Title. Published January Legal Advisors

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1 Mergermarket M&A Trend Report: 213 Title Published January 214 Including League Tables of comparison Quarterly M&A growth Legal Advisors Mergermarket 213 Trend Report Mergermarket 213 Trend Report Total M&A value and volume

2 Contents Global overview Global legal advisor league tables Global private equity: Buyouts overview, top deals and league tables Global private equity: Exits overview, top deals and league tables Global deal size and Mid-market analysis Global consideration and Multiples & premiums analysis Europe: Overview Europe: Legal advisor league tables US: Overview Americas: Legal advisor league tables Asia-Pacific (excl. Japan): Overview Asia-Pacific (excl. Japan): Legal advisor league tables Japan: Overview Japan: Legal advisor league tables Africa & Middle East: Overview Africa & Middle East: Legal advisor league tables Emerging markets: Overview Press contacts: EMEA: Flora Wilke T: Americas: Chrissy Carney T: Asia-Pacific: Flora Wilke T: Deal submission contacts: EMEA: Nancy Honsinger T: CEE: Zaynab Dost T: Americas: Raquel Mozzer T: Asia-Pacific: Miran Lim Tel: Japan: Sophie Kim T: Criteria What Mergermarket can do for you To sign up for other Mergermarket trend reports and league tables please click here Mergermarket 213 Trend Report 2

3 Global: Regional league table analysis US 3.8% (US$ 893.1bn) 1. Wachtell, Lipton, Rosen & Katz US$ 32.9bn 2. Davis Polk & Wardwell US$ 285.7bn 3. Simpson Thacher & Bartlett US$ 281bn Europe 12% (US$ 631.3bn) 1. De Brauw Blackstone Westbroek US$ 215.2bn 2. Davis Polk & Wardwell US$ 19.5bn 3. Simpson Thacher & Bartlett US$ 175.8bn Global 3.2% (US$ 2,215.1bn) 1. Davis Polk & Wardwell US$ 317.6bn 2. Wachtell, Lipton, Rosen & Katz US$ 33.4bn 3. Simpson Thacher & Bartlett US$ 297.2bn 4. Weil Gotshal & Manges US$ 282.5bn 5. Latham & Watkins US$ 271.9bn 13.6% 49.3% 116.2% 19.9% 27.7% Asia-Pacific 15% (US$ 43.4bn) 1. Herbert Smith Freehills US$ 57.9bn 2. King & Wood Mallesons US$ 49.2bn 3. Linklaters US$ 44.6bn Mergermarket 213 Trend Report 3

4 Global: Overview of 213 After Q4 halted a third quarterly increase during 213, global M&A valued at US$ 2,215.1bn was down 3.2% from 212 (US$ 2,288.8bn) Davis Polk & Wardwell jumped from 14th position in 212 (US$ 155.7bn) to lead the legal advisor league table by value (US$ 317.6bn), up 13.9% Quarterly M&A growth comparison Total M&A value and volume 4, 3,5 3, 3, Annual M&A Value Q4 M&A value Q3 M&A value Q2 M&A Value Q1 M&A Value Value of Deals (US$bn) 4, 3,5 3, 2,5 2, 1,5 18, 16, 14, 12, 1, 8, 6, Number of Deals 1, 4, Value of Deals (US$bn) 2,5 2, 1,5 1, , , , , , , European M&A US M&A Asia-Pacific (excl. Japan M&A) RoW M&A Number of Deals M&A confidence was building every quarter throughout 213 and climaxed in September, when total deal values surpassed 212 s like-for-like period for the first time. But Q4 s 12.7% drop to US$ 57.5bn-worth of deals from Q3 (US$ 653.7bn) slashed hopes for an uptick rather than another flat year 2, 1, This year will end as the third static year for deal value, down 3.2% at US$ 2,215.1bn compared to US$ 2,288.8bn in has been the slowest year since 21 (US$ 2,89.6bn). Mega-deals totalling US$ 397.9bn, Verizon s US$ 124.1bn deal value, a US recovery and the lowest number of lapsed bids on record, have failed to spur on significant growth Despite the lackluster Q4, H2 s deals valued at US$ 1,224.2bn overtook H1 (US$ 99.8bn) by 23.6% after a pre-christmas dash to announce deals The 15 lapsed deals in 213 was the lowest level on Mergermarket record (since 21). The US$ 22.7bn bid for KPN by Americal Movil in 213 was the fifth largest lapsed bid since 29 and the highest valued in 213 and yet the total value of lapsed deals in 213 (US$ 83.9bn) was the lowest in over a decade (22 valued at US$ 79.7bn) Mergermarket 213 Trend Report 4

5 Global: Industry and Cross-border analysis 213 vs. (212) value and market share comparison Global cross-border analysis Business Services: US$ 95.1bn (US$ 99.5bn) Cross-border deal value increased every quarter during 213 with Q4 peaking at US$ 229.8bn, up 12.6% from Q3 (US$ 24.1bn). As a result, the share of cross-border deals to global M&A in Q4 increased to 4.3%, up from the 35.5% in Q4 212 (US$ 266.5bn) Consumer: US$ 242.4bn (US$ 273.5bn) Energy, Mining & Utilities: US$ 427bn (US$ 58.7bn) Financial Services: US$ 231.1bn (US$ 282.8bn) Industrials & Chemicals: US$ 222.4bn (US$ 289.3bn) Leisure: US$ 35.4bn (US$ 42.4bn) 23.% 3.3% 4.3% 2.9% 2.7% 2.5% 4.3% 14.5% % 7.9% 1.9% 12.% 25.4% 19.3% 213 Despite the quarterly increases, the total value of cross-border deals through 213 was down 11.5% with deals valued at US$ 774.4bn compared to 212 s cross-border deals valued at US$ 875.2bn Europe continued to take the majority share of all cross-border deals with US$ 338.6bnworth of transactions having a 43.7% share compared to deals valued at US$ 359.4bn in 212 taking a 41.1% share. Asia-Pacific also increased its share to global cross-border M&A with US$ 136.1bn-worth of deals taking a 17.6% share compared to US$ 135.5bn-worth of cross-border deals having a 15.5% share in 212 Pharma, Medical & Biotech: US$ 178bn (US$ 18.8bn) Real Estate: US$ 136.8bn (US$ 9bn) TMT: US$ 51.1bn (US$ 331.1bn) 6.2% 1.9% 12.6% 8.% 12.4% 1.4% Stressing the preference for US domestic M&A was the 26.3% decline by value for crossborder deals involving North American targets in 213 (US$ 192.8bn) compared to 212 (US$ 261.6bn). Attention on Central and South American targets dropped 34.7% to US$ 48.5bn compared to US$ 74.3bn in 212 Transport: US$ 64.3bn (US$ 56.8bn) 1.6% 1.% 4, Global M&A Value Cross-Border Value 18, Other: US$ 72.6bn (US$ 61.8bn) 3,5 Global Number of Deals Cross-Border Number of Deals 16, 3, 14, The TMT sector was the backbone for large-cap M&A throughout 213 and saw deals valued at US$ 51.1bn, up 54.1% compared to 212 (US$ 331.1bn). As a result the share it had to global M&A increased to 23% from just 14.5% last year Technology M&A during 213 saw its highest value in six years at US$ 166.2bn (27 valued at US$ 164.8bn). Media M&A saw deals valued at US$ 92.1bn, marking the third annual increase in value. Telecommunications M&A in 213 reached the highest value in seven years (26 valued at US$ 265.8bn) with deals valued at US$ 245bn The Financial Services sector, confronted with the ongoing prospect for regulatory changes, has declined every year since 27, ending 213 with deals valued at US$ 231.1bn. The sector saw the second highest decline compared to its peak year, down 6.3% compared to 27 (US$ 582.8bn). The only other decline larger than this was in Leisure M&A which decreased 72.9% from its peak in 26 (US$ 13.5bn) to US$ 35.4bn in 213 Value of Deals (US$bn) 2,5 2, 1,5 1, , 1, 8, 6, 4, 2, Number of Deals Mergermarket 213 Trend Report 5

6 Global: Top deals Announced Date Bidder Company Bidder Legal Advisors Quarterly M&A growth comparison 2-Sep-13 Verizon Communications Inc Debevoise & Plimpton; Jones Day; Macfarlanes; Wachtell, Lipton, Rosen & Katz; Advising FA: Davis Polk & Wardwell; Weil Gotshal & Manges 14-Feb-13 Berkshire Hathaway Inc; and 3G Capital Partners Egorov, Puginsky, Afanasiev & Partners; Freshfields Bruckhaus Deringer; Kirkland & Ellis; Munger Tolles & Olson 16-Dec-13 AerCap Holdings NV Cravath, Swaine & Moore; Freshfields Bruckhaus Deringer; NautaDutilh 6-Feb-13 Liberty Global Plc Hogan Lovells International; Ropes & Gray; Shearman & Sterling; Advising FA: Latham & Watkins; O'Melveny & Myers Target Company Verizon Wireless Inc (45% Stake) HJ Heinz Company International Lease Finance Corporation Virgin Media Inc Target/Seller Legal Advisors Seller Company Deal Value (US$bn) Total M&A value and volume Advising seller: De Brauw Vodafone Group Plc 124,1 Blackstone Westbroek; Simpson Thacher & Bartlett; Slaughter and May Davis Polk & Wardwell; Wachtell, Lipton, Rosen & Katz; Advising FA: O'Melveny & Myers; Sullivan & Cromwell; Willkie Farr & Gallagher Advising seller: A&L Goodbody; De Brauw Blackstone Westbroek; Debevoise & Plimpton Fried Frank Harris Shriver & Jacobson; Milbank Tweed Hadley & McCloy; Advising FA: Cravath, Swaine & Moore American International Group Inc 27,362 26,432 24,983 9-Aug-13* America Movil SAB de CV Cleary Gottlieb Steen & Hamilton; Clifford Chance; Robles Miaja Abogados 5-Feb-13 Silver Lake Partners LP; and Michael Dell (Private investor) Blake, Cassels & Graydon; Clifford Chance; Fangda Partners; Maples & Calder; Simpson Thacher & Bartlett; Slaughter and May; Wachtell, Lipton, Rosen & Katz; Advising FA: White & Case 28-Jul-13 Publicis Groupe SA Darrois Villey Maillot Brochier; Egorov, Puginsky, Afanasiev & Partners; NautaDutilh; Slaughter and May; Wachtell, Lipton, Rosen & Katz Koninklijke KPN NV (7.23% Stake) Dell Inc Omnicom Group Inc 2-Dec-13 Brookfield Property Partners LP Appleby Brookfield Office Properties Inc (5.7% Stake) Allen & Overy 22,686 Alston & Bird; Debevoise & Plimpton; Hogan Lovells International; Advisng FA: Davis Polk & Wardwell; Latham & Watkins; Weil Gotshal & Manges De Brauw Blackstone Westbroek; Latham & Watkins; Advising FA: Jones Day 2,169 19,369 Davies Ward Phillips & Vineberg 17, Feb-13 Comcast Corporation Davis Polk & Wardwell; Freshfields Bruckhaus Deringer; Willkie Farr & Gallagher NBCUniversal Media LLC (49% Stake) Advising seller: Weil Gotshal & Manges General Electric Company 16,7 15-Apr-13 Thermo Fisher Scientific Inc Blake, Cassels & Graydon; Russell McVeagh; Slaughter and May; Wachtell, Lipton, Rosen & Katz; WilmerHale; Advising FA: Latham & Watkins Life Technologies Corp Cravath, Swaine & Moore; Norton Rose Fulbright; Advising FA: Fried Frank Harris Shriver & Jacobson 15,8 Mergermarket 213 Trend Report 6

7 Global: Legal advisor league tables League table of legal advisors to M&A by value: Global including regional comparisons Ranking Global 213 Global Company Name Value (US$m) Deal Count Value (US$m) % Val. Change Europe Rank Davis Polk & Wardwell 317, , % Wachtell, Lipton, Rosen & Katz 33, , % Simpson Thacher & Bartlett 297, , % Weil Gotshal & Manges 282, , % Latham & Watkins 271, ,8 27.7% Jones Day 229, , % De Brauw Blackstone Westbroek 224, , % Slaughter and May 218, ,91 187% Freshfields Bruckhaus Deringer 27, ,58-2.7% Skadden Arps Slate Meagher & Flom 25, , % Debevoise & Plimpton 199, , % Sullivan & Cromwell 177, , % White & Case 168, , % Linklaters 149, , % Cravath, Swaine & Moore 144, ,673-21% League table of legal advisors to M&A by deal count: Global including regional comparisons Ranking Global 213 Global Company Name Value (US$m) Deal Count Deal Count Count Change Europe Rank DLA Piper 31, Latham & Watkins 271, Kirkland & Ellis 133, Baker & McKenzie 66, Jones Day 229, Linklaters 149, Freshfields Bruckhaus Deringer 27, Allen & Overy 128, White & Case 168, Clifford Chance 133, Skadden Arps Slate Meagher & Flom 25, King & Wood Mallesons 58, CMS 26, Weil Gotshal & Manges 282, Norton Rose Fulbright 48, US Rank 213 US Rank 213 Asia Rank 213 Asia Rank 213 Japan Rank 213 Japan Rank 213 A&ME Rank 213 A&ME Rank 213 Mergermarket 213 Trend Report 7

