GLOBAL M&A MARKET REVIEW

Transcription

1 GLOBAL M&A MARKET REVIEW FINANCIAL INGS 1H 2015

2 1H 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 rcampanelli3@bloomberg.net EMEA Paula Cook Dinan pcookdinan1@bloomberg.net Asia Pacific Parker Leung pleung50@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.

3 Global M&A Heat Map North America USD 1.1T 1. JPMorgan Chase & Co 29.4% 2. Goldman Sachs & Co 29.3% 3. Morgan Stanley 26.9% Scale in USD Bln Western Europe USD 489.0B 1. Goldman Sachs & Co 38.7% 2. Morgan Stanley 35.4% 3. JPMorgan Chase & Co 35.1% Latin America & Caribbean USD 75.4B 1. Bank of America Merrill Lynch 22.0% 2. JPMorgan Chase & Co 17.3% 3. UBS AG 16.5% Eastern Europe USD 23.7B 1. JPMorgan Chase & Co 17.1% 2. Citigroup Inc 7.3% 3. Goldman Sachs & Co 6.8% Asia Pacific USD 643.6B 1. Goldman Sachs & Co 16.3% 2. Credit Suisse Group AG 14.9% 3. Citigroup Inc 14.2% Middle East & Africa USD 54.8B 1. Bank of America Merrill Lynch 21.2% 2. JPMorgan Chase & Co 17.2% 3. Morgan Stanley 14.4% Global M&A Review 1H 2015 Deal volume and adviser market share for any regional involvement (target, seller, or acquirer). 2

4 Global M&A Regional Review 1H2015 produced $1.8T in M&A deals, 12.5% greater than the volume for the same period last year and the second highest volume for the first half of the year on record. The number of announced deals in the first half was over 1,800 greater than in 1H2014. The largest two deals YTD were announced in 2Q, and represented 10% of volume. Royal Dutch Shell PLC s announced purchase of BG Group PLC for $79.3B was the third largest deal in the energy space to date. Charter Communications Inc replaced Comcast Corp as the buyer of Time Warner Cable Inc in the third largest deal for a media company for $79.3B. Targets in the Americas were the most sought after with a total volume of $939.1B, followed by Asia Pacific with a volume of $488.2B, up 60.6% from the same period last year. The average premium YTD is 19.5%. The highest premium on a billion dollar deal YTD was 128.3% as seen in Alexion Pharmaceuticals Inc s announced acquisition of Synageva BioPharma Corp. Summary Date Global M&A: Highlights of 1H 2015 Target Acquirer Total Value (Mln.) Global M&A: Premium Breakdown Global M&A: Industry Breakdown (Bln.) % of Total Number of deals 17,708 4/8/2015 BG Group PLC Royal Dutch Shell PLC - $79,308.5 Consumer, Non-cyclical $ % 7.8% Volume (Bln.) $1,833 Financial $ % 14.5% Avg Deal Size (Mln.) $103 Charter Communications Communications $ % -2.8% 5/26/2015 Time Warner Cable Inc - $79,249.7 Inc Energy $ % 75.1% Top Adviser 3/25/2015 Kraft Foods Group Inc HJ Heinz Co - $55,422.9 Industrial $ % -6.1% Goldman Sachs & Co Technology $ % 104.7% Number of deals 174 Consumer, Cyclical $ % 9.5% 1/9/2015 Hutchison Whampoa Ltd CK Hutchison Holdings Ltd - $41,705.3 Volume (Bln.) $533.8 Diversified $ % 330.5% Avg Deal Size (Bln.) $3.1 4/8/2015 Perrigo Co PLC Mylan NV - $34,869.9 Basic Materials $ % -8.5% Utilities $ % -38.8% Seller Industry 36% 13% 1% 2% 20% 28% 0-10% 10-25% 25-50% 50-75% % 100%+ % YoY Change Global M&A Review 1H 2015 Global M&A: Quarterly Volume $1,200 10,000 $1,000 8,000 $800 6,000 $600 $400 4,000 $200 2,000 $ Q Q Q Q Q Q2 Volume (Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). Deal Type Global M&A: Deal Type Breakdown (Bln.) % Change Deal Count % Change Volume Company Takeover $1, % 41.8% Cross Border $ % 10.0% Private Equity $ % 10.7% Asset Sale $ % -20.3% Tender Offer $ % 29.7% Venture Capital $ % 49.8% Spin-off $ % -73.4% Minority Purchase $ % 32.2% Majority Purchase $ % -13.8% 3

