GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS

Transcription

1 GLOBAL M&A MARKET REVIEW FINANCIAL INGS 1st 3Q 2015

2 1st 3Q 2015 GLOBAL M&A FINANCIAL ADVISORY INGS CONTENTS 1. Introduction 2. Global M&A Heat Map 3. Global M&A Regional Review 4. Global M&A League Tables 5. Americas M&A Regional Review 6. Americas M&A League Tables 8. EMEA M&A Regional Review 9. EMEA M&A League Tables 12. APAC M&A Regional Review 13. APAC M&A League Tables 16. 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 [email protected] EMEA Madeeha Ahmad [email protected] Asia Pacific Parker Leung [email protected] General M&A queries may be submitted to: [email protected], [email protected], [email protected] 2015 Bloomberg Finance L.P. All rights reserved.

3 Global M&A Heat Map North America USD 1.9T 1. JP Morgan Chase & Co 29.5% 2. Goldman Sachs & Co 28.6% 3. Morgan Stanley 28.5% Scale in USD Bln ,425 1,426-1,710 1,711-1,900 1,901 - Western Europe USD 776.2B 1. Goldman Sachs & Co 33.2% 2. Morgan Stanley 31.9% 3. JP Morgan Chase & Co 30.8% Latin America & Caribbean USD 94.7B 1. Rothschild Ltd 17.0% 2. Bank of America Merrill Lynch 15.2% 3. Goldman Sachs & Co 15.1% Middle East & Africa USD 118.0B 1. JP Morgan Chase & Co 45.9% 2. Barclays PLC 39.7% 3. Greenhill & Co 34.3% Eastern Europe USD 47.2B 1. VTB Capital 21.4% 2. JP Morgan Chase & Co 20.8% 3. Lazard Ltd 12.8% Asia Pacific USD 947.6B 1. Goldman Sachs & Co 16.7% 2. Morgan Stanley 16.3% 3. Bank of America Merrill Lynch 13.1% Global M&A Review 1st 3Q2015 Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1st 3Q

4 Global M&A Regional Review Global deal volume is on target to reach a record high this year, showing a similar trend to deal volume in 2007 which attained over $4.0T at year end. Volume reached $2.9T in the first 3Q2015 with deal count up 14.1% compared to the same period last year. Venture capital investments increased significantly with deal count YTD equating to 93.4% of all venture capital investments for full year A competitor to Uber Technologies Inc, Didi Kuaidi, completed the largest round of financing on record at $3.0B. Goldman Sachs & Co was the top adviser for the first 3Q2015 with $807.4B in volume. Morgan Stanley and JP Morgan Chase & Co rounded out the top three with $767.1B and $734.5B respectively. Goldman Sachs has been the top financial adviser for the same period for the past five years. Summary Date Global M&A: Highlights of 1st 3Q 2015 Target Acquirer Total Value (Mln.) Global M&A: Premium Breakdown Global M&A: Industry Breakdown (Bln.) % of Total Number of deals 27,737 4/8/2015 BG Group PLC Royal Dutch Shell PLC - $79,308.5 Consumer Non-cyclical $ % 25.5% Volume (Bln.) $2,935 Financial $ % 21.7% Avg Deal Size (Mln.) $106 Charter Communications Energy $ % 17.1% 5/26/2015 Time Warner Cable Inc - $79,249.7 Inc Communications $ % -0.9% Top Adviser 9/28/2015 Williams Cos Inc/The Energy Transfer Equity LP - $58,093.3 Industrial $ % 34.0% Goldman Sachs & Co Consumer Cyclical $ % -16.6% Number of deals 275 Technology $ % 80.4% 3/25/2015 Kraft Foods Group Inc Kraft Heinz Foods Co - $55,422.9 Volume (Bln.) $807.4 Basic Materials $ % -8.5% Avg Deal Size (Bln.) $2.9 7/24/2015 Cigna Corp Anthem Inc - $50,382.3 Utilities $ % 6.8% Diversified $ % 292.5% Seller Industry 39% 0% 1% 0-10% 8% 20% 32% 10-25% 25-50% 50-75% % 100%+ % YoY Change Global M&A Review 1st 3Q2015 Global M&A: Quarterly Volume $1,200 12,000 $1,000 10,000 $800 8,000 $600 6,000 $400 4,000 $200 2,000 $ Q Q Q Q Q Q3 Volume (Bln.) Quarterly Volume represents any involvement (target, seller, or acquirer). Deal Type Global M&A: Deal Type Breakdown (Bln.) % Change % Change Volume Company Takeover $1, % 41.6% Cross Border $1, % 9.1% Private Equity $ % 8.5% Asset Sale $ % -0.9% Tender Offer $ % 4.6% Venture Capital $ % 63.2% Spin-off $ % -75.2% Minority Purchase $ % 18.9% Majority Purchase $ % -23.4% 3

