GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS

Transcription

1 GLOBAL M&A MARKET REVIEW FINANCIAL INGS 2015

2 2015 GLOBAL M&A FINANCIAL ADVISORY INGS CONTENTS 1. Introduction 2. Global M&A Year in Review 3. Global M&A Heat Map 4. Global M&A Regional Review 5. Global M&A League Tables 6. Americas M&A Regional Review 7. Americas M&A League Tables 9. EMEA M&A Regional Review 10. EMEA M&A League Tables 13. APAC M&A Regional Review 14. APAC M&A League Tables 17. Disclaimer The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equityswaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards. Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends. Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. On the web, visit: Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone North America Rachel Campanelli rcampanelli3@bloomberg.net EMEA Madeeha Ahmad mchaudhry13@bloomberg.net Asia Pacific Ee Wen Tay etay26@bloomberg.net General M&A queries may be submitted to: m-a@bloomberg.net, malondon@bloomberg.net, maasia@bloomberg.net 2015 Bloomberg Finance L.P. All rights reserved. 1

3 Global M&A Year in Review By John E. Morris, Editor Global M&A volume soared in 2015 to $4.3 trillion, surpassing its previous peak of $4.1 trillion in The most striking feature of the M&A landscape in 2015 was the number of very large deals 57 worth more than $10 billion. That compares to 39 in 2007 and 50 in There were nine deals announced in 2015 worth more than $50 billion. North America and Asia-Pacific accounted for the majority of M&A activity in 2015 while Europe and the rest of the world s contributions receded. The combined value of M&A involving North American targets was $2.3 trillion in 2015, up 27.8% from 2014, according to data compiled by Bloomberg. North America accounted for 53.5% of global deal volume in 2015, compared to a contribution of 43.9% in Meanwhile, European and Latin American deal volumes were each off more than 40% from their 2007 levels. European targets accounted for just 20.2% of deal value in 2015, compared to their 36.6% share in Deal multiples the prices buyers paid measured against key financial metrics rose sharply. Median deal multiples for revenue (1.7x), net income (23.7x), Ebitda (11.2x) and free cash flow (33.1x) all surpassed their 2007 levels. The median multiples of revenue and free cash flow both rose more than 20% from A Year in Review: Top M&A Deals Target: Hospira Inc Acquirer: Pfizer Inc USD 16.8B Target: BG Group PLC Acquirer: Royal Dutch Shell PLC USD 79.3B Target: Altera Corp Acquirer: Intel Corp USD 14.4B Target: Precision Castparts Corp Acquirer: Berkshire Hathaway Inc USD 35.7B Target: SABMiller PLC Acquirer: Anheuser - Busch InBev SA/NV USD 120.5B Target: EI du Pont de Nemours & Co Acquirer: The Dow Chemical Co USD 65.6B Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Target: Hutchison Whampoa Ltd Acquirer: CK Hutchison Holdings Ltd USD 41.7B Target: Kraft Foods Group Inc Acquirer: H.J. Heinz Co USD 55.4B Target: Time Warner Cable Inc Acquirer: Charter Communications Inc USD 79.2B Target: Cigna Corp Acquirer: Anthem Inc USD 50.4B Target: The Williams Cos Inc Acquirer: Energy Transfer Equity LP USD 58.1B Target: Pfizer Inc Acquirer: Allergan PLC USD 183.7B 2

4 Global M&A Heat Map Western Europe USD 1.2T 1. Goldman Sachs & Co 40.9% 2. JP Morgan Chase & Co 38.2% 3. Morgan Stanley 36.6% Eastern Europe USD 60.0B 1. JP Morgan Chase & Co 20.8% 2. VTB Capital 12.8% 3. Morgan Stanley 11.1% North America USD 2.7T 1. Goldman Sachs & Co 37.1% 2. Morgan Stanley 36.1% 3. JP Morgan Chase & Co 35.6% Asia Pacific USD 1.4T 1. Morgan Stanley 17.0% 2. Goldman Sachs & Co 16.1% 3. Citigroup Inc 11.7% Scale in USD Bln ,350 1,351-2,025 2,026-2,430 2,431-2,700 2,701 - Latin America & Caribbean USD 124.9B 1. Rothschild Ltd 14.0% 2. Goldman Sachs & Co 13.6% 3. Banco Itau BBA 13.6% Middle East & Africa USD 169.5B 1. JP Morgan Chase & Co 40.5% 2. Barclays PLC 27.7% 3. Greenhill & Co 23.9% Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for