5 Global Announced Deals 01/01/ /30/2015 Cross Border Announced Deals 01/01/ /30/2015 Goldman Sachs & Co , JPMorgan Chase & Co , JPMorgan Chase & Co , Bank of America Merrill Lynch , Morgan Stanley , Goldman Sachs & Co , Bank of America Merrill Lynch , Morgan Stanley , Citigroup Inc , Deutsche Bank AG , Credit Suisse Group AG , Citigroup Inc , Lazard Ltd , Credit Suisse Group AG , Centerview Partners LLC , Simon Robertson Associates LLP , Barclays PLC , Lazard Ltd , Deutsche Bank AG , Barclays PLC , HSBC Bank PLC , Rothschild Ltd , Guggenheim Capital LLC , UBS AG , LionTree Advisors LLC , Evercore Partners Inc , Evercore Partners Inc , HSBC Bank PLC , Allen & Co Inc , Moelis & Co , Rothschild Ltd , BNP Paribas SA , UBS AG , RBC Capital Markets , Simon Robertson Associates LLP , Macquarie Group Ltd , Somerley Group Ltd , Mizuho Financial Group Inc , Macquarie Group Ltd , Somerley Group Ltd , TOTAL 1,832,364 17,709 1,577,330 TOTAL 700,157 6, ,865 Global Private Equity Announced Deals 01/01/ /30/2015 (Mln) COUNT (Mln) COUNT JPMorgan Chase & Co , Morgan Stanley , Bank of America Merrill Lynch , Goldman Sachs & Co , Deutsche Bank AG , Citigroup Inc , Credit Suisse Group AG , Wells Fargo & Co , Centerview Partners LLC , Barclays PLC , Macquarie Group Ltd , Kimberlite Group LLC , Moelis & Co , Houlihan Lokey Inc , Lazard Ltd , RBC Capital Markets , Rothschild Ltd , UBS AG , PricewaterhouseCoopers LLP , HSBC Bank PLC , TOTAL 367,227 4, , VOLUME USD (Mln) DEAL COUNT

6 Americas M&A Regional Review The US continues to drive M&A activity in the Americas, with an increase of 12.2% in volume from 1H2014. Dealmaking in Brazil fell close to 50%, impacted by a devaluation of currency and an overall economic slowdown in the country. The consumer, non-cyclical industry was the most targeted in 1H2015 with the largest deal volume as well as the highest deal count at a total of $283.1B and 1,923 deals. This was driven by the pharmaceutical and food sub-sectors. For the second year in a row, telecommunications had the largest deal in the first half with Charter Communications Inc announcing its acquisition of Time Warner Cable Inc. However, volume in the telecommunications sub-sector as a whole is down 57.7% compared to the same period last year. Americas M&A: Highlights of 1H 2015 Americas M&A: Country Breakdown % YoY Country United States (Bln.) $864.8 % of Total 92.1% Change 12.2% Canada $ % -43.7% Brazil $ % -49.1% British Virgin Islands $ % 139.4% Mexico $ % -34.6% Colombia $ % 75.3% Bermuda $ % 50.5% Chile $ % -59.7% Americas M&A: Industry Breakdown Total Value % YoY Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 8,107 Charter Communications Consumer, Non-cyclical $ % 16.7% 5/26/2015 Time Warner Cable Inc - $79,249.7 Volume (Bln.) $939.1 Inc Financial $ % 28.9% Avg Deal Size (Mln.) $115.8 Communications $ % -10.7% 3/25/2015 Kraft Foods Group Inc HJ Heinz Co - $55,422.9 Technology $ % 96.7% Top Adviser Energy $ % 9.9% 4/8/2015 Perrigo Co PLC Mylan NV - $34,869.9 JPMorgan Chase & Co