8 Global: Private equity buyouts Global buyouts during 213 (US$ 271.1bn) were flat against 212 (US$ 27bn) after two quarterly decreases and no mega-deals during Q4 (US$ 58.8bn) Kirkland &Ellis topped the legal advisor league table for buyouts by value and volume after advising on 13 deals worth US$ 57.3bn Private equity buyouts - geography breakdown 3% 25% Q4 buyout activity increased in all regions compared to Q3 with Asia-Pacific (excl. Japan) witnessing the highest increase by 18% (US$ 9.8bn). The US (US$ 24.4bn) saw a modest increase of 3.4% (Q3 213 valued at US$ 23.6bn) as companies held on to post-crisis record amounts of cash. The US did however remain the most active region in 213 (US$ 132.7bn) with deal values up 2.4% from 212 (US$ 129.6bn) and seven out of the top 1 deals involving US-based firms Value of Deals (US$bn) % 15% 1% Percentage of Global M&A A buyers market in terms of debt availability was demonstrated by debt/ebitda ratios reaching 6.2x, up from 5x in 212. Meanwhile the average buyout leverage ratio has remained at the same level as in 212 at 61.2% 2 1 5% Debt/EBITDA and Debt-to-total funding % 7 Debt/EBITDA (x) Debt-to-total funding 8% Europe US Asia-Pacific ex Japan Rest of the World Buyouts (% of Total M&A) 6 7% The total value of buyouts during 213 stood at US$ 271.1bn, a modest.4% increase by value compared to 212 (US$ 27.bn). This can, in part, be credited to the US s megadeals in the Consumer and Technology sectors during H1 213 Buyout deals contributed 12.2% to global M&A activity (US$ 2.2tn), up from 11.8% in 212 but lower than in 211 (13.1%) Unable to maintain the mega-deal momentum set in H1 213, there were no buyout deals valued above US$ 5bn in the final quarter of the year, leaving the US$ 27.4bn acquisition of H.J. Heinz by Berkshire Hathaway and 3G Capital Partners as the highest valued deal of 213 Debt/EBITDA Multiple (x) % 5% 4% 3% 2% 1% Debt/Total Funding (%) % Mergermarket 213 Trend Report 8

9 Global: Private equity top buyouts and league tables Announced Date Bidder Company Bidder Legal Advisors Target Company Target/Seller Legal Advisor Seller Company Deal Value (US$bn) 14-Feb-13 Berkshire Hathaway; and 3G Capital Partners Egorov, Puginsky, Afanasiev & Partners; Freshfields Bruckhaus Deringer; Kirkland & Ellis; Munger Tolles & Olson H J Heinz Company Davis Polk & Wardwell; Wachtell, Lipton, Rosen & Katz; Advising FA: O'Melveny & Myers; Sullivan & Cromwell; Willkie Farr & Gallagher Feb-13 Silver Lake Partners LP; and Michael Dell (Private investor) Blake, Cassels & Graydon; Clifford Chance; Fangda Partners; Maples & Calder; Simpson Thacher & Bartlett; Wachtell, Lipton, Rosen & Katz; Slaughter and May; Advising FA: White & Case; Advising Microsoft Corporation: Sullivan & Cromwell Dell Inc Alston & Bird; Debevoise & Plimpton; Hogan Lovells; Advising FA: Davis Polk & Wardwell; Latham & Watkins; Weil Gotshal & Manges May-13 9-Sep-13 Bain Capital LLC; GIC Special Investments Pte Ltd; Golden Gate Capital; and Insight Venture Partners Canada Pension Plan Investment Board; and Ares Management LLC Arthur Cox; Conyers Dill & Pearman; Kirkland & Ellis; Loyens & Loeff; Sidley Austin; Skadden Arps Slate Meagher & Flom; Willkie Farr & Gallagher Latham & Watkins; Proskauer Rose; Torys BMC Software Inc Paul Weiss Rifkind Wharton & Garrison; Wachtell, Lipton, Rosen & Katz; Adising FA: Davis Polk & Wardwell; Weil Gotshal & Manges Neiman Marcus Group Inc Cleary Gottlieb Steen & Hamilton TPG Capital LP; Warburg Pincus LLC; and Leonard Green & Partners LP Apr-13 NSW Ports Consortium Herbert Smith Freehills Port Botany Advising seller: Minter Ellison Government of New South Wales 4.5 Top five most active firms for number of buyouts Rank House Value (US$bn) Deal Count 1 The Carlyle Group Kohlberg Kravis Roberts & Co TPG Capital Bain Capital Blackstone Group Mergermarket 213 Trend Report 9

10 Global: Legal advisor league tables to buyouts League Table of legal advisors to private equity buyouts by value: Global Company Name Value Deal Value % Val. 6 1 Kirkland & Ellis 57, , % 4 2 Simpson Thacher & Bartlett 49, , % 5 3 Freshfields Bruckhaus Deringer 38, , % 1 4 Clifford Chance 28, , % - 5 Munger Tolles & Olson 27, Egorov, Puginsky, Afanasiev & Partners 27, White & Case 26, , % 1 8 Latham & Watkins 23, ,55-39% 18 9 Wachtell, Lipton, Rosen & Katz 21, , % 45 1 Fangda Partners 2,57 5 2, % Maples & Calder 2, ,493% Slaughter and May 2, , % Blake, Cassels & Graydon 2, , % 7 14 Linklaters 12, , % Kim & Chang 1, % Torys 9, ,897 6% 2 17 Weil Gotshal & Manges 8, ,69-6.2% Skadden Arps Slate Meagher & Flom 7, , % Herbert Smith Freehills 7, , % 68 2 Conyers Dill & Pearman 7, , % League Table of legal advisors to private equity buyouts by deal count: Global Company Name Value Value Deal Count (US$m) (US$m) Count Change 1 1 Kirkland & Ellis 57, Latham & Watkins 23, Simpson Thacher & Bartlett 49, Weil Gotshal & Manges 8, Linklaters 12, Clifford Chance 28, DLA Piper 2, King & Wood Mallesons 4, Skadden Arps Slate Meagher & Flom 7, Allen & Overy 5, Jones Day 2, Freshfields Bruckhaus Deringer 38, Kim & Chang 1, Willkie Farr & Gallagher 4, Paul Hastings 1, Ropes & Gray 3, Goodwin Procter 2, CMS 1, White & Case 26, Baker & McKenzie 1, * Based on the target geography only and the advisor advising the buy-side only Mergermarket 213 Trend Report 1

11 Global: Private equity exits A slowdown for Secondary Buyouts (SBO s) in Q4 contributed to 213 s exit activity (US$ 27.8bn) witnessing a second annual decline by value Kirkland & Ellis also led the legal advisor league table for exits in 213 after the firm advised on 68 exits valued at US$ 28.9bn Trade Sales vs Secondary Buyouts (SBOs) Value of Deals (US$bn) % 8% 7% 6% 5% 4% 3% 2% Percentage of Total Exits (excl. IPOs) from US$ 378.6m in 212 Asia-Pacific (excluding Japan) was the only region to experience a higher level of exits in 213 compared to last year with a buoyant 62.7% increase at US$ 28.8bn (212 valued at US$ 17.7bn). China saw a record value and number of exits during 213 which made up 4% of Asia s exits. China s US$ 11.5bn-worth of transactions more than doubled its previous peak in 29 (US$ 4.3bn) The largest exit in 213 was Warburg Pincus sale of Bausch & Lomb to Valeant Pharmaceuticals for US$ 8.7bn. Exits from the Pharma, Medical & Biotech sector decreased by value for the second year to US$ 33.3bn, down 15.9% compared to 212 (US$ 39.6bn) 5 1% % China s growing share to Asia s exits over five years SBOs (Value) Trade Sales (Value) Trade Sales (% of total exits) SBOs (% of total exits) 213: China 4.% The total value of private equity backed exits in 213 was US$ 27.8bn. The 9.1% decrease from 212 (US$ 298.bn) resulted in the weakest annual value since 21 (US$ 249.9bn) Q4 213 saw 458 exits worth US$ 87.7bn, 18% higher than the previous quarter (US$ 74.3bn) and up 2.6% compared to Q4 212 (US$ 72.7bn) The value of Secondary Buyouts (SBOs) in 213 reversed three annual increases. Deal value stood at US$ 79.8bn, down 7.6% from 212 (US$ 86.4bn). The market share of SBOs to total exits witnessed a marginal increase to 29.5% compared to 29% last year Trade Sale exits also decreased from US$ 211.6bn in 212 to US$ 191.bn in 213. The 9.7% drop was the second successive annual decline. A vicious circle has appeared for trade sales - private equity firms refrain from sales at lower rates than their original buyout price but strategic players avoid having to pay high values. This was emphasised by a decline in the average deal size for trade sales with 213 s average at US$ 321.m, down % % 94.4% 86.5% 213: Rest of Asia 6.% Mergermarket 213 Trend Report 11

12 Global: Private equity top exits Announced Date Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Advisor Seller Company Deal Value (US$bn) 27-May-13 Valeant Pharmaceuticals International Inc Arthur Cox; Osler, Hoskin & Harcourt; Skadden Arps Slate Meagher & Flom Bausch & Lomb Incorporated Cleary Gottlieb Steen & Hamilton; Stikeman Elliott Warburg Pincus LLC Dec-13 Sysco Corporation Arnall Golden & Gregory; Wachtell, Lipton, Rosen & Katz; Advising FA: Cravath, Swaine & Moore; Weil Gotshal & Manges US Foods Inc Debevoise & Plimpton; Simpson Thacher & Bartlett; White & Case Kohlberg Kravis Roberts & Co LP; and Clayton, Dubilier & Rice LLC Nov-13 Devon Energy Corporation Skadden Arps Slate Meagher & Flom; Advising FA: Sullivan & Cromwell GeoSouthern Energy Corporation (Eagle Ford Assets) Simpson Thacher & Bartlett Blackstone Group LP; and GeoSouthern Energy Corporation 6. 9-Sep-13 Canada Pension Plan Investment Board; and Ares Management LLC Latham & Watkins; Proskauer Rose; Torys Neiman Marcus Group Inc Cleary Gottlieb Steen & Hamilton TPG Capital LP; Warburg Pincus LLC; and Leonard Green & Partners LP Jun-13 BC Partners Limited Davis Polk & Wardwell; Freshfields Bruckhaus Deringer Springer Science + Business Media Deutschland GmbH Clifford Chance; Cravath, Swaine & Moore; Loyens & Loeff; Advising seller: Hengeler Mueller; P+P Poellath + Partners; Simmons & Simmons EQT Partners AB; and GIC Special Investments Pte Ltd 4.4 Mergermarket 213 Trend Report 12

13 Average deal size and Mid-market analysis Q4 s three mega-deals (US$ 54.5bn) resulted in the lowest value for mega-deals since Q4 211 (US$ 47.8bn), and a 4.2% decline in 213 s average deal size The 27.1% share of mid-market M&A towards global M&A was the third highest percentage for any year on Mergermarket record (since 21) Quarterly average deal size breakdown Mid-market analysis (US$ 51m - US$ 2bn) Value (US$m) 1,6 1,4 1,2 1, In 213, mid-market M&A totaled US$ 66.3bn, representing a 3.3% decrease compared to 212 (US$ 626.9bn) Fluctuating mid-market M&A value per quarter was evident even throughout the credit crisis. One constant since Q3 29 however, is the share of global M&A which has remained above 2%. Q4 s total value (US$ 186.2bn) represents the second highest share in any quarter on Mergermarket record (since 21) with 32.6% of global M&A, up from 24.5% in Q3 (US$ 16.4bn) Asia-Pacific (exc. Japan) was the only region to see an increase in 213 with US$ 141.9bnworth of deals, up 42.9% compared to last year (US$ 99.3bn). Mid-market M&A in Europe saw each quarter valued around US$ 4bn until Q4 s US$ 47.6bn - the year has finished with a total value of US$ 167.6bn - a 7.1% decrease compared to 212 (US$ 18.4bn). In the US, investors shied away from mid-cap deals in 213 (US$ 21.1bn), down 11.6% compared to 212 (US$ 237.6bn) Q1 Q2 Q3 Q % 25% The global average deal size during 213 reversed two annual increases, down 4.2% to US$ 311.5m compared to the 212 average of U$ 325.1m With three mega-deals (above US$ 1bn) announced in Q4, the quarter s average deal size declined 18.4% to US$ 293.2m from US$ 359.5m in Q3 Asia-Pacific (excl. Japan) witnessed its only mega-deal in Q4 but saw the fourth consecutive quarterly increase in average deal size in the region. At US$ 211.9m, Q4 was up 6.3% compared to Q3 (US$ 199.3m). Along with this growth pattern, 213 s total average of US$ 192.9m was up 2% compared to last year s average of US$ 189.1m A 71.4% (US$ 284.2bn) share of the total value of mega-deals in 213 (US$ 397.9bn) came from ten deals (US$ 284.2bn) targeting US companies. As a result, the US achieved its highest average deal size on Mergermarket record (since 21) at US$ 526.6m, up 1.9% from the previous high in 29 (US$ 516.7m) Value of Deals (US$bn) % of Global M&A Europe US Asia-Pacific (exc. Japan) Rest of the World 2% 15% 1% 5% % % of Global M&A Mergermarket 213 Trend Report 13

14 Consideration and Multiples & premiums analysis Equity-only consideration increasingly used for cross-border transactions in 213 (US$ 49.1bn), up 11.7% compared to 212 (US$ 24.3bn) The global average EBIDTA Exit multiple (12.9x) and premium percentage (19.2%) decreased for the third year in a row Consideration value-market share breakdown for cross-border deals since 29 Cash & Equity Only Cash only Equity only 7.8% 3.3% 6.4% 9.1% 1.7% 6% 9.4% % % % % % The value of cross-border deals paid for with some form of equity increased during 213: US$ 49.1bn-worth of cross-border deals were funded by equity-only, an increase of 11.7% from 212 (US$ 24.3bn) At 15%, the share of cross-border deals with a consideration mix of both cash and equity hit the highest level since 27 (16.3%). The year saw US$ 93.7bn-worth of cross-border deals funded this way, up 86.5% compared to 212 (US$ 5.3bn) However, global M&A deals with an equity-only consideration declined for a second year to US$ 241.9bn, down 21.6% from 212 (US$ 38.5bn). Additionally, as a percentage of global M&A funding, deals paid for with equity constituted a mere 14.8% - marking a fifth consecutive drop and the lowest on Mergermarket record (21) 6.9% 8.7% 15.% The global average EBITDA multiple fell for the third year down to 12.9x, the lowest since 23 (1.6x) and down from 13.3x in 212 North America was the only region to see an increased average EBITDA multiple. North America finished the year at 12.6x, an increase following 212 s dip to 12.1x as large-cap deals returned to the fore The TMT sector was one of the dominant industries in 213 and as a result commanded one of the highest average EBITDA multiples at 15.1x, up from 13.2x in 212. Average premiums in this sector rose slightly to 34% compared to 33.1% in 212 EBITDA Multiple (x) - Average Multiples & Premiums Regional EBITDA multilpe analysis Until the final quarter of 213, cash was very much the consideration of choice for investors looking to snap up US companies. Cash only deals witnessed consecutive value increases through the first three quarters, before taking a dip in Q4 to US$ 17.7bn - a 5.2% decline compared to Q3 (US$ 113.6bn). Meanwhile, deals funded by a mix of cash and equity were up 135.9% to US$ 71.3bn in Q4 compared to US$ 3.2bn in Q Global Europe North America Asia-Pacific (excl. Japan) Japan Mergermarket 213 Trend Report 14

