia Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 5 Goldman Sachs 21,803 14 4,728 361.1% 1 1 Macquarie Group 12,251 19 15 4 2 4 UBS Investment Bank 13,163 13 6,967 88.9% 2 3 PwC 1,836 18 12 6 3 3 Macquarie Group 12,251 19 7,571 61.8% 3 4 Goldman Sachs 21,803 14 10 4 4 25 Gresham Advisory Partners 10,315 9 424 2,332.8% 4 7 UBS Investment Bank 13,163 13 7 6 5 1 Lazard 10,230 5 9,376 9.1% 5 16 Rothschild 9,004 11 4 7 6 2 Morgan Stanley 9,923 7 7,622 30.2% 6 9 Deloitte 355 10 7 3 7 23 Grant Samuel 9,086 9 599 1,416.9% 7 15 Gresham Advisory Partners 10,315 9 4 5 8 28 Rothschild 9,004 11 372 2,320% 8 27 Grant Samuel 9,086 9 2 7 9 - AquAsia 6,195 1 - - 9 5 KPMG 1,637 8 10 -2 10 14 Citi 6,077 7 1,189 411.1% 10 10 Morgan Stanley 9,923 7 6 1 11 16 Nomura Holdings 4,744 4 1,027 362% 11 18 Citi 6,077 7 3 4 12 67 JPMorgan 4,111 7 - - 12 20 JPMorgan 4,111 7 3 4 13 6 Credit Suisse 3,580 3 3,659 -2.2% 13 6 Lazard 10,230 5 7 -2 14 41 Bank of America Merrill Lynch 2,807 3 130 2,059.2% 14 38 Nomura Holdings 4,744 4 1 3 15 21 Scotiabank 2,308 1 650 255.1% 15 22 Deutsche Bank 1,662 4 2 2
Mergermarket H1 2014 trend report 49 www.mergermarket.com Appendix: financial advisor league tables - Asia-Pacific
League table of financial advisors to M&A by value: Greater China League table of financial advisors to M&A by volume: Greater China Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 12 Somerley 49,514 9 5,359 823.9% 1 1 CITIC Securities 45,017 17 15 2 2 5 Morgan Stanley 48,039 13 11,282 326% 2 25 Bank of America Merrill Lynch 25,880 15 4 11 3 1 CITIC Securities 45,017 17 22,615 99.1% 3 21 Haitong Securities 13,089 15 5 10 4 16 China Securities 44,105 11 2,979 1,380.5% 4 5 China Renaissance Partners 4,544 15 12 3 5 15 Bank of America Merrill Lynch 25,880 15 3,286 687.6% 5 22 Southwest Securities Company 3,735 15 5 10 6 6 Goldman Sachs 23,905 13 9,318 157% 6 18 KPMG 6,014 14 7 7 7 27 Citi 18,516 12 1,607 1,052% 7 13 Morgan Stanley 48,039 13 8 5 8 7 JPMorgan 13,656 8 8,629 58.3% 8 8 Goldman Sachs 23,905 13 10 3 9 29 Haitong Securities 13,089 15 1,515 764.0% 9 27 Citi 18,516 12 4 8 10 9 Credit Suisse 12,770 7 7,313 74.6% 10 14 China Securities 44,105 11 8 3 11 10 HSBC 9,634 7 7,084 36.0% 11 39 Deloitte 847 11 3 8 12 33 Deutsche Bank 8,650 10 1,311 559.8% 12 28 Deutsche Bank 8,650 10 4 6 13 21 Nomura Holdings 6,962 5 2,139 225.5% 13 26 Rothschild 3,339 10 4 6 14 124 DBS Bank 6,845 3 28 24,346% 14 15 Huatai United Securities 1,171 10 8 2 15 13 Lazard 6,375 8 3,918 63% 15 2 Somerley 49,514 9 14 -5
League table of financial advisors to M&A by value: India League table of financial advisors to M&A by volume: India Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 3 Citi 8,214 5 3,549 131.4% 1 1 EY 5,153 13 16 -3 2 18 EY 5,153 13 522 887% 2 7 Rothschild 2,104 7 4 3 3 - Evercore Partners 4,047 2 - - 3 9 Avendus Capital 190 6 4 2 4 24 ICICI Securities 4,023 2 259 1,453.3% 4 16 Citi 8,214 5 2 3 5 - GCA Savvian Group 3,967 1 - - 5 14 KPMG 494 5 3 2 6 8 Bank of America Merrill Lynch 3,864 2 1,864 107.3% 6 2 Kotak Investment Banking 1,773 4 7 -3 7 38 JM Financial 3,291 3 67 4,811.9% 7 21 Macquarie Group 1,254 4 2 2 8 2 HSBC 3,140 1 3,958 -20.7% 8 25 Ambit Corporate Finance 69 4 2 2 9 9 Goldman Sachs 2,515 1 1,606 57% 9 42 JM Financial 3,291 3 1 2 10 14 Rothschild 2,104 7 632 232.9% 10 17 Standard Chartered 1,673 3 2 1 11 11 Kotak Investment Banking 1,773 4 872 103.3% 11 52 BDO 21 3 1 2 12 5 Standard Chartered 1,673 3 3,012 -44.5% 12 3 PwC - 3 6 -3 13 12 Macquarie Group 1,254 4 688 82.3% 13 - Evercore Partners 4,047 2 - - 14 - Rabobank 999 2 - - 14 4 ICICI Securities 4,023 2 6 -4 15 4 Morgan Stanley 890 2 3,362 -73.5% 15 20 Bank of America Merrill Lynch 3,864 2 2 0
Mergermarket H1 2014 trend report 50 www.mergermarket.com Appendix: financial advisor league tables - Asia-Pacific
League table of financial advisors to M&A by value: South East Asia League table of financial advisors to M&A by volume: South East Asia Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 6 Goldman Sachs 14,717 10 8,245 78.5% 1 8 Goldman Sachs 14,717 10 6 4 2 18 Bank of America Merrill Lynch 12,343 4 2,113 484.1% 2 12 Morgan Stanley 7,352 9 5 4 3 27 DBS Bank 10,107 8 523 1,832.5% 3 1 CIMB Group 3,120 9 11 -2 4 10 Credit Suisse 7,686 6 5,290 45.3% 4 2 RHB Investment Bank 935 9 11 -2 5 13 Morgan Stanley 7,352 9 3,721 98% 5 14 DBS Bank 10,107 8 5 3 6 7 HSBC 6,315 4 7,665 -17.6% 6 29 Deutsche Bank 5,129 8 2 6 7 2 JPMorgan 5,897 6 9,901 -40.4% 7 10 PwC 686 7 6 1 8 4 KPMG 5,552 4 9,232 -40% 8 7 Credit Suisse 7,686 6 7 -1 9 28 Citi 5,290 3 520 917% 9 6 JPMorgan 5,897 6 7 -1 10 50 Nomura Holdings 5,200 3 90 5,677.8% 10 13 Standard Chartered 4,666 6 5 1 11 25 Deutsche Bank 5,129 8 594 763.5% 11 24 Deloitte 732 6 3 3 12 - Somerley 4,953 1 - - 12 19 Rothschild 3,065 5 3 2 13 21 Standard Chartered 4,666 6 1,535 204.0% 13 9 Bank of America Merrill Lynch 12,343 4 6 -2 14 11 CIMB Group 3,120 9 4,829 -35.4% 14 11 HSBC 6,315 4 5 -1 15 24 Rothschild 3,065 5 836 266.6% 15 4 KPMG 5,552 4 10 -6
League table of financial advisors to M&A by value: South Korea League table of financial advisors to M&A by volume: South Korea Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 - Samsung Securities 8,977 6 - - 1 1 PwC 5,415 23 27 -4 2 11 Deutsche Bank 8,700 5 486 1,690.1% 2 2 KPMG 6,518 15 10 5 3 4 Morgan Stanley 8,254 4 2,017 309.2% 3 4 Deloitte 919 11 7 4 4 13 Citi 7,679 8 390 1,869.0% 4 17 Citi 7,679 8 1 7 5 8 KPMG 6,518 15 626 941.2% 5 7 EY 264 7 5 2 6 - Lazard 5,975 2 - - 6 - Samsung Securities 8,977 6 - - 7 6 PwC 5,415 23 1,652 227.8% 7 15 Deutsche Bank 8,700 5 1 4 8 - Credit Suisse 2,400 5 - - 8 - Credit Suisse 2,400 5 - - 9 23 Daewoo Securities 2,031 5 113 1,697.3% 9 13 Daewoo Securities 2,031 5 2 3 10 22 UBS Investment Bank 1,930 1 115 1,578% 10 5 Morgan Stanley 8,254 4 6 -2
Mergermarket H1 2014 trend report 51 www.mergermarket.com Appendix: financial advisor league tables - Japan
League table of financial advisors to M&A by value: Japan League table of financial advisors to M&A by volume: Japan Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 2 Morgan Stanley 24,898 10 10,927 127.9% 1 2 Nomura Holdings 6,240 23 35 -12 2 41 Credit Suisse 16,393 4 202 8,015.3% 2 3 Sumitomo Mitsui Financial Group 5,909 23 27 -4 3 - Centerview Partners 15,428 1 - - 3 1 Mizuho Financial Group 1,267 23 45 -22 4 5 Goldman Sachs 13,206 9 5,172 155.3% 4 9 Deloitte 768 12 12 0 5 1 Nomura Holdings 6,240 23 11,031 -43.4% 5 4 Morgan Stanley 24,898 10 24 -14 6 36 Citi 6,117 3 259 2,261.8% 6 6 GCA Savvian Group 4,179 10 19 -9 7 3 Sumitomo Mitsui Financial Group 5,909 23 10,634 -44.4% 7 10 PwC 1,183 10 11 -1 8 28 EY 4,266 7 482 785% 8 14 Goldman Sachs 13,206 9 7 2 9 12 GCA Savvian Group 4,179 10 4,698 -11.0% 9 5 Daiwa Securities Group 2,951 9 21 -12 10 58 Evercore Partners 3,967 2 50 7,834.0% 10 7 KPMG 2,565 9 19 -10 11 - ICICI Securities 3,967 1 - - 11 18 EY 4,266 7 4 3 12 14 JPMorgan 3,249 6 3,396 -4.3% 12 19 JPMorgan 3,249 6 3 3 13 4 Daiwa Securities Group 2,951 9 6,798 -56.6% 13 30 Credit Suisse 16,393 4 2 2 14 20 KPMG 2,565 9 1,690 51.8% 14 22 Lazard 320 4 3 1 15 19 Moelis & Company 1,461 3 1,873 -22.0% 15 13 Frontier Management 40 4 8 -4
Mergermarket H1 2014 trend report 52 www.mergermarket.com Appendix: financial advisor league tables - Africa & Middle East
League table of financial advisors to M&A by value: Africa & Middle East League table of financial advisors to M&A by volume: Africa & Middle East Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 9 Bank of America Merrill Lynch 6,381 8 2,384 167.7% 1 8 Investec 2,416 13 6 7 2 4 Goldman Sachs 5,775 7 3,965 45.6% 2 19 Rand Merchant Bank 1,485 11 3 8 3 6 Citi 4,829 6 3,247 48.7% 3 7 Bank of America Merrill Lynch 6,381 8 6 2 4 7 Standard Chartered 3,306 4 2,571 28.6% 4 10 Goldman Sachs 5,775 7 5 2 5 13 JPMorgan 3,255 5 1,830 77.9% 5 1 Standard Bank Group 3,183 7 9 -2 6 28 Standard Bank Group 3,183 7 484 557.6% 6 3 Citi 4,829 6 8 -2 7 25 Deutsche Bank 2,966 3 581 410.5% 7 4 PwC 182 6 8 -2 8 5 UBS Investment Bank 2,894 3 3,295 -12.2% 8 11 JPMorgan 3,255 5 4 1 9 15 Rothschild 2,847 5 1,714 66.1% 9 13 Rothschild 2,847 5 4 1 10 - FTI Consulting 2,643 1 - - 10 9 Barclays 1,592 5 5 0 11 20 Investec 2,416 13 728 231.9% 11 24 BDO 621 5 3 2 12= - Grant Samuel 2,010 1 - - 12 26 Standard Chartered 3,306 4 2 2 12= - Gresham Advisory Partners 2,010 1 - - 13 - BNP Paribas 1,025 4 - - 12= 37 Macquarie Group 2,010 1 334 501.8% 14 2 EY 701 4 9 -5 15 2 Credit Suisse 1,733 2 6,495 -73.3% 15 - Java Capital 480 4 - - 16 47 Evercore Partners 1,682 2 226 644.2% 16 14 Nedbank Capital 477 4 4 0 17 - Smith Square Partners 1,682 1 - - 17 16 PSG Capital 257 4 4 0 18 3 Barclays 1,592 5 4,039 -60.6% 18 30 Deutsche Bank 2,966 3 2 1 19 24 Rand Merchant Bank 1,485 11 592 150.8% 19 17 UBS Investment Bank 2,894 3 3 0 20 27 Qinvest 1,201 1 500 140.2% 20 20 KPMG 985 3 3 0
Mergermarket H1 2014 trend report 53 www.mergermarket.com Appendix: legal advisor league tables - Global