Industrial $ % 18.9% Number of deals 78 Consumer, Cyclical $ % -9.1% 5/28/2015 Broadcom Corp Avago Technologies Ltd - $29,805.9 Volume (Bln.) $298.0 Basic Materials $ % -42.4% Avg Deal Size (Bln.) $3.8 Utilities $ % -71.1% 3/4/2015 Pharmacyclics Inc AbbVie Inc - $19,776.9 Diversified $ % -80.0% Global M&A Review 1H 2015 Americas M&A: Quarterly Volume $700 6,000 $600 5,000 $500 4,000 $400 $300 3,000 $200 2,000 $100 1,000 $ Q Q Q Q Q Q2 Volume (Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). Americas M&A: Deal Type Breakdown (Bln.) % Change Deal Count % Change Volume Deal Type Company Takeover $ % 38.0% Cross Border $ % 1.3% Private Equity $ % 3.4% Asset Sale $ % -17.3% Tender Offer $ % 172.1% Venture Capital $ % 31.6% Spin-off $ % -96.9% Minority Purchase $ % 34.1% Majority Purchase $ % -43.7% 5

7 US Announced Deals (Any Involvement) 01/01/ /30/2015 US Announced Deals (Target or Seller) 01/01/ /30/2015 (Mln) COUNT Goldman Sachs & Co , JPMorgan Chase & Co , JPMorgan Chase & Co , Goldman Sachs & Co , Morgan Stanley , Morgan Stanley , Bank of America Merrill Lynch , Bank of America Merrill Lynch , Citigroup Inc , Citigroup Inc , Centerview Partners LLC , Centerview Partners LLC , Credit Suisse Group AG , Credit Suisse Group AG , Lazard Ltd , Lazard Ltd , Barclays PLC , Barclays PLC , Guggenheim Capital LLC , Guggenheim Capital LLC , Deutsche Bank AG , LionTree Advisors LLC , LionTree Advisors LLC , Allen & Co Inc , Allen & Co Inc , Deutsche Bank AG , Evercore Partners Inc , Evercore Partners Inc , Rothschild Ltd , Wells Fargo & Co , Greenhill & Co Inc , Greenhill & Co Inc , Wells Fargo & Co , Macquarie Group Ltd , Macquarie Group Ltd , RBC Capital Markets , UBS AG , Blackstone Group LP/The , RBC Capital Markets , UBS AG , TOTAL 1,029,321 8, ,527 TOTAL 787, ,063 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/Toronto , RBC Capital Markets , RBC Capital Markets , Citigroup Inc , TD Securities Inc , Deutsche Bank AG , Goldman Sachs & Co , Bank of America Merrill Lynch , CIBC , BMO Capital Markets Corp/Toronto , PricewaterhouseCoopers LLP , Morgan Stanley , Jefferies LLC , Credit Suisse Group AG , Macquarie Group Ltd , Macquarie Group Ltd , National Bank Financial Inc , CIBC , Bank of America Merrill Lynch , Goldman Sachs & Co , Raymond James & Associates Inc , Barclays PLC , GMP Securities LP , TD Securities Inc , Bank of Nova Scotia/The , INFOR Financial Group Inc , FirstEnergy Capital Corp , Moelis & Co , Somerley Group Ltd , HSBC Bank PLC , HSBC Bank PLC , Sandler O'Neill & Partners LP , Anglo Chinese Corporate Finance , Qatalyst Partners LLC , BNP Paribas SA , Union Square Advisors LLC , Barclays PLC , Rothschild Ltd , Deutsche Bank AG , TOTAL 119,421 1,457 99,392 TOTAL 41,430 1,002 68,174 (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 Bank of America Merrill Lynch , Deutsche Bank AG , Deutsche Bank AG , Banco BTG Pactual SA , Rothschild Ltd , Rothschild Ltd , UBS AG , Banco Santander SA , Credit Suisse Group AG , Bank of America Merrill Lynch , JPMorgan Chase & Co , Banco Itau BBA SA , Citigroup Inc , Morgan Stanley , Banco BTG Pactual SA , Moelis & Co , Banco Santander SA , HSBC Bank PLC , GMP Securities LP , UBS AG , Banco Itau BBA SA , Credit Suisse Group AG , Morgan Stanley , Bank of Nova Scotia/The HSBC Bank PLC , Caixa Banco de Investimento SA Moelis & Co , Banco do Brasil SA Goldman Sachs & Co , JPMorgan Chase & Co PricewaterhouseCoopers LLP , Goldman Sachs & Co Ernst & Young , PricewaterhouseCoopers LLP Alfaro Davila y Rios SC , GCA Savvian Corp Industrial & Commercial Bank of China Ltd , Quadrangle Group LLC Bank of Nova Scotia/The , Citigroup Inc TOTAL 46, ,305 TOTAL 21, ,530 (Mln) COUNT 7

