Monthly M&A Insider January 2015 – HY Edition

HALF-YEAR EDITION

A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY MONTHLY M&A INSIDER JANUARY 2015 INSIDE:

GLOBAL OVERVIEW

LATIN AMERICA

NORTH AMERICA

ASIA-PACIFIC

EUROPE

MIDDLE EAST & AFRICA

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Monthly M&A Insider | October GLOBAL OVERVIEW

The buzzword for 2014 – revival – was played out throughout the entire year and ended with a bang. M&A not only revisited pre-crisis levels, but actually surpassed previous heights in terms of the total number of global transactions. In 2014, there were 16,588 deals worth roughly US$3.2tn. Before that, 2007 was the high-water mark with 16,060 transactions worth about US$3.7tn.

There were many factors that propelled the M&A market to Exit fever these hyper elevated levels of dealmaking. There is, of course, the improving economy that gave CEOs the confidence to execute Private equity exits also had an unparalleled year as both the acquisitions. On top of this, companies had at their disposal, volume and value of these deals topped prior records. Last year cash piles they accumulated throughout the crisis. Interest rates there were 2,099 transactions worth US$489.6bn, surpassing remained low and cheap financing was readily available. the previous high in 2007 of 1,794 deals worth US$403bn.

Large-cap deals also made a strong comeback in several Last year, private equity firms found effective exit strategies that industries including the Pharmaceutical, Medical & Biotech would allow them to pursue new growth areas. Many of the firms sector. In fact, for most of the year, the list of mega issues that were selling their portfolio companies had been holding on included high-profile pharmaceutical deals, so-called corporate to these assets since prior to the crisis, the period from 2006 to inversions. The general M&A market considered these complex 2007. These deals were also driven by many of the same factors transactions, which were motivated by companies’ desire to such as acquisitions including low interest rates and solid avoid US taxes, as one of the greatest drivers of last year’s deal corporate balance sheets. Other drivers included rising company activity. However, in the latter part of 2014, the US Treasury multiples that created for these firms selling opportunities and a released rules that made it more difficult to execute these strong IPO market that offered viable exit alternatives. transactions with the desired tax benefits and effectively put a huge damper on further tax savings-related deal activity. In looking ahead, the big question for dealmakers becomes whether the positive momentum of deal flow that characterised Despite this setback, there was no stopping the flow of large- last year’s market will continue throughout 2015. cap transactions from the sector. In fact, one of the biggest deals of the year, and the largest one of Q4 2014, was Ireland- based Actavis’ roughly US$63bn acquisition of US-based Allergan. Not only did the combination help Allergan avoid a hostile takeover by Valeant Pharmaceuticals, but it also created one of the world’s top 10 pharmaceutical companies in terms of sales revenue.

Head of Research: Elias Latsis Global overview: Elizabeth Lim and Karen Sibayan

Editor: Laura Resetar Latin America: Fabio Lopes and Raquel Mozzer North America: Nicole Corazza and Urna Chakraborty For advertising opportunities contact: Asia-Paciﬁc: Chris Wong and Brandon Taylor Erik Wickman Tel: + (1) 212 686 3329 Europe: Robert Melia and Andrea Putaturo [email protected] Middle East & Africa: Karlis Zilmanis and Mona Shehab El-Dine

Monthly M&A Insider | January | 01 LEAGUE TABLES

TOP 20 GLOBAL FINANCIAL ADVISERS VALUE

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 1 Goldman Sachs 454,740 185 345,476 31.6% 2 3 JPMorgan 370,961 145 312,368 18.8% 3 7 Citi 304,946 111 162,235 88.0% 4 4 Bank of America Merrill Lynch 297,127 101 308,995 -3.8% 5 10 Deutsche Bank 275,937 110 109,651 151.7% 6 6 Barclays 271,489 107 232,956 16.5% 7 2 Morgan Stanley 234,394 137 327,166 -28.4% 8 11 Lazard 205,641 105 81,353 153% 9 12 Credit Suisse 156,151 103 68,116 129.2% 10 18 Jefferies 104,528 70 28,889 261.8% 11 20 Centerview Partners 100,716 19 26,510 279.9% 12 13 Rothschild 100,193 128 59,974 67.1% 13 5 UBS Investment Bank 94,674 80 261,206 -63.8% 14 15 RBC Capital Markets 79,550 66 41,441 92.0% 15 71 China International Capital 53,310 26 4,895 989.1% 16 17 BNP Paribas 52,632 48 34,612 52.1% 17 26 Wells Fargo Securities 51,082 34 20,133 153.7% 18 24 Macquarie Group 42,387 50 23,574 80% 19 14 Evercore Partners 41,423 75 50,470 -17.9% 20 21 HSBC 32,720 29 25,330 29.2% Source: Mergermarket

TOP 20 GLOBAL FINANCIAL ADVISERS VOLUME

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 2 Goldman Sachs 454,913 186 165 21 2 1 PwC 15,354 161 191 -30 3 5 JPMorgan 370,961 145 135 10 4 3 KPMG 19,795 144 163 -19 5 4 Morgan Stanley 234,394 137 146 -9 6 12 Rothschild 100,193 128 95 33 7 7 Deloitte 10,679 125 127 -2 8 6 EY 25,553 116 132 -16 9 10 Citi 304,945 111 105 6 10 15 Deutsche Bank 275,937 110 80 30 11 11 Barclays 271,603 107 99 8 12 9 Lazard 205,545 105 111 -6 13 14 Credit Suisse 155,371 103 90 13 14 8 Bank of America Merrill Lynch 296,251 101 118 -17 15 13 UBS Investment Bank 94,674 80 93 -13 16 20 Evercore Partners 41,423 75 58 17 17 22 Houlihan Lokey 11,633 75 54 21 18 19 Jefferies 104,528 71 65 6 19 18 RBC Capital Markets 79,550 67 71 -4 20 16 M&A International 7,118 63 72 -9 Source: Mergermarket The financial adviser league tables by value and volume have been run from 01-Jul-14 to 31-Dec-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 | January | 02 LEAGUE TABLES

TOP 20 GLOBAL LEGAL ADVISERS VALUE

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 11 Latham & Watkins 260,676 186 135,906 92% 2 21 Cleary Gottlieb Steen & Hamilton 258,048 62 67,586 281.8% 3 3 Wachtell, Lipton, Rosen & Katz 250,305 48 203,804 22.8% 4 15 Sullivan & Cromwell 246,535 60 99,075 149% 5 13 Skadden Arps Slate Meagher & Flom 241,825 132 106,304 127% 6 7 Davis Polk & Wardwell 217,180 69 166,723 30.3% 7 2 Weil Gotshal & Manges 202,462 120 207,543 -2% 8 18 White & Case 200,188 141 70,640 183% 9 5 Jones Day 161,765 164 180,567 -10.4% 10 16 Cravath, Swaine & Moore 161,460 41 77,183 109% 11 31 Baker Botts 141,496 37 36,350 289.3% 12 1 Simpson Thacher & Bartlett 124,916 73 226,279 -44.8% 13 20 Clifford Chance 122,939 144 67,671 81.7% 14 9 Slaughter and May 122,247 39 162,956 -25.0% 15 14 Freshfields Bruckhaus Deringer 122,025 118 104,824 16.4% 16 22 Linklaters 120,567 140 66,071 82.5% 17 19 Allen & Overy 118,024 112 69,953 68.7% 18 34 Herbert Smith Freehills 113,663 93 30,025 278.6% 19 52 Richards Layton & Finger 111,756 15 19,820 463.9% 20 38 Fried Frank Harris Shriver & Jacobson 110,213 38 26,657 313.4% Source: Mergermarket

TOP 20 GLOBAL LEGAL ADVISERS VOLUME

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 1 DLA Piper 21,408 229 224 5 2 2 Latham & Watkins 260,676 186 193 -7 3 5 Jones Day 161,765 164 129 35 4 3 Kirkland & Ellis 102,287 153 185 -32 5 10 Clifford Chance 122,939 144 112 32 6 9 White & Case 200,188 141 118 23 7 8 Linklaters 120,567 140 119 21 8 4 Baker & McKenzie 34,889 137 151 -14 9 14 Skadden Arps Slate Meagher & Flom 241,825 132 103 29 10 13 Weil Gotshal & Manges 202,462 120 106 14 11 6 Freshfields Bruckhaus Deringer 122,025 118 128 -10 12 7 Allen & Overy 118,024 112 122 -10 13 11 Norton Rose Fulbright 36,221 109 112 -3 14 19 O'Melveny & Myers 53,706 104 72 32 15 20 Herbert Smith Freehills 113,663 93 72 21 16 15 CMS 5,858 91 102 -11 17 12 King & Wood Mallesons 26,167 84 107 -23 18 17 Hogan Lovells International 20,889 82 75 7 19 54 Paul Weiss Rifkind Wharton & Garrison 93,086 81 34 47 20 16 Simpson Thacher & Bartlett 124,916 73 99 -26 Source: Mergermarket The legal adviser league tables by value and volume have been run from 01-Jul-14 to 31-Dec-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 | January | 03 LEAGUE TABLES

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON GLOBAL BUYOUTS VALUE VOLUME

Ranking Ranking H2 2014 Company name Value Deal H2 2014 Company name Value Deal (US$m) count (US$m) count 1 Caisse de Depot et Placement du Quebec 9,337 3 1 Kohlberg Kravis Roberts & Co 5,305 17 2 StepStone Group 8,637 3 2 Blackstone Group 7,295 15 3 BC Partners 8,598 1 3 The Carlyle Group 6,790 14 4 Apollo Global Management 7,826 6 4 Warburg Pincus 4,826 14 5 Blackstone Group 7,295 15 5 The Riverside Company 0 12 6 Vista Equity Partners 7,191 6 6 Tiger Global Management 3,317 11 7 The Carlyle Group 6,790 14 7 Sequoia Capital 645 11 8 Thoma Bravo 6,092 4 8 Advent International Corporation 2,300 10 9 Altor Equity Partners 6,013 2 9 TPG Capital 1,723 10 10 Kohlberg Kravis Roberts & Co 5,305 17 10 Temasek Holdings Pte 3,617 9 11 Warburg Pincus 4,826 14 11 EQT Partners 2,893 9 12 Onex Partners 4,658 2 12 H.I.G. Capital 198 8 13 Arcus Infrastructure Partners 4,440 1 13 Naxicap Partners 26 8 14 DST Global 3,900 5 14 Audax Private Equity Group 1,838 7 15= Rocket Internet 3,781 2 15 Avenue Capital Group 477 7 15= Verlinvest 3,781 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 Global. The tables by value and volume have been run from 01-Jul-14 to 31-Dec-14 and exclude lapsed and withdrawn deals.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON GLOBAL EXITS VALUE VOLUME

Ranking Ranking H2 2014 Company name Value Deal H2 2014 Company name Value Deal (US$m) count (US$m) count 1 Kohlberg Kravis Roberts & Co 31,424 8 1 Accel Partners 1,000 12 2 Blackstone Group 11,296 2 2 Draper Fisher Jurvetson 1,109 11 3 Apollo Global Management 6,631 3 3 Intel Capital 1,114 10 4 Altor Equity Partners 6,449 3 4 SV Angel 557 10 5 Apax Partners 5,566 2 5 The Carlyle Group 3,974 9 6 TPG Capital 5,343 7 6 New Enterprise Associates 719 9 7 Waterland Private Equity Investments 4,490 3 7 Greylock Partners 449 9 8 Charterhouse Capital Partners 4,440 4 8 Kohlberg Kravis Roberts & Co 31,424 8 9 Ardian 4,440 2 9 Battery Ventures 1,245 8 10 Pechel Industries Partenaires 4,440 1 10 Bessemer Venture Partners 783 8 11 Thomas H. Lee Partners 4,000 1 11 TPG Capital 5,343 7 12 The Carlyle Group 3,974 9 12 Summit Partners 1,683 7 13 Energy Capital Partners 3,570 2 13 3i Group Plc 781 7 14 Permira Advisers 3,510 1 14 The Riverside Company 590 7 15 PAI Partners 3,196 1 15 Edmond de Rothschild Investment Partners 310 7 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-Jul-14 to 31-Dec-14 and exclude lapsed and withdrawn deals.

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

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

1,400 5,000 400 900

4,500 800 1,200 350 4,000 700 300 1,000 3,500 Number of deals 600 Number of deals 250 3,000 800 500 2,500 200 600 400 Value (US$bn) Value 2,000 (US$bn) Value 150 300 400 1,500 100 200 1,000 200 50 500 100

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 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 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 14 14 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 14 14 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 2014 2008 2009 2010 2011 2012 2013 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 | January | 05 TREND GRAPHS

GLOBAL M&A GEOGRAPHIC BREAKDOWN H2 2014

VALUE VOLUME

2.0% 2.6% 4.2% 3.6% North America North America Europe Europe Asia-Pacific Asia-Pacific 19.3% 33.0% Central & South America 23.8% Central & South America Middle East & Africa Middle East & Africa

49.6%

24.9%

37.0%

GLOBAL M&A SECTOR BREAKDOWN H2 2014

VALUE VOLUME

1.0% 0.1% 1.2% 0.5% 2.1% 0.2% 3.5% 6.1% 12.0% 3.1% Industrials & Chemicals 3.6% 19.1% Industrials & Chemicals 1.4% 3.1% Business Services Business Services 3.7% 5.9% Consumer Consumer 2.8% Technology 4.4% Technology 4.5% Energy, Mining & Utilities Energy, Mining & Utilities Financial Services Financial Services 12.2% 7.1% Pharma, Medical & Biotech 13.2% Pharma, Medical & Biotech 10.8% Leisure Leisure

Media 7.5% Media 6.1% Construction Construction Transportation Transportation 6.8% Real Estate 11.8% Real Estate 10.2% Telecommunications Telecommunications 24.2% Agriculture 11.8% Agriculture Defence Defence

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

GLOBAL M&A DEAL SIZE BREAKDOWN H2 2014

VALUE VOLUME

0.6% 0.5% 0.4% 0.5% 0.4% 0.4% 0.6% 100 100 0.9% 1.0% 1.1% 1.0% 1.0% 1.0% 1.1% 90 98 27.3% 29.1% 28.1% 29.8% 3.8% 3.7% 4.5% 37.8% 4.7% 4.7% 4.7% 4.6% 80 41.9% 40.4% 96

70 94 3.9% 20.3% 18.9% 4.6% 60 19.0% 19.4% 92 4.3% 4.5% 4.8% 4.7% 4.8% 16.5% 18.0% 50 15.2% 90 Percentage Percentage 40 27.9% 88 27.4% 26.2% 27.5% 19.4% 20.5% 22.6% 30 86 90.9% 90.1% 89.8% 89.3% 89.0% 89.2% 8.9% 9.8% 10.1% 9.9% 84 88.9% 20 7.9% 9.8% 8.8%

10 82 14.6% 14.7% 15.2% 14.9% 14.2% 15.2% 12.8% 0 80 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 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 H2 2014 H2 2013 % change Value (US$m) Mrk share Deal count Value (US$m) Mrk share Deal count Value Volume Energy, Mining & Utilities 394,985 24.2% 834 214,815 17.5% 814 84% 2% Industrials & Chemicals 195,094 12.0% 1,536 132,118 10.8% 1,495 48% 3% Consumer 198,398 12.2% 972 97,669 8.0% 912 103% 7% Financial Services 111,742 6.8% 616 128,271 10.4% 617 -13% -0% Pharma, Medical & Biotech 176,294 10.8% 584 92,255 7.5% 603 91% -3% Technology 100,277 6.1% 971 115,511 9.4% 842 -13% 15% Business Services 96,052 5.9% 1,082 59,714 4.9% 913 61% 19% Media 46,387 2.8% 317 26,076 2.1% 308 78% 3% Transportation 51,008 3.1% 255 29,025 2.4% 243 76% 5% Real Estate 98,953 6.1% 176 79,050 6.4% 167 25% 5% Leisure 73,233 4.5% 363 20,159 1.6% 299 263% 21% Telecommunications 57,633 3.5% 102 193,904 15.8% 133 -70% -23% Defence 1,334 0.1% 13 647 0.1% 18 106% -28% Construction 22,102 1.4% 299 30,976 2.5% 271 -29% 10% Agriculture 7,999 0.5% 83 8,135 0.7% 97 -2% -14% Total 1,631,491 100% 8,203 1,228,325 100% 7,732 33% 6%

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Get a room_Artwork_A4..indd 1 24/07/2014 12:05 A MERGERMARKET M&A REPORT ON LATIN AMERICA

Latin America in 2014 closed the year with 576 transactions worth US$129.8bn, a 47% increase in the 2013 deal value of US$88.4bn, but a 13% decrease in volume when compared to the 662 deals announced that year. The total deal value of 2014 was the highest since 2011 when 652 deals were announced with a total value of US$132.3bn. The deal volume, on the other hand, was the lowest since 2010, when 500 deals were announced valued at US$265.2bn.

A deeper look into 2014 showed that there was a mostly even of the structural reforms Brazil needs, especially in tax split in deal volume for each half. In H1 2014 there were reduction, protectionism and red tape obstacles. But his 284 deals worth US$65bn, while in H2 2014 there were 292 appointment demonstrated the President’s willingness to announcements worth US$64.8bn, a 3% increase in volume, address the situation that slowed down the growth in the and 0.3% decrease in value. country and held back investors.