League table of legal advisors to M&A by value: Global League table of legal advisors to M&A by volume: Global Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 3 Skadden Arps Slate Meagher & Flom 331,406 99 120,887 174.1% 1 5 Kirkland & Ellis 111,557 163 125 38 2 4 Freshfields Bruckhaus Deringer 300,352 114 117,106 156.5% 2 1 DLA Piper 27,237 151 191 -40 3 8 Sullivan & Cromwell 275,745 58 82,114 235.8% 3 2 Latham & Watkins 194,248 150 142 8 4 11 Simpson Thacher & Bartlett 266,766 78 74,370 258.7% 4 6 Jones Day 113,801 150 123 27 5 23 Cleary Gottlieb Steen & Hamilton 259,431 53 49,455 424.6% 5 8 White & Case 191,951 120 117 3 6 2 Latham & Watkins 194,248 150 143,357 35.5% 6 10 Freshfields Bruckhaus Deringer 300,352 114 107 7 7 5 White & Case 191,951 120 101,454 89.2% 7 9 Clifford Chance 84,631 105 109 -4 8 10 Weil Gotshal & Manges 190,756 104 75,136 153.9% 8 15 Weil Gotshal & Manges 190,756 104 81 23 9 1 Davis Polk & Wardwell 164,406 65 143,557 14.5% 9 13 King & Wood Mallesons 41,135 104 90 14 10 22 Blake, Cassels & Graydon 144,756 50 50,780 185.1% 10 4 Linklaters 139,520 103 126 -23 11 7 Linklaters 139,520 103 92,095 51.5% 11 3 Baker & McKenzie 44,910 102 129 -27 12 6 Wachtell, Lipton, Rosen & Katz 121,983 40 99,578 22.5% 12 12 Skadden Arps Slate Meagher & Flom 331,406 99 95 4 13 21 Jones Day 113,801 150 52,825 115.4% 13 7 Allen & Overy 62,205 95 121 -26 14 17 Kirkland & Ellis 111,557 163 63,909 74.6% 14 16 Norton Rose Fulbright 20,540 86 76 10 15 25 Shearman & Sterling 111,087 63 48,428 129.4% 15 20 O'Melveny & Myers 18,759 81 59 22 16 18 Willkie Farr & Gallagher 108,622 57 57,671 88.3% 16 28 Simpson Thacher & Bartlett 266,766 78 46 32 17 61 Paul Weiss Rifkind Wharton & Garrison 98,902 47 13,229 647.6% 17 11 CMS 3,037 76 98 -22 18 33 Debevoise & Plimpton 94,813 26 31,464 201.3% 18 14 Hogan Lovells International 50,699 70 89 -19 19 12 Clifford Chance 84,631 105 71,453 18.4% 19 19 Davis Polk & Wardwell 164,406 65 60 5 20 37 Arthur Cox 79,044 17 25,652 208.1% 20 22 Shearman & Sterling 111,087 63 54 9
Mergermarket H1 2014 trend report 54 www.mergermarket.com Appendix: legal advisor league tables - Global buyouts
League table of legal advisors to private equity buyouts by value: Global League table of legal advisors to private equity buyouts by volume: Global Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 1 Kirkland & Ellis 23,006 58 44,157 -47.9% 1 1 Kirkland & Ellis 23,006 58 43 15 2 7 Clifford Chance 19,573 25 25,113 -22.1% 2 6 Weil Gotshal & Manges 13,543 29 19 10 3 4 Simpson Thacher & Bartlett 19,424 19 28,883 -32.7% 3 4 Latham & Watkins 15,840 27 21 6 4 15 Latham & Watkins 15,840 27 7,870 101.3% 4 3 Clifford Chance 19,573 25 21 4 5 16 Weil Gotshal & Manges 13,543 29 7,777 74.1% 5 2 Linklaters 3,224 21 24 -3 6 3 White & Case 10,732 14 29,676 -63.8% 6 7 King & Wood Mallesons 1,625 21 17 4 7 2 Freshfields Bruckhaus Deringer 9,891 19 33,844 -70.8% 7 10 Simpson Thacher & Bartlett 19,424 19 13 6 8 27 Cleary Gottlieb Steen & Hamilton 8,497 14 2,932 189.8% 8 14 Freshfields Bruckhaus Deringer 9,891 19 11 8 9 115 Accura 6,358 4 194 3,177% 9 28 O'Melveny & Myers 629 18 7 11 10 35 Debevoise & Plimpton 6,294 5 1,929 226.3% 10 16 Willkie Farr & Gallagher 4,863 16 11 5 11 38 Osler, Hoskin & Harcourt 5,560 3 1,616 244.1% 11 5 DLA Piper 1,009 16 20 -4 12 249 Hannes Snellman 5,418 5 - - 12 36 Jones Day 451 16 6 10 13 - King & Spalding 4,891 6 - - 13 8 White & Case 10,732 14 16 -2 14 26 Willkie Farr & Gallagher 4,863 16 3,012 61.5% 14 26 Cleary Gottlieb Steen & Hamilton 8,497 14 7 7 15 18 Conyers Dill & Pearman 4,008 5 7183 -44.2% 15 11 Allen & Overy 3,134 12 13 -1 16= - Han Kun Law Offices 4,000 1 - - 16 13 Paul Hastings 1,522 12 12 0 16= - Marval, O'Farrell & Mairal 4,000 1 - - 17 22 Ropes & Gray 3,851 11 8 3 18 47 Ropes & Gray 3,851 11 1,255 206.9% 18 9 Kim & Chang 3,442 11 14 -3 19 34 Stikeman Elliott 3,683 6 1,955 88.4% 19 21 Paul Weiss Rifkind Wharton & Garrison 3,108 11 9 2 20 23 Loyens & Loeff 3,478 4 3,594 -3.2% 20 53 Shearman & Sterling 2,981 11 5 6
Based on the target geography only and the adviser advising the buy-side only
Mergermarket H1 2014 trend report 55 www.mergermarket.com Appendix: legal advisor league tables - Europe
League table of legal advisors to M&A by value: Europe League table of legal advisors to M&A by volume: Europe Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 2 Freshfields Bruckhaus Deringer 239,038 96 68,923 246.8% 1 4 Freshfields Bruckhaus Deringer 239,038 96 91 2 16 Cleary Gottlieb Steen & Hamilton 141,722 26 27,626 413.0% 2 2 Linklaters 119,943 87 99 3 1 Linklaters 119,943 87 70,881 69.2% 3 1 DLA Piper 18,754 86 111 4 25 Sullivan & Cromwell 119,280 21 17,556 579.4% 4 6 Clifford Chance 66,228 83 89 5 7 Skadden Arps Slate Meagher & Flom 116,606 28 37,996 206.9% 5 3 CMS 3,037 76 95 6 26 Simpson Thacher & Bartlett 88,839 30 17,171 417% 6 8 White & Case 48,569 75 63 7 - Wachtell, Lipton, Rosen & Katz 80,997 8 - - 7 5 Allen & Overy 59,335 74 90 8 36 Arthur Cox 79,044 17 10,399 660.1% 8 10 Jones Day 19,871 65 56 9 167 Blake, Cassels & Graydon 78,642 11 835 9,318.2% 9 7 Baker & McKenzie 23,842 58 84 10 4 Clifford Chance 66,228 83 46,567 42.2% 10 13 Latham & Watkins 62,109 56 45 11 182 Baer & Karrer 62,727 10 671 9,248.3% 11 12 King & Wood Mallesons 7,916 54 48 12 47 Weil Gotshal & Manges 62,269 45 7,366 745.4% 12 9 Hogan Lovells International 33,189 51 58 13 3 Latham & Watkins 62,109 56 49,822 24.7% 13 23 Vinge 14,162 47 30 14 5 Allen & Overy 59,335 74 42,155 40.8% 14 14 Weil Gotshal & Manges 62,269 45 42 15 24 Matheson 54,419 8 19,335 181.5% 15 37 Mannheimer Swartling 16,020 43 23 16 57 Bredin Prat 52,461 21 5,482 857.0% 16 11 Eversheds 1,296 42 50 17 85 Homburger 50,092 4 2,890 1,633.3% 17 15 Herbert Smith Freehills 16,585 34 41 18 6 White & Case 48,569 75 38,822 25.1% 18 31 Squire Patton Boggs 4,863 34 25 19 28 A&L Goodbody 48,141 9 15,080 219.2% 19 26 Bech-Bruun 8,694 31 27 20 9 Fried Frank Harris Shriver & Jacobson 46,022 14 36,342 26.6% 20 27 Norton Rose Fulbright 5,256 31 26
Mergermarket H1 2014 trend report 56 www.mergermarket.com Appendix: legal advisor league tables - European buyouts
League table of legal advisors to private equity buyouts by value: Europe League table of legal advisors to private equity buyouts by volume: Europe Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 3 Freshfields Bruckhaus Deringer 9,365 16 6,282 49.1% 1 1 Linklaters 2,883 18 22 -4 2 4 White & Case 8,402 12 6,207 35.4% 2 3 King & Wood Mallesons 1,568 17 14 3 3 9 Cleary Gottlieb Steen & Hamilton 5,878 7 2,745 114.1% 3 10 Freshfields Bruckhaus Deringer 9,365 16 8 8 4 2 Kirkland & Ellis 5,835 8 7,662 -24% 4 2 Clifford Chance 5,360 14 14 0 5 8 Clifford Chance 5,360 14 3,801 41% 5 7 White & Case 8,402 12 9 3 6 10 Weil Gotshal & Manges 4,520 9 2,318 95.0% 6 4 Weil Gotshal & Manges 4,520 9 10 -1 7 160 Hannes Snellman 3,618 4 - - 7 9 Allen & Overy 3,068 9 9 0 8 76 Wiersholm 3,204 3 124 2,483.9% 8 5 DLA Piper 844 9 10 -1 9 62 Accura 3,158 3 194 1,527.8% 9 6 Kirkland & Ellis 5,835 8 9 -1 10 12 Allen & Overy 3,068 9 2,045 50.0% 10 20 Ashurst 1,038 8 5 3 11 88 Uria Menendez 2,980 4 102 2,821.6% 11 29 Cleary Gottlieb Steen & Hamilton 5,878 7 4 3 12 1 Linklaters 2,883 18 9,260 -68.9% 12 8 Latham & Watkins 1,019 7 9 -2 13 - BDGS Associes 2,229 1 - - 13 38 Vinge 179 7 4 3 14 30 Simpson Thacher & Bartlett 1,844 3 850 116.9% 14 30 PwC legal 1,221 6 4 2 15 92 Debevoise & Plimpton 1,784 2 80 2,130.0% 15 113 Shearman & Sterling 990 6 1 5
Based on the target geography only and the adviser advising the buy-side only
Mergermarket H1 2014 trend report 57 www.mergermarket.com Appendix: legal advisor league tables - Europe
League table of legal advisors to M&A by value: UK League table of legal advisors to M&A by volume: UK Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 5 Freshfields Bruckhaus Deringer 73,329 45 27,675 165.0% 1 4 Freshfields Bruckhaus Deringer 73,329 45 35 2 1 Linklaters 37,939 44 31,482 20.5% 2 1 DLA Piper 13,925 45 49 3 44 Skadden Arps Slate Meagher & Flom 32,817 13 2,194 1,395.8% 3 3 Linklaters 37,939 44 38 4 20 Slaughter and May 30,744 21 5,992 413.1% 4 23 Jones Day 3,279 32 15 5 27 Simpson Thacher & Bartlett 29,176 14 3,856 656.6% 5 6 Clifford Chance 25,010 29 27 6 11 Clifford Chance 25,010 29 20,873 19.8% 6 9 Allen & Overy 22,051 29 25 7 58 Cleary Gottlieb Steen & Hamilton 24,978 9 1,356 1,742.0% 7 12 King & Wood Mallesons 4,558 28 21 8 4 Hogan Lovells International 24,966 19 27,743 -10.0% 8 2 Eversheds 904 27 39 9 - Baer & Karrer 22,601 4 - - 9 5 Pinsent Masons 1,125 24 31 10 109 Blake, Cassels & Graydon 22,113 6 329 6,621.3% 10 7 CMS 2,124 22 26 11 15 Allen & Overy 22,051 29 14,147 55.9% 11 22 Slaughter and May 30,744 21 16 12 - Niederer Kraft & Frey 19,750 3 - - 12 20 Squire Patton Boggs 2,459 21 18 13 6 Shearman & Sterling 17,005 14 27,298 -37.7% 13 18 Addleshaw Goddard 1,471 21 18 14 29 Weil Gotshal & Manges 16,644 16 3,811 336.7% 14 29 DWF 278 21 11 15 24 DLA Piper 13,925 45 4,742 193.7% 15 21 Latham & Watkins 11,971 20 16