5 Global Announced Deals 01/01/ /30/2015 Cross Border Announced Deals 01/01/ /30/2015 Goldman Sachs & Co , JPMorgan Chase & Co , Morgan Stanley , Bank of America Merrill Lynch , JPMorgan Chase & Co , Goldman Sachs & Co , Bank of America Merrill Lynch , Morgan Stanley , Credit Suisse Group AG , Credit Suisse Group AG , Citigroup Inc , Citigroup Inc , Lazard Ltd , Deutsche Bank AG , Barclays PLC , Barclays PLC , Deutsche Bank AG , Rothschild Ltd , Centerview Partners LLC , Lazard Ltd , UBS AG , Robey Warshaw LLP , Guggenheim Capital LLC , UBS AG , HSBC Bank PLC , HSBC Bank PLC , Rothschild Ltd , Evercore Partners Inc , RBC Capital Markets , Greenhill & Co Inc , Evercore Partners Inc , BNP Paribas SA , LionTree Advisors LLC , Moelis & Co , Allen & Co Inc , Macquarie Group Ltd , Greenhill & Co Inc , Ernst & Young , Robey Warshaw LLP , RBC Capital Markets , TOTAL 2,934,042 27,740 2,483,154 TOTAL 1,144,802 10,241 Global Private Equity Announced Deals 01/01/ /30/2015 (Mln) COUNT JPMorgan Chase & Co , Goldman Sachs & Co , Morgan Stanley , Bank of America Merrill Lynch , Citigroup Inc , Deutsche Bank AG , Credit Suisse Group AG , Barclays PLC , Centerview Partners LLC , Macquarie Group Ltd , UBS AG , Rothschild Ltd , RBC Capital Markets , Wells Fargo & Co , Jefferies LLC , Lazard Ltd , Moelis & Co , HSBC Bank PLC , Houlihan Lokey Inc , PricewaterhouseCoopers LLP , TOTAL 577,155 7,768 (Mln) COUNT 531, VOLUME USD (Mln) DEAL COUNT ,049,678 4

6 Americas M&A Regional Review The Americas continued to be the most targeted region, accounting for 55.0% of volume YTD. The US was responsible for 93.2% of deals for the region, up 23.8% in volume from the same period last year. US deals within the technology sector experienced the largest percentage change with an increase of 96.8%, bolstered by the sale of SunGard Data Systems Inc to Fidelity National Information Services Inc for $9.1 billion announced in the third quarter. Anthem Inc s $50.4 billion announced acquisition of Cigna Corp and Aetna Inc s announced acquisition of Humana Inc for $28.9 billion dominated the high activity represented in the consumer, non-cyclical sector. Once completed, the health insurers consolidation will increase the companies scale and significance amid regulatory changes in the health-care industry. Americas M&A: Highlights of 1st 3Q 2015 Americas M&A: Country Breakdown % YoY Country United States (Bln.) $1,502.9 % of Total 93.2% Change 23.8% Canada $ % -44.8% Brazil $ % -51.1% Bermuda $ % 70.6% Mexico $ % -53.1% British Virgin Islands $ % 60.7% Chile $ % -52.0% Colombia $ % -91.2% Americas M&A: Industry Breakdown Total Value % YoY Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 12,238 Charter Communications Consumer Non-cyclical $ % 35.5% 5/26/2015 Time Warner Cable Inc - $79,249.7 Volume (Bln.) $1,613.0 Inc Financial $ % 44.0% Avg Deal Size (Mln.) $131.8 Communications $ % -8.7% 9/28/2015 Williams Cos Inc/The Energy Transfer Equity LP - $58,093.3 Energy $ % -13.4% Top Adviser Technology $ % 81.0% 3/25/2015 Kraft Foods Group Inc Kraft Heinz Foods Co - $55,422.9 Morgan Stanley Industrial $ % 75.0% Number of deals 151 Consumer Cyclical $ % -36.4% 7/24/2015 Cigna Corp Anthem Inc - $50,382.3 Volume (Bln.) $511.8 Utilities $ % -12.4% Avg Deal Size (Bln.) $3.4 Teva Pharmaceutical Basic Materials $ % -35.6% 7/27/2015 Generic drug business Allergan plc $40,500.0 Industries Ltd Diversified $ % -45.8% Global M&A Review 1st 3Q2015 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 Q3 Volume (Bln.) Americas M&A: Deal Type Breakdown (Bln.) % Change % Change Volume Deal Type Company Takeover $1, % 36.7% Cross Border $ % 5.1% Private Equity $ % 11.8% Asset Sale $ % 7.0% Tender Offer $ % 92.8% Venture Capital $ % 33.0% Spin-off $ % -87.5% Minority Purchase $ % 21.4% Majority Purchase $ % -42.9% Quarterly Volume represents any involvement (target, seller, or acquirer). 5