5 Global M&A Regional Review Global merger and acquisition activity surged in 2015, reaching $4.3 trillion in volume and 38,644 in deal count, making it the most active year on record. The United States contributed $2.1 trillion in purchases representing 48.8% of global activity. The market environment in 2015 proved conducive for deal making due to the abundance of usable cash on corporate balance sheets, inexpensive debt, and low interest rates. Deals in the technology space swelled in 2015, attaining $364.8 billion in volume and over 5,000 in deal count, increasing 167.8% and 25.6% compared to 2014 figures respectively. Dell Inc s announced $63.5 billion purchase of EMC Corp contributed to 17.4% of the industry s increase and represented the largest technology deal announced on record. Due to the abundance of large deals, the average size of the top ten deals announced this year rose to $79.7 billion in 2015 up 81.1% from $44.0 billion of volume seen in Summary Date Global M&A: Highlights of 2015 Target Acquirer Total Value (Mln.) Global M&A: Premium Breakdown Global M&A: Industry Breakdown Amount (Bln.) % of Total Number of deals 38,644 11/23/2015 Pfizer Inc Allergan plc - $183,744.1 Consumer Non-cyclical $1, % 57.1% Volume (Bln.) $4,321 Financial $ % 26.4% Avg Deal Size (Mln.) $112 Anheuser-Busch InBev Industrial $ % 44.7% 10/13/2015 SABMiller PLC - $120,481.3 SA/NV Communications $ % 4.3% Top Adviser 4/8/2015 BG Group PLC Royal Dutch Shell PLC - $79,308.5 Energy $ % -11.3% Goldman Sachs & Co Technology $ % 112.0% Number of deals 381 Consumer Cyclical $ % -8.2% 5/26/2015 Time Warner Cable Inc Charter Communications Inc - $79,249.7 Volume (Bln.) $1,477.4 Basic Materials $ % 37.0% Avg Deal Size (Bln.) $3.9 12/11/2015 EI du Pont de Nemours & Co Dow Chemical Co/The - $65,590.6 Utilities $ % 1.6% Diversified $ % 167.7% Seller Industry 35% 1% 1% 0-10% 6% 19% 38% 10-25% 25-50% 50-75% % 100%+ % YoY Change Global M&A Review 2015 Global M&A: Quarterly Volume $1,600 12,000 $1,400 10,000 $1,200 $1,000 8,000 $800 6,000 $600 4,000 $400 $200 2,000 $ Q Q Q Q Q Q4 Volume (Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). Deal Type Global M&A: Deal Type Breakdown Amount (Bln.) % Change Deal Count % Change Volume Company Takeover $2, % 53.4% Cross Border $1, % 21.9% Private Equity $ % 16.0% Asset Sale $ % 4.8% Tender Offer $ % -18.8% Venture Capital $ % 46.1% Spin-off $ % -81.6% Minority Purchase $ % 22.8% Majority Purchase $ % -14.7% 4

6 Global Announced Deals 01/01/ /31/2015 Cross Border Announced Deals 01/01/ /31/2015 Goldman Sachs & Co ,477, JPMorgan Chase & Co , Morgan Stanley ,399, Goldman Sachs & Co , JPMorgan Chase & Co ,314, Morgan Stanley , Bank of America Merrill Lynch ,005, Bank of America Merrill Lynch , Credit Suisse Group AG , Lazard Ltd , Citigroup Inc , Deutsche Bank AG , Lazard Ltd , Barclays PLC , Barclays PLC , Credit Suisse Group AG , Deutsche Bank AG , Rothschild Ltd , Centerview Partners LLC , Citigroup Inc , UBS AG , Robey Warshaw LLP , Guggenheim Capital LLC , BNP Paribas SA , Moelis & Co , UBS AG , Rothschild Ltd , Standard Bank of South Africa Ltd/The , Evercore Partners Inc , HSBC Bank PLC , RBC Capital Markets , Evercore Partners Inc , BNP Paribas SA , Moelis & Co , Robey Warshaw LLP , Greenhill & Co Inc , LionTree Advisors LLC , Societe Generale SA , HSBC Bank PLC , Macquarie Group Ltd , TOTAL 4,322,112 38,654 3,397,409 TOTAL 1,697,493 14,274 Global Private Equity Announced Deals 01/01/ /31/2015 (Mln) COUNT JPMorgan Chase & Co , Goldman Sachs & Co , Morgan Stanley , Bank of America Merrill Lynch , Citigroup Inc , Credit Suisse Group AG , Barclays PLC , Deutsche Bank AG , Centerview Partners LLC , UBS AG , Wells Fargo & Co , RBC Capital Markets , Rothschild Ltd , Macquarie Group Ltd , Moelis & Co , Lazard Ltd , Jefferies LLC , BNP Paribas SA , Guggenheim Capital LLC , PJT Partners Inc , TOTAL 817,933 10,695 (Mln) COUNT 704, VOLUME USD (Mln) DEAL COUNT ,391,783 5