League table of legal advisors to M&A by value: Ireland League table of legal advisors to M&A by volume: Ireland Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 4 Arthur Cox 79,018 16 10,392 660.4% 1 3 Arthur Cox 79,018 16 10 6 2 - Wachtell, Lipton, Rosen & Katz 75,765 4 - - 2 1 A&L Goodbody 48,141 9 13 -4 3 6 Skadden Arps Slate Meagher & Flom 72,418 5 8,428 759.3% 3 2 Matheson 54,419 8 11 -3 4 1 Matheson 54,419 8 19,320 182% 4 4 William Fry 25,494 7 10 -3 5 3 A&L Goodbody 48,141 9 14,960 222% 5 6 McCann FitzGerald 3,320 7 7 0 6 18 Freshfields Bruckhaus Deringer 46,771 4 1,113 4,102.2% 6 17 Skadden Arps Slate Meagher & Flom 72,418 5 2 3 7 24 Sullivan & Cromwell 46,397 2 280 16,470% 7 - Simpson Thacher & Bartlett 32,070 5 - - 8 7 Cleary Gottlieb Steen & Hamilton 45,894 1 8,428 444.5% 8 23 Latham & Watkins 29,986 5 1 4 9 - Simpson Thacher & Bartlett 32,070 5 - - 9 11 Maples & Calder 70 5 4 1 10 9 Latham & Watkins 29,986 5 8,428 255.8% 10 - Wachtell, Lipton, Rosen & Katz 75,765 4 - - 11 25 William Fry 25,494 7 234 10,795% 11 13 Freshfields Bruckhaus Deringer 46,771 4 3 1 12 8 Fried Frank Harris Shriver & Jacobson 24,325 2 8,428 188.6% 12 30 Kirkland & Ellis 1,307 4 1 3 13 - Weil Gotshal & Manges 23,201 2 - - 13 7 Mason Hayes & Curran 1,178 4 5 -1 14 35 McCann FitzGerald 3,320 7 54 6,048.1% 14 9 Davis Polk & Wardwell 1,155 4 4 0 15 13 Loyens & Loeff 2,355 2 7,828 -69.9% 15 67 Pinsent Masons 241 4 1 3
Mergermarket H1 2014 trend report 58 www.mergermarket.com Appendix: legal advisor league tables - Europe
League table of legal advisors to M&A by value: Germany League table of legal advisors to M&A by volume: Germany Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 3 Freshfields Bruckhaus Deringer 30,790 29 18,781 63.9% 1 3 Freshfields Bruckhaus Deringer 30,790 29 25 2 29 Sullivan & Cromwell 30,170 3 1,100 2,642.7% 2 1 CMS 647 27 38 3 1 Hengeler Mueller 27,626 23 22954 20.4% 3 2 Clifford Chance 19,364 26 26 4 2 Linklaters 25,973 18 20,726 25.3% 4 10 Hengeler Mueller 27,626 23 14 5 6 Clifford Chance 19,364 26 8,248 134.8% 5 9 Gleiss Lutz 2,507 22 15 6 143 Blake, Cassels & Graydon 16,110 2 - - 6 15 Noerr 2,611 19 11 7 17 Jones Day 15,775 14 2545 519.8% 7 7 Linklaters 25,973 18 16 8 25 Latham & Watkins 15,731 14 1,405 1,019.6% 8 16 Luther 1,270 17 11 9 - Fried Frank Harris Shriver & Jacobson 14,670 3 - - 9 14 Jones Day 15,775 14 12 10 - Covington & Burling 14,597 3 - - 10 20 Latham & Watkins 15,731 14 6 11 8 Baker & McKenzie 14,300 14 5,781 147.4% 11 4 Baker & McKenzie 14,300 14 20 12 - Morgan Lewis & Bockius 14,200 2 - - 12 12 Hogan Lovells International 2,186 14 14 13 84 Mannheimer Swartling 9,343 7 35 26,594% 13 11 Allen & Overy 4,195 13 14 14 81 Vinge 9,176 4 40 22,840% 14 5 White & Case 3,687 11 18 15 85 Roschier 9,148 2 35 26,037% 15 19 Taylor Wessing 123 11 7
League table of legal advisors to M&A by value: Germanic League table of legal advisors to M&A by volume: Germanic Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 3 Freshfields Bruckhaus Deringer 99,867 39 22,428 345.3% 1 2 Freshfields Bruckhaus Deringer 99,867 39 35 2 1 Linklaters 95,735 26 22,975 316.7% 2 1 CMS 747 34 43 3 0 Blake, Cassels & Graydon 75,828 6 - - 3 3 Clifford Chance 23,765 31 29 4 6 Cleary Gottlieb Steen & Hamilton 63,719 8 11,175 470.2% 4 8 Linklaters 95,735 26 19 5 48 Baer & Karrer 62,727 10 671 9,248.3% 5 13 Hengeler Mueller 32,876 25 14 6 26 Homburger 50,092 4 2,890 1,633.3% 6 4 Baker & McKenzie 17,461 23 28 7 136 AZB & Partners 40,173 2 31 129,490% 7 18 Latham & Watkins 20,551 22 10 8 - Amarchand & Mangaldas & Suresh A Shroff & Co 39,983 2 - - 8 11 Gleiss Lutz 2,507 22 15 9 33 Sullivan & Cromwell 33,826 4 1,610 2,001.0% 9 14 Hogan Lovells International 27,380 21 14 10 2 Hengeler Mueller 32,876 25 22954 43.2% 10 15 Noerr 2,611 19 13 11 39 Hogan Lovells International 27,380 21 1,295 2,014.3% 11 9 Jones Day 16,152 18 19 12 65 Slaughter and May 26,840 5 344 7,702.3% 12 5 Allen & Overy 12,685 18 24 13 15 Clifford Chance 23,765 31 8,282 186.9% 13 6 DLA Piper 1,900 18 22 14 10 Skadden Arps Slate Meagher & Flom 21,488 7 9,821 118.8% 14 17 Luther 1,270 17 11 15 53 Niederer Kraft & Frey 20,858 4 629 3,216.1% 15 12 King & Wood Mallesons 1,891 16 15
Mergermarket H1 2014 trend report 59 www.mergermarket.com Appendix: legal advisor league tables - Europe
League table of legal advisors to M&A by value: Benelux League table of legal advisors to M&A by volume: Benelux Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 18 Freshfields Bruckhaus Deringer 54,979 16 5,365 924.8% 1 6 Loyens & Loeff 13,321 23 20 3 2 2 Allen & Overy 37,753 21 18,524 103.8% 2 1 Allen & Overy 37,753 21 33 -12 3 230 Ropes & Gray 34,296 2 - - 3 4 Stibbe 17,508 17 21 -4 4 19 Sullivan & Cromwell 29,347 4 4,252 590.2% 4 7 Clifford Chance 15,524 17 15 2 5 35 Bredin Prat 24,408 3 1,694 1,340.9% 5 8 Freshfields Bruckhaus Deringer 54,979 16 14 2 6 10 Cleary Gottlieb Steen & Hamilton 23,647 2 10,389 127.6% 6 5 Linklaters 10,715 16 20 -4 7 171 Bird & Bird 23,518 3 - - 7 2 De Brauw Blackstone Westbroek 4,897 15 25 -10 8 - Cotty Vivant Marchisio & Lauzeral 23,428 2 - - 8 3 DLA Piper 356 15 24 -9 9 118 Mayer Brown 23,323 5 75 30,997% 9 18 CMS 116 15 6 9 10= - August & Debouzy 23,297 1 - - 10 12 NautaDutilh 14,080 13 12 1 10= - Cabinet Bompoint 23,297 1 - - 11 13 White & Case 1,434 12 8 4 10= 105 Franklin Societe d'Avocats 23,297 1 104 22,301% 12 11 Baker & McKenzie 1,196 11 12 -1 10= - Nabarro & Hinge 23,297 1 - - 13 9 Houthoff Buruma 1,122 10 14 -4 10= 240 Veil Jourde 23,297 1 0 - 14 181 De Breij Evers Boon 1,093 10 1 9 15 9 Stibbe 17,508 17 11,018 58.9% 15 20 Lexence 192 10 6 4
League table of legal advisors to M&A by value: France League table of legal advisors to M&A by volume: France Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 2 Freshfields Bruckhaus Deringer 71,278 17 5,906 1,106.9% 1 7 Weil Gotshal & Manges 17,732 23 15 2 11 Cleary Gottlieb Steen & Hamilton 68,490 9 3,084 2,120.8% 2 21 Bredin Prat 52,461 21 9 3 8 Bredin Prat 52,461 21 3,748 1,299.7% 3 1 CMS 971 18 23 4 - Homburger 49,887 3 - - 4 20 Freshfields Bruckhaus Deringer 71,278 17 9 5 21 Linklaters 42,067 17 2,220 1,794.9% 5 2 Linklaters 42,067 17 20 6 61 Blake, Cassels & Graydon 40,322 2 506 7,868.8% 6 12 Clifford Chance 12,992 17 12 7 129 Amarchand & Mangaldas & Suresh A Shroff & Co 40,243 2 36 111,686% 7 5 De Pardieu Brocas Maffei 5,569 16 15 8 81 AZB & Partners 39,995 2 328 12,094% 8 22 White & Case 5,353 15 9 9 195 Baer & Karrer 39,968 1 - - 9 8 PwC legal 3,231 13 14 10 46 Allen & Overy 30,740 12 789 3,796.1% 10 6 King & Wood Mallesons 2,814 13 15 11 108 Franklin Societe d'Avocats 29,245 4 83 35,135% 11 24 Allen & Overy 30,740 12 9 12 132 Ropes & Gray 28,642 3 30 95,373% 12 10 Latham & Watkins 6,637 12 13 13 4 Sullivan & Cromwell 26,774 5 4,261 528.4% 13 23 Willkie Farr & Gallagher 2,736 12 9 14 37 Mayer Brown 25,411 10 1,034 2,357.5% 14 13 DLA Piper 623 12 12 15 - Cabinet Bompoint 24,400 3 - - 15 18 Jones Day 353 12 11
Mergermarket H1 2014 trend report 60 www.mergermarket.com Appendix: legal advisor league tables - Europe
League table of legal advisors to M&A by value: Iberia League table of legal advisors to M&A by volume: Iberia Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 6 Freshfields Bruckhaus Deringer 21,097 14 4,027 423.9% 1 2 Uria Menendez 17,476 24 22 2 2 5 Uria Menendez 17,476 24 4,406 296.6% 2 1 Cuatrecasas, Goncalves Pereira 2,235 24 31 -7 3 11 Garrigues 17,336 21 2,904 497.0% 3 3 Garrigues 17,336 21 18 3 4 - White & Case 16,129 4 - - 4 12 Freshfields Bruckhaus Deringer 21,097 14 6 8 5 21 DLA Piper 12,220 8 1,686 624.8% 5 15 PwC legal 1,358 14 5 9 6 - Simpson Thacher & Bartlett 11,696 3 - - 6 4 KPMG Abogados 11,140 10 15 -5 7 2 KPMG Abogados 11,140 10 9,394 19% 7 26 Perez-Llorca Abogados 644 9 3 6 8 3 Clifford Chance 10,658 6 7,341 45.2% 8 11 DLA Piper 12,220 8 7 1 9= - Barbosa, Mussnich & Aragao 10,574 1 - - 9 17 Baker & McKenzie 539 7 4 3 9= - Eskenazi Pernidji Advogados 10,574 1 - - 10 8 Deloitte Legal 327 7 9 -2 9= 96 Souza, Cescon, Barrieu & Flesch Advogados 10,574 1 - - 11 7 Gomez-Acebo & Pombo Abogados 57 7 9 -2 12 94 Pinheiro Neto Advogados 8,400 3 - - 12 5 Clifford Chance 10,658 6 11 -5 13= 14 Davis Polk & Wardwell 6,517 1 1,809 260.3% 13 6 Linklaters 2,628 6 10 -4 13= - Tozzini Freire Teixeira e Silva Advogados 6,517 1 - - 14 23 Hogan Lovells International 543 6 3 3 15 78 Weil Gotshal & Manges 5,540 2 6 92,233% 15 - White & Case 16,129 4 - -
League table of legal advisors to M&A by value: Spain League table of legal advisors to M&A by volume: Spain Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 6 Freshfields Bruckhaus Deringer 21,097 14 4,027 423.9% 1 2 Uria Menendez 17,476 24 20 2 5 Uria Menendez 17,476 24 4,283 308.0% 2 1 Cuatrecasas, Goncalves Pereira 2,208 20 28 3 2 KPMG Abogados. 11,140 10 9,394 18.6% 3 3 Garrigues 6,750 19 17 4 19 DLA Piper 10,862 7 1,686 544.2% 4 12 Freshfields Bruckhaus Deringer 21,097 14 6 5 3 Clifford Chance 10,658 6 7,341 45.2% 5 14 PwC legal 1,358 14 5 6 88 Pinheiro Neto Advogados 7,845 2 - - 6 4 KPMG Abogados 11,140 10 15 7 11 Garrigues 6,750 19 2,808 140.4% 7 23 Perez-Llorca Abogados 644 9 3 8= 13 Davis Polk & Wardwell 6,517 1 1,809 260.3% 8 11 DLA Piper 10,862 7 7 8= - Tozzini Freire Teixeira e Silva Advogados 6,517 1 - - 9 16 Baker & McKenzie 539 7 4 10 73 Weil Gotshal & Manges 5,540 2 6 92,233% 10 6 Deloitte Legal 327 7 9 11 - White & Case 5,000 2 - - 11 9 Gomez-Acebo & Pombo Abogados 57 7 8 12 - Marval, O'Farrell & Mairal 5,000 1 - - 12 5 Clifford Chance 10,658 6 11 13 7 Cleary Gottlieb Steen & Hamilton 2,879 3 3,660 -21.3% 13 20 Hogan Lovells International 543 6 3 14 1 Linklaters 2,628 5 9,975 -73.7% 14 7 Linklaters 2,628 5 8 15 67 Ramon & Cajal 2,247 3 8 27,988% 15 19 Cleary Gottlieb Steen & Hamilton 2,879 3 3
