QUARTERLY EDITION

A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY MONTHLY M&A INSIDER APRIL 2014 GLOBAL OVERVIEW

LATIN AMERICA

NORTH AMERICA

ASIA-PACIFIC

EUROPE

MIDDLE EAST & AFRICA

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Monthly M&A Insider | April GLOBAL OVERVIEW

If one were to judge from Q1 2014 deal numbers, M&A activity is looking like it is gearing up for a rebound or at least a notable uptick from 2013. The first quarter of the year saw overall M&A activity rise 39% in terms of deal value to US$625.4bn and 2% in terms of deal volume to 3,380 compared with the same period last year. In Q1 2013, there were 3,304 transactions worth US$449.7bn. One factor driving up total deal value is that the average transaction size rose 36% to US$185m in Q1 2014 from US$136m in Q1 2013.

Aside from the overall rise in dealmaking activity, there were also attractive exit opportunities resulting from a strong IPO market a few key trends worth noting that occurred over this period. and the demand for quality targets from cash-rich corporates and other private equity firms with plenty of committed capital Global exits to spend. As we’ve mentioned in previous editions, private equity exits have Sector surge been on the rise, a trend that has continued in the first quarter of 2014. The overall deal value of exits rose significantly quarter- The global pharma, medical and biotech consolidated sectors over-quarter in Q1 2014 to US$113.6bn from US$36.5bn. This is showed a significant uptick quarter-over-quarter, boosting the highest overall value of total exits in a single quarter since Q2 their share of the market to 10% in Q1 2014 from merely 3.2% 2011, when global exits rose to US$114.3bn. The number of these a year ago. The combined sectors saw a 13% rise in terms of transactions also rose 13% over the first quarter of 2014 to 392 deal count to 260 from 230 and a huge leap in terms of deal from 347 in Q1 2013. value to US$62.4bn from US$14.2bn. Most of the increase in value came from Dublin-based drug manufacturer Actavis Inc’s Driving up the numbers were some high-profile exits, the largest $23bn acquisition of Forest Laboratories, which makes drugs of which was Facebook’s US$16bn purchase of WhatsApp, for neurological and gastrointestinal conditions. This deal shows a mobile messaging application. The social networking site that M&A is a way for generic drug manufacturers like Actavis to announced in February that it is buying the technology start up achieve growth by acquiring specialty drug companies. from US-based private equity firm Sequoia Capital. Another large exit in the first quarter was Vodafone’s roughly US$10bn Technology is another sector that saw an uptick in terms of acquisition of Spanish cable company Grupo Cooperativo ONO both deal value and volume in the first quarter. The number of from a group of private equity firms that includes Providence deals in this sector rose in the first quarter by 20% to 398 deals Equity Partners. worth roughly US$58.3bn from 332 transactions worth US$35bn in Q1 2013. The increased use of mobile devices, connectivity Currently many private equity firms want to exit out of their solutions and cloud storage has driven companies to seek maturing investments that they had made at the top of the technological advances and growth in these areas through M&A. market between 2006 and 2007. This trend has been aided by

Head of Research: Elias Latsis Global overview: Demis Memedoski and Karen Sibayan

Editor: Laura Resetar Latin America: Fabio Lopes and Raquel Mozzer North America: Lana Vilner and Urna Chakraborty For advertising opportunities contact: Asia-Pacific: Brandon Taylor and Jeffrey Chung Erik Wickman Tel: + (1) 212 686 3329 Europe: Damien Julliard and Alan Nasrat [email protected] Middle East & Africa: Marie-Laure Keyrouz and Thomas Buckley

Monthly M&A Insider | April | 01 LEAGUE TABLES

TOP 20 GLOBAL FINANCIAL ADVISERS VALUE

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 5 Morgan Stanley 214,996 54 62,767 243% 2 1 JPMorgan 178,331 54 134,028 33.1% 3 2 Goldman Sachs 135,388 76 129,468 4.6% 4 6 Barclays 127,083 45 58,891 115.8% 5 7 Citi 122,467 38 56,957 115.0% 6 3 Bank of America Merrill Lynch 112,946 49 89,927 25.6% 7 10 Centerview Partners 89,593 8 48,079 86.3% 8 62 Allen & Company 84,777 5 2,841 2,884% 9 4 Credit Suisse 69,545 38 73,911 -5.9% 10 - Paul J. Taubman 68,492 1 - - 11 12 Deutsche Bank 68,354 32 41,295 65.5% 12 8 Lazard 47,730 50 50,396 -5.3% 13 16 Rothschild 36,883 46 25,580 44.2% 14 20 Greenhill & Co 31,656 7 10,987 188% 15 11 UBS Investment Bank 29,566 23 43,447 -31.9% 16 81 Mizuho Financial Group 26,663 16 1,998 1,234% 17 24 BNP Paribas 26,582 20 8,952 197% 18 17 RBC Capital Markets 21,078 23 24,048 -12.4% 19 124 ABN AMRO Bank 16,776 11 557 2,912% 20 52 EY 15,811 47 3,478 355% Source: Mergermarket

TOP 20 GLOBAL FINANCIAL ADVISERS VOLUME

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 1 PwC 13,955 93 91 2 2 3 Goldman Sachs 135,388 76 65 11 3 4 Morgan Stanley 214,996 54 61 -7 4 5 JPMorgan 178,331 54 56 -2 5 6 Deloitte 2,677 54 54 0 6 8 Lazard 47,730 50 51 -1 7 2 KPMG 7,098 50 72 -22 8 14 Bank of America Merrill Lynch 112,946 49 34 15 9 7 EY 15,811 47 53 -6 10 9 Rothschild 36,883 46 51 -5 11 10 Barclays 127,083 45 40 5 12 11 Citi 122,467 38 40 -2 13 13 Credit Suisse 69,545 38 36 2 14 17 Deutsche Bank 68,354 32 27 5 15 19 Houlihan Lokey 11,013 25 25 0 16 15 UBS Investment Bank 29,566 23 31 -8 17 27 RBC Capital Markets 21,078 23 18 5 18 24 Macquarie Group 4,642 22 21 1 19 34 Lincoln International 514 21 17 4 20 29 BNP Paribas 26,582 20 18 2 Source: Mergermarket The financial adviser league tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and exclude lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Global.

GLOBAL OVERVIEW Monthly M&A Insider | April | 02 LEAGUE TABLES

TOP 20 GLOBAL LEGAL ADVISERS VALUE

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 19 Simpson Thacher & Bartlett 140,891 33 30,533 361% 2 12 Skadden Arps Slate Meagher & Flom 135,598 47 39,184 246% 3 6 White & Case 132,059 52 57,724 129% 4 1 Davis Polk & Wardwell 100,294 32 88,813 12.9% 5 10 Willkie Farr & Gallagher 79,360 23 47,888 65.7% 6 39 Paul Weiss Rifkind Wharton & Garrison 76,104 19 10,193 647% 7 4 Freshfields Bruckhaus Deringer 69,516 44 63,322 9.8% 8 8 Weil Gotshal & Manges 69,151 40 52,053 32.8% 9 2 Latham & Watkins 66,498 66 85,823 -22.5% 10 14 Clifford Chance 48,442 48 36,238 33.7% 11 11 Kirkland & Ellis 44,854 75 41,798 7.3% 12 7 Sullivan & Cromwell 39,323 22 52,925 -25.7% 13 15 Linklaters 38,482 34 35,274 9.1% 14 3 Wachtell, Lipton, Rosen & Katz 32,557 11 70,898 -54.1% 15 41 Cleary Gottlieb Steen & Hamilton 30,078 17 9,488 217% 16 21 Fried Frank Harris Shriver & Jacobson 28,536 14 29,316 -2.7% 17 131 Arthur Cox 25,145 7 1,778 1,314% 18 16 Ropes & Gray 24,333 24 33,639 -27.7% 19 472 William Fry 23,142 2 55 41,976% 20 225 Fenwick & West 21,475 20 634 3,287% Source: Mergermarket

TOP 20 GLOBAL LEGAL ADVISERS VOLUME

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 3 Kirkland & Ellis 44,854 75 68 7 2 1 DLA Piper 15,817 69 85 -16 3 4 Latham & Watkins 66,498 66 66 0 4 7 Jones Day 7,931 60 62 -2 5 8 White & Case 132,059 52 55 -3 6 13 Clifford Chance 48,442 48 46 2 7 11 Skadden Arps Slate Meagher & Flom 135,598 47 50 -3 8 10 Freshfields Bruckhaus Deringer 69,516 44 51 -7 9 9 King & Wood Mallesons 18,246 44 52 -8 10 5 Allen & Overy 18,245 43 64 -21 11 15 Weil Gotshal & Manges 69,151 40 39 1 12 16 O'Melveny & Myers 12,626 38 36 2 13 2 Baker & McKenzie 10,890 35 69 -34 14 6 Linklaters 38,482 34 62 -28 15 12 CMS 1,161 34 50 -16 16 49 Simpson Thacher & Bartlett 140,891 33 16 17 17 21 Davis Polk & Wardwell 100,294 32 31 1 18 14 Hogan Lovells International 16,611 31 43 -12 19 52 Cooley 3,726 30 16 14 20 80 Sidley Austin 21,450 27 12 15 Source: Mergermarket The legal adviser league tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and include lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Global.

GLOBAL OVERVIEW Monthly M&A Insider | April | 03 LEAGUE TABLES

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON GLOBAL BUYOUTS

VALUE VOLUME

Ranking Ranking Q1 2014 Company name Value Deal Q1 2014 Company name Value Deal (US$m) count (US$m) count 1 The Carlyle Group 9,772 10 1 The Carlyle Group 9,772 10 2 Temasek Holdings 7,862 4 2 Oaktree Capital Group 394 6 3 Partners Group Holding 5,150 2 3 TPG Capital 3,700 5 4 Bain Capital 4,227 4 4 Blackstone Group 3,125 5 5 TPG Capital 3,700 5 5 Temasek Holdings 7,862 4 6 Kohlberg Kravis Roberts & Co 3,517 3 6 Bain Capital 4,227 4 7 Via Venture Partners 3,158 2 7 The Gores Group 136 4 8 Advent International 3,158 1 8 CapMan - 4 9 Blackstone Group 3,125 5 9 Kohlberg Kravis Roberts & Co 3,517 3 10 Canada Pension Plan Investment Board 2,903 3 10 Canada Pension Plan Investment Board 2,903 3 11 Charterhouse Capital Partners 2,566 2 11 Tiger Global Management 1,634 3 12 Hopu Investment Management Co 2,267 2 12 Montagu Private Equity 1,530 3 13 Apollo Global Management 2,200 2 13 Macquarie Group 1,426 3 14 Berkshire Partners 2,000 1 14 CVC Capital Partners 1,000 3 15 Clayton, Dubilier & Rice 1,800 1 15 EQT Partners 503 3 Source: Mergermarket Source: Mergermarket

The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is Global. The tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and exclude lapsed and withdrawn deals.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON GLOBAL EXITS

VALUE VOLUME

Ranking Ranking Q1 2014 Company name Value Deal Q1 2014 Company name Value Deal (US$m) count (US$m) count 1 Sequoia Capital 16,000 1 1 Kleiner, Perkins, Caufield & Byers 4,819 6 2 Providence Equity Partners 12,647 3 2 Intel Capital 362 6 3 CCMP Capital Advisors 10,942 2 3 SV Angel 142 6 4= Caisse de Depot et Placement du Quebec 10,027 1 4 Norwest Venture Partners 70 6 4= Quadrangle Group 10,027 1 5 Matrix Management 2,078 5 4= Thomas H. Lee Partners 10,027 1 6 Accel Partners 1,576 5 7 Kohlberg Kravis Roberts & Co 8,501 3 7 Bain Capital 2,930 4 8 Affinity Equity Partners 5,800 1 8 The Carlyle Group 2,489 4 9 Hellman & Friedman 5,150 3 9 Battery Ventures 925 4 10 Silver Lake Partners 4,853 2 10 Greycroft Partners 715 4 11 Kleiner, Perkins, Caufield & Byers 4,819 6 11 Khosla Ventures 266 4 12 BC Partners 4,400 1 12 H.I.G. Capital - 4 13 Stone Point Capital 4,200 2 13 Providence Equity Partners 12,647 3 14 Venrock 3,400 2 14 Kohlberg Kravis Roberts & Co 8,501 3 15 Shasta Ventures 3,317 2 15 Hellman & Friedman 5,150 3 Source: Mergermarket Source: Mergermarket

The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is Global. The tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and exclude lapsed and withdrawn deals.

GLOBAL OVERVIEW Monthly M&A Insider | April | 04 TREND GRAPHS

GLOBAL M&A QUARTERLY TREND GLOBAL M&A QUARTERLY PRIVATE EQUITY TREND

1,400 4,500 400 900

4,000 800 1,200 350

3,500 700 300 1,000 Number of deals 3,000 600 Number of deals 250 800 2,500 500 200 600 2,000 400 Value (US$bn) Value Value (US$bn) Value 150 1,500 300 400 100 1,000 200

200 500 50 100

0 0 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 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 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

GLOBAL M&A ANNUAL TREND GLOBAL M&A ANNUAL PRIVATE EQUITY TREND

4,000 18,000 900 3,500

16,000 800 3,500 3,000

14,000 700 3,000 2,500 Number of deals 12,000 Number of deals 600 2,500 10,000 500 2,000 2,000 8,000 400 1,500 Value (US$bn) Value Value (US$bn) Value 1,500 6,000 300 1,000 1,000 4,000 200

500 500 2,000 100

0 0 0 0 2008 2009 2010 2011 2012 2013 YTD 2014* 2008 2009 2010 2011 2012 2013 YTD 2014*

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

GLOBAL OVERVIEW Monthly M&A Insider | April | 05 TREND GRAPHS

GLOBAL M&A GEOGRAPHIC BREAKDOWN Q1 2014

VALUE VOLUME

1.1% 2.1% 4.1% 3.6% Asia-Pacific Asia-Pacific 20.4% 21.4% Europe Europe North America North America Middle East & Africa Middle East & Africa Central & South America Central & South America 35.4%

48.2%

26.3%

37.5%

GLOBAL M&A SECTOR BREAKDOWN Q1 2014

VALUE VOLUME

1.9% 1.1% 0.9% 1.7% 6.7% 11.7% 3.1% Industrials & Chemicals 3.3% Industrials & Chemicals 20.0% 3.7% Consumer 3.6% Consumer 4.0% Technology 4.1% Technology 1.6% Business Services Business Services 15.8% Energy, Mining & Utilities 7.8% Energy, Mining & Utilities Financial Services Financial Services 11.9% Pharma, Medical & Biotech Pharma, Medical & Biotech Leisure 13.5% Leisure 8.7% Media Media Transportation Transportation 11.1% 8.8% Construction Construction Real Estate 9.4% Real Estate 11.9% 5.1% Agriculture Agriculture 16.8% 11.8%

GLOBAL OVERVIEW Monthly M&A Insider | April | 06 TREND GRAPHS

GLOBAL M&A DEAL SIZE BREAKDOWN Q1 2014

VALUE VOLUME

0.6% 0.5% 0.4% 0.5% 0.4% 0.4% 0.5% 100 100 0.9% 1.0% 1.1% 1.0% 1.1% 1.0% 1.1% 90 98 27.3% 29.2% 28.6% 30.0% 3.8% 3.7% 37.3% 4.7% 4.7% 4.7% 4.5% 4.6% 80 41.9% 40.5% 96

70 94 3.9% 20.4% 19.0% 4.6% 60 18.9% 19.6% 92 4.3% 4.5% 4.6% 4.5% 16.5% 4.8% 16.5% 50 15.2% 90 Percentage Percentage 40 88 27.5% 26.3% 27.6% 27.8% 19.4% 20.5% 25.0% 30 86 90.1% 90.9% 89.3% 89.0% 89.2% 89.8% 89.3% 20 9.7% 10.1% 9.8% 84 8.9% 7.9% 9.7% 8.5% 10 82 14.6% 14.6% 15.1% 14.7% 13.9% 14.8% 12.7% 0 80 2008 2009 2010 2011 2012 2013 YTD 2014* 2008 2009 2010 2011 2012 2013 YTD 2014*

US$0-US$250m US$0-US$250m US$251m-US$500m US$251m-US$500m US$501m-US$2,000m US$501m-US$2,000m US$2,001m-US$5,000m US$2,001m-US$5,000m >US$5,001m >US$5,001m

SECTOR ANALYSIS

GLOBAL SECTOR ANALYSIS Sector Q1 2014 Q1 2013 % change Value (US$m) Mrk share Deal count Value (US$m) Mrk share Deal count Value Volume Energy, Mining & Utilities 87,903 14.1% 314 107,893 24.0% 330 -19% -5% Industrials & Chemicals 61,552 9.8% 669 42,863 9.5% 656 44% 2% Consumer 82,716 13.2% 453 65,112 14.5% 409 27% 11% Financial Services 46,349 7.4% 292 39,916 8.9% 293 16% 0% Pharma, Medical & Biotech 62,402 10.0% 260 14,242 3.2% 230 338% 13% Technology 58,322 9.3% 398 34,999 7.8% 332 67% 20% Business Services 26,783 4.3% 395 15,766 3.5% 395 70% 0% Media 21,167 3.4% 121 27,393 6.1% 132 -23% -8% Transportation 19,282 3.1% 110 18,933 4.2% 120 2% -8% Real Estate 35,055 5.6% 62 19,486 4.3% 70 80% -11% Leisure 8,258 1.3% 136 8,634 1.9% 114 -4% 19% Telecommunications 100,721 16.1% 30 43,263 9.6% 53 133% -43% Defence 91 0% 5 458 0.1% 10 -80% -50% Construction 8,953 1.4% 103 7,531 1.7% 108 19% -5% Agriculture 5,687 0.9% 31 3,217 0.7% 52 77% -40% Total 625,241 - 3,379 449,707 - 3,304 39% 2%

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www.datasite.com A MERGERMARKET M&A REPORT ON LATIN AMERICA

Latin American M&A activity for 2014 started strong in terms of value. During Q1 there were 121 deals announced, a 14% decrease compared to the 141 deals announced in the first quarter of 2013. However, the total value of transactions came to US$25.8bn, an increase of 45% when compared to the same period last year when the total value of transactions was US$17.8bn.

