Global and regional M&A: First half 2015 Including league tables of financial advisors

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1 Global and regional M&A: First half Including of financial advisors Global Europe US Asia-Pacific Japan Africa & Middle East League tables Criteria

2 Regional M&A comparison $721.5bn 42.4% $449.8bn 26.4% $ $14.3bn 0.8% $408.4bn 24.0% $18.9bn 1.1% 9.3 $bn * The % value on the map indicates market share in global M&A Global M&A $1.70tn, +11.6% vs. Total $1.70tn 11.6 % Cross-border $635.1bn -9.2% Energy, Mining & Utilities $307.1bn 27.7% US $721.5bn, +20.7% vs. Inbound $144.1bn 1.4% Outbound $98.5bn -32.8% Pharma, $120.7bn 15.7% Medical & Biotech Africa & Middle East $18.9bn, -29.4% vs. Inbound $9.8bn 26.0% Outbound $20.9bn 47.0% Energy, Mining & Utilities $8.1bn 84.5% Europe $449.8bn, -8.1% vs. Inbound $160.7bn 1.1% Outbound $73.2bn -42.7% Energy, Mining & Utilities $104.6bn 127.4% Japan $14.3bn, -15.8% vs. Inbound $1.6bn 52.8% Outbound $54.1bn 68.3% Real Estate $4.5bn 797.0% Asia-Pacific (excl. Japan) $408.4bn, +42.2% vs. Inbound $45.6bn -5.1% Outbound $62.2bn 45.7% Energy, Mining & Utilities $69.9bn 78.6% Global and regional M&A: 2

3 Global Confident management teams and shareholders in continue to rally M&A totals. The value of M&A announcements during increased 11.6% compared to the same period last year with US$ 1.70tn-worth of deals versus US$ 1.52tn this time last year, marking the highest half-year period since 2007 following Q2 s third consecutive quarterly increase. Shareholders are not only encouraging, they are expecting companies to use bold M&A for growth in. The mega-deals (>US$ 10bn) phenomenon continued at an even greater pace in with 28 deals amounting to US$ 678.1bn, the highest value and deal count for any period on Mergermarket record, and a giant 87.2% leap in value with twelve more announcements compared to. A digitised world results in multiple industries needing to acquire companies that will provide new technologies, or those able to help build them so they can advance. Telecommunications, Industrial & Chemicals and Consumer firms are hot on the tail of Technology targets this year. As a result, Technology M&A is well on its way to reaching the highest annual value on record, with deals reaching US$ 198.3bn so far in, just 10.7% from s record total (US$ 222.1bn). US, Asia-Pacific and Europe are taking different paths for growth when it comes to accessing global opportunities. Total cross-border M&A between different countries slowed during compared to last year, down 9.2% from with deals valued at US$ 635.1bn versus US$ 699.1bn. US firms turned their attention to domestic activity and European firms focused on cross-border M&A mainly within European borders. It was only Asian firms that showed a keen interest to gain a presence in other regions, mostly targeting European companies (see graphic). Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) : $1.70tn , Total 3,663.8 Total 2,413.1 $1.70tn Second highest on record, third highest half-year on record Total 1,712.6 Total 2,094.1 Q2 vs. Q1 19.9% Fourth highest valued quarter on record Total 2,273.6 Average daily value spent $9.4bn Average daily M&A value up from $8.4bn in Total 2,306.4 Total 2,216.4 Cross-border activity Total 1, Total 3,216.3 Cross-border share in global M&A 37.3% Share in global M&A value down from 45.9% in Sector breakdown in vs Energy, Mining & Utilities Technology Consumer Pharma, Medical & Biotech Telecommunications Industrials & Chemicals Financial Services Other $240.4bn $307.1bn 18.0% $120.5bn $198.3bn $141.8bn $197.8bn $205.6bn $187.5bn $157.9bn $176.1bn $154.6bn $145.5bn $114.1bn $117.8bn $389.6bn $371.7bn 7.9% 7.5% 6.9% 9.3% 11.6% 13.5% 11.0% 10.4% 10.3% 10.1% 8.6% 11.7% 15.8% 25.6% 21.8% Domestic activity Asia investing into Europe Miscellaneous Cash & Equity consideration Private equity buyouts Private equity exits 29.2% 130.1% % % -34.8% s valued at $1,066.6bn vs. $825.4bn in Second highest half-year on record, up from with 127 deals worth $48.2bn Up to 361 deals worth $502.4bn from, a record half-year value $141.9bn down from $189.1bn in, with 14 deals >$2bn versus 17 Down from to $174.2bn, with no deals above $10bn versus three * % indicates market share Global and regional M&A: 3