9 EMEA M&A Review At $409.7B, a marginal 0.6% increase on 1H2014, volume in EMEA was consistent with that of the previous last half of the year. The oil and gas industry replaced real estate as the top industry by volume in the region, driven by the acquisition of BG Group PLC by Royal Dutch Shell PLC, at $79.3B. Shell's offer represented a 54.1% premium at the time of announcement, driven mainly by BG's LNG assets. The premium was double that of Mobil Corp when acquired by Exxon Corp in 1998 (26.2%). The average premium in 1H2015 increased compared to 1H2014 (24.28% from 19.4%), with acquisitions within the mining industry drawing particularly high premiums of 78.9%. Private equity volume in 1H2015 increased 25.3% from the same period of the prior year. Private equity in EMEA increased at a higher rate than the global benchmark change of 10.7% YTD. EMEA M&A Highlights of 1H 2015 EMEA M&A: Country Breakdown % YoY Country United Kingdom (Bln.) $193.3 % of Total 48.1% Change 148.9% France $ % -68.0% Germany $ % -37.5% Italy $ % 164.1% Netherlands $ % -1.3% Switzerland $ % -12.5% Spain $ % -40.6% Finland $ % -21.0% EMEA M&A: Industry Breakdown Total Value % YoY Summary Date Target Acquirer Seller (USD Mln.) Industry (Bln.) % of Total Change Number of deals 4,356 Energy $ % 226.4% 4/8/2015 BG Group PLC Royal Dutch Shell PLC - $79,308.5 Volume (Bln.) $410 Financial $ % -6.1% Avg Deal Size (Mln.) $92.5 Industrial $ % -37.3% 3/24/2015 Telefonica UK Ltd Hutchison Whampoa Ltd Telefonica SA $15,125.1 Communications $ % -25.6% Top Adviser Consumer, Non-cyclical $ % -18.4% 4/15/2015 Alcatel-Lucent Nokia OYJ - $11,669.9 Goldman Sachs & Co Consumer, Cyclical $ % -3.5% Number of deals 69 Technology $ % 93.2% 6/24/2015 Delhaize Group SA Koninklijke Ahold NV - $11,473.4 Volume (Bln.) $178.7 Utilities $ % 19.4% Avg Deal Size (Bln.) $2.6 Basic Materials $ % -38.7% 2/19/2015 Rexam PLC Ball Corp - $8,500.6 Diversified $ % 113.6% Global M&A Review 1H 2015 EMEA M&A: Quarterly Volume $400 4,000 $300 3,000 $200 2,000 $100 1,000 $ Q Q Q Q Q Q2 Volume (Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). EMEA M&A: Deal Type Breakdown (Bln.) % Change Deal Count % Change Volume Deal Type Company Takeover $ % 26.7% Cross Border $ % 13.8% Private Equity $ % 25.3% Asset Sale $ % -35.5% Tender Offer $ % -7.4% Venture Capital $ % 28.8% Spin-off $ % -50.8% Minority Purchase $ % -8.0% Majority Purchase $ % -23.7% 8

10 Europe Announced Deals (Any Involvement) 01/01/ /30/2015 Europe Announced Deals (Target or Seller) 01/01/ /30/2015 (Mln) COUNT Goldman Sachs & Co , Goldman Sachs & Co , Morgan Stanley , JPMorgan Chase & Co , JPMorgan Chase & Co , Bank of America Merrill Lynch , Bank of America Merrill Lynch , Morgan Stanley , Simon Robertson Associates LLP , Simon Robertson Associates LLP , Deutsche Bank AG , Deutsche Bank AG , Lazard Ltd , Rothschild Ltd , Credit Suisse Group AG , Lazard Ltd , Rothschild Ltd , UBS AG , Citigroup