Sector wise there were no surprises. Energy, Mining and The agreement determined that the Government of Argentina Utilities is still the most active sector in the region with 27 deals will issue bonds worth US$5bn and bonds worth US$1bn as a announced and a total value of US$16bn and it is expected to complementary package, valuing each YPF share at US$24.93, remain active in the following months as Brazil’s wind energy resulting in an implied value of US$9.8bn. Repsol has to revert segment has plenty of assets for sale and is poised for further any excess consideration above US$5bn received by selling M&A. According to Mergermarket intelligence, in 2013 the bonds back to government. The compensation agreement is country experienced record sales in wind energy contracts, protected by the Bilateral Treaty between Spain and Argentina which should reflect in a more active sector in 2014. for the Protection of Investments.

The second most active sector in terms of volume is Industrials Even though YPF’s intentions are to attract investments in and Chemicals with 24 deals worth US$1.2bn, followed by the order to develop its vast shale oil and gas formation called Vaca Consumer sector with 17 deals worth US$2.5bn. Consumer Muerta in the region of Patagonia, Argentina is still showing M&A had a considerable drop in value and volume when fiscal and monetary weaknesses. Late January witnessed compared to Q1 2013 (26 deals worth US$5.8bn). a strong 20% devaluation of the currency, which came with continuous inflationary pressure that has been in place since Argentina was responsible for the deal of the quarter and, with early 2013. Lately the country has been attempting to contain nine deals worth US$9.5bn, it surpassed Brazil (US$8.1bn) in total inflation by maintaining the exchange rate and capturing any value. The last time Brazil was not on top was during Q2 2012 excess of pesos in the market, but there are no guarantees and (US$15.1), when Mexico led the region with US$22bn in deals. potential future nationalisations appear to make investors more cautious of buying assets in the country. Argentina’s sudden rise is due to the Government of Argentina’s 51% stake acquisition in YPF, owned by Repsol, for US$8.3bn. Repsol is a listed Spain-based company engaged in the exploration, development and production of crude oil and natural gas. YPF is a listed Argentina-based company also engaged in the production of oil and gas.

Monthly M&A Insider | April | 09 DEAL OF THE QUARTER

Deal summary Announced: 25-Feb-14 Deal value: US$8,326m

Government of Argentina has nationalised a 51% stake in YPF CONDITIONS: Sociedad Anonima owned by Repsol SA. • Repsol shareholder approval. Repsol, the listed Spain-based company, is engaged in the exploration, development, and production of crude oil and natural BACKGROUND: gas. YPF, the listed Argentina-based company, is engaged in the production of oil and gas. • Repsol will revert any excess consideration above US$5,000m received by selling bonds back to government

TERMS: • Argentina Government will issue complementary bonds based on the valuation of fixed bond nominal value of • Government of Argentina will issue bonds worth US$5,000m US$5,000m and will also issue bonds worth US$1,000m as a complementary package, valuing each YPF share • Repsol Board of Directors has approved the transaction. at US$24.93. • The compensation agreement is protected by the Bilateral • The implied equity value of the transaction is US$9.8bn. Treaty between Spain and Argentina for the Protection of Investments.

Exit multiples – Y/E 31-Dec-12 Premium analysis Multiples Value (US$m) Offer price per share (US$) 24.93 Revenue 0.9 13,831 1 day before Trading suspended EBITDA 2.9 4,515 1 month before Trading suspended EBIT 4.7 2,791 1 day after Trading suspended Earnings 12.4 200 Pre-rumour -

Advisers Target/Seller Bidder Financial Citi; Deutsche Bank Financial - Legal White & Case (Advising Financial Advisers) Legal Bird & Bird

LATIN AMERICA Monthly M&A Insider | April | 10 DEAL OF THE QUARTER

Target YPF Sociedad Anonima Headquarters Macacha Guemes 515 Buenos Aires Argentina Sector Energy, Mining & Utilities Description Argentina-based oil and gas group

Bidder Repsol SA Headquarters Mendez Alvaro, 44 Madrid, 28045 Spain Sector Energy, Mining & Utilities Description Spain-based integrated oil and gas company engaged in the exploration, development and production of crude oil and natural gas

LATIN AMERICA Monthly M&A Insider | April | 11 TOP DEALS

TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF Q1 2014

Announced Bidder company Target company Target dominant Seller company Exit multiples (x) Bid premia Deal sector 1-day value Revenue EBITDA P/E before (US$m)

25-Feb-14 Government of Argentina YPF Sociedad Anonima Energy, Mining Repsol SA 0.9 2.9 11.2 - 8,326 (51% stake) & Utilities

29-Jan-14 Corpbanca SA Banco Itau Chile SA Financial Itau Unibanco Holding SA n/a n/a --2,199 Services

18-Feb-14 Batista family JBS SA (20.72% stake) Consumer Bertin Group 0.5 7.6 24.4 - 2,033 (private investors)

24-Jan-14 Tiger Global Management B2W Companhia Digital Technology - 1.8 31.4 (loss) 57.1% 1,008 LLC; and Lojas Americanas SA (37.45% stake)

29-Jan-14 Qatar Petroleum Block BC-10 Energy, Mining Royal Dutch Shell Plc --- -1,000 & Utilities

24-Mar-14 Bain Capital LLC Intermedica Saude Financial Paulo Barbanti n/a n/a --866 Services

12-Feb-14 YPF Sociedad Anonima Apache Corporation Energy, Mining Apache Corporation --- -852 (Argentine operations) & Utilities

20-Feb-14 Partners Group Holding Fermaca SA de CV Energy, Mining Ospraie Management LLC --- -750 & Utilities

28-Mar-14 Global Infrastructure Empresa Electrica Energy, Mining Empresas Copec SA; and 3.4 11.4 16.1 - 728 Partners Guacolda SA & Utilities Inversiones Ultraterra Limitada (49.9% stake)

17-Feb-14 CPFL Energias Renovaveis SA Dobreve Energia SA Energy, Mining Arrow – Fundo de Investimento 10.7 16.0 96.7 - 706 & Utilities em Participacoes

n/a=not applicable Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Latin American Data correct as of 08-Apr-14

LATIN AMERICA Monthly M&A Insider | April | 12 LEAGUE TABLES

TOP 20 LATIN AMERICAN FINANCIAL ADVISERS VALUE

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 5 Morgan Stanley 14,489 5 3,205 352% 2 2 Bank of America Merrill Lynch 13,506 5 4,709 187% 3 6 Banco BTG Pactual 12,267 4 2,692 356% 4 25 Barclays 11,514 4 198 5,715% 5 - Santander Global Banking and Markets 10,802 4 - - 6 - BNP Paribas 10,574 2 - - 7 - Banco Espirito Santo de Investimento 10,574 1 - - 8= - Citi 8,326 1 - - 8= 21 Deutsche Bank 8,326 1 305 2,630% 10 10 Banco Itau BBA 5,708 10 1,579 261% 11 1 Goldman Sachs 3,147 5 5,190 -39.4% 12 12 Credit Suisse 3,065 3 1,216 152% 13 - RBC Capital Markets 1,587 3 - - 14= - Centerview Partners 1,478 1 - - 14= - CIBC World Markets 1,478 1 - - 16 9 Banco Bilbao Vizcaya Argentaria 972 2 1,809 -46.3% 17 20 JPMorgan 852 1 618 37.9% 18= 4 Lazard 555 1 3,289 -83.1% 18= 50 Patria Investimentos 555 1 - - 20 34 EY 481 1 54 791% Source: Mergermarket

TOP 20 LATIN AMERICAN FINANCIAL ADVISERS VOLUME

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 3 Banco Itau BBA 5,708 10 5 5 2 14 Morgan Stanley 14,489 5 2 3 3 13 Bank of America Merrill Lynch 13,506 5 2 3 4 4 Goldman Sachs 3,147 5 4 1 5 1 Banco BTG Pactual 12,267 4 10 -6 6 19 Barclays 11,514 4 2 2 7 - Santander Global Banking and Markets 10,802 4 - - 8 10 Credit Suisse 3,065 3 3 0 9 - RBC Capital Markets 1,587 3 - - 10 2 PwC 63 3 6 -3 11 - BNP Paribas 10,574 2 - - 12 8 Banco Bilbao Vizcaya Argentaria 972 2 3 -1 13 - Nomura Holdings 340 2 - - 14 - KPMG - 2 - - 15 - Banco Espirito Santo de Investimento 10,574 1 - - 16= - Citi 8,326 1 - - 16= 25 Deutsche Bank 8,326 1 1 0 18= - Centerview Partners 1,478 1 - - 18= - CIBC World Markets 1,478 1 - - 20 11 JPMorgan 852 1 3 -2 Source: Mergermarket The financial adviser league tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and exclude lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Latin American.

LATIN AMERICA Monthly M&A Insider | April | 13 LEAGUE TABLES

TOP 20 LATIN AMERICAN LEGAL ADVISERS VALUE

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 5 White & Case 21,207 8 3,310 541% 2 - Simpson Thacher & Bartlett 13,435 4 - - 3 16 Barbosa, Mussnich & Aragao 11,639 4 1,363 754% 4 22 Souza, Cescon, Barrieu & Flesch Advogados 11,574 2 838 1,281% 5 30 Eskenazi Pernidji Advogados 10,841 2 443 2,347% 6 - Garrigues 10,574 1 - - 7 95 Bird & Bird 8,326 1 - - 8 73 Claro y Cia 4,398 1 31 14,087% 9 10 Cleary Gottlieb Steen & Hamilton 2,711 3 2007 35.1% 10 64 Brigard & Urrutia 2,400 4 66 3,536% 11 51 Posse, Herrera & Ruiz 2,265 2 116 1,853% 12 23 Pinheiro Neto Advogados 2,229 6 700 218% 13= 71 Carey y Cia 2,199 1 36 6,008% 13= - Wachtell, Lipton, Rosen & Katz 2,199 1 - - 15 - Sergio Bermudes 2,033 1 - - 16 15 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 2,003 5 1,437 39.4% 17 33 Milbank Tweed Hadley & McCloy 1,602 2 354 353% 18= 7 Davis Polk & Wardwell 1,478 1 2,756 -46.4% 18= - Goodmans 1,478 1 - - 18= - Osler, Hoskin & Harcourt 1,478 1 - - 18= 55 Stikeman Elliott 1,478 1 100 1,378% 18= 50 Torys 1,478 1 117 1,163% Source: Mergermarket TOP 20 LATIN AMERICAN LEGAL ADVISERS VOLUME

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 4 White & Case 21,207 8 7 1 2 2 Pinheiro Neto Advogados 2,229 6 10 -4 3 91 Stocche, Forbes, Padis, Filizzola e Clapis Advogados 121 6 1 5 4 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 2,003 5 10 -5 5 16 Tozzini Freire Teixeira e Silva Advogados 298 5 3 2 6 6 Machado Meyer Sendacz e Opice 141 5 7 -2 7 - Simpson Thacher & Bartlett 13,435 4 - - 8 3 Barbosa, Mussnich & Aragao 11,639 4 8 -4 9 73 Brigard & Urrutia 2,400 4 1 3 10 10 Jones Day 63 4 5 -1 11 19 Cleary Gottlieb Steen & Hamilton 2,711 3 2 1 12 14 Demarest 1,034 3 4 -1 13 100 Lobo & de Rizzo Advogados 133 3 1 2 14 5 Veirano Advogados - 3 7 -4 15 8 Souza, Cescon, Barrieu & Flesch Advogados 11,574 2 6 -4 16 51 Eskenazi Pernidji Advogados 10,841 2 1 1 17 33 Posse, Herrera & Ruiz 2,265 2 2 0 18 26 Milbank Tweed Hadley & McCloy 1,602 2 2 0 19 - Stibbe 1,115 2 - - 20 - Bracewell & Giuliani 922 2 - - Source: Mergermarket The legal adviser league tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and include lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Latin American.

LATIN AMERICA Monthly M&A Insider | April | 14 TREND GRAPHS

LATIN AMERICAN M&A QUARTERLY TREND LATIN AMERICAN M&A QUARTERLY PRIVATE EQUITY TREND

70 250 4,500 30

4,000 60 25 200 3,500 50 Number of deals 3,000 20 Number of deals 150 40 2,500 15 30 2,000 Value (US$m) Value Value (US$bn) Value 100 1,500 10 20 1,000 50 5 10 500

0 0 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 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 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

LATIN AMERICAN M&A ANNUAL TREND LATIN AMERICAN M&A ANNUAL PRIVATE EQUITY TREND

180 800 8,000 70

160 700 7,000 60

140 600 6,000 50

120 Number of deals Number of deals 500 5,000 100 40 400 4,000 80 30 Value (US$m) Value Value (US$bn) Value 300 3,000 60 20 200 2,000 40

10 20 100 1,000

0 0 0 0 2008 2009 2010 2011 2012 2013 YTD 2014* 2008 2009 2010 2011 2012 2013 YTD 2014*

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

LATIN AMERICA Monthly M&A Insider | April | 15 TREND GRAPHS

LATIN AMERICAN M&A GEOGRAPHIC BREAKDOWN Q1 2014

VALUE VOLUME

0.1% 0.8% 0.8% 0.3% 8.0% 0.8% 8.3% 7.4% Argentina Argentina 7.5% Brazil Brazil Chile Chile 1.5% 36.8% Colombia Colombia 15.7% Mexico Costa Rica Peru Dominican Republic 14.2% Uruguay Mexico 0.8% Venezuela Panama 0.8% Peru 46.3% Uruguay 11.6% Venezuela

6.6% 31.6%

LATIN AMERICAN M&A SECTOR BREAKDOWN Q1 2014

VALUE VOLUME

1.6% 1.1% 1.7% 0.8% 0.1% 0.2% 2.5% 0.3% 1.0% 2.5% 0.8% 1.4% 4.5% Energy, Mining & Utilities Energy, Mining & Utilities 3.3% 22.3% Industrials & Chemicals Industrials & Chemicals 4.1% Consumer Consumer 13.1% Financial Services 5.0% Financial Services Business Services Business Services Technology Technology 6.6% Pharma, Medical & Biotech Pharma, Medical & Biotech Leisure Leisure 9.7% 62.2% Transportation Transportation 8.3% Telecommunications 19.8% Telecommunications Construction Construction 4.8% Real Estate Media 8.3% Real Estate 14.0% Agriculture

LATIN AMERICA Monthly M&A Insider | April | 16 TREND GRAPHS

LATIN AMERICAN M&A DEAL SIZE BREAKDOWN Q1 2014

VALUE VOLUME

0.6% 0.3% 1.2% 0.8% 0.3% 0.9% 0.8% 1.2% 1.8% 2.0% 1.1% 0.7% 100 100 1.7% 9.2% 5.8% 4.9% 6.8% 6.2% 7.0% 17.4% 8.1% 7.4% 90 22.1% 90 5.3% 5.6% 6.5% 6.0% 30.2% 28.6% 32.2% 5.3% 5.8% 6.7% 80 39.2% 29.3% 80 13.6% 70 18.2% 70 60 20.1% 45.8% 16.4%

19.0% 50 60 34.1% 88.0% Percentage Percentage 36.6% 85.8% 86.3% 86.7% 86.1% 84.3% 40 82.0% 25.1% 28.6% 27.6% 50

30 24.8% 16.4% 13.7% 40 20 9.9% 10.1% 10.3% 10.9% 7.5% 20.4% 30 10 14.8% 16.5% 14.5% 9.5% 14.3% 12.9% 0 20 2008 2009 2010 2011 2012 2013 YTD 2014* 2008 2009 2010 2011 2012 2013 YTD 2014*

US$0-US$250m US$0-US$250m US$251m-US$500m US$251m-US$500m US$501m-US$2,000m US$501m-US$2,000m US$2,001m-US$5,000m US$2,001m-US$5,000m >US$5,001m >US$5,001m

SECTOR ANALYSIS

LATIN AMERICAN SECTOR ANALYSIS Sector Q1 2014 Q1 2013 % change Value (US$m) Mrk share Deal count Value (US$m) Mrk share Deal count Value Volume Energy, Mining & Utilities 16,069 62.2% 27 3,398 19.1% 21 373% 29% Industrials & Chemicals 1,227 4.8% 24 691 3.9% 18 78% 33% Consumer 2,494 9.7% 17 5,819 32.7% 26 -57% -35% Financial Services 3,391 13.1% 10 5,568 31.3% 16 -39% -38% Pharma, Medical & Biotech 87 0.3% 6 21 0.1% 11 314% -45% Technology 1,158 4.5% 8 109 0.6% 7 962% 14% Business Services 353 1.4% 10 641 3.6% 14 -45% -29% Media - - 2 208 1.2% 3 - -33% Transportation 276 1.1% 4 901 5.1% 7 -69% -43% Real Estate 267 1.0% 1 61 0.3% 3 338% -67% Leisure 44 0.2% 5 194 1.1% 4 -77% 25% Telecommunications 422 1.6% 3 - - 1 - 200% Defence ------Construction 37 0.1% 3 - - 1 - 200% Agriculture - - 1 167 0.9% 9 - -89% Total 25,825 - 121 17,778 - 141 45% -14%

LATIN AMERICA Return to contents Monthly M&A Insider | April | 17 A MERGERMARKET M&A REPORT ON NORTH AMERICA

North American M&A during Q1 bounced back, registering 1,182 deals worth US$299.6bn, the highest Q1 by value since 2007 (US$398.8bn), because of four megadeals in the TMT, Pharma, Medical & Biotech, and Consumer sectors. As a result, average deal size increased to US$254m, about 20% higher than pre-crisis levels, indicating resurgence in strong deal valuations through multiple large value transactions.