7 Americas M&A Regional Review Deal volume in the Americas reached $2.8 trillion, making it the most active year for the region on record, surpassing the previous high in 2007 by 20.6%. The fourth quarter contributed over 31.5% to volume in The consumer non-cyclical industry was the most targeted in the region with $733.8 billion accounting for 31.9% of the Americas deals. Pfizer Inc and Allergan PLC s announced merger for over $183.7 billion contributed to one-fourth of the industry s volume. This merger was both the largest of 2015 and the largest ever for a company within the consumer non-cyclical space. Private equity deals for targets based in the Americas reached their highest levels since 2007, and represented 57.5% of global private equity deals this year. Latin American and Caribbean deal-making experienced its lowest volume since 2009, reaching only $124.9 billion. Americas M&A: Highlights of 2015 Americas M&A: Country Breakdown Amount % YoY Country United States (Bln.) $2,189.0 % of Total 93.2% Change 33.6% Canada $ % -42.6% Brazil $ % -29.6% Mexico $ % -29.2% British Virgin Islands $ % 8.7% Bermuda $ % 70.8% Chile $ % -70.4% Colombia $ % -87.0% Americas M&A: Industry Breakdown Total Value Amount % YoY Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 16,812 Consumer Non-cyclical $ % 51.2% 11/23/2015 Pfizer Inc Allergan plc - $183,744.1 Volume (Bln.) $2,348.4 Financial $ % 42.3% Avg Deal Size (Mln.) $139.7 Technology $ % 120.6% 5/26/2015 Time Warner Cable Inc Charter Communications Inc - $79,249.7 Energy $ % -37.1% Top Adviser Communications $ % -12.7% 12/11/2015 EI du Pont de Nemours & Co Dow Chemical Co/The - $65,590.6 Goldman Sachs & Co Industrial $ % 90.6% Number of deals 228 Consumer Cyclical $ % -10.0% 10/12/2015 EMC Corp/MA Dell Inc - $63,490.5 Volume (Bln.) $933.7 Basic Materials $ % 64.2% Avg Deal Size (Bln.) $4.1 Utilities $ % -18.5% 9/28/2015 Williams Cos Inc/The Energy Transfer Equity LP - $58,093.3 Diversified $ % -21.8% Global M&A Review 2015 Americas M&A: Quarterly Volume $1,000 6,000 $800 5,000 $600 4,000 3,000 $400 2,000 $200 1,000 $ Q Q Q Q Q Q4 Volume (Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). Americas M&A: Deal Type Breakdown Amount (Bln.) % Change Deal Count % Change Volume Deal Type Company Takeover $1, % 51.2% Cross Border $ % 15.3% Private Equity $ % 24.5% Asset Sale $ % 7.9% Tender Offer $ % 34.6% Venture Capital $ % 22.5% Spin-off $ % -91.8% Minority Purchase $ % 17.7% Majority Purchase $ % -47.4% 6

8 US Announced Deals (Any Involvement) 01/01/ /31/2015 US Announced Deals (Target or Seller) 01/01/ /31/2015 Goldman Sachs & Co , Morgan Stanley , Morgan Stanley , Goldman Sachs & Co , JPMorgan Chase & Co , JPMorgan Chase & Co , Bank of America Merrill Lynch , Bank of America Merrill Lynch , Credit Suisse Group AG , Citigroup Inc , Citigroup Inc , Credit Suisse Group AG , Centerview Partners LLC , Centerview Partners LLC , Barclays PLC , Barclays PLC , Lazard Ltd , Lazard Ltd , Guggenheim Capital LLC , Guggenheim Capital LLC , UBS AG , Moelis & Co , Moelis & Co , UBS AG , Deutsche Bank AG , Deutsche Bank AG , Evercore Partners Inc , Evercore Partners Inc , RBC Capital Markets , RBC Capital Markets , LionTree Advisors LLC , LionTree Advisors LLC , Rothschild Ltd , Allen & Co Inc , Allen & Co Inc , Greenhill & Co Inc , Greenhill & Co Inc , Needham & Co Inc , Wells Fargo & Co , M Klein & Co LLC , TOTAL 2,578,035 17,810 2,022,232 TOTAL 2,296,983 14,493 1,792,843 Canada Announced Deals (Any Involvement) 01/01/ /31/2015 Canada Announced Deals (Target or Seller) 01/01/ /31/2015 (Mln) COUNT (Mln) COUNT JPMorgan Chase & Co , RBC Capital Markets , Bank of America Merrill Lynch , CIBC , Morgan Stanley , BMO Capital Markets Corp/Toronto , Goldman Sachs & Co , TD Securities Inc , RBC Capital Markets , JPMorgan Chase & Co , Barclays PLC , Goldman Sachs & Co , Deutsche Bank AG , Morgan Stanley , Citigroup Inc , BNP Paribas SA , BMO Capital Markets Corp/Toronto , Deutsche Bank AG , Credit Suisse Group AG , National Bank Financial Inc , Moelis & Co , Bank of Nova Scotia/The , CIBC , PJT Partners Inc , BNP Paribas SA , Bank of America Merrill Lynch , PJT Partners Inc , Jefferies LLC , Guggenheim Capital LLC , Macquarie Group Ltd , Macquarie Group Ltd , Rothschild Ltd , Bank of Nova Scotia/The , LionTree Advisors LLC , HSBC Bank PLC , GMP Securities LP , TD Securities Inc , Canaccord Genuity Corp , UBS AG , HSBC Bank PLC , TOTAL 315,774 2, ,478 TOTAL 89,277 2, ,120 (Mln) COUNT (Mln) COUNT 7