15 Europe: Overview of 213 The value of European M&A during 213 (US$ 631.3bn) dropped for the second year to the lowest value since 29 (US$ 466.8bn) De Brauw Blackstone Westbroek jumped from 28th position in 212 (US$ 3.9bn) and topped the legal advisor league table with deals valued at US$ 215.2bn Quarterly M&A growth comparison Total M&A value and volume 1,6 1,4 1, Annual M&A Value Q4 M&A value Q3 M&A value Q2 M&A Value Q1 M&A Value 1,6 1,4 1,2 M&A Value Number of Deals 8, 7, 6, 1, Value of Deals (US$bn) 1, 8 6 5, 4, 3, Number of Deals Value of Deals (US$bn) 1, , Deals valued at US$ 631.6bn dropped 12% from 212 (US$ 717.8bn) and represented a second annual decline. The final quarter of 213 (US$ 15.9bn) led to the year not having one quarter above US$ 2bn for the first time since 29 Deal value in Q4 was on par with Q3 (US$ 149.4bn) but dropped 39.5% compared to Q4 212 (US$ 249.6bn) The 28.5% share that European M&A contributed to global M&A was slightly below 212 (31.4%). However, the eurozone countries saw several high profile deals such as those in Italy s luxury fashion sector (e.g. Loro Piana) which resulted in their share to global M&A increasing to 15.5% from 14.2% last year The largest deal in Q4 213 was the tenth largest European targeted deal of the whole year. Celesio was acquired by McKesson Corporation for US$ 7.6bn in October. Activist hedge fund Elliott is expected to use its stake in Celesio to push for a bid bump in squeeze-out negotiations, according to Mergermarket intelligence 2, 1, Mergermarket 213 Trend Report 15

16 Europe: Industry and Cross-border analysis 213 vs. (212) value and market share comparison European cross-border analysis Business Services: US$ 29bn (US$ 32.9bn) Consumer: US$ 59.5bn (US$ 76.4bn) Energy, Mining & Utilities: US$ 117.5bn (US$ 216.5bn) Financial Services: US$ 89.9bn (US$ 11.8bn) Industrials & Chemicals: US$ 69.9bn (US$ 1.2bn) Leisure: US$ 13.8bn (US$ 7.4bn) Pharma, Medical & Biotech: US$ 5.6bn (US$ 33.7bn) 2.9% 3.8% 3.7% 3.4% 4.6% 2.8% 3.7% 4.6% 9.3% % 4.7% 1.% 14.% 9.4% 1.6% 3.2% 18.6% 213 Inbound and outbound activity rebounded in Q3 from a lull in Q2 and Q4 continued the upward trajectory. Inbound deals valued at US$ 48.8bn in Q4 increased 8.2% from Q3 (US$ 45.1bn). The overall deal value though was down 15.4% from 212 (US$ 218.4bn) at US$ 184.7bn. Inbound deal value for 213 was the lowest value since 21 (US$ 136.2bn) North American companies with the firepower to target large-cap deals remain loyal investors in Europe. The 68.7% share of all inbound deals from North America during 213 came from deals valued at US$ 127bn, down 1.9% from the US$ 127.1bn in 212 but with an increased share compared to 65.3% in 212 Succumbed by a continued eurozone crisis that still holds back deal making opportunities, 213 s outbound deal value fell 17.5% to US$ 142.7bn compared to 212 (US$ 173.1bn). It was the lowest value since 29 (US$ 122bn). However, Q4 s deal value leapt 75.2% compared to Q4 212 (US$ 36.5bn) and 73% compared to Q3 213 (US$ 37bn) Real Estate: US$ 23.8bn (US$ 26.3bn) TMT: US$ 132.2bn (US$ 67.1bn) 8.% 2.2% 15.4% 14.2% Every region except from Asia-Pacific (excl. Japan) aimed for European targets less in 213 than in 212. But for Asia-Pacific (excl. Japan), deal value increased 14.8% to US$ 25.6bn compared to US$ 22.3bn in 212 Transport: US$ 23.4bn (US$ 26.4bn) 11.1% 7 Outbound M&A Value Inbound M&A Value 1,2 Other: US$ 21.7bn (US$ 2bn) 6 Inbound Number of Deals Outbound Number of Deals 1, During 213, four out of 11 sectors increased their values compared to 212. TMT had the largest increase at 97% with deals valued at US$ 132.2bn versus US$ 67.1bn last year. The 2.9% market share the sector had during 213 drastically increased compared to last year s 9.3% with the Virgin Media deal (US$ 25bn) contributing 18.9% to the value The two other thriving sectors were Leisure (US$ 13.8bn vs. US$ 7.4bn) and Pharma, Medical & Biotech (US$ 5.6bn vs. US$ 33.7bn), up 86.5% and 5.1%, respectively Value of Deals (US$bn) Number of Deals The Energy, Mining & Utilities (US$ 117.5bn) sector experienced the biggest decline by value out of all sectors, down 45.7%. The sector represented 18.6% of Europe s M&A compared to 212 s (US$ 216.5bn) 3.2% share. However, three mega-deals in 212, including Glencore/Xstrata and two acquisitions involving TNK-BP Holdings, skewed the true representation - without these deals, 213 s value would be down by just 1.1% Mergermarket 213 Trend Report 16

17 Europe: Top deals * : lapsed/withdrawn bid Announced Date Bidder Company Bidder Legal Advisors Target Company Target/Seller Legal Advisors Seller Company Deal Value (US$bn) 6-Feb-13 Liberty Global Plc Hogan Lovells International; Ropes & Gray; Shearman & Sterling; Advising FA: Latham & Watkins; O'Melveny & Myers Virgin Media Inc Fried Frank Harris Shriver & Jacobson; Milbank Tweed Hadley & McCloy; Advising FA: Cravath, Swaine & Moore 25 9-Aug-13* America Movil SAB de CV Cleary Gottlieb Steen & Hamilton; Clifford Chance; Robles Miaja Abogados Koninklijke KPN NV (7.23% Stake) Allen & Overy Apr-13 Russian Grids OAO Federal Grid Company of Unified Energy System OAO (79.64% Stake) The Federal Agency for State Property Management Jun-13 Hellenic Financial Stability Fund National Bank of Greece SA (84.4% Stake) Freshfields Bruckhaus Deringer Jun-13 Vodafone Group Plc Linklaters Kabel Deutschland Holding AG (76.57% Stake) Hengeler Mueller; Advising FA: Gleiss Lutz Jul-13 Telefonica Deutschland Holding AG CMS; De Brauw Blackstone Westbroek; McDermott Will & Emery; Milbank Tweed Hadley & McCloy; Advsing FA: Shearman & Sterling E-Plus Mobilfunk GmbH & Co KG Advising seller: Allen & Overy Koninklijke KPN NV Jun-13 Hellenic Financial Stability Fund Piraeus Bank SA (81.1% Stake) Apr-13 Joh A Benckiser SE McDermott Will & Emery; Oppenhoff & Partner; Simpson Thacher & Bartlett; Skadden Arps Slate Meagher & Flom; Stibbe DE Master Blenders 1753 NV (84.95% Stake) Allen & Overy; De Brauw Blackstone Westbroek; Advising FA: Cleary Gottlieb Steen & Hamilton May-13 Actavis Inc Latham & Watkins; Matheson; Skadden Arps Slate Meagher & Flom; Advising FA: Fried Frank Harris Shriver & Jacobson Warner Chilcott Plc Arthur Cox; Davis Polk & Wardwell; White & Case; Advising FA: A&L Goodbody; Cleary Gottlieb Steen & Hamilton Apr-13* Royalty Pharma Akin Gump Strauss Hauer & Feld; Davis Polk & Wardwell; Loyens & Loeff; Matheson; Advising FA: Ashurst; Mason Hayes & Curran Elan Corporation Plc A&L Goodbody; Cadwalader, Wickersham & Taft 7.8 Mergermarket 213 Trend Report 17

18 Europe: Legal advisor league tables League table of legal advisors to M&A by value: Europe Company Name Value Deal Value % Val De Brauw Blackstone Westbroek 215, , % 25 2 Davis Polk & Wardwell 19, ,275 34% 16 3 Simpson Thacher & Bartlett 175, , % 24 4 Jones Day 174, , % 14 5 Slaughter and May 172, , % 79 6 Debevoise & Plimpton 158, ,715 1,256% 15 7 Wachtell, Lipton, Rosen & Katz 157, , % 2 8 Freshfields Bruckhaus Deringer 156, ,16-31% 6 9 Weil Gotshal & Manges 147, ,5 26.3% Macfarlanes 132, ,539 3,658% 1 11 Linklaters 12, , % 3 12 Clifford Chance 99, , % 8 13 Allen & Overy 96, , % Latham & Watkins 95, ,531 27% 4 15 Cleary Gottlieb Steen & Hamilton 71, , % 9 16 Cravath, Swaine & Moore 69, , % 5 17 Skadden Arps Slate Meagher & Flom 66, , % 7 18 White & Case 6, , % NautaDutilh 59,1 42 1, % 17 2 Shearman & Sterling 56, , % League table of legal advisors to M&A by deal count: Europe Company Name Value Deal Deal Count 2 1 DLA Piper 15, Freshfields Bruckhaus Deringer 156, Linklaters 12, CMS 24, Allen & Overy 96, Clifford Chance 99, Baker & McKenzie 38, White & Case 6, Latham & Watkins 95, Hogan Lovells International 43, King & Wood Mallesons 17, Weil Gotshal & Manges 147, Jones Day 174, Eversheds 4, Kirkland & Ellis 41, Herbert Smith Freehills 32, Ashurst 28, Norton Rose Fulbright 9, Loyens & Loeff 32, Pinsent Masons 3, Mergermarket 213 Trend Report 18

19 Europe: Legal advisor league tables to buyouts League table of legal advisors to private equity buyouts by value: Europe Company Name Value Deal Value % Val. 2 1 Linklaters 11, , -8% 1 2 Freshfields Bruckhaus Deringer 1, ,41-34% 9 3 Kirkland & Ellis 1, , % 4 4 Latham & Watkins 9, , Clifford Chance 6, ,13-6% 56 6 PwC legal 5, % 46 7 Hengeler Mueller 5, , % 5 8 Allen & Overy 4, , % - 9 Davis Polk & Wardwell 4, Weil Gotshal & Manges 4, , % Simpson Thacher & Bartlett 4, , % Cleary Gottlieb Steen & Hamilton 3, ,256.1% White & Case 2, , % - 14 Stikeman Elliott 2, Sullivan & Cromwell 2, , % Ashurst 2, ,16 123% Kinstellar 2, Chiomenti Studio Legale 1, % - 19 Morrison & Foerster 1, DLA Piper 1, % League table of legal advisors to private equity buyouts by deal count: Europe Company Name Value Deal Deal Count 4 1 Linklaters 11, Clifford Chance 6, King & Wood Mallesons 1, Weil Gotshal & Manges 4, Latham & Watkins 9, Freshfields Bruckhaus Deringer 1, Kirkland & Ellis 1, DLA Piper 1, CMS 1, Allen & Overy 4, Travers Smith Eversheds Pinsent Masons Gateley Baker & McKenzie White & Case 2, Willkie Farr & Gallagher Herbert Smith Freehills Ashurst 2, Hannes Snellman * Based on the target geography only and the advisor advising the buy-side only Mergermarket 213 Trend Report 19

20 Europe: Legal advisor league tables League table of legal advisors to M&A by value: UK Company Name Value Deal Value % Val. 1 1 Simpson Thacher & Bartlett 143, , % 19 2 Jones Day 138, , % 46 3 Davis Polk & Wardwell 137, ,422 2,46.9% 12 4 Slaughter and May 137, , % 2 5 Weil Gotshal & Manges 134, , % 81 6 Macfarlanes 132, ,539 3,658% De Brauw Blackstone Westbroek 128,15 9 1,1 11,545% 14 8 Wachtell, Lipton, Rosen & Katz 128,5 3 22, % 74 9 Debevoise & Plimpton 127, ,132 2,98.7% 5 1 Freshfields Bruckhaus Deringer 45, , % 1 11 Linklaters 44, , % 8 12 Latham & Watkins 37, ,797 5% 7 13 Cravath, Swaine & Moore 34, , % Shearman & Sterling 34, , % 3 15 Hogan Lovells International 31, , % League table of legal advisors to M&A by deal count: UK Company Name Value Deal Deal Count 1 1 DLA Piper 9, Linklaters 44, Freshfields Bruckhaus Deringer 45, Eversheds 3, Clifford Chance 31, Pinsent Masons 3, Allen & Overy 23, King & Wood Mallesons 1, Travers Smith 9, Kirkland & Ellis 26, CMS 5, Hogan Lovells International 31, Squire Sanders 1, Osborne Clarke 1, Norton Rose Fulbright 5, League table of legal advisors to M&A by value: Ireland Company Name Value Deal Value % Val. 1 1 A&L Goodbody 22, , % 8 2 Matheson 2, , % 1 3 Davis Polk & Wardwell 19, ,15 63% - 4 Skadden Arps Slate Meagher & Flom 12, Fried Frank Harris Shriver & Jacobson 11, ,215% 2 6 Arthur Cox 1, , % 3 7 Cadwalader, Wickersham & Taft 1, ,361% - 8 White & Case 9, = Cleary Gottlieb Steen & Hamilton 8, ,635-33% 12 9= Latham & Watkins 8, , % Mason Hayes & Curran 7, ,54.8% - 12 Loyens & Loeff 7, = Akin Gump Strauss Hauer & Feld 7, = Ashurst 7, Sullivan & Cromwell 6, ,137.5% League table of legal advisors to M&A by deal count: Ireland Company Name Value Deal Deal Count 2 1 William Fry A&L Goodbody 22, Matheson 2, Arthur Cox 1, Maples & Calder Allen & Overy Mason Hayes & Curran 7, = Eversheds = McCann FitzGerald Davis Polk & Wardwell 19, Cadwalader, Wickersham & Taft 1, Baker & McKenzie 1, Linklaters Skadden Arps Slate Meagher & Flom 12, Hogan Lovells International Mergermarket 213 Trend Report 2