7 US Announced Deals (Any Involvement) 01/01/ /30/2015 US Announced Deals (Target or Seller) 01/01/ /30/2015 JPMorgan Chase & Co , Morgan Stanley , Goldman Sachs & Co , JPMorgan Chase & Co , Morgan Stanley , Goldman Sachs & Co , Credit Suisse Group AG , Credit Suisse Group AG , Citigroup Inc , Citigroup Inc , Bank of America Merrill Lynch , Bank of America Merrill Lynch , Barclays PLC , Barclays PLC , Lazard Ltd , Lazard Ltd , Centerview Partners LLC , Centerview Partners LLC , Deutsche Bank AG , UBS AG , UBS AG , Deutsche Bank AG , Guggenheim Capital LLC , Guggenheim Capital LLC , RBC Capital Markets , RBC Capital Markets , LionTree Advisors LLC , LionTree Advisors LLC , Allen & Co Inc , Allen & Co Inc , Evercore Partners Inc , Evercore Partners Inc , Rothschild Ltd , Greenhill & Co Inc , Greenhill & Co Inc , Intrepid Partners LLC , Intrepid Partners LLC , Jefferies LLC , Jefferies LLC , Wells Fargo & Co , TOTAL 1,790,628 13,039 1,496,385 TOTAL 1,589,185 10,592 1,342,485 Canada Announced Deals (Any Involvement) 01/01/ /30/2015 Canada Announced Deals (Target or Seller) 01/01/ /30/2015 (Mln) COUNT (Mln) COUNT JPMorgan Chase & Co , BMO Capital Markets Corp , Morgan Stanley , RBC Capital Markets , BMO Capital Markets Corp , TD Securities Inc , Citigroup Inc , CIBC , Goldman Sachs & Co , Goldman Sachs & Co , Deutsche Bank AG , Bank of Nova Scotia/The , RBC Capital Markets , Jefferies LLC , Credit Suisse Group AG , Bank of America Merrill Lynch , Bank of America Merrill Lynch , Macquarie Group Ltd , Bank of Nova Scotia/The , National Bank Financial Inc , Barclays PLC , PricewaterhouseCoopers LLP , CIBC , GMP Securities LP , Moelis & Co , Canaccord Genuity Corp , Macquarie Group Ltd , Citigroup Inc , HSBC Bank PLC , Credit Suisse Group AG , TD Securities Inc , Raymond James & Associates Inc , Jefferies LLC , FirstEnergy Capital Corp , INFOR Financial Group Inc , Deutsche Bank AG , Rothschild Ltd , Barclays PLC , Sandler O'Neill & Partners LP , Somerley Group Ltd , TOTAL 175,888 2, ,182 TOTAL 59,575 1, ,986 (Mln) COUNT (Mln) COUNT 6

8 Latin America Announced Deals (Any Involvement) 01/01/ /30/2015 Brazil Announced Deals (Any Involvement) 01/01/ /30/2015 (Mln) COUNT Rothschild Ltd , Rothschild Ltd , Deutsche Bank AG , Deutsche Bank AG , Bank of America Merrill Lynch , HSBC Bank PLC , Goldman Sachs & Co , Bank of America Merrill Lynch , HSBC Bank PLC , Banco BTG Pactual SA , JPMorgan Chase & Co , Banco Bradesco BBI SA , Banco BTG Pactual SA , Goldman Sachs & Co , Credit Suisse Group AG , Credit Suisse Group AG , Banco Bradesco BBI SA , JPMorgan Chase & Co , Banco Santander SA , Banco Itau BBA SA , Banco Itau BBA SA , Banco Santander SA , Morgan Stanley , Morgan Stanley , Citigroup Inc , Moelis & Co , Moelis & Co , UBS AG , UBS AG , BR Partners , PricewaterhouseCoopers LLP , Citigroup Inc , Ernst & Young , Bank of Nova Scotia/The Alfaro Davila y Rios SC , Caixa Banco de Investimento SA Industrial & Commercial Bank of China Ltd , Banco do Brasil SA Banco Bilbao Vizcaya Argentaria SA , Credit Agricole Corporate & Investment Bank SA TOTAL 57, ,300 TOTAL 30, ,899 Latin America Announced Deals (Target or Seller) 01/01/ /30/2015 Brazil Announced Deals (Target or Seller) 01/01/ /30/2015 (Mln) COUNT Rothschild Ltd , Rothschild Ltd , Goldman Sachs & Co , Banco Bradesco BBI SA , JPMorgan Chase & Co , Banco BTG Pactual SA , Banco BTG Pactual SA , Goldman Sachs & Co , Credit Suisse Group AG , Credit Suisse Group AG , Banco Bradesco BBI SA , JPMorgan Chase & Co , Deutsche Bank AG , Banco Itau BBA SA , Banco Santander SA , Banco Santander SA , Banco Itau BBA SA , HSBC Bank PLC , HSBC Bank PLC , Deutsche Bank AG , Bank of America Merrill Lynch , UBS AG , UBS AG , Bank of America Merrill Lynch , Citigroup Inc , BR Partners , PricewaterhouseCoopers LLP , Citigroup Inc , Ernst & Young , Bank of Nova Scotia/The Alfaro Davila y Rios SC , Caixa Banco de Investimento SA Industrial & Commercial Bank of China Ltd , Banco do Brasil SA Morgan Stanley , Credit Agricole Corporate & Investment Bank SA Banco Bilbao Vizcaya Argentaria SA , Daiwa Securities Group Inc Bank of Nova Scotia/The , PricewaterhouseCoopers LLP TOTAL 47, ,498 TOTAL 24, ,048 (Mln) COUNT (Mln) COUNT 7