This quarter was 53% higher by value than Q1 2013 (US$194.8bn) The Pharma, Medical & Biotech sector is currently in second and private equity exits deals reached their highest value since place with a 16.3% market share and US$48.8bn in deals, owing Q2 2007 (US$ 77.3bn) with 213 deals announced in Q1 worth in large part to Ireland-based Actavis’ US$23.1bn acquisition of US$73.3bn, a vast increase over Q1 2013’s US$15.3bn. Forest Laboratories. This is a large increase over Q1 2013 which only saw US$4.2bn in deals. The combination of the two drug The Telecommunications sector is currently in the lead makers is in response to the changing healthcare industry in with a 24% market share by value and US$71.8bn in deals, the U.S. Buyers, such as hospitals and insurers, are merging an 815% increase by value over Q1 2013 (US$7.9bn). Most to create larger organisations that can negotiate directly to buy of this value can be attributed to the deal of the quarter: prescription drugs and Actavis and Forest together can offer a Time Warner Cable Inc’s US$68.5bn acquisition by Comcast broader portfolio of medicines both generic and branded, thus Corporation, announced in February. However, this transaction creating its own economies of scale. has been drawing regulatory concerns from the Federal Communications Commission regarding the impact the deal On the other hand, Energy, Mining & Utilities, the usual sector will have on consumers. In response to these oppositions, lead, only has a 9.8% market share thus far with US$29.4bn Comcast will be divesting systems serving approximately in deals, a 33% decrease in value from Q1 2013 (US$43.9bn). three million subscribers to bring the merged entity’s share However, reports are indicating that the oil and gas industry is of subscribers to just below the 30% target threshold. Morgan showing signs of a potential rebound this year. Canadian Energy, Stanley and Skadden Arps Slate Meagher & Flom were both Mining & Utilities deals are already up 53.3% by value for this sell-side advisors on this deal and as a result, jumped 10 and quarter at US$11.7m from 2013’s US$7.7bn, with a 63.5% 17 spots on Financial Adviser and Legal Adviser League Tables market share and five more deals. Last year, the focus seemed by value, respectively. In Q1 2014, Morgan Stanley advised on a to be on development of existing resources instead of acquiring total of 38 deals worth US$172.2bn and Skadden advised on 37 new ones but this year, dealmaking should be on the rise. deals worth US$133.8bn.

Another buzzworthy deal this quarter has been Facebook’s US$16bn acquisition of WhatsApp in the Technology sector, also announced in February. Facebook has been actively pursuing acquisition targets over the past three years, averaging about five acquisitions per year, but it has already made five acquisitions with a whopping average deal value of US$3.6bn for just this quarter. For comparison, the average Facebook deal size in 2013 was US$34m and US$226m in 2012. This has caused many to wonder about the company’s acquisition strategy and its sustainability if the price tag of future targets continues to escalate.

Monthly M&A Insider | April | 18 DEAL OF THE QUARTER

Deal summary Announced: 13-Feb-14 Deal value: US$68,492m

Time Warner Cable (TWC) has signed a definitive agreement to POST DEAL DETAILS: be acquired by Comcast Corporation. • Upon completion of the transaction, Comcast will expand its TWC, the listed US-based company headquartered in New York, buyback program by an additional US$10bn. is a cable company. Comcast, the listed US-based company • Neil Smit will be President and CEO of the new company. headquartered in Philadelphia, Pennsylvania, is a media and communications company. EXPECTED COMPLETION: TERMS: • The transaction is expected to close by the end of 2014. • 2.875 Comcast shares per each TWC share. TERMINATION FEE: • The transaction has an implied equity value of US$43,965m. • The transaction does not carry a termination fee. • The offer price of US$158.82 per share represents a premium of 17.4% based on TWC closing price of US$135.31 on 12-Feb-14, one day prior to the announcement date; TERMINATION DATE: • The termination date for the transaction is 02-Feb-15, but it • and a premium of 20% based on TWC closing can be extended to 02-Aug-15 under certain circumstances. price of US$132.40 on 13-Jan-14, one month prior to the announcement. CONDITIONS: • If a superior offer were to emerge for TWC, the company would be required to give Comcast at least five business days to • TWC shareholder approval. make adjustments to its current offer before TWC’s board of • Comcast shareholder approval. directors could effect a change of recommendation of the deal. • Subject to HSR and FCC approval.

RATIONALE & SYNERGIES: • Customary closing conditions. • The transaction is estimated to result in US$1.5bn in expected operating efficiency synergies and will be accretive to Comcast’s free cash flow.

• Comcast will acquire TWC’s 11 million managed subscribers. In order to reduce competitive concerns, it will divest approximately 3 million managed customers, for a net of approximately 8 million Comcast customers, bringing its total subscriber base to 30 million.

Exit multiples – Y/E 31-Dec-12 Premium analysis Multiples Value (US$m) Offer price per share (US$) 158.82 Revenue 3.1 22,120 1 day before 17.4% EBITDA 8.7 7,861 1 month before 20.0% EBIT 15.0 4,580 1 day after 8.8% Earnings 23.7 1,954 Pre-rumour -

NORTH AMERICA Monthly M&A Insider | April | 19 DEAL OF THE QUARTER

Advisers Target/Seller Bidder Financial Allen & Company; Centerview Partners; Financial Barclays; JPMorgan; Paul J. Taubman Citi; Morgan Stanley Legal Paul Weiss Rifkind Wharton & Garrison; Legal Davis Polk & Wardwell; Simpson Thacher Skadden Arps Slate Meagher & Flom; & Bartlett (Advising Financial Advisers); White & Case (Advising Financial Advisers) Willkie Farr & Gallagher PR Sard Verbinnen PR Abernathy MacGregor Group (AMO)

Target Time Warner Cable Inc Headquarters 60 Columbus Circle New York, NY 10023 US Sector Telecommunications Description US-based cable company

Seller Comcast Corporation Headquarters One Comcast Center Philadelphia, PA 19103 US Sector Telecommunications Description US-based media and communications company

NORTH AMERICA Monthly M&A Insider | April | 20 TOP DEALS

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF Q1 2014

Announced Bidder company Target company Target dominant Seller company Exit multiples (x) Bid premia Deal sector 1-day value Revenue EBITDA P/E before (US$m)

13-Feb-14 Comcast Corporation Time Warner Cable Inc Telecommunications - 3.1 8.7 23.7 17.4% 68,492

18-Feb-14 Actavis Inc Forest Laboratories Inc Pharma, Medical - 7.5 315.7 (loss) 25.3% 23,126 & Biotech

19-Feb-14 Facebook Inc WhatsApp Inc Technology Sequoia Capital --- -16,000

13-Jan-14 Suntory Holdings Limited Beam Inc Consumer - 4.9 20.9 37.3 24.7% 15,428

06-Mar-14 Albertsons LLC Safeway Inc Consumer - 0.2 5.0 38.1 -8.4% 7,871

17-Feb-14 Partners Group Holding; and MultiPlan Inc Pharma, Medical BC Partners Limited; --- -4,400 Starr Investment Holdings LLC & Biotech and Silver Lake Partners

16-Jan-14 The Carlyle Group LLC Ortho-Clinical Pharma, Medical Johnson & Johnson 2.1 10.4 --4,150 Diagnostics Inc & Biotech

01-Jan-14 Fiat SpA Chrysler Group LLC Industrials & Voluntary Employees 0.1 1.6 3.2 - 3,650 (41.46% stake) Chemicals Beneficiary Association

19-Mar-14 Mercuria Energy Group JPMorgan Chase & Co Financial Services JPMorgan Chase & Co 4.7 -- -3,500 Holding SA (Physical commodities business)

06-Feb-14 The Carlyle Group LLC The Industrial Industrials & Illinois Tool Works Inc --- -3,200 Packaging Group Chemicals

Based on announced deals, including lapsed and withdrawn bids Source: Mergermarket Based on dominant geography of target company being North American (US + Canada) Data correct as of 07-Apr-14

NORTH AMERICA Monthly M&A Insider | April | 21 LEAGUE TABLES

TOP 20 NORTH AMERICAN FINANCIAL ADVISERS VALUE

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 11 Morgan Stanley 172,168 38 39,905 331% 2 1 JPMorgan 162,112 36 105,144 54.2% 3 9 Barclays 110,718 35 43,089 157% 4 5 Citi 107,972 23 49,324 118.9% 5 2 Goldman Sachs 99,300 55 91,375 8.7% 6 7 Centerview Partners 89,593 8 48,079 86.3% 7 62 Allen & Company 84,777 5 631 13,335% 8 3 Bank of America Merrill Lynch 83,689 35 89,118 -6.1% 9 - Paul J. Taubman 68,492 1 - - 10 4 Credit Suisse 50,379 20 64,605 -22.0% 11 15 Deutsche Bank 35,932 15 29,627 21.3% 12 17 Greenhill & Co 31,323 6 10,850 189% 13 8 Lazard 30,473 33 46,067 -33.9% 14 - Mizuho Financial Group 23,360 3 - - 15 16 RBC Capital Markets 21,078 23 23,397 -9.9% 16 13 UBS Investment Bank 19,801 10 35,535 -44.3% 17 12 Evercore Partners 13,247 18 37,861 -65.0% 18 41 Perella Weinberg Partners 11,334 4 2,345 383% 19 - ABN AMRO Bank 11,272 2 - - 20 21 Houlihan Lokey 10,626 20 6,466 64.3% Source: Mergermarket

TOP 20 NORTH AMERICAN FINANCIAL ADVISERS VOLUME

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 2 Goldman Sachs 99,300 55 35 20 2 4 Morgan Stanley 172,168 38 33 5 3 3 JPMorgan 162,112 36 33 3 4 9 Barclays 110,718 35 21 14 5 5 Bank of America Merrill Lynch 83,689 35 29 6 6 1 Lazard 30,473 33 38 -5 7 7 Citi 107,972 23 25 -2 8 19 RBC Capital Markets 21,078 23 15 8 9 6 Credit Suisse 50,379 20 25 -5 10 11 Houlihan Lokey 10,626 20 20 0 11 17 PwC 4,696 20 16 4 12 23 Wells Fargo Securities 9,543 19 11 8 13 20 Jefferies 6,594 19 15 4 14 10 Evercore Partners 13,247 18 20 -2 15 8 Stifel/KBW 2,188 17 24 -7 16 15 Deutsche Bank 35,932 15 17 -2 17 46 Harris Williams & Co 2,080 15 6 9 18 31 Lincoln International 482 15 9 6 19 16 Raymond James & Associates 1,024 14 17 -3 20 21 Sandler O'Neill & Partners 957 14 13 1 Source: Mergermarket The financial adviser league tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and exclude lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being US or Canadian.

NORTH AMERICA Monthly M&A Insider | April | 22 LEAGUE TABLES

TOP 20 NORTH AMERICAN LEGAL ADVISERS VALUE

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 18 Skadden Arps Slate Meagher & Flom 133,761 37 28,228 374% 2 19 Simpson Thacher & Bartlett 126,465 29 27,943 353% 3 10 White & Case 103,399 27 41,745 148% 4 1 Davis Polk & Wardwell 85,518 23 78,506 8.9% 5 9 Willkie Farr & Gallagher 79,360 17 47,005 68.8% 6 33 Paul Weiss Rifkind Wharton & Garrison 75,911 18 10,193 645% 7 6 Weil Gotshal & Manges 65,056 29 50,058 30.0% 8 2 Latham & Watkins 57,094 50 77,922 -26.7% 9 7 Freshfields Bruckhaus Deringer 46,787 18 49,252 -5.0% 10 11 Kirkland & Ellis 43,897 70 40,375 8.7% 11 3 Wachtell, Lipton, Rosen & Katz 30,358 10 70,898 -57.2% 12 5 Sullivan & Cromwell 28,985 18 50,210 -42.3% 13 17 Fried Frank Harris Shriver & Jacobson 28,536 14 29,233 -2.4% 14 81 Arthur Cox 25,119 5 1,757 1,330% 15 13 Ropes & Gray 24,316 23 33,639 -27.7% 16 334 William Fry 23,142 2 10 231,320% 17 36 Cleary Gottlieb Steen & Hamilton 22,207 8 9,134 143% 18 63 Sidley Austin 20,839 23 3,009 593% 19 134 Fenwick & West 19,340 18 634 2,950% 20 27 Clifford Chance 16,616 9 20,334 -18.3% Source: Mergermarket

TOP 20 NORTH AMERICAN LEGAL ADVISERS VOLUME

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 1 Kirkland & Ellis 43,897 70 64 6 2 2 Latham & Watkins 57,094 50 54 -4 3 3 Jones Day 6,180 42 47 -5 4 5 Skadden Arps Slate Meagher & Flom 133,761 37 36 1 5 4 DLA Piper 13,242 34 45 -11 6 6 O'Melveny & Myers 10,781 34 34 0 7 27 Cooley 3,726 30 16 14 8 30 Simpson Thacher & Bartlett 126,465 29 15 14 9 8 Weil Gotshal & Manges 65,056 29 29 0 10 11 White & Case 103,399 27 28 -1 11 7 Stikeman Elliott 12,854 25 30 -5 12 12 Davis Polk & Wardwell 85,518 23 26 -3 13 24 Ropes & Gray 24,316 23 16 7 14 51 Sidley Austin 20,839 23 11 12 15 15 Wilson Sonsini Goodrich & Rosati 5,677 21 23 -2 16 21 Morgan Lewis & Bockius 3,889 21 19 2 17 32 Paul Weiss Rifkind Wharton & Garrison 75,911 18 14 4 18 23 Freshfields Bruckhaus Deringer 46,787 18 17 1 19 14 Sullivan & Cromwell 28,985 18 23 -5 20 69 Fenwick & West 19,340 18 9 9 Source: Mergermarket The legal adviser league tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and include lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being US or Canadian.

NORTH AMERICA Monthly M&A Insider | April | 23 LEAGUE TABLES

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON NORTH AMERICAN BUYOUTS

VALUE VOLUME

Ranking Ranking Q1 2014 Company name Value Deal Q1 2014 Company name Value Deal (US$m) count (US$m) count 1 The Carlyle Group 7,742 5 1 The Carlyle Group 7,742 5 2 Partners Group Holding 4,400 1 2 TPG Capital 3,423 4 3 TPG Capital 3,423 4 3 Blackstone Group 1,055 3 4 Kohlberg Kravis Roberts & Co 3,400 2 4 Oaktree Capital Group 394 3 5= Berkshire Partners 2,000 1 5 Altaris Capital Partners 85 3 5= Charterhouse Capital Partners 2,000 1 6= Gladstone Investment - 3 7= Canada Pension Plan Investment Board 1,800 1 6= Levine Leichtman Capital Partners - 3 7= Clayton, Dubilier & Rice 1,800 1 6= Prospect Partners - 3 9 Vestar Capital Partners 1,464 2 9 Kohlberg Kravis Roberts & Co 3,400 2 10 Apollo Global Management 1,297 1 10 Vestar Capital Partners 1,464 2 11 Hellman & Friedman 1,100 1 11 Thoma Bravo 930 2 12 Blackstone Group 1,055 3 12 Sun Capital Partners 375 2 13 Thoma Bravo 930 2 13 Court Square Capital Partners 310 2 14 Cinven 915 1 14 Greylock Partners 225 2 15 Macquarie Group 900 1 15 Swander Pace Capital 224 2 Source: Mergermarket Source: Mergermarket

The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is US or Canadian. The tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and exclude lapsed and withdrawn deals.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON NORTH AMERICAN EXITS

VALUE VOLUME

Ranking Ranking Q1 2014 Company name Value Deal Q1 2014 Company name Value Deal (US$m) count (US$m) count 1 Sequoia Capital 16,000 1 1 Kleiner, Perkins, Caufield & Byers 4,819 6 2 Hellman & Friedman 5,150 3 2 SV Angel 142 6 3 Silver Lake Partners 4,853 2 3 Norwest Venture Partners 70 6 4 Kleiner, Perkins, Caufield & Byers 4,819 6 4 Intel Capital 352 5 5 BC Partners 4,400 1 5 Bain Capital 2,930 4 6 Stone Point Capital 4,200 2 6 Matrix Management 2,062 4 7 Venrock 3,400 2 7 Accel Partners 1,576 4 8 Shasta Ventures 3,317 2 8 Battery Ventures 925 4 9 Lightspeed Venture Partners 3,240 2 9 Khosla Ventures 266 4 10 Google Ventures 3,210 2 10 H.I.G. Capital - 4 11 Berkshire Partners 3,000 2 11 Hellman & Friedman 5,150 3 12 Bain Capital 2,930 4 12 Greycroft Partners 715 3 13 TPG Capital 2,900 1 13 Foundation Capital 710 3 14 Providence Equity Partners 2,620 2 14 ABRY Partners 547 3 15 One Equity Partners 2,150 2 15 Mohr Davidow Ventures 453 3 Source: Mergermarket Source: Mergermarket

The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is US or Canadian. The tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and exclude lapsed and withdrawn deals.