The most active sector in H2 2014 was Consumer, with 66 Mexico is likely to attract the most foreign investment in Latin deals announced worth US$4.3bn. However, the sector with America due to the implementation of the country’s energy and the highest valued deals was Energy, Mining & Utilities, with telecommunications reforms. In August, Mexico’s Congress 43 deals worth US$26.9bn. Brazil was the dominant geography approved secondary laws that will open up the country’s energy with 165 deals worth US$28.1bn, while Chile had 18 deals worth sector to more local and foreign competitors. The reforms also US$21.6bn and Mexico had 37 deals worth US$8.7bn. provided tax cuts that will likely benefit the state oil producer Pemex on a larger scale. In July, the Congress approved the The top deal in H2 2014 was the acquisition of a 60.62% stake telecommunications reform, which will open the sector to more in Chile-based Enersis SA by Enel Energy Europe Srl from competition after years of dominance by America Movil. Endesa SA for US$10.8bn. The transaction is in line with the new organisational structure of the group and will simplify the control M&A activity in the Pacific Alliance members – Chile, Colombia, chain of its Latin America operations. Prior to this transaction Mexico and Peru – is also expected to grow after the signing Endesa already owned a 20.3% stake in Enersis and a 40.32% of an agreement to eliminate 92 percent of the tariffs between stake through its wholly owned subsidiary Endesa Latinoameìrica. the countries, which will increase the bloc’s attractiveness to foreign investors. For 2015, M&A activity in Argentina and Venezuela is likely to continue in a downward trend as with high inflation, decreasing Cuba, on the other hand, was the subject of a recent GDP and mass population discontent, the risk for foreign announcement made by President Barack Obama in which investors is not likely to be worth the benefits of investing in the he stated that the US will ease travel and trade restrictions countries. Both countries will probably also be affected by the with Cuba for the first time since 1961, possibly the biggest decline in the oil prices. surprise element in Latin America for 2015. Predictions for the country include an immediate upswing in M&A activity in Brazil, on the other hand, is better positioned to weather the the leisure sector, related to travel and hospitality, as well as lower oil prices given that its main companies in the sector, in financial institutions. Petróleo Brasileiro (Petrobras) and YPF, have a net short position on crude plus product on their portfolios into 2015. The Latin American Financial Adviser League Table for H2 President Dilma Rousseff’s policies, however, continue to 2014 saw JPMorgan in first place by value with 13 deals worth disappoint investors and have the potential to reignite sudden US$35.4bn and Banco Itau BBA on the top by volume with 31 protests like the ones during H1 2014. The appointment deals worth US$15.6bn. Latin American Legal Advisory League of Joaquim Levy as Brazil’s finance minister may inspire Table for H2 2014 by value had Clifford Chance on top with six improvements in Brazil’s relationship to the markets in 2015. deals worth US$21.2bn, and Machado Meyer Sendacz e Opice It is hard to predict how he may influence the implementation on top by volume with 24 deals worth US$11.6bn.

Monthly M&A Insider | January | 09 DEAL OF THE HALF-YEAR

Deal summary Announced: 17-Sep-14 Deal value: US$10,756m

Enel Energy Europe Srl has agreed to acquire Enersis SA RATIONALE: from Endesa SA. • The transaction is in line Enel’s new organisational Enersis SA, the listed Chile-based company, headquartered in structure, and will simplify the control chain of its Santiago, is engaged in the distribution and sale of electricity Latin American operations. as well as thermal and caloric energy services. Enel Energy Europe Srl, the Italy-based company, headquartered in Rome, CONDITIONS: is engaged in electricity generation and distribution services, and a subsidiary of Enel SpA, the listed Italy-based company, • Subject to Endesa shareholders approval. headquartered in Rome, engaged in the production and supply of electricity and natural gas. Endesa, SA, the listed Spain- BACKGROUND: based utility group is engaged in the generation, transmission, distribution and supply of electricity. • Prior to the transaction, Endesa held a 20.30% stake directly in Enersis and a 40.32% stake through its wholly owned subsidiary Endesa Latinoameìrica SA. TERMS: • Enel held a 92.06% stake in Endesa and a 100% stake in • Endesa will sell 29,762,213,531 equity shares, representing a Enel Energy Europe Srl. 60.62% stake, at an implicit cost of CLP215 (€0.28) per share.

Exit multiples – Y/E 31-Dec-13 Premium analysis Multiples Value (US$m) Offer price per share (US$) 36.14 Revenue 1.9 10,839 1 day before 34.29 EBITDA 5.1 4,141 1 month before 33.06 EBIT 6.4 3,313 1 day after 33.79 Earnings 13 1,253 Pre-rumour 34.29

Advisers Target/Seller Bidder Financial Advising seller: Bank of America Merrill Lynch; Financial Credit Suisse; and Mediobanca and Deutsche Bank Legal Advising seller: Clifford Chance; and Linklaters Legal Cuatrecasas, Gonçalves Pereira; and Uría Menéndez Accountant PwC Accountant -

LATIN AMERICA Monthly M&A Insider | January | 10 DEAL OF THE HALF-YEAR

Target Enersis SA Headquarters Avenida Santa Rosa 76 Casilla Santiago 1557 Chile Sector Energy, Mining & Utilities Description Chile-based company engaged in distribution and sale of electricity, thermal and caloric energy services

Bidder Enel Energy Europe Srl Headquarters Viale Regina Margherita 137 Lazio 00198 Italy Sector Energy, Mining & Utilities Description Italy-based company engaged in electricity generation and distribution services

Seller Endesa SA Headquarters C/ Ribera del Loira 60 Madrid 28042 Spain Sector Energy, Mining & Utilities Description Spain-based utility group engaged in the generation, transmission, distribution and supply of electricity

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

TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF H2 2014

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

17-Sep-14 Enel Energy Europe Srl Enersis SA (60.62% stake) Energy, Mining Endesa SA 1.9 5.1 13.0 5.4% 10,756 & Utilities

19-Sep-14 Telefonica SA Global Village Telecom TMT Vivendi SA --- -9,909 (Holding) SA

12-Oct-14 Gas Natural Fenosa Compañía General de Energy, Mining Marin family (private 1.9 9.9 23.2 3.28% 7,556 Electricidad SA & Utilities individuals); Grupo Almeria; and Perez Cruz family (private individuals)

19-Nov-14 Cielo SA Banco do Brasil SA (credit and Financial Banco do Brasil SA --- -3,117 debit cards operations within Services Arranjo Ourocard) (70% stake)

07-Nov-14 AT&T Inc Grupo Iusacell TMT Grupo Salinas --- -2,500

06-Oct-14 Lundin Mining Corporation Compañía Contractual Minera Energy, Mining Freeport-McMoRan Copper --- -1,800 Candelaria (80% stake); & Utilities & Gold Inc and Compañía General de Electricidad Contractual Minera Ojos del Salado (80% stake)

01-Sep-14 Crown Holdings Inc Empaque Industrials & Heineken NV 1.9 9.7 --1,225 Chemicals

20-Nov-14 Brookfield Renewable Energisa SA (488 MW Energy, Mining Energisa SA --- -935 Energy Partners LP multi-technology & Utilities renewable portfolio)

13-Aug-14 Celsia SA ESP GDF Suez assets in Costa Rica Energy, Mining GDF Suez SA --- -840 and Panama & Utilities

10-Sep-14 Grupo Salinas Grupo Iusacell (50% stake) TMT Grupo Televisa de SA de CV --- -717

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Latin American Data correct as of 09-Jan-15

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

TOP 20 LATIN AMERICAN FINANCIAL ADVISERS VALUE

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 8 JPMorgan 35,375 13 4,684 655.2% 2 3 Deutsche Bank 33,116 7 7,148 363.3% 3 2 Credit Suisse 23,741 10 7,426 220% 4 7 Morgan Stanley 20,354 6 4,861 318.7% 5 1 Banco BTG Pactual 16,078 12 8,177 96.6% 6 9 Banco Itau BBA 15,569 31 4,418 252.4% 7 10 Bank of America Merrill Lynch 15,270 6 4,332 252.5% 8 12 Rothschild 15,028 7 3,853 290.0% 9 5 Goldman Sachs 14,095 7 5,459 158.2% 10 - Mediobanca 12,437 2 - - 11 13 Lazard 10,773 5 3,022 256.5% 12= 51 BESI Grupo Novo Banco 9,092 1 94 9,572.3% 12= 22 Perella Weinberg Partners 9,092 1 1,129 705.3% 14 4 Citi 8,859 4 6,739 32% 15= - Banchile Asesoria Financiera SA 7,577 1 - - 15= 23 Societe Generale 7,577 1 1,129 571% 17 37 BNP Paribas 4,760 5 292 1,530% 18 6 Banco Bradesco BBI 3,616 4 4,889 -26% 19 40 BB Banco de Investimento 3,186 2 255 1,149.4% 20 11 Barclays 1,809 4 3,875 -53.3% Source: Mergermarket

TOP 20 LATIN AMERICAN FINANCIAL ADVISERS VOLUME

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 2 Banco Itau BBA 15,569 31 17 14 2 8 JPMorgan 35,375 13 10 3 3 1 Banco BTG Pactual 16,078 12 22 -10 4 5 Credit Suisse 23,741 10 10 0 5 12 Deutsche Bank 33,116 7 7 0 6 19 Rothschild 15,028 7 5 2 7 10 Goldman Sachs 14,095 7 9 -2 8 15 BR Partners 398 7 6 1 9 3 Morgan Stanley 20,354 6 13 -7 10 11 Bank of America Merrill Lynch 15,270 6 8 -2 11 9 PwC 840 6 10 -4 12 20 Santander Global Banking and Markets 664 6 5 1 13 4 Lazard 10,773 5 13 -8 14 22 BNP Paribas 4,760 5 4 1 15 14 Banco Bilbao Vizcaya Argentaria 533 5 6 -1 16 6 Citi 8,859 4 10 -6 17 7 Banco Bradesco BBI 3,616 4 10 -6 18 18 Barclays 1,809 4 5 -1 19 - Jefferies 838 4 - - 20 48 Banco Indusval 814 4 1 3 Source: Mergermarket The financial adviser league tables by value and volume have been run from 01-Jul-14 to 31-Dec-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 | January | 13 LEAGUE TABLES

TOP 20 LATIN AMERICAN LEGAL ADVISERS VALUE

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 2 Clifford Chance 21,198 6 23,795 -11% 2 98 Uría Menéndez 21,189 5 339 6,150% 3 49 Davis Polk & Wardwell 16,268 8 1,052 1,446% 4 7 Pinheiro Neto Advogados 14,717 20 4,917 199.30% 5 48 Barbosa, Mussnich & Aragao 13,886 16 1,066 1,202.6% 6 11 Linklaters 13,672 9 3,477 293.2% 7 8 Machado Meyer Sendacz e Opice 11,551 24 4,830 139.2% 8 30 Cuatrecasas, Goncalves Pereira 11,145 4 1,574 608.1% 9 3 Allen & Overy 10,672 2 22,709 -53.00% 10= - Cabinet Bompoint 9,909 1 - - 10= - Gianni, Origoni, Grippo, Cappelli & Partners 9,909 1 - - 12 9 Souza, Cescon, Barrieu & Flesch Advogados 9,756 13 4,388 122.3% 13 - Mayer Brown 9,092 3 - - 14= 36 Franklin Societe d'Avocats 9,092 1 1,435 533.6% 14= - Serra Lopes, Cortes Martins & Associados (SLCM) 9,092 1 - - 16 22 Freshfields Bruckhaus Deringer 8,830 3 2,606 238.8% 17= 18 Claro y Cia 7,577 1 2,696 181% 17= 136 Guerrero, Olivos, Novoa Y Errazuriz 7,577 1 90 8,318.9% 19 5 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 5,516 24 6,372 -13.4% 20 6 Lefosse Advogados 5,080 8 5,101 -0.4% Source: Mergermarket

TOP 20 LATIN AMERICAN LEGAL ADVISERS VOLUME

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 2 Machado Meyer Sendacz e Opice 11,551 24 18 6 2 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 5,516 24 26 -2 3 6 Pinheiro Neto Advogados 14,717 20 15 5 4 5 Barbosa, Mussnich & Aragao 13,886 16 16 0 5 8 Souza, Cescon, Barrieu & Flesch Advogados 9,756 13 12 1 6 17 Linklaters 13,672 9 6 3 7 31 Pinheiro Guimaraes Advogados 2,938 9 4 5 8 68 Davis Polk & Wardwell 16,268 8 2 6 9 7 Lefosse Advogados 5,080 8 12 -4 10 14 Demarest 1,938 8 7 1 11 32 Posse, Herrera & Ruiz 1,629 8 4 4 12 3 Veirano Advogados 242 8 17 -9 13 25 White & Case 3,503 7 5 2 14 15 Rodrigo Elias & Medrano 676 7 7 0 15 19 Stocche Forbes Advogados 262 7 6 1 16 12 Clifford Chance 21,198 6 7 -1 17 20 Jones Day 1,411 6 5 1 18 11 Estudio Muniz, Ramirez, Perez-Taiman & Olaya Abogados 43 6 8 -2 19 53 Uría Menéndez 21,189 5 3 2 20 179 Paul Weiss Rifkind Wharton & Garrison 4,473 5 1 4 Source: Mergermarket The legal adviser league tables by value and volume have been run from 01-Jul-14 to 31-Dec-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 | January | 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

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 12,000 70

160 700 60 10,000 140 600 50 Number of deals 120 Number of deals 8,000 500 100 40 400 6,000 80 30 Value (US$m) Value Value (US$bn) Value 300 60 4,000 20 200 40 2,000 10 20 100

0 0 0 0 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 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 | January | 15 TREND GRAPHS

LATIN AMERICAN M&A GEOGRAPHIC BREAKDOWN H2 2014

VALUE VOLUME

0.1% 0.2% 1.4% 0.2% 0.7% 0.7% 1.0% 0.9% 0.7% 4.5% Brazil 1.0% 5.8% Brazil 13.5% Chile 0.3% Chile 0.4% 0.2% Colombia Colombia 0.2% Costa Rica Costa Rica 12.7% 1.3% Dominican Republic Dominican Republic 3.8% 43.5% El Salvador Ecuador 0.7% Guatemala El Salvador 0.3% Mexico 1.0% Guatemala 56.5% Panama Mexico 0.7% Peru 0.7% 7.5% Nicaragua Uruguay Panama Venezuela Peru 33.3% 6.2% Argentina Uruguay Bolivia Venezuela Argentina Bolivia

LATIN AMERICAN M&A SECTOR BREAKDOWN H2 2014

VALUE VOLUME

1.5% 0.3% 1.3% 0.7% 2.1% 1.1% 1.0% 0.8% 2.7% 6.7% 2.7% 2.1% Consumer Consumer 3.1% 22.7% Business Services Business Services 3.1% Energy, Mining & Utilities Energy, Mining & Utilities 21.3% 3.4% Industrials & Chemicals Industrials & Chemicals Financial Services 4.8% Financial Services Technology Technology Leisure 5.1% Leisure

2.1% Telecommunications Telecommunications 41.4% Pharma, Medical & Biotech 15.4% Pharma, Medical & Biotech Agriculture 8.9% Agriculture 6.4% Media Media Transportation Transportation 9.8% Construction 10.3% Construction 14.7% 4.5% Real Estate Real Estate

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

LATIN AMERICAN M&A DEAL SIZE BREAKDOWN H2 2014

VALUE VOLUME

0.6% 0.3% 1.2% 0.8% 0.3% 0.9% 0.9% 1.2% 1.8% 2.0% 1.1% 0.7% 100 100 1.7% 5.7% 9.2% 4.8% 6.8% 6.1% 6.8% 17.2% 8.0% 6.6% 90 21.7% 90 5.2% 5.5% 6.6% 5.9% 30.3% 28.6% 5.3% 5.9% 31.5% 6.6% 80 39.2% 29.3% 80 14.3% 70 18.2% 70 60 20.1% 45.4% 24.4% 19.0% 50 60 33.4% Percentage Percentage 36.6% 88.2% 85.8% 86.5% 86.7% 86.4% 40 82.2% 84.9% 25.1% 28.5% 50 23.0% 30 24.7% 16.2% 13.8% 40 20 9.9% 10.1% 10.3% 9.5% 7.5% 30 10 21.2% 14.6% 14.8% 14.4% 16.8% 9.6% 11.6% 0 20 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 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 H2 2014 H2 2013 % change Value (US$m) Mrk share Deal count Value (US$m) Mrk share Deal count Value Volume Energy, Mining & Utilities 26,906 41.5% 43 13,797 28.1% 59 95% -27% Industrials & Chemicals 2,901 4.5% 30 2,175 4.4% 53 33% -43% Consumer 4,352 6.7% 66 7,493 15.2% 42 -42% 57% Financial Services 6,381 9.8% 26 3,301 6.7% 25 93% 4% Pharma, Medical & Biotech 495 0.8% 9 2,615 5.3% 23 -81% -61% Technology 4,156 6.4% 15 1,929 3.9% 20 115% -25% Business Services 1,364 2.1% 45 3,407 6.9% 44 -60% 2% Media 167 0.3% 8 124 0.3% 11 35% -27% Transportation 971 1.5% 8 4,638 9.4% 19 -79% -58% Real Estate 700 1.1% 3 684 1.4% 5 2% -40% Leisure 1,392 2.1% 14 1,520 3.1% 15 -8% -7% Telecommunications 13,811 21.3% 10 4,604 9.4% 15 200% -33% Defence 0 0% 0 0 0% 1 - - Construction 813 1.3% 6 2,029 4.1% 11 -60% -45% Agriculture 422 0.7% 9 821 1.7% 8 -49% 13% Total 64,831 100% 292 49,137 100% 351 32% -17%

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

M&A activity in North America for 2014 ended with US$1,514bn and 5,591 deals, the highest value since pre-crisis in 2007, which saw US$1,530bn in deals, and the highest volume on record in Mergermarket history. Average deal size is also the highest since 2007 at US$271m and rose 25.8% since 2013 (US$215m), all in all a reinforcement that the economy has stabilised more than half a decade after the crisis.

H2 2014 ended with 2,697 deals worth US$808.7m, a 6.8% The second largest deal of H2 was Kinder Morgan’s acquisition decrease by volume but a 14.6% increase in value from H1 2014, of an 88.6% stake in Kinder Morgan Energy Partners worth which saw 2,894 deals worth US$705.4m. The second half of US$58.8bn and the third largest was Halliburton Company’s 2014 also fared much better, in terms of both value and volume, US$38bn acquisition of Baker Hughes Incorporated, both in the than the comparable period in 2013, which saw 2,453 deals Energy, Mining & Utilities sector. Due to the economic benefits worth US$584.8m. from shale gas, the US is aimed to overtake even Saudi Arabia in oil production in 2015. Combined with a drop in crude oil The Industrials & Chemicals sector was the most active in prices, currently at a five-year low of US$57.81 per barrel, this H2 with 432 deals worth US$92.6bn but Energy, Mining & has led to big businesses that are well established in energy Utilities pulled away as the highest valued sector with 353 to absorb some of the smaller distressed exploration and deals collectively worth a whopping US$248bn. The Leisure production companies that cannot pay off their debt. There’s no sector saw the greatest increase in value from H2 2013 coincidence that the Energy, Mining & Utilities sector saw the at 302%, going from US$9bn to US$36bn and at 92%, the highest valuation in H2 with many predicting less asset sales Telecommunications sector saw the greatest decline in value and more consolidations and merging of companies, leading to from the comparable period in 2013, going from US$137.2bn to larger deals. Furthermore, the economic improvements in the US$10.6bn, signalling an end to the M&A boom in the sector, US may extend across borders to Canada, already evidenced as it was the highest valued in H2 2013. through Burger King Worldwide’s US$12.7bn acquisition of Canada-based Tim Hortons in the Leisure sector in H2. The top deal of H2 2014 was Actavis’ US$63.2bn acquisition of Allergan in the Pharma, Medical & Biotech sector. The It remains to be seen how President Barack Obama’s new advisers on the deal include JPMorgan, Cleary Gottlieb Steen regulations regarding travel to Cuba will affect M&A; however, & Hamilton, Weil Gotshal & Manges, Cravath Swaine & Moore, the Leisure sector would likely be positively affected due to Arthur Cox, Covington & Burling, Loyens & Loeff for Actavis increased tourism. The Financial Services sector could also see and Goldman Sachs, Bank of America Merrill Lynch, Wachtell a bump in activity as Americans travelling to the island will also Lipton Rosen & Katz, Stikeman Elliott, Latham & Watkins, be allowed to use credit cards. All in all, 2015 is already gearing Fried Frank Harris Shriver & Jacobson, Matheson, Ropes & up to be an interesting year. Gray and Richards Layton & Finger for Allergan.