9 EMEA M&A Review At $629.8B, or a 3.9% increase from the first 3Q2014, EMEA maintained only marginal growth over the previous year, compared to 13.5% growth from the same period 2013 to Q2015 saw the third largest joint venture in EMEA s history with the formation of Hutchison 3G Italy Investments Sarl created between VimpelCom Ltd and CK Hutchison Holdings Ltd. Historically low energy prices helped contribute to the 80.5% increase in energy asset sales for the first 3Q2015. The average premium for EMEA targets in deals over $1.0B in 3Q2015 was 7.5%, the lowest quarterly premium in five years. Cross border transactions represented 82.6% of the total volume, against 77.0% in 3Q2014 and 62.1% in EMEA M&A Highlights of 1st 3Q 2015 EMEA M&A: Country Breakdown % YoY Country United Kingdom (Bln.) $251.7 % of Total 40.0% Change 74.2% Germany $ % 2.7% France $ % -58.4% Italy $ % 33.1% Netherlands $ % 7.9% Spain $ % -18.1% Switzerland $ % -26.6% Finland $ % -2.4% EMEA M&A: Industry Breakdown Summary Date Target Acquirer Seller Total Value (USD Mln.) Industry (Bln.) % of Total % YoY Change Number of deals 7,273 Financial $ % 3.7% 4/8/2015 BG Group PLC Royal Dutch Shell PLC - $79,308.5 Volume (Bln.) $630 Energy $ % 196.0% Avg Deal Size (Mln.) $86.6 Consumer Non-cyclical $ % 2.0% 3/24/2015 Telefonica UK Ltd Hutchison Whampoa Ltd Telefonica SA $15,125.1 Industrial $ % -20.0% Top Adviser Communications $ % -22.8% 4/15/2015 Alcatel-Lucent Nokia OYJ - $11,669.9 Goldman Sachs & Co Consumer Cyclical $ % -22.3% Number of deals 101 Coca-Cola Erfrischungsgetraenke Basic Materials $ % 8.6% 8/6/2015 Coca-Cola Enterprises Inc - $11,494.6 Volume (Bln.) $245.8 AG,Coca Cola Iberian Partners SA Technology $ % 20.4% Avg Deal Size (Bln.) $2.4 6/24/2015 Delhaize Group Koninklijke Ahold NV - $11,473.4 Utilities $ % 15.4% Diversified $ % 161.9% Global M&A Review 1st 3Q2015 EMEA M&A: Quarterly Volume $400 4,000 $300 3,000 $200 2,000 $100 1,000 $ Q Q Q Q Q Q3 Volume (Bln.) EMEA M&A: Deal Type Breakdown (Bln.) % Change % Change Volume Deal Type Company Takeover $ % 32.3% Cross Border $ % 11.8% Private Equity $ % 7.0% Asset Sale $ % -15.3% Tender Offer $ % -33.7% Venture Capital $ % 48.0% Spin-off $ % -57.2% Minority Purchase $ % -12.1% Majority Purchase $ % -55.2% Quarterly Volume represents any involvement (target, seller, or acquirer). 8