NORTH AMERICA Monthly M&A Insider | April | 24 TREND GRAPHS

NORTH AMERICAN M&A QUARTERLY TREND NORTH AMERICAN M&A QUARTERLY PRIVATE EQUITY TREND

600 1,600 250 350

1,400 300 500 200 1,200 250 Number of deals 400 Number of deals 1,000 150 200 300 800 150 Value (US$bn) Value Value (US$bn) Value 100 600 200 100 400 50 100 200 50

0 0 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 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 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

NORTH AMERICAN M&A ANNUAL TREND NORTH AMERICAN M&A ANNUAL PRIVATE EQUITY TREND

1,800 6,000 500 1,200

1,600 450 5,000 1,000 400 1,400

350

1,200 4,000 Number of deals 800 Number of deals 300 1,000 3,000 250 600 800

Value (US$bn) Value (US$bn) Value 200 600 2,000 400 150

400 100 1,000 200 200 50

0 0 0 0 2008 2009 2010 2011 2012 2013 YTD 2014* 2008 2009 2010 2011 2012 2013 YTD 2014*

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

NORTH AMERICA Monthly M&A Insider | April | 25 TREND GRAPHS

NORTH AMERICAN M&A SECTOR BREAKDOWN Q1 2014

VALUE VOLUME 0.7% 0.8% 0.5% 2.0% 2.0% 0.2% 8.2% 3.0% Industrials & Chemicals 19.3% Industrials & Chemicals 24.0% 3.3% Technology Technology 13.2% Business Services Business Services 9.1% Energy, Mining & Utilities Energy, Mining & Utilities Pharma, Medical & Biotech Pharma, Medical & Biotech 0.1% 0.9% 4.0% Consumer Consumer 1.3% Financial Services Financial Services 9.8% 0.8% Media 14.5% Media 1.0% 9.8% Leisure Leisure 1.7% 5.4% Transportation Transportation Construction Construction 10.4% Real Estate Real Estate 13.4% 13.7% 16.3% Agriculture Agriculture 10.7% Telecommunications Telecommunications Defence

NORTH AMERICAN M&A DEAL SIZE BREAKDOWN Q1 2014

VALUE VOLUME

0.7% 0.7% 0.6% 0.7% 0.6% 0.7% 0.4% 100 100 0.9% 1.0% 1.1% 1.4% 1.5% 1.0% 1.4% 90 3.7% 3.4% 31.9% 32.3% 5.5% 4.9% 5.4% 37.4% 6.0% 5.9% 80 43.3% 43.7% 95 49.1% 4.2% 3.8% 70 58.7% 4.5% 5.2% 5.4% 4.7% 60 17.9% 21.3% 90 5.0% 20.9% 50 15.0% 15.9% 13.9% Percentage Percentage 40 85 13.3% 27.7% 27.5% 91.1% 30 20.9% 24.0% 90.5% 17.4% 24.9% 88.4% 87.6% 87.6% 86.9% 87.6% 13.2% 20 9.8% 80 7.3% 9.0% 8.2% 5.5% 7.3% 6.5% 10 12.3% 9.3% 12.7% 11.8% 10.7% 10.4% 9.0% 0 75 2008 2009 2010 2011 2012 2013 YTD 2014* 2008 2009 2010 2011 2012 2013 YTD 2014*

US$0-US$250m US$0-US$250m US$251m-US$500m US$251m-US$500m US$501m-US$2,000m US$501m-US$2,000m US$2,001m-US$5,000m US$2,001m-US$5,000m >US$5,001m >US$5,001m

NORTH AMERICA Monthly M&A Insider | April | 26 SECTOR ANALYSIS

NORTH AMERICAN SECTOR ANALYSIS Sector Q1 2014 Q1 2013 % change Value (US$m) Mrk share Deal count Value (US$m) Mrk share Deal count Value Volume Energy, Mining & Utilities 29,366 9.8% 126 43,935 22.6% 124 -33% 2% Industrials & Chemicals 24,620 8.2% 228 16,168 8.3% 165 52% 38% Consumer 40,248 13.4% 116 39,047 20.0% 91 3% 27% Financial Services 16,211 5.4% 107 9,112 4.7% 104 78% 3% Pharma, Medical & Biotech 48,848 16.3% 123 4,176 2.1% 90 1,070% 37% Technology 39,648 13.2% 171 27,244 14.0% 147 46% 16% Business Services 12,003 4.0% 162 5,231 2.7% 143 129% 13% Media 4,988 1.7% 39 19,561 10.0% 56 -75% -30% Transportation 2,255 0.8% 24 5,699 2.9% 22 -60% 9% Real Estate 2,606 0.9% 10 13,931 7.2% 18 -81% -44% Leisure 2,875 1.0% 36 2,265 1.2% 28 27% 29% Telecommunications 71,841 24.0% 6 7,853 4.0% 16 815% -63% Defence 53 0% 2 60 0% 5 -12% -60% Construction 3,806 1.3% 24 386 0.2% 26 886% -8% Agriculture 273 0.1% 8 149 0.1% 5 84% 60% Total 299,641 - 1,182 194,817 - 1,040 54% 14%

NORTH AMERICA Return to contents Monthly M&A Insider | April | 27 A MERGERMARKET M&A REPORT ON ASIA-PACIFIC

M&A activity in Asia-Pacific reached record levels in the first quarter of 2014. The rebound is taking shape as confidence returns to the market amid greater global economic stability. A number of other positive indicators, including a recovery in the eurozone and abating fiscal problems in the United States, are also creating a renewed appetite for M&A.

Deal values for the region totalled approximately US$127bn in Another factor driving M&A in the sector has been the Q1 2014, outpacing US$82.7bn in Q1 2013. The top three target proliferation of smartphones and mobile tech among China’s countries included China (33.8% of deal volume), Australia populace. As mobile penetration rates increase, software and (13.8%), and Japan (14%). Top sectors included the Industrials mobile app creators will continue to be hot targets for larger, & Chemicals (20.2% of deal volume), TMT (17.1%), and acquisitive tech giants. Consumer (12.6%) sectors. Mega deals and the middle market

China: Industry consolidation, Tech M&A drive The highest first quarter on Mergermarket record in Asia-Pacific deal flow was set this year by 28 deals valued at US$71bn. Of those mega deals, four worth close to US$30bn had values greater Despite the apparent slowdown in China’s economy, dealmaking than US$5bn. in the East Asian country has remained robust. Chinese M&A values (inbound and domestic transactions) for Q1 2014 totalled Shanghai Jinfeng Investment had the largest acquisition of Q1 US$48.2bn, an increase from the same period last year (Q1 2014 with its US$10.6bn takeover of Shanghai Greenland in the 2013’s US$30bn) and Q4 2013’s US$45.2bn. Real Estate sector. Consumer deals claimed the second and third spot with South Korea’s Oriental Brewery being acquired In volume terms, the Chinese market maintained its position by Anheuser of Belgium for US$5.8bn and Temasek Holding’s as the most active frontier for M&A across Asia-Pacific with US$5.7bn acquisition of AS Watson & Co, respectively. the announcement of 247 deals in Q1 2014. Deal activity was driven by a number of consolidations in the manufacturing and Dealmaking, however, remains very much rooted in deals industrials space, particularly in steel, cement, and solar power, valued below US$500m, with transactions in the middle market as overcapacity issues are addressed through M&A. Overall, (US$50m to US$500m) accounting for 38% of total deal traffic the Industrials & Chemicals sector accounted for 27% of deal for the quarter. Deals valued below US$50m accounted for 54% volume (67 deals) and 9% of deal value (US$4.4bn). of quarterly deal volume. Deal activity was also prevalent in China’s TMT space (51 deals worth US$9.1bn). These deals were focused in acquisitions of computer software and Internet and e-commerce companies as technology firms accelerated the pace of M&A. Many of the most visible acquisitions have been completed by market leaders Baidu, Alibaba Group and Tencent, as they race to solidify their market supremacy.

Monthly M&A Insider | April | 28 DEAL OF THE QUARTER

Deal summary Announced: 18-Mar-14 Deal value: US$10.7bn

Shanghai Jinfeng Investment Co Ltd has agreed to acquire • Shanghai Greenland will expand its core business into Shanghai Greenland (Group) Co Ltd from an investor group led energy, automotive and financial industries. by Shanghai Gelinlan Investment Management Ltd, via assets swap and new shares issuance. • The investor group will hold a total of 97.34% stake in Shanghai Jinfeng Investment.

TERMS: • Shanghai Greenland will get listed on Shanghai Stock Exchange via backdoor listing. • Total consideration of CN¥65.5bn (US$10.66bn) where equity consideration of CN¥63.2bn (US$10.29bn) with 11,326,164,960 • The total outstanding shares of Shanghai Jinfeng Investment new shares issued, valued at CN¥5.58 (US$0.91) per share will be increased from 518,320,100 to 11,844,484,800 shares. with a lock up period of 12 months.

• The assets being swapped is valued at CN¥2.3bn CONDITIONS: (US$374.37m). • Subject to approval from shareholders of Shanghai • The IEV is valued at CN¥65.5bn (US$10.66bn). Jinfeng Investment. • Subject to approval from China Securities RATIONALE: Regulatory Commission. • The Divestment is a part of WDC’s strategy of segregating • Subject to approval of State-owned Assets Supervision and its geographic portfolio for efficient management of Administration Commission of the State Council. the operations.

• This acquisition will enable SG to make use of the experienced BACKGROUND: management team of WRT and WDC which will join its board • Shanghai Land Group, the China-based company engaged post completion. in real estate business, originally held 201,958,100 shares, representing 38.96% stake in Shanghai Jinfeng Investment. POST DEAL DETAILS: • Post transaction, Shanghai Greenland will be wholly owned by Shanghai Jinfeng Investment.

Advisers Target/Seller Bidder Financial - Financial Haitong Securities Co Ltd Legal - Legal King & Wood Mallesons PR - PR -

Mergermarket/dealReporter intelligence 14-Jan-14 Greenland Group likely to list in 1H14 via Shanghai Jinfeng Investment takeover, to file reverse listing application in February 22-Feb-14 Shanghai Jinfeng Investment extends stock trading halt for a month, reaches understanding on framework agreement 16-Mar-14 Shanghai Jinfeng Investment board will review draft plan for Greenland’s reverse listing on 17 March 17-Mar-14 Shanghai Jinfeng Investment announces plan to buy 100% of Shanghai Greenland via assets swap and new shares issue

ASIA-PACIFIC Monthly M&A Insider | April | 29 DEAL OF THE QUARTER

Bidder Shanghai Jinfeng Investment Co Ltd Headquarters 11/F 928 Xueye Road Pudong District 200125 Shanghai China Sector Real Estate Description China-based company engaged in the development, sales and leasing of real estates

Target Shanghai Greenland (Group) Co Ltd Headquarters No. 700 Dapu Road Huangpu District 200023 Shanghai China Sector Real Estate Description Australia-based real estate developer

Seller An investor group led by Shanghai Gelinlan Investment Management Ltd Headquarters - Sector Financial Services Description China-based investor group having stake in Shanghai Greenland (Group) Co Ltd

ASIA-PACIFIC Monthly M&A Insider | April | 30 TOP DEALS & EXPECTED DEALS

TOP 10 ASIA-PACIFIC ANNOUNCED DEALS OF Q1 2014

Announced Bidder company Target company Target dominant Seller company Exit multiples (x) Bid premia Deal sector 1-day value Revenue EBITDA P/E before (US$m)

18-Mar-14 Shanghai Jinfeng Shanghai Greenland Real Estate An investor group led n/a n/a n/a - 10,572 Investment Co Ltd (Group) Co Ltd by Shanghai Gelinlan Investment Management Ltd

13-Mar-14 Hanjin Shipping Holdings Hanjin Shipping Co Ltd Transportation - 0.80 ---34.3% 7,717 Co Ltd (63.5% stake)

20-Jan-14 Anheuser-Busch InBev NV Oriental Brewery Co Ltd Consumer Kohlberg Kravis Roberts & - 11.60 --5,800 Co LP; and Affinity Equity Partners

21-Mar-14 Temasek Holdings Pte Ltd AS Watson & Co Consumer Hutchison Whampoa 1.18 12.48 22.66 - 5,666 Limited (24.95% stake) Limited

31-Mar-14 Samsung SDI Co Ltd Cheil Industries Inc Industrials & - ----0.8% 3,397 Chemicals

27-Mar-14 Yahoo Japan Corporation eAccess Limited Telecommunications Softbank Corporation --- -3,175 (33.29% stake)

07-Feb-14 Baytex Energy Corp Aurora Oil & Gas Energy, Mining & - ---56.5% 2,204 Limited Utilities

11-Jan-14 Founder Securities Co Ltd China Minzu Securities Financial Services Beijing Zhengquan Holding --- -2,182 Co Ltd Co Ltd

19-Feb-14 Vitol Holding BV; and Abu Royal Dutch Shell Plc Energy, Mining & Royal Dutch Shell Plc --- -2,166 Dhabi Investment Council (Downstream Assets in Utilities Australia)

14-Mar-14 New World Development New World China Land Real Estate - 4.80 10.77 0.13 32.3% 2,125 Co Ltd Limited (31.11% stake)

n/a=not applicable Source: Mergermarket Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Asia-Pacific Data correct as of 04-Apr-14

ASIA-PACIFIC Monthly M&A Insider | April | 31 TOP DEALS & EXPECTED DEALS

PIPELINE OF ASIA-PACIFIC EXPECTED DEALS

Situation Target company Sector Potential bidder company Financial adviser to Seller company Market cap/ Comments bidder (B); target (T); est value seller (S) (US$m)

Expected David Jones Limited Consumer Myer Holdings Limited Advising target: Macquarie - 1,583.2 On 31-Jan-14, Myer Holdings deal Capital; Gresham Advisory; made a non-binding and Port Jackson indicative AU$3bn merger Advising bidder: Flagstaff; proposal to David Jones. Myer Glodman Sachs offer AU$1.06 of its own shares per each David Jones share. Myer requires full due dillgence access and information.

Expected Goodpack Limited Industrials & Kohlberg Kravis Roberts & Advising target: - 1,041 On 19-Mar-14, Goodpack has deal Chemicals Co LP (KKR); The Carlyle Rippledot Capital been approached by parties in Group LLC; Blackstone connection to a potential offer. Group LP; Yamato No legally binding agreement Holdings Co Ltd; Hitachi has been entered. Transport System Ltd; Brambles Limited; and Nippon Express Co Ltd

Expected SOCAM Construction - - Shui On Company 616.5 On 31-Mar-14, the board deal Development Ltd Limited of directors of SOCAM Development’s controlling shareholder, Shui On Company Limited may sell its entire 48.43% share in Goodpack.

Expected Wuhan Langold Real Estate Sinohydro Real Estate - - 991.8 On 01-Apr-14, Sinohydro Real deal Real Estate Co Ltd Co Ltd Estate is planning to boost its stake in Wuhan Langold Real Estate via a partial mandatory tender offer. Sinohydro Real Estate currenly owns 7.95% stake in Wuhan Langold Real Estate.

Expected deals based on confirmed announcements by companies involved

ASIA-PACIFIC Monthly M&A Insider | April | 32 LEAGUE TABLES

TOP 20 ASIA-PACIFIC FINANCIAL ADVISERS VALUE

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 2 Morgan Stanley 12,638 7 4,082 209.6% 2 8 Bank of America Merrill Lynch 11,278 7 1,847 510.6% 3 3 Goldman Sachs 11,259 7 2,720 313.9% 4 14 Citi 10,180 10 1,193 753.3% 5 68 Daewoo Securities 7,736 2 113 6,746.0% 6 - DBS Bank 6,603 3 - - 7 12 HSBC 5,842 3 1,416 312.6% 8 51 Lazard 3,677 5 185 1,887.6% 9 27 Somerley 3,598 4 717 401.8% 10= - ABN AMRO Bank NV 2,847 1 - - 10= 7 UBS Investment Bank 2,635 3 2,097 25.7% 10= 36 Credit Suisse 2,560 4 504 407.9% 13 23 Deutsche Bank 2,477 5 955 159.4% 14 - Societe Generale 2,426 2 - - 15 1 JPMorgan 2,220 6 5,449 -59.3% 16 72 M&A International 2,125 2 91 2,235.2% 17 38 Rothschild 2,026 3 472 329.2% 18 4 Jefferies 1,825 2 2,620 -30.3% 19 - Duff & Phelps 1,395 1 - - 20 - Caixa Banco de Investimento 1,358 1 - - Source: Mergermarket

TOP 20 ASIA-PACIFIC FINANCIAL ADVISERS VOLUME

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 1 PwC 929 11 12 -1 2 8 Citi 10,180 10 6 4 3 5 Morgan Stanley 12,638 7 7 0 4 21 Bank of America Merrill Lynch 11,278 7 2 5 5 7 Goldman Sachs 11,259 7 6 1 6 4 JPMorgan 2,220 6 8 -2 7 31 Lazard 3,677 5 2 3 8 25 Deutsche Bank 2,477 5 2 3 9 6 Macquarie Group 334 5 7 -2 10 26 Somerley 3,598 4 2 2 11 18 Credit Suisse 2,560 4 3 1 12 2 EY 918 4 10 -6 13 112 Deloitte 268 4 1 3 14 76 Business Development Asia 20 4 1 3 15 - DBS Bank 6,603 3 - - 16 13 HSBC 5,842 3 4 -1 17 9 UBS Investment Bank 2,635 3 5 -2 18 14 Rothschild 2,026 3 4 -1 19 35 China Renaissance Partners 515 3 2 1 20 3 KPMG 99 3 9 -6 Source: Mergermarket The financial adviser league tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and exclude lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Asia-Pacific excluding Japan.