Goldman Sachs topped the North American Financial Advisers League Table by volume and value with 136 deals worth US$381.2bn in H2 2014, a 30.5% increase from H2 2013 (US$292.1bn). JPMorgan came in second for both with 100 deals worth US$279.2bn. Wachtell Lipton Rosen & Katz came in first on the North American Legal Advisers League Table by value with 46 deals worth US$247.9bn and Kirkland & Ellis came in first by volume with 148 deals worth US$101.4bn.

Monthly M&A Insider | January | 18 DEAL OF THE HALF-YEAR

Deal summary Announced: 17-Nov-14 Deal value: US$63,199m

Actavis plc has offered to acquire Allergan Inc. RATIONALE:

Actavis plc, the listed Ireland-based company headquartered • Actavis projects that the transaction will generate at least in Dublin, is engaged in developing, manufacturing and US$1.8bn in annual synergies commencing in 2016, in distributing generic, brand and biosimilar products. addition to the US$475m of annual savings previously announced by Allergan in connection with Project Endurance. Allergan, Inc., the listed US-based company headquartered in Irvine, California, is a health care company engaged in research, • With pro forma revenues in excess of US$23bn anticipated in developing and commercialising innovative pharmaceuticals, 2015, the combination doubles the revenue generated by the biologics and medical devices. two separated brands business and is expected to double the international revenue of the combined company.

TERMS: • The combination is expected to generate strong free cash flow of more than US$8bn in 2016 and substantial growth thereafter, • Actavis will acquire Allergan for a combination of US$129.22 which is expected to enable the rapid repayment of debt. in cash and 0.3683 Actavis shares for each share of Allergan common stock. POST DEAL DETAILS: • Based on the closing price of Actavis shares on 14-Nov-14, the last trading day prior the announcement, the implied • The combined company will be led by Brent Saunders, offer price is US$219 per Allergan share. CEO and President of Actavis, and Paul Bisaro will remain Executive Chairman of the Board. • Based on 297,900,000 Allergan shares outstanding, the implied equity value of the transaction is US$65.24bn. • The integration of the two companies will be led by the senior management teams of both companies, with integration • The implied offer price represents a premium of 10.2% based planning to begin immediately in order to transition rapidly to on Allergan closing price of US$198.65 on 14-Nov-14; a single company.

• it represents a premium of 23.4% on Allergan closing • Two members of the Allergan Board of Directors will be price of US$177.49 on 17-Nov-14, one month before invited to join the Actavis Board of Directors following the the announcement; completion of the transaction.

• it also represents a premium of 28.3% on Valeant • Actavis plans to maintain annual R&D investment of Pharmaceuticals offer to acquire Allergan for US$170.66 approximately US$1.7bn, ensuring the appropriate resource per share announced on 18-Jun-14, and that was allocation to continue driving organic growth. withdrawn today. • If a superior offer were to emerge for AGN, the company would be required to give ACT at least 3 business days to FINANCING: make adjustments to its current offer before AGN’s board of • The transaction will be financed through a combination directors could affect a change of recommendation of the deal. of new equity and debt.

• The cash portion of the consideration with a CONDITIONS: combination of new senior unsecured notes, • Subject to Allergan shareholders approval. term loans and equity securities. • Subject to Actavis shareholders approval. • Actavis has committed bridge facilities from JP Morgan Chase Bank, NA, Mizuho Bank and Wells Fargo and • Subject to antitrust clearance in the US, the EU and certain commitments to replace its existing facilities to the extent other jurisdictions. they are not amended to permit the acquisition and the related financing.

• The transaction is not subject to any financing condition.

NORTH AMERICA Monthly M&A Insider | January | 19 DEAL OF THE HALF-YEAR

EXPECTED COMPLETION: BACKGROUND: • Anticipated to close in the second quarter of 2015. • The transaction has been unanimously approved by the Boards of Directors of Actavis and Allergan, and is supported by the management teams of both companies. TERMINATION DATE: • The termination date for the transaction is 30-Sep-15. • On 18-Jun-14, Valeant Pharmaceuticals, the listed Canada-based pharma company, offered to acquire • Termination Fee: US$2.1bn, or 3.2% based on the Allergan for US$44 4bn. Valeant withdrawn its offer implied equity value of the deal. The per-share increase following today’s announcement. required to cover this fee in a superior offer would be US$7.04. Under certain circumstances, there would be a reverse termination fee and the parent would owe the company US$2.1bn.

Exit multiples – Y/E 31-Dec-13 Premium analysis Multiples Value (US$m) Offer price per share (US$) 219 Revenue 10.0 6,300 1 day before 198.65 EBITDA 30.6 2,064 1 month before 177.49 EBIT 34.9 1,809 1 day after 213.37 Earnings 52.1 1,273 Pre-rumour -

Advisers Target/Seller Bidder Financial Bank of America Merrill Lynch; Financial JPMorgan and Goldman Sachs Legal Fried Frank Harris Shriver & Jacobson; Legal Arthur Cox; Cleary Gottlieb Steen & Hamilton; Latham & Watkins; Matheson; Richards Layton Covington & Burling; Cravath, Swaine & Moore; & Finger; Ropes & Gray; Stikeman Elliot; and Loyens & Loeff; and Weil Gotshal & Manges Wachtell, Lipton, Rosen & Katz PR Joele Frank Wilkinson Brimmer Katcher PR Brunswick Group

Target Allergan, Inc Headquarters 2525 Dupont Drive Irvine California (CA) USA Sector Pharma, Medical & Biotech Description US-based health care company engaged in research, developing and commercialising innovative pharmaceuticals, biologics and medical devices

Bidder Actavis plc Headquarters 1 Grand Canal Square Docklands Dublin Ireland (Republic) Sector Pharma, Medical & Biotech Description Ireland-based pharmaceutical company that develops, manufactures, markets and distributes brand and generic pharmaceutical products

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

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF H2 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)

17-Nov-14 Actavis plc Allergan Inc Pharma, Medical - 10.0 30.6 52.1 10.2% 63,199 & Biotech

10-Aug-14 Kinder Morgan Inc Kinder Morgan Energy Partners LP Energy, Mining - 5.1 13.6 16.9 12.0% 58,761 (88.6% stake) & Utilities

17-Nov-14 Halliburton Company Baker Hughes Incorporated Energy, Mining - 1.7 10.4 31.8 31.3% 38,000 & Utilities

15-Jul-14 Reynolds American Inc Lorillard Inc Consumer - 4.0 13.1 21.9 2.5% 27,483

22-Sep-14 Merck KGaA Sigma-Aldrich Corporation Industrials & - 6.0 20.3 34.5 36.8% 16,205 Chemicals

26-Aug-14 Burger King Worldwide Inc Tim Hortons Inc Leisure - 4.2 17.3 32.4 14.9% 12,746

16-Dec-14 Repsol SA Talisman Energy Inc Energy, Mining - 2.7 13.7 (loss) 56.3% 12,718 & Utilities

15-Sep-14 ZF Friedrichshafen AG TRW Automotive Holdings Corp Industrials & - 0.7 7.7 13.5 1.7% 12,708 Chemicals

05-Oct-14 Becton, Dickinson and Company CareFusion Corporation Pharma, Medical - 3.1 14.5 29.6 25.6% 11,944 & Biotech

08-Jul-14† Cosmo Technologies Limited Salix Pharmaceuticals Ltd Pharma, Medical - 11.9 34.2 63.0 - 11,091 & Biotech

†Indicates lapsed deal Source: Mergermarket Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being North American (US + Canada) Data correct as of 13-Jan-15

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

TOP 20 NORTH AMERICAN FINANCIAL ADVISERS VALUE

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 1 Goldman Sachs 381,242 136 292,114 30.5% 2 4 JPMorgan 279,223 100 245,877 13.6% 3 9 Citi 251,283 74 113,001 122% 4 6 Barclays 238,588 83 203,225 17.4% 5 3 Bank of America Merrill Lynch 203,920 66 261,958 -22.2% 6 10 Deutsche Bank 171,089 74 58,648 192% 7 2 Morgan Stanley 162,224 90 264,205 -38.6% 8 11 Lazard 154,273 58 56,898 171% 9 13 Credit Suisse 107,965 64 44,105 144.8% 10 17 Centerview Partners 100,716 19 23,580 327.1% 11 16 Jefferies 97,884 57 25,267 287.4% 12 14 RBC Capital Markets 65,991 60 40,454 63.1% 13 5 UBS Investment Bank 52,462 43 205,152 -74.4% 14 18 Wells Fargo Securities 50,986 34 20,133 153.2% 15 22 Rothschild 39,479 40 12,275 221.6% 16 12 Evercore Partners 32,295 59 46,962 -31.2% 17 30 Stifel/KBW 28,092 47 8,325 237.4% 18 51 Tudor, Pickering, Holt & Co 26,358 14 4,599 473.1% 19 21 Macquarie Group 22,022 25 15,194 44.9% 20 7 Guggenheim Partners 21,314 11 136,798 -84.4% Source: Mergermarket

TOP 20 NORTH AMERICAN FINANCIAL ADVISERS VOLUME

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 1 Goldman Sachs 381,242 136 117 19 2 3 JPMorgan 279,223 100 90 10 3 2 Morgan Stanley 162,224 90 93 -3 4 5 Barclays 238,588 83 70 13 5 6 Citi 251,283 74 70 4 6 19 Deutsche Bank 171,089 74 39 35 7 12 Houlihan Lokey 9,251 69 49 20 8 4 Bank of America Merrill Lynch 203,920 66 82 -16 9 9 Credit Suisse 107,965 64 55 9 10 7 RBC Capital Markets 65,991 60 66 -6 11 10 Evercore Partners 32,295 59 54 5 12 8 Lazard 154,273 58 59 -1 13 11 Jefferies 97,884 57 49 8 14 13 Stifel/KBW 28,092 47 48 -1 15 17 Moelis & Company 17,334 46 41 5 16 27 William Blair & Company 6,911 46 25 21 17 26 Raymond James & Associates 5,991 44 28 16 18 16 UBS Investment Bank 52,462 43 46 -3 19 21 Rothschild 39,479 40 33 7 20 15 Lincoln International 5,082 39 48 -9 Source: Mergermarket The financial adviser league tables by value and volume have been run from 01-Jul-14 to 31-Dec-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 | January | 22 LEAGUE TABLES

TOP 20 NORTH AMERICAN LEGAL ADVISERS VALUE

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 2 Wachtell, Lipton, Rosen & Katz 247,896 46 203,353 22% 2 36 Cleary Gottlieb Steen & Hamilton 243,304 47 21,023 1,057.3% 3 13 Sullivan & Cromwell 232,803 54 86,489 169% 4 12 Latham & Watkins 228,928 133 123,809 85% 5 14 Skadden Arps Slate Meagher & Flom 224,209 113 76,372 194% 6 3 Weil Gotshal & Manges 200,193 97 201,273 -1% 7 7 Davis Polk & Wardwell 190,633 55 155,877 22.3% 8 17 White & Case 183,729 76 58,242 215% 9 16 Cravath, Swaine & Moore 158,509 31 69,213 129.0% 10 5 Jones Day 152,614 142 176,141 -13.4% 11 24 Baker Botts 140,547 35 35,600 294.8% 12 1 Simpson Thacher & Bartlett 120,483 69 221,928 -45.7% 13 40 Richards Layton & Finger 111,646 15 19,820 463.3% 14 31 Fried Frank Harris Shriver & Jacobson 110,213 38 25,227 336.9% 15 15 Kirkland & Ellis 101,391 148 70,891 43.0% 16 8 Slaughter and May 101,005 15 150,462 -33% 17 52 Ropes & Gray 92,343 52 12,199 657.0% 18 78 Blake, Cassels & Graydon 89,942 47 7,124 1,163% 19 26 Bracewell & Giuliani 89,527 23 32,520 175.3% 20 46 Stikeman Elliott 87,209 67 15,831 450.9% Source: Mergermarket

TOP 20 NORTH AMERICAN LEGAL ADVISERS VOLUME

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 1 Kirkland & Ellis 101,391 148 173 -25 2 4 Jones Day 152,614 142 102 40 3 2 Latham & Watkins 228,928 133 151 -18 4 3 DLA Piper 14,174 117 109 8 5 6 Skadden Arps Slate Meagher & Flom 224,209 113 75 38 6 7 Weil Gotshal & Manges 200,193 97 74 23 7 8 O'Melveny & Myers 51,187 86 62 24 8 11 White & Case 183,729 76 59 17 9 39 Paul Weiss Rifkind Wharton & Garrison 85,655 73 31 42 10 12 Norton Rose Fulbright 25,244 71 58 13 11 5 Simpson Thacher & Bartlett 120,483 69 89 -20 12 10 Stikeman Elliott 87,209 67 60 7 13 51 McCarthy Tetrault 10,343 60 26 34 14 14 Goodwin Procter 11,405 58 48 10 15 9 Baker & McKenzie 27,951 57 61 -4 16 24 Vinson & Elkins 62,384 56 41 15 17 20 Davis Polk & Wardwell 190,633 55 43 12 18 28 Sullivan & Cromwell 232,803 54 40 14 19 16 Morgan Lewis & Bockius 9,412 54 47 7 20 26 Ropes & Gray 92,343 52 41 11 Source: Mergermarket The legal adviser league tables by value and volume have been run from 01-Jul-14 to 31-Dec-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 | January | 23 LEAGUE TABLES

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON NORTH AMERICAN BUYOUTS VALUE VOLUME

Ranking Ranking H2 2014 Company name Value Deal H2 2014 Company name Value Deal (US$m) count (US$m) count 1 Caisse de Depot et Placement du Quebec 9,337 3 1 The Riverside Company 0 11 2 StepStone Group 8,637 3 2 Audax Private Equity Group 1,838 7 3 BC Partners 8,598 1 3 Kohlberg Kravis Roberts & Co 2,014 6 4 Thoma Bravo 6,092 4 4 Vista Equity Partners 6,075 5 5 Vista Equity Partners 6,075 5 5 The Carlyle Group 5,300 5 6 The Carlyle Group 5,300 5 6 Blackstone Group 2,313 5 7 Partners Group Holding AG 2,600 2 7 TPG Capital 795 5 8 Blackstone Group 2,313 5 8 Andreessen Horowitz 755 5 9 Temasek Holdings Pte 2,030 3 9 Ridgemont Equity Partners 0 5 10 Kohlberg Kravis Roberts & Co 2,014 6 10 Thoma Bravo 6,092 4 11 Rhone Capital 1,900 3 11 The Jordan Company 1,712 4 12 Kelso & Company 1,900 2 12 Advent International Corporation 1,445 4 13 Audax Private Equity Group 1,838 7 13 Warburg Pincus 1,300 4 14 The Jordan Company 1,712 4 14 Providence Equity Partners 1,000 4 15 Hellman & Friedman 1,600 2 15 Fortress Investment Group 730 4 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-Jul-14 to 31-Dec-14 and exclude lapsed and withdrawn deals.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON NORTH AMERICAN EXITS VALUE VOLUME

Ranking Ranking H2 2014 Company name Value Deal H2 2014 Company name Value Deal (US$m) count (US$m) count 1 Blackstone Group 8,100 1 1 Accel Partners 800 10 2 Apollo Global Management 6,631 3 2 Draper Fisher Jurvetson 1,020 9 3 Thomas H. Lee Partners 4,000 1 3 SV Angel 557 9 4 Energy Capital Partners 3,570 2 4 Greylock Partners 449 9 5 Quantum Resources Management 2,839 1 5 Bessemer Venture Partners 783 8 6 Apax Partners 2,700 1 6 New Enterprise Associates 678 8 7 Kelso & Company 2,393 2 7 Battery Ventures 1,245 7 8 Canaan Partners 2,284 5 8 The Riverside Company 590 7 9 Kohlberg Kravis Roberts & Co 2,163 3 9 First Round Capital 200 7 10 The Carlyle Group 2,137 4 10 Summit Partners 1,420 6 11 Audax Private Equity Group 2,023 4 11 American Capital 493 6 12 Oak Hill Capital Partners 1,950 2 12 Intel Capital 450 6 13 Welsh, Carson, Anderson & Stowe 1,900 2 13 Google Ventures 30 6 14= Novartis Venture Funds 1,750 1 14 Canaan Partners 2,284 5 14= Novo A/S 1,750 1 15 Trident Capital 783 5 14= Roche Venture Fund 1,750 1 Source: Mergermarket 14= SR One Limited 1,750 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 US or Canadian. The tables by value and volume have been run from 01-Jul-14 to 31-Dec-14 and exclude lapsed and withdrawn deals.