10 Europe Announced Deals (Any Involvement) 01/01/ /30/2015 Europe Announced Deals (Target or Seller) 01/01/ /30/2015 Goldman Sachs & Co , Goldman Sachs & Co , Morgan Stanley , JPMorgan Chase & Co , JPMorgan Chase & Co , Morgan Stanley , Bank of America Merrill Lynch , Bank of America Merrill Lynch , Rothschild Ltd , Rothschild Ltd , Deutsche Bank AG , Deutsche Bank AG , Credit Suisse Group AG , Lazard Ltd , Lazard Ltd , Robey Warshaw LLP , Citigroup Inc , Citigroup Inc , Robey Warshaw LLP , Credit Suisse Group AG , Barclays PLC , HSBC Bank PLC , HSBC Bank PLC , UBS AG , UBS AG , Barclays PLC , BNP Paribas SA , BNP Paribas SA , Ernst & Young , Ernst & Young , Societe Generale SA , Societe Generale SA , Moelis & Co , Zaoui & Co LLP , Zaoui & Co LLP , Moelis & Co , Evercore Partners Inc , Evercore Partners Inc , Guggenheim Capital LLC , RBC Capital Markets , TOTAL 806,885 8, ,417 TOTAL 643,820 6, ,306 UK Announced Deals (Any Involvement) 01/01/ /30/2015 Germany Announced Deals (Any Involvement) 01/01/ /30/2015 (Mln) COUNT (Mln) COUNT Goldman Sachs & Co , Deutsche Bank AG , JPMorgan Chase & Co , Rothschild Ltd , Bank of America Merrill Lynch , Credit Suisse Group AG , Morgan Stanley , Morgan Stanley , Robey Warshaw LLP , JPMorgan Chase & Co , Rothschild Ltd , Ernst & Young , Barclays PLC , Lazard Ltd , Deutsche Bank AG , Goldman Sachs & Co , UBS AG , Citigroup Inc , HSBC Bank PLC , Bank of America Merrill Lynch , Credit Suisse Group AG , HSBC Bank PLC , Citigroup Inc , UBS AG , Moelis & Co , Societe Generale SA , Lazard Ltd , Moelis & Co , Evercore Partners Inc , Qatalyst Partners LLC , Macquarie Group Ltd , Evercore Partners Inc , Greenhill & Co Inc , UniCredit SpA , RBC Capital Markets , Perella Weinberg Partners LP , PricewaterhouseCoopers LLP , Centerview Partners LLC , Nomura Holdings Inc , KPMG Corporate Finance LLC , TOTAL 361,133 3, ,593 TOTAL 111,904 1, ,089 (Mln) COUNT (Mln) COUNT 9

11 France Announced Deals (Any Involvement) 01/01/ /30/2015 Italy Announced Deals (Any Involvement) 01/01/ /30/2015 BNP Paribas SA , Morgan Stanley , Morgan Stanley , Goldman Sachs & Co , JPMorgan Chase & Co , Bank of America Merrill Lynch , Bank of America Merrill Lynch , Lazard Ltd , Credit Suisse Group AG , Rothschild Ltd , Citigroup Inc , JPMorgan Chase & Co , Goldman Sachs & Co , HSBC Bank PLC , Rothschild Ltd , Citigroup Inc , Lazard Ltd , Credit Suisse Group AG , Deutsche Bank AG , Deutsche Bank AG , Societe Generale SA , BDT & Co LLC , Zaoui & Co LLP , UBS AG , UBS AG , Barclays PLC , Barclays PLC , Credit Agricole Corporate & Investment Bank SA , HSBC Bank PLC , Vitale & Associati SpA , Davy Corporate Finance , Intesa Sanpaolo SpA , Goodbody Corporate Finance Ltd , Piper Jaffray & Co , Credit Agricole Corporate & Investment Bank SA , Banco Santander SA , Daiwa Securities Group Inc , Equita SIM SpA Ondra Partners , Mediobanca SpA TOTAL 104,553 1, ,969 TOTAL 54, ,514 Benelux Announced Deals (Any Involvement) 01/01/ /30/2015 Iberia Announced Deals (Any Involvement) 01/01/ /30/2015 (Mln) COUNT (Mln) COUNT JPMorgan Chase & Co , Lazard Ltd , Morgan Stanley , UBS AG , Goldman Sachs & Co , Rothschild Ltd , Bank of America Merrill Lynch , HSBC Bank PLC , Robey Warshaw LLP , Moelis & Co , Credit Suisse Group AG , Deutsche Bank AG , BNP Paribas SA , Ernst & Young , Lazard Ltd , Credit Suisse Group AG , Barclays PLC , Morgan Stanley , Guggenheim Capital LLC , Citigroup Inc , PJT Capital LP , Goldman Sachs & Co , Deutsche Bank AG , KPMG Corporate Finance LLC , HSBC Bank PLC , Bank of America Merrill Lynch , Zaoui & Co LLP , RBC Capital Markets , Rothschild Ltd , PricewaterhouseCoopers LLP , Jefferies LLC , JPMorgan Chase & Co , Societe Generale SA , Caixa Banco de Investimento SA , Cooperatieve Centrale Raiffeisen-Boerenleenban , Houlihan Lokey Inc , RBC Capital Markets , Barclays PLC , Somerley Group Ltd , BNP Paribas SA , TOTAL 216, ,428 TOTAL 68, ,257 (Mln) COUNT 2015 VOLUME USD (Mln) DEAL COUNT