4 Global Top deals value (US$bn) Ann. date Bidder company Bidder country Target company Target country Target sector Apr Royal Dutch Shell Plc Netherlands BG Group Plc UK May Charter Communications Inc USA Time Warner Cable Inc USA Mar HJ Heinz Company USA Kraft Foods Group Inc USA Jan Cheung Kong (Holdings) Limited Hong Kong Hutchison Whampoa Limited (50.03% Stake) Hong Kong Apr Mylan NV UK Perrigo Company plc Ireland (Republic) Sector key Energy Telco Consumer Pharma League table by value Rank Company name Regional ranking comparison % Europe US Asia-Pac Japan 1 1 Goldman Sachs % Bank of America Merrill Lynch % JPMorgan % Morgan Stanley % Citi % Credit Suisse % Centerview Partners % Lazard % Barclays % Deutsche Bank % HSBC % Guggenheim Partners ,891% LionTree Advisors ,605% UBS Investment Bank % Evercore Partners % Allen & Company % Rothschild % Robey Warshaw ,906% The Anglo Chinese Group Somerley % Africa & Middle East Global and regional M&A: 4

5 Europe Europe s rebound in has slowed in with ongoing discussions for a potential Grexit, UK euro scepticism and a slide in the Euro value affecting outbound M&A. Announcements valued at US$ 449.8bn during were 8.1% below. Inversion deals were a theme in, but US regulations have visibly hindered deal making between US and European firms. Inbound M&A worth US$ 160.7bn has seen 40.0% of this come from the US (US$ 64.3bn), down from 67.1% in. The expected Monsanto/Syngenta deal could be an indication of how future inversion deals are likely to turn out, pending approvals. European firms have withdrawn from being active foreign acquirers with the continued weak Euro rate likely to be a deterrent. Outbound M&A in Q1 and Q2 were the lowest quarterly values in eighteen months, resulting in s US$ 73.2bn-worth of deals dropping 42.7% compared to and with 133 fewer deals. Attraction to Europe s technological edge by Chinese and Japanese investors has intensified to a point that the region s growth rate in Technology M&A has overtaken the US during. European Technology M&A value reached US$ 41.7bn in, up 20.9% from the whole of, meanwhile in the US, values are consistently strong but are still down 12.0% on the whole of last year. Chinese and Japanese companies have taken their highest share on record at 15.8% with US$ 6.6bn-worth of deals. The UK has sprung back to life in and shareholders are confident, supportive and positive, with the Brexit debate not likely to cause an issue in the near future. The UK has already reached its highest annual total M&A value since 2008 and contributes 44.8% towards total European M&A, with deals valued at US$ 201.5bn. Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) : $449.8bn Total 1,495.6 Total 1, % Second highest first six months of any year since Total Total Total Total Total Q2 vs. Q1 Europe s share in global M&A value 39.3% 26.4% Second highest Q2 on record post-2007, up from Q1 First period to drop below 30% since 2010 Top three targeted countries Sector breakdown in vs Energy, Mining & Utilities Pharma, Medical & Biotech Telecommunications Consumer Industrials & Chemicals Technology Financial Services Other $46.0bn $104.6bn $85.0bn $47.8bn $68.4bn $47.5bn $39.1bn $47.4bn $56.9bn $45.4bn $14.5bn $41.7bn $29.0bn $25.7bn $150.5bn $89.7bn 3.0% 5.9% 5.7% Total % 9.4% 10.1% 9.3% 10.6% 10.6% 10.5% 11.6% % 17.4% 19.9% Total % 30.7% UK: $201.5bn France: $52.8bn Ireland: $37.8bn Miscellaneous Inbound M&A: $160.7bn Asia overtakes US for rate of inbound investment Intra-regional cross-border 44.8% -56.0% -28.7% 35.7% 0.4% 1.9% Share in European M&A highest since 2010, value up 29.7% from entire Down from with both Q1 and Q2 failing to surpass $30bn Down from but Q2 was the second highest quarter on record ($36.3bn) Inbound M&A accounts for the highest share to any total since 2011 Asia ($48.2bn) already up 0.4% on whole of, US slows 39.7% from Focus on cross-border within Europe ($202.7bn) rather than outbound * % indicates market share Global and regional M&A: 5