Mergermarket H1 2014 trend report 61 www.mergermarket.com Appendix: legal advisor league tables - Europe
League table of legal advisors to M&A by value: Italy League table of legal advisors to M&A by volume: Italy Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 5 d'Urso Gatti e Bianchi - Studio Legale Associato 5,379 12 6,372 -15.6% 1 1 Chiomenti Studio Legale 1,594 16 19 2 13 Clifford Chance 5,287 6 3,459 52.8% 2 3 Gianni, Origoni, Grippo, Cappelli & Partners 1,285 16 11 3 88 Bredin Prat 4,783 2 - - 3 6 NCTM Studio Legale Associato 452 14 10 4 41 Simpson Thacher & Bartlett 3,938 2 281 1,301.4% 4 2 d'Urso Gatti e Bianchi - Studio Legale Associato 5,379 12 14 5 18 Baker & McKenzie 3,754 4 2,839 32.2% 5 9 Gattai Minoli & Partners 1,197 12 7 6= - Davis Polk & Wardwell 3,650 1 - - 6 7 Studio Pedersoli e Associati 860 10 9 6= 21 Skadden Arps Slate Meagher & Flom 3,650 1 2,431 50% 7 5 Bonelli Erede Pappalardo 1,280 9 10 6= 14 Sullivan & Cromwell 3,650 1 3,119 17.0% 8 17 Legance Avvocati Associati 432 8 4 9 8 White & Case 3,061 7 4,087 -25.1% 9 19 DLA Piper 145 8 4 10 74 Studio Legale Lombardi Molinari Segni 2,962 3 20 14,710% 10 26 Allen & Overy 102 8 3 11 - Osborne Clarke 2,737 1 - - 11 29 White & Case 3,061 7 2 12= - BDGS Associes 2,046 1 - - 12 4 Clifford Chance 5,287 6 11 12= 15 De Pardieu Brocas Maffei 2,046 1 3119 -34.4% 13 - Roedl & Partner 150 6 - 14 2 Chiomenti Studio Legale 1,594 16 9,343 -82.9% 14 34 Orsingher Ortu - Avvocati Associati 111 6 2 15 3 Gianni, Origoni, Grippo, Cappelli & Partners 1,285 16 6,666 -80.7% 15 18 Hogan Lovells International 637 5 4
League table of legal advisors to M&A by value: Nordic League table of legal advisors to M&A by volume: Nordic Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 6 Roschier 16,199 23 5,698 184.3% 1 2 Vinge 14,162 47 30 17 2 4 Mannheimer Swartling 14,291 42 7,952 79.7% 2 6 Mannheimer Swartling 14,291 42 23 19 3 15 Vinge 14,162 47 3,465 309% 3 3 Bech-Bruun 8,421 30 25 5 4 17 Linklaters 14,135 11 3,113 354.1% 4 1 Schjodt 6,158 27 33 -6 5 3 Clifford Chance 9,561 3 8,254 15.8% 5 10 Roschier 16,199 23 20 3 6 1 Davis Polk & Wardwell 9,318 2 11,332 -17.8% 6 5 Hannes Snellman 9,183 23 24 -1 7 20 Hannes Snellman 9,183 23 2,717 238.0% 7 8 Accura 4,225 23 22 1 8 49 Sullivan & Cromwell 9,148 2 577 1,485.4% 8 7 Kromann Reumert 652 23 23 0 9 158 Hammarskiold & Co 9,148 1 - - 9 4 Wiersholm 5,688 22 24 -2 10 26 Bech-Bruun 8,421 30 983 756.7% 10 9 Wikborg Rein & Co 668 20 21 -1 11 8 White & Case 7,948 17 4,653 70.8% 11 16 Thommessen 4,225 18 17 1 12 41 BA-HR 7,790 13 708 1,000.3% 12 11 Plesner 3,054 18 19 -1 13 36 Bruun & Hjejle 7,030 12 808 770.0% 13 22 White & Case 7,948 17 11 6 14 59 Gorrissen Federspiel 6,901 14 398 1,633.9% 14 13 Advokatfirman Lindahl 421 17 17 0 15 7 Schjodt 6,158 27 4,911 25.4% 15 19 Ronne & Lundgren 234 16 13 3
Mergermarket H1 2014 trend report 62 www.mergermarket.com Appendix: legal advisor league tables - Europe
League table of legal advisors to M&A by value: Sweden League table of legal advisors to M&A by volume: Sweden Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 13 Vinge 14,162 47 3,465 308.7% 1 1 Vinge 14,162 47 28 19 2 2 Mannheimer Swartling 14,124 39 7,848 80.0% 2 2 Mannheimer Swartling 14,124 39 22 17 3 4 Roschier 11,900 13 4,792 148.3% 3 3 Advokatfirman Lindahl 421 16 15 1 4 1 Davis Polk & Wardwell 9,318 2 8,107 14.9% 4 5 Roschier 11,900 13 12 1 5 16 Linklaters 9,148 4 1,771 416.5% 5 4 Hannes Snellman 231 13 13 0 6= 5 Clifford Chance 9,148 2 4,770 91.8% 6 10 Gernandt & Danielsson 1,120 11 8 3 6= - Sullivan & Cromwell 9,148 2 - - 7 18 Wistrand 398 11 5 6 8 94 Hammarskiold & Co 9,148 1 - - 8 42 Bech-Bruun 98 11 2 9 9 10 White & Case 4,168 10 3,913 6.5% 9 12 White & Case 4,168 10 6 4 10 105 Morrison & Foerster 2,597 1 - - 10 20 Schjodt 2,206 10 4 6 11 29 Schjodt 2,206 10 676 226.3% 11 16 Accura 1,011 10 5 5 12 36 BA-HR 2,173 4 347 526.2% 12 77 Hamilton Advokatbyra 204 7 1 6 13 6 Gernandt & Danielsson 1,120 11 4,589 -75.6% 13 33 Wiersholm 46 7 3 4 14 50 Avance Attorneys 1,030 2 118 772.9% 14 55 Advokatfirma DLA Nordic - 7 2 5 15 46 Accura 1,011 10 209 383.7% 15 7 Cederquist 18 5 10 -5
League table of legal advisors to M&A by value: Denmark League table of legal advisors to M&A by volume: Denmark Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 5 Bech-Bruun 8,421 29 983 756.7% 1 1 Bech-Bruun 8,421 29 25 4 2 8 Bruun & Hjejle 7,030 12 808 770.0% 2 2 Kromann Reumert 652 23 22 1 3 22 Gorrissen Federspiel 6,901 14 398 1,634% 3 3 Accura 3,272 20 21 -1 4 2 Linklaters 4,104 6 1,891 117.0% 4 4 Plesner 3,054 18 18 0 5 - Watson, Farley & Williams 3,394 4 - - 5 9 Ronne & Lundgren 234 16 13 3 6 4 Accura 3,272 20 1,151 184.3% 6 5 Gorrissen Federspiel 6,901 14 18 -4 7 13 Roschier 3,158 4 752 319.9% 7 6 Bruun & Hjejle 7,030 12 17 -5 8 6 Kirkland & Ellis 3,158 2 877 260.1% 8 8 Moalem Weitemeyer Bendtsen 196 9 14 -5 9= 26 BA-HR 3,158 1 347 810.1% 9 10 Linklaters 4,104 6 6 0 9= 12 Hannes Snellman 3,158 1 754 318.8% 10 - Watson, Farley & Williams 3,394 4 - - 9= 36 Travers Smith 3,158 1 180 1,654.4% 11 16 Roschier 3,158 4 3 1 9= 14 Wiersholm 3,158 1 700 351.1% 12 27 Schjodt - 4 2 2 13 18 Plesner 3,054 18 599 409.8% 13 19 Baker & McKenzie 71 3 3 0 14 - Hengeler Mueller 2,757 2 - - 14 14 Kirkland & Ellis 3,158 2 3 -1 15 28 De Brauw Blackstone Westbroek 2,344 1 347 575.5% 15 - Hengeler Mueller 2,757 2 - -
Mergermarket H1 2014 trend report 63 www.mergermarket.com Appendix: legal advisor league tables - Europe
League table of legal advisors to M&A by value: Norway League table of legal advisors to M&A by volume: Norway Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 3 Schjodt 6,158 23 4,548 35.4% 1 1 Schjodt 6,158 23 31 -8 2 15 Arntzen de Besche 4,797 7 655 632.4% 2 2 Wiersholm 2,484 20 24 -4 3 21 BA-HR 4,632 12 361 1,183.1% 3 3 Wikborg Rein & Co 668 20 20 0 4 17 Thommessen 4,225 18 568 643.8% 4 5 Thommessen 4,225 18 17 1 5 19 White & Case 3,762 5 496 658.5% 5 4 Selmer 2,082 14 17 -3 6 - Simpson Thacher & Bartlett 3,495 1 - - 6 6 BA-HR 4,632 12 15 -3 7 2 Freshfields Bruckhaus Deringer 2,649 5 5,038 -47.4% 7 7 Arntzen de Besche 4,797 7 7 0 8 1 Wiersholm 2,484 20 6,743 -63.2% 8 22 Kluge Advokatfirma 139 7 2 5 9 - Dentons 2,100 1 - - 9 9 Advokatfirmaet Haavind 498 6 6 0 10 16 Selmer 2,082 14 591 252.3% 10 15 Roschier 215 6 3 3 11 56 Dittmar & Indrenius 1,315 2 - - 11 21 White & Case 3,762 5 2 3 12= - Fried Frank Harris Shriver & Jacobson 1,315 1 - - 12 17 Freshfields Bruckhaus Deringer 2,649 5 2 3 12= - Gleiss Lutz 1,315 1 - - 13 13 Mannheimer Swartling 167 4 4 0 12= - Sidley Austin 1,315 1 - - 14 8 Vinge 72 4 7 -3 12= - Wolf Theiss 1,315 1 - - 15 - Jones Day 166 3 - -
League table of legal advisors to M&A by value: Finland League table of legal advisors to M&A by volume: Finland Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 25 Hannes Snellman 5,859 14 85 6,792.9% 1 7 Hannes Snellman 5,859 14 5 9 2 20 Castren & Snellman 4,955 11 112 4,324.1% 2 6 Castren & Snellman 4,955 11 6 5 3 1 Roschier 3,628 10 1,019 256% 3 5 Krogerus 482 11 7 4 4 21 White & Case 2,807 5 100 2,707.0% 4 2 Roschier 3,628 10 9 1 5 3 Mannheimer Swartling 2,732 3 769 255.3% 5 3 Attorneys at law Borenius 230 8 9 -1 6 61 Vinge 2,605 4 - - 6 4 Avance Attorneys 1,118 6 9 -3 7 7 Morrison & Foerster 2,597 1 367 607.6% 7 10 White & Case 2,807 5 3 2 8 15 Avance Attorneys 1,118 6 205 445.4% 8 1 Bird & Bird - 5 10 -5 9 24 Krogerus 482 11 85 467.1% 9 9 Dittmar & Indrenius - 5 3 2 10 - Thommessen 469 3 - - 10 61 Vinge 2,605 4 1 3 11 - Kromann Reumert 462 2 - - 11 11 Waselius & Wist 1 4 2 2 12 - EY (law) 327 2 - - 12 18 Mannheimer Swartling 2,732 3 1 2 13 - Freshfields Bruckhaus Deringer 319 3 - - 13 - Thommessen 469 3 - - 14 35 Selmer 240 2 14 1,614.3% 14 - Freshfields Bruckhaus Deringer 319 3 - - 15 5 Attorneys at law Borenius 230 8 554 -58.5% 15 26 LAWIN 19 3 1 2
Mergermarket H1 2014 trend report 64 www.mergermarket.com Appendix: legal advisor league tables - Europe
League table of legal advisors to M&A by value: CEE League table of legal advisors to M&A by volume: CEE Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 1 White & Case 7,584 14 18,511 -59.0% 1 1 White & Case 7,584 14 20 2 12 Clifford Chance 2,260 10 3,323 -32.0% 2 17 SORAINEN 586 12 5 3 3 Linklaters 1,621 6 6,387 -74.6% 3 4 Clifford Chance 2,260 10 12 4 19 BBH, advokatni kancelar 1,509 2 1,786 -15.5% 4 3 Allen & Overy 135 10 13 5 16 Akin Gump Strauss Hauer & Feld 1,484 4 2,050 -27.6% 5 49 Squire Patton Boggs 830 9 2 6 69 DLA Piper 1,301 7 67 1,841.8% 6 2 CMS 193 9 18 7 11 De Brauw Blackstone Westbroek 1,266 2 3,520 -64.0% 7 11 DLA Piper 1,301 7 7 8 - Studio Legale Pavesi Gitti Verzoni 1,030 2 - - 8 29 LAWIN 547 7 3 9 76 Squire Patton Boggs 830 9 29 2,762.1% 9 21 Dentons 294 7 4 10 6 Freshfields Bruckhaus Deringer 718 2 4672 -85% 10 15 Raidla Lejins & Norcous 198 7 5 11 14 Hogan Lovells International 631 3 2,111 -70% 11 7 Linklaters 1,621 6 8 12 - Kirkland & Ellis 600 1 - - 12 18 Schoenherr Rechtsanwaelte 60 6 5 13 34 SORAINEN 586 12 1,098 -47% 13 26 Slaughter and May 479 5 3 14 - d'Urso Gatti e Bianchi - Studio Legale Associato 560 1 - - 14 5 Weil Gotshal & Manges 447 5 9 15 58 LAWIN 547 7 138 296.4% 15 55 Akin Gump Strauss Hauer & Feld 1,484 4 1