9 Latin America Announced Deals (Any Involvement) 01/01/ /31/2015 Brazil Announced Deals (Any Involvement) 01/01/ /31/2015 (Mln) COUNT Banco Itau BBA SA , Banco Itau BBA SA , Rothschild Ltd , Rothschild Ltd , Banco Bradesco BBI SA , Banco Bradesco BBI SA , Goldman Sachs & Co , Bank of America Merrill Lynch , Banco Santander SA , HSBC Bank PLC , JPMorgan Chase & Co , Deutsche Bank AG , Deutsche Bank AG , Banco Santander SA , Banco BTG Pactual SA , Goldman Sachs & Co , Credit Suisse Group AG , Morgan Stanley , HSBC Bank PLC , Banco BTG Pactual SA , Bank of America Merrill Lynch , Credit Suisse Group AG , UBS AG , JPMorgan Chase & Co , Citigroup Inc , Moelis & Co , Morgan Stanley , UBS AG , Alfaro Davila y Rios SC , BR Partners , BR Partners , Nomura Holdings Inc , Banco Bilbao Vizcaya Argentaria SA , Banco do Brasil SA , Barclays PLC , Citigroup Inc , Nomura Holdings Inc , Bank of Nova Scotia/The Bank of Nova Scotia/The , Caixa Banco de Investimento SA TOTAL 70, ,352 TOTAL 48, ,409 Latin America Announced Deals (Target or Seller) 01/01/ /31/2015 Brazil Announced Deals (Target or Seller) 01/01/ /31/2015 (Mln) COUNT Banco Itau BBA SA , Banco Itau BBA SA , Rothschild Ltd , Rothschild Ltd , Banco Bradesco BBI SA , Banco Bradesco BBI SA , Goldman Sachs & Co , Banco Santander SA , Banco Santander SA , Goldman Sachs & Co , JPMorgan Chase & Co , Banco BTG Pactual SA , Deutsche Bank AG , Credit Suisse Group AG , Banco BTG Pactual SA , JPMorgan Chase & Co , Credit Suisse Group AG , HSBC Bank PLC , HSBC Bank PLC , Bank of America Merrill Lynch , Bank of America Merrill Lynch , Deutsche Bank AG , UBS AG , UBS AG , Citigroup Inc , Morgan Stanley , Morgan Stanley , BR Partners , Alfaro Davila y Rios SC , Nomura Holdings Inc , BR Partners , Banco do Brasil SA , Banco Bilbao Vizcaya Argentaria SA , Citigroup Inc , Barclays PLC , Bank of Nova Scotia/The Nomura Holdings Inc , Caixa Banco de Investimento SA Bank of Nova Scotia/The , Estater Gestao e Financas SA TOTAL 70, ,352 TOTAL 41, ,888 (Mln) COUNT (Mln) COUNT 8

10 EMEA M&A Regional Review Deal volume involving EMEA-based targets reached a post-recession high of $921.5 billion, representing an 8.6% increase from volume in This jump is a 62.1% decrease from the 22.7% growth in volume experienced from 2013 to Anheuser-Busch InBev SA/NV and SABMiller PLC, both EMEA based, announced a merger valued at $120.5 billion. This is the fifth largest deal on record which brought global deal volume in the beverage sector to an all-time high of $180.3 billion. France experienced the most notable decline in capital inflow from M&A activity since last year, down 56.0% from 2014 volume to $59.5 billion. Companies based in the United Kingdom were both the most targeted and acquisitive in the region. Deal volume for UK targets grew 87.3% from 2014 to $429.1 billion, while acquisitions by British companies reached $190.2 billion globally. Nearly 20% of acquisitions made by EMEA-region companies came from UK buyers. EMEA M&A Highlights of 2015 EMEA M&A: Country Breakdown Amount % YoY Country United Kingdom (Bln.) $429.0 % of Total 46.6% Change 87.9% Germany $ % -0.3% France $ % -56.0% Italy $ % 32.6% Netherlands $ % -1.3% Spain $ % -20.5% Switzerland $ % -47.5% Finland $ % -2.6% EMEA M&A: Industry Breakdown Summary Date Target Acquirer Seller Total Value (Mln.) Industry Amount (Bln.) % of Total % YoY Change Number of deals 10,295 Anheuser-Busch InBev Consumer Non-cyclical $ % 110.4% 10/13/2015 SABMiller PLC - $120,481.3 Volume (Bln.) $922 SA/NV Financial $ % -5.1% Avg Deal Size (Mln.) $89.5 Energy $ % 146.1% 4/8/2015 BG Group PLC Royal Dutch Shell PLC - $79,308.5 Communications $ % -32.1% Top Adviser Industrial $ % -29.1% 11/2/2015 Visa Europe Ltd Visa Inc (Multiple) $18,184.7 Goldman Sachs & Co Consumer Cyclical $ % -28.7% Number of deals 124 Technology $ % 30.3% 10/14/2015 Deutsche Wohnen AG Vonovia SE - $15,232.6 Volume (Bln.) $432.8 Basic Materials $ % -6.2% Avg Deal Size (Bln.) $3.5 3/24/2015 Telefonica UK Ltd Hutchison Whampoa Ltd - $15,125.1 Utilities $ % 11.2% Diversified $ % 20.1% Global M&A Review 2015 EMEA M&A: Quarterly Volume $500 4,000 $400 3,000 $300 2,000 $200 $100 1,000 $ Q Q Q Q Q Q4 Volume (Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). EMEA M&A: Deal Type Breakdown Amount (Bln.) % Change Deal Count % Change Volume Deal Type Company Takeover $ % 45.1% Cross Border $ % 22.8% Private Equity $ % -10.6% Asset Sale $ % -26.2% Tender Offer $ % -38.5% Venture Capital $ % 43.0% Spin-off $ % -83.3% Minority Purchase $ % -16.9% Majority Purchase $ % -46.0% 9