Inc , HSBC Bank PLC , UBS AG , Barclays PLC , HSBC Bank PLC , Citigroup Inc , Barclays PLC , Credit Suisse Group AG , BNP Paribas SA , BNP Paribas SA , Moelis & Co , Moelis & Co , Greenhill & Co Inc , Greenhill & Co Inc , RBC Capital Markets , RBC Capital Markets , Macquarie Group Ltd , Zaoui & Co LLP , Zaoui & Co LLP , PricewaterhouseCoopers LLP , PricewaterhouseCoopers LLP , Goodbody Corporate Finance Ltd , TOTAL 502,856 5, ,015 TOTAL 412,843 4, ,160 UK Announced Deals (Any Involvement) 01/01/ /30/2015 Germany Announced Deals (Any Involvement) 01/01/ /30/2015 (Mln) COUNT Goldman Sachs & Co , Deutsche Bank AG , Bank of America Merrill Lynch , Morgan Stanley , JPMorgan Chase & Co , Bank of America Merrill Lynch , Morgan Stanley , Citigroup Inc , Simon Robertson Associates LLP , JPMorgan Chase & Co , Rothschild Ltd , Credit Suisse Group AG , UBS AG , Moelis & Co , Barclays PLC , Mizuho Financial Group Inc , Deutsche Bank AG , Arpwood Capital Pvt Ltd , HSBC Bank PLC , Lazard Ltd Moelis & Co , Deloitte Touche Tohmatsu ILA Group Ltd Citigroup Inc , Barclays PLC Credit Suisse Group AG , Pohjola Bank Oyj Greenhill & Co Inc , Rothschild Ltd Macquarie Group Ltd , Nomura Holdings Inc RBC Capital Markets , Sumitomo Mitsui Financial Group Inc PricewaterhouseCoopers LLP , Guggenheim Capital LLC Lazard Ltd , PricewaterhouseCoopers LLP Banco Santander SA , Augusta & Co PLC Centerview Partners LLC , RBC Capital Markets TOTAL 241,862 2, ,665 TOTAL 41, ,135 (Mln) COUNT 2015 VOLUME USD (Mln) DEAL COUNT

11 France Announced Deals (Any Involvement) 01/01/ /30/2015 Italy Announced Deals (Any Involvement) 01/01/ /30/2015 JPMorgan Chase & Co , Lazard Ltd , BNP Paribas SA , Morgan Stanley , Bank of America Merrill Lynch , Goldman Sachs & Co , Morgan Stanley , Rothschild Ltd , Goldman Sachs & Co , Deutsche Bank AG , Rothschild Ltd , JPMorgan Chase & Co , Credit Suisse Group AG , Credit Suisse Group AG , Lazard Ltd , Citigroup Inc , Zaoui & Co LLP , BDT & Co LLC , UBS AG , Bank of America Merrill Lynch , Davy Corporate Finance , UBS AG , Goodbody Corporate Finance Ltd , HSBC Bank PLC , HSBC Bank PLC , Credit Agricole Corporate & Investment Bank SA , Societe Generale SA , Vitale & Associati SpA , Barclays PLC , Piper Jaffray & Co , Citigroup Inc , Intesa Sanpaolo SpA Deutsche Bank AG , Equita SIM SpA Blackstone Group LP/The , Mediobanca SpA Credit Agricole Corporate & Investment Bank SA , Nomura Holdings Inc Daiwa Securities Group Inc Leonardo & Co SpA % TOTAL 72, ,843 TOTAL 34, ,398 Benelux Announced Deals (Any Involvement) 01/01/ /30/2015 Iberia Announced Deals (Any Involvement) 01/01/ /30/2015 (Mln) COUNT (Mln) COUNT (Mln) COUNT Goldman Sachs & Co , UBS AG , JPMorgan Chase & Co , HSBC Bank PLC , Morgan Stanley , Moelis & Co , Bank of America Merrill Lynch , Morgan Stanley , Simon Robertson Associates LLP , Citigroup Inc , Lazard Ltd , Goldman Sachs & Co , Credit Suisse Group AG , Lazard Ltd , Deutsche Bank AG , Rothschild Ltd , Barclays PLC , Bank of America Merrill Lynch , BNP Paribas SA , RBC Capital Markets , Societe Generale SA , Banco BPI SA , HSBC Bank PLC , PricewaterhouseCoopers LLP , Somerley Group Ltd , Deutsche Bank AG , Blackstone Group LP/The , Caixa Banco de Investimento SA , Anglo Chinese Corporate Finance , Intesa Sanpaolo SpA Intesa Sanpaolo SpA Societe Generale SA Evercore Partners Inc Banco Espirito Santo de Investimento SA ABN AMRO Bank NV Banco do Brasil SA Rothschild Ltd KPMG Corporate Finance LLC Lincoln International LLC Valence Group/The TOTAL 146, ,952 TOTAL 43, ,522 (Mln) COUNT 10