6 Europe Top deals value (US$bn) Ann. date Bidder company Bidder country Target company Target country Target sector Seller company Apr Royal Dutch Shell Plc Netherlands BG Group Plc UK Apr Mylan NV UK Perrigo Company plc Ireland (Republic) Feb BT Group plc UK EE Limited UK Orange SA; and Deutsche Telekom AG Mar Hutchison Whampoa Limited Hong Kong Telefonica UK Limited United Kingdom Telefonica SA Apr Nokia Oyj Finland Alcatel-Lucent France Sector key Energy Pharma Telco Technology League table by value Rank Company name % 1 1 Goldman Sachs 267, , % 2 3 Bank of America Merrill Lynch 185, , % 3 4 JPMorgan 168, , % 4 2 Morgan Stanley 139, , % 5 70 Robey Warshaw 81, ,700 2,906% 6 9 Deutsche Bank 80, , % 7 5 Citi 66, , % 8 6 Lazard 65, , % 9 11 Rothschild 60, , % Barclays 48, , % UBS Investment Bank 48, , % Credit Suisse 44, , % HSBC 36, , % 14 8 BNP Paribas 31, , % Zaoui & Co 21, , % Moelis & Company 21, , % 17 7 Perella Weinberg Partners 19, , % Mediobanca 13, , % Greenhill & Co 13, , % PwC 12, , % Global and regional M&A: 6

7 US Confidence within the US market is on a high, fuelled by low interest rates, stable economic growth and an abundance of corporate cash. deal values mark the third first-half increase in a row, with US$ 721.5bn-worth of deals reaching the highest deal value since 2007, and a 20.7% increase compared to the same period in. The domestic market has been a driving force for M&A in, as companies increasingly search within their borders for prime targets. Domestic deal value reached US$ 577.4bn in, accounting for a 80% of the total deal value targeting the US, and the second highest deal value since Sellers are commanding higher multiples for deals, with EBITDA multiples increasing from 14.3x in to 17.7x in, the highest multiple after 2007 (17.9x). In the attempt to supply consumers all their needs in one place, on demand and quickly, there has been increased level of crossinvestment between the Technology and Telecommunication sectors. A spurt of deals merging the two sectors (30 deals worth US$ 108.1bn) resulted in both Technology (US$ 112.3bn) and Telecommunications (US$ 119.3bn) reaching record deal values. Despite overall outbound activity dropping, the US has still shown a strong amount of interest in UK-based companies, encouraged by corporate tax incentives, low inflation and a high GDP. The US$ 26.9bn-worth of deals targeting the UK jumped 58.1% from, driven by deals targeting Business Services (US$ 9.5bn) and Industrial & Chemicals (US$ 8.8bn) sectors, and with Business Services reaching its highest deal value on Mergermarket record. Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) : $721.5bn Total Total 1, % Increase compared to. Second highest on record, after Total Total Total Total Total Q2 vs. Q1 US s share in global M&A value 5.4% 42.4% Cross-border activity Increae by value even though there were 235 fewer deals Highest % share in global value since Total Total 1,386.8 Domestic activity $577.4bn 26.5% Increase from, reaching the second highest value on record Sector breakdown in vs Pharma, Medical & Biotech Telecommunications Technology Energy, Mining & Utilities Consumer Industrials & Chemicals Business Services Other $104.3bn $120.7bn $74.4bn $119.3bn $72.8bn $112.3bn $98.5bn $79.0bn $60.9bn $78.9bn $57.0bn $57.0bn $39.4bn $45.0bn $90.6bn $109.3bn 6.6% 6.2% 10.2% 9.5% 7.9% 12.4% 12.2% 10.9% 10.9% 15.2% 16.5% 17.4% 15.2% 15.6% 16.7% 16.5% US investing into UK $26.9bn Inbound activity $144.1bn Miscellaneous Technology $112.3bn s over $10bn EBITDA multiples 58.1% 1.9% 54.3% 119.7% 17.7x Third highest period on record Inbound M&A edges above, reaching the highest post-2007 Up from, highest value on record,12.1% away from whole of Increase by deal value compared to, with 9 more deals Up from 14.3x in, and the highest multiple on record * % indicates market share Global and regional M&A: 7