11 Europe Announced Deals (Any Involvement) 01/01/ /31/2015 Europe Announced Deals (Target or Seller) 01/01/ /31/2015 Goldman Sachs & Co , Goldman Sachs & Co , JPMorgan Chase & Co , JPMorgan Chase & Co , Morgan Stanley , Bank of America Merrill Lynch , Bank of America Merrill Lynch , Morgan Stanley , Lazard Ltd , Lazard Ltd , Deutsche Bank AG , Deutsche Bank AG , Barclays PLC , Rothschild Ltd , Rothschild Ltd , Robey Warshaw LLP , BNP Paribas SA , Barclays PLC , Robey Warshaw LLP , BNP Paribas SA , Credit Suisse Group AG , Credit Suisse Group AG , Citigroup Inc , Standard Bank of South Africa Ltd/The , Standard Bank of South Africa Ltd/The , Citigroup Inc , UBS AG , UBS AG , HSBC Bank PLC , HSBC Bank PLC , Perella Weinberg Partners LP , Perella Weinberg Partners LP , Societe Generale SA , Societe Generale SA , Nomura Holdings Inc , Ernst & Young , Evercore Partners Inc , Evercore Partners Inc , Ernst & Young , Credit Agricole Corporate & Investment Bank SA , TOTAL 1,238,781 12,046 1,179,890 TOTAL 970,296 9, ,532 UK Announced Deals (Any Involvement) 01/01/ /31/2015 Germany Announced Deals (Any Involvement) 01/01/ /31/2015 (Mln) COUNT (Mln) COUNT Goldman Sachs & Co , Deutsche Bank AG , JPMorgan Chase & Co , Credit Suisse Group AG , Bank of America Merrill Lynch , JPMorgan Chase & Co , Morgan Stanley , Rothschild Ltd , Lazard Ltd , Citigroup Inc , Barclays PLC , Bank of America Merrill Lynch , Robey Warshaw LLP , Goldman Sachs & Co , Deutsche Bank AG , Morgan Stanley , Rothschild Ltd , Ernst & Young , BNP Paribas SA , Lazard Ltd , Standard Bank of South Africa Ltd/The , Perella Weinberg Partners LP , UBS AG , Moelis & Co , Credit Suisse Group AG , Qatalyst Partners LLC , Citigroup Inc , China International Capital Corp Ltd , Perella Weinberg Partners LP , UniCredit SpA , HSBC Bank PLC , Evercore Partners Inc , Evercore Partners Inc , KPMG Corporate Finance LLC , RBC Capital Markets , Centerview Partners LLC , Moelis & Co , CBRE Capital Advisors Inc , PJT Partners Inc , Jefferies LLC , TOTAL 618,009 4, ,047 TOTAL 153,908 1, ,766 (Mln) COUNT (Mln) COUNT 10