ASIA-PACIFIC Monthly M&A Insider | April | 33 LEAGUE TABLES

TOP 20 ASIA-PACIFIC LEGAL ADVISERS VALUE

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 2 Kim & Chang 14,982 8 3,564 320.4% 2 - Simpson Thacher & Bartlett 8,480 3 - - 3 5 Freshfields Bruckhaus Deringer 5,998 2 2,900 106.8% 4 45 WongPartnership 4,532 5 741 511.6% 5 12 Lee & Ko 4,353 11 1,785 143.9% 6 59 Skadden Arps Slate Meagher & Flom 4,255 5 450 845.6% 7 21 Shearman & Sterling 4,242 2 1,502 182.4% 8 54 O'Melveny & Myers 4,045 4 598 576.4% 9 70 Davis Polk & Wardwell 3,703 7 320 1,057.2% 10 40 Ashurst 3,487 6 824 323.2% 11 1 Linklaters 3,399 3 5,633 -39.7% 12 49 Allen & Gledhill 3,122 4 640 387.8% 13 26 Clifford Chance 2,951 3 1,099 168.5% 14 73 Cleary Gottlieb Steen & Hamilton 2,910 1 246 1,082.9% 15 - NautaDutilh 2,847 1 - - 16 23 Allens 2,596 4 1,238 109.7% 17 - Morrison & Foerster 2,521 3 - - 18 117 Hogan Lovells International 2,348 2 49 4,691.8% 19 50 Grandall Law Firm 2,311 3 638 262.2% 20 92 Cravath, Swaine & Moore 2,300 1 135 1,603.7% Source: Mergermarket

TOP 20 ASIA-PACIFIC LEGAL ADVISERS VOLUME

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 23 Lee & Ko 4,353 11 3 8 2 1 King & Wood Mallesons 1,459 11 10 1 3 7 Kim & Chang 14,982 8 7 1 4 12 Herbert Smith Freehills 1,843 8 5 3 5 95 Davis Polk & Wardwell 3,703 7 1 6 6 17 Ashurst 3,487 6 4 2 7 13 Allen & Overy 928 6 5 1 8 81 WongPartnership 4,532 5 1 4 9 37 Skadden Arps Slate Meagher & Flom 4,255 5 2 3 10 28 O'Melveny & Myers 4,045 4 3 1 11 18 Allen & Gledhill 3,122 4 4 0 12 4 Allens 2,596 4 8 -4 13 - Sullivan & Cromwell 1,601 4 - - 14 64 Jones Day 1,471 4 1 3 15 8 Shin & Kim 672 4 6 -2 16 - Luthra & Luthra Law Offices 462 4 - - 17 136 Shook Lin & Bok Singapore 323 4 1 3 18 22 Minter Ellison 200 4 4 0 19 - Simpson Thacher & Bartlett 8,480 3 - - 20 6 Linklaters 3,399 3 7 -4 Source: Mergermarket The legal adviser league tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and include lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Asia-Pacific excluding Japan.

ASIA-PACIFIC Monthly M&A Insider | April | 34 LEAGUE TABLES

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON ASIA-PACIFIC BUYOUTS

VALUE VOLUME

Ranking Ranking Q1 2014 Company name Value Deal Q1 2014 Company name Value Deal (US$m) count (US$m) count 1 Temasek Holdings 7,862 4 1 Temasek Holdings 7,862 4 2 Hopu Investment Management 2,267 2 2 Fosun Capital Group 440 3 3 The Carlyle Group 1,930 2 3 Nippon Mirai Capital - 3 4= Baring Private Equity Asia 1,395 1 4 Hopu Investment Management 2,267 2 4= Hony Capital 1,395 1 5 The Carlyle Group 1,930 2 6 IMM Investment 1,026 1 6 Macquarie Group 526 2 7 Japan Industrial Partners 888 1 7 Qiming Venture Partners 200 2 8 Macquarie Group 526 2 8 SAIF Partners 180 2 9 Tiger Global Management 526 1 9 India Value Fund Advisors Private 59 2 10= Caisse de Depot et Placement du Quebec 503 1 10 Dymon Asia Private Equity 24 2 10= EQT Partners AB 503 1 Source: Mergermarket Source: Mergermarket

The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is Asia-Pacific. The tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and exclude lapsed and withdrawn deals.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON ASIA-PACIFIC EXITS

VALUE VOLUME

Ranking Ranking Q1 2014 Company name Value Deal Q1 2014 Company name Value Deal (US$m) count (US$m) count 1= Affinity Equity Partners 5,800 1 1 The Carlyle Group 344 2 1= Kohlberg Kravis Roberts 5,800 1 2 Advantage Partners 50 2 3 Cerberus Capital Management 1,344 1 3 Ant Capital Partners 35 2 4 SAC Private Capital Group 710 1 4= Affinity Equity Partners 5,800 1 5 Linden 566 1 4= Kohlberg Kravis Roberts 5,800 1 6= Fortress Investment Group 503 1 6 Cerberus Capital Management 1,344 1 6= Och-Ziff Capital Management Group 503 1 7 SAC Private Capital Group 710 1 8 The Carlyle Group 344 2 8 Linden 566 1 9= CICC Capital 329 1 9= Fortress Investment Group 503 1 9= Hunan Hi-Tech Venture Capital 329 1 9= Och-Ziff Capital Management Group 503 1 Source: Mergermarket Source: Mergermarket

The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is Asia-Pacific. The tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and exclude lapsed and withdrawn deals.

ASIA-PACIFIC Monthly M&A Insider | April | 35 TREND GRAPHS

ASIA-PACIFIC M&A QUARTERLY TREND ASIA-PACIFIC M&A QUARTERLY PRIVATE EQUITY TREND

160 900 25 120

140 800 100 20 700 120 Number of deals 600 80 Number of deals 100 15 500 80 60 400 Value ( US$ bn) Value Value (US$bn) Value 10 60 300 40

40 200 5 20 20 100

0 0 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 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 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

ASIA-PACIFIC M&A ANNUAL TREND ASIA-PACIFIC M&A ANNUAL PRIVATE EQUITY TREND

500 3,500 70 350

3,000 60 300 400

2,500 50 250 Number of deals Number of deals 300 2,000 40 200

1,500 30 150 Value (US$bn) Value 200 (US$bn) Value

1,000 20 100

100 500 10 50

0 0 0 0 2008 2009 2010 2011 2012 2013 YTD 2014* 2008 2009 2010 2011 2012 2013 YTD 2014*

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

ASIA-PACIFIC Monthly M&A Insider | April | 36 TREND GRAPHS

ASIA-PACIFIC M&A GEOGRAPHIC BREAKDOWN Q1 2014

VALUE VOLUME

1.3% 2.2% 3.0% 1.5% 7.3% 2.8% China 2.8% China 3.9% South Korea 0.4% South Korea

5.1% Australia 7.9% Australia 33.8% Japan Japan 36.7% Hong Kong Hong Kong 6.5% Singapore 4.6% Singapore India India 4.6% 6.8% Papua New Guinea Papua New Guinea Malaysia Malaysia Taiwan Taiwan Other Other 14.0% 11.5% 9.3%

20.2% 13.8%

ASIA-PACIFIC M&A SECTOR BREAKDOWN Q1 2014

VALUE VOLUME

2.2% 0.8% 1.8% 2.4% 1.8% 2.3% 0.8% 2.5% 3.3% 15.9% Industrials & Chemicals Industrials & Chemicals 3.9% 20.2% 2.5% Technology 4.3% Technology 4.0% Consumer Consumer Energy, Mining & Utilities 5.5% Energy, Mining & Utilities 7.8% Financial Services Financial Services 15.8% Business Services Business Services 5.9% Leisure Leisure 13.0% Pharma, Medical & Biotech Pharma, Medical & Biotech 8.1% Transportation Transportation 8.7% Real Estate Real Estate Media Media 9.8% Construction Construction 14.9% 9.3% 12.6% Telecommunications Telecommunications 9.4% 10.6% Agriculture Agriculture

ASIA-PACIFIC Monthly M&A Insider | April | 37 TREND GRAPHS

ASIA-PACIFIC M&A DEAL SIZE BREAKDOWN Q1 2014

VALUE VOLUME

0.4% 0.4% 0.3% 0.4% 0.3% 0.2% 0.6% 100 100 0.8% 0.9% 1.0% 1.5% 0.8% 0.9% 1.0% 13.4% 11.7% 19.9% 20.5% 90 23.8% 24.5% 4.5% 4.7% 5.2% 29.6% 5.4% 4.4% 5.3% 4.7% 80 17.4% 95 27.3% 17.0% 17.3% 70 13.6% 13.9% 5.7% 5.1% 5.5% 15.7% 5.3% 5.9% 5.6% 6.4% 60 90 33.9% 50 28.5% 27.7% 30.4% 26.2% 29.6% 22.2% Percentage 40 Percentage 85

13.4% 30 12.7% 12.0% 11.2% 11.1% 12.0% 12.0% 88.5% 88.7% 88.6% 87.9% 87.6% 88.2% 87.3% 20 80

22.0% 23.6% 10 20.5% 21.5% 20.3% 21.7% 21.9%

0 75 2008 2009 2010 2011 2012 2013 YTD 2014* 2008 2009 2010 2011 2012 2013 YTD 2014*

US$0-US$250m US$0-US$250m US$251m-US$500m US$251m-US$500m US$501m-US$2,000m US$501m-US$2,000m US$2,001m-US$5,000m US$2,001m-US$5,000m >US$5,001m >US$5,001m

SECTOR ANALYSIS ASIA-PACIFIC SECTOR ANALYSIS Sector Q1 2014 Q1 2013 % change Value (US$m) Mrk share Deal count Value (US$m) Mrk share Deal count Value Volume Consumer 19,845 15.9% 91 7,702 9.3% 83 157.7% 9.6% Real Estate 19,726 15.8% 28 2,009 2.4% 28 881.8% 0% Energy, Mining & Utilities 18,620 14.9% 68 22,210 26.9% 61 -16.2% 11.5% Industrials & Chemicals 13,308 10.6% 146 17,209 20.8% 152 -22.7% -3.9% Transportation 12,275 9.8% 31 3,772 4.6% 35 225.4% -11.4% Financial Services 10,160 8.1% 67 6,278 7.6% 49 61.8% 36.7% Technology 9,812 7.8% 94 4,907 5.9% 63 99.9% 49.2% Telecommunications 4,998 4.0% 6 2,712 3.3% 12 84.3% -50.0% Leisure 3,106 2.5% 43 1,972 2.4% 24 57.6% 79.2% Business Services 3,081 2.5% 63 4,323 5.2% 71 -28.7% -11.3% Construction 2,968 2.4% 17 1,962 2.4% 28 51.2% -39.3% Pharma, Medical & Biotech 2,759 2.2% 40 3,775 4.6% 50 -26.9% -20.0% Media 2,271 1.8% 24 1,343 1.6% 19 69.0% 26.3% Agriculture 2,264 1.8% 6 2,145 2.6% 17 5.5% -64.7% Defence - - - 390 0.5% 1 0% 0% Total 125,192 - 724 82,709 - 693 51.4% 4.5%

ASIA-PACIFIC Return to contents Monthly M&A Insider | April | 38 A MERGERMARKET M&A REPORT ON EUROPE

Overall deal value so far this year reached US$164.4bn. Despite having 70 less deals, Q1 2014 was still 22.9% higher than Q1 2013 (US$134.8bn). This boost by US$29.6bn marks a better start to the year, with the highest activity since Q2 2013 (US$200bn).

With three of the top deals, TMT topped this year’s ranking. Telecommunications, the top performing sector of Q1 2013, UK Liberty Global US$10.9bn acquisition in the Dutch decreased by 30% in value in Q1 2014 going down to US$23bn and cable operator Ziggo was the biggest deal. Second was a cutting number of deals by 35%, from 20 to 13. Investors regained US$10.6bn tie-up between Portugal’s Telecom SGPS and their confidence in Consumer sector, with US$19bn worth of Brazilian telecommunications company Oi. Lastly, was deals, increasing market share to 11.6% from 9.2% in 2013. Vodafone’s acquisition of Grupo Corporativo for a consideration of US$10bn, which saw Vodafone accelerate its unified PE communications strategy in the European market. With a two year consecutive stagnation below US$100bn on a full-year basis, Q1 2014 did not change the forecast for 2014. Sectors European buyouts reached the same level recorded in Q1 2013 (US$19.1bn), with a 12% increase in terms of number of deals. For mid-market activity, the initial optimistic prognosis based European buyouts marked another low start to the year, where on the upward trend seen in H2 2013 has decreased as the Q1 a lower start could only be found in Q1 2011 (US$18.9bn). Exits 2014 activity hit its lowest value (US$18.4bn) since Q2 2009 reached US$25bn, the highest Q1 record since 2011 (US$30.1bn) (US$17.8bn). as investors were more inclined to sell current holdings.

Q1 2014 belonged to the properties market, which noted a 728% jump compared to the same period in 2013, up from US$1.5bn to US$12bn. This performance is believed to be a sign of a steady growth trend in Real Estate, which held 7.3% of the total M&A market.

Monthly M&A Insider | April | 39 DEAL OF THE QUARTER

Deal summary Announced: 17-Mar-14 Deal value: US$10,027m

Vodafone Group Plc has agreed to acquire Grupo Corporativo • Total revenue synergies are expected to have a net present ONO, SA. value of €1bn.

• The transaction is projected to be accretive to adjusted EPS TERMS: and FCF per share from the first full year after the completion. • Vodafone will acquire ONO for €7.2bn on a debt free and CONDITIONS: cash free basis. • Anti-trust clearances.

FINANCING: • Customary closing conditions. • ONO’s acquisition will be financed through Vodafone’s existing cash resources, as well as committed but undrawn BACKGROUND: credit facilities. • In July 2005, a 53.4% stake in Grupo Ono was acquired by the US-based private equity firms CCMP Capital Advisors, LLC, RATIONALE: Providence Equity Partners LLC, Quadrangle Group LLC, • The acquisition will allow Vodafone to accelerate its unified and Thomas H Lee Partners LP through the subscription of communications strategy in the European market. €1,000m capital increase.

• The transaction will further enable Vodafone to grow its • Currently, CCMP Capital and Providence Equity Partners presence in Spain. own a 15.2% each; Thomas H. Lee Partners – a 15% stake; Quadrangle Capital Partners – a 9% stake; and Caisse de • ONO’s network is complementary to Vodafone’s fibre-to-the- Depot et Placement du Quebec – a 6.8% stake. home build programme. • ONO, which employs 2,500 people, serves approximately 7.2 million homes in Spain. POST DEAL DETAILS: • The transaction is expected to result in cost and capex synergies with a run-rate of €240m before integration costs by the fourth year post-acquisition.