8 US Top deals value (US$bn) Ann. date Bidder company Bidder country Target company Target sector May Charter Communications Inc USA Time Warner Cable Inc Mar HJ Heinz Company USA Kraft Food Group Inc May Avago Technologies USA Broadcom Corp Mar Abbvie Inc USA Pharmacyclics Inc Jan Energy Transfer Partners USA Regency Energy Partners Sector key Telco Consumer Technology Pharma Energy League table by value Rank Company name % 1 1 Goldman Sachs 272, , % 2 4 JPMorgan 270, , % 3 2 Bank of America Merrill Lynch 237, , % 4 3 Morgan Stanley 235, , % 5 7 Citi 225, , % 6 8 Credit Suisse 207, , % 7 12 Centerview Partners 188, , % 8 6 Barclays 147, , % 9 5 Lazard 136, , % Guggenheim Partners 116, ,490 2,019% LionTree Advisors 105, ,149 1,942% 12 9 Deutsche Bank 98, , % Evercore Partners 96, , % Allen & Company 88, , % Rothschild 45, , % Greenhill & Co 41, , % UBS Investment Bank 34, , % Blackstone Group 25, , % Macquarie Group 24, , % HSBC 22, , % Global and regional M&A: 8

9 Asia-Pacific (excl. Japan) Asian dealmaking is continuing its bullish streak, shown by three consecutive quarterly record deal values targeting the region. The 1,563 deals valued at US$ 408.4bn announced in marked the highest deal value on Mergermarket record, overtaking the value by 42.2%. A string of mega-deals (>US$10bn) targeting the region has boosted activity in, with five deals worth US$ 124.7bn taking 30.5% of total market share, up from 16.4% in. Asian companies are looking for all round growth by strengthening their position in their home market as well as abroad. saw the highest outbound (US$ 62.2bn) deal value on Mergermarket record, increasing year-on-year by 45.7%. The value of domestic activity (US$ 362.7bn) also saw its highest half year deal value on record, up 51.2% from and accounting for 88.8% of the total Asia-Pacific (excl. Japan) deal value, reaching the highest market share on Mergermarket record. Asian firms have been looking towards European targets so far this year, accounting for 60% of Asia-Pacific's (excl. Japan) highest outbound deal value on record this year, with 89 deals worth US$ 37.3bn announced. The UK attracted US$ 22.4bn-worth of deals, up from US$ 3.3bn in, and the highest deal value since Chinese investors are focusing on their core markets at home which has boosted Asia-Pacific's domestic tally. China's domestic activity leapt to US$ 133.1bn in, the highest on record. Both Technology (130 deals worth US$ 25.2bn) and Industrials & Chemicals (174 deals worth US$ 25.5bn) took the lion's share, reaching their highest deal value and deal count on record. Valuations within Asia's Technology sector remain high as competition for deals heats up. The 269 deals worth US$ 41.4bn during marked a huge increase from 210 deals worth US$ 26.7bn in. Valuations have followed suit, with EBITDA multiples jumping from 20.2x to 22.5x year-on-year, the highest multiple since Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) : $408.4bn Total Total % Increase from reaches highest half-year period on record Total Q2 vs. Q1 21.5% Highest quarterly value on Mergermarket record Total Total Asia s share in global M&A value 24.0% Increased from 18.8% in Total Total Top three targeted countries Energy, Mining & Utilities Consumer Real Estate Technology Industrials & Chemicals Financial Services Transport Other $39.1bn $69.9bn $29.5bn $60.4bn $25.0bn $57.3bn $26.7bn $41.4bn $27.9bn $36.7bn $29.0bn $33.2bn $16.2bn $22.5bn $93.7bn $87.0bn % % 8.7% 9.3% 10.3% 9.7% 10.1% 9.0% 10.1% 8.1% 13.6% % 14.0% 17.1% Total Sector breakdown in vs 21.3% 32.6% * % indicates market share Total China $151.1bn Hong Kong $106.5bn South Korea $62.9bn Miscellaneous China s Outbound M&A Private equity buyouts Private equity exits 16.4% 255.8% 80.1% 13.9% -29.8% 2.9% Increase from, second highest half-year value on record Increase from, highest annual total on record Increase from, likely to be second highest annual total on record $ 23.8bn-worth of deals mark the highest deal value on record Down from, but still the third highest on record Increase from with 7 more exits, reaches second highest half-year on record Global and regional M&A: 9