12 France Announced Deals (Any Involvement) 01/01/ /31/2015 Italy Announced Deals (Any Involvement) 01/01/ /31/2015 Bank of America Merrill Lynch , JPMorgan Chase & Co , Goldman Sachs & Co , Goldman Sachs & Co , BNP Paribas SA , Morgan Stanley , Rothschild Ltd , Bank of America Merrill Lynch , Morgan Stanley , Barclays PLC , Citigroup Inc , UBS AG , Societe Generale SA , Lazard Ltd , JPMorgan Chase & Co , BNP Paribas SA , Credit Suisse Group AG , PJT Partners Inc , Barclays PLC , Guggenheim Capital LLC , Credit Agricole Corporate & Investment Bank SA , Credit Suisse Group AG , Deutsche Bank AG , Rothschild Ltd , Lazard Ltd , Citigroup Inc , Nomura Holdings Inc , Deutsche Bank AG , HSBC Bank PLC , HSBC Bank PLC , Mizuho Financial Group Inc , Gruppo Banca Leonardo SpA , Sumitomo Mitsui Financial Group Inc , BDT & Co LLC , Zaoui & Co LLP , Credit Agricole Corporate & Investment Bank SA , UBS AG , Nomura Holdings Inc , Davy Corporate Finance , China International Capital Corp Ltd , TOTAL 161,138 1, ,525 TOTAL 113, ,986 Benelux Announced Deals (Any Involvement) 01/01/ /31/2015 Iberia Announced Deals (Any Involvement) 01/01/ /31/2015 (Mln) COUNT (Mln) COUNT JPMorgan Chase & Co , UBS AG , Morgan Stanley , Lazard Ltd , Goldman Sachs & Co , Rothschild Ltd , Bank of America Merrill Lynch , HSBC Bank PLC , Lazard Ltd , Moelis & Co , Robey Warshaw LLP , Deutsche Bank AG , BNP Paribas SA , Ernst & Young , Barclays PLC , Goldman Sachs & Co , Deutsche Bank AG , Credit Suisse Group AG , Standard Bank of South Africa Ltd/The , Morgan Stanley , Rothschild Ltd , Citigroup Inc , Credit Suisse Group AG , Bank of America Merrill Lynch , Perella Weinberg Partners LP , KPMG Corporate Finance LLC , PJT Partners Inc , RBC Capital Markets , Guggenheim Capital LLC , Macquarie Group Ltd , Citigroup Inc , Banco Santander SA , Centerview Partners LLC , Nomura Holdings Inc , HSBC Bank PLC , Societe Generale SA , Zaoui & Co LLP , JPMorgan Chase & Co , ING Groep NV , BNP Paribas SA , TOTAL 379,437 1, ,186 TOTAL 82, ,141 (Mln) COUNT 2015 VOLUME USD (Mln) DEAL COUNT

13 Nordic Announced Deals (Any Involvement) 01/01/ /31/2015 Eastern Europe Announced Deals (Any Involvement) 01/01/ /31/2015 Deutsche Bank AG , JPMorgan Chase & Co , JPMorgan Chase & Co , VTB Capital ZAO , Citigroup Inc , Morgan Stanley , Goldman Sachs & Co , Lazard Ltd , Morgan Stanley , Credit Suisse Group AG , Credit Suisse Group AG , Citigroup Inc , Bank of America Merrill Lynch , Goldman Sachs & Co , Societe Generale SA , Societe Generale SA , Zaoui & Co LLP , BNP Paribas SA , Credit Agricole Corporate & Investment Bank SA , Renaissance Capital Holdings Ltd , Rothschild Ltd , Xenon Capital Partners , Skandinaviska Enskilda Banken AB , Barclays PLC , Lazard Ltd , Bank of America Merrill Lynch , Evercore Partners Inc , Skandinaviska Enskilda Banken AB , Perella Weinberg Partners LP , Deutsche Bank AG , Deloitte Touche Tohmatsu ILA Group Ltd , PJT Partners Inc , Danske Bank A/S , Rothschild Ltd , ABG Sundal Collier Holding ASA , Turk Ekonomi Bankasi AS Nordea Bank AB , UBS AG RBC Capital Markets , Rabobank TOTAL 93,132 1, ,392 TOTAL 60,025 1,093 59,225 Africa/Middle East Announced Deals (Any Involvement) 01/01/ /31/2015 (Mln) COUNT JPMorgan Chase & Co , Barclays PLC , Greenhill & Co Inc , Goldman Sachs & Co , Morgan Stanley , Rothschild Ltd , Deutsche Bank AG , FirstRand Ltd , Jefferies LLC , Bank of America Merrill Lynch , Citigroup Inc , UBS AG , RBC Capital Markets , HSBC Bank PLC , Ernst & Young , Nomura Holdings Inc , Moelis & Co , PricewaterhouseCoopers LLP , Java Capital , Davy Corporate Finance , TOTAL 168,144 1,587 (Mln) COUNT 108,607 (Mln) COUNT 12