21 Europe: Legal advisor league tables League table of legal advisors to M&A by value: Germany Company Name Value Deal Value % Val. 2 1 Hengeler Mueller 43, ,13-5.9% 8 2 Linklaters 41, , % 1 3 Freshfields Bruckhaus Deringer 4, % 18 4 Gleiss Lutz 21, , % 6 5 Allen & Overy 21, , % 1 6 Sullivan & Cromwell 18,3 9 13, % 13 7 Shearman & Sterling 15, % 51 8 De Brauw Blackstone Westbroek 15, , % 3 9 Clifford Chance 15, , % 7 1 CMS 13, , % Davis Polk & Wardwell 13, , % Milbank Tweed Hadley & McCloy 12, , % McDermott Will & Emery 11, , % 2 14 P+P Poellath + Partners 11, ,591 31% Noerr 9, ,329-12% League table of legal advisors to M&A by deal count: Germany Company Name Value Deal Deal Count 2 1 CMS 13, Freshfields Bruckhaus Deringer 4, Linklaters 41, Hengeler Mueller 43, Clifford Chance 15, Noerr 9, Gleiss Lutz 21, Allen & Overy 21, DLA Piper White & Case 5, Hogan Lovells International 4, Baker & McKenzie 6, Luther 1, King & Wood Mallesons 1, P+P Poellath + Partners 11, League table of legal advisors to M&A by value: Germanic Company Name Value Deal Value % Val. 3 1 Linklaters 44, , % 1 2 Freshfields Bruckhaus Deringer 44, ,743-6% 6 3 Hengeler Mueller 43, ,13-6% 9 4 Allen & Overy 32, , % 8 5 De Brauw Blackstone Westbroek 24, , % 39 6 Gleiss Lutz 21, , % 69 7 McDermott Will & Emery 2, , % 2 8 Sullivan & Cromwell 18, , % 13 9 CMS 16, , % 2 1 Clifford Chance 16, % Shearman & Sterling 15, , % 1 12 Skadden Arps Slate Meagher & Flom 14, , % Davis Polk & Wardwell 13, ,66-2.3% Milbank Tweed Hadley & McCloy 12, , % Cleary Gottlieb Steen & Hamilton 12, , % League table of legal advisors to M&A by deal count: Germanic Company Name Value Deal Deal Count 2 1 CMS 16, Freshfields Bruckhaus Deringer 44, Allen & Overy 32, Linklaters 44, Clifford Chance 16, Baker & McKenzie 1, DLA Piper Hengeler Mueller 43, Noerr 1, White & Case 6, Gleiss Lutz 21, King & Wood Mallesons 4, Latham & Watkins 8, Hogan Lovells International 4, Jones Day 4, Mergermarket 213 Trend Report 21

22 Europe: Legal advisor league tables League table of legal advisors to M&A by value: Benelux Company Name Value Deal Value % Val. 6 1 De Brauw Blackstone Westbroek 63, , % 5 2 Allen & Overy 57, , % 1 3 Freshfields Bruckhaus Deringer 43, , % 3 4 Clifford Chance 43, ,37 9.8% 15 5 Cleary Gottlieb Steen & Hamilton 42, , % 21 6 NautaDutilh 33, , % 9 7 Cravath, Swaine & Moore 28, , % 51 8 Debevoise & Plimpton 26, ,66 915% - 9 A&L Goodbody 26, Robles Miaja Abogados 22, Skadden Arps Slate Meagher & Flom 21, , % Linklaters 2, , % McDermott Will & Emery 19, , % Shearman & Sterling 16, % Baker & McKenzie 14, , % League table of legal advisors to M&A by deal count: Benelux Company Name Value Deal Deal Count 1 1 Allen & Overy 57, Loyens & Loeff 9, De Brauw Blackstone Westbroek 63, DLA Piper 1, Freshfields Bruckhaus Deringer 43, Linklaters 2, NautaDutilh 33, Clifford Chance 43, Stibbe 11, Baker & McKenzie 14, Houthoff Buruma White & Case 12, CMS 13, Shearman & Sterling 16, AKD lawyers & civil law notaries League table of legal advisors to M&A by value: France Company Name Value Deal Value % Val Latham & Watkins 35, , % 47 2 Wachtell, Lipton, Rosen & Katz 29, ,699 1,63% 11 3 Jones Day 25, , % 6 4 Darrois Villey Maillot Brochier 24, , % - 5 Slaughter and May 24, NautaDutilh 21, , % 4 7 Freshfields Bruckhaus Deringer 21, , % 8 8 De Brauw Blackstone Westbroek 2,74 7 8, % 5 9 Egorov, Puginsky, Afanasiev & Partners 19, ,429 1,255.4% 1 1 Bredin Prat 15, , % Gibson Dunn & Crutcher 15, ,153% Sullivan & Cromwell 13, , % Skadden Arps Slate Meagher & Flom 11,29 7 3, % 2 14 Cleary Gottlieb Steen & Hamilton 11, , % 3 15 Linklaters 1, , % League table of legal advisors to M&A by deal count: France Company Name Value Deal Deal Count 4 1 Gide Loyrette Nouel 3, CMS 1, Linklaters 1, Latham & Watkins 35, Weil Gotshal & Manges 4, King & Wood Mallesons 4, DLA Piper 3, Paul Hastings 4, Allen & Overy 3, Clifford Chance 7, De Pardieu Brocas Maffei 3, Bredin Prat 15, White & Case 4, Fidal Freshfields Bruckhaus Deringer 21, Mergermarket 213 Trend Report 22

23 Europe: Legal advisor league tables League table of legal advisors to M&A by value: Iberia Company Name Value Deal Value % Val. 4 1 Clifford Chance 18, , % 3 2 Linklaters 15, , % 6 3 Freshfields Bruckhaus Deringer 14, , % 2 4 Garrigues 13, ,969-5% 28 5 KPMG Abogados 1, , % 1 6 Uria Menendez 8, ,848-64% 16 7 Miranda & Amado Abogados 7, Skadden Arps Slate Meagher & Flom 5, Cleary Gottlieb Steen & Hamilton 5, ,1 184% 5 1 Cuatrecasas, Goncalves Pereira 5, , % 3 11 Baker & McKenzie 4, , % 2 12 Sullivan & Cromwell 4, , % Hogan Lovells International 4,49 1 3, % Ashurst 3, , % - 15 Alston & Bird 3, League table of legal advisors to M&A by deal count: Iberia Company Name Value Deal Deal Count 2 1 Cuatrecasas, Goncalves Pereira 5, Uria Menendez 8, Garrigues 13, Clifford Chance 18, KPMG Abogados 1, Gomez-Acebo & Pombo Abogados 1, Linklaters 15, DLA Piper 2, Freshfields Bruckhaus Deringer 14, Deloitte Legal 2, Baker & McKenzie 4, PLMJ - Sociedade de Advogados 1, Hogan Lovells International 4, Allen & Overy 2, Ashurst 3, League table of legal advisors to M&A by value: Spain Company Name Value Deal Value % Val. 3 1 Clifford Chance 18, , % 6 2 Linklaters 15, , % 4 3 Freshfields Bruckhaus Deringer 14, , % 2 4 Garrigues 13, , % 17 5 KPMG Abogados 1, , % 1 6 Uria Menendez 7, , % 14 7 Miranda & Amado Abogados 7, Skadden Arps Slate Meagher & Flom 5, Cleary Gottlieb Steen & Hamilton 5, ,1 184% 5 1 Cuatrecasas, Goncalves Pereira 5, , % Baker & McKenzie 4, , % 1 12 Sullivan & Cromwell 4, , % Hogan Lovells International 4,49 1 3, % Ashurst 3, , % - 15 Alston & Bird 3, League table of legal advisors to M&A by deal count: Spain Company Name Value Deal Deal Count 3 1 Cuatrecasas, Goncalves Pereira 5, Uria Menendez 7, Garrigues 13, Clifford Chance 18, KPMG Abogados 1, Gomez-Acebo & Pombo Abogados 1, DLA Piper 2, Linklaters 15, Freshfields Bruckhaus Deringer 14, Deloitte Legal 2, Baker & McKenzie 4, Hogan Lovells International 4, Allen & Overy 2, Ashurst 3, Jones Day 2, Mergermarket 213 Trend Report 23

24 Europe: Legal advisor league tables League table of legal advisors to M&A by value: Italy Company Name Value Deal Value % Val. 4 1 Bonelli Erede Pappalardo 14, ,46 2.4% 2 2 Chiomenti Studio Legale 14, , % 1 3 Gianni, Origoni, Grippo, Cappelli & Partners 9, ,38-61% 17 4 Linklaters 8, , % 3 5 Freshfields Bruckhaus Deringer 7, , % 5 6 d'urso Gatti e Bianchi - Studio Legale Associato 6, , % - 7 Slaughter and May 6, White & Case 5, ,961 82% 8 9 Jones Day 5,24 4 6, % 3 1 De Brauw Blackstone Westbroek 5, , % 2 11 Legance Avvocati Associati 5, , % 1 12 Skadden Arps Slate Meagher & Flom 5,34 4 6,3-2.1% Latham & Watkins 4, % 6 14 Clifford Chance 4, , % Simpson Thacher & Bartlett 4, % League table of legal advisors to M&A by deal count: Italy Company Name Value Deal Deal Count 1 1 Chiomenti Studio Legale 14, Gianni, Origoni, Grippo, Cappelli & Partners 9, NCTM Studio Legale Associato 1, Bonelli Erede Pappalardo 14, d'urso Gatti e Bianchi - Studio Legale Associato 6, Clifford Chance 4, Freshfields Bruckhaus Deringer 7, Latham & Watkins 4, Gattai Minoli & Partners 2, DLA Piper Studio Pedersoli e Associati 1, Legance Avvocati Associati 5, Baker & McKenzie 3, BLF Studio Legale Linklaters 8, League table of legal advisors to M&A by value: Nordic Company Name Value Deal Value % Val Roschier 18, , % 7 2 White & Case 17, , % 11 3 Hannes Snellman 17, , % 46 4 Davis Polk & Wardwell 15,99 9 2, % 4 5 Freshfields Bruckhaus Deringer 12, ,262 12% 35 6 Mannheimer Swartling 11, , % 8 7 Skadden Arps Slate Meagher & Flom 11, , % 9 8 Wiersholm 1, , % 1 9 Clifford Chance 1, , % 31 1 Schjodt 9, % Simpson Thacher & Bartlett 7, , % Covington & Burling 7, ,493.7% - 13 Cravath, Swaine & Moore 6, Avance Attorneys 6, , % BA-HR 5, , % League table of legal advisors to M&A by deal count: Nordic Company Name Value Deal Deal Count 3 1 Schjodt 9, Bech-Bruun 1, Vinge 3, Hannes Snellman 17, Mannheimer Swartling 11, Wiersholm 1, BA-HR 5, Gorrissen Federspiel 2, Plesner 3, Kromann Reumert 3, Accura 3, Thommessen 5, Wikborg Rein & Co 3, Roschier 18, Selmer 1, Mergermarket 213 Trend Report 24

25 Europe: Legal advisor league tables League table of legal advisors to M&A by value: Sweden Company Name Value Deal Value % Val Mannheimer Swartling 11, , % 26 2 Davis Polk & Wardwell 1, , % 5 3 Clifford Chance 6, , % 2 4 Freshfields Bruckhaus Deringer 5, , % 22 5 Gernandt & Danielsson 4, , % - 6= Cravath, Swaine & Moore 4, = Loyens & Loeff 4, ,33% 62 8 NautaDutilh 4, ,892.6% 15 9 White & Case 4, , % 16 1 Roschier 4, , % Hengeler Mueller 3, ,191.5% Hannes Snellman 3, , % P+P Poellath + Partners 3, , % De Brauw Blackstone Westbroek 3, Vinge 3, , % League table of legal advisors to M&A by deal count: Sweden Company Name Value Deal Deal Count 2 1 Vinge 3, Mannheimer Swartling 11, Advokatfirman Lindahl Hannes Snellman 3, Gernandt & Danielsson 4, Roschier 4, Delphi 1, MAQS Law Firm Cederquist 1, Wistrand Setterwalls White & Case 4, Schjodt 1, Linklaters 1, Baker & McKenzie League table of legal advisors to M&A by value: Denmark Company Name Value Deal Value % Val. 2 1 Kromann Reumert 3, , % 3 2 Accura 3, , % 5 3 Plesner 2, ,582-22% 18 4 Linklaters 2, % - 5 Sullivan & Cromwell 2, Gorrissen Federspiel 2, , % 8 7 Davis Polk & Wardwell 2,4 1 2,2-8.9% - 8 BA-HR 1, Bech-Bruun 1,84 5 4, % 22 1 Mannheimer Swartling 1, % - 11 Latham & Watkins 1, Hannes Snellman 1, % Bruun & Hjejle 1, % King & Wood Mallesons % Lett Advokatfirma ,113% League table of legal advisors to M&A by deal count: Denmark Company Name Value Deal Deal Count 1 1 Bech-Bruun 1, Gorrissen Federspiel 2, Plesner 2, Kromann Reumert 3, Accura 3, Ronne & Lundgren Bruun & Hjejle 1, Moalem Weitemeyer Bendtsen Hannes Snellman 1, Delacour Linklaters 2, Baker & McKenzie Mannheimer Swartling 1, Thommessen Vinge Mergermarket 213 Trend Report 25