10 Asia-Pacific (excl. Japan) Top deals value (US$bn) Ann. date Bidder company Bidder country Target company Target country Target sector Seller company Jan Cheung Kong (Holdings) Limited Hong Kong Hutchison Whampoa Limited (50.03% Stake) Hong Kong May CK Hutchison Holdings Limited (Shareholders) Hong-Kong Cheung Kong Property Holdings Limited Hong Kong Cheung Kong (Holdings) Limited Apr SK C&C Co Limited South Korea SK Holdings Co Limited (68.18% Stake) South Korea Mar BHP Billiton Ltd (Shareholders) Australia South32 Australia BHP Billiton Ltd May Cheil Industries Inc South Korea Samsung C&T Corporation South Korea - Sector key Consumer Real Estate Energy League table by value Rank Company name % 1 2 Goldman Sachs 102, , % 2 13 HSBC 94, , % 3 - The Anglo Chinese Group 77, Somerley 58, , % 5 1 Morgan Stanley 52, , % 6 11 UBS Investment Bank 52, , % 7 6 Citi 44, , % 8 20 PwC 33, , % NH Investment & Securities 27, ,386% 10 7 Bank of America Merrill Lynch 27, , % Moelis & Company 24, ,533 1,512% Deutsche Bank 22, , % 13 4 CITIC Securities 21, , % JPMorgan 18, , % Macquarie Group 18, , % Gresham Advisory Partners 17, , % Rothschild 16, , % 18 8 Credit Suisse 15, , % 19 9 Lazard 15, , % KPMG 14, , % Global and regional M&A: 10