14 APAC M&A Regional Review With over 13,700 deals amounting to $1.4 trillion involving parties in the APAC region, APAC deal volumes just surpassed those in EMEA for the first time on record amid regional slowdown. M&A activity in China which accounted for 46.2% of APAC s total deal volume, increased 83.4% from last year to a record high volume of $646.7 billion. The China Tower Corp mega deal largely contributed to the surge in Chinese deal activity in the fourth quarter which increased 67.9% from the previous quarter to $246.2 billion. In 2015, APAC witnessed the largest ever private placement globally when China Overseas Land & Investment Ltd issued new shares worth $10.3 billion to China Overseas Holdings Ltd. Venture capital firm Sequoia Capital retained its position as the top buyer in the APAC region, doubling its involvement to 100 deals from 49 deals last year. Summary Date Target Acquirer Seller Number of deals 11,332 CK Hutchison Holdings 1/9/2015 Hutchison Whampoa Ltd - Volume (Bln.) $1,065.1 Ltd Avg Deal Size (Mln.) $94.0 Top Adviser Goldman Sachs & Co Number of deals 82 Volume (Bln.) $164.9 Avg Deal Size (Bln.) $2.0 APAC M&A: Highlights of /20/2015 SK Holdings Co Ltd 10/14/2015 Wireless infrastructure assets/china 11/20/ airport concessions Consortium Total Value (Mln.) $41,705.3 SK C&C Co Ltd - $26,731.5 China Tower Corp Ltd China Mobile Ltd $18,326.3 New Kansai Intl Airport Co Ltd 5/26/2015 Samsung C&T Corp Cheil Industries Inc - $17,913.9 $10,938.2 $600 $400 $200 $0 $80 $60 $40 $20 $0 $300 $200 $100 APAC M&A: Quarterly Volume Volume (Bln.) Australia/NZ M&A: Quarterly Volume Volume (Bln.) Deal Count Deal Count Greater China M&A: Quarterly Volume 4,000 3,000 2,000 1, ,000 1,500 1, Global M&A Review 2015 $0 0 APAC Industry Breakdown 5% 6% 7% 8% 5% 3% 10% 14% 26% 16% Financial Industrial APAC M&A: Breakdown Communications Consumer Non-cyclical Consumer Cyclical Energy Diversified Technology Basic Materials Utilities Deal Type Amount (Bln.) % Change Deal Count % YoY Change Company Takeover $ % 76.3% Cross Border $ % 40.2% Private Equity $ % 34.5% Asset Sale $ % 58.3% Tender Offer $ % -48.7% Venture Capital $ % 130.2% Spin-off $ % 39.3% Minority Purchase $ % 52.0% Majority Purchase $ % 43.6% Volume (Bln.) Deal Count Japan M&A: Quarterly Volume $ $ $0 0 Volume (Bln.) Deal Count Graphs represent any regional involvement (target, seller, or acquirer). 13

15 APAC Ex-Japan Announced Deals (Any Involvement) 01/01/ /31/2015 APAC Ex-Japan Announced Deals (Target or Seller) 01/01/ /31/2015 Goldman Sachs & Co , Goldman Sachs & Co , Morgan Stanley , Morgan Stanley , JPMorgan Chase & Co , China International Capital Corp Ltd , Credit Suisse Group AG , Credit Suisse Group AG , Citigroup Inc , JPMorgan Chase & Co , Deutsche Bank AG , HSBC Bank PLC , Bank of America Merrill Lynch , Somerley Group Ltd , HSBC Bank PLC , Deutsche Bank AG , China International Capital Corp Ltd , CITIC Securities Co Ltd , UBS AG , Citigroup Inc , Somerley Group Ltd , Macquarie Group Ltd , Macquarie Group Ltd , Bank of America Merrill Lynch , CITIC Securities Co Ltd , UBS AG , Barclays PLC , Huatai Securities Co Ltd , PricewaterhouseCoopers LLP , Anglo Chinese Corporate Finance , Anglo Chinese Corporate Finance , PricewaterhouseCoopers LLP , Huatai Securities Co Ltd , NH Investment & Securities Co Ltd , Evercore Partners Inc , China Securities Co Ltd , Moelis & Co , JM Financial Ltd , Rothschild Ltd , Grant Samuel Securities Pty Ltd , TOTAL 1,211,279 11, ,398 TOTAL 1,004,676 9,785 APAC Private Equity (Any Involvement) 01/01/ /31/2015 Morgan Stanley , JPMorgan Chase & Co , Citigroup Inc , Bank of America Merrill Lynch , Goldman Sachs & Co , Deutsche Bank AG , Credit Suisse Group AG , UBS AG , Macquarie Group Ltd , Moelis & Co , RBC Capital Markets , China International Capital Corp Ltd , PricewaterhouseCoopers LLP , HSBC Bank PLC , Rothschild Ltd , Gresham Partners Ltd , CITIC Securities Co Ltd , Huatai Securities Co Ltd , Grant Samuel Securities Pty Ltd , Barclays PLC , TOTAL 242,614 2,346 (Mln) COUNT (Mln) COUNT 176, VOLUME USD (Mln) DEAL COUNT ,786 14