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

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

600 1,600 200 350

1,400 300 500

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

100 200 50

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 2014 2008 2009 2010 2011 2012 2013 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 | January | 25 TREND GRAPHS

NORTH AMERICAN M&A SECTOR BREAKDOWN H2 2014

VALUE VOLUME

0.8% 1.4% 0.4% 1.3% 2.2% 0.1% 1.8% 4.5% 11.5% 2.9% 16.2% 0.6% 4.5% Industrials & Chemicals 3.3% Industrials & Chemicals 1.4% Technology 4.3% Technology 6.3% 3.5% Business Services Business Services Energy, Mining & Utilities Energy, Mining & Utilities 7.8% 5.9% Consumer Consumer Pharma, Medical & Biotech Pharma, Medical & Biotech 15.7% 15.9% Financial Services Financial Services Media 8.3% Media Construction Construction Leisure Leisure

Transportation 9.3% Transportation 12.1% 30.7% Real Estate 14.2% Real Estate Telecommunications Telecommunications 13.1% Agriculture Defence

NORTH AMERICAN M&A DEAL SIZE BREAKDOWN H2 2014

VALUE VOLUME

0.7% 0.7% 0.6% 0.7% 0.5% 0.6% 0.9% 100 100 0.9% 1.0% 1.1% 1.4% 1.4% 1.1% 1.4% 90 3.7% 3.4% 31.7% 32.1% 5.3% 37.2% 5.5% 4.9% 5.9% 5.4% 80 41.4% 95 49.0% 48.1% 3.8% 70 58.6% 4.1% 4.4% 5.2% 5.4% 60 17.8% 21.2% 90 5.0% 5.1% 20.9% 50 15.9% 13.9% 16.3% Percentage Percentage 40 85 13.3% 27.6% 20.8% 27.4% 91.1% 30 24.2% 90.6% 17.4% 88.6% 19.9% 87.6% 87.6% 87.2% 87.2% 13.2% 20 9.9% 80 7.3% 9.0% 8.2% 7.4% 5.5% 6.7% 10 13.0% 12.4% 9.4% 12.1% 11.1% 11.1% 9.0% 0 75 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 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 | January | 26 SECTOR ANALYSIS

NORTH AMERICAN SECTOR ANALYSIS

Sector H2 2014 H2 2013 % change Value (US$m) Mrk share Deal count Value (US$m) Mrk share Deal count Value Volume Energy, Mining & Utilities 247,952 30.7% 353 89,109 15.2% 313 178% 13% Industrials & Chemicals 92,636 11.5% 432 50,479 8.6% 397 84% 9% Consumer 97,830 12.1% 252 44,749 7.7% 232 119% 9% Financial Services 28,208 3.5% 211 53,923 9.2% 208 -48% 1% Pharma, Medical & Biotech 128,896 15.9% 224 50,249 8.6% 237 157% -5% Technology 51,082 6.3% 424 51,475 8.8% 363 -1% 17% Business Services 47,581 5.9% 384 32,281 5.5% 311 47% 23% Media 10,978 1.4% 117 13,514 2.3% 110 -19% 6% Transportation 14,779 1.8% 59 7,823 1.3% 55 89% 7% Real Estate 36,732 4.5% 37 35,085 6.0% 34 5% 9% Leisure 36,049 4.5% 79 8,964 1.5% 67 302% 18% Telecommunications 10,611 1.3% 21 137,242 23.5% 31 -92% -32% Defence 131 0% 4 477 0.1% 10 -73% -60% Construction 4,837 0.6% 88 7,002 1.2% 63 -31% 40% Agriculture 279 0% 12 2,342 0.4% 22 -88% -45% Total 808,581 100% 2,697 584,714 100% 2,453 38% 10%

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

The second half of 2014 continued the upward trend in M&A activity across Asia-Pacific. Growing confidence was underlined by the 1,922 deals, a 375 increase on the same period in 2013. This coincided with a strong increase in deal value of over US$50bn, taking the regional total to US$313bn.

Asia-Pacific’s mega deals Since 2011, Chinese companies targeting Australian coalmines have dropped off year on year. From five deals in 2011 amounting The two largest deals involved China Life Insurance’s announced to US$4.5bn to three deals in 2014 that totalled only US$717m. deal worth US$17.4bn for a 29.9% stake in Sinopec Marketing Yet, the ban by the Chinese government on low quality coal and Co Ltd in the services sector and South Korean firm Hanjin KAL imposed tariffs on imports may lead buyers to seek out targeted, Corporation’s US$15.6bn deal for Korean Airlines Company higher quality, deals in regions like Australia. Limited in the transportation sector. Mega deals have become an ongoing trend in the region as the region’s corporate Positive trends are likely to emerge in Japan in the long-term acquirers put large war chests of financial resources to work. as the government further liberalises the power industry. It is For H2 2014, there were 45 deals worth more than US$1bn and expected that between 2015-2020 market reforms will lead to seven worth more than US$5bn. increases in financing and asset sale prospects.

Primary deal-making markets Private equity: buyouts and fundraising

Region wide, key markets for activity included China, Australia, China was the dominant private equity buyout market with Japan and South Korea. China saw 781 deals, 40.6% of the total 44 deals worth US$10.3bn, followed by India with 32 at a market share, at a value of just over US$167bn. The announced value of US$3.9bn. South Korea was again characterised by deal by CSR Corporation for industrial products and services a lower overall volume but higher value with 18 buyouts worth company China CNR Corporation Limited for US$13.7bn, was one US$4.7bn. This was underlined by the largest buyout across the key factor for the impressive growth seen in the Chinese market. region taking place between South Korean company Hankook Tire and private equity firm Hahn & Company and Halle Visteon Australia did, however, buck the positive trend. The country’s Climate Control for a deal value of US$3.5bn. 241 deals, at a value of US$28.8bn, represented a decrease on the same period from the previous year. One of the largest For potential investors, it looks like 2015 will continue the deals took place in the utilities sector where APA Group Ltd positive momentum in the private equity space. Data suggests announced a deal value of US$5bn for QCLNG Pipeline Pty Ltd. that as of November 2014, US$38 billion had been raised by funds, a US$3bn increase over the previous year. South Korea’s TMT market also had a noteworthy period. The announcement of US Wellington Managements bid for a 15% stake in South Korean internet/ecommerce company Coupang further highlighted foreign investors desire to enter this market. In Q3 alone there was a 124.5% growth in mobile shopping compared to the same period in 2013. For foreign investors, the market represents an ideal testing ground for further expansion into the region.

Monthly M&A Insider | January | 28 DEAL OF THE HALF-YEAR

Deal summary Announced: 14-Sep-14 Deal value: US$17.4bn

A consortium of 25 domestic and foreign investors have agreed Harvest Fund Management Co Ltd, the China-based company, to subscribe for 29.99% stake in Sinopec Marketing Co Ltd. headquartered in Beijing, is an investment manager providing services to pension and profit sharing plans, insurance Sinopec Marketing Co Ltd, the China-based company, companies and enterprises. headquartered in Beijing, is engaged in purchasing, allotment, distribution, settlement and optimisation of refined oil products Harvest Capital Management Co Ltd, the China-based company, (gasoline, diesel and jet fuel) resources produced by Sinopec engaged in providing asset management services. Corp. and its affiliates and a wholly owned subsidiary of China Petroleum & Chemical Corporation, a listed China-based Kingsbridge Asset Holding Ltd, the British Virgin Islands-based company, headquartered in Beijing, is an integrated energy and investment company and a subsidiary of RRJ Capital, the Hong chemical company engaged in exploring, developing and trading Kong-based private equity firm. crude oil and natural gas and produced related products. New Promise Enterprises Limited, the Hong Kong-based The information on 25 investors involved: company, engaged in making investments.

Beijing Longhui Investment Management Ltd, the China-based Pingtao (Hong Kong) Limited, the Hong Kong-based investment company, headquartered in Beijing, is engaged in providing holding company. investment management and investment consultancy services. Qingdao Goldstone Zhixin Investment Centre (Limited Bohai Harvest RST (Shanghai) Equity Investment Fund LP, the Partnership), the China-based company headquartered in China-based private equity fund of Bohai Industrial Investment Qingdao, Shandong, is engaged in investment consultancy, Fund Management Co Ltd, the China-based private equity firm. investment management and external investment with proprietary fund. CICC Evergreen Fund, LP, the Cayman Islands-based company, is engaged in making equity investments. Qianhai Golden Bridge Fund I LP, the Cayman Islands-based fund.

Cinda Sino-Rock International Energy Company Limited, the Shenzhen PICC Tencent Munsun Energy Investment Fund British Virgin Islands-based company, is engaged in making LP, the China-based company headquartered in Shenzhen, investments. Guangdong, is engaged in equity investments, investment management and consultancy services. Concerto Company Ltd, the Cayman Islands-based company, and a subsidiary of Hopu Investment Management Co Ltd, Sino Life Insurance Co Ltd, the China-based company the China-based private equity firm. headquartered in Shenzhen, Guangdong, is engaged in providing life insurance services. Foreland Agents Limited, the Hong Kong-based company, is engaged in making investments. Tianjin Jiaxing Commercial Investment Center, the China-based company, engaged in making investments ICBC Credit Suisse Investment Management Co Ltd, the in commercial and retail industry as well as providing China-based company, headquartered in Beijing, is engaged investment consultancy services. in providing asset management services. ENN Energy China Investment Limited, the Hong Kong-based Huaxia Solar Development Limited, the British Virgin Islands- company, is an investment holding company. based holding company, having interests in companies engaged in purchasing, allotment, distribution, settlement and Changjiang Pension Insurance Co Ltd, the China-based optimisation of refined oil products (gasoline, diesel and jet fuel) company, headquartered in Shanghai, is a provider of provider resources. of insurance services.

HuaXia SSF1 Investors Limited, the British Virgin Islands-based China Deyuan Capital (Hong Kong) Limited, the Hong Kong- holding company, having interests in companies engaged in based company, is an investment holding company. purchasing, allotment, distribution, settlement and optimisation of refined oil products (gasoline, diesel and jet fuel) resources.

ASIA-PACIFIC Monthly M&A Insider | January | 29 DEAL OF THE HALF-YEAR

China Life Insurance Company Limited, a listed China-based • New Promise Enterprises Limited subscribed CN¥3,402m company, headquartered in Xicheng District, Beijing, is engaged (US$553.77m) for 0.95% stake. in providing insurance services. • Pingtao (Hong Kong) Limited subscribed CN¥2,153m China Shuangwei Investment Corporation, the China-based (US$350.46m) for 0.60% stake. company, headquartered in Xicheng District, Beijing, is engaged in making investments and asset management. • Qingdao Goldstone Zhixin Investment Centre (Limited Partnership) subscribed CN¥1,500m (US$244.17m) for China Post Life Insurance Corporation Limited, the China-based 0.42% stake. company, headquartered in Xicheng District, Beijing, is engaged in providing insurance services. • Qianhai Golden Bridge Fund I LP subscribed CN¥10,000m (US$1,627.77m) for 2.80% stake.

TERMS: • Shenzhen PICC Tencent Munsun Energy Investment Fund LP subscribed CN¥10,000m (US$1,627.77m) for 2.80% stake. • Total cash consideration of CN¥107.09bn (US$17.44bn), representing 29.99% stake in Sinopec Marketing. • Sino Life Insurance Co Ltd, subscribed CN¥5,500m (US$895.27m) for 1.54% stake. • The implied equity value of the transaction is CN¥357.09bn (US$58.10bn). • Tianjin Jiaxing Commercial Investment Center subscribed CN¥2,425m (US$394.73m) for 0.68% stake. Investors Information based on Capital subscribed: • ENN Energy China Investment Limited subscribed • Beijing Longhui Investment Management Ltd subscribed CN¥4,000m (US$651.11m) for 1.12% stake. CN¥1,500m (US$244.17m) for 0.42% stake. • Changjiang Pension Insurance Co Ltd subscribed CN¥5,000m • Bohai Harvest RST (Shanghai) Equity Investment Fund LP (US$813.89m) for 1.40% stake. subscribed CN¥6,000m (US$976.66m) for 1.68% stake. • China Deyuan Capital (Hong Kong) Limited subscribed • CICC Evergreen Fund, LP subscribed CN¥2,575m CN¥3,000m (US$488.33m) for 0.84% stake. (US$419.15m) for 0.72% stake. • China Life Insurance Company Limited subscribed • Cinda Sino-Rock International Energy Company Limited CN¥10,000m (US$1,627.77m) for 2.80% stake. subscribed CN¥6,150m (US$1,001.08m) for 1.72% stake. • China Shuangwei Investment subscribed CN¥1,000m • Concerto Company Ltd subscribed CN¥1,421m (US$231.31m) (US$162.78m) for 0.28% stake. for 0.39% stake. • China Post Life Insurance subscribed CN¥1,500m • Foreland Agents Limited subscribed CN¥1,218m (US$244.17m) for 0.42% stake. (US$198.26m) for 0.34% stake.

• ICBC Credit Suisse Investment Management Co Ltd. TERMINATION FEE: subscribed CN¥ 2,000m (US$325.55m) for 0.56% stake. • The investors are subject to a termination fee of 3% of the • Huaxia Solar Development Limited subscribed CN¥400m capital increase price under the Capital Injection Agreement. (US$65.11m) for 0.11% stake.

• HuaXia SSF1 Investors Limited subscribed CN¥7,750m POST DEAL DETAILS: (US$1,261.52m) for 2.17% stake. • China Petroleum’s stake in Sinopec Marketing will be diluted • Harvest Fund Management Co Ltd subscribed CN¥5,000m from 100% to 70%, (US$813.89m) for 1.40% stake. • Sinopec Marketing’s registered capital will increase from • Harvest Capital Management Co Ltd subscribed CN¥10,000m CN¥20bn (US$3.25bn) to CN¥28.567bn (US$4.65bn). (US$1,627.77m) for 2.80% stake. • The capital raise will help Sinopec Marketing to optimise • Kingsbridge Asset Holding Ltd subscribed CN¥3,600m its enterprise system and accelerate the exploration and (US$586.00m) for 1.008% stake. leverage its brand networks, customer base and resources.

ASIA-PACIFIC Monthly M&A Insider | January | 30 DEAL OF THE HALF-YEAR

CONDITION: BACKGROUND: • Approval from the Ministry of Commerce. • For the year ending Dec-13, Sinopec Marketing had Operating profit of CN¥35,619m (US$5884.26m) and earnings of CN¥25,056m (US$4139.25m).

Advisers Target/Seller Bidder Financial Bank of America Merrill Lynch; Financial Morgan Stanley; Lazard; Citi; China International Capital Corporation Limited; and UBS Investment Bank CITIC Securities Co Ltd; Deutsche Bank AG; and Goldman Sachs Legal Haiwen & Partners Legal AllBright Law Offices; Tian Yuan Law Firm; Clifford Chance LLP; Davis Polk & Wardwell LLP; King & Wood Mallesons; Fangda Partners; and Sullivan & Cromwell LLP

Mergermarket/dealReporter intelligence 14-Sep-14 China Cinda Asset Management to invest US$1bn for 1.722% stake in Sinopec Marketing

Bidders Beijing Longhui Investment Management Ltd Headquarters 28th Floor Office tower Pangu Plaza, Courtyard 27 North Fourth Ring Middle Road Beijing China Sector Financial Services Description China-based company engaged in providing investment management and investment consultancy services Bohai Harvest RST (Shanghai) Equity Investment Fund LP Headquarters Unit 3101, 31 Floor Tower 2, China Central Place 79, Jianguo Road Chaoyang District Beijing China Sector Financial Services Description China-based company engaged in providing equity investments CICC Evergreen Fund LP Headquarters 94 Solaris Avenue Camana Bay Grand Cayman 1108 Cayman Islands Sector Financial Services Description Cayman Islands-based company engaged in making equity investments

ASIA-PACIFIC Monthly M&A Insider | January | 31 DEAL OF THE HALF-YEAR

Bidders Cinda Sino-Rock International Energy Company Limited Headquarters Offshore Incorporations Centre Road Town Tortola British Virgin Islands Sector Financial Services Description British Virgin Islands-based company engaged in making investments Concerto Company Ltd Headquarters 190 Elgin Avenue George Town Grand Cayman 9005 Cayman Islands Sector Financial Services Description Cayman Islands-based company engaged in making investments Foreland Agents Limited Headquarters 35th Floor The Center 99 Queen’s Road Central Hong Kong Sector Financial Services Description Hong Kong-based company engaged in making investments ICBC Credit Suisse Investment Management Co Ltd Headquarters Level 7 Bank of Beijing Building 17C Financial Street Xicheng District Beijing China Sector Financial Services Description China-based provider of asset management services Huaxia Solar Development Limited Headquarters - Sector Financial Services Description British Virgin Islands-based investment holding company having interests in companies engaged in purchasing, allotment, distribution, settlement and optimisation of refined oil products (gasoline, diesel and jet fuel) resources HuaXia SSF1 Investors Limited Headquarters - Sector Financial Services Description British Virgin Islands-based holding company, having interests in companies engaged in purchasing, allotment, distribution, settlement and optimisation of refined oil products (gasoline, diesel and jet fuel) resources Harvest Fund Management Co Ltd Headquarters 16th floor China Resources Building No.8 Jianguomen North Avenue 100005 Beijing China Sector Financial Services Description China-based investment manager providing services to pension and profit sharing plans, insurance companies and enterprises

ASIA-PACIFIC Monthly M&A Insider | January | 32 DEAL OF THE HALF-YEAR

Bidders Harvest Capital Management Co Ltd Headquarters - Sector Financial Services Description China-based company providing asset management services and a subsidiary of Harvest Fund Management Co Ltd Kingsbridge Asset Holding Ltd Headquarters - Sector Financial Services Description British Virgin Islands-based investment company New Promise Enterprises Limited Headquarters Room 409, 4th Floor Jardine House 1 Connaught Place Central Hong Kong Sector Financial Services Description Hong Kong-based company engaged in making investments Pingtao (Hong Kong) Limited Headquarters - Sector Financial Services Description Hong Kong-based investment holding company Qingdao Goldstone Zhixin Investment Centre (Limited Partnership) Headquarters 20/F, Building 1 Qingdao International Financial Plaza 222 Shenzhen Road Laoshan District Qingdao Shandong China Sector Financial Services Description China-based company engaged in investment consultancy, investment management and external investment with proprietary fund Qianhai Golden Bridge Fund I LP Headquarters 4th floor Harbour Place 103 South Church Street 1002 Cayman Islands Sector Financial Services Description Cayman Islands-based fund Shenzhen PICC Tencent Munsun Energy Investment Fund LP Headquarters Room 201, Block A 1 Qianwan First Road Qianhai Shenzhen-Hong Kong Cooperation Zone Shenzhen Guangdong China Sector Financial Services Description China-based company engaged in equity investments, investment management and consultancy services