12 Nordic Announced Deals (Any Involvement) 01/01/ /30/2015 Eastern Europe Announced Deals (Any Involvement) 01/01/ /30/2015 Citigroup Inc , VTB Capital ZAO , Deutsche Bank AG , JPMorgan Chase & Co , JPMorgan Chase & Co , Lazard Ltd , Goldman Sachs & Co , Societe Generale SA , Credit Suisse Group AG , Citigroup Inc , Morgan Stanley , Morgan Stanley , Bank of America Merrill Lynch , Barclays PLC , Zaoui & Co LLP , Bank of America Merrill Lynch , Skandinaviska Enskilda Banken AB , UBS AG , Perella Weinberg Partners LP , Blackstone Group LP/The , Rothschild Ltd , BNP Paribas SA , Evercore Partners Inc , Turk Ekonomi Bankasi AS ABG Sundal Collier Holding ASA , Cooperatieve Centrale Raiffeisen-Boerenleenban Lazard Ltd , Rothschild Ltd Danske Bank A/S , UniCredit SpA Deloitte Touche Tohmatsu ILA Group Ltd , ING Groep NV Nordea Bank AB , Ernst & Young PricewaterhouseCoopers LLP , HSBC Bank PLC RBC Capital Markets Goldman Sachs & Co Pohjola Bank Oyj Skandinaviska Enskilda Banken AB TOTAL 64,414 1,177 87,101 TOTAL 47, ,597 Africa/ME Announced Deals (Any Involvement) 01/01/ /30/2015 (Mln) COUNT JPMorgan Chase & Co , Barclays PLC , Greenhill & Co Inc , Bank of America Merrill Lynch , Goldman Sachs & Co , Morgan Stanley , Citigroup Inc , HSBC Bank PLC , Deutsche Bank AG , Nomura Holdings Inc , Rothschild Ltd , Moelis & Co , PricewaterhouseCoopers LLP , Davy Corporate Finance , FirstRand Ltd , Ernst & Young , Credit Suisse Group AG , Jefferies LLC , Centerview Partners LLC , Lazard Ltd , TOTAL 116,135 1,117 (Mln) COUNT 63,596 (Mln) COUNT 11

13 APAC M&A Regional Review M&A activity targeting the APAC region for the first 3Q2015 increased 48.2% to $702.8B compared to the same period last year. The Greater China region witnessed the highest deal volume in terms of any party involvement in APAC YTD, accounting for 54.9% of the APAC deal volume, up from 49.7% YoY. The top deal in APAC in the third quarter, Oil Search Ltd s announced takeover by Woodside Petroleum Ltd for $11.0B, was also the largest merger in the Australian oil and gas industry on record. Outbound APAC activity saw a 101.8% increase to $232.1B from last year, with 52.5% of the investment made to North America. Summary Date Target Acquirer Seller Number of deals 8,004 Volume (Bln.) $702.8 Avg Deal Size (Mln.) $87.8 Top Adviser Goldman Sachs & Co Number of deals 47 Volume (Bln.) $105.1 Avg Deal Size (Bln.) $2.2 4/20/2015 3/24/2015 APAC M&A: Highlights of 1st 3Q /9/2015 Hutchison Whampoa Ltd CK Hutchison Holdings Ltd SK Holdings Co Ltd/Old China Overseas Land & Investment Ltd 5/26/2015 Samsung C&T Corp/Old Samsung C&T Corp - - Total Value (USD Mln.) SK Holdings Co Ltd - $26,731.5 China State Construction Engineering Corp Ltd $41, $11, /8/2015 Oil Search Ltd Woodside Petroleum Ltd - $10,957.1 $10,938.2 $400 $300 $200 $100 $0 $80 $60 $40 $20 $0 $200 $150 $100 $50 APAC M&A: Quarterly Volume Volume (Bln.) Australia/NZ M&A: Quarterly Volume Volume (Bln.) Greater China M&A: Quarterly Volume 4,000 3,000 2,000 1, ,000 1,500 1, Global M&A Review 1st 3Q2015 $0 0 APAC Industry Breakdown 5% 3% 7% 24% 8% 8% 13% 10% 11% 11% Financial Industrial APAC M&A: Breakdown Communications Consumer Non-cyclical Consumer Cyclical Energy Diversified Basic Materials Technology Utilities Deal Type (Bln.) % Change % YoY Change Company Takeover $ % 80.2% Cross Border $ % 17.4% Private Equity $ % 1.3% Asset Sale $ % -0.7% Tender Offer $ % -27.5% Venture Capital $ % 204.5% Spin-off $ % 45.1% Minority Purchase $ % 35.0% Majority Purchase $ % 29.8% Volume (Bln.) Japan M&A: Quarterly Volume $ $ $0 0 Volume (Bln.) Graphs represent any regional involvement (target, seller, or acquirer). 12