16 AU & NZ Announced Deals (Any Involvement) 01/01/ /31/2015 Japan Announced Deals (Any Involvement) 01/01/ /31/2015 Macquarie Group Ltd , Morgan Stanley , UBS AG , Nomura Holdings Inc , Deutsche Bank AG , Goldman Sachs & Co , Bank of America Merrill Lynch , Mizuho Financial Group Inc , JPMorgan Chase & Co , Sumitomo Mitsui Financial Group Inc , Credit Suisse Group AG , Bank of America Merrill Lynch , Goldman Sachs & Co , Citigroup Inc , Grant Samuel Securities Pty Ltd , JPMorgan Chase & Co , Citigroup Inc , Rothschild Ltd , Gresham Partners Ltd , Lazard Ltd , Moelis & Co , Evercore Partners Inc , Morgan Stanley , CITIC Securities Co Ltd , RBC Capital Markets , Somerley Group Ltd , CIBC , Credit Suisse Group AG , Lazard Ltd , Daiwa Securities Group Inc , Barclays PLC , Deutsche Bank AG , BMO Capital Markets Corp/Toronto , Gresham Partners Ltd , INFOR Financial Group Inc , Grant Samuel Securities Pty Ltd , Mizuho Financial Group Inc , Deloitte Touche Tohmatsu ILA Group Ltd , Centerview Partners LLC , KPMG Corporate Finance LLC , TOTAL 145,594 1, ,055 TOTAL 186,900 2, ,409 South Korea Announced Deals (Any Involvement) 01/01/ /31/2015 China Announced Deals (Any Involvement) 01/01/ /31/2015 (Mln) COUNT (Mln) COUNT Morgan Stanley , China International Capital Corp Ltd , Goldman Sachs & Co , Morgan Stanley , Credit Suisse Group AG , CITIC Securities Co Ltd , PricewaterhouseCoopers LLP , JPMorgan Chase & Co , Citigroup Inc , Goldman Sachs & Co , Deutsche Bank AG , Huatai Securities Co Ltd , NH Investment & Securities Co Ltd , Somerley Group Ltd , Samsung Securities Co Ltd , Bank of America Merrill Lynch , HSBC Bank PLC , China Securities Co Ltd , Barclays PLC , HSBC Bank PLC , Ernst & Young , UBS AG , JPMorgan Chase & Co , Credit Suisse Group AG , KPMG Corporate Finance LLC , Haitong Securities Co Ltd , Hana Financial Group Inc , Guotai Junan Securities Co Ltd , CBRE Capital Advisors Inc , Southwest Securities Co Ltd , Mitsubishi UFJ Financial Group Inc , Rothschild Ltd , Daewoo Securities Co Ltd Deutsche Bank AG , Standard Chartered Bank GF Securities Co Ltd , Bank of America Merrill Lynch Bank of China Ltd , Nomura Holdings Inc Citigroup Inc , TOTAL 119,576 1,388 91,997 TOTAL 646,700 4, ,612 (Mln) COUNT (Mln) COUNT 15

17 Hong Kong Announced Deals (Any Involvement) 01/01/ /31/2015 Taiwan Announced Deals (Any Involvement) 01/01/ /31/2015 (Mln) COUNT HSBC Bank PLC , Morgan Stanley , Goldman Sachs & Co , Citigroup Inc , Somerley Group Ltd , KGI Securities Co Ltd , Anglo Chinese Corporate Finance , PricewaterhouseCoopers LLP , Morgan Stanley , Credit Suisse Group AG , Moelis & Co , JPMorgan Chase & Co , UBS AG , CBRE Capital Advisors Inc JPMorgan Chase & Co , CITIC Securities Co Ltd CITIC Securities Co Ltd , Yuanta Securities Co Ltd Huatai Securities Co Ltd , Goldman Sachs & Co Bank of China Ltd , Stifel Financial Corp Bank of America Merrill Lynch , Somerley Group Ltd Deutsche Bank AG , Rothschild Ltd China International Capital Corp Ltd , HSBC Bank PLC Citigroup Inc , KPMG Corporate Finance LLC Rothschild Ltd , Lazard Ltd Platinum Securities Co Ltd , Optima Capital Ltd RBC Capital Markets , Asia Capital PLC/Sri Lanka Macquarie Group Ltd , CTBC Financial Holding Co Ltd Guotai Junan Securities Co Ltd , Kingston Financial Group Ltd TOTAL 202,563 1, ,829 TOTAL 28, ,490 Southeast Asia Announced Deals (Any Involvement) 01/01/ /31/2015 India Announced Deals (Any Involvement) 01/01/ /31/2015 (Mln) COUNT JPMorgan Chase & Co , JM Financial Ltd , Bank of America Merrill Lynch , Axis Bank Ltd , Citigroup Inc , Macquarie Group Ltd , Deutsche Bank AG , Citigroup Inc , Credit Suisse Group AG , Bank of America Merrill Lynch , Barclays PLC , Morgan Stanley , Evercore Partners Inc , Credit Suisse Group AG , Morgan Stanley , JPMorgan Chase & Co , HSBC Bank PLC , Kotak Mahindra Bank Ltd , Nomura Holdings Inc , Ernst & Young , Somerley Group Ltd , Walker Chandiok & Co , Mizuho Financial Group Inc , Lazard Ltd , CITIC Securities Co Ltd , Standard Chartered Bank , UBS AG , Tudor Pickering Holt & Co , Rothschild Ltd , Goldman Sachs & Co , China International Capital Corp Ltd , Evercore Partners Inc , PricewaterhouseCoopers LLP , KPMG Corporate Finance LLC , Goldman Sachs & Co , Arpwood Capital Pvt Ltd , DBS Group Holdings Ltd , Deutsche Bank AG , BNP Paribas SA , Jefferies LLC , TOTAL 178,978 2, ,034 TOTAL 65,706 1,722 42,613 (Mln) COUNT (Mln) COUNT 16