26 Europe: Legal advisor league tables League table of legal advisors to M&A by value: Norway Company Name Value Deal Value % Val. 2 1 Wiersholm 1, , % 8 2 Schjodt 9, , % 29 3 Freshfields Bruckhaus Deringer 5, ,7.2% 1 4 Thommessen 5,5 33 8, % 9 5 BA-HR 3, ,12 9% 3 6 Wikborg Rein & Co 3, , % 99 7 Clifford Chance 3, = Abdullah Chan 2, = Davis Polk & Wardwell 2, CMS 2, = Cravath, Swaine & Moore 2, = Dentons 2, = Skadden Arps Slate Meagher & Flom 2, = Sullivan & Cromwell 2, Selmer 1, , % League table of legal advisors to M&A by deal count: Norway Company Name Value Deal Deal Count 1 1 Schjodt 9, Wiersholm 1, BA-HR 3, Thommessen 5, Wikborg Rein & Co 3, Selmer 1, Arntzen de Besche Advokatfirmaet Haavind Vinge Mannheimer Swartling DLA Piper Kromann Reumert Clifford Chance 3, Roschier Accura League table of legal advisors to M&A by value: Finland Company Name Value Deal Value % Val. 1 1 Hannes Snellman 14, , % 1 2 Roschier 14,6 16 2, % 3 3 White & Case 12, , % 8 4 Skadden Arps Slate Meagher & Flom 9,65 3 3, % - 5= Covington & Burling 7, = Simpson Thacher & Bartlett 7, Avance Attorneys 6, , % 32 8 Waselius & Wist 4, ,751.1% 33 9 Ashurst 3, ,552.4% - 1= De Brauw Blackstone Westbroek 2, = Houthoff Buruma 2, ,954.6% - 1= Shearman & Sterling 2, = Slaughter and May 2, Morrison & Foerster 1, Hengeler Mueller 1, , % League table of legal advisors to M&A by deal count: Finland Company Name Value Deal Deal Count 1 1 Hannes Snellman 14, Avance Attorneys 6, Krogerus 1, Roschier 14, Castren & Snellman Attorneys at law Borenius Bird & Bird White & Case 12, Waselius & Wist 4, Dittmar & Indrenius Selmer Advokatfirman Lindahl Wiersholm Skadden Arps Slate Meagher & Flom 9, Ashurst 3, Mergermarket 213 Trend Report 26

27 Europe: Legal advisor league tables League table of legal advisors to M&A by value: CEE Company Name Value Deal Value % Val. 5 1 White & Case 22, , % 4 2 Linklaters 11, , % 1 3 Freshfields Bruckhaus Deringer 1, , % 6 4 Skadden Arps Slate Meagher & Flom 1, , % 22 5 Baker & McKenzie 9, , % 12 6 Clifford Chance 7, , % 3 7 Herbert Smith Freehills 7, , % 56 8 Greenberg Traurig 6, ,152.4% - 9 Zulficar & Partners 6, Akin Gump Strauss Hauer & Feld 5, ,731-62% BBH, advokatni kancelar 5, Dentons 5, , % Allen & Overy 4, ,945-18% 7 14 Conyers Dill & Pearman 3, , -86.4% De Brauw Blackstone Westbroek 3, League table of legal advisors to M&A by deal count: CEE Company Name Value Deal Deal Count 2 1 CMS 2, White & Case 22, Clifford Chance 7, Weil Gotshal & Manges 1, DLA Piper Allen & Overy 4, Freshfields Bruckhaus Deringer 1, Linklaters 11, Dentons 5, LAWIN Skadden Arps Slate Meagher & Flom 1, Baker & McKenzie 9, Herbert Smith Freehills 7, Greenberg Traurig 6, Hogan Lovells International 3, League table of legal advisors to M&A by value: Russia Company Name Value Deal Value % Val. 5 1 White & Case 16, , % 4 2 Linklaters 8, , % 2 3 Herbert Smith Freehills 7, , % - 4 Zulficar & Partners 6, Skadden Arps Slate Meagher & Flom 5, , % 68 6 Akin Gump Strauss Hauer & Feld 5, , % 16 7 Freshfields Bruckhaus Deringer 4, , % 3 8 Allen & Overy 4, % 21 9 Dentons 4,37 9 1, % 7 1 Conyers Dill & Pearman 3, , -86.4% Baker & McKenzie 3, , % - 12= Davis Polk & Wardwell 3, = Mannheimer Swartling 3, NautaDutilh 3, Cleary Gottlieb Steen & Hamilton 3, , % League table of legal advisors to M&A by deal count: Russia Company Name Value Deal Deal Count 1 1 White & Case 16, Herbert Smith Freehills 7, Skadden Arps Slate Meagher & Flom 5, Dentons 4, Freshfields Bruckhaus Deringer 4, Linklaters 8, CMS Hogan Lovells International 2, DLA Piper Clifford Chance 2, Jones Day 1, Akin Gump Strauss Hauer & Feld 5, Baker & McKenzie 3, Cleary Gottlieb Steen & Hamilton 3, Latham & Watkins Mergermarket 213 Trend Report 27

28 Europe: Legal advisor league tables League table of legal advisors to M&A by value: Poland Company Name Value Deal Value % Val. (US$m) Count (US$bn) Change 25 1 Greenberg Traurig 6, ,152.4% 2 2 Weil Gotshal & Manges 1, ,17-58% 29 3 K&L Gates 1, ,438% - 4 Slaughter and May = Delphi = Gernandt & Danielsson Linklaters % 21 8 Dentons % 13 9 Clifford Chance % 4 1 CMS , % 1 11 Allen & Overy , % - 12 Burnet Duckworth & Palmer Locke Lord Noerr % - 15 McCarthy Tetrault League table of legal advisors to M&A by value: Turkey Company Name Value Deal Value % Val. (US$m) Count (US$bn) Change 4 1 White & Case 1, , % - 2 Allen & Overy 1, YukselKarkinKucuk Law Firm 1, ,647-57% 19 4 Ismen Gunalcin % 2 5 Linklaters , % 31 6 Baker & McKenzie % 22 7 Somay Hukuk Burosu % - 8 Anderson Mori & Tomotsune Taboglu & Demirhan , % 42 1= Dechert ,971.4% 28 1= Norton Rose Fulbright % Kolcuoglu & Demirkan Attorneys at Law % - 13 Slaughter and May Pekin & Pekin % - 15= Bowman Gilfillan Africa Group = Tabacks League table of legal advisors to M&A by deal count: Poland Company Name Value Deal Deal Count 2 1 Weil Gotshal & Manges 1, CMS Greenberg Traurig 6, Clifford Chance Allen & Overy K&L Gates 1, Linklaters White & Case Dentons Noerr Gessel, Koziorowski Slaughter and May = Delphi = Gernandt & Danielsson Burnet Duckworth & Palmer League table of legal advisors to M&A by deal count: Turkey Company Name Value Deal Deal Count 1 1 YukselKarkinKucuk Law Firm 1, Baker & McKenzie White & Case 1, Taboglu & Demirhan Herguner Bilgen Ozeke Allen & Overy 1, Kolcuoglu & Demirkan Attorneys at Law Pekin & Pekin Paksoy & Co Pekin & Bayar Law Firm Gide Loyrette Nouel Balcioglu & Selcuk Avukatlik Burosu Linklaters = Bowman Gilfillan Africa Group = Tabacks Mergermarket 213 Trend Report 28

29 US: Overview of 213 Despite a volatile year for US M&A, the 213 total of US$ 893.1bn represented a 3.8% increase compared to 212 (US$ 86.1bn) Wachtell, Lipton, Rosen & Katz topped the legal advisor league table by value with US$ 32.9bn-worth of mandates, up 5.3% from 212 (US$ 21.5bn) Quarterly M&A growth comparison Total M&A value and volume 1,6 1,4 1,2 1, Annual M&A Value Q4 M&A Value Q3 M&A Value Q2 M&A Value Q1 M&A Value Value of Deals (US$bn) 1,6 1,4 1,2 1, 8 6 M&A Value Number of Deals 6, 5, 4, 3, 2, Number of Deals 4 Value of Deals (US$bn) 1, s US$ 893.1bn-worth of deals has led to the fourth year of increased value for UStargeted M&A. The 3.8% increase from 212 resulted in the highest annual value since 27 s US$ 1.3tn 1, At the same time, if not for the US$ 124.1bn Verizon Wireless deal, US M&A in 213 would have seen the lowest deal value since 21 (US$ 72.6bn) at US$ 769bn. This would have represented a 1.6% decline compared to 212 Expectations for 213 were high amid further economic recovery and a seemingly healthy M&A pipeline. However, despite being the driver of global M&A, US M&A has been nothing short of a roller coaster ride. Beginning the year with strong momentum (Q1 213 valued at US$ 178.8bn), the US experienced a downturn in Q2 (US$ 168.4bn), only to double in deal value by Q3 (US$ 324.8bn) and drop again in the last quarter of the year (US$ 221.1bn) With the government shutdown in October, Q4 213 saw a 31.9% decline from Q3. It also dropped 29.2% by deal value from Q4 212 (US$ 312.3bn) which was reflected in the global trend Mergermarket 213 Trend Report 29

30 US: Industry and Cross-border analysis 213 vs. (212) value and market share comparison US cross-border analysis Business Services: US$ 41.6bn (US$ 38.6bn) Consumer: US$ 94.6bn (US$ 95.5bn) Energy, Mining & Utilities: US$ 137.5bn (US$ 168.9bn) Financial Services: US$ 68.3bn (US$ 76.2bn) Industrials & Chemicals: US$ 72.6bn (US$ 1.3bn) Leisure: US$ 1bn (US$ 26.4bn) Pharma, Medical & Biotech: US$ 96.8bn (US$ 123.7bn) Real Estate: US$ 45.4bn (US$ 45.3bn) TMT: US$ 298.1bn (US$ 169.1bn) Transport: US$ 12.8bn (US$ 8.3bn) 33.4% 5.3% 5.1% 14.4% 19.6% 3.1% 1.7% 1.4% 1.8% 1.% 1.% 4.5% % 4.7% 1.1% 11.1% 8.9% 8.1% 1.6% 19.6% 7.6% 15.4% 213 As the US economy stabilises, local companies are increasingly looking inward for acquisition opportunities: the value of domestic deals in 213 (US$ 728.2bn) increased 9.1% from 212 (US$ 667.7bn). As a result, this was the most active year for domestic deals since 27 (US$ 976.3bn) The preference for domestic M&A can also be seen in the lack of growth for outbound activity during 213 (US$ 176.1bn) which declined 6% from 212 (US$ 187.3bn). Q4 s US$ 42.9bn declined 13.5% compared to Q3 (US$ 49.6bn) and up by 32.9% compared to Q4 212 (US$ 63.9bn) Amid improving economic conditions, the nature of the US investor abroad is changing as well. In 213, 8% of US outbound deal value came from a corporate buyer (versus a US-based financial sponsor), the highest proportion since 28 (84.4%) and the secondhighest since 21 (93.7%) Consequently, riskier investments in the emerging markets appear to be traded for stable alternatives at home. US investments into the BRICs in 213 (US$ 11.1bn, 122 deals) have declined for two consecutive years and saw the lowest deal count since 29 (11 deals) 7 Outbound M&A Value Inbound M&A Value 1,2 Other: US$ 15.5bn (US$ 8.4bn) 6 Inbound Number of Deals Outbound Number of Deals 1, Mega-deals in the TMT sector were the highlight of 213. As a result, the sector was the dominant industry by both value and count with 775 deals worth US$ 298.1bn, a 76.3% increase in deal value compared to 212 (US$ 169.1bn). Despite three of the top five deals being TMT focused, the sector s average deal size of US$ 85.8m was only the second highest behind Real Estate (US$ 1.7bn) Q4 s largest deal was in the Financial Services sector and saw the acquisition of International Lease Finance by AerCap Holdings for US$ 26.4bn. Nonetheless, the sector still experienced a 1.4% year-on-year decrease in value (US$ 68.3bn in 213 compared to US$ 76.2bn in 212) Value of Deals (US$bn) Number of Deals In part due to the US s shale revolution, the share of inbound Energy, Mining & Utilities deals has decreased each year since 211, with 213 (US$ 15.4bn) representing only 11.2% of the total value (US$ 137.5bn). The share of domestic deals in the sector witnessed consecutive increases with 213 (US$ 122.1bn) accounting for 88.8% of the total Mergermarket 213 Trend Report 3

31 US: Top deals Announced Date Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Advisor Seller Company Deal Value (US$bn) 2-Sep-13 Verizon Communications Inc Debevoise & Plimpton; Jones Day; Macfarlanes; Wachtell, Lipton, Rosen & Katz; Advising FA: Davis Polk & Wardwell; Weil Gotshal & Manges 14-Feb-13 Berkshire Hathaway Inc; and 3G Capital Egorov, Puginsky, Afanasiev & Partners; Freshfields Bruckhaus Deringer; Kirkland & Ellis; Munger Tolles & Olson 16-Dec-13 AerCap Holdings NV Cravath, Swaine & Moore; Freshfields Bruckhaus Deringer; NautaDutilh 5-Feb-13 Silver Lake Partners LP; and Michael Dell (Private investor) Blake, Cassels & Graydon; Clifford Chance; Fangda Partners; Maples & Calder; Simpson Thacher & Bartlett; Slaughter and May; Wachtell, Lipton, Rosen & Katz; Advising FA: White & Case 28-Jul-13 Publicis Groupe SA Darrois Villey Maillot Brochier; Egorov, Puginsky, Afanasiev & Partners; NautaDutilh; Slaughter and May; Wachtell, Lipton, Rosen & Katz 12-Feb-13 Comcast Corporation Davis Polk & Wardwell; Freshfields Bruckhaus Deringer; Willkie Farr & Gallagher 15-Apr-13 Thermo Fisher Scientific Inc Blake, Cassels & Graydon; Russell McVeagh; Slaughter and May; Wachtell, Lipton, Rosen & Katz; WilmerHale; Advising FA: Latham & Watkins Verizon Wireless Inc (45% Stake) H.J. Heinz Company International Lease Finance Corporation Dell Inc Omnicom Group Inc NBCUniversal Media LLC (49% Stake) Life Technologies Corp 22-May-13 Pfizer Inc (Shareholders) Zoetis Inc 6-Aug-13 Spectra Energy Partners LP Andrews Kurth; Richards Layton & Finger; Advising FA: Baker Botts 29-May-13 MidAmerican Energy Holdings Company (8.2% Stake) Spectra Energy Corp (US transmission, storage and liquids assets) Advising seller: De Brauw Blackstone Westbroek; Simpson Thacher & Bartlett; Slaughter and May Davis Polk & Wardwell; Wachtell, Lipton, Rosen & Katz; Advising FA: O'Melveny & Myers; Sullivan & Cromwell; Willkie Farr & Gallagher Advising seller: A&L Goodbody; De Brauw Blackstone Westbroek; Debevoise & Plimpton Alston & Bird; Debevoise & Plimpton; Hogan Lovells International; Advisng FA: Davis Polk & Wardwell; Latham & Watkins; Weil Gotshal & Manges De Brauw Blackstone Westbroek; Latham & Watkins; Advising FA: Jones Day Advising seller: Weil Gotshal & Manges Cravath, Swaine & Moore; Norton Rose Fulbright; Advisnig FA: Fried Frank Harris Shriver & Jacobson Advising seller: Lee and Li Attorneys at Law; Ropes & Gray; Skadden Arps Slate Meagher & Flom; Advisng FA: Davis Polk & Wardwell Advising seller: Bracewell & Giuliani; Vinson & Elkins; Advising FA: Latham & Watkins Gibson Dunn & Crutcher NV Energy Inc Hogan Lovells International; Sidley Austin; Woodburn and Wedge; Advising FA: Simpson Thacher & Bartlett Vodafone Group Plc American International Group Inc General Electric Company Pfizer Inc 12.4 Spectra Energy Corp Mergermarket 213 Trend Report 31