12 Nordic Announced Deals (Any Involvement) 01/01/ /30/2015 Eastern Europe Announced Deals (Any Involvement) 01/01/ /30/2015 Morgan Stanley , JPMorgan Chase & Co , Goldman Sachs & Co , Citigroup Inc , JPMorgan Chase & Co , Goldman Sachs & Co , Zaoui & Co LLP , Barclays PLC , Bank of America Merrill Lynch , Blackstone Group LP/The , Deutsche Bank AG , Xenon Capital Partners , Citigroup Inc , Sberbank CIB CJSC , Lazard Ltd , Morgan Stanley , Deloitte Touche Tohmatsu ILA Group Ltd , BNP Paribas SA Skandinaviska Enskilda Banken AB , Turk Ekonomi Bankasi AS Nordea Bank AB , Standard Chartered Bank Pohjola Bank Oyj HSBC Bank PLC Nomura Holdings Inc Skandinaviska Enskilda Banken AB Mooreland Partners LLC Superia Corporate Finance PricewaterhouseCoopers LLP China Renaissance Partners William Blair & Co LLC Avendus Capital Pvt Ltd Moelis & Co PricewaterhouseCoopers LLP ING Groep NV GP Bullhound LLP Kempen & Co NV Deloitte Touche Tohmatsu ILA Group Ltd ABN AMRO Bank NV Baltic Financial Agency Bank OJSC TOTAL 37, ,406 TOTAL 23, ,565 Africa/ME Announced Deals (Any Involvement) 01/01/ /30/2015 Bank of America Merrill Lynch , JPMorgan Chase & Co , Morgan Stanley , Goldman Sachs & Co , Deutsche Bank AG , HSBC Bank PLC , Nomura Holdings Inc , Barclays PLC , FirstRand Bank Ltd , Moelis & Co , Citigroup Inc , PricewaterhouseCoopers LLP , Davy Corporate Finance , Lazard Ltd , Credit Suisse Group AG , KPMG Corporate Finance LLC , Jefferies LLC , Standard Bank of South Africa Ltd/The , BMO Capital Markets Corp/Toronto , Arma Partners LLP , TOTAL 54, (Mln) COUNT (Mln) COUNT 47,012 (Mln) COUNT 11

13 APAC M&A Regional Review In 1H2015, APAC M&A volume and deal count (any involvement) increased 65.0% and 32.1% to $643.8B and 6,234 respectively, compared to 1H2014. The Greater China region saw the highest deal volume (any involvement) in the APAC region in 1H2015, increasing 91.7% to $354.9B year-on-year. The largest M&A deal in 2Q2015 was SK C&C Co Ltd's takeover of SK Holdings Co Ltd for $26.7B. This was also the largest ever deal announced in South Korea at the time of announcement. The most targeted industry in APAC by volume was the financial industry, whose $119.4B contributed to 24.3% of the overall volume in 1H2015. The industry's biggest deal was the $11.2B private placement of China Overseas Land & Investment Ltd to China State Construction Engineering Corp Ltd. The average premium paid to APAC targets was 11.0%, with most premiums falling between 0 and 10%. Summary Date Target Acquirer Seller Number of deals 5,048 Volume (Bln.) $488.2 Avg Deal Size (Mln.) $95.4 Top Adviser Goldman Sachs & Co Number of deals 27 Volume (Bln.) $79.5 Avg Deal Size (Bln.) $2.9 4/20/2015 3/24/2015 1/30/2015 APAC M&A: Highlights of 1H /9/2015 Hutchison Whampoa Ltd CK Hutchison Holdings Ltd SK Holdings Co Ltd China Overseas Land & Investment Ltd Adani Ports & Special Economic Zone Ltd Shareholders Adani Enterprises Ltd - Total Value (USD Mln.) SK C&C Co Ltd - $26,731.5 China State Construction Engineering Corp Ltd $41, $11, /26/2015 Samsung C&T Corp Cheil