ASIA-PACIFIC Monthly M&A Insider | January | 33 DEAL OF THE HALF-YEAR

Bidders Sino Life Insurance Co Ltd Headquarters 32/F, Building A Rongchao Business Center 6003 Yitian Road Futian Shenzhen Guangdong China Sector Financial Services Description China-based company engaged in life insurance Tianjin Jiaxing Commercial Investment Center Headquarters 102-9, G/F Science Building Block 3, Crown Plaza 55 Zhongxin Avenue China Sector Financial Services Description China-based company engaged in making investments in commercial and retail industry as well as providing investment consultancy services ENN Energy China Investment Limited Headquarters Rooms 3101-04, 31/F Lippo Centre Tower 1 89 Queensway Hong Kong Sector Financial Services Description Hong Kong-based investment holding company with no current operations Tianjin Jiaxing Commercial Investment Center Headquarters 102-9, G/F Science Building Block 3, Crown Plaza 55 Zhongxin Avenue China Sector Financial Services Description Hong Kong-based investment holding company with no current operations Changjiang Pension Insurance Co Ltd Headquarters 7A-B, No. 588 Pudong South Road 200120 Shanghai China Sector Financial Services Description China-based provider of insurance services China Deyuan Capital (Hong Kong) Limited Headquarters 33/F, Edinburgh Tower The Landmark 15 Queen’s Road Central Hong Kong Sector Financial Services Description Hong Kong-based investment holding company

ASIA-PACIFIC Monthly M&A Insider | January | 34 DEAL OF THE HALF-YEAR

Bidders China Life Insurance Company Limited Headquarters No. 16, China Life Insurance Building Financial Street Chaoyang District 100033 Beijing China Sector Financial Services Description China-based life insurance company China Shuangwei Investment Headquarters 5/F, North Tower Xinmao Building 15 Financial Street Xicheng District Beijing China Sector Financial Services Description China-based company engaged in making investments and asset management China Post Life Insurance Headquarters 6/F, Tower B Jinding Building A3 Financial Street Xicheng District Beijing China Sector Financial Services Description China-based provider of insurance services

Target Sinopec Marketing Co Ltd Headquarters Chaoyangmen North Street No.22 Chaoyang District Beijing China Sector Consumer: Retail, Energy, Internet/ecommerce, Services (other) Description China-based company engaged in purchasing, allotment, distribution, settlement and optimisation of refined oil products (gasoline, diesel and jet fuel) resources produced by Sinopec Corp. and its affiliates

ASIA-PACIFIC Monthly M&A Insider | January | 35 TOP DEALS & EXPECTED DEALS

TOP 10 ASIA-PACIFIC ANNOUNCED DEALS OF H2 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-Sep-14 China Life Insurance Company Sinopec Marketing Co Ltd Business Services - --14.25 - 17,424 Limited; Harvest Fund Management (29.99% stake) Co Ltd; Sino Life Insurance Co Ltd; China Post Life Insurance Corporation Limited; Changjiang Pension Insurance Co Ltd; Beijing Longhui Investment Management Ltd; Bohai Harvest RST (Shanghai) Equity Investment Fund LP; CICC Evergreen Fund LP; Cinda Sino- Rock International Energy Company Limited; Concerto Company Ltd; Foreland Agents Limited; ICBC Credit Suisse Investment Management Co Ltd; Huaxia Solar Development Limited; HuaXia SSF1 Investors Limited; Harvest Capital Management Co Ltd; Kingsbridge Asset Holding Ltd; New Promise Enterprises Limited; Pingtao (Hong Kong) Limited; Qingdao Goldstone Zhixin Investment Centre (Limited Partnership); Qianhai Golden Bridge Fund I LP; Shenzhen PICC Tencent Munsun Energy Investment Fund LP; Tianjin Jiaxing Commercial Investment Center (Limited Partnership); ENN Energy China Investment Limited; China Deyuan Capital (Hong Kong) Limited; and China Shuangwei Investment Corporation

24-Sep-14 Hanjin KAL Corp Korean Air Lines Company Transportation - 1.47 10.82 9.43 -5.7% 15,583 Limited (51.13% stake)

31-Dec-14 CSR Corporation China CNR Corporation Industrials & - 0.88 12.67 15.95 -1.1% 13,764 Limited Chemicals

06-Dec-14 Merro Pharmaceutical Co Ltd China Grand Automotive Consumer An investor group led 0.55 23.56 14.52 - 7,460 Services Co Ltd by Xinjiang Guanghui Industrial Investment Group Co Ltd

12-Sep-14 Sinopec Yizheng Chemical Fibre Sinopec Oilfield Service Energy, Mining China Petrochemical 0.46 6.54 20.93 - 6,674 Co Ltd Corporation & Utilities Corporation

22-Nov-14 Bestv New Media Co Ltd Shanghai Oriental Pearl Leisure - 9.05 27.57 51.62 -4.0% 5,340 (Group) Co Ltd

10-Dec-14 APA Group Ltd QCLNG Pipeline Pty Ltd Energy, Mining BG Group Plc --- -5,000 & Utilities

12-Aug-14 Aramco Overseas Company BV S-Oil Corporation Energy, Mining Hanjin Energy Co Ltd 0.33 n/a 25.38 16.3% 4,935 (28.41% stake) & Utilities

26-Jul-14 Shenyin & Wanguo Securities Co Hongyuan Securities Financial Services Central Huijin n/a n/a 32.11 21.1% 3,834 Ltd Co Ltd (60.02% stake) Investment Ltd

01-Sep-14 Samsung Heavy Industries Co Ltd Samsung Engineering Construction - 0.40 n/a n/a 0.7% 3,681 Co Ltd

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 12-Jan-15

ASIA-PACIFIC Monthly M&A Insider | January | 36 TOP DEALS & EXPECTED DEALS

PIPELINE OF ASIA-PACIFIC EXPECTED DEALS

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

Expected Sichuan Shuangma Construction LafargeHolcim Ltd - - 728.54 On 09-Jul-14, Lafarge SA and Holcim deal Cement Co Ltd Ltd have signed an agreement to merge with each other. Once completed, this will trigger the tender offer to the shares of Sichuan Shuangma Cement.

Expected United Engineers Other TCC Top Enterprise Morgan Stanley (B) Oversea- 1,371 On 21-Aug-14, Oversea-Chinese Banking deal Limited Limited Chinese Banking Corporation Limited and Great Eastern Corporation Holdings entered into an exclusivity Limited; and agreement with TCC Top Enterprise Greate Eastern Limited to acquire stake holding in United Holdings Limited Engineers. On 31-Dec-14, the exclusivity was extended to 30-Jan-15.

Expected Anhui Chaodong Construction - - Prosperity 440.89 On 29-Sept-14, Prosperity International deal Cement Co Ltd Minerals announced that its wholly-owned Investment subsidiary, Prosperity Minerals Limited Investment has received an expression of interests from an independent third party to acquire 33.06% interest in Anhui Chaodong Cement.

Expected Welcia Holdings Consumer Aeon - - 223.3 On 22-Oct-14, Aeon announced to deal launch a tender offer for shares in Welcia Holdings and merge it with its subsidiaries CFS Corporation, Takiya and Shimizu-Drug. Maximum 5.6m shares will be acquired for an aggregate value of JP¥22.42bn (US$210m). On 11-Nov-14, the transaction obtained approval from Japan Fair Trade Commission (JFTC).

Expected Higashi-Nippon Financial Bank of Yokohama - - 544.06 On 14-Nov-14, Bank of Yokohama and deal Bank Services Higashi-Nippon Bank announced to enter a basic agreement to proceed with discussions on a business integration. A definitive agreement is scheduled to sign in Sep-15.

Expected Ten Network Media - Citigroup (T) - 469.82 On 06-Nov-14, Ten Network confirmed deal to have appointed Citigroup to assist in a strategic review process. On 03-Dec-14, Foxtel and Discovery has made a bid of AU$0.23 per share for Ten Network.

Expected Higo Bank Financial Kagoshima Bank Daiwa Securities - 1,263.19 On 10-Nov-14, Higo Bank and Kagoshima deal Services (B); and Mizuho Bank announced to reach a basic Securities (T) agreement to merge under a joint holding company. A formal merger contract is scheduled to be concluded during Mar-15.

Expected Hermaraj Land Real Estate WHA Corp JVS Financial - 1,294 On 17-Nov-14, WHA Corp made a deal Advisory (B) tender offer of THB 4.5 per share to acquire 22.53% stake in Hemaraj Land. On 25-Dec-14, Hemaraj Land received letter of intent of WHA Corp regarding the offer.

Expected Bradken Limited Industrials & Pacific Equity Partners Merrill Lynch (T); - 642.11 On 05-Dec-14, Bradken announced to deal Chemicals Pty Limited; and Bain and Rothschild (T) receive a non-binding proposal to acquire Capital Asia LLC 100% stake in Bradken for AU$5.10 (US$4.33) per share. Expected deals based on confirmed announcements by companies involved. (Expected Deals continued on next page)

ASIA-PACIFIC Monthly M&A Insider | January | 37 TOP DEALS & EXPECTED DEALS

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

Expected Recall Holdings Business Iron Mountain Goldman Sachs (B); - 1,867.40 On 15-Dec-14, Recall Holdings Limited deal Services BofA Merrill Lynch announced to receive an non-binding (T); and UBS AG (T) proposal from Iron Mountain Incorporated to acquire 100% stake in it for cash and equity consideration of AU$7.0 (US$5.77) per share. On the same day, the Board of Recall Holdings rejected the proposal due to undervaluation of the proposal.

Expected Shiroki Automotive Alsin Seiki - - 247.67 On 19-Dec-14, Aisin Seiki and Shiroki deal concluded a basic agreement to merge through a share exchange. A share exchange contact is expected to sign in late-Dec-15.

Expected Showa Shell Sekiyu Energy, Idemitsu Kosan - - 3,748.09 On 23-Dec-14, Idemitsu announced to deal Mining & be in talks with Showa Shell Sekiyu over Utilities strategic options which likely to be either a prorated offer for 51% stake or a share exchange merger.

Expected Asia Satellite Technology The Carlyle Group Goldman Sachs (B); - 1,321.45 On 24-Dec-14, Asia Satellite deal Telecommunications and BofA Merrill Telecommunications announced a Lynch (B) possible mandatory unconditional cash offer for all issued shares of it from The Carlyle Group, subject to the completion of the Share Purchase Agreement of Bowenvale between General Electric Company and The Carlyle Group.

Expected Skilled Group Business Programmed - - 293.85 On 17-Dec-14, Programmed made a deal Services Maintenance Services non-binding merger of equals proposal to Skilled Group. Skilled shareholders will receive 0.5032 Programmed shares plus AU$0.25 in cash per Skilled share.

Expected China Hongxing Consumer - - - 303 On 31-Dec-14, China Hongxing Sports deal Sports announced that a potential offer in relation to the possible delisting of the company is expected to be made within 3 months.

Expected deals based on confirmed announcements by companies involved.

ASIA-PACIFIC Monthly M&A Insider | January | 38 LEAGUE TABLES

TOP 20 ASIA-PACIFIC FINANCIAL ADVISERS VALUE

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 22 China International Capital 53,310 26 4,895 989.1% 2 8 Bank of America Merrill Lynch 43,429 18 19,155 126.7% 3 1 UBS Investment Bank 42,054 29 37,558 12.0% 4 7 Goldman Sachs 36,800 35 20,306 81.2% 5 5 Citi 33,001 25 30,037 9.9% 6 3 Deutsche Bank 31,584 16 33,139 -4.7% 7 16 CITIC Securities 26,305 22 6,331 315.5% 8 15 Macquarie Group 21,925 20 6,931 216.3% 9 31 Guotai Junan Securities 20,268 22 3,220 529.4% 10 24 Somerley 19,531 19 4,707 314.9% 11 6 Barclays 16,450 11 22,862 -28.0% 12 - Hana Daetoo Securities 15,583 1 - - 13 10 Rothschild 15,402 21 14,188 8.6% 14 86 Great Wall Securities Co 14,774 6 608 2,329.9% 15 4 JPMorgan 14,326 23 30,699 -53.3% 16 70 Platinum Securities Company 14,278 5 954 1,396.6% 17 2 Morgan Stanley 13,015 18 34,865 -62.7% 18 28 Huatai United Securities 11,917 24 4,232 181.6% 19 11 Credit Suisse 11,671 31 9,326 25.1% 20 17 Haitong Securities 9,963 9 6,055 64.5% Source: Mergermarket

TOP 20 ASIA-PACIFIC FINANCIAL ADVISERS VOLUME

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 1 PwC 4,409 50 50 0 2 3 KPMG 6,089 38 37 1 3 5 Goldman Sachs 36,800 35 31 4 4 14 Credit Suisse 11,671 31 18 13 5 4 EY 6,326 31 32 -1 6 2 UBS Investment Bank 42,054 29 38 -9 7 21 China International Capital 53,310 26 11 15 8 11 Citi 33,001 25 20 5 9 6 Deloitte 2,218 25 30 -5 10 17 Huatai United Securities 11,917 24 17 7 11 7 JPMorgan 14,326 23 28 -5 12 23 CITIC Securities 26,305 22 10 12 13 33 Guotai Junan Securities 20,268 22 7 15 14 18 Rothschild 15,402 21 16 5 15 16 Macquarie Group 21,925 20 18 2 16 26 Somerley 19,531 19 8 11 17 12 Bank of America Merrill Lynch 43,429 18 20 -2 18 8 Morgan Stanley 13,015 18 27 -9 19 28 GF Securities Co 2,305 18 8 10 20 10 Deutsche Bank 31,584 16 20 -4 Source: Mergermarket The financial adviser league tables by value and volume have been run from 01-Jul-14 to 31-Dec-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 | January | 39 LEAGUE TABLES

TOP 20 ASIA-PACIFIC LEGAL ADVISERS VALUE

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 66 Haiwen & Partners 41,486 13 2,155 1,825.1% 2 12 Kim & Chang 30,421 35 11,399 166.9% 3 6 Linklaters 26,529 35 15,351 72.8% 4 1 King & Wood Mallesons 23,863 51 33,785 -29.4% 5 65 Morrison & Foerster 22,754 13 2,245 913.5% 6 18 Freshfields Bruckhaus Deringer 15,925 18 7,871 102.3% 7 7 Allens 15,641 28 14,184 10.3% 8 8 Jingtian & Gongcheng 14,338 5 11,989 19.6% 9 31 Lee & Ko 14,319 30 5,216 174.5% 10 27 Fangda Partners 13,728 28 5,528 148.3% 11 19 Clifford Chance 13,362 36 7,791 71.5% 12 48 Allen & Gledhill 12,715 9 3,025 320.3% 13 16 Latham & Watkins 12,628 13 8,570 47.4% 14 3 Herbert Smith Freehills 12,233 52 23,432 -47.8% 15 53 Simpson Thacher & Bartlett 11,003 11 2,637 317.3% 16 2 Skadden Arps Slate Meagher & Flom 10,344 13 23,602 -56.2% 17 - Debevoise & Plimpton 9,982 7 - - 18 117 LLinks Law Offices 9,934 8 768 1,193.5% 19 17 Grandall Law Firm 9,902 27 8,272 19.7% 20 28 Minter Ellison 9,160 30 5,495 66.7% Source: Mergermarket

TOP 20 ASIA-PACIFIC LEGAL ADVISERS VOLUME

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 3 Herbert Smith Freehills 12,233 52 47 5 2 1 King & Wood Mallesons 23,863 51 59 -8 3 2 Baker & McKenzie 3,441 39 56 -17 4 14 Clifford Chance 13,362 36 25 11 5 8 Kim & Chang 30,421 35 30 5 6 10 Linklaters 26,529 35 27 8 7 6 DLA Piper 4,304 33 37 -4 8 27 O'Melveny & Myers 4,482 31 17 14 9 13 Lee & Ko 14,319 30 27 3 10 12 Minter Ellison 9,160 30 27 3 11 16 Bae Kim & Lee 8,250 30 23 7 12 5 Allens 15,641 28 37 -9 13 17 Fangda Partners 13,728 28 22 6 14 21 Grandall Law Firm 9,902 27 20 7 15 30 Zhong Lun Law Firm 4,171 27 16 11 16 7 Norton Rose Fulbright 4,369 26 35 -9 17 18 AZB & Partners 5,308 23 22 1 18 41 AllBright Law Offices 5,799 21 11 10 19 9 Shin & Kim 3,715 21 30 -9 20 38 J Sagar Associates 896 21 12 9 Source: Mergermarket The legal adviser league tables by value and volume have been run from 01-Jul-14 to 31-Dec-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 | January | 40 LEAGUE TABLES

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON ASIA-PACIFIC BUYOUTS VALUE VOLUME

Ranking Ranking H2 2014 Company name Value Deal H2 2014 Company name Value Deal (US$m) count (US$m) count 1 DST Global 3,900 5 1 Tiger Global Management 3,067 10 2 Hahn & Company 3,612 2 2 Warburg Pincus 3,443 7 3 Warburg Pincus 3,443 7 3 Sequoia Capital 360 7 4 Tiger Global Management 3,067 10 4 DST Global 3,900 5 5 EQT Partners 2,831 2 5 Blackstone Group 2,713 5 6 Blackstone Group 2,713 5 6 Kohlberg Kravis Roberts 2,348 4 7 Khazanah Nasional 2,359 1 7 Matrix Management 332 4 8 Kohlberg Kravis Roberts 2,348 4 8 Temasek Holdings 1,032 3 9 GIC Special Investments 1,200 2 9 Hony Capital 769 3 10 Morgan Stanley Private Equity 1,195 2 10 IDG Capital Partners 400 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 Asia-Pacific. The tables by value and volume have been run from 01-Jul-14 to 31-Dec-14 and exclude lapsed and withdrawn deals.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON ASIA-PACIFIC EXITS VALUE VOLUME

Ranking Ranking H2 2014 Company name Value Deal H2 2014 Company name Value Deal (US$m) count (US$m) count 1 Permira Advisers 3,510 1 1 MBK Partners 3172 4 2 MBK Partners 3,172 4 2 Sequoia Capital 566 3 3 Boyu Capital Advisory 1,456 2 3 CVC Capital Partners 477 3 4 Hony Capital 1,418 2 4 Shenzhen Co-win Venture Capital Investments 392 3 5 Pacific Equity Partners 1,337 2 5 Boyu Capital Advisory 1,456 2 6 Affinity Equity Partners 1,248 1 6 Hony Capital 1,418 2 7= GSR Ventures Management 961 1 7 Pacific Equity Partners 1,337 2 7= Orchid Asia Group Management 961 1 8 Unison Capital 460 2 7= Steamboat Ventures 961 1 9 Shenzhen Capital Group 438 2 10= Clearwater Capital Partners 697 1 10 3i Group 295 2 10= Spinnaker Capital 697 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-Jul-14 to 31-Dec-14 and exclude lapsed and withdrawn deals.