Exit multiples – Y/E 31-Dec-13 Premium analysis Multiples Value (US$m) Offer price per share (US$) - Revenue 4.5 1,598.0 1 day before - EBITDA 10.5 686.0 1 month before - EBIT 26.8 269.0 1 day after - Earnings - -25.0 Pre-rumour -

Advisers Target/Seller Bidder Financial Bank of America Merrill Lynch; Deutsche Bank; Financial Goldman Sachs; Morgan Stanley JPMorgan; UBS Investment Bank Legal Clifford Chance; Freshfields Bruckhaus Deringer Legal DLA Piper; Robertson Robey Associates

EUROPE Monthly M&A Insider | April | 40 DEAL OF THE QUARTER

Mergermarket/dealReporter intelligence 06-Mar-13 Ono holds course for IPO as Vodafone hovers 07-Mar-13 Ono and Vodafone reach preliminary deal 13-Mar-13 Ono seeks cash only deals 17-Mar-13 Vodafone to acquire Ono for €7.2bn

Bidder Vodafone Group Plc Headquarters Vodafone House The Connection Newbury RG14 2FN Berkshire UK Sector Telecommunications: Carriers Description UK-based telecommunications company

Target Grupo Corporativo ONO SA Headquarters c/Emisora, 20 Pozuelo de Alarcon 28224 Madrid Spain Sector Telecommunications: Carriers Description Spain-based provider of telecommunications services such as broadband internet, television, and mobile services

EUROPE Monthly M&A Insider | April | 41 TOP DEALS & EXPECTED DEALS

TOP 10 EUROPEAN ANNOUNCED DEALS OF Q1 2014

Announced Bidder company Target company Target dominant Seller company Exit multiples (x) Bid premia Deal sector 1-day value Revenue EBITDA P/E before (US$m)

27-Jan-14 Liberty Global Plc Ziggo BV (71.5% stake) Media - 6.4 11.3 19.9 3.8% 10,999

20-Feb-14 Oi SA Portugal Telecom SGPS SA Telecommunications - 2.7 6.6 8.6 -4.6% 10,574

17-Mar-14 Vodafone Group Plc Grupo Corporativo ONO SA Telecommunications Providence Equity Partners 4.5 10.5 --10,027 LLC; 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 (37.4% stake) Industrial & - 1.7 13.3 25.7 38.3% 9,148 Chemicals

11-Feb-14 L'Oreal SA L'Oreal SA (8% stake) Consumer Nestle SA 3.2 15.8 0.3 -3.5% 8,190

23-Jan-14 McKesson Celesio AG Pharma, Medical Franz Haniel & Cie GmbH; 0.3 10.1 23.4 2.3% 7,596 Corporation & Biotech and Elliott Management Corporation

16-Mar-14 LetterOne Group RWE Dea AG Energy, Mining RWE AG --- -7,090 & Utilities

06-Feb-14 OP Pohjola Group Pohjola Bank Plc Financial Services - ---13.4% 4,586 Central Cooperative (62.8% stake)

07-Jan-14 F Salling A/S Dansk Supermarked A/S Consumer AP Moller – Maersk A/S 0.8 -- -3,672 (49% stake)

24-Mar-14 Bain Capital LLC; Nets Holding A/S Business Services - 2.5 12.8 27.7 - 3,158 Advent International Corporation; and ATP Group

Based on announced deals, including lapsed and withdrawn bids Source: Mergermarket Based on dominant geography of target company being European Data correct as of 07-Apr-14

EUROPE Monthly M&A Insider | April | 42 TOP DEALS & EXPECTED DEALS

PIPELINE OF EUROPEAN EXPECTED DEALS

Situation Target company Sector Potential bidder Financial adviser Seller company Market cap/ Comments company to bidder (B); est value target (T); (US$m) seller (S)

Potential - Business Bagg Group - - 32 The Bagg Group (TBG), a privately acquisition Services held Toronto-based staffing company, will consider buys as it shores up its balance sheet over the next 24 months, said CEO Geoff Bagg. TBG could be in position to consider a sale after reducing debt on its balance sheet, added Bagg, who is its majority owner. TBG has attained revenue in the CA$35m (US$31.7m) to CA$40m range, Bagg said. The company believes it has lots of mileage left and would only consider sale offers with really high multiples at this point, he added. Attractive multiples for a sale were not provided.

Potential - Consumer Pets Best - - 30 Pets Best Insurance, the Boise, acquisition Idaho-based pet insurer, expects to be acquired by a mainstream insurer within two years, said founder and president Jack Stephens. Stephens confirmed a 27 March report by this news service that said Pets Best is the No. 5 North American pet insurer, with annual sales of US$30m and EBITDA of US$1.3m.

Potential ASK Chemicals GmbH Industrial & Rhone Capital LLC UniCredit Group - - The sale process for ASK Chemicals acquisition Chemicals is set to conclude in the next few days after only two parties submitted final offers for the German specialty chemicals company, said two sources familiar with the situation. Private equity firm Rhone Capital is one of the final bidders and the only private equity house left following the final round, the sources said. The other bidder is a trade buyer. ASK, which is based in Hilden, Germany, operates 30 subsidiaries with 1,800 employees in 25 countries. It was founded in 1917 in Cleveland, Ohio.

Potential Italmatch Chemicals SpA Industrial & Ardian - Mandarin Capital 137 Italmatch Chemicals, the private equity- acquisition Chemicals Management SA backed Italian chemical company, is in advanced talks with a private equity fund interested in succeeding majority owner Mandarin Capital Partners, said two sources close to the situation. The potential sale has been of interest to international private equity firms, one of the sources said. The source named private equity firm Ardian as a possible bidder. Italmatch’s turnover in 2012 was around €100m. Management is forecasting revenues of €250m for 2014. As reported by Mergermarket in March 2013, Italmatch may also consider listing in the US some time next year.

Expected deals based on confirmed announcements by companies involved

EUROPE Monthly M&A Insider | April | 43 LEAGUE TABLES

TOP 20 EUROPEAN FINANCIAL ADVISERS VALUE

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Value Value change (US$bn) (US$bn) (%) 1 5 Morgan Stanley 92.3 23 25.5 262.6% 2 2 JPMorgan 83.5 26 53.3 56.7% 3 10 Bank of America Merrill Lynch 75.7 19 10.1 652.8% 4 1 Goldman Sachs 73.0 19 63.7 14.6% 5 8 Deutsche Bank 60.4 23 14.9 305.5% 6 7 Rothschild 33.6 38 16.9 98.6% 7 12 Lazard 30.4 25 9.3 227.3% 8 6 Barclays 29.2 21 19.5 50.2% 9 9 Citi 26.8 15 14.3 87.4% 10 13 BNP Paribas 23.7 18 9.0 164.9% 11 120 Greenhill & Co 23.5 4 0.1 17,078.8% 12 - Mizuho Financial Group 23.1 2 - - 13 22 UBS Investment Bank 22.1 13 5.0 343.1% 14 3 Credit Suisse 18.6 16 33.6 -44.8% 15 77 ABN AMRO Bank 16.8 11 0.6 2,911.8% 16 40 EY 14.7 40 2.8 419.6% 17 15 PwC 11.6 67 7.7 50.7% 18 56 Perella Weinberg Partners 11.0 2 1.5 614.7% 19 53 Banco Espirito Santo de Investimento 10.8 2 1.6 553.8% 20 80 Santander Global Banking and Markets 10.6 2 0.4 2,372.6% Source: Mergermarket

TOP 20 EUROPEAN FINANCIAL ADVISERS VOLUME

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Deal count Deal count (US$bn) change 1 1 PwC 11.6 67 61 6 2 4 EY 14.7 40 37 3 3 3 Rothschild 33.6 38 43 -5 4 5 Deloitte 1.9 35 37 -2 5 2 KPMG 3.4 32 54 -22 6 7 JPMorgan 83.5 26 25 1 7 13 Lazard 30.4 25 18 7 8 8 Morgan Stanley 92.3 23 25 -2 9 22 Deutsche Bank 60.4 23 11 12 10 10 Barclays 29.2 21 23 -2 11 23 Bank of America Merrill Lynch 75.7 19 11 8 12 6 Goldman Sachs 73.0 19 31 -12 13 14 BNP Paribas 23.7 18 18 0 14 17 Credit Suisse 18.6 16 16 0 15 18 Citi 26.8 15 16 -1 16 9 M&A International 0.3 14 25 -11 17 20 UBS Investment Bank 22.1 13 14 -1 18 27 Canaccord Genuity 1.6 13 9 4 19 45 ABN AMRO Bank 16.8 11 5 6 20 11 Rabobank 1.2 11 21 -10 Source: Mergermarket The financial adviser league tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and exclude lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being European.

EUROPE Monthly M&A Insider | April | 44 LEAGUE TABLES

TOP 20 EUROPEAN LEGAL ADVISERS VALUE

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 11 Freshfields Bruckhaus Deringer 61.2 38 18.1 238.7% 2 38 Simpson Thacher & Bartlett 60.5 16 3.7 1,546.4% 3 1 Latham & Watkins 42.3 31 34.0 24.5% 4 14 Clifford Chance 40.0 39 13.3 200.8% 5 52 Weil Gotshal & Manges 36.6 14 2.6 1,330.5% 6 2 Linklaters 36.5 29 30.0 21.8% 7 10 White & Case 33.2 32 20.9 58.4% 8 18 Skadden Arps Slate Meagher & Flom 32.7 13 12.2 167.1% 9 19 Sullivan & Cromwell 31.4 12 9.9 218.4% 10 9 Fried Frank Harris Shriver & Jacobson 25.9 6 25.0 3.6% 11 72 Arthur Cox 25.1 7 1.8 1,328.7% 12 - Wachtell, Lipton, Rosen & Katz 24.3 2 0.0 - 13 263 William Fry 23.1 2 0.1 41,976.4% 14 105 Garrigues 21.1 10 0.8 2,542.3% 15 371 Hengeler Mueller 16.8 11 0.0 - 16 12 Allen & Overy 16.7 33 16.4 1.9% 17 17 Davis Polk & Wardwell 15.4 8 12.5 23.2% 18 34 Roschier 14.9 11 4.5 228.0% 19 93 Kim & Chang 14.0 8 1.1 1,169.2% 20 20 NautaDutilh 13.9 8 7.9 74.9% Source: Mergermarket

TOP 20 EUROPEAN LEGAL ADVISERS VOLUME

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 4 DLA Piper 13.7 44 46 -2 2 7 Clifford Chance 40.0 39 40 -1 3 5 Freshfields Bruckhaus Deringer 61.2 38 45 -7 4 1 CMS 1.2 34 50 -16 5 2 Allen & Overy 16.7 33 49 -16 6 8 White & Case 33.2 32 34 -2 7 13 Latham & Watkins 42.3 31 20 11 8 3 Linklaters 36.5 29 48 -19 9 12 King & Wood Mallesons 3.8 28 27 1 10 9 Jones Day 3.0 28 28 0 11 6 Baker & McKenzie 5.8 22 41 -19 12 10 Hogan Lovells International 3.5 20 27 -7 13 33 Vinge 3.0 18 12 6 14 193 Simpson Thacher & Bartlett 60.5 16 2 14 15 19 Kirkland & Ellis 12.9 16 17 -1 16 39 Mannheimer Swartling 12.5 16 11 5 17 17 Eversheds 0.4 16 19 -3 18 27 Loyens & Loeff 13.4 15 13 2 19 11 Ashurst 7.8 15 27 -12 20 15 Weil Gotshal & Manges 36.6 14 20 -6 Source: Mergermarket The legal adviser league tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and include lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being European.

EUROPE Monthly M&A Insider | April | 45 LEAGUE TABLES

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON EUROPEAN BUYOUTS

VALUE VOLUME

Ranking Ranking Q1 2014 Company name Value Deal Q1 2014 Company name Value Deal (US$m) count (US$m) count 1 Via Venture Partners 3,158 2 1 CapMan Plc 0 4 2= Advent International 3,158 1 2 HgCapital 330 3 2= Bain Capital 3,158 1 3 Springwater Capital 228 3 4 Blackstone Group 2,070 2 4 The Gores Group 136 3 5 Caisse de Depot et Placement du Quebec 1,050 1 5 Amundi Private Equity Funds 7 3 6= CVC Capital Partners 1,000 2 6= Catacap Management 0 3 6= Apax Partners 989 1 6= Oaktree Capital Group 0 3 8 GTCR 977 2 6= TCR Capital 0 3 9= Apollo Global Management 903 1 9 Via Venture Partners 3,158 2 9= Canada Pension Plan Investment Board 903 1 10 Blackstone Group 2,070 2 11= Astorg Partners 824 1 11 CVC Capital Partners 1,000 2 11= Wendel 824 1 12 GTCR 977 2 13 Kulczyk Holding 748 1 13 Montagu Private Equity 725 2 14 Montagu Private Equity 725 2 14 Eurazeo 465 2 15= BC Partners 624 1 15 Starwood Capital Group 386 2 15= Insight Venture Partners 624 1 Source: Mergermarket Source: Mergermarket

The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is European. The tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and exclude lapsed and withdrawn deals.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON EUROPEAN EXITS VALUE VOLUME

Ranking Ranking Q1 2014 Company name Value Deal Q1 2014 Company name Value Deal (US$m) count (US$m) count 1= Caisse de Depot et Placement du Quebec 10,027 1 1 Gresham LLP 519 3 1= CCMP Capital Advisors, LLC 10,027 1 2 ACG Capital 68 3 1= Providence Equity Partners LLC 10,027 1 3 Indufin SA 0 3 1= Quadrangle Group LLC 10,027 1 4 ECI Partners LLP 657 2 1= Thomas H. Lee Partners, LP 10,027 1 5 Scottish Equity Partners LLP 65 2 6= Investindustrial SpA 2,701 1 6 BNP Paribas Developpement SA, SCR 55 2 6= Kohlberg Kravis Roberts & Co. LP 2,701 1 7 Ouest Croissance SCR 55 2 8 Blackstone Group LP 1,933 1 8= High-Tech Gruenderfonds Management GmbH 41 2 9= Al Bateen Investment Company 1,129 1 8= Omnes Capital 41 2 9= Mid Europa Partners LLP 1,129 1 10= Accent Equity Partners AB 0 2 9= Trilantic Capital Partners 1,129 1 10= Chequers Capital 0 2 12 Clessidra SGR SpA 1,041 1 10= Groupe Siparex 0 2 13 Vitruvian Partners LLP 803 1 10= ISIS Equity Partners LLP 0 2 14 Charterhouse Capital Partners LLP 740 1 13= Caisse de Depot et Placement du Quebec 10,027 1 15= Altiva Capital LLC 660 1 13= CCMP Capital Advisors, LLC 10,027 1 15= DFW Capital Partners 660 1 13= Providence Equity Partners LLC 10,027 1 Source: Mergermarket 13= Quadrangle Group LLC 10,027 1 13= Thomas H. Lee Partners, LP 10,027 1 Source: Mergermarket

The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is European. The tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and exclude lapsed and withdrawn deals.

EUROPE Monthly M&A Insider | April | 46 TREND GRAPHS

EUROPEAN M&A QUARTERLY TREND EUROPEAN M&A QUARTERLY PRIVATE EQUITY TREND

700 2,000 140 450

1,800 400 600 120 1,600 350

500 1,400 100 Number of deals 300 Number of deals 1,200 400 80 250 1,000 300 60 200 Value ( US$bn ) Value 800 ( US$bn ) Value 150 200 600 40 100 400 100 20 200 50

0 0 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 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 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

EUROPEAN M&A ANNUAL TREND EUROPEAN M&A ANNUAL PRIVATE EQUITY TREND

1,600 8,000 350 1600

1,400 7,000 300 1400

1,200 6,000 1200 250 Number of deals Number of deals 1,000 5,000 1000 200 800 4,000 800 150 Value ( US$ bn) Value ( US$ bn) Value 600 3,000 600

100 400 2,000 400

200 1,000 50 200

0 0 0 0 2008 2009 2010 2011 2012 2013 YTD 2014* 2008 2009 2010 2011 2012 2013 YTD 2014*

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

EUROPE Monthly M&A Insider | April | 47 TREND GRAPHS

EUROPEAN M&A GEOGRAPHIC BREAKDOWN Q1 2014

VALUE VOLUME

10.0% 12.1% USA USA 22.4% 4.4% UK 28.9% UK France France 4.4% Northern Europe Northern Europe Germany 15.6% Germany 5.4% Brazil Brazil CEE CEE 6.4% Luxembourg Luxembourg 1.1% 15.6% China China 0.5% Others Others 7.9% 13.4% 8.9%

11.6% 0.2% 9.3% 10.8% 11.0%

EUROPEAN M&A SECTOR BREAKDOWN Q1 2014

VALUE VOLUME

0.2%

1.0% 3.7% 4.7% 14.0% 13.5% Industrials & Chemicals 1.0% Industrials & Chemicals 20.5% 1.3% Energy, Mining & Utilities 3.8% Energy, Mining & Utilities 1.3% Consumer Consumer 1.9% Financial Services Financial Services 12.8% 9.3% 2.7% Media Media

2.7% Real Estate 6.5% Real Estate Business Services Business Services 6.4% Pharma, Medical & Biotech 6.9% Pharma, Medical & Biotech Technology Technology 11.7% Transportation Transportation 6.8% Agriculture 16.7% Agriculture Leisure 12.3% Leisure 7.3% 9.3% Construction Construction 4.1% 8.3% Telecommunications 7.5% Defence 1.7% Telecommunications

EUROPE Monthly M&A Insider | April | 48 TREND GRAPHS

EUROPEAN M&A DEAL SIZE BREAKDOWN Q1 2014

VALUE VOLUME

0.6% 0.4% 0.3% 0.4% 0.4% 0.2% 0.6% 100 100 0.7% 0.9% 0.9% 0.9% 0.8% 0.9% 0.9% 90 26.6% 22.1% 98 28.6% 2.7% 3.8% 3.5% 3.3% 3.1% 33.6% 33.9% 3.7% 4.0% 80 38.7% 96 44.4% 2.9% 3.2% 3.0% 70 94 3.2% 3.7% 25.8% 4.2% 3.6% 18.7% 20.4% 60 92 20.7% 18.8% 19.3% 50 15.0% 90 Percentage Percentage 40 29.1% 29.0% 27.5% 88 20.9% 25.2% 30 19.2% 22.3% 86 93.1% 92.4% 92.4% 92.0% 91.1% 91.6% 90.6% 20 8.5% 9.0% 9.8% 10.2% 84 8.3% 9.5% 8.2% 10 16.3% 82 13.1% 14.6% 14.2% 12.6% 14.4% 11.5% 0 80 2008 2009 2010 2011 2012 2013 YTD 2014* 2008 2009 2010 2011 2012 2013 YTD 2014*

US$0-US$250m US$0-US$250m US$251m-US$500m US$251m-US$500m US$501m-US$2,000m US$501m-US$2,000m US$2,001m-US$5,000m US$2,001m-US$5,000m >US$5,001m >US$5,001m

SECTOR ANALYSIS

EUROPEAN SECTOR ANALYSIS Sector Q1 2014 Q1 2013 % change Value (US$m) Mrk share Deal count Value (US$m) Mrk share Deal count Value Volume Telecommunications 22,969 14.0% 13 32,693 24.3% 20 -30% -35% Industrials & Chemicals 22,163 13.5% 260 8,541 6.3% 308 159% -16% Energy, Mining & Utilities 21,085 12.8% 82 26,204 19.4% 104 -20% -21% Consumer 19,073 11.6% 210 12,409 9.2% 202 54% 4% Financial Services 15,258 9.3% 96 17,819 13.2% 109 -14% -12% Media 13,651 8.3% 53 6,280 4.7% 54 117% -2% Real Estate 12,037 7.3% 21 1,454 1.1% 20 728% 5% Business Services 11,254 6.8% 156 5,526 4.1% 160 104% -3% Pharma, Medical & Biotech 10,492 6.4% 89 5,563 4.1% 70 89% 27% Technology 4,451 2.7% 117 1,995 1.5% 109 123% 7% Transportation 4,362 2.7% 48 8,550 6.3% 51 -49% -6% Agriculture 3,143 1.9% 13 692 0.5% 17 354% -24% Leisure 2,188 1.3% 47 4,198 3.1% 55 -48% -15% Construction 2,142 1.3% 59 2,878 2.1% 48 -26% 23% Defence 38 0% 3 8 0% 3 385% 0% Total 164,304 1 1,267 134,809 1 1,330 22% -5%

EUROPE Return to contents Monthly M&A Insider | April | 49 A MERGERMARKET M&A REPORT ON THE MIDDLE EAST & AFRICA

Through Q1 2014, M&A value and volume slid 48.3% and 20.2% respectively from this time last year. Middle East & Africa logged a total US$6.6bn worth of transactions, down from US$12.7bn in Q1 2013. The region counted 71 deals, down from 89 this time last year. The quarter was also down from Q4 2013 values, falling 58.5% from 125 deals worth US$15.8bn last quarter. Disappointingly, Q1 2014 is the worst first quarter since the financial crisis, when Q1 2009 accounted for 61 deals worth US$5.3bn.