Industries Inc - $10,938.2 $10,682.8 $400 $300 $200 $100 APAC M&A: Quarterly Volume $0 0 Volume (Bln.) Deal Count Australia/NZ M&A: Quarterly Volume Greater China M&A: Quarterly Volume 4,000 3,000 2,000 1,000 $ $ $40 $ $0 0 Volume (Bln.) Deal Count $200 1,500 $150 1,000 $100 $ $0 0 Global M&A Review 1H 2015 APAC Industry Breakdown 6% 3% 6% 23% 8% 10% 11% 11% 11% 11% Financial APAC M&A: Breakdown Communications Diversified Industrial Consumer, Non-cyclical Consumer, Cyclical Energy Basic Materials Technology Utilities Deal Type (Bln.) % Change Deal Count % YoY Change Company Takeover $ % 81.1% Cross Border $ % 24.2% Private Equity $ % 18.7% Asset Sale $ % 8.6% Tender Offer $ % -74.7% Venture Capital $ % 182.4% Spin-off $ % 605.7% Minority Purchase $ % 58.8% Majority Purchase $ % 11.4% Volume (Bln.) Deal Count Japan M&A: Quarterly Volume $ $ $0 0 Volume (Bln.) Deal Count 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 , Credit Suisse Group AG , Somerley Group Ltd , Citigroup Inc , HSBC Bank PLC , Bank of America Merrill Lynch , Morgan Stanley , HSBC Bank PLC , Credit Suisse Group AG , JPMorgan Chase & Co , Bank of America Merrill Lynch , Somerley Group Ltd , Citigroup Inc , Morgan Stanley , Anglo Chinese Corporate Finance , Deutsche Bank AG , PricewaterhouseCoopers LLP , UBS AG , JPMorgan Chase & Co , Anglo Chinese Corporate Finance , Macquarie Group Ltd , Macquarie Group Ltd , JM Financial Ltd , Barclays PLC , Deutsche Bank AG , PricewaterhouseCoopers LLP , CITIC Securities Co Ltd , Moelis & Co , Southwest Securities Co Ltd , Evercore Partners Inc , Axis Bank Ltd , JM Financial Ltd , UBS AG , Rothschild Ltd , Mizuho Financial Group Inc , Lazard Ltd , Huatai Securities Co Ltd , CITIC Securities Co Ltd , Grant Samuel Securities Pty Ltd , TOTAL 581,980 5, ,965 TOTAL 469,620 4,345 APAC Private Equity (Any Involvement) 01/01/ /30/2015 Morgan Stanley , Bank of America Merrill Lynch , Moelis & Co , Citigroup Inc , Deutsche Bank AG , Macquarie Group Ltd , Credit Suisse Group AG , JPMorgan Chase & Co , UBS AG , PricewaterhouseCoopers LLP , Goldman Sachs & Co , HSBC Bank PLC , Centerview Partners LLC , Kimberlite Group LLC , Wells Fargo & Co , Rothschild Ltd , RBC Capital Markets , Industrial & Commercial Bank of China Ltd , Barclays PLC , Ernst & Young , TOTAL 95, (Mln) COUNT (Mln) COUNT 61, VOLUME USD (Mln) DEAL COUNT ,718 13

15 AU & NZ Announced Deals (Any Involvement) 01/01/ /30/2015 Japan Announced Deals (Any Involvement) 01/01/ /30/2015 (Mln) COUNT Bank of America Merrill Lynch , Mizuho Financial Group Inc , Macquarie Group Ltd , Nomura Holdings Inc , UBS AG , Bank of America Merrill Lynch , Grant Samuel Securities Pty Ltd , Morgan Stanley , Moelis & Co , JPMorgan Chase & Co , Deutsche Bank AG , Somerley Group Ltd , JPMorgan Chase & Co , CITIC Securities Co Ltd , Credit Suisse Group AG , Goldman Sachs & Co , Morgan Stanley , Lazard Ltd , CIBC , Sumitomo Mitsui Financial Group Inc , Goldman Sachs & Co , Credit Suisse Group AG , Citigroup Inc , Evercore Partners Inc , BMO Capital Markets Corp/Toronto , Deutsche Bank AG , Barclays PLC , Citigroup Inc , INFOR Financial Group Inc , Gresham Partners Ltd , Gresham Partners Ltd , Grant Samuel Securities Pty Ltd , Lazard Ltd , Deloitte Touche Tohmatsu ILA Group Ltd , Mizuho Financial Group Inc , Daiwa Securities