ASIA-PACIFIC Monthly M&A Insider | January | 41 TREND GRAPHS

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

200 1,200 30 120

180 1,100 1,000 25 100 160 900 140

20 80 Number of deals 800 Number of deals

120 700

100 600 15 60

500 (US$bn) Value Value (US$bn) Value 80 400 10 40 60 300 40 200 5 20

20 100

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

700 4,000 80 400

600 3,500 70 350

3,000 60 300 500 Number of deals Number of deals 2,500 50 250 400 2,000 40 200 300 Value (US$bn) Value (US$bn) Value 1,500 30 150

200 1,000 20 100

100 500 10 50

0 0 0 0 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 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 | January | 42 TREND GRAPHS

ASIA-PACIFIC M&A GEOGRAPHIC BREAKDOWN H2 2014

VALUE VOLUME

1.2% 0.9% 0.8% 2.1% 2.2% 7.5% 3.4% China 3.1% China 2.5% South Korea 4.5% South Korea 3.7% Australia Australia Japan 4.6% Japan 3.9% 40.9% India India Singapore 5.6% Singapore 7.3% Hong Kong Hong Kong Malaysia 52.9% Malaysia Indonesia 9.1% Indonesia 9.7% Taiwan Taiwan Other Other

12.6% 12.5% 9.0%

ASIA-PACIFIC M&A SECTOR BREAKDOWN H2 2014

VALUE VOLUME

0.7% 1.5% 0.6% 2.0% 1.7% 0.1% 0.1% 3.0% 3.5% Industrials & Chemicals 3.7% Industrials & Chemicals 4.3% 19.1% 21.1% Technology 3.7% Technology 4.9% Business Services 3.9% Business Services Consumer Consumer 5.0% Energy, Mining & Utilities 5.8% Energy, Mining & Utilities Pharma, Medical & Biotech Pharma, Medical & Biotech 7.4% Financial Services Financial Services 6.0% 11.2% 17.5% Leisure Leisure Construction Construction 7.5% Transportation 7.1% Transportation Media Media Real Estate 10.7% Real Estate 8.8% 9.4% Agriculture 10.3% Agriculture 8.9% Telecommunications 10.5% Telecommunications Other Other

ASIA-PACIFIC Monthly M&A Insider | January | 43 TREND GRAPHS

ASIA-PACIFIC M&A DEAL SIZE BREAKDOWN H2 2014

VALUE VOLUME

0.4% 0.4% 0.3% 0.4% 0.3% 0.3% 0.3% 100 100 0.9% 1.0% 1.4% 0.8% 0.9% 0.7% 0.8% 13.5% 13.3% 90 19.9% 20.6% 22.2% 24.0% 4.5% 4.7% 5.4% 5.0% 29.4% 5.4% 4.4% 5.2% 80 15.2% 95 26.6% 17.0% 16.6% 70 13.6% 15.8% 5.7% 5.2% 5.6% 15.8% 5.3% 5.9% 5.6% 6.2% 60 90 34.5% 50 26.4% 30.3% 26.6% 29.7% 28.6% 22.3% Percentage 40 Percentage 85

30 13.6% 11.2% 11.3% 12.3% 13.0% 12.0% 12.1% 88.5% 87.9% 88.7% 87.7% 88.5% 88.0% 87.7% 20 80 23.4% 10 20.5% 21.6% 22.0% 20.6% 21.9% 22.6%

0 75 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 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 H2 2014 H2 2013 % change Value (US$m) Mrk share Deal count Value (US$m) Mrk share Deal count Value Volume Industrials & Chemicals 60,587 19.1% 407 35,776 14.0% 355 69.3% 14.6% Energy, Mining & Utilities 55,510 17.5% 200 42,190 16.5% 158 31.6% 26.6% Consumer 29,608 9.4% 204 18,443 7.2% 188 60.5% 8.5% Financial Services 28,233 8.9% 116 37,103 14.5% 119 -23.9% -2.5% Business Services 27,829 8.8% 207 9,093 3.6% 152 206.0% 36.2% Technology 23,702 7.5% 217 37,657 14.7% 173 -37.1% 25.4% Transportation 23,533 7.4% 72 9,099 3.6% 50 158.6% 44.0% Leisure 15,819 5.0% 112 4,125 1.6% 85 283.5% 31.8% Pharma, Medical & Biotech 15,512 4.9% 137 12,249 4.8% 124 26.6% 10.5% Real Estate 13,609 4.3% 67 28,867 11.3% 72 -52.9% -6.9% Media 9,351 3.0% 72 5,271 2.1% 60 77.4% 20.0% Construction 6,244 2.0% 75 8,555 3.3% 59 -27.0% 27.1% Agriculture 4,805 1.5% 33 2,431 1.0% 27 97.7% 22.2% Telecommunications 2,050 0.6% 14 4,758 1.9% 15 -56.9% -6.7% Other 220 0.1% 1 - - - - - Defence - - - 72 0% 1 - - Total 316,610 100.0% 1,934 255,689 100.0% 1,638 23.8% 18.1%

ASIA-PACIFIC Return to contents Monthly M&A Insider | January | 44 A MERGERMARKET M&A REPORT ON EUROPE

After a rather subdued 2013, Europe M&A activity bounced back in 2014, climbing to a post-crisis high at US$890.9bn – a 38.9% jump on the previous year. Volume was also up, although by a more modest 7.4% (6,246 versus 5,815). On a quarter-by-quarter basis, the year got off to a slow start at US$176.5bn in Q1, it then peaked at US$312.7bn in Q2, took a substantial leap downward to US$202.1bn in Q3, and closed at US$199.6bn in Q4. Although down on the previous two quarters, Q4 2014 saw a 26.3% increase on Q4 2013 (US$158bn).

US$44.5bn of Private Equity buyout deals were signed during to Q4 2013 – from US$4.9bn to US$28.8bn. Two deals above Q4 2014, a nearly two-fold increase on the same period the US$2bn were signed in Q4 2014: GAGFAH takeover mentioned year before (US$22.8bn) and the highest value since Q2 2008 in the previous paragraph, and the bid for Songbird Estates, (US$56bn). The final quarter gave a strong boost to M&A activity, owner of London business district Canary Wharf, launched propelling the buyouts’ year total to US$133bn – a 45.3% surge on by Qatar Investment Authority and Canada-based Brookfield 2013 (US$91.5bn) and the highest figure since 2007 (US$307.4bn). Property Partners in December. Songbird’s shareholders have It was also a record year for PE exits, with US$162.5 worth of until January 29th to accept the 350p per share offer, with the deals registered throughout 2014 – a 93.9% jump on 2013 and company’s board recommending them to reject it. the highest since 2007 (US$184.7bn). At US$32.6bn, Q4 2014 was 38.9% down on the previous quarter (US$53.4bn), while 55.2% up Staying with the sectors, a different picture emerged when on Q4 2013 (US$21bn). focusing on the whole of 2014, with Technology, Media & Telecommunications (TMT) accounting for the largest share Mega-deals above US$10bn staged a strong comeback in at US$168.2bn (937 deals). Consolidation in the segment is 2014. A total of ten were signed during the year, compared predicted to continue into 2015, with operators combining to six in 2013, according to Mergermarket data. Even more phone and mobile services with broadband and TV offer. remarkable was the average mega-deal size: it was US$13.9bn The Pharmaceuticals, Medical & Biotech sector came in 2013, but leaped to US$20.7bn in 2014. Narrowing it down in a strong second place, driven in part by tax inversion to the single quarter, two mega-deals were announced in Q4 deals between US and UK companies. The sector saw a 2014 – General Electric’s US$12.3bn acquisition of Alstom’s combined US$114.9bn of deals take place throughout 2014 thermal & renewable power and grid business which became with two US$10bn-plus takeovers. Among Q4 2014 top-ten definitive in November; and Deutsche Annington Immobilien’s transactions, just one belonged to the Pharma sector – US$10.5bn takeover of real estate company GAGFAH in Ireland-based Perrigo Company’s US$4.5bn acquisition of December. By contrast, in Q4 2013 not a single transaction Omega Pharma in Belgium. above the US$10bn mark was agreed. Q4 2014 produced also a healthy number of deals north of US$2bn, with 19 transactions The UK was the most active country in Q4 2014, with 303 being signed out of a total of 76 during the whole of 2014. transactions worth US$56.3bn. It was followed by France This figure does not include Terra Peregrin’s bid for Portugal (US$27.2bn) and Spain (US$13.2bn). In terms of 2014’s yearly Telecom SGPS, which was withdrew in January. figures, it was France which came up on top – the first time the country has headed Europe’s elite in this regard. The On the back of the General Electric-Alstom deal, the Energy, US$161.6bn worth of deals in 2014 marked its best annual Mining & Utilities sector saw the highest level of activity in Q4 performance since 2007, when it registered US$204.1bn, and 2014, with a total of 109 transactions worth US$36.8bn (equivalent a 326.1% jump from last year’s US$37.8bn. Two French deals to 18.5% market share). It was 21% up in value on Q4 13, but helped boost the country to these levels – Holcim’s US$39.6bn slightly down in volume (129 transactions – a 16% drop). Also takeover of Lafarge in April and Altice’s acquisition of SFR for affected by the presence of some large transactions was the Real US$23.1bn in June. Spain similarly saw a 77.1% surge in values Estate sector, whose value increased almost fivefold compared as it reached US$57.3bn worth of deals.

Monthly M&A Insider | January | 45 EUROPE

There was a reshuffle at the top of the financial advisors (FA) (US$385.3bn), Morgan Stanley (US$355.2bn), and Bank of league table in Q4 2014 compared to Q4 2013, with the same America Merrill Lynch (US$323.4bn). Volume-wise, in Q4 2014 four investment banks dominating it but in different positions. Rothschild worked on the largest number of transactions (67), JPMorgan came in first, advising on 41 transactions worth with PwC (48), KPMG (42), and JPMorgan (41) also in the top-four. US$161bn – the bank was fourth at US$46.5bn in Q4 2013. Goldman Sachs gained second place with 38 deals valued Q4 2014 legal advisors’ league table saw Latham & Watkins on US$124.4bn (down from the top spot in Q4 2013), followed by top with 45 deals worth US$95bn. At US$91.3bn, Wachtell, Lipton, Bank of America Merrill Lynch (30 deals worth US$115.1bn) Rosen & Katz rose to second position, from only US$500m of and Morgan Stanley (33 deals worth US$69bn). The same four deals in Q4 2013. Such a jump was due largely by working on banks led Mergermarket’s Europe FA rankings in 2014, although some of the largest transactions of the quarter. Goldman Sachs was first (US$481.2bn), followed by JPMorgan

EUROPE Monthly M&A Insider | January | 46 DEAL OF THE HALF-YEAR

Deal summary Announced: 01-Dec-14 Deal value: US$10,533m

Deutsche Annington Immobilien SE, the listed Germany-based • Norges Bank: 8.43% (22,897,566 shares) of total share capital. real estate company announced a recommended voluntary takeover offer for GAGFAH SA], the Germany-listed and • The Wellcome Trust Ltd: 7.2% (19,556,640 shares) of total Luxembourg-based real estate company. share capital. • BlackRock Inc: 6.17% (16,758,954 shares) of total share capital. STRUCTURE: • Terra Firma Capital Partners Limited: 4.93% (13,390,866 • The offer is structured as a recommended voluntary public shares) of total share capital. takeover offer under German’s laws and regulations. • Coller International Partners: 4.7% (12,766,140 shares) of • The offer is structured as a cash and shares transaction. total share capital.

• GAGFAH BoD supports the offer and will recommend to shareholders acceptance of the offer. FINANCING: • Transaction to be funded by debt and equity. TERMS: • 51% equity consideration to be funded by new issuance. • The offer price is €18.00 per GAGFAH share. • 49% cash consideration to be funded by a Syndicated Bridge • The offer price comprises 0.3571 Deutsche Annington shares Facilities Agreement. and €8.7514 cash per GAGFAH share.

• The offer price represents a 16.13% premium over GAGFAH RATIONALE: closing share price as of 28 November 2014, one day prior to • The transaction will create the largest German housing the announcement date. company and allow the combined entity to realize significant • The offer price represents a 20.81% premium to GAGFAH economies of scale in property management, portfolio closing share price as of 31-Oct-14, one month prior to the management, extension services, and financing. announcement date. • The bidder estimates total cost synergies of €84m per year, • The offer price values the entire equity of GAGFAH at of which €47m result from operations and €37m result €3.88bn, based on 215.49m outstanding shares at the from financing. offer price. POST DEAL DETAILS: MAJOR SHAREHOLDERS: • Combined company headquarters will be in or near the city GAGFAH share holding structure as of 01-Dec-14: of Essen.

• Lansdowne Partners: 8.51% of total share capital. CONDITIONS: • Sun Life Financial: 7.18% of total share capital. • Minimum 57% acceptances.

• Deutsche Bank AG: 5.59% of total share capital. • Antitrust authorities.

Deutsche Annington share holding structure as of 01-Dec-14: • Non-invitation to GAGFAH EGM. • Abu Dhabi Investment Authority: 12.77% (34,685,874 shares) of total share capital.

EUROPE Monthly M&A Insider | January | 47 DEAL OF THE HALF-YEAR

Exit multiples – Y/E 31-Dec-13 Premium analysis Multiples Value (US$m) Offer price per share (US$) 22.43 Revenue 9.4 1,237 1 day before 16.09% EBITDA 24.5 476 1 month before 20.81% EBIT 24.6 473 1 day after 2.62% Earnings - 93 Pre-rumour -

Advisers Target/Seller Bidder Financial Bank of America Merrill Lynch; Financial JPMorgan; Kempen & Co; Rothschild; and Deutsche Bank and Credit Suisse Legal Freshfields Bruckhaus Deringer Legal Clifford Chance (JPMorgan); Sullivan & Cromwell; Latham & Watkins (Credit Suisse); and Skadden Arps Slate Meagher & Flom (JPMorgan)

Bidder Deutsche Annington Immobilien SE Headquarters Philippstrasse 3 Bochum North Rhine-Westphalia 44803 Germany Sector Real Estate Description Germany-based company engaged in investing, owning and managing residential real estate properties.

Target GAGFAH SA Headquarters 2-4 rue Beck 1222 Luxembourg Sector Real Estate Description Luxembourg-based company engaged in the ownership, management and acquisition of geographically diversified real estate portfolio

EUROPE Monthly M&A Insider | January | 48 TOP DEALS & EXPECTED DEALS

TOP 10 EUROPEAN ANNOUNCED DEALS OF H2 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)

05-Nov-14 General Electric Company Alstom SA (Thermal Energy, Mining Alstom SA 0.7 -- -12,327 Power, Renewable Power & Utilities and Grid business)

01-Dec-14 Deutsche Annington Immobilien GAGFAH SA Real Estate - 9.4 24.5 - 16.1% 10,533 SE

08-Dec-14 Altice SA PT Portugal SGPS SA Telecommunications Oi SA 2.9 -- -9,092

04-Dec-14 Stork Holdco LP Songbird Estates Plc Real Estate - --2.9 4.9% 8,738 (71.4% stake)

02-Dec-14 Aviva Plc Friends Life Group Plc Financial Services - n/a n/a 27.4 7.5% 8,716

09-Nov-14† Terra Peregrin – Participacoes Portugal Telecom SGPS SA Telecommunications - 2.1 5.2 3.7 10.9% 7,594 SGPS SA

24-Nov-14 Onex Corporation SIG Combibloc Group AG Industrials & Reynolds Group 2.2 8.6 --4,658 Chemicals Holdings Limited

20-Oct-14 SHV Holdings NV Nutreco NV Consumer - 0.9 14.1 20.3 57.7% 4,509

06-Nov-14 Perrigo Company plc Omega Pharma Belgium NV Pharma, Medical Omega Pharma 2.8 -- -4,490 & Biotech Invest NV

06-Nov-14 Public Sector Pension TDF SAS Media Charterhouse Capital - 9.5 --4,440 Investment Board; Arcus Partners LLP; TPG Infrastructure Partners LLP; Capital LP; Ardian; Brookfield Infrastructure and BPI France SA Partners LP; and APG Group NV

†Indicates lapsed deal Source: Mergermarket n/a=not applicable Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being European Data correct as of 12-Jan-15

EUROPE Monthly M&A Insider | January | 49 TOP DEALS & EXPECTED DEALS

PIPELINE OF EUROPEAN 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 TIM Participacoes SA Telecommunications Telefonica SA; Claro SA; - Telecom Italia 15,000 Telcos Oi, Claro and deal and Oi SA SpA Telefonica are planning to make a US$15bn bid to buy peer TIM Participacoes and split the company among them, according to a newswire report.

Potential Banca Monte dei Paschi Financial Services Banco Santander SA - Banca Monte dei 2,834 Italy-based Banca Monte sale Belgium; Banca Monte Paschi di Siena dei Paschi wants to sell dei Paschi France SpA its Belgian and French subsidiaries, de Standaard reported, citing unnamed sources. Advisers have been approached to assist in the sale and will present their proposals on Thursday, the report said.

Potencial Bayer Diabetes Care Pharma, Medical - Credit Suisse (S) Bayer AG 2,477 Bayer is working with Credit sale & Biotech Suisse on a potential sale of its diabetes care unit, according to a newswire report. Bloomberg News, citing people with knowledge of the situation, reported that the business could command as much as €2bn (US$2.5bn).

Expected Coutts (international Financial Services Intesa Sanpaolo SpA; UBS Goldman Sachs (S) Royal Bank of 500 Intesa Sanpaolo, the deal business); and Coutts AG; Credit Suisse Group Scotland Group Italy-based banking group, & Co AG; DBS Group Holdings Plc is seeking to acquire the Limited; Banco BTG UK-based bank Coutts from Pactual SA; EFG Group; Royal Bank of Scotland or Julius Baer Group Ltd (RBS), the Financial TImes reported. A sale of Coutts International is thought likely to be worth in excess of GB£500m (US$783m), the report said.

Potential Novo Banco (19 firms Leisure Banco Santander BNP Paribas (S) Government of 491 Novo Banco, the former sale and shareholdings) SA; Apollo Global Portugal; Bank Banco Espirito Santo Management LLC; of Portugal; and (BES), is looking to sell 19 Banco BPI SA; Banco Novo Banco SA firms and shareholdings Santander Totta SA; Fosun mainly in the leisure sector International Ltd; Banco valued at €400m, reported Privado Atlantico SA; or Diario Economico. Banco BIC SA.