32 Americas: Legal advisor league tables League table of legal advisors to M&A by value: Americas Company Name Value Deal Value % Val. 2 1 Wachtell, Lipton, Rosen & Katz 32, , % 6 2 Davis Polk & Wardwell 288, , % 9 3 Simpson Thacher & Bartlett 282, , % 4 4 Weil Gotshal & Manges 272, , % 3 5 Latham & Watkins 247, , % 15 6 Jones Day 213, , % 3 7 Debevoise & Plimpton 198, , % 29 8 Slaughter and May 188, , % 55 9 De Brauw Blackstone Westbroek 187, , % 5 1 Sullivan & Cromwell 162, , % 1 11 Skadden Arps Slate Meagher & Flom 159, , % White & Case 137, , % Cravath, Swaine & Moore 133, , % Macfarlanes 131, ,66% 1 15 Kirkland & Ellis 124, , % Freshfields Bruckhaus Deringer 12, , % Fried Frank Harris Shriver & Jacobson 9, , % O'Melveny & Myers 81, , % 8 19 Cleary Gottlieb Steen & Hamilton 8, , % 28 2 Vinson & Elkins 76, , % League table of legal advisors to M&A by deal count: Americas Company Name Value Deal Deal Count 1 1 Kirkland & Ellis 124, Latham & Watkins 247, Jones Day 213, DLA Piper 19, Skadden Arps Slate Meagher & Flom 159, Simpson Thacher & Bartlett 282, Weil Gotshal & Manges 272, White & Case 137, Stikeman Elliott 42, O'Melveny & Myers 81, Baker & McKenzie 31, Norton Rose Fulbright 32, Shearman & Sterling 69, Blake, Cassels & Graydon 56, Morgan Lewis & Bockius 1, Davis Polk & Wardwell 288, Wilson Sonsini Goodrich & Rosati 16, Vinson & Elkins 76, Hogan Lovells International 76, Sullivan & Cromwell 162, Mergermarket 213 Trend Report 32

33 Americas: Legal advisor league tables League table of legal advisors to M&A by value: US Company Name Value (US$m) Deal Count Value (US$m) % Val. Change 2 1 Wachtell, Lipton, Rosen & Katz 32, , % 6 2 Davis Polk & Wardwell 285, , % 8 3 Simpson Thacher & Bartlett 28, , % 4 4 Weil Gotshal & Manges 271, ,67 85% 3 5 Latham & Watkins 244, , % 11 6 Jones Day 27, ,256 19% 28 7 Debevoise & Plimpton 194, , % 45 8 Slaughter and May 188, , % 6 9 De Brauw Blackstone Westbroek 187, , % 9 1 Sullivan & Cromwell 157, , % 1 11 Skadden Arps Slate Meagher & Flom 154, , % Macfarlanes 131, ,734% Cravath, Swaine & Moore 131, , % White & Case 13, , % 7 15 Kirkland & Ellis 123, , % Freshfields Bruckhaus Deringer 97, , % Fried Frank Harris Shriver & Jacobson 9, , % O'Melveny & Myers 8, , % Hogan Lovells International 74, , % 23 2 Vinson & Elkins 74, ,773 33% League table of legal advisors to M&A by deal count: US Company Name Value Deal Deal Count 1 1 Kirkland & Ellis 123, Latham & Watkins 244, Jones Day 27, DLA Piper 16, Skadden Arps Slate Meagher & Flom 154, Weil Gotshal & Manges 271, Simpson Thacher & Bartlett 28, White & Case 13, O'Melveny & Myers 8, Morgan Lewis & Bockius 1, Shearman & Sterling 65, Wilson Sonsini Goodrich & Rosati 15, Davis Polk & Wardwell 285, Vinson & Elkins 74, Goodwin Procter 32, Gibson Dunn & Crutcher 71, Baker & McKenzie 26, Paul Hastings 26, Hogan Lovells International 74, Sullivan & Cromwell 157, Mergermarket 213 Trend Report 33

34 Americas: Legal advisor league tables to buyouts League Table of legal advisors to private equity buyouts by value: US Company Name Value Deal Value % Val. 4 1 Kirkland & Ellis 45, , % 3 2 Simpson Thacher & Bartlett 41, , % - 3 Munger Tolles & Olson 27, = Egorov, Puginsky, Afanasiev & Partners 27, = Freshfields Bruckhaus Deringer 27, ,35.6% 44 6 White & Case 23, ,84 2,65% 1 7 Wachtell, Lipton, Rosen & Katz 21, , % 51 8 Blake, Cassels & Graydon 2, ,25% 29 9= Clifford Chance 2, , % 123 9= Fangda Partners 2, = Maples & Calder 2, = Slaughter and May 2, Latham & Watkins 13, % Torys 7,4 3 6, % Proskauer Rose 6, % - 16= Arthur Cox 6, = Conyers Dill & Pearman 6, Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 4, Skadden Arps Slate Meagher & Flom 3, , % 5 2 Willkie Farr & Gallagher 3, , % * Based on the target geography only and the advisor advising the buy-side only League Table of legal advisors to private equity buyouts by deal count: US Company Name Value Deal Deal Count 1 1 Kirkland & Ellis 45, Simpson Thacher & Bartlett 41, Latham & Watkins 13, Weil Gotshal & Manges 2, Goodwin Procter 2, Ropes & Gray 2, Jones Day 1, DLA Piper Skadden Arps Slate Meagher & Flom 3, Paul Weiss Rifkind Wharton & Garrison Willkie Farr & Gallagher 3, Paul Hastings White & Case 23, Vinson & Elkins Morgan Lewis & Bockius McDermott Will & Emery Fried Frank Harris Shriver & Jacobson 2, Winston & Strawn 2, Akin Gump Strauss Hauer & Feld 1, Gibson Dunn & Crutcher Mergermarket 213 Trend Report 34

35 Americas: Legal advisor league tables League table of legal advisors to M&A by value: Canada Company Name Value Deal Value % Val. 3 1 Osler, Hoskin & Harcourt 38, ,626-7.% 18 2 Davies Ward Phillips & Vineberg 38, , % 1 3 Stikeman Elliott 37, , % 5 4 Torys 33, , % 2 5 Blake, Cassels & Graydon 2, , % 21 6 Skadden Arps Slate Meagher & Flom 18, , % 12 7 Cleary Gottlieb Steen & Hamilton 17, , % - 8 Appleby 17, Borden Ladner Gervais 16, , % 3 1 Latham & Watkins 15, , % White & Case 11, ,557 16% 4 12 McCarthy Tetrault 11, , % Arthur Cox 1, Ashurst 9,65 7 8,89 9.5% Sullivan & Cromwell 9, ,82-5.2% League table of legal advisors to M&A by deal count: Canada Company Name Value Deal Deal Count 1 1 Stikeman Elliott 37, Blake, Cassels & Graydon 2, Osler, Hoskin & Harcourt 38, Gowling Lafleur Henderson 4, McCarthy Tetrault 11, Torys 33, Norton Rose Fulbright 7, Fasken Martineau Dumoulin 8, Davies Ward Phillips & Vineberg 38, Borden Ladner Gervais 16, Heenan Blaikie 1, Goodmans 5, Cassels Brock & Blackwell 8, Bennett Jones 2, Skadden Arps Slate Meagher & Flom 18, League table of legal advisors to M&A by value: Central & South America Company Name Value Deal Value % Val. 2 1 Cleary Gottlieb Steen & Hamilton 29, , % 3 2 Clifford Chance 23, , % - 3 Robles Miaja Abogados 23, Allen & Overy 22,79 3 7, % 6 5 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 14, , % 1 6 Sullivan & Cromwell 9, ,346-71% 28 7 Barbosa, Mussnich & Aragao 8, ,957 45% 21 8 Jones Day 8, ,985-22% 17 9 Linklaters 7, , % 2 1 Skadden Arps Slate Meagher & Flom 7, , % Lefosse Advogados 7, , % Baker & McKenzie 6, , % Pinheiro Neto Advogados 6, ,489-52% Souza, Cescon, Barrieu & Flesch Advogados 6, , % 4 15 Davis Polk & Wardwell 5, % League table of legal advisors to M&A by deal count: Central & South America Company Name Value Deal Deal Count 3 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 14, Pinheiro Neto Advogados 6, Barbosa, Mussnich & Aragao 8, Machado Meyer Sendacz e Opice 4, Veirano Advogados 3, Souza, Cescon, Barrieu & Flesch Advogados 6, Baker & McKenzie 6, Tozzini Freire Teixeira e Silva Advogados 4, Jones Day 8, Lefosse Advogados 7, Rodrigo Elias & Medrano 2, Stocche, Forbes, Padis, Filizzola e Clapis Advogados 4, Linklaters 7, White & Case 3, Demarest Mergermarket 213 Trend Report 35

36 Americas: Legal advisor league tables League table of legal advisors to M&A by value: US Mid-West Company Name Value Deal Value % Val Kirkland & Ellis 55, , % 22 3 Sullivan & Cromwell 54, , % 2 4 Wachtell, Lipton, Rosen & Katz 43, ,384-54% 21 5 Davis Polk & Wardwell 42, , % 8 6 Simpson Thacher & Bartlett 38, , % 11 7 Willkie Farr & Gallagher 33, , % 6 8 Freshfields Bruckhaus Deringer 3, , % 33 9 O'Melveny & Myers 29, ,16 129% - 1 Munger Tolles & Olson 29, Egorov, Puginsky, Afanasiev & Partners 27, Skadden Arps Slate Meagher & Flom 24, , % Latham & Watkins 23, ,117-44% Gibson Dunn & Crutcher 21, , % Jones Day 15, ,86-6.1% 31 2 Sidley Austin 15, ,985 1% League table of legal advisors to M&A by deal count: US Mid-West Company Name Value Deal Deal Count 2 1 Kirkland & Ellis 55, Latham & Watkins 23, Jones Day 15, DLA Piper 4, Skadden Arps Slate Meagher & Flom 24, Foley & Lardner 3, White & Case 12, Dorsey & Whitney 2, Sidley Austin 15, Simpson Thacher & Bartlett 38, Goodwin Procter 2, Bryan Cave 1, Gibson Dunn & Crutcher 21, Baker & McKenzie 8, Ropes & Gray 7, League table of legal advisors to M&A by value: US South Company Name Value Deal Value % Val. 1 1 Latham & Watkins 88, , % 2 2 Weil Gotshal & Manges 85, , % 19 3 Simpson Thacher & Bartlett 71, , % 16 4 White & Case 71, , % 9 5 Vinson & Elkins 71, , % 3 6 Wachtell, Lipton, Rosen & Katz 62, , % 7 7 Bracewell & Giuliani 49, , % 13 8 Alston & Bird 42, ,547 14% 8 9 Skadden Arps Slate Meagher & Flom 41, , % 15 1 Baker Botts 41, ,2 14.3% 4 11 Davis Polk & Wardwell 41, , % Debevoise & Plimpton 36, , % 6 13 Kirkland & Ellis 35, , % 2 14 Hogan Lovells International 29, , % Clifford Chance 29, , % League table of legal advisors to M&A by deal count: US South Company Name Value Deal Deal Count 1 1 Kirkland & Ellis 35, Latham & Watkins 88, DLA Piper 9, Jones Day 26, Vinson & Elkins 71, Simpson Thacher & Bartlett 71, White & Case 71, Weil Gotshal & Manges 85, Morgan Lewis & Bockius 5, Norton Rose Fulbright 7, Skadden Arps Slate Meagher & Flom 41, Akin Gump Strauss Hauer & Feld 16, Bracewell & Giuliani 49, Alston & Bird 42, Greenberg Traurig 14, Mergermarket 213 Trend Report 36

37 Americas: Legal advisor league tables League table of legal advisors to M&A by value: US West Company Name Value Deal Value % Val. 2 1 Latham & Watkins 127, , % 4 2 Cravath, Swaine & Moore 91, ,835 1,235.6% 11 3 Sullivan & Cromwell 71, ,789 14% 24 4 Fried Frank Harris Shriver & Jacobson 57, , % 13 5 Wachtell, Lipton, Rosen & Katz 57, , % 5 6 Simpson Thacher & Bartlett 53, ,33 1.1% 1 7 Gibson Dunn & Crutcher 5, , % 9 8 Shearman & Sterling 46, , % 3 9 Skadden Arps Slate Meagher & Flom 42, , % 21 1 O'Melveny & Myers 41, , % 6 11 Kirkland & Ellis 39, ,81-1.4% 1 12 Weil Gotshal & Manges 37, ,787-53% Hogan Lovells International 37, , % Freshfields Bruckhaus Deringer 36, , % De Brauw Blackstone Westbroek 35, , % League table of legal advisors to M&A by deal count: US West Company Name Value Deal Deal Count 1 1 Latham & Watkins 127, Kirkland & Ellis 39, DLA Piper 9, O'Melveny & Myers 41, Wilson Sonsini Goodrich & Rosati 14, Fenwick & West 9, Jones Day 22, Gibson Dunn & Crutcher 5, Weil Gotshal & Manges 37, Skadden Arps Slate Meagher & Flom 42, Morrison & Foerster 15, White & Case 34, Paul Hastings 1, Goodwin Procter 25, Orrick Herrington & Sutcliffe 2, League table of legal advisors to M&A by value: US North East Company Name Value Deal Value % Val. 5 1 Wachtell, Lipton, Rosen & Katz 265, , % 11 2 Davis Polk & Wardwell 253, , % 3 3 Weil Gotshal & Manges 217, , % 4 4 Simpson Thacher & Bartlett 25, , % 45 5 Slaughter and May 188, ,211 1,444.3% 13 6 Debevoise & Plimpton 187, , % 75 7 De Brauw Blackstone Westbroek 176, ,787 3,579.5% 1 8 Jones Day 167, , % Macfarlanes 13, ,222% 2 1 Latham & Watkins 15, , % 1 11 Skadden Arps Slate Meagher & Flom 95, , % Freshfields Bruckhaus Deringer 84, , % 9 13 Sullivan & Cromwell 8, , % 6 14 Kirkland & Ellis 75, , % 8 15 White & Case 73, , % League table of legal advisors to M&A by deal count: US North East Company Name Value Deal Deal Count 1 1 Kirkland & Ellis 75, Latham & Watkins 15, Jones Day 167, Simpson Thacher & Bartlett 25, Weil Gotshal & Manges 217, Skadden Arps Slate Meagher & Flom 95, Goodwin Procter 8, DLA Piper 5, Davis Polk & Wardwell 253, Morgan Lewis & Bockius 6, White & Case 73, Willkie Farr & Gallagher 62, Ropes & Gray 26, O'Melveny & Myers 33, Dechert 9, Mergermarket 213 Trend Report 37