League table of legal advisors to M&A by value: Russia League table of legal advisors to M&A by volume: Russia Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 1 White & Case 3,694 7 12,938 -71.4% 1 1 White & Case 3,694 7 11 2 10 Akin Gump Strauss Hauer & Feld 1,484 4 2,050 -27.6% 2 21 Akin Gump Strauss Hauer & Feld 1,484 4 1 3 4 Linklaters 1,041 1 4,336 -76.0% 3 8 Clifford Chance 651 4 3 4 - Studio Legale Pavesi Gitti Verzoni 1,030 2 - - 4 41 Squire Patton Boggs 375 4 1 5 42 DLA Piper 1,005 3 - - 5 4 Herbert Smith Freehills 282 4 4 6 11 Freshfields Bruckhaus Deringer 718 2 1,846 -61.1% 6 42 DLA Piper 1,005 3 1 7 9 Clifford Chance 651 4 2,053 -68.3% 7 9 Dentons 284 3 3 8 13 Hogan Lovells International 631 2 1,594 -60.4% 8 - Studio Legale Pavesi Gitti Verzoni 1,030 2 - 9 - d'Urso Gatti e Bianchi - Studio Legale Associato 560 1 - - 9 22 Freshfields Bruckhaus Deringer 718 2 1 10 - Chadbourne & Parke 490 2 - - 10 6 Hogan Lovells International 631 2 4
Mergermarket H1 2014 trend report 65 www.mergermarket.com Appendix: legal advisor league tables - Americas
League table of legal advisors to M&A by value: Americas League table of legal advisors to M&A by volume: Americas Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 4 Skadden Arps Slate Meagher & Flom 308,582 78 94,405 226.9% 1 2 Kirkland & Ellis 104,063 151 116 35 2 12 Simpson Thacher & Bartlett 249,671 65 61,700 304.7% 2 1 Latham & Watkins 176,519 117 118 -1 3 6 Sullivan & Cromwell 238,999 48 77,756 207.4% 3 3 Jones Day 110,961 115 99 16 4 1 Latham & Watkins 176,519 117 124,700 41.6% 4 4 DLA Piper 21,225 80 94 -14 5 20 Cleary Gottlieb Steen & Hamilton 171,319 34 36,980 363.3% 5 5 Skadden Arps Slate Meagher & Flom 308,582 78 71 7 6 7 Weil Gotshal & Manges 170,305 69 71,013 139.8% 6 8 Weil Gotshal & Manges 170,305 69 57 12 7 5 White & Case 169,865 67 78,485 116.4% 7 6 White & Case 169,865 67 66 1 8 2 Davis Polk & Wardwell 141,800 51 124,020 14.3% 8 21 Simpson Thacher & Bartlett 249,671 65 40 25 9 3 Wachtell, Lipton, Rosen & Katz 120,211 38 99,578 20.7% 9 9 O'Melveny & Myers 14,602 65 56 9 10 14 Freshfields Bruckhaus Deringer 113,550 40 60,633 87.3% 10 27 Cooley 6,476 62 36 26 11 22 Jones Day 110,961 115 36,003 208.2% 11 11 Baker & McKenzie 34,475 56 49 7 12 13 Kirkland & Ellis 104,063 151 60,692 71.5% 12 17 Norton Rose Fulbright 19,025 54 44 10 13 15 Willkie Farr & Gallagher 103,835 42 56,593 83.5% 13 13 Morgan Lewis & Bockius 25,561 52 48 4 14 50 Paul Weiss Rifkind Wharton & Garrison 98,396 44 13,207 645.0% 14 12 Davis Polk & Wardwell 141,800 51 48 3 15 25 Debevoise & Plimpton 94,680 24 30,728 208.1% 15 29 Goodwin Procter 10,172 51 35 16 16 16 Blake, Cassels & Graydon 88,679 44 50,589 75.3% 16 46 Fenwick & West 22,423 50 25 25 17 18 Shearman & Sterling 86,082 41 44,944 91.5% 17 7 Stikeman Elliott 24,767 49 61 -12 18 30 Arthur Cox 78,904 9 25,420 210.4% 18 20 Sullivan & Cromwell 238,999 48 40 8 19 36 Osler, Hoskin & Harcourt 74,593 36 21,232 251.3% 19 15 Wilson Sonsini Goodrich & Rosati 9,067 48 45 3 20 109 Arnold & Porter 70,848 15 3,511 1,917.9% 20 32 Ropes & Gray 43,351 46 32 14
Mergermarket H1 2014 trend report 66 www.mergermarket.com Appendix: legal advisor league tables - Americas
League table of legal advisors to M&A by value: US League table of legal advisors to M&A by volume: US Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 4 Skadden Arps Slate Meagher & Flom 301,012 71 92,833 224.3% 1 2 Kirkland & Ellis 104,063 151 114 2 12 Simpson Thacher & Bartlett 236,266 60 60,995 287.4% 2 1 Latham & Watkins 176,519 115 115 3 6 Sullivan & Cromwell 233,214 44 75,006 210.9% 3 3 Jones Day 110,652 107 95 4 1 Latham & Watkins 176,519 115 124,477 41.8% 4 4 DLA Piper 21,205 79 92 5 7 Weil Gotshal & Manges 170,305 69 70,317 142.2% 5 5 Skadden Arps Slate Meagher & Flom 301,012 71 69 6 21 Cleary Gottlieb Steen & Hamilton 168,506 30 36,183 365.7% 6 8 Weil Gotshal & Manges 170,305 69 55 7 5 White & Case 146,621 59 76,081 92.7% 7 7 O'Melveny & Myers 14,602 65 56 8 2 Davis Polk & Wardwell 130,569 47 123,023 6.1% 8 19 Cooley 6,476 62 36 9 3 Wachtell, Lipton, Rosen & Katz 114,776 36 99,578 15.3% 9 14 Simpson Thacher & Bartlett 236,266 60 39 10 22 Jones Day 110,652 107 33,156 233.7% 10 6 White & Case 146,621 59 61 11 15 Freshfields Bruckhaus Deringer 105,637 36 54,144 95.1% 11 9 Morgan Lewis & Bockius 25,561 52 47 12 13 Kirkland & Ellis 104,063 151 56,620 83.8% 12 20 Goodwin Procter 10,172 51 35 13 14 Willkie Farr & Gallagher 100,599 40 56,593 77.8% 13 41 Fenwick & West 22,423 50 25 14 25 Debevoise & Plimpton 93,994 22 28,708 227.4% 14 11 Wilson Sonsini Goodrich & Rosati 9,067 48 45 15 62 Paul Weiss Rifkind Wharton & Garrison 93,372 40 7,980 1,070.1% 15 10 Davis Polk & Wardwell 130,569 47 46 16 18 Shearman & Sterling 86,082 40 43,413 98.3% 16 24 Baker & McKenzie 32,632 47 33 17 17 Blake, Cassels & Graydon 82,772 20 43,705 89.4% 17 26 Ropes & Gray 43,341 45 32 18 30 Arthur Cox 78,613 8 23,681 232.0% 18 15 Sullivan & Cromwell 233,214 44 38 19 92 Arnold & Porter 70,848 15 3,511 1,917.9% 19 12 Vinson & Elkins 21,129 44 41 20 - Harris Wiltshire & Grannis 65,495 1 - - 20 17 Gibson Dunn & Crutcher 20,854 41 36
Mergermarket H1 2014 trend report 67 www.mergermarket.com Appendix: legal advisor league tables - Americas
League table of legal advisors to private equity buyouts by value: US League table of legal advisors to private equity buyouts by volume: US Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 1 Kirkland & Ellis 15,797 46 36,176 -56.3% 1 1 Kirkland & Ellis 15,797 46 32 14 2 5 Simpson Thacher & Bartlett 14,496 10 26,503 -45.3% 2 2 Latham & Watkins 12,712 18 11 7 3 17 Latham & Watkins 12,712 18 3,374 276.8% 3 3 Weil Gotshal & Manges 5,471 11 9 2 4 104 Osler, Hoskin & Harcourt 5,560 2 - - 4 5 Simpson Thacher & Bartlett 14,496 10 8 2 5 15 Weil Gotshal & Manges 5,471 11 5,459 0.2% 5 8 Ropes & Gray 3,808 9 7 2 6 41 Debevoise & Plimpton 4,510 3 395 1,041.8% 6 10 Willkie Farr & Gallagher 2,825 9 6 3 7 - King & Spalding 4,420 5 - - 7 48 Dechert 2,186 9 2 7 8 24 Ropes & Gray 3,808 9 1,201 217.1% 8 20 Morgan Lewis & Bockius 130 9 4 5 9= - Accura 3,200 1 - - 9 18 Jones Day 108 9 4 5 9= 14 Conyers Dill & Pearman 3,200 1 6,535 -51.0% 10 9 Paul Weiss Rifkind Wharton & Garrison 2,498 8 7 1 9= 19 Loyens & Loeff 3,200 1 3,268 -2.1% 11 6 Goodwin Procter 416 8 8 0 12 59 Stikeman Elliott 2,900 2 15 19,233% 12 19 O'Melveny & Myers 120 8 4 4 13 20 Willkie Farr & Gallagher 2,825 9 2752 2.7% 13 12 Vinson & Elkins 1,973 7 6 1 14 32 Paul Weiss Rifkind Wharton & Garrison 2,498 8 603 314.3% 14 17 Fried Frank Harris Shriver & Jacobson 1,388 6 4 2 15= 13 Arthur Cox 2,325 1 6,535 -64.4% 15 28 McDermott Will & Emery 432 6 3 3 15= - Matheson 2,325 1 - -
Based on the target geography only and the adviser advising the buy-side only
Mergermarket H1 2014 trend report 68 www.mergermarket.com Appendix: legal advisor league tables - Americas
League table of legal advisors to M&A by value: Canada League table of legal advisors to M&A by volume: Canada Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 2 Osler, Hoskin & Harcourt 67,728 30 19,082 254.9% 1 1 Stikeman Elliott 17,869 41 2 4 Skadden Arps Slate Meagher & Flom 59,606 10 13,716 334.6% 2 3 Blake, Cassels & Graydon 58,344 34 3 3 Blake, Cassels & Graydon 58,344 34 15,395 279.0% 3 6 Gowling Lafleur Henderson 6,991 32 4 12 Latham & Watkins 55,490 11 7,756 615.4% 4 2 Osler, Hoskin & Harcourt 67,728 30 5 9 Sullivan & Cromwell 47,807 5 7,990 498.3% 5 12 Norton Rose Fulbright 16,746 27 6 1 Stikeman Elliott 17,869 41 25,320 -29.4% 6 4 McCarthy Tetrault 6,301 25 7 30 Norton Rose Fulbright 16,746 27 2,920 473.5% 7 5 Torys 10,501 17 8 16 Kirkland & Ellis 10,554 9 5,266 100% 8 11 Davies Ward Phillips & Vineberg 10,294 15 9 6 Torys 10,501 17 10,344 1.5% 9 18 Bennett Jones 4,412 12 10 41 Davies Ward Phillips & Vineberg 10,294 15 1,590 547.4% 10 13 Cassels Brock & Blackwell 3,787 12 11 26 Gowling Lafleur Henderson 6,991 32 3,348 109% 11 9 Fasken Martineau Dumoulin 3,119 12 12 8 McCarthy Tetrault 6,301 25 8,065 -21.9% 12 8 Borden Ladner Gervais 1,322 12 13 179 Simpson Thacher & Bartlett 6,113 6 - - 13 14 Latham & Watkins 55,490 11 14 14 Paul Weiss Rifkind Wharton & Garrison 5,981 7 6,116 -2.2% 14 10 Goodmans 2,644 11 15 80 Dentons 5,525 6 225 2,355.6% 15 17 Skadden Arps Slate Meagher & Flom 59,606 10
League table of legal advisors to M&A by value: US North East League table of legal advisors to M&A by volume: US North East Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 10 White & Case 26,099 12 3,310 688.5% 1 2 Pinheiro Neto Advogados 10,056 16 20 2 3 Barbosa, Mussnich & Aragao 17,546 11 7,578 131.5% 2 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 7,342 14 22 3 30 Simpson Thacher & Bartlett 14,162 7 1,105 1,182% 3 5 Machado Meyer Sendacz e Opice 2,716 14 14 4 26 Souza, Cescon, Barrieu & Flesch Advogados 13,408 6 1,366 881.6% 4 12 White & Case 26,099 12 8 5 132 Uria Menendez 11,915 5 15 79,333% 5 9 Tozzini Freire Teixeira e Silva Advogados 7,930 12 9 6 11 Davis Polk & Wardwell 11,341 3 2,929 287% 6 3 Barbosa, Mussnich & Aragao 17,546 11 14 7 57 Eskenazi Pernidji Advogados 10,841 2 443 2,347% 7 15 Stocche, Forbes, Padis, Filizzola e Clapis Advogados 604 11 7 8 165 Garrigues 10,574 1 0 - 8 173 Lobo & de Rizzo Advogados 1,114 8 1 9 1 Sullivan & Cromwell 10,105 4 8,437 19.8% 9 46 Simpson Thacher & Bartlett 14,162 7 2 10 16 Pinheiro Neto Advogados 10,056 16 2,039 393.2% 10 13 Demarest 2,493 7 8 11 31 Tozzini Freire Teixeira e Silva Advogados 7,930 12 1,024 674.4% 11 7 Jones Day 308 7 11 12 5 Linklaters 7,343 5 4,831 52.0% 12 8 Souza, Cescon, Barrieu & Flesch Advogados 13,408 6 11 13 2 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 7,342 14 8,019 -8.4% 13 22 Cleary Gottlieb Steen & Hamilton 6,647 6 4 14 9 Cleary Gottlieb Steen & Hamilton 6,647 6 3,897 70.6% 14 19 Carey y Cia 4,773 6 5 15 79 Freshfields Bruckhaus Deringer 6,371 2 158 3,932.3% 15 140 Uria Menendez 11,915 5 1