14 APAC Ex-Japan Announced Deals (Any Involvement) 01/01/ /30/2015 APAC Ex-Japan Announced Deals (Target or Seller) 01/01/ /30/2015 Goldman Sachs & Co , Goldman Sachs & Co , Morgan Stanley , Morgan Stanley , Bank of America Merrill Lynch , Somerley Group Ltd , Citigroup Inc , HSBC Bank PLC , JPMorgan Chase & Co , Credit Suisse Group AG , HSBC Bank PLC , Bank of America Merrill Lynch , Credit Suisse Group AG , Citigroup Inc , Deutsche Bank AG , CITIC Securities Co Ltd , Somerley Group Ltd , Deutsche Bank AG , Macquarie Group Ltd , JPMorgan Chase & Co , CITIC Securities Co Ltd , Anglo Chinese Corporate Finance , UBS AG , Macquarie Group Ltd , Anglo Chinese Corporate Finance , PricewaterhouseCoopers LLP , Barclays PLC , NH Investment & Securities Co Ltd , PricewaterhouseCoopers LLP , Gresham Partners Ltd , Evercore Partners Inc , China International Capital Corp Ltd , Moelis & Co , JM Financial Ltd , NH Investment & Securities Co Ltd , UBS AG , Gresham Partners Ltd , Axis Bank Ltd , Rothschild Ltd , Haitong Securities Co Ltd , TOTAL 846,790 8, ,539 TOTAL 674,934 6,908 APAC Private Equity (Any Involvement) 01/01/ /30/2015 Morgan Stanley , Citigroup Inc , JPMorgan Chase & Co , Bank of America Merrill Lynch , Macquarie Group Ltd , Goldman Sachs & Co , Deutsche Bank AG , Moelis & Co , UBS AG , Credit Suisse Group AG , Gresham Partners Ltd , HSBC Bank PLC , Rothschild Ltd , CITIC Securities Co Ltd , Barclays PLC , PricewaterhouseCoopers LLP , Wells Fargo & Co , China Renaissance Partners , Centerview Partners LLC , Kimberlite Group LLC , TOTAL 164,869 1,685 (Mln) COUNT (Mln) COUNT 124, VOLUME USD (Mln) DEAL COUNT ,557 13

15 AU & NZ Announced Deals (Any Involvement) 01/01/ /30/2015 Japan Announced Deals (Any Involvement) 01/01/ /30/2015 Macquarie Group Ltd , Nomura Holdings Inc , Bank of America Merrill Lynch , Morgan Stanley , Gresham Partners Ltd , Mizuho Financial Group Inc , UBS AG , Goldman Sachs & Co , Morgan Stanley , JPMorgan Chase & Co , Goldman Sachs & Co , Bank of America Merrill Lynch , Citigroup Inc , Lazard Ltd , Grant Samuel Securities Pty Ltd , Citigroup Inc , Deutsche Bank AG , Evercore Partners Inc , Moelis & Co , Sumitomo Mitsui Financial Group Inc , JPMorgan Chase & Co , CITIC Securities Co Ltd , Luminis Partners , Somerley Group Ltd , Credit Suisse Group AG , Credit Suisse Group AG , CIBC , Rothschild Ltd , BMO Capital Markets Corp , Deutsche Bank AG , Barclays PLC , Gresham Partners Ltd , INFOR Financial Group Inc , Grant Samuel Securities Pty Ltd , Lazard Ltd , Daiwa Securities Group Inc , Mizuho Financial Group Inc , Deloitte Touche Tohmatsu ILA Group Ltd , Centerview Partners LLC , KPMG Corporate Finance LLC , TOTAL 107,579 1,321 99,716 TOTAL 132,556 1,995 82,283 South Korea Announced Deals (Any Involvement) 01/01/ /30/2015 China Announced Deals (Any Involvement) 01/01/ /30/2015 (Mln) COUNT (Mln) COUNT Goldman Sachs & Co , CITIC Securities Co Ltd , Morgan Stanley , JPMorgan Chase & Co , Credit Suisse Group AG , Somerley Group Ltd , Citigroup Inc , Morgan Stanley , Deutsche Bank AG , Bank of America Merrill Lynch , PricewaterhouseCoopers LLP , China International Capital Corp Ltd , NH Investment & Securities Co Ltd , HSBC Bank PLC , KPMG Corporate Finance LLC , Haitong Securities Co Ltd , Samsung Securities Co Ltd , Huatai Securities Co Ltd , HSBC Bank PLC , Goldman Sachs & Co , Barclays PLC , Rothschild Ltd , JPMorgan Chase & Co , Credit Suisse Group AG , Hana Financial Group Inc , Southwest Securities Co Ltd , Ernst & Young , GF Securities Co Ltd , CBRE Capital Advisors Inc , Deutsche Bank AG , Mitsubishi UFJ Financial Group Inc , Citigroup Inc , Standard Chartered Bank Lazard Ltd , Bank of America Merrill Lynch Nomura Holdings Inc , Korea Development Bank/The Mizuho Financial Group Inc , Nomura Holdings Inc Guotai Junan Securities Co Ltd , TOTAL 85, ,670 TOTAL 397,692 2, ,249 (Mln) COUNT (Mln) COUNT 14