38 Asia-Pacific (excl. Japan): Overview of 213 Asia-Pacific (excl. Japan) saw the highest value on Mergermarket record in 213 (US$ 43.4bn), up 15% from 212 (US$ 35.9bn) Herbert Smith Freehills over took Allen & Overy (now in ninth place) to lead the legal advisor league table in 213 with deals valued at US$ 57.9bn Quarterly M&A growth comparison Total M&A value and volume 45 4 Annual M&A Value Q4 M&A value Q3 M&A Value Q2 M&A Value Q1 M&A Value M&A Value Number of Deals 3, 2,5 3 2, Value of Deals (US$bn) Value of Deals (US$bn) Asia-Pacific s (excl. Japan) reached the highest value for M&A on Mergermarket record (since 21) in 213 with deals valued at US$ 43.4bn, up 15% from 212(US$ 35.9bn) 1,5 1, 5 Number of Deals Amid a global slowdown during Q4, Asia-Pacific (excl. Japan) fared better than other regions as it was the only region to increase its Q4 value (US$ 12.7bn) compared to Q4 212 (US$ 85.1bn), up 41.8%. It also saw the highest increase from Q3, up 12.2% from Q3 s two year high of US$ 17.6bn Mid-market M&A reached the highest annual total on Mergermarket record (since 21). Deals totalled US$ 141.9bn were up 42.9% by value compared to 212 (US$ 99.3bn) and contributed the highest share (23.4%) to the total mid-market value since 29 (27.4%) The largest transaction in Q4 was the announcement of the region s only mega-deal this year. Westfield s US$ 1.8bn merger of its Australia and New Zealand assets with Westfield REIT to create Scentre Group had a 1% higher deal value than the top deal during Q1-Q3 (a US$ 9.8bn joint venture between Taikang Asset Management Company and Beijing Guolian Energy Industry Investment Fund) Mergermarket 213 Trend Report 38

39 Asia-Pacific (excl. Japan): Industry and Cross-border analysis 213 vs. (212) value and market share comparison Asia-Pacific (excl. Japan) cross-border analysis Business Services: US$ 12.3bn (US$ 12.7bn) Consumer: US$ 42.7bn (US$ 49bn) Energy, Mining & Utilities: US$ 93.9bn (US$ 65.5bn) Financial Services: US$ 51.7bn (US$ 54.8bn) Industrials & Chemicals: US$ 55.7bn (US$ 59bn) Leisure: US$ 7.6bn (US$ 5.2bn) Pharma, Medical & Biotech: US$ 16.5bn (US$ 12.5bn) Real Estate: US$ 36.7bn (US$ 11.5bn) TMT: US$ 44.5bn (US$ 53.1bn) 9.1% 11.% 4.1% 1.9% 3.3% 3.6% 1.5% 5.1% 15.1% 16.8% 5.2% 3.8% 3.6% 4.1% % 15.6% 14.% 1.6% 18.7% 23.3% 213 Outbound activity was valued between US$ 16bn - US$ 19bn every quarter in 213 apart from Q2 s US$ 26.5bn. With consistent deal values, the year ended with deals valued at US$ 8.2bn, a slight decrease of 2.4% from 212 (US$ 82.2bn) Africa and Middle East saw an 163.4% worth of value from Asia-Pacific (excl. Japan) with deals valued at US$ 18.8bn compared to US$ 7.1bn last year. As a result the annual total of outbound deals into the region accounted for 23.4% of total outbound investment, a considerable increase from 8.7% in 212. This is likely to continue as the region looks into more energy resources. Inbound M&A also failed to make a significant difference compared to 212 with deals valued at US$ 69.4bn yet it still registered a 3% increase from US$ 67.4bn last year. Inbound investment from every region remained on par with the values seen last year Consumer deals were most active in Asia s outbound transactions with deals valued at US$ 12.3bn more than doubling the value in 212 (US$ 4.1bn) with eight extra deals. Meanwhile, inbound investment into the sector during 213 declined 36.4% to US$ 11bn compared to US$ 17.3bn last year Transport: US$ 2.7bn (US$ 14.5bn) 13.8% 12.8% 25 Outbound M&A Value Inbound M&A Value 6 Inbound Number of Deals Other: US$ 21.1bn (US$ 13.2bn) 2 Outbound Number of Deals 5 Asia-Pacific (excl. Japan) saw the majority of its sectors increase by both deal value and number of deals, the opposite trend seen in most other regions The largest increase by both deal value and deal count was the Real Estate sector, up 219.1% by value to US$ 36.7bn compared to US$ 11.5bn in 212 and up 49.4% by deal count with 121 deals versus 81 last year Value of Deals (US$bn) Number of Deals Energy, Mining & Utilities M&A remained the most active sector during 213 with deals worth US$ 93.9bn, up 43.4% by value from 212 (US$ 65.5bn) and increasing its market share to 23.3% compared to 18.7% last year As the region s Pharma, Medical & Biotech companies battle it out to be the market leader (particularly in China), the sector saw the second highest increase by deal count (after Real Estate), up 27.5% with 195 deals compared to 153 deals last year. The sector also saw a 32% increase by value with deals valued at US$ 16.5bn versus US$ 12.5bn in Mergermarket 213 Trend Report 39

40 Asia-Pacific (excl. Japan): Top deals * : lapsed/ withdrawn bid Announced Date Bidder Company Bidder Legal Advisors Target Company Target/Seller Legal Advisors Seller Company Deal Value (US$bn) 4-Dec-13 Scentre Group Westfield Retail Trust Ashurst; Herbert Smith Freehills; Advising seller: Skadden Arps Slate Meagher & Flom Westfield Group Jun-13 Taikang Asset Management Company; and Beijing Guolian Energy Industry Investment Fund PetroChina United Pipelines Company Limited (5% Stake) Advising seller: King & Wood Mallesons PetroChina Company Limited May-13* China Resources Power Holdings Co Ltd Fangda Partners; Advising FA: Norton Rose Fulbright China Resources Gas Group Limited Herbert Smith Freehills; Slaughter and May 7 31-May-13 SM Prime Holdings Inc SM Land Inc SM Investments Corporation; and SY Family Apr-13 CP ALL Plc Baker & McKenzie Siam Makro Public Co Ltd (96.9%) Advising seller: Clifford Chance SHV Holdings NV Jul-13 Mitsubishi UFJ Financial Group Inc Allen & Overy; Nishimura & Asahi; Sullivan & Cromwell Bank of Ayudhya Public Company Limited (72.1% Stake) Baker & McKenzie; Advising seller: King & Wood Mallesons; Thanathip & Partners GE Capital Corporation Sep-13 China National Petroleum Corporation Vinson & Elkins Kashagan Oil Project (8.33% Stake) ConocoPhillips Company Feb-13 Guangxi Guiguan Electric Power Co Ltd Capital Law & Partners LongTan Hydropower Development Co Ltd (85% Stake) 1-Apr-13 Midea Group Co Ltd JiaYuan Law Firm GD Midea Holding Co Ltd (58.83% Stake) Guangxi Investment Group Co Ltd; China Datang Corporation; and Guizhou Industrial Investment Co Ltd Zhong Xin Xie Cheng Law Firm Apr-13 NSW Ports Consortium Herbert Smith Freehills Port Botany Advising seller: Minter Ellison Government of New South Wales 4.5 Mergermarket 213 Trend Report 4

41 Asia-Pacific (excl. Japan): Legal advisor league tables League table of legal advisors to M&A by value: Asia-Pacific (excl. Japan) Company Name Value Deal Value % Val. 3 1 Herbert Smith Freehills 57, , % 4 2 King & Wood Mallesons 49, , % 6 3 Linklaters 44, , % 5 4 Skadden Arps Slate Meagher & Flom 39, , % 8 5 Baker & McKenzie 3, ,73 7.2% 27 6 Clifford Chance 26, ,387 51% 35 7 Kim & Chang 23, , % 2 8 Freshfields Bruckhaus Deringer 23, , % 1 9 Allen & Overy 22, ,692-59% 31 1 Allens 22, , % Fangda Partners 22, , % Ashurst 21, , % Davis Polk & Wardwell 19, , % Minter Ellison 15, , % Norton Rose Fulbright 15, ,84-15% Slaughter and May 14, , % Jones Day 14, , % Paul Hastings 14, , % Simpson Thacher & Bartlett 13, , % 14 2 Sullivan & Cromwell 13, , % League table of legal advisors to M&A by deal count: Asia-Pacific (excl. Japan) Company Name Value Deal Deal Count 2 1 King & Wood Mallesons 49, Baker & McKenzie 3, DLA Piper 4, Herbert Smith Freehills 57, Kim & Chang 23, Allens 22, Minter Ellison 15, Linklaters 44, Allen & Overy 22, Ashurst 21, Shin & Kim 9, Norton Rose Fulbright 15, AZB & Partners 3, Skadden Arps Slate Meagher & Flom 39, Bae Kim & Lee 12, Clifford Chance 26, Amarchand & Mangaldas & Suresh A Shroff & Co 9, Clayton Utz 3, Freshfields Bruckhaus Deringer 23, Lee & Ko 9, Mergermarket 213 Trend Report 41

42 Asia-Pacific (excl. Japan): Legal advisor league tables to buyouts League Table of legal advisors to private equity buyouts by value: Asia-Pacific (excl. Japan) Company Name Value Deal Value % Val. 5 1 Kim & Chang 9, , % 27 2 Herbert Smith Freehills 6, % 8 3 King & Wood Mallesons 3, , % 3 4 Cleary Gottlieb Steen & Hamilton 2, % 16 5 Skadden Arps Slate Meagher & Flom 2, , % 37 6 Bae Kim & Lee 1, % - 7 Torys 1, Baker & McKenzie 1, % - 9 Debevoise & Plimpton 1, Conyers Dill & Pearman 1, , % Simpson Thacher & Bartlett 1, % 7 12 Davis Polk & Wardwell , % Allen & Overy % Shin & Kim % 1 16 Paul Weiss Rifkind Wharton & Garrison , % Clifford Chance % 2 18 Freshfields Bruckhaus Deringer , % Gilbert + Tobin , % 4 2 Ropes & Gray ,868-85% Allen & Gledhill % * Based on the target geography only and the advisor advising the buy-side only League Table of legal advisors to private equity buyouts by deal count: Asia-Pacific (excl. Japan) Company Name Value Deal Deal Count 2 1 Kim & Chang 9, Skadden Arps Slate Meagher & Flom 2, AZB & Partners Allen & Overy O'Melveny & Myers Herbert Smith Freehills 6, Cleary Gottlieb Steen & Hamilton 2, Bae Kim & Lee 1, Simpson Thacher & Bartlett 1, Shin & Kim Clifford Chance Amarchand & Mangaldas & Suresh A Shroff & Co Minter Ellison King & Wood Mallesons 3, Baker & McKenzie 1, Conyers Dill & Pearman 1, Gilbert + Tobin Johnson Winter & Slattery Fangda Partners Nishith Desai Associates Mergermarket 213 Trend Report 42

43 Asia-Pacific (excl. Japan): Legal advisor league tables League table of legal advisors to M&A by value: Asia (Excl. Japan & Australasia) Company Name Value Deal Value % Val. 4 1 Linklaters 42, ,368 5% 22 2 King & Wood Mallesons 34, ,575 75% 3 3 Herbert Smith Freehills 28, , % 7 4 Skadden Arps Slate Meagher & Flom 27,6 4 27, % 25 5 Clifford Chance 25, ,657 53% 11 6 Baker & McKenzie 25, ,76 5.6% 33 7 Kim & Chang 23, , % 2 8 Freshfields Bruckhaus Deringer 22, , % 27 9 Fangda Partners 22, , % 13 1 Davis Polk & Wardwell 19, , % 1 11 Allen & Overy 19, ,89-6.2% Norton Rose Fulbright 14, , % Slaughter and May 13, , % Sullivan & Cromwell 13, , % Paul Hastings 13, , % League table of legal advisors to M&A by deal count: Asia (Excl. Japan & Australasia) Company Name Value Deal Deal Count 2 1 Kim & Chang 23, Baker & McKenzie 25, Shin & Kim 9, Linklaters 42, King & Wood Mallesons 34, AZB & Partners 3, Bae Kim & Lee 11, Allen & Overy 19, Skadden Arps Slate Meagher & Flom 27, Amarchand & Mangaldas & Suresh A Shroff & Co 9, Clifford Chance 25, Freshfields Bruckhaus Deringer 22, Lee & Ko 9, DLA Piper 3, Allen & Gledhill 8, League table of legal advisors to M&A by value: Australasia Company Name Value Deal Value % Val. 1 1 Herbert Smith Freehills 36, , % 2 2 Allens 22, , % 4 3 Ashurst 19, ,351 68% 3 4 King & Wood Mallesons 18, , % 7 5 Minter Ellison 15, , % 22 6 Skadden Arps Slate Meagher & Flom 12,59 5 2, % 12 7 Corrs Chambers Westgarth 8, , % 6 8 Gilbert + Tobin 8, ,891-19% 9 9 Linklaters 7, , % 11 1 Baker & McKenzie 6, , % 4 11 Russell McVeagh 4, % Johnson Winter & Slattery 4, , % 5 13 Clayton Utz 3, , % Allen & Gledhill 3, % 8 15 Allen & Overy 3, , % League table of legal advisors to M&A by deal count: Australasia Company Name Value Deal Deal Count 2 1 King & Wood Mallesons 18, Allens 22, Minter Ellison 15, Herbert Smith Freehills 36, DLA Piper 1, Ashurst 19, Baker & McKenzie 6, Clayton Utz 3, Corrs Chambers Westgarth 8, Norton Rose Fulbright 1, Gilbert + Tobin 8, Johnson Winter & Slattery 4, Chapman Tripp 3, Linklaters 7, Allen & Overy 3, Mergermarket 213 Trend Report 43