Mergermarket H1 2014 trend report 69 www.mergermarket.com Appendix: legal advisor league tables - Americas
League table of legal advisors to M&A by value: US Mid-West League table of legal advisors to M&A by volume: US Mid-West Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 13 Skadden Arps Slate Meagher & Flom 108,004 25 13,233 716.2% 1 1 Kirkland & Ellis 58,810 60 36 24 2 18 Cleary Gottlieb Steen & Hamilton 82,528 6 7,089 1,064.2% 2 2 Jones Day 9,726 32 20 12 3 3 Sullivan & Cromwell 72,446 16 34,717 109% 3 4 Skadden Arps Slate Meagher & Flom 108,004 25 15 10 4 5 Freshfields Bruckhaus Deringer 64,204 8 30,306 111.9% 4 9 Latham & Watkins 10,369 23 12 11 5 4 Kirkland & Ellis 58,810 60 33,752 74.2% 5 22 Weil Gotshal & Manges 18,245 21 8 13 6 1 Wachtell, Lipton, Rosen & Katz 58,325 11 36,139 61.4% 6 11 Sidley Austin 16,297 21 11 10 7 92 A&L Goodbody 46,554 2 285 16,235% 7 47 Baker & McKenzie 4,695 21 5 16 8= - Arthur Cox 45,894 1 - - 8 6 White & Case 45,344 20 13 7 8= - Matheson 45,894 1 - - 9 5 Foley & Lardner 10,584 20 15 5 10 17 White & Case 45,344 20 8,635 425.1% 10 32 Cooley 2,335 19 7 12 11 2 Davis Polk & Wardwell 32,106 8 35,996 -10.8% 11 3 DLA Piper 1,637 19 17 2 12 33 Baker Botts 23,302 5 2,480 839.6% 12 39 Morgan Lewis & Bockius 2,025 18 6 12 13 55 Ropes & Gray 22,768 12 1,054 2,060.2% 13 30 McDermott Will & Emery 1,468 17 7 10 14 44 Weil Gotshal & Manges 18,245 21 1,956 832.8% 14 7 Sullivan & Cromwell 72,446 16 12 4 15 10 Sidley Austin 16,297 21 15,319 6% 15 19 Winston & Strawn 11,696 15 10 5
League table of legal advisors to M&A by value: US South League table of legal advisors to M&A by volume: US South Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 25 Sullivan & Cromwell 94,824 14 9,011 952.3% 1 1 Kirkland & Ellis 38,402 71 49 22 2 2 Weil Gotshal & Manges 94,611 27 44,694 111.7% 2 2 Latham & Watkins 49,125 47 48 -1 3 10 Debevoise & Plimpton 80,153 10 24,385 228.7% 3 4 Jones Day 76,530 41 38 3 4 5 Simpson Thacher & Bartlett 78,304 18 38,056 105.8% 4 3 DLA Piper 7,573 41 43 -2 5 17 Jones Day 76,530 41 18,940 304.1% 5 5 Vinson & Elkins 20,409 40 35 5 6 56 Cleary Gottlieb Steen & Hamilton 75,566 12 2,846 2,555.2% 6 12 Weil Gotshal & Manges 94,611 27 19 8 7 26 Shearman & Sterling 75,044 18 8,761 756.6% 7 13 Skadden Arps Slate Meagher & Flom 41,550 25 19 6 8 58 Arnold & Porter 65,713 10 2,734 2,303.5% 8 7 White & Case 24,415 25 23 2 9 - Harris Wiltshire & Grannis 65,495 1 - - 9 8 Morgan Lewis & Bockius 7,919 23 23 0 10 1 Latham & Watkins 49,125 47 48,747 0.8% 10 35 Haynes and Boone 1,336 23 10 13 11 11 Skadden Arps Slate Meagher & Flom 41,550 25 23,109 79.8% 11 6 Akin Gump Strauss Hauer & Feld 6,827 22 24 -2 12 22 Kirkland & Ellis 38,402 71 12,828 199.4% 12 22 Baker Botts 27,182 21 15 6 13 6 Davis Polk & Wardwell 33,752 20 38,017 -11.2% 13 10 Greenberg Traurig 12,383 21 20 1 14 20 Baker Botts 27,182 21 14,287 90.3% 14 34 King & Spalding 2,649 21 10 11 15 3 White & Case 24,415 25 43,393 -43.7% 15 20 Davis Polk & Wardwell 33,752 20 15 5
Mergermarket H1 2014 trend report 70 www.mergermarket.com Appendix: legal advisor league tables - Americas
League table of legal advisors to M&A by value: US West League table of legal advisors to M&A by volume: US West Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 10 Sullivan & Cromwell 125,771 12 23,227 441.5% 1 1 Latham & Watkins 117,792 55 65 -10 2 1 Latham & Watkins 117,792 55 75,698 55.6% 2 3 Kirkland & Ellis 19,598 52 43 9 3 22 Weil Gotshal & Manges 106,008 28 10,796 881.9% 3 4 O'Melveny & Myers 8,434 51 40 11 4 18 Simpson Thacher & Bartlett 95,323 25 14,246 569.1% 4 9 Fenwick & West 22,423 48 25 23 5 19 Skadden Arps Slate Meagher & Flom 83,058 22 14,094 489.3% 5 11 Cooley 5,023 46 24 22 6 21 Jones Day 79,159 29 11,117 612.1% 6 5 Wilson Sonsini Goodrich & Rosati P.C. 8,960 42 39 3 7 47 Cleary Gottlieb Steen & Hamilton 73,702 10 2,593 2,742.3% 7 2 DLA Piper 1,457 33 46 -13 8 6 Shearman & Sterling 72,635 18 33,571 116.4% 8 6 Jones Day 79,159 29 30 -1 9 112 Debevoise & Plimpton 69,560 6 290 23,886.2% 9 10 Weil Gotshal & Manges 106,008 28 24 4 10 52 Arnold & Porter 65,630 5 2,050 3,101% 10 16 Goodwin Procter 8,996 26 18 8 11 - Harris Wiltshire & Grannis 65,495 1 - - 11 25 Simpson Thacher & Bartlett 95,323 25 12 13 12 125 Osler, Hoskin & Harcourt 54,547 7 220 24,694% 12 7 Skadden Arps Slate Meagher & Flom 83,058 22 28 -6 13 11 Blake, Cassels & Graydon 45,936 4 22,256 106.4% 13 18 Morgan Lewis & Bockius 5,210 22 17 5 14 55 Fenwick & West 22,423 48 1,678 1,236.3% 14 8 Gibson Dunn & Crutcher 7,223 21 26 -5 15 26 Kirkland & Ellis 19,598 52 8,154 140.3% 15 14 Perkins Coie 7,595 19 21 -2
League table of legal advisors to M&A by value: Central & South America League table of legal advisors to M&A by volume: Central & South America Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 10 Sullivan & Cromwell 125,771 12 23,227 441.5% 1 1 Latham & Watkins 117,792 55 65 2 1 Latham & Watkins 117,792 55 75,698 55.6% 2 3 Kirkland & Ellis 19,598 52 43 3 22 Weil Gotshal & Manges 106,008 28 10,796 881.9% 3 4 O'Melveny & Myers 8,434 51 40 4 18 Simpson Thacher & Bartlett 95,323 25 14,246 569.1% 4 9 Fenwick & West 22,423 48 25 5 19 Skadden Arps Slate Meagher & Flom 83,058 22 14,094 489.3% 5 11 Cooley 5,023 46 24 6 21 Jones Day 79,159 29 11,117 612.1% 6 5 Wilson Sonsini Goodrich & Rosati P.C. 8,960 42 39 7 47 Cleary Gottlieb Steen & Hamilton 73,702 10 2,593 2,742.3% 7 2 DLA Piper 1,457 33 46 8 6 Shearman & Sterling 72,635 18 33,571 116.4% 8 6 Jones Day 79,159 29 30 9 112 Debevoise & Plimpton 69,560 6 290 23,886% 9 10 Weil Gotshal & Manges 106,008 28 24 10 52 Arnold & Porter 65,630 5 2,050 3,101% 10 16 Goodwin Procter 8,996 26 18 11 - Harris Wiltshire & Grannis 65,495 1 - - 11 25 Simpson Thacher & Bartlett 95,323 25 12 12 125 Osler, Hoskin & Harcourt 54,547 7 220 24,694% 12 7 Skadden Arps Slate Meagher & Flom 83,058 22 28 13 11 Blake, Cassels & Graydon 45,936 4 22,256 106.4% 13 18 Morgan Lewis & Bockius 5,210 22 17 14 55 Fenwick & West 22,423 48 1,678 1,236.3% 14 8 Gibson Dunn & Crutcher 7,223 21 26 15 26 Kirkland & Ellis 19,598 52 8,154 140.3% 15 14 Perkins Coie 7,595 19 21
Mergermarket H1 2014 trend report 71 www.mergermarket.com Appendix: legal advisor league tables - Asia-Pacific
League table of legall advisors to M&A by value: Asia-Pacific (excl. Japan) League table of legal advisors to M&A by volume: Asia-Pacific (excl. Japan) Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 5 Freshfields Bruckhaus Deringer 66,240 16 18,477 258.5% 1 1 King & Wood Mallesons 35,746 60 50 10 2 16 JiaYuan Law Offices 45,129 14 9,605 369.8% 2 4 Herbert Smith Freehills 19,218 44 37 7 3 3 King & Wood Mallesons 35,746 60 29,141 22.7% 3 6 Kim & Chang 24,109 43 34 9 4 4 Clifford Chance 29,052 32 21,938 32.4% 4 31 Lee & Ko 10,988 37 12 25 5 2 Linklaters 26,171 21 32,938 -20.5% 5 16 Clifford Chance 29,052 32 19 13 6 17 Kim & Chang 24,109 43 8,920 170% 6 13 Ashurst 9,319 31 21 10 7 1 Herbert Smith Freehills 19,218 44 39,895 -51.8% 7 3 Baker & McKenzie 7,738 30 39 -9 8 20 Allens 15,481 27 8,102 91.1% 8 9 Allens 15,481 27 27 0 9 19 Davis Polk & Wardwell 14,816 17 8,211 80.4% 9 24 O'Melveny & Myers 7,432 27 16 11 10 13 Simpson Thacher & Bartlett 14,270 16 11,439 24.7% 10 37 Grandall Law Firm 5,127 27 10 17 11 23 White & Case 14,037 13 6,574 113.5% 11 8 Allen & Overy 6,009 26 31 -5 12 115 Weil Gotshal & Manges 12,899 14 925 1,294.5% 12 7 Minter Ellison 10,763 25 33 -8 13 26 Allen & Gledhill 12,542 20 5,707 119.8% 13 21 Norton Rose Fulbright 3,389 23 17 6 14 9 Skadden Arps Slate Meagher & Flom 12,066 20 14,533 -17.0% 14 27 Fangda Partners 7,804 22 12 10 15 32 Sullivan & Cromwell 11,379 8 4,913 131.6% 15 5 Linklaters 26,171 21 34 -13 16 34 Lee & Ko 10,988 37 4,779 129.9% 16 14 Shin & Kim 4,479 21 21 0 17 14 Minter Ellison 10,763 25 10,090 6.7% 17 2 DLA Piper 2,688 21 41 -20 18 15 Slaughter and May 10,043 7 9,939 1.0% 18 17 Allen & Gledhill 12,542 20 19 1 19 39 Ashurst 9,319 31 4,045 130.4% 19 15 Skadden Arps Slate Meagher & Flom 12,066 20 20 0 20 36 Bae Kim & Lee 9,275 17 4,576 102.7% 20 41 WongPartnership 8,489 20 9 11
Mergermarket H1 2014 trend report 72 www.mergermarket.com Appendix: legal advisor league tables - Asia-Pacific buyouts