Group Inc , Centerview Partners LLC , Barclays PLC , Kimberlite Group LLC , Rothschild Ltd , TOTAL 70, ,507 TOTAL 87,935 1,377 58,023 South Korea Announced Deals (Any Involvement) 01/01/ /30/2015 China Announced Deals (Any Involvement) 01/01/ /30/2015 (Mln) COUNT PricewaterhouseCoopers LLP , Somerley Group Ltd , Goldman Sachs & Co , JPMorgan Chase & Co , Morgan Stanley , Morgan Stanley , Citigroup Inc , CITIC Securities Co Ltd , Credit Suisse Group AG , Southwest Securities Co Ltd , KPMG Corporate Finance LLC , HSBC Bank PLC , Samsung Securities Co Ltd , Bank of America Merrill Lynch , JPMorgan Chase & Co , Huatai Securities Co Ltd , Hana Financial Group Inc , Goldman Sachs & Co , NH Investment & Securities Co Ltd , Rothschild Ltd , CBRE Capital Advisors Inc , Credit Suisse Group AG , Bank of America Merrill Lynch , Lazard Ltd , Ernst & Young , Mizuho Financial Group Inc , Mitsubishi UFJ Financial Group Inc , Deutsche Bank AG , Standard Chartered Bank Nomura Holdings Inc , Korea Development Bank/The Haitong Securities Co Ltd , Nomura Holdings Inc Guotai Junan Securities Co Ltd , Deutsche Bank AG China International Capital Corp Ltd , Banco Bilbao Vizcaya Argentaria SA UBS AG , Lazard Ltd Guosen Securities Co Ltd , TOTAL 63, ,101 TOTAL 263,761 1, ,298 (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 HSBC Bank PLC , Morgan Stanley , Somerley Group Ltd , PricewaterhouseCoopers LLP , Goldman Sachs & Co , CBRE Capital Advisors Inc Anglo Chinese Corporate Finance , Stifel Financial Corp Moelis & Co , Rothschild Ltd UBS AG , Goldman Sachs & Co Morgan Stanley , Credit Suisse Group AG Deutsche Bank AG , JPMorgan Chase & Co Bank of America Merrill Lynch , Lazard Ltd Rothschild Ltd , Optima Capital Ltd Macquarie Group Ltd , Asia Capital PLC/Sri Lanka RBC Capital Markets , Somerley Group Ltd Citigroup Inc , Yuanta Securities Co Ltd JPMorgan Chase & Co , KGI Securities Co Ltd Credit Suisse Group AG , CTBC Financial Holding Co Ltd CITIC Securities Co Ltd , Kingston Financial Group Ltd Standard Chartered Bank , REORIENT Financial Markets Ltd Goldin Financial Holdings Ltd SAC Capital Private Ltd Kingston Financial Group Ltd Generational Equity China Galaxy Securities Co Ltd (Mln) COUNT TOTAL 120, ,018 TOTAL 8, ,552 SE Asia Announced Deals (Any Involvement) 01/01/ /30/2015 India Announced Deals (Any Involvement) 01/01/ /30/2015 (Mln) COUNT (Mln) COUNT Bank of America Merrill Lynch , JM Financial Ltd , JPMorgan Chase & Co , Axis Bank Ltd , Credit Suisse Group AG , Macquarie Group Ltd , Citigroup Inc , Citigroup Inc , Deutsche Bank AG , Bank of America Merrill Lynch , Barclays PLC , Morgan Stanley , Evercore Partners Inc , Walker Chandiok & Co , Nomura Holdings Inc , JPMorgan Chase & Co , Mizuho Financial Group Inc , PricewaterhouseCoopers LLP , Somerley Group Ltd , Lazard Ltd , CITIC Securities Co Ltd , Tudor Pickering Holt & Co , Morgan Stanley , Standard Chartered Bank , UBS AG , Deutsche Bank AG , HSBC Bank PLC , Arpwood Capital Pvt Ltd , GMP Securities LP , Goldman Sachs & Co Moelis & Co , Centerview Partners LLC Goldman Sachs & Co , Credit Suisse Group AG DBS Group Holdings Ltd , Avendus Capital Pvt Ltd KPMG Corporate Finance LLC , Ernst & Young CIMB , KPMG Corporate Finance LLC TOTAL 87, ,467 TOTAL 38, ,611 (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