Potential JOST Group SA Industrials & - Rothschild (S) Cinven Partners 100 Jost Group, the German sale Chemicals LLP maker of trailer and truck parts, could be sold or listed by Cinven, which mandated Rothschild to look into such options, according to a newswire report.

Expected deals based on confirmed announcements by companies involved.

EUROPE Monthly M&A Insider | January | 50 LEAGUE TABLES

TOP 20 EUROPEAN FINANCIAL ADVISERS VALUE

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Value Value change (US$bn) (US$bn) (%) 1 4 JPMorgan 161.0 41 46.5 246.2% 2 1 Goldman Sachs 124.4 38 66.9 86.0% 3 3 Bank of America Merrill Lynch 115.1 30 51.3 124.5% 4 2 Morgan Stanley 69.0 33 51.7 33.4% 5 10 Rothschild 55.7 67 18.8 196.7% 6 14 Deutsche Bank 50.8 26 13.6 273.9% 7 8 Lazard 38.4 32 22.3 72.1% 8 6 Citi 36.9 22 45.8 -19.4% 9 12 Credit Suisse 34.4 16 15.9 116.8% 10 9 Barclays 34.2 21 20.5 67.1% 11 23 HSBC 26.1 8 6.1 325.0% 12 22 Nomura Holdings 18.9 11 6.2 203.9% 13 11 BNP Paribas 18.8 22 16.7 13.0% 14 40 Centerview Partners 17.0 5 3.0 466.7% 15 35 RBC Capital Markets 14.2 7 3.2 338.2% 16 5 UBS Investment Bank 13.3 14 46.1 -71.2% 17 32 Perella Weinberg Partners 11.3 5 3.7 208.7% 18 341 Kempen & Co 10.5 3 0.0 - 19 17 EY 10.4 33 9.4 11.6% 20 18 Societe Generale 10.3 9 7.6 36.2% Source: Mergermarket

TOP 20 EUROPEAN FINANCIAL ADVISERS VOLUME

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Deal count Deal count (US$bn) change 1 6 Rothschild 55.7 67 40 27 2 1 PwC 4.9 48 64 -16 3 2 KPMG 2.0 42 56 -14 4 10 JPMorgan 161.0 41 26 15 5 4 Goldman Sachs 124.4 38 42 -4 6 8 Morgan Stanley 69.0 33 30 3 7 3 EY 10.4 33 53 -20 8 5 Lazard 38.4 32 41 -9 9 7 Deloitte 1.9 32 39 -7 10 11 Bank of America Merrill Lynch 115.1 30 25 5 11 19 Deutsche Bank 50.8 26 17 9 12 12 Citi 36.9 22 24 -2 13 14 BNP Paribas 18.8 22 21 1 14 13 Barclays 34.2 21 24 -3 15 20 BDO 0.7 19 17 2 16 16 Lincoln International 3.7 17 19 -2 17 9 Credit Suisse 34.4 16 28 -12 18 15 UBS Investment Bank 13.3 14 20 -6 19 38 Leonardo & Co 6.4 14 10 4 20 40 Evercore Partners 7.5 13 8 5 Source: Mergermarket The financial adviser league tables by value and volume have been run from 01-Jul-14 to 31-Dec-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 | January | 51 LEAGUE TABLES

TOP 20 EUROPEAN LEGAL ADVISERS VALUE

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Value Value change (US$bn) (US$bn) (%) 1 14 Latham & Watkins 95.0 45 14.1 575.5% 2 171 Wachtell, Lipton, Rosen & Katz 91.3 6 0.5 20,140.4% 3 30 Weil Gotshal & Manges 80.8 19 6.7 1,107.6% 4 15 Cleary Gottlieb Steen & Hamilton 76.3 13 12.9 491.8% 5 39 Stikeman Elliott 72.8 5 4.8 1,408.1% 6 2 Cravath, Swaine & Moore 69.7 8 34.9 99.9% 7 1 Freshfields Bruckhaus Deringer 68.9 53 64.4 7.0% 8 45 Covington & Burling 67.5 6 3.8 1,658.3% 9 26 Fried Frank Harris Shriver & Jacobson 66.8 7 7.9 739.8% 10 184 Richards Layton & Finger 66.4 2 0.4 17,605.3% 11 151 Matheson 65.8 6 0.6 10,451.8% 12 81 Ropes & Gray 65.6 8 1.8 3,552.8% 13 60 Loyens & Loeff 64.7 20 2.7 2,334.7% 14 234 Arthur Cox 64.6 12 0.2 29,532.6% 15 31 Slaughter and May 51.6 22 6.3 717.4% 16 10 Clifford Chance 51.4 55 20.6 149.4% 17 11 Skadden Arps Slate Meagher & Flom 48.7 24 18.8 159.5% 18 12 Sullivan & Cromwell 37.4 14 15.3 144.5% 19 3 Linklaters 35.7 55 32.7 9.2% 20 13 Allen & Overy 32.5 37 14.6 122.7% Source: Mergermarket

TOP 20 EUROPEAN LEGAL ADVISERS VOLUME

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Deal count Deal count (US$bn) change 1 1 DLA Piper 4.9 60 80 -20 2 7 Clifford Chance 51.4 55 45 10 3 2 Linklaters 35.7 55 61 -6 4 3 Freshfields Bruckhaus Deringer 68.9 53 57 -4 5 6 White & Case 10.7 50 49 1 6 9 Latham & Watkins 95.0 45 37 8 7 4 Baker & McKenzie 3.3 39 50 -11 8 8 Allen & Overy 32.5 37 40 -3 9 12 Jones Day 5.3 31 27 4 10 5 CMS 1.7 31 50 -19 11 29 Skadden Arps Slate Meagher & Flom 48.7 24 15 9 12 17 Herbert Smith Freehills 14.5 23 19 4 13 59 Slaughter and May 51.6 22 10 12 14 20 Hogan Lovells International 4.7 22 18 4 15 15 Loyens & Loeff 64.7 20 23 -3 16 24 Mannheimer Swartling 2.0 20 17 3 17 10 Weil Gotshal & Manges 80.8 19 36 -17 18 26 A&L Goodbody 11.8 19 16 3 19 38 Cuatrecasas, Goncalves Pereira 8.4 18 14 4 20 25 Eversheds 3.8 18 17 1 Source: Mergermarket The legal adviser league tables by value and volume have been run from 01-Jul-14 to 31-Dec-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 | January | 52 LEAGUE TABLES

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON EUROPEAN BUYOUTS VALUE VOLUME

Ranking Ranking H2 2014 Company name Value Deal H2 2014 Company name Value Deal (US$m) count (US$m) count 1 Onex Partners 4,658 1 1 Avenue Capital Group 477 6 2 Arcus Infrastructure Partners 4,440 1 2 Naxicap Partners - 6 3 Macquarie Group 3,423 2 3 Edmond de Rothschild Investment Partners 31 5 4 Allianz Capital Partners 3,233 2 4 YFM Equity Partners 30 5 5 EdF Capital Investissement 3,233 1 5 LDC (Managers) 199 4 6 Lone Star Funds 2,545 2 6 Gimv - 4 7 Apax Partners 1,982 2 7 CVC Capital Partners 1,830 3 8 CVC Capital Partners 1,830 3 8 The Carlyle Group 829 3 9 Starwood Capital Group 1,458 1 9 Bridgepoint Advisers 652 3 10 Waterland Private Equity Investments 1,280 1 10 Deutsche Beteiligungs 263 3 11 Vista Equity Partners 1,116 1 11 CM-CIC Capital Finance 20 3 12 Penta Capital Partners 980 1 12 HeidelbergCapital Asset Management 12 3 13 The Carlyle Group 829 3 13 Accent Equity Partners - 3 14 TDR Capital 773 1 14 IK Investment Partners - 3 15 KSL Capital Partners 770 1 15 Macquarie Group 3,423 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 European. The tables by value and volume have been run from 01-Jul-14 to 31-Dec-14 and exclude lapsed and withdrawn deals.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON EUROPEAN EXITS VALUE VOLUME

Ranking Ranking H2 2014 Company name Value Deal H2 2014 Company name Value Deal (US$m) count (US$m) count 1 Waterland Private Equity Investments 4,490 1 1 LDC (Managers) 312 5 2 TPG Capital 4,472 2 2 21 Partners 949 4 3= Ardian 4,440 1 3 Edmond de Rothschild Investment Partners 110 4 3= Charterhouse Capital Partners 4,440 1 4 Verdane Capital Advisors 138 3 3= Pechel Industries Partenaires 4,440 1 5 Bencis Capital Partners 126 3 6= Blackstone Group 3,196 1 6 Beaufort Capital 12 3 6= PAI Partners 3,196 1 7 CapMan - 3 8 Apax Partners 2,866 1 8 TPG Capital 4,472 2 9= JZ Capital Partners 1,775 1 9 Vision Capital 91 2 9= Nautic Partners 1,775 1 10 Zurmont Madison Management 77 2 9= The Jordan Company 1,775 1 11 Gresham 72 2 12 Starwood Capital Group 1,495 1 12 Finance Wales 23 2 13 Advent International Corporation 1,280 1 13 NPM Capital 15 2 14 Rhone Capital 951 1 14 Opera 7 2 15 21 Partners 949 4 15 ACE Management - 2 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 European. The tables by value and volume have been run from 01-Jul-14 to 31-Dec-14 and exclude lapsed and withdrawn deals.

EUROPE Monthly M&A Insider | January | 53 TREND GRAPHS

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

600 2,000 140 450

1,800 400 120 500 1,600 350

1,400 100

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

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 1,600

1,400 7,000 300 1,400

1,200 6,000 1,200 250 Number of deals Number of deals 1,000 5,000 1,000 200 800 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 2014 2008 2009 2010 2011 2012 2013 2014

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

EUROPE Monthly M&A Insider | January | 54 TREND GRAPHS

EUROPEAN M&A GEOGRAPHIC BREAKDOWN H2 2014

VALUE VOLUME

1.3% 1.5% 5.9% 1.8% UK 14.7% UK 20.9% 2.1% France France 2.5% 28.2% 1.6% Spain Spain 2.8% Luxembourg 2.1% Luxembourg 3.6% Switzerland 2.5% Switzerland Portugal Portugal 4.4% 6.5% Norway Norway Netherlands 11.7% Netherlands 4.6% 2.2% Germany Germany 2.5% Russia Russia 4.6% 2.6% 13.6% Turkey 5.8% Turkey 5.2% Belgium 0.3% Belgium 12.2% Italy 2.2% Italy 5.6% 4.8% 5.6% 6.7% 6.4% Finland 1.0% Finland Republic of Ireland Republic of Ireland Austria Austria Other Other

EUROPEAN M&A SECTOR BREAKDOWN H2 2014

VALUE VOLUME

0.1% 0.8% 2.9% 0.1% 0.3% 3.0% 3.9% 7.5% 3.7% 18.6% Energy, Mining & Utilities 2.2% Energy, Mining & Utilities Real Estate 13.9% Real Estate 4.8% 8.0% Financial Services Financial Services 4.8% Industrials & Chemicals Industrials & Chemicals

Consumer 3.7% Consumer 5.1% Telecommunications Telecommunications 14.4% Pharma, Medical & Biotech Pharma, Medical & Biotech 5.9% Leisure 9.8% 20.1% Leisure Media Media Technology Technology 6.7% Transportation 3.1% Transportation Business Services 5.3% Business Services 12.5% 7.8% Construction Construction 6.2% 14.0% 9.6% Agriculture Agriculture 1.2% Defence Defence

EUROPE Monthly M&A Insider | January | 55 TREND GRAPHS

EUROPEAN M&A DEAL SIZE BREAKDOWN H2 2014

VALUE VOLUME

0.6% 0.4% 0.3% 0.4% 0.3% 0.2% 0.4% 100 100 0.7% 0.9% 0.9% 0.9% 0.9% 0.8% 1.0% 90 22.1% 98 26.6% 2.7% 3.5% 3.2% 28.5% 3.8% 3.6% 33.6% 33.8% 34.0% 3.7% 4.0% 80 96 44.4% 2.9% 3.2% 70 94 3.7% 3.3% 3.6% 25.7% 4.1% 3.6% 18.6% 20.4% 60 92 20.7% 18.7% 21.1% 50 15.0% 90 Percentage Percentage 40 29.3% 28.8% 27.3% 88 21.0% 25.3% 19.2% 24.0% 93.1% 30 86 91.9% 91.7% 92.5% 91.4% 90.7% 91.1% 20 8.4% 9.0% 9.8% 10.3% 84 8.3% 9.5% 9.0%

10 16.3% 82 13.1% 14.6% 14.4% 12.7% 14.6% 11.9% 0 80 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 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 H2 2014 H2 2013 % change Value (US$m) Mrk share Deal count Value (US$m) Mrk share Deal count Value Volume Energy, Mining & Utilities 36,831 18.5% 109 30,352 19.2% 129 21% -16% Real Estate 28,788 14.4% 32 4,850 3.1% 30 494% 7% Financial Services 24,929 12.5% 116 21,733 13.8% 137 15% -15% Industrials & Chemicals 19,152 9.6% 289 26,306 16.6% 327 -27% -12% Consumer 15,477 7.8% 202 12,633 8.0% 221 23% -9% Telecommunications 13,387 6.7% 17 20,871 13.2% 33 -36% -48% Pharma, Medical & Biotech 11,735 5.9% 90 8,315 5.3% 107 41% -16% Leisure 10,274 5.1% 76 2,822 1.8% 67 264% 13% Media 9,665 4.8% 45 3,572 2.3% 62 171% -27% Technology 9,638 4.8% 142 8,805 5.6% 133 9% 7% Transportation 7,384 3.7% 54 2,945 1.9% 65 151% -17% Business Services 6,054 3.0% 201 8,754 5.5% 196 -31% 3% Construction 5,875 2.9% 57 5,832 3.7% 64 1% -11% Defence 219 0.1% 4 0 0% 3 - 33% Agriculture 166 0.1% 12 210 0.1% 17 -21% -29% Total 199,574 100% 1,446 158,000 100% 1,591 26% -9%

EUROPE Return to contents Monthly M&A Insider | January | 56 A MERGERMARKET M&A REPORT ON THE MIDDLE EAST & AFRICA

Middle East and Africa (MEA) M&A activity stood at US$58.6bn in 2014, a 8.2% drop from the post-crisis high seen in 2013 (US$63.9bn), but still the third highest annual value since 2007 (US$87.2bn). Q4 2014 gave a strong final boost to the year with a rash of large transactions targeting MEA companies. At US$23.2bn, Q4 2014 was 147.8% up on the same period the year before (US$15.6bn) and the best-performing quarter since Q1 2010 (US$25.4bn). Volume-wise, Q4 2014 experienced instead a 23.8% decrease from Q4 2013 (130 versus 99 transactions), further underlining the role played by a string of high-valued takeovers. Q4 2014 also saw the lowest number of deals since Q1 2013 (90).

Four transactions equal to or above US$2bn were signed in TMT was the most active sector in 2014, with 74 transactions Q4 2014, out of a total of seven for the whole of 2014. The two worth US$12.3bn accounting for 21.2% of the MEA’s total, largest deals of the year were also agreed in the final quarter according to Mergermarket’s annual trend report. The sector – Steinhoff International’s acquisition of a 92.34% stake in peer was up 12.5% on 2013. The region’s Technology space was a Pepkor for US$5.7bn; and UAE-based DP World’s takeover of highlight in 2014 and saw the most deals on record, with 44 Economic Zones World of Dubai for US$3.5bn. transactions worth US$3.8bn, up from just 24 in 2013.

Private equity’s buyout value of US$3.7bn in Q4 2014 was South Africa came out on top in Q4 2014 both in terms of value the highest on record since Q1 2007 (US$6.2bn). The figure (US$7.7bn equivalent to 33% of the total) and volume (28 deals). represented a 530.2% leap on Q4 2013 (US$582m) as well as a It was followed by Nigeria (US$5.5bn; eight deals), United Arab 261.7% increase on Q3 2014 (US$1bn). 2014’s total of US$6.6bn Emirates (US$4.9bn; 12 deals), and Israel (US$943m; 12 deals). was also the largest figure since 2007 (US$12.4bn). PE’s exit These four countries accounted for more than four-fifth of the deals surged as much as 51.9% between 2013 and 2014 (from region’s total value and around three-fifth of volume. US$3.7bn to US$5.6bn). At US$1.2bn, Q4 2014 was 120.8% up on the previous quarter (US$553m) and 96.3% up on the same At US$9.9bn, Deutsche Bank jumped to first position in period the year before (US$622m). Mergermarket’s Financial Advisers League Table in Q4 2014, by winning buy-side mandates on the two major transactions The Consumer sector came out on top in Q4 2014 with a in the quarter. Citi (US$9.2bn), Barclays (US$7.6bn), and cumulative value of US$6.6bn, a staggering 3,466% jump from Rand Merchant Bank (US$6.5bn) were also in the top-four. the same period in 2013 (US$186m). Such a strong performance E&Y advised on the largest number of deals (11). was due almost entirely to the Steinhoff’s acquisition of Pepkor, which accounted for 87.6% of the sector’s total. Energy, Mining Deutsche Bank also dominated the 2014’s League Table, advising & Utilities came in second at US$4.4bn, up 35% on last year, on ten deals worth a combined US$15.5bn, over ten times the while Real Estate was third at US$4.1bn, a 438% increase on Q4 value in 2013 (US$1.2bn) and with four more mandates. 2013. Again, such a strong reading was attributable mainly to a single transaction – the deal DP World – Economic Zones World. Linklaters topped Q4 2014’s League Table for legal advisers, Consumer, Energy and Real Estate accounted for nearly of with 7 deals worth US$12bn. It was followed by DLA Cliffe two-third of M&A activity by value in the quarter, but only 29.3% Dekker Hofmeyr (US$7.2bn), Werksmans (US$5.9bn) and in terms of volume (29 transactions out of 99). The Financial Girard Hayward (US$5.7bn). Services sector generated the highest number of deals (17).

Monthly M&A Insider | January | 57 DEAL OF THE HALF-YEAR

Deal summary Announced: 25-Nov-13 Deal value: US$5,743.8m

Steinhoff International Holdings Ltd has agreed to acquire a POST DEAL DETAILS: 92.34% stake in Pepkor Limited from Mr. Christo Wiese and • Mr. Christo Wiese and Pepkor CEO Mr. Pieter Erasmus will Brait Mauritius Limited, a subsidiary of Brait SE. join Steinhoff International’s executive committee.