League table of legal advisors to private equity buyouts by value: Asia-Pacific (excl. Japan) League table of legal advisors to private equity buyouts by volume: Asia-Pacific (excl. Japan) Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 6 Clifford Chance 13,963 9 560 2,393.4% 1 1 Kim & Chang 3,442 11 12 -1 2= - Han Kun Law Offices 4,000 1 - - 2 7 Clifford Chance 13,963 9 3 6 2= - Marval, O'Farrell & Mairal 4,000 1 - - 3 - Weil Gotshal & Manges 3,252 8 - - 4 2 Kim & Chang 3,442 11 2,080 65.5% 4 8 Fangda Partners 3,142 8 3 5 5 - Weil Gotshal & Manges 3,252 8 - - 5 12 O'Melveny & Myers 509 8 3 5 6 7 Fangda Partners 3,142 8 469 569.9% 6 - Paul Hastings 406 5 - - 7 31 Simpson Thacher & Bartlett 2,406 3 200 1,103.0% 7 2 AZB & Partners 179 5 5 0 8 - Stamford Law Corporation 2,267 2 - - 8 28 Amarchand & Mangaldas & Suresh A Shroff & Co 77 5 2 3 9 21 Allen & Gledhill 1,996 2 250 698.4% 9 17 Baker & McKenzie 1,279 4 2 2 10= 16 Latham & Watkins 1,930 1 319 505.0% 10 6 Conyers Dill & Pearman 808 4 3 1 10= - Lee & Ko 1,930 1 - - 11 4 Skadden Arps Slate Meagher & Flom 657 4 4 0 10= - White & Case 1,930 1 - - 12 44 Simpson Thacher & Bartlett 2,406 3 1 2 13 20 Wilson Sonsini Goodrich & Rosati 1,395 1 268 420.5% 13 71 WongPartnership 1,335 3 1 2 14 71 WongPartnership 1,335 3 - - 14 - Chapman Tripp 891 3 - - 15 13 Baker & McKenzie 1,279 4 336 280.7% 15 21 Cleary Gottlieb Steen & Hamilton 725 3 2 1
Based on the target geography only and the adviser advising the buy-side only
Mergermarket H1 2014 trend report 73 www.mergermarket.com Appendix: legal advisor league tables - Asia-Pacific
League table of legal advisors to M&A by value: Asia (excl. Japan & Australasia) League table of legal advisors to M&A by volume: Asia (excl. Japan & Australasia) Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 5 Freshfields Bruckhaus Deringer 65,349 15 18,477 253.7% 1 1 Kim & Chang 24,109 43 34 9 2 15 JiaYuan Law Offices 45,129 14 9,605 369.8% 2 22 Lee & Ko 10,988 37 12 25 3 16 Kim & Chang 24,109 43 8,920 170.3% 3 19 O'Melveny & Myers 7,432 27 14 13 4 1 Linklaters 22,296 18 32,871 -32.2% 4 28 Grandall Law Firm 5,127 27 10 17 5 4 Clifford Chance 22,024 24 21,938 0.4% 5 6 King & Wood Mallesons 15,991 26 25 1 6 3 King & Wood Mallesons 15,991 26 25,718 -37.8% 6 14 Clifford Chance 22,024 24 17 7 7 18 Davis Polk & Wardwell 14,816 17 8,211 80.4% 7 21 Fangda Partners 7,804 22 12 10 8 13 Simpson Thacher & Bartlett 14,270 16 10,039 42.1% 8 9 Shin & Kim 4,479 21 21 0 9 25 White & Case 14,037 13 5,174 171.3% 9 11 Allen & Gledhill 12,542 20 19 1 10 116 Weil Gotshal & Manges 12,824 13 773 1,559.0% 10 33 WongPartnership 8,489 20 9 11 11 23 Allen & Gledhill 12,542 20 5,707 119.8% 11 4 Amarchand & Mangaldas & Suresh A Shroff & Co 8,354 20 26 -6 12 30 Lee & Ko 10,988 37 4,779 129.9% 12 16 Skadden Arps Slate Meagher & Flom 10,983 19 17 2 13 9 Skadden Arps Slate Meagher & Flom 10,983 19 14,376 -23.6% 13 2 Linklaters 22,296 18 32 -14 14 28 Sullivan & Cromwell 10,968 7 4,913 123.2% 14 5 AZB & Partners 4,996 18 26 -8 15 14 Slaughter and May 10,043 7 9,939 1.0% 15 3 Baker & McKenzie 4,861 18 27 -9
League table of legal advisors to M&A by value: Australasia League table of legal advisors to M&A by volume: Australasia Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 4 King & Wood Mallesons 21,047 40 6,035 248.7% 1 2 King & Wood Mallesons 21,047 40 29 11 2 1 Herbert Smith Freehills 15,264 35 15,735 -3.0% 2 4 Herbert Smith Freehills 15,264 35 25 10 3 3 Allens 15,075 26 8,102 86.1% 3 3 Allens 15,075 26 27 -1 4 2 Minter Ellison 10,749 24 9,982 7.7% 4 9 Ashurst 8,287 25 14 11 5 11 Ashurst 8,287 25 2,541 226.1% 5 1 Minter Ellison 10,749 24 31 -7 6 5 Gilbert + Tobin 7,691 20 5,562 38.3% 6 8 Gilbert + Tobin 7,691 20 15 5 7 40 Clifford Chance 7,028 8 232 2,929.3% 7 7 Baker & McKenzie 3,610 16 16 0 8 6 Corrs Chambers Westgarth 4,765 14 4,913 -3% 8 15 Norton Rose Fulbright 2,582 15 8 7 9 25 Johnson Winter & Slattery 4,554 11 763 496.9% 9 10 Corrs Chambers Westgarth 4,765 14 12 2 10 7 Linklaters 3,875 3 4,347 -10.9% 10 12 Allen & Overy 2,236 12 11 1 11 10 Baker & McKenzie 3,610 16 2,853 27% 11 11 Chapman Tripp 1,822 12 11 1 12 50 Norton Rose Fulbright 2,582 15 164 1,474.4% 12 18 Johnson Winter & Slattery 4,554 11 7 4 13= - Burnet Duckworth & Palmer 2,308 1 - - 13 6 Clayton Utz 2,148 11 18 -7 13= 59 Davies Ward Phillips & Vineberg 2,308 1 115 1,907.0% 14 21 K&L Gates 1,638 11 6 5 13= - Paul Weiss Rifkind Wharton & Garrison 2,308 1 - - 15 14 Russell McVeagh 2,140 10 8 2
Mergermarket H1 2014 trend report 74 www.mergermarket.com Appendix: legal advisor league tables - Asia-Pacific
League table of legal advisors to M&A by value: Greater China League table of legal advisors to M&A by volume: Greater China Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 14 Freshfields Bruckhaus Deringer 58,549 12 5,026 1,064.9% 1 8 Grandall Law Firm 5,127 27 10 2 2 7 JiaYuan Law Offices 45,129 14 9,605 370% 2 1 King & Wood Mallesons 15,059 23 24 11 3 4 Linklaters 18,443 11 15,009 22.9% 3 5 Fangda Partners 7,804 22 12 10 4 41 Clifford Chance 16,523 14 1,529 980.6% 4 9 O'Melveny & Myers 6,550 22 9 3 5 1 King & Wood Mallesons 15,059 23 25,486 -40.9% 5 6 Skadden Arps Slate Meagher & Flom 10,650 18 12 10 6 5 Skadden Arps Slate Meagher & Flom 10,650 18 11,676 -9% 6 3 Zhong Lun Law Firm 5,972 15 16 7 7 42 Davis Polk & Wardwell 8,783 13 1,442 509% 7 12 JiaYuan Law Offices 45,129 14 8 5 8 88 Han Kun Law Offices 8,032 5 553 1,352.4% 8 21 Clifford Chance 16,523 14 6 3 9 2 Fangda Partners 7,804 22 17,011 -54.1% 9 42 Grandway Law Offices 1,510 14 4 8 10 - Marval, O'Farrell & Mairal 6,847 2 - - 10 49 Davis Polk & Wardwell 8,783 13 3 3 11 81 Weil Gotshal & Manges 6,826 11 773 783.1% 11 13 Freshfields Bruckhaus Deringer 58,549 12 8 8 12 22 Kirkland & Ellis 6,820 10 3,516 94.0% 12 2 Linklaters 18,443 11 17 6 13 9 Slaughter and May 6,776 5 8,339 -18.7% 13 74 Weil Gotshal & Manges 6,826 11 2 6 14 31 White & Case 6,615 5 2,438 171.3% 14 23 Simpson Thacher & Bartlett 4,263 11 5 2 15 53 O'Melveny & Myers 6,550 22 1,132 479% 15 15 Kirkland & Ellis 6,820 10 7 -5
League table of legal advisors to M&A by value: India League table of legal advisors to M&A by volume: India Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 1 Amarchand & Mangaldas & Suresh A Shroff & Co 8,354 20 6,378 31.0% 1 2 Amarchand & Mangaldas & Suresh A Shroff & Co 8,354 20 24 -4 2 5 Davis Polk & Wardwell 6,033 4 3,549 70% 2 1 AZB & Partners 2,696 17 25 -8 3 24 S&R Associates 4,838 4 1,282 277.4% 3 4 Desai & Diwanji 185 16 17 -1 4 102 Luthra & Luthra Law Offices 4,735 8 - - 4 3 Khaitan & Co 1,692 12 18 -6 5 - M/s. Crawford Bayley & Co 4,463 2 - - 5 7 J Sagar Associates 572 10 10 0 6 51 Shearman & Sterling 4,227 2 117 3,512.8% 6 102 Luthra & Luthra Law Offices 4,735 8 1 7 7 6 White & Case 4,172 3 2,973 40.3% 7 5 Trilegal 1,293 8 14 -6 8 - P. H. Bathiya & Associates 3,967 7 - - 8 - P. H. Bathiya & Associates 3,967 7 - - 9 - Weil Gotshal & Manges 3,967 1 - - 9 17 DSK Legal 142 7 3 4 10= 13 Platinum Partners 3,140 1 1,622 93.6% 10 25 Davis Polk & Wardwell 6,033 4 2 2 10= 22 Slaughter and May 3,140 1 1,600 96.3% 11 18 S&R Associates 4,838 4 3 1 12 26 AZB & Partners 2,696 17 1,161 132.2% 12 16 White & Case 4,172 3 3 0 13 25 Khaitan & Co 1,692 12 1,197 41.4% 13 12 Herbert Smith Freehills 1,087 3 4 -1 14 29 Trilegal 1,293 8 633 104.3% 14 10 Nishith Desai Associates 838 3 5 -2 15 12 Herbert Smith Freehills 1,087 3 1,740 -37.5% 15 74 Vaish Associates 782 3 1 2
Mergermarket H1 2014 trend report 75 www.mergermarket.com Appendix: legal advisor league tables - Asia-Pacific
League table of legal advisors to M&A by value: South East Asia League table of legal advisors to M&A by volume: South East Asia Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 12 Freshfields Bruckhaus Deringer 11,619 3 3,249 257.6% 1 1 Allen & Gledhill 9,964 17 19 -2 2 4 Allen & Gledhill 9,964 17 5,707 74.6% 2 6 WongPartnership 4,695 16 9 7 3 1 Clifford Chance 9,579 9 10,427 -8.1% 3 10 Stamford Law Corporation 5,767 12 6 6 4 2 Linklaters 6,991 6 8,196 -14.7% 4 5 Clifford Chance 9,579 9 10 -1 5 19 Stamford Law Corporation 5,767 12 2,071 178% 5 3 Allen & Overy 2,096 9 14 -5 6 - Kirkland & Ellis 5,703 2 - - 6 4 Baker & McKenzie 1,464 9 11 -2 7 - Slaughter and May 5,080 2 - - 7 13 Drew & Napier 3,213 7 4 3 8 20 WongPartnership 4,695 16 1,998 135% 8 2 Linklaters 6,991 6 15 -9 9 52 Drew & Napier 3,213 7 198 1,523% 9 7 Herbert Smith Freehills 2,018 6 7 -1 10 - Howse Williams Bowers 2,542 1 - - 10 38 Rahmat Lim & Partners 693 4 2 2 11 21 Simpson Thacher & Bartlett 2,277 3 1,970 15.6% 11 9 Rajah & Tann 682 4 7 -3 12 - Weil Gotshal & Manges 2,194 2 - - 12 17 Ashurst 630 4 3 1 13 18 Allen & Overy 2,096 9 2,875 -27.1% 13 - O'Melveny & Myers 602 4 - - 14 5 Herbert Smith Freehills 2,018 6 4,899 -58.8% 14 70 Kadir, Andri & Partners 549 4 1 3 15 3 Baker & McKenzie 1,464 9 7,302 -80.0% 15 97 Hogan Lovells International 175 4 1 3
League table of legal advisors to M&A by value: South Korea League table of legal advisors to M&A by volume: South Korea Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 1 Kim & Chang 22,874 42 8,856 158.3% 1 1 Kim & Chang 22,874 42 33 2 2 Lee & Ko 10,988 37 4,779 129.9% 2 4 Lee & Ko 10,988 37 12 3 3 Bae Kim & Lee 9,275 17 4,576 102.7% 3 3 Shin & Kim 4,479 21 21 4 44 Simpson Thacher & Bartlett 7,730 2 7 110,329% 4 2 Bae Kim & Lee 9,275 17 21 5 - Sullivan & Cromwell 6,122 3 - - 5 6 Yulchon 3,745 12 9 6 - Freshfields Bruckhaus Deringer 5,800 1 - - 6 29 JIPYONG 253 7 1 7 4 Shin & Kim 4,479 21 3,611 24.0% 7 5 Yoon & Yang 516 5 11 8 5 Yulchon 3,745 12 1,294 189.4% 8 - Sullivan & Cromwell 6,122 3 - 9 22 Linklaters 2,900 1 135 2,048.1% 9 8 Kim, Choi & Lim 214 3 3 10 - Clifford Chance 2,027 2 - - 10 7 Hankyul Law Firm 122 3 5
Mergermarket H1 2014 trend report 76 www.mergermarket.com Appendix: legal advisor league tables - Japan