44 Asia-Pacific (excl. Japan): Legal advisor league tables League table of legal advisors to M&A by value: Greater China Company Name Value Deal Value % Val King & Wood Mallesons 32, , % 4 2 Linklaters 25, ,4 1% 16 3 Fangda Partners 22, , % 18 4 Skadden Arps Slate Meagher & Flom 18, , % 1 5 Herbert Smith Freehills 16, , % 35 6 Vinson & Elkins 12, , % 34 7 Slaughter and May 1, ,345 14% 37 8 Norton Rose Fulbright 1, , % 5 9 JiaYuan Law Firm 9,33 1 2, % 48 1 Paul Hastings 9,15 6 2, % Simpson Thacher & Bartlett 8, , % 1 12 Freshfields Bruckhaus Deringer 8, , % 5 13 Davis Polk & Wardwell 7, , % Grandall Law Firm 7, ,77-8.9% - 15 Troutman Sanders 7, League table of legal advisors to M&A by deal count: Greater China Company Name Value Deal Deal Count 1 1 King & Wood Mallesons 32, Linklaters 25, Skadden Arps Slate Meagher & Flom 18, Fangda Partners 22, Zhong Lun Law Firm 7, Baker & McKenzie 6, Grandall Law Firm 7, O'Melveny & Myers 2, Freshfields Bruckhaus Deringer 8, Grandway Law Offices 6, Clifford Chance 6, Jingtian & Gongcheng 4, DLA Piper 1, Jun He Law Offices 4, Shearman & Sterling 4, League table of legal advisors to M&A by value: India Company Name Value Deal Value % Val. 1 1 Amarchand & Mangaldas & Suresh A Shroff & Co 9, , % 25 2 Simmons & Simmons 5, , 412% 16 3 Jones Day 4,9 4 1, % 46 4 Davis Polk & Wardwell 3, ,7.5% 39 5 Linklaters 3, % Talwar Thakore & Associates 3, Slaughter and May 3,35 5 4, % 89 8 White & Case 3, ,158.3% 7 9 AZB & Partners 3, ,855-32% - 1 PLMJ - Sociedade de Advogados 2, Bowman Gilfillan Africa Group 2, Homburger 2, = CMS 2, = Sullivan & Cromwell 2, Khaitan & Co 2, , % League table of legal advisors to M&A by deal count: India Company Name Value Deal Deal Count 4 1 AZB & Partners 3, Amarchand & Mangaldas & Suresh A Shroff & Co 9, Khaitan & Co 2, Desai & Diwanji Trilegal J Sagar Associates DLA Piper 1, Tatva Legal Nishith Desai Associates Rajani, Singhania & Partners DSK Legal 1, Luthra & Luthra Law Offices Talwar Thakore & Associates 3, Slaughter and May 3, White & Case 3, Mergermarket 213 Trend Report 44

45 Asia-Pacific (excl. Japan): Legal advisor league tables League table of legal advisors to M&A by value: South East Asia Company Name Value Deal Value % Val. 6 1 Baker & McKenzie 18, ,867 14% 14 2 Clifford Chance 12, , % 7 3 Linklaters 9, ,7-37.7% 5 4 Allen & Overy 9, , % 71 5 Davis Polk & Wardwell 8, ,586% 1 6 Allen & Gledhill 8, , % Nishimura & Asahi 7, ,336% 11 8 Freshfields Bruckhaus Deringer 7, ,43-44% 9 9 Latham & Watkins 7, ,214-5% 27 1 Skadden Arps Slate Meagher & Flom 6,78 6 1, % Herbert Smith Freehills 6, , % Sullivan & Cromwell 5, % Shearman & Sterling 5, , % 3 14 Stamford Law Corporation 4, , % Minter Ellison 3, ,83.2% League table of legal advisors to M&A by deal count: South East Asia Company Name Value Deal Deal Count 2 1 Allen & Gledhill 8, Baker & McKenzie 18, Allen & Overy 9, WongPartnership 2, Clifford Chance 12, Linklaters 9, Stamford Law Corporation 4, Rajah & Tann 2, Freshfields Bruckhaus Deringer 7, Herbert Smith Freehills 6, Norton Rose Fulbright 2, Shook Lin & Bok Singapore 1, Mah-Kamariyah & Philip Koh Skadden Arps Slate Meagher & Flom 6, Simpson Thacher & Bartlett 3, League table of legal advisors to M&A by value: South Korea Company Name Value Deal Value % Val. 1 1 Kim & Chang 23, , % 2 2 Bae Kim & Lee 11, , % 6 3 Shin & Kim 9, , % 4 4 Lee & Ko 9, ,5 53.4% 3 5 Yulchon 5, ,727-34% 13 6 Paul Hastings 4, % - 7 Cleary Gottlieb Steen & Hamilton 3, Wachtell, Lipton, Rosen & Katz 2, Barun Law 1, ,118.7% 3 1 Allen & Overy 1, % Wilson Sonsini Goodrich & Rosati 1, % Hankyul Law Firm 1, % - 13= Norton Rose Fulbright 1, = Osler, Hoskin & Harcourt 1, = Shearman & Sterling 1, League table of legal advisors to M&A by deal count: South Korea Company Name Value Deal Deal Count 1 1 Kim & Chang 23, Shin & Kim 9, Bae Kim & Lee 11, Lee & Ko 9, Yulchon 5, Yoon & Yang Kim, Choi & Lim Hankyul Law Firm 1, Cleary Gottlieb Steen & Hamilton 3, Paul Hastings 4, O'Melveny & Myers Skadden Arps Slate Meagher & Flom Hyun Attorneys At Law Linklaters Jipyong Jisung Mergermarket 213 Trend Report 45

46 Japan: Overview of 213 Infrastructure M&A in Japan more than doubled in value to US$ 7.8bn from the same time last year as restructuring for the 22 Olympic games begins Nishimura & Asahi moved up 14 positions to lead the legal advisor league table with 65 mandates valued at US$ 36.1bn Quarterly M&A growth comparison Total M&A value and volume Annual M&A Value Q4 M&A Value Q3 M&A Value Q2 M&A Value Q1 M&A Value Value of Deals (US$bn) M&A Value Number of Deals Number of Deals Value of Deals (US$bn) Japan s M&A value declined for the second straight year in 213 with deals valued at US$ 42.9bn down 39.9% from the same period in 212 (US$ 71.4bn). It was the lowest valued year in almost a decade (24 was valued at US$ 39.2bn) The source of the decline was Q4 s US$ 6.5bn-worth of deals being the lowest valued quarter since Q3 24 (US$ 6.5bn). The US$ 1bn+ tally during Q2 and Q3 signalled confidence in the country until the final quarter dropped 6.1% compared to Q4 212 (US$ 16.3bn) and 5% from Q3 213 (US$ 13bn) Continued resilience to invest in large-cap deals since Shinzo Abe came to power was demonstrated by an increase in only the less risky small-cap deals. The 39 deals under US$ 25m totalled US$ 11.7bn during 213, up slightly from the 331 deals valued at US$ 9.8bn in the same bracket during 212 Japan Cablenet, a cable operator that focuses on local broadcasting, was acquired for US$ 1.1bn by Japan s largest cable TV operator, Jupiter Telecommunications. This was the largest deal in Q4 and saw one shareholder command higher values than 21 s offer price and labelled an original offer grossly unfair Mergermarket 213 Trend Report 46

47 Japan: Industry and Cross-border analysis Agriculture: US$ bn (US$ -bn) 213 vs. (212) value and market share comparison Japanese cross-border analysis The climb in value can be attributed to the US-based Applied Materials acquisition of Tokyo Electron for US$ 8.7bn in Q3 which contributed 68% to the total value of inbound transactions Business Services: US$ 2.4bn (US$ 2.3bn) Construction: US$ 3.1bn (US$ 1.3bn) Consumer: US$ 5.7bn (US$ 8.7bn) Energy, Mining & Utilities: US$ 3.6bn (US$ 17.7bn) Financial Services: US$ 2bn (US$ 4.2bn) 29.8% 26.5%.2% 5.6% 3.2% 1.8% % 7.2% 13.3% 213 If the Tokyo Electron deal was excluded from the total deal value, there were only 33 inbound transactions worth US$ 4.1bn, representing a sizeable 58.6% drop compared to 212 s total of US$ 9.9bn. It would also have resulted in the lowest total value of inbound deals since 26 (US$ 2.7bn) Subdued inbound deals during Q2 (US$.4bn) and Q4 (US$ 1.1bn) were responsible for the annual decline. Q4 was down 89.7% compared to Q3 (US$ 1.3bn) and if the Tokyo Electron deal was excluded from Q3 s total, Q4 would still represent a 31.3% decrease Industrials & Chemicals: US$ 5.2bn (US$ 13.8bn) Leisure: US$ 1.4bn (US$ 1.3bn) Pharma, Medical & Biotech: US$ 2bn (US$.4bn) 1.7% 3.6%.6% 1.8% 19.4% 5.9% 24.8% 4.7% 8.4% Outbound deal value saw a quarter-on-quarter recovery during 213 ending Q3 with US$ 21.6bn-worth of deals. The climb in deal value ceased in Q4 though with a 39.4% decline from Q3 to US$ 13.1bn. The total value of outbound deals during 213 was US$ 47.4bn, down 58.8% from 212 (US$ 115.2bn) Real Estate: US$ 4.6bn (US$ 2.6bn) TMT: US$ 12.8bn (US$ 18.9bn) 4.7% 3.3% 12.1% 14 Outbound M&A Value Inbound M&A Value 3 12 Inbound Number of Deals Outbound Number of Deals 25 Japan s Infrastructure M&A (Real Estate, Construction and Transportation) during 213 more than doubled by value compared to 212, up 95% to US$ 7.8bn from US$ 4bn. These Infrastructure sub-sectors made up half of the sectors to increase deal values compared to 212 (the other were Business Services, Leisure and Pharma, Medical & Biotech) The highest value increase in any of the Infrastructure related sub-sectors was in Construction M&A, due to the third largest deal of the year targeting Hajime Construction for US$ 2.1bn in June. The 16 domestic Construction deals during the year were valued at US$ 3.1bn, up 138.5% compared to 212 s US$ 1.3bn. The sector has steadily increased in value since 211 (US$.3bn) Value of Deals (US$bn) Number of Deals The market share of TMT M&A during 213 (US$ 12.8bn) increased to 29.8% from 26.5% during 212 (US$ 18.9bn). This was due to Technology M&A, valued at US$ 11.3bn, making up 88.3% of the total value. After three years of inclining deal value, Technology M&A in Japan has reached the highest value on Mergermarket record (since 21) at US$ 11.3bn, up 6.6% from its previous peak in 212 (US$ 1.6bn) Mergermarket 213 Trend Report 47

48 Japan: Top deals Announced Date Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Advisor Seller Company Deal Value (US$bn) 24-Sep-13 Applied Materials Inc De Brauw Blackstone Westbroek; Mori Hamada & Matsumoto; Weil Gotshal & Manges; Advising FA: Simpson Thacher & Bartlett 11-Jun-13 Hitachi Ltd and Mitsubishi Heavy Industries Ltd (Joint venture) Tokyo Electron Limited Mitsubishi Heavy Industries Ltd (Thermal power generation systems business); and Hitachi Ltd (Thermal power generation systems business) Jones Day; Nishimura & Asahi; Advising FA: Latham & Watkins Advising seller:herbert Smith Freehills; Hogan Lovells International; Mori Hamada & Matsumoto; Nishimura & Asahi; Noerr; Werksmans Hitachi Ltd; and Mitsubishi Heavy Industries Ltd 27-Jun-13 Iida Home Max Co Ltd Nishimura & Asahi Hajime Construction Co Ltd Ryoju Corporation Apr-13 Nippon Steel Trading Co Ltd Nishimura & Asahi Sumikin Bussan Corporation Mori Hamada & Matsumoto Sep-13 Kohlberg Kravis Roberts & Co LP Nishimura & Asahi; Simpson Thacher & Bartlett Panasonic Healthcare Co Ltd (8% Stake) Advising seller:nagashima Ohno & Tsunematsu; Advising FA: Shearman & Sterling Panasonic Corporation Jun-13 Iida Home Max Co Ltd Nishimura & Asahi Arnest One Corp Nov-13 Jupiter Telecommunications Co Ltd Nagashima Ohno & Tsunematsu Japan Cablenet Limited Advising seller:nishimura & Asahi KDDI Corporation Feb-13 Hitachi Metals Ltd Mori Hamada & Matsumoto Hitachi Cable Ltd Nagashima Ohno & Tsunematsu.9 25-Mar-13 Temp Holdings Co Ltd Mori Hamada & Matsumoto Intelligence Holdings Ltd Advising seller: Nagashima Ohno & Tsunematsu; Simpson Thacher & Bartlett 26-Apr-13 Marubeni Corporation Nishimura & Asahi MX Mobiling TMI Associates; Advising FA: Mori Hamada & Matsumoto Kohlberg Kravis Roberts & Co LP.7 NEC Corporation.7 Mergermarket 213 Trend Report 48

49 Japan: Legal advisor league tables League table of legal advisors to M&A by value: Japan Company Name Value Deal Value % Val Nishimura & Asahi 36, , % 1 2 Mori Hamada & Matsumoto 26, , % 29 3 Simpson Thacher & Bartlett 15, , % 13 4 Weil Gotshal & Manges 14, ,49.7% 15 5 De Brauw Blackstone Westbroek 12, ,1.7% 2 6 Nagashima Ohno & Tsunematsu 11, , % 57 7 Allen & Overy 1, , % 28 8 Linklaters 1, ,52 45% 42 9 Latham & Watkins 1, , % 23 1 Baker & McKenzie 1, , % Jones Day 1, ,4 12.4% Clifford Chance 7, ,9-62.7% Sullivan & Cromwell 7, , % Herbert Smith Freehills 5, % Anderson Mori & Tomotsune 5, ,21-8.1% League table of legal advisors to M&