• The management of Pepkor will hold a 7.7% stake in Pepkor. TERMS: • Steinhoff will acquire a 52.47% stake in Pepkor from Mr. Christo Wiese, a 37.06% stake from Brait and a 2.81% EXPECTED COMPLETION: stake from the management of Pepkor, acquiring a total of • The transaction is expected to be completed by the end of 92.34% in the company. Q1 2015.

• Consideration of ZAR62.823bn (US$5.74bn) will be paid. CONDITIONS: • As consideration, Steinhoff will issue 609.1m shares to Mr. Christo Wiese, 200m shares and ZAR15bn (US$1.371bn) • Johannesburg Stock Exchange approval. in cash to Brait and 29.9m shares to the management • Takeover Regulation Panel approval. of Pepkor. • Steinhoff shareholders’ approval. • All the shares are issued at an offer price of ZAR57 (US$5.2). • Regulatory approvals. • The implied equity value of the transaction will be ZAR68m (US$6.22m). • Customary closing conditions.

FINANCING: BACKGROUND: • The cash consideration to Brait will be funded from • Christo Wiese held a 52.47% stake in Pepkor through his Steinhoff’s existing cash resources, debt facilities and subsidiaries Titan Premier Investments Pty Ltd and Thibault funding commitments. Square Financial Services (Pty) Ltd.

• Pepkor operates in 16 countries across three continents, with RATIONALE: 32,000 employees. • The acquisition will allow to Steinhoff to expand its • Pepkor reported turnover of ZAR38.2bn (US$3.603bn) and footprint and product offering in the growing value EBIT of ZAR 3.2bn (US$301.85m) for the financial year ended discount market sector. 30-Jun-14. • It will also expand Steinhoff’s retail footprint to include • Pepkor’s Enterprise value translates into an 18.4x EV/EBITDA apparel, footwear and cellular phones. multiple based on Pepkor’s audited FY2014 EBITDA from • Steinhoff will benefit from greater efficiencies and savings continuing operations. from supply chain. • Steinhoff has entered into agreements with certain • The combined group will provide enhanced growth profile management of Pepkor to acquire a further effective through operational efficiencies and acceleration of Pepkor’s 2.81% interest in Pepkor. European expansion.

• Pepkor’s highly experienced management team will add additional management expertise and bench-strength to Steinhoff.

MIDDLE EAST & AFRICA Monthly M&A Insider | January | 58 DEAL OF THE HALF-YEAR

Exit multiples – Y/E 30-Jun-14 Premium analysis Multiples Value (US$m) Offer price per share (US$) n/a Revenue 1.73 3603.36 1 day before - EBITDA 16.51 376.75 1 month before - EBIT 20.61 301.85 Earnings 34.6 179.79

Advisers Target/Seller Bidder Financial HSBC; Rand Merchant Bank; and EY Financial Barclays; Citi; Commerzbank; Deutsche Bank; Investec; and KPMG Legal ENSafrica; Maitland & Co; and Webber Wentzel Legal DLA Cliffe Dekker Hofmeyr; Girard Hayward; Linklaters; and Werksmans

Mergermarket/dealReporter intelligence 25-Nov-14 Steinhoff agrees to acquire controlling interest in Pepkor 25-Nov-14 Pepkor agrees sale to Steinhoff for ZAR62.8bn 28-Nov-14 Steinhoff purchase of Pepkor unlikely to worry Australia’s ACCC

Timetable and expected events Offer timetable Date Notes 25-Nov-14 Transaction Terms Announcement 25-Nov-14 Steinhoff AGM 28-Nov-14 Posting of Proposed Transaction Circular to Steinhoff/Brait Shareholders Company events Date Notes Jan-15 Steinhoff/Brait General Meeting to approve Proposed Transaction Mar-15 Condition Precedent Fulfilment, Steinhoff Finalisation Announcement and Settlement of Purchase Consideration

Bidder Steinhoff International Holdings Ltd Headquarters 28 Sixth Street Wynberg Johannesburg South Africa Sector Consumer Description South Africa-based company that manufactures, sources, distributes and retails furniture and household goods

Target Pepkor Limited Headquarters 36 Stellenberg Road Parow Industria 7493 Parow East Cape Town South Africa Sector Consumer Description South Africa-based company that operates and manages a network of retail stores that sell clothing, footwear, textiles, house ware, and cellular products

MIDDLE EAST & AFRICA Monthly M&A Insider | January | 59 TOP DEALS

TOP 10 MIDDLE EASTERN & AFRICAN ANNOUNCED DEALS OF H2 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-Nov-14 Steinhoff International Pepkor Limited Consumer Christo Wiese (Private 1.7 16.5 34.6 - 5,744 Holdings Ltd (92.34% stake) Investor); and Brait Mauritius Limited

13-Nov-14 DP World Limited Economic Zones World Real Estate Ports & Free Zones World 8.0 9.9 --3,459

08-Oct-14 A consortium led by Oil Mining License 29 Energy, Mining Royal Dutch Shell Plc --- -2,500 Taleveras Group and associated pipeline & Utilities in Nigeria (30% stake)

03-Nov-14 Undisclosed bidder IHS Holdings Limited Telecommunications - --- -2,000

12-Nov-14 Aabar Investments PJSC Arabtec Holding PJSC Construction Hasan Ismaik (Private 3.1 88.5 31.2 17.4% 963 (16.1% stake) Investor)

09-Dec-14 Mitsui & Co Ltd Nacala Logistic Corridor Energy, Mining Vale SA --- -763 (35% stake); and Vale & Utilities Mocambique Limitada (15% stake)

12-Dec-14 Growthpoint Properties Ltd Acucap Properties Ltd Real Estate - 16.2 10.7 15.3 3.3% 682 (65.36% stake)

22-Oct-14 BEE SPV Northam Platinum Ltd Energy, Mining Public Investment 3.8 19.7 - 14.7% 593 (31.37% stake) & Utilities Corporation Limited

02-Oct-14 Undisclosed bidder International Bank of Financial Services National Bank of Kuwait SAK n/a n/a 11.8 - 538 Qatar QSC (30% stake)

19-Dec-14 Amethis Finance Ramco Plexus Industrials & The Ramco Group 27.2 -- - 506 (30% stake) Chemicals

n/a=not applicable Source: Mergermarket Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Middle East or Africa Data correct as of 12-Jan-15

MIDDLE EAST & AFRICA Monthly M&A Insider | January | 60 LEAGUE TABLES

TOP 20 MIDDLE EASTERN & AFRICAN FINANCIAL ADVISERS VALUE

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 16 Deutsche Bank 9,903 3 581 1,604.5% 2 21 Citi 9,203 2 297 2,999% 3 9 Barclays 7,564 8 1,347 461.5% 4 13 Rand Merchant Bank 6,507 4 848 667% 5 11 Investec 6,426 2 1,251 413.7% 6 58 KPMG 5,802 3 15 38,580.0% 7 - Commerzbank 5,744 1 - - 8 7 HSBC 4,019 4 2,414 66.5% 9 31 EY 3,767 11 127 2,866.1% 10 1 Moelis & Company 3,500 2 6,460 -45.8% 11 19 Deloitte 3,459 1 492 603.0% 12 - FBN Capital 2,500 1 - - 13 24 Scotiabank 1,500 1 240 525.0% 14 8 JPMorgan 1,109 2 2,124 -47.8% 15 4 Bank of America Merrill Lynch 1,083 3 6,100 -82.2% 16 - Nomura Holdings 763 2 - - 17 53 QuestCo 682 1 18 3,688.9% 18 - One Capital 639 2 - - 19 2 Lazard 594 2 6,445 -90.8% 20 77 Rothschild 566 3 - - Source: Mergermarket

TOP 20 MIDDLE EASTERN & AFRICAN FINANCIAL ADVISERS VOLUME

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 11 EY 3,767 11 3 8 2 3 Barclays 7,564 8 5 3 3 4 Rand Merchant Bank 6,507 4 5 -1 4 29 HSBC 4,019 4 1 3 5 6 Deutsche Bank 9,903 3 4 -1 6 14 KPMG 5,802 3 3 0 7 17 Bank of America Merrill Lynch 1,083 3 2 1 8 77 Rothschild 566 3 1 2 9 59 Standard Bank Group 65 3 1 2 10 10 Citi 9,203 2 3 -1 11 1 Investec 6,426 2 10 -8 12 15 Moelis & Company 3,500 2 2 0 13 7 JPMorgan 1,109 2 3 -1 14 - Nomura Holdings 763 2 - - 15 - One Capital 639 2 - - 16 5 Lazard 594 2 4 -2 17 23 Nedbank Capital 539 2 2 0 18 - Standard Chartered 65 2 - - 19 - Blackstone Group 34 2 - - 20 - Commerzbank 5,744 1 - - Source: Mergermarket The financial adviser league tables by value and volume have been run from 01-Jul-14 to 31-Dec-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 | January | 61 LEAGUE TABLES

TOP 20 MIDDLE EASTERN & AFRICAN LEGAL ADVISERS VALUE

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 5 Linklaters 12,029 7 1,624 640.7% 2 11 DLA Cliffe Dekker Hofmeyr 7,168 9 1,021 602.1% 3 42 Werksmans 5,875 5 219 2,583% 4 - Girard Hayward 5,744 1 - - 5 9 Clifford Chance 5,698 10 1,288 342.4% 6 2 Freshfields Bruckhaus Deringer 5,417 11 6,100 -11% 7 10 ENSafrica 3,534 6 1,112 218% 8 15 Webber Wentzel 2,682 8 839 219.7% 9 - Maitland & Co 2,305 1 - - 10 36 Allen & Overy 2,111 6 245 761.6% 11 29 Shearman & Sterling 2,073 3 345 500.9% 12 - Torys 1,800 1 - - 13 54 Blake, Cassels & Graydon 1,500 1 110 1,263.6% 14 64 Baker & McKenzie 1,107 5 52 2,028.8% 15 28 DLA Piper 1,062 8 345 207.8% 16 1 Gibson Dunn & Crutcher 1,005 3 7,034 -85.7% 17 46 Herzog, Fox and Neeman 918 4 150 512.0% 18 21 Simpson Thacher & Bartlett 891 3 620 43.7% 19 39 Norton Rose Fulbright 830 3 220 277.3% 20 19 Glyn Marais 703 2 693 1.4% Source: Mergermarket

TOP 20 MIDDLE EASTERN & AFRICAN LEGAL ADVISERS VOLUME

Ranking H2 2014 H2 2013 H2 2014 H2 2013 Company name Value Deal count Deal count Deal count (US$m) change 1 22 Freshfields Bruckhaus Deringer 5,417 11 2 9 2 24 Clifford Chance 5,698 10 2 8 3 2 DLA Cliffe Dekker Hofmeyr 7,168 9 11 -2 4 6 Webber Wentzel 2,682 8 6 2 5 4 DLA Piper 1,062 8 9 -1 6 5 Linklaters 12,029 7 6 1 7 3 ENSafrica 3,534 6 10 -4 8 7 Allen & Overy 2,111 6 6 0 9 1 Bowman Gilfillan Africa Group 599 6 14 -8 10 9 Werksmans 5,875 5 6 -1 11 33 Baker & McKenzie 1,107 5 2 3 12 28 Herzog, Fox and Neeman 918 4 2 2 13 47 Shearman & Sterling 2,073 3 1 2 14 13 Gibson Dunn & Crutcher 1,005 3 3 0 15 26 Simpson Thacher & Bartlett 891 3 2 1 16 8 Norton Rose Fulbright 830 3 6 -3 17 20 White & Case 369 3 3 0 18 34 Latham & Watkins 250 3 2 1 19 16 Glyn Marais 703 2 3 -1 20 12 Meitar Liquornik Geva Leshem Tal & Co 153 2 4 -2 Source: Mergermarket The legal adviser league tables by value and volume have been run from 01-Jul-14 to 31-Dec-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 | January | 62 LEAGUE TABLES

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

Ranking Ranking H2 2014 Company name Value Deal H2 2014 Company name Value Deal (US$m) count (US$m) count 1 Emerging Capital Partners 2,130 2 1 Abraaj Capital Holdings 136 3 2 Wendel 2,000 1 2 Emerging Capital Partners 2,130 2 3 Amethis Finance 506 1 3 The Carlyle Group 307 2 4= Blackstone Group 350 1 4 Wendel 2,000 1 4= Fajr Capital 350 1 5 Amethis Finance 506 1 6 The Carlyle Group 307 2 6= Blackstone Group 350 1 7 Old Mutual Private Equity 160 1 6= Fajr Capital 350 1 8 Ethos Private Equity 142 1 8 Old Mutual Private Equity 160 1 9 Abraaj Capital 136 3 9 Ethos Private Equity 142 1 10= East Africa Capital Partners 130 1 10= East Africa Capital Partners 130 1 10= Helios Investment Partners 130 1 10= Helios Investment Partners 130 1 10= Liberty Global Ventures 130 1 10= Liberty Global Ventures 130 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 Middle East & Africa, including Israel. The tables by value and volume have been run from 01-Jul-14 to 31-Dec-14 and exclude lapsed and withdrawn deals.

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

Ranking Ranking H2 2014 Company name Value Deal H2 2014 Company name Value Deal (US$m) count (US$m) count 1 Tene Capital 250 1 1 RMB Corvest 57 4 2= AfricInvest 247 2 2= AfricInvest 247 2 2= Development Partners International 247 2 2= Development Partners International 247 2 4 DEG – Deutsche Investitions 247 1 4 Istithmar World Capital 86 2 5= Accel Partners 200 1 5 Tene Capital 250 1 5= Glilot Capital Partners 200 1 6 DEG – Deutsche Investitions 247 1 5= Innovation Endeavors 200 1 7= Accel Partners 200 1 8 Ethos Private Equity 160 1 7= Glilot Capital Partners 200 1 9 Istithmar World Capital 86 2 7= Innovation Endeavors 200 1 10 Sky Fund 70 1 10 Ethos Private Equity 160 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 Middle East & Africa, including Israel. The tables by value and volume have been run from 01-Jul-14 to 31-Dec-14 and exclude lapsed and withdrawn deals.

MIDDLE EAST & AFRICA Monthly M&A Insider | January | 63 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

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 2014 2008 2009 2010 2011 2012 2013 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 | January | 64 TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&A GEOGRAPHIC BREAKDOWN H2 2014

VALUE VOLUME

0.9% 2.3% 2.3% 3.2% 13.1% 2.9% South Africa South Africa Nigeria Nigeria 3.2% 28.3% 33.0% United Arab Emirates United Arab Emirates 3.3% 5.1% Israel Israel 4.1% Mozambique Mozambique Saudi Arabia 10.1% Saudi Arabia Kenya Kenya Qatar Qatar North Africa 1.0% North Africa 21.1% Middle East (Others) 5.1% 8.1% Middle East (Others) Africa (Others) Africa (Others) 4.0%

1.0% 12.1% 23.7% 12.1%

MIDDLE EASTERN & AFRICAN M&A SECTOR BREAKDOWN H2 2014

VALUE VOLUME

0.1% 0.1% 1.0%

8.9% 7.5% 2.0% Financial Services 17.4% Financial Services Consumer 3.0% Consumer Energy, Mining & Utilities Energy, Mining & Utilities Business Services Business Services 17.8% 8.1% 28.7% Industrials & Chemicals Industrials & Chemicals Technology Technology 14.1% Pharma, Medical & Biotech Pharma, Medical & Biotech Construction 10.1% Construction 4.2% Real Estate Real Estate 0.7% Telecommunications Telecommunications Transportation Transportation 2.7% 11.1% 8.0% Agriculture 13.1% Leisure Media 2.4% 19.1% 12.1% Agriculture

MIDDLE EAST & AFRICA Monthly M&A Insider | January | 65 TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&A DEAL SIZE BREAKDOWN H2 2014

VALUE VOLUME

100 100 4.0% 3.3% 5.9% 5.7% 5.0% 4.0% 7.2% 7.7% 5.6% 5.6% 4.3% 6.2% 90 90 6.1% 4.8% 11.5% 13.0% 9.2% 10.3% 12.5% 12.3% 80 80 11.3% 48.7% 53.1% 70 58.3% 58.9% 70 25.8% 64.8% 32.4% 67.9% 72.2% 33.1% 29.0% 27.3% 60 60 36.5% 31.0%

50 50

18.5% Percentage Percentage 40 13.2% 40 17.1% 16.2% 30 12.3% 30 55.0% 12.6% 49.2% 17.7% 19.2% 10.3% 47.3% 46.4% 42.4% 45.1% 44.0% 20 14.1% 15.1% 20 9.4% 13.7% 10.0% 10 13.4% 12.9% 10 9.0% 9.2% 8.3% 6.5% 8.7% 0 1.7% 1.6% 1.1% 1.3% 0.9% 1.0% 1.1% 0 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 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 H2 2014 H2 2013 % change Value (US$m) Mrk share Deal count Value (US$m) Mrk share Deal count Value Volume Consumer 6,633 28.6% 14 186 1.2% 13 3466% 8% Energy, Mining & Utilities 4,428 19.1% 13 3,274 20.9% 24 35% -46% Real Estate 4,141 17.8% 2 770 4.9% 5 438% -60% Telecommunications 2,065 8.9% 2 6,442 41.2% 6 -68% -67% Industrials & Chemicals 1,849 8.0% 11 765 4.9% 17 142% -35% Financial Services 1,729 7.4% 17 828 5.3% 13 109% 31% Construction 963 4.1% 3 395 2.5% 8 144% -63% Technology 632 2.7% 10 683 4.4% 11 -7% -9% Business Services 556 2.4% 12 88 0.6% 12 532% 0% Pharma, Medical & Biotech 151 0.7% 8 1,533 9.8% 7 -90% 14% Transportation 32 0.1% 2 16 0.1% 2 100% 0% Agriculture 20 0.1% 1 413 2.6% 3 -95% -67% Leisure 10 0% 2 210 1.3% 5 -95% -60% Media - 0% 2 28 0.2% 2 -100% -100% Defence - - 0 20 0.1% 2 - - Total 23,209 100% 99 15,651 100% 130 48% -24%

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Return to contents Monthly M&A Insider | January | 69 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.

Q4 2014 refers to the period 01-Oct-14 to 31-Dec-14. H2 2014 refers to the period 01-Jul-14 to 31-Dec-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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