In terms of sector activity, Q1 2014 offered an overall rebalancing The Financial Services sector has seen a slight decrease both from the same period last year, with Energy, Mining & Utilities in terms of volume (US$978m vs. US$11.3bn) and number leading the rankings both in value and market share (US$1.6bn of deals (14 vs. 6) from Q1 2013. The sector has grabbed the and 25% respectively), followed by Technology (US$1.3bn and headlines recently, when ex-Barclays Chief Executive Officer 20%) and Consumer (US$1.1bn and 16%). Financial Services Bob Diamond acquired stakes in several sub-Saharan African was a close fourth (US$978mn and 15%), with these sectors banks through his investment vehicle Atlas Mara. accounting for well over 75% of all M&A activity in the region compared with less than 60%. Construction and Real Estate cover a combined 6.5% of market activity in Q1 2014: a substantial decrease from the The biggest deal in Q1 2014 was Rakuten’s acquisition of Viber same period last year when the sectors accounted for 18% Media, an Israel-based call and messaging app provider, for a (second-largest share of the market) and 16% (third largest) total consideration of US$900m. The acquisition will enable the respectively. Two high-ticket deals made up for nearly all of the Japanese e-commerce conglomerate to strengthen its global sectors’ market share. foothold and double its number of users. The Energy, Mining & Utilities sector made up most of the Top 10 Deals’ value with Israel continues to be the most active place in the region, only two transactions: in February, the oil & gas multinational topping both value (23.8% of the total) and volume (21.1%). Total sold its 15% interest in the offshore Angola Block 15/06 Together with the United Arab Emirates and South Africa, to Angola-based Sonangol EP for US$750m – a divestment these three countries boast more than half of overall activity, in line with the French energy giant’s strategy of directing again both in volume and value. investment and resources on core assets. The second deal was Overall, Africa remains one of the most promising areas in the US$500m acquisition of Palm Utilities, a supplier of chilled terms of growth potential and business prospects in the coming water for air conditioning, by the Emirates Central Cooling years. Commenting on Mr. Diamond’s foray into the continent, Systems Corporation, a manufacturer of cooling systems. Both the Financial Times reported that “the demographics...are companies are based in the United Arab Emirates. breathtaking. Sub-Saharan Africa alone has a population of Further, Q1 2013 was particularly skewed towards the Energy, about 1bn, which, on many estimates, is set to double over the Mining & Utilities sector, which covered 45% of the market next three decades.” – 18 deals in total valued at US$5.4bn. Last year’s league table had in fact been substantially redrawn in June after Cyprus-based Baskindale dropped its bid to acquire Egyptian telecommunications provider Orascom Telecom. This single deal had propelled the technology sector to the top of 2013’s rankings when it was originally run in April last year.

Monthly M&A Insider | April | 50 DEAL OF THE QUARTER

Deal summary Announced: 04-Feb-14 Deal value: US$750m

• Sonangol EP, the Angola-based oil and gas exploration • The transaction is in line with Total’s strategy to manage company engaged in the prospecting, research, its portfolio and focus on the core assets. Following the development, marketing, production, storage, transportation, divestment Total will continue to operate its main asset commercialisation, and refining of liquid and gaseous in Angola, Block 17, in which it holds a 40% interest. The hydrocarbons and their derivatives, including petrochemicals, Angola Block 15/06 is held 35% by Eni, who operates the has agreed to acquire a 15% stake in Angola Block 15/06 blocks along with partners Total with 15% stake, Sonangol from Total SA, the listed France-based integrated oil and gas 15% stake, SSI 25% stake, Statoil 5% and Falcon Oil Angola company, engaged in upstream and refining activities, and Investimentos 5% stake respectively. The deal is subject to selling of petrochemicals, for a consideration of US$750m. customary approvals.

Exit multiples – Y/E 31-Dec-12 Premium analysis Multiples Value (US$m) Offer price per share (US$) - Revenue n/a n/a 1 day before - EBITDA n/a n/a 1 month before - EBIT n/a n/a 1 day after - Earnings n/a n/a Pre-rumour -

Mergermarket/dealReporter intelligence 10-Sep-13 Marathon Oil announces purchase of USD 1bn in common stock; to sell interest in Block 32 for US$590m 04-Feb-14 Total sells 15% interest in Angola offshore block to Sonangol for US$750m

MIDDLE EAST & AFRICA Monthly M&A Insider | April | 51 DEAL OF THE QUARTER

Bidder Sonangol EP Headquarters Rua Rainha Ginga, No. 29/31 Caixa Postal Luanda Angola Sector Energy Description Angola-based oil and gas exploration company engaged in the prospecting, research, development, marketing, production, storage, transportation, commercialisation, and refining of liquid and gaseous hydrocarbons and their derivatives, including petrochemicals

Target Angola Block 15/06 Headquarters Angola Sector Energy Description Angola-based oil producing block operated by Eni SpA.

Seller Total SA Headquarters Tour Couple 2, place Jean Millier Paris Ile-de-France France Sector Chemicals and Materials; Energy Description France-based integrated oil and gas company, engaged in upstream and refining activities, and selling of petrochemicals

MIDDLE EAST & AFRICA Monthly M&A Insider | April | 52 TOP DEALS

TOP 10 MIDDLE EASTERN & AFRICAN ANNOUNCED DEALS OF Q1 2014

Announced Bidder company Target company Target dominant Seller company Exit multiples (x) Bid premia Deal sector 1-day value Revenue EBITDA P/E before (US$m)

14-Feb-14 Rakuten Inc Viber Media Inc Technology Shabtai Family; --- -900 IRS WEST LLC; and Marco family

04-Feb-14 Sonangol EP Angola Block 15/06 Energy, Mining Total SA --- -750 (15% stake) & Utilitites

20-Jan-14 Qatari Diar Real Estate Barwa Bank PQSC Financial Services Barwa Real Estate --- -657 Investment Company (37.34% stake) Company QSC

20-Jan-14 Emirates Central Cooling Palm Utilities Energy, Mining Istithmar World Capital --- -500 Systems Corporation & Utilitites

03-Mar-14 Goldman Sachs; IHS Holdings Limited Telecommunications - --- -490 African Infrastructure Investment Managers (Pty) Limited; and IFC Global Infrastructure Fund

07-Mar-14 Redefine Properties Annuity Properties Limited Real Estate - --5.0 5.7% 264 International Limited

18-Mar-14 Steinhoff International JD Group Limited Consumer - 0.4 8.1 0.1 26.7% 257 Holdings Ltd (43.65% stake)

17-Mar-14 Koninklijke Philips General Lighting Company Consumer The Carlyle Group, LLC; --- -235 Electronics N.V. Limited (51% stake) Al-Hejailan Group; and Alliance Holding Ltd

09-Jan-14 Swarth Group ECI Telecom Ltd Technology Ashmore Investment --- -200 (90% stake) Management Limited

20-Jan-14 China Uranium Langer Heinrich uranium Energy, Mining Paladin Energy Ltd --- -190 Corporation Limited mining operations & Utilitites (25% stake)

Based on announced deals, including lapsed and withdrawn bids Source: Mergermarket Based on dominant geography of target company being Middle East or Africa Data correct as of 07-Apr-14

MIDDLE EAST & AFRICA Monthly M&A Insider | April | 53 LEAGUE TABLES

TOP 20 MIDDLE EASTERN & AFRICAN FINANCIAL ADVISERS VALUE

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Value Value change (US$bn) (US$bn) (%) 1 17 Bank of America Merrill Lynch 2,991 4 473 532.3% 2 16 UBS Investment Bank 1,511 1 500 202% 3 3 Goldman Sachs 1,063 3 2,629 -59.6% 4 - KPMG 960 2 - - 5 2 Citi 928 3 2,660 -65.1% 6 26 Standard Bank Group 875 2 200 337.5% 7= 18 Deutsche Bank 765 1 450 70% 7= - Simonis Storm Securities 765 1 - - 9 51 Investec 676 4 - - 10 21 EY 636 2 328 93.9% 11 - Java Capital 384 2 - - 12 33 Canaccord Genuity 380 2 150 153.3% 13 - Sasfin Bank 264 1 - - 14 15 JPMorgan 249 2 500 -50.2% 15= - GIB Capital 235 1 - - 15= - Moelis & Company 235 1 - - 17 - Leonardo & Co 190 1 - - 18 - EFG-Hermes Holding 150 1 - - 19 30 PwC 147 2 172 -14.5% 20 12 Rand Merchant Bank 135 2 592 -77% Source: Mergermarket

TOP 20 MIDDLE EASTERN & AFRICAN FINANCIAL ADVISERS VOLUME

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Deal count Deal count (US$bn) change 1 28 Bank of America Merrill Lynch 2,991 4 1 3 2 51 Investec 676 4 1 3 3 5 Goldman Sachs 1,063 3 3 0 4 4 Citi 928 3 3 0 5 - KPMG 960 2 - - 6 3 Standard Bank Group 875 2 4 -2 7 2 EY 636 2 4 -2 8 - Java Capital 384 2 - - 9 38 Canaccord Genuity 380 2 1 1 10 26 JPMorgan 249 2 1 1 11 14 PwC 147 2 2 0 12 6 Rand Merchant Bank 135 2 3 -1 13 12 Nedbank Capital 7 2 2 0 14= 11 HSBC - 2 2 0 14= - Perella Weinberg Partners - 2 - - 16 27 UBS Investment Bank 1,511 1 1 0 17= 29 Deutsche Bank 765 1 1 0 17= - Simonis Storm Securities 765 1 - - 19 - Sasfin Bank 264 1 - - 20= - GIB Capital 235 1 - - 20= - Moelis & Company 235 1 - - Source: Mergermarket The financial adviser league tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and exclude lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Middle East & Africa, including Israel.

MIDDLE EAST & AFRICA Monthly M&A Insider | April | 54 LEAGUE TABLES

TOP 20 MIDDLE EASTERN & AFRICAN LEGAL ADVISERS VALUE

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Value Value change (US$bn) (US$bn) (%) 1 8 Clifford Chance 3,631 7 2,569 41.3% 2 1 White & Case 2,322 3 6,730 -65.5% 3 48 Ashurst 2,166 1 41 5,183% 4= 54 Gilbert + Tobin 1,083 1 15 7,120% 4= 7 Skadden Arps Slate Meagher & Flom 1,083 1 3,467 -68.8% 6= - Baker Botts 1,000 1 - - 6= - Demarest 1,000 1 - - 6= - Souza, Cescon, Barrieu & Flesch Advogados 1,000 1 - - 6= - Stibbe 1,000 1 - - 10 9 Jones Day 973 3 2,210 -56.0% 11 3 Linklaters 900 1 5,082 -82.3% 12 46 Bowman Gilfillan Africa Group 784 2 42 1,766.7% 13 - Hylands Law Firm 765 1 - - 14 52 DLA Cliffe Dekker Hofmeyr 695 4 32 2,071.9% 15= - Trilegal 616 1 - - 15= - Vaish Associates 616 1 - - 17 13 Edward Nathan Sonnenbergs 527 4 841 -37.3% 18 4 Allen & Overy 436 2 4,509 -90.3% 19 - Latham & Watkins 362 3 - - 20 12 CMS 327 2 969 -66.3% Source: Mergermarket

TOP 20 MIDDLE EASTERN & AFRICAN LEGAL ADVISERS VOLUME

Ranking Q1 2014 Q1 2013 Q1 2014 Q1 2013 Company name Value Deal count Deal count Deal count (US$bn) change 1 11 Clifford Chance 3,631 7 3 4 2 8 DLA Cliffe Dekker Hofmeyr 695 4 5 -1 3 4 Edward Nathan Sonnenbergs 527 4 6 -2 4 17 Webber Wentzel 265 4 2 2 5 10 White & Case 2,322 3 3 0 6 29 Jones Day 973 3 1 2 7 - Latham & Watkins 362 3 - - 8 12 DLA Piper 135 3 3 0 9 - Amarchand & Mangaldas & Suresh A Shroff & Co 90 3 - - 10 3 Bowman Gilfillan Africa Group 784 2 7 -5 11 2 Allen & Overy 436 2 7 -5 12 31 CMS 327 2 1 1 13 1 Norton Rose Fulbright 275 2 8 -6 14 7 Freshfields Bruckhaus Deringer 150 2 5 -3 15 20 Herzog, Fox and Neeman 148 2 2 0 16 - Cleary Gottlieb Steen & Hamilton 140 2 - - 17 - J Sagar Associates 89 2 - - 18 53 Baker & McKenzie 84 2 1 1 19 - Conyers Dill & Pearman 53 2 - - 20 36 Hogan Lovells International - 2 1 1 Source: Mergermarket The legal adviser league tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and include lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Middle East & Africa, including Israel.

MIDDLE EAST & AFRICA Monthly M&A Insider | April | 55 LEAGUE TABLES

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON MIDDLE EASTERN & AFRICAN BUYOUTS

VALUE VOLUME

Ranking Ranking Q1 2014 Company name Value Deal Q1 2014 Company name Value Deal (US$m) count (US$m) count 1= IFC Global Infrastructure Fund 490 1 1= IFC Global Infrastructure Fund 1 490 1= Wendel 490 1 1= Wendel 1 490 3 Venture Capital Bank 163 1 3 Venture Capital Bank 1 163 4= Francisco Partners 110 1 4= Francisco Partners 1 110 4= Kulczyk Holding 110 1 4= Kulczyk Holding 1 110 6 The Carlyle Group 100 1 6 The Carlyle Group 1 100 7 Duet Group 50 1 7 Duet Group 1 50 8 Emerging Capital Partners 40 1 8 Emerging Capital Partners 1 40 9 Accel Partners 10 1 9 Accel Partners 1 10 10= Actis 0 1 10= Actis 1 0 10= Catalyst Principal Partners 0 1 10= Catalyst Principal Partners 1 0 10= Nedbank Capital Private Equity 0 1 10= Nedbank Capital Private Equity 1 0 Source: Mergermarket Source: Mergermarket

The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is Middle East & Africa, including Israel. The tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and exclude lapsed and withdrawn deals.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON MIDDLE EASTERN & AFRICAN EXITS

VALUE VOLUME

Ranking Ranking Q1 2014 Company name Value Deal Q1 2014 Company name Value Deal (US$m) count (US$m) count 1 Istithmar World Capital 500 1 1 Istithmar World Capital 1 500 2 The Carlyle Group 235 1 2 The Carlyle Group 1 235 3 Havenvest Private Equity 163 1 3 Havenvest Private Equity 1 163 4 EFG Hermes 150 1 4 EFG Hermes 1 150 5= Azini Capital Partners 10 1 5= Azini Capital Partners 1 10 5= Escalate Capital Partners 10 1 5= Escalate Capital Partners 1 10 5= Fuse Capital 10 1 5= Fuse Capital 1 10 5= Greenpark Capital 10 1 5= Greenpark Capital 1 10 5= Intel Capital 10 1 5= Intel Capital 1 10 5= Siemens Acceleration in Communications 10 1 5= Siemens Acceleration in Communications 1 10 Source: Mergermarket Source: Mergermarket

The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is Middle East & Africa, including Israel. The tables by value and volume have been run from 01-Jan-14 to 31-Mar-14 and exclude lapsed and withdrawn deals.