16 Hong Kong Announced Deals (Any Involvement) 01/01/ /30/2015 Taiwan Announced Deals (Any Involvement) 01/01/ /30/2015 (Mln) COUNT HSBC Bank PLC , Morgan Stanley , Goldman Sachs & Co , Credit Suisse Group AG , Anglo Chinese Corporate Finance , PricewaterhouseCoopers LLP , Somerley Group Ltd , JPMorgan Chase & Co , Morgan Stanley , Citigroup Inc , Moelis & Co , KGI Securities Co Ltd , UBS AG , CBRE Capital Advisors Inc JPMorgan Chase & Co , Yuanta Securities Co Ltd CITIC Securities Co Ltd , Goldman Sachs & Co Bank of America Merrill Lynch , Stifel Financial Corp Deutsche Bank AG , Rothschild Ltd Rothschild Ltd , Ernst & Young Macquarie Group Ltd , KPMG Corporate Finance LLC RBC Capital Markets , Lazard Ltd Citigroup Inc , Optima Capital Ltd Credit Suisse Group AG , Asia Capital PLC/Sri Lanka Standard Chartered Bank , Somerley Group Ltd Perella Weinberg Partners LP , CTBC Financial Holding Co Ltd Barclays PLC , Kingston Financial Group Ltd Gram Capital Ltd , REORIENT Financial Markets Ltd TOTAL 161,365 1, ,780 TOTAL 15, ,583 SE Asia Announced Deals (Any Involvement) 01/01/ /30/2015 India Announced Deals (Any Involvement) 01/01/ /30/2015 (Mln) COUNT Bank of America Merrill Lynch , JM Financial Ltd , JPMorgan Chase & Co , 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 , JPMorgan Chase & Co , Morgan Stanley , VTB Capital ZAO , HSBC Bank PLC , Walker Chandiok & Co , Nomura Holdings Inc , PricewaterhouseCoopers LLP , Mizuho Financial Group Inc , Lazard Ltd , Somerley Group Ltd , Tudor Pickering Holt & Co , CITIC Securities Co Ltd , KPMG Corporate Finance LLC , UBS AG , Arpwood Capital Pvt Ltd , Goldman Sachs & Co , Credit Suisse Group AG , Rothschild Ltd , Standard Chartered Bank , Moelis & Co , Shardul Amarchand Mangaldas & Co , DBS Group Holdings Ltd , Goldman Sachs & Co , China Renaissance Partners , Ernst & Young , KPMG Corporate Finance LLC , Deutsche Bank AG , TOTAL 136,005 1, ,953 TOTAL 56,240 1,255 30,135 (Mln) COUNT (Mln) COUNT 15

17 Bloomberg League Criteria Announced Global League Tables are based upon announced total values, unless otherwise stated in the title. Non-US dollar values are converted to US dollars at the time of announcement. Credit will be given to transactions in which Bloomberg classifies as mergers, acquisitions, divestitures, self-tenders, or spin-offs. Regional and industry League Tables will be based on the country of risk and industry of the ultimate publicly traded parent of a privately held company where applicable. Advisors to any member of an investor group, consortium, or joint venture are eligible for full credit. Advisory fees hold no weight over advisory credit. General Database Criteria A transaction is considered to have been announced upon the release of terms offered by the acquirer, and acknowledgement of the offer by the target company. Deals that are considered to be in proposed status will not be granted credit. Full versions of Bloomberg s League Tables Standards & Guidelines can be accessed on Bloomberg Professional: {LPHP MA:0: <GO>}. Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service. 16