11 Japan Japanese management teams are leading their companies away from a stationary economy and outside of their home market. Total outbound M&A has already hit an annual three-year peak at US$ 54.1bn, with other Asian targets taking a 42.2% proportion, a jump from an average of 23.9% since In a race to regain a position in the technology market, this was the second most sought after industry by deal count for Japanese firms looking towards other Asian companies. Japanese outbound investment targeting Asian technology firms saw seven deals valued at US$ 1.8bn, a jump from just five transactions worth US$ 146m in. Another driving force behind outbound M&A is the effort to acquire technology in Europe. The value of Japan s outbound investment into Europe is already 63.7% above the whole of, with technology reaching its highest level on record and taking a 43.1% share of total outbound M&A into the region. Japanese firms are showing more interest in deals within Japan but they are less bold in their size compared to outbound transactions into developed markets. Domestic activity saw fifteen more deals compared to but with a 6.5% lower deal value with 181 transactions amounting to US$ 12.7bn showing a pick-up in activity but for the lower deal size brackets. The push towards other markets and a lack of inbound investment resulted in Japan targeted M&A continuing its downward cycle. The value of M&A during decreased 15.8% to US$ 14.3bn, down from US$ 17.0bn in. On a quarterly basis however, the value picked up in Q2 with deals worth US$ 8.9bn increasing by 65.5%. Outside of Asia, firms are wary of investing in a country that hasn t yet seen strong enough positive effects from the government s recovery programme to encourage investment into Japan. The US has been the only country to spend on deals in Japan from outside of the region so far this year with six deals worth US$ 1.2bn. Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) : $14.3bn Total 55.8 Total % Down from, lowest period since Total 35.3 Total Total 83.7 Total 70.5 Total 78.5 Q2 vs. Q1 Domestic M&A: 181 deals, $12.7bn 65.5% + 15 deals Outbound activity Q2 value increases after Nomura Real Estate mergers Domestic activity sees more deals than in both and H Total Total 31.2 Sector breakdown in vs Real Estate Financial Services Consumer Other Leisure Industrials & Chemicals Pharma, Medical & Biotech Business Services s y $56m $4,548m $2,633m $1,962m $2,287m $1,806m $68m $1,578m $5,894m $1,241m $351m $633m $685m $625m $4,984m $1,890m 0.3% 0.4% 2.1% 4.4% 4.0% 4.4% 8.7% 12.6% 11.1% 13.7% 13.2% 13.5% 15.5% 31.8% 29.4% 34.8% * % indicates market share outbound value: $54.1bn Outbound to other Asian countries Financial Services outbound activity Miscellaneous Mid-market M&A value ($10m-$250m) Private equity buyouts Consumer buyouts 1.4% 30.8% 36.4% 19.8% $496m 7 deals up from whole of and already the second annual increase Highest annual value ($22.8bn) on record, up 30.8% from peak in % higher value ($14.5bn) compared to whole of Mid-market deals worth $5.2bn take higher share than 26.5% in value increases compared to, and 45.1% from 2013 Most targeted sector for buyouts, one deal away from matching Global and regional M&A: 11

12 Japan Top deals value Ann. date Bidder company Bidder country Target company Target sector Seller company May Nomura Real Estate Master Fund Inc Japan Nomura Real Estate Office Fund 1,.5 27-May Nomura Real Estate Master Fund Inc Japan Nomura Real Estate Residential Fund Inc Mar The Higo Bank Ltd Japan The Kagoshima Bank Apr GungHo Online Entertainment Inc Japan GungHo Online Entertainment Inc (16.4% Stake) SoftBank Corp Feb Bain Capital LLC USA Ooedo-onsen Holdings Co Ltd Hiroshi Hashimoto and family (private investors) Sector key Real Estate Financial Services Leisure League table by value Rank Company name % 1 5 Nomura Holdings 21, , % 2 1 Morgan Stanley 13, , % 3 9 Mizuho Financial Group 11, , % 4 64 Bank of America Merrill Lynch 11, Lazard 10, ,218% 6 4 Goldman Sachs 10, , % 7= - CITIC Securities 10, = - Somerley 10, Deutsche Bank 9, % 10 2 Credit Suisse 9, , % Evercore Partners 7, , % 12 - Gresham Advisory Partners 6, Sumitomo Mitsui Financial Group 5, , % 14 7 Citi 5, , % UBS Investment Bank 4, ,004% Global and regional M&A: 12