MIDDLE EAST & AFRICA Monthly M&A Insider | April | 56 TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&A MIDDLE EASTERN & AFRICAN M&A QUARTERLY TREND QUARTERLY PRIVATE EQUITY TREND

40,000 160 7,000 25

35,000 140 6,000 20 30,000 120 5,000 Number of deals Number of deals 25,000 100 15 4,000 20,000 80 3,000 Value (US$m) Value Value (US$m) Value 10 15,000 60

2,000 10,000 40 5 5,000 20 1,000

0 0 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 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 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

MIDDLE EASTERN & AFRICAN M&A MIDDLE EASTERN & AFRICAN M&A ANNUAL TREND ANNUAL PRIVATE EQUITY TREND

100 600 14 70

90 12 60 500 80

70 10 50 Number of deals 400 Number of deals 60 8 40 50 300 6 30 Value (US$bn) Value Value (US$bn) Value 40 200 30 4 20

20 100 2 10 10

0 0 0 0 2008 2009 2010 2011 2012 2013 YTD 2014* 2008 2009 2010 2011 2012 2013 YTD 2014*

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

MIDDLE EAST & AFRICA Monthly M&A Insider | April | 57 TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&A GEOGRAPHIC BREAKDOWN Q1 2014

VALUE VOLUME

1.5% 2.0% 3.5% 4.6% Israel Israel 23.8% 21.1% United Arab Emirates 25.4% United Arab Emirates 6.0% South Africa South Africa Angola Angola Qatar Qatar 8.7% Nigeria Nigeria Saudi Arabia Saudi Arabia 11.3% Namibia 2.8% Namibia Botswana 2.8% Botswana 10.0% 14.4% Mozambique 2.8% Mozambique Others Others 5.6% 16.9% 11.4% 7.0% 14.1% 2.8%

1.4%

MIDDLE EASTERN & AFRICAN M&A SECTOR BREAKDOWN Q1 2014

VALUE VOLUME

2.8% 2.8% 7.5% 2.8% 16.1% Consumer Consumer 2.8% 2.8% 22.5% 6.4% Industrials & Chemicals Industrials & Chemicals 3.2% Energy, Mining & Utilities Energy, Mining & Utilities 4.2% 0.1% Technology Technology 1.7% 3.1% Financial Services 4.2% Financial Services 0.4% Business Services Business Services 1.4% Leisure 5.6% Leisure Transportation Transportation Agriculture Agriculture 14.9% 15.5% Pharma, Medical & Biotech 8.5% Media 25.0% Real Estate Pharma, Medical & Biotech Telecommunications Real Estate 11.3% Telecommunications 20.2% 14.1%

MIDDLE EAST & AFRICA Monthly M&A Insider | April | 58 TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&A DEAL SIZE BREAKDOWN Q1 2014

VALUE VOLUME

100 100 3.8% 3.4% 6.0% 7.6% 7.6% 6.0% 4.2% 5.6% 4.0% 5.6% 5.7% 4.3% 90 90 6.1% 4.7% 11.5% 13.1% 9.4% 35.1% 10.1% 12.2% 15.5% 80 80 11.1% 47.5% 53.1% 70 59.2% 70 25.1% 65.9% 32.6% 67.9% 33.3% 60 73.2% 60 36.5% 28.7% 29.7% 29.6% 23.0% 50 50

18.9% Percentage Percentage 40 13.2% 40 16.9% 30 11.5% 25.9% 30 55.2% 18.2% 19.2% 12.6% 10.2% 46.9% 44.9% 46.5% 45.8% 45.1% 20 20 42.6% 13.6% 9.4% 13.5% 9.8% 10 13.7% 12.9% 14.6% 10 9.0% 9.0% 8.2% 6.0% 0 1.7% 1.6% 1.0% 1.3% 0.9% 0.8% 1.4% 0 2008 2009 2010 2011 2012 2013 YTD 2014* 2008 2009 2010 2011 2012 2013 YTD 2014*

US$0-US$14.9m US$0-US$14.9m US$15m-US$100m US$15m-US$100m US$101m-US$250m US$101m-US$250m US$251m-US$500m US$251m-US$500m >US$501m >US$501m

SECTOR ANALYSIS

MIDDLE EASTERN & AFRICAN SECTOR ANALYSIS Sector Q1 2014 Q1 2013 % change Value (US$m) Mrk share Deal count Value (US$m) Mrk share Deal count Value Volume Energy, Mining & Utilities 1,644 25.0% 10 5,442 42.8% 18 -70% -44% Technology 1,329 20.2% 8 743 5.8% 5 79% 60% Consumer 1,059 16.1% 16 135 1.1% 6 682% 167% Financial Services 978 14.9% 6 1,139 9.0% 14 -14% -57% Telecommunications 490 7.5% 2 6 0% 2 7933% 0% Real Estate 419 6.4% 2 2,030 16.0% 1 -79% 100% Pharma, Medical & Biotech 209 3.2% 2 707 5.6% 9 -70% -78% Industrials & Chemicals 201 3.1% 11 82 0.6% 10 145% 10% Transportation 114 1.7% 3 11 0.1% 5 986% -40% Business Services 92 1.4% 4 46 0.4% 7 101% -43% Leisure 29 0.4% 3 6 0% 3 382% 0% Agriculture 7 0.1% 2 64 0.5% 3 -89% -33% Construction - 0% - 2,305 18.1% 5 -100% -100% Defence - 0% - - 0% 1 - -100% Media - 0% 2 - 0% - - - Total 6,572 1 71 12,716 1 89 -48% -20%

MIDDLE EAST & AFRICA Return to contents Monthly M&A Insider | April | 59 Call Us: +44 (0)845 602 6912 Merrill DataSite www.datasite.com The No.1 VDR Choice for Dealmakers

The Market Leading VDR Solution With decades of experience in document management and due diligence services, 30,000 700 million Merrill Corporation has created a smart, simple and secure virtual data room (VDR) solution 2013 WINNER - Merrill DataSite. With Merrill DataSite you can easily execute on all of your acquisition M&A Advisor VDR projects and pages and checklist items and turn your paper and electronic files into a fully searchable, secure, Turnaround Awards counting... and completely edit-enabled online library – no additional hardware, software, personnel or programming needed. We have worked with great success on many thousands of deals, so Information Management far uploading approximately 700,000,000 pages of data on over 30,000 projects. Product/Service of the Year

Unrivalled International Service 2013 WINNER Our multilingual project managers between them speak 27 languages, and a dedicated 3rd Annual ACG project management team will be assigned to your deal right from the start and then New York Champion’s Awards 85 Project Managers, be available 24/7/365 – giving you peace of mind that the right person is always on hand Product/Service to address any issue. Our structured approach to setting up every VDR applies tried and of the Year speaking 27 languages tested practices that make it easy for you to open, manage and maintain your data room, while adding value for all the parties involved in the due diligence process. 2012 WINNER Global M&A Advisor M&A Awards Round-the-clock availability Our clients have effectively used our VDRs to Product/Service Merrill DataSite VDRs offer international enhance the following types of transaction: of the Year Working with Dealmakers around the world dealmakers multiple business benefits. Mergers, acquisitions and divestitures We offer rapid set-up and round-the-clock Private placements support, a reliable hosted service from Leveraged buyouts a single source, advanced but easy to Bankruptcy and reorganisation transactions 2012 WINNER

use functionality, plus – complete cost Financing restructuring Acquisitions International UK transparency. IPOs and dual track processes UK VDR Provider of the Year

Ironclad Security Merrill DataSite leads the way in VDR security having become the first VDR provider to 2011 WINNER be fully accredited with ISO 27001, the industry gold-standard for security certification. M&A Advisor Certified since 2007, we are audited annually, to maintain the highest standards. In International Awards addition, documents are 256-bit SSL encrypted, watermarks are tamperproof and can Product/Service ISO 27001 be customised, and data can be viewed, printed and downloaded only by the users you of the Year Industry Leading Security designate. Added to this, we are fully Safe Harbor certified. You’ll have peace of mind knowing your information is being shared only with the people you choose.

About Merrill Corporation About Merrill DataSite Merrill Corporation is a leading provider of outsourced solutions for complex business communication and information management. Founded in 1968 and Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and across the world. As first to market, we have headquartered in St. Paul, Minnesota, Merrill’s services include document and data management, litigation support, language translation services, fulfilment, many years of experience to bring to your transaction and have had time to develop and refine our technology, leading to a peerless imaging and printing. Merrill serves the corporate, legal, financial services, insurance and real estate markets. With more than 5,000 people in over 40 domestic Project Management and systems infrastructure that operates 24/7/365. This is why many thousands of companies trust Merrill DataSite to and 22 international locations, Merrill Corporation empowers the communications of the world’s leading organisations. manage their online due diligence processes. Merrill DataSite is a division of Merrill Corporation. To find out more, or to arrange a demonstration of our VDR solution, call +44 (0)845 602 6912, email us at [email protected], or visit www.datasite.com today.

DataSite_DriverDeals_DPS.indd 2-3 11/02/2014 13:43 Call Us: +44 (0)845 602 6912 www.datasite.com The No.1 VDR Choice for Dealmakers

The Market Leading VDR Solution With decades of experience in document management and due diligence services, 700 million Merrill Corporation has created a smart, simple and secure virtual data room (VDR) solution 2013 WINNER - Merrill DataSite. With Merrill DataSite you can easily execute on all of your acquisition M&A Advisor checklist items and turn your paper and electronic files into a fully searchable, secure, Turnaround Awards and completely edit-enabled online library – no additional hardware, software, personnel or programming needed. We have worked with great success on many thousands of deals, so Information Management far uploading approximately 700,000,000 pages of data on over 30,000 projects. Product/Service of the Year

Unrivalled International Service 2013 WINNER Our multilingual project managers between them speak 27 languages, and a dedicated 3rd Annual ACG project management team will be assigned to your deal right from the start and then New York Champion’s Awards be available 24/7/365 – giving you peace of mind that the right person is always on hand Product/Service to address any issue. Our structured approach to setting up every VDR applies tried and of the Year tested practices that make it easy for you to open, manage and maintain your data room, while adding value for all the parties involved in the due diligence process. 2012 WINNER Global M&A Advisor M&A Awards Round-the-clock availability Our clients have effectively used our VDRs to Product/Service Merrill DataSite VDRs offer international enhance the following types of transaction: of the Year Working with Dealmakers around the world dealmakers multiple business benefits. Mergers, acquisitions and divestitures We offer rapid set-up and round-the-clock Private placements support, a reliable hosted service from Leveraged buyouts a single source, advanced but easy to Bankruptcy and reorganisation transactions 2012 WINNER

use functionality, plus – complete cost Financing restructuring Acquisitions International UK transparency. IPOs and dual track processes UK VDR Provider of the Year

Ironclad Security Merrill DataSite leads the way in VDR security having become the first VDR provider to 2011 WINNER be fully accredited with ISO 27001, the industry gold-standard for security certification. M&A Advisor Certified since 2007, we are audited annually, to maintain the highest standards. In International Awards addition, documents are 256-bit SSL encrypted, watermarks are tamperproof and can Product/Service be customised, and data can be viewed, printed and downloaded only by the users you of the Year designate. Added to this, we are fully Safe Harbor certified. You’ll have peace of mind knowing your information is being shared only with the people you choose.

About Merrill DataSite Merrill DataSite is established as the market-leader for virtual data rooms (VDRs) in Europe and across the world. As first to market, we have many years of experience to bring to your transaction and have had time to develop and refine our technology, leading to a peerless imaging and printing. Merrill serves the corporate, legal, financial services, insurance and real estate markets. With more than 5,000 people in over 40 domestic Project Management and systems infrastructure that operates 24/7/365. This is why many thousands of companies trust Merrill DataSite to manage their online due diligence processes. MERRILL CORPORATION CONTACTS

EXECUTIVE MANAGEMENT Patrick Cabrera Steve Piccone Ed Bifulk Regional Director, South East Asia Vice President, New York President Tel: +65 9834 4557 Tel: +1 212 229 6883 Tel: +1 212 229 6563 John Pate BJ Birtz Regional Director, Australia & New Zealand Regional Director, Raleigh EXECUTIVE SALES Tel: +61 (0) 499 992 400 Tel: +1 919 996 9117 Will Brown Manuel Bentosinos Paul Kleinkauf Regional Director, France Regional Director, Mexico, Regional Director, Southeast Tel: +33 1 40 06 13 02 Columbia & Caribbean Tel: +1 404 602 3251 Tel: +52 55 9171 2237 Anna Scott Colin Schopbach Regional Director, UK Ana Paula Macêdo Távora de Castro Regional Director, Southeast Tel: +44 (0) 207 422 6263 Vice President, South America Tel: +1 404 796 1478 Chris Beckmann Tel: +55 11 9908 0858 Michail Sidorov Regional Director, Germany, Switzerland & Poland Luis Felipe Salles Cunha Regional Director, Ohio & Michigan Tel: +49 69 244 321 480 Regional Director, Brazil Tel: +1 216 333 1274 Martin Alamri Tel: +55 11 3568 2429 Scott Haugen Regional Director, Germany Brian Gilbreath Regional Director, Minnesota & Wisconsin Tel: +49 69 244 321 471 Vice President, Midwest & Latin America Tel: +1 651 632 4375 Jérôme Pottier Tel: +1 404 934 8085 Anthony Crosby Regional Director, France Hank Gregory Tel: +33 (0) 1 40 06 13 12 Regional Director, Chicago SVP, Western Canada & Pacific Northwest Tel: +1 312 674 6511 Hakema El-Hadad Tel: + 604 603 4360 Mark Plaehn Regional Director, France & Northern Africa Todd Cave Tel: +33 (0) 1 40 06 13 10 Regional Director, Chicago Northern California, Pacific Northwest & Tel: +1 312 674 6527 Manuel Bianchi Western Canada Regional Director, Europe Tel: +1 651 632 4369 Kelly-Leigh Keefe Tel: +44 (0) 207 422 6271 Regional Director, Chicago Ryan MacMillan Tel: +1 312 386 2229 Mike Hinchliffe Regional Director, Canada Regional Director, Europe Tel: +1 416 214 2448 Ted Sengpiel Tel: +44 (0) 207 422 6256 Regional Director, Missouri, Kansas, Nebraska Michael Kennedy & Iowa Bryan Brighton Regional Director, New England Tel: +1 314 315 2909 Regional Director, Europe Tel: +1 207 829 4369 Nicholas Renter Tel: +44 (0)207 422 6212 Ross Whittaker Regional Director, Texas Regional Director, New England Adam Pang Tel: +1 214 754 2100 Regional Director, Europe Tel: +1 617.535.1516 Angela Pedersen Tel: +44 (0) 207 422 6268 Jon Lenihan Account Executive, Greater Texas Region Regional Director, Boston Merlin J. Piscitelli Tel: + 651 632 4394 Regional Director, Europe Tel: +1 617 535 1618 Tel: +44 (0) 207 422 6266 Scott Rediker Andrew Buonincontro Regional Director, Bay Area Mary Walsh Regional Director, Mid Atlantic Tel: +1 650 493 1400 Regional Director, Europe Tel: +1 443 690 3122 Tel: +44 (0) 207 422 6270 Forrest R. Doane Erik Sandie Jonathan Hughes Regional Director, New York Regional Director, Bay Area Account Manager, Europe Tel: +1 212 229 6620 Tel: +1 650 493 1400 Tel: +44 (0) 207 422 6267 Adam Kuritzky Jay Loyola Malcolm Neate Regional Director, New York Regional Director, Bay Area Account Manager, Europe Tel: +1 917 232 9569 Tel: +1 949 622 0663 Tel: +44 (0) 207 422 6272 John McElrone Dan Phelan Alex Gross Regional Director, New York Regional Director, Los Angeles Regional Director, Eastern Europe & Middle East Tel: +1 212 229 6656 Tel: +1 213 253 2139 Tel: +49 69 7593 7148 Joseph Solano Aleshia Hlivka Alvaro Ortega Regional Director, New York Account Executive, California Regional Director, Southern Europe Tel: +1 212 229 6576 Tel: +1 651 632 4967 Tel: +39 27 6362314 Hillary Pryor David Yeary Tel: +34 91 7691022 Regional Director, New York Vice President, DataSite Life Sciences David Haynes Tel: +1 212 367 5924 Tel: +1 415 307 4414 Regional Director, Asia-Pacific Harry Poulos James Snaza Tel: +852 2536 2288 Regional Director, New York Director of Life Sciences Ari Lee Tel: +1 212 367 5924 Tel: +1 651 632 4585 Regional Director, North Asia Meiken Castillo Jon Blue Tel: +852 9855 3758 Regional Director, New York Vice President, Clean Tech Vincent Lork Tel: +1 212 229 6879 Tel: +1 206 696 916 Regional Director, South East Asia Tel: +65 6248 4602 Return to contents Monthly M&A Insider | April | 62 The following notes pertain to data contained in this publication: Deals are included where the deal value is greater than or equal to US$5m.

Wher e no deal value has been disclosed, deals are included if the turnover of the target is greater than or equal to US$10m.

Deals are included in the graphs and Top Deals in each section based on the dominant geography and dominant sector of the target company. Data underlying the League Tables are based on deals where the bidder, target or parent geography of either is that of the geography in focus.

Mid-market is defined as US$10m - US$250m.

Q1 2013 refers to the period 01-Jan-14 to 31-Mar-14. YTD 2014* refers to the period 01-Jan-14 to 31-Mar-14.

For a full version of the Mergermarket M&A deal database inclusion and league table criteria, go to http://www.Mergermarket.com/pdf/deal_criteria.pdf.

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