League table of legal advisors to M&A by value: Japan League table of legal advisors to M&A by volume: Japan Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 1 Nishimura & Asahi 22,422 22 15,715 42.7% 1 2 Mori Hamada & Matsumoto 10,515 37 37 0 2 39 White & Case 20,295 5 403 4,936.0% 2 1 Nishimura & Asahi 22,422 22 38 -16 3 - Sidley Austin 16,437 3 - - 3 3 Nagashima Ohno & Tsunematsu 2,500 18 33 -15 4 32 Kirkland & Ellis 15,603 3 542 2,778.8% 4 5 Baker & McKenzie 5,921 9 13 -4 5 17 Cleary Gottlieb Steen & Hamilton 15,428 1 1,330 1,060.0% 5 4 Anderson Mori & Tomotsune 4,313 8 27 -19 6 2 Mori Hamada & Matsumoto 10,515 37 10,515 0.0% 6 15 Jones Day 1,185 7 5 2 7 23 Shearman & Sterling 6,576 5 1,065 517.5% 7 24 White & Case 20,295 5 3 2 8 24 Baker & McKenzie 5,921 9 826 617% 8 10 Shearman & Sterling 6,576 5 7 -2 9 - Willkie Farr & Gallagher 5,708 2 - - 9 11 Linklaters 1,300 5 6 -1 10= 26 Debevoise & Plimpton 5,708 1 807 607.3% 10 6 TMI Associates 594 4 12 -8 10= - Greenberg Traurig 5,708 1 - - 11 19 Kim & Chang 241 4 4 0 12 7 Anderson Mori & Tomotsune 4,313 8 4,363 -1.1% 12 8 Morrison & Foerster 27 4 8 -4 13 95 Amarchand & Mangaldas & Suresh A Shroff & Co 4,266 3 12 35,450% 13 - Sidley Austin 16,437 3 - - 14= - Luthra & Luthra Law Offices 3,967 1 - - 14 59 Kirkland & Ellis 15,603 3 1 2 14= - M/s. Crawford Bayley & Co. 3,967 1 - - 15 51 Amarchand & Mangaldas & Suresh A Shroff & Co 4,266 3 2 1 14= - P. H. Bathiya & Associates 3,967 1 - - 14= 68 Weil Gotshal & Manges 3,967 1 89 4,357.3%
Mergermarket H1 2014 trend report 77 www.mergermarket.com Appendix: legal advisor league tables - Africa & Middle East
League table of legal advisors to M&A by value: Africa & Middle East League table of legal advisors to M&A by volume: Africa & Middle East Ranking H1 2014 H1 2013 Ranking H1 2014 H1 2013 H1 H1 Value Deal Value % Val. H1 H1 Value Deal Deal Count 2014 2013 Company Name (US$m) Count (US$m) Change 2014 2013 Company Name (US$m) Count Count Change 1 6 Clifford Chance 6,072 13 4,293 41.4% 1 10 DLA Cliffe Dekker Hofmeyr 1,125 16 9 7 2 7 Herbert Smith Freehills 5,567 4 4,276 30.2% 2 3 Edward Nathan Sonnenbergs 2,057 15 13 2 3 17 Freshfields Bruckhaus Deringer 5,467 9 1,848 195.8% 3 2 Bowman Gilfillan Africa Group 1,736 14 14 0 4 2 Linklaters 5,399 7 12,902 -58.2% 4 5 Clifford Chance 6,072 13 11 2 5 62 Gibson Dunn & Crutcher 3,831 4 350 994.6% 5 12 Webber Wentzel 3,662 11 8 3 6 22 Webber Wentzel 3,662 11 1,288 184.3% 6 1 Allen & Overy 2,506 10 16 -6 7 108 Gilbert + Tobin 3,326 4 15 22,073% 7 7 Freshfields Bruckhaus Deringer 5,467 9 9 0 8 13 Jones Day 3,153 9 2,250 40.1% 8 34 Jones Day 3,153 9 2 7 9 4 Latham & Watkins 2,750 8 8,068 -65.9% 9 15 Latham & Watkins 2,750 8 6 2 10 66 Shearman & Sterling 2,678 3 228 1,074.6% 10 6 Norton Rose Fulbright 518 8 11 -3 11 25 Herzog, Fox and Neeman 2,633 3 1,211 117.4% 11 11 Linklaters 5,399 7 8 -1 12 3 White & Case 2,621 7 8,252 -68.2% 12 4 White & Case 2,621 7 11 -4 13 1 Allen & Overy 2,506 10 12,992 -80.7% 13 26 King & Wood Mallesons 733 6 3 3 14 - Global Law Office 2,485 1 - - 14 18 Baker & McKenzie 213 5 5 0 15 93 Ashurst 2,184 2 41 5,226.8% 15 8 DLA Piper 136 5 9 -4 16 19 Edward Nathan Sonnenbergs 2,057 15 1,698 21.1% 16 19 Herbert Smith Freehills 5,567 4 4 0 17 70 Bowman Gilfillan Africa Group 1,736 14 204 751.0% 17 21 Gibson Dunn & Crutcher 3,831 4 4 0 18= 119 Berwin Leighton Paisner 1,682 1 6 27,933% 18 111 Gilbert + Tobin 3,326 4 1 3 18= - Macfarlanes 1,682 1 - - 19 39 Stibbe 1,181 4 2 2 20 - Akin Gump Strauss Hauer & Feld 1,656 3 - - 20 17 Hogan Lovells International 268 4 5 -1
Mergermarket H1 2014 trend report 78 www.mergermarket.com Criteria
All data is based on transactions over US$ 5m and is based on the Mergermarket’s M&A deals About Mergermarket database. Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if the value is Mergermarket is a mergers & acquisitions (M&A) intelligence service. greater than US$ 100m. Click here for the full deal criteria Mergermarket is part of The Mergermarket Group which has nearly 1000 employees worldwide and M&A Trends and Top Deals: correct as of 3pm (GMT), 30-Jun-2014 regional head offices in New York, London and Hong Kong. Based on the dominant geography or dominant sector of the target according to Mergermarket’s deals database. The trend graphs are based on transactions announced in the In any market, the life blood of advisors is deal flow. Mergermarket is unique in the provision of given time periods origination intelligence to the investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets. Financial advisor league tables: correct as of 8pm (GMT), 30-Jun-2014 (excluding lapswed/withdrawn bids) With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa Legal advisor league tables: correct as of 8am (GMT), 02-Jul-2014 and Asia-Pacific, mergermarket generates proprietary intelligence and delivers it together with daily (including lapswed/withdrawn bids) aggregated content, on its Mergermarket.com platform and by real-time email alerts to subscribers. League tables based on the dominant geography of any of the target, bidder or seller according to Mergermarket’s deal database This wealth of intelligence, together with a series of deal databases, individual and house league ta- bles, profiles and editorial have proven time and time again that this product can and does generate Dates real revenues for clients. This is apparent when you see that Mergermarket is used by over 1500 of H1 2014 : 01-Jan-14 to 30-Jun-14 the world’s foremost advisory firms to assist in their origination process. Q2 2014 : 01-Apr-14 to 30-Jun-14
Industry consolidations: OTHER in Global, Europe, US & Emerging Markets: Leisure, Defence, Agriculture, Construction, Financial Services, Business Services, Real Estate, Other OTHER in Asia-Pacific (excl. Japan):Leisure, Business Services, Financial Services, Defence, Other
Cross-Border Inbound: deals where the dominant geography of the target is X and the dominant geography Part of The Mergermarket Group of the bidder is outside X Outbound: deals where the dominant geography of the target is outside X and the dominant geography of the bidder is X www.mergermarket.com
Small-cap: deals valued under US$ 250m 80 Strand 330 Hudson St. Suite 2401-3 Mid-market: Global/regional deals valued between US$ 251m - US$ 1bn London, WC2R 0RL 4th Floor Grand Millennium Plaza Large-cap: deals valued between US$ 1bn - US$ 10bn United Kingdom New York 181 Queen’s Road, Central Mega-deal: deals above the value of US$ 10bn NY 10013. USA Hong Kong Average deal size: excludes deals with a non-disclosed value T: +44 207 010 6100 T: +1 212 500 7537 T: + 852 2158 9764 [email protected] [email protected] [email protected]
Mergermarket H1 2014 trend report 79 www.mergermarket.com What Mergermarket can do for you
Mergermarket is a business development tool designed specifically for the M&A sector, providing proprietary news, intelligence and analysis on corporate strategy before that strategy becomes public knowledge. Over 2000 of the world’s foremost advisory firms, investment banks, law firms, private equity firms and corporates use mergermarket to drive their origination process and capture lucrative business opportunities. Click the buttons at the bottom of the page to find out about the real benefits mergermarket can bring to your company.
PREDICTIVE INTELLIGENCE DEALS DATABASE
Our global team of 400 dedicated M&A journalists, spread in over 65 locations worldwide, Mergermarket’s comprehensive Deals Database offers you the opportunity to search a global gathers proprietary information about corporate strategy through its network of industry library of historical M&A transactions with fully-sourced financials and exit multiples. You can contacts and executives. This is M&A intelligence you won’t find anywhere. The insight we analyze volumes and values of M&A activity in specific regions or sectors to discover deal provide often doesn’t become public knowledge until 6-24 months after our journalists first patterns and identify trends ahead of competitors. start reporting, giving you a large window of opportunity to take early action.
LEAGUE TABLES PRIVATE EQUITY PORTFOLIO
Because we are always up-to-speed on which advisers are working on which deals, our Our customizable Private Equity Search facility provides you with extensive analyses of more detailed ‘Who’s who in M&A’ league tables have become an industry standard among than 1,000 of the world’s biggest private equity firms. Analyse specific PE firms in terms of investment professionals. Tailor-build individual or house league tables to analyze firm current portfolio, historical exits, potential investments, firm profile, historical advisor and performance and enhance your marketing strategy, competitor analysis or pitch book efforts. investment relationships, as well as rival bidders to monitor competitors and stay on top of your market. ANALYSIS
Our multilingual team of journalists monitors more than 3,000 global media sources daily, analyzing and translating the most relevant information into summarized articles that subscribers receive in their alerts, together with our proprietary intelligence.
Mergermarket H1 2014 trend report 80 www.mergermarket.com