13 Africa & Middle East Total M&A activity targeting the region has fallen, as a decreased domestic deal value signals a lack of confidence in home markets. The value of M&A dropped 29.4% to US$ 18.9bn compared to, the lowest deal value since domestic activity (92 deals worth US$ 9.1bn) also saw a 52% decrease compared to, with 36 fewer deals. In contrast to the decline in domestic M&A, companies are spending more on acquisitions outside of the region in search for growth. Outbound activity increased 47% year-on-year to reach US$ 20.9bn, the highest value on Mergermarket record since 2011, despite seeing 14 less deals. The increased outbound activity was led by South Africa, following a few high valued deals within the Consumer and Leisure industries. The outbound deal value more than doubled to US$ 6.4bn in from the same period last year, reaching its highest value on record, with the UK being the prime target (five deals worth US$ 6bn). The Energy, Mining & Utilities sector remains the anchor for M&A activity in the region. The 29 deals worth US$ 8.1bn showed a 84.5% increase compared to, not reaching 2013's record deal value (US$ 11.5bn), as some companies come under pressure to sell assets in order to cut costs because of the fall in oil prices. Inbound activity has increased year-on-year, driven by interest from foreign companies towards UAE. A total of six deals worth US$ 3.3bn in took a 33.9% share in total inbound activity, showing a huge increase from the mere US$ 113m recorded in. activity focused on the Construction (one deal worth US$ 1.5bn), Energy, Mining & Utilities (two deals worth US$ 1.8bn) and Industrials & Chemicals (two deals worth US$ 1.6bn) sectors, each substantially overtaking their full deal value. Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) : $18.9bn Total 51.8 Total % Decreased from, reaching the third lowest half-year value since Total 32.7 Q2 vs. Q1 13.4% The lowest Q2 value since Total 54.3 Total 44.9 Total Total 63.3 Inbound deal value $ % Top three acquirers Increased from, but Q2 was the second quarterly decline Total Total 18.9 Sector breakdown in vs South Africa $6.4bn UAE $3.3bn 124% 31.0% marks the highest outbound deal value on record at $6.4bn Decreased from with nine fewer deals Energy, Mining & Utilities Technology $4,366m $8,054m $2,243m $1,900m 8.4% 10.0% 16.3% 42.6% Qatar $3.2bn 3.4% Down from, with five fewer deals Financial Services $2,240m $1,590m 8.4% 8.4% Miscellaneous Construction Pharma, Medical & Biotech Leisure Industrials & Chemicals Other $1,638m $1,565m $417m $1,176m $813m $875m $416m $857m $14,657m $2, 895m 6.1% 8.3% 1.6% 3.0% 1.6% 6.2% 4.6% 4.5% 15.3% 54.7% Energy, Mining & Utilities Africa Inbound (excl. Middle East) Total outbound M&A 84.5% 21.5% 47.0% Increasedcompared to, with two more announcements Increased compared to, and with five more deals ($20.9bn)marks the highest half-year value since 2011 * % indicates market share Global and regional M&A: 13

14 Africa & Middle East Top deals value (US$bn) Ann. date Bidder company Bidder country Target company Target country Target sector Seller company Jun Emirates National Oil Company Ltd UAE Dragon Oil Plc (46.1% stake) UAE Feb OCI NV (Shareholders) Netherlands Orascom Construction Ltd UAE OCI NV Apr Inpex Corporation Japan ADCO Onshore Concession (5% stake) UAE Abu Dhabi National Oil Company Jan Israel Corporation (Shareholders) Israel Kenon Holdings Limited Israel Israel Corporation Mar Sun International (South Africa) Limited Sector key Energy Construction Leisure South Africa Peermont Global Limited South Africa Mineworkers Investment Company (Pty) Ltd; and Peermont Global Limited (Creditors) League table by value Rank Company name % 1 6 JPMorgan 9, , % 2 2 Goldman Sachs 8, , % 3 4 Bank of America Merrill Lynch 8, , % 4 34 Morgan Stanley 5, ,503% 5 - Nomura Holdings 5, Standard Bank Group 5, , % 7 18 Rand Merchant Bank 5, , % 8 19 Barclays 5, , % 9 5 Citi 4, , % PwC 3, ,408% 11 - Altium Capital 3, Jamieson Corporate Finance 2, HSBC 2, % 14 - Davy Corporate Finance 2, Deutsche Bank 2, , % 16 - BMO Capital Markets 1, = 37 EFG-Hermes Holding 1, % 17= - Rabobank 1, Lazard 1, ,610% Investec 1, , % Global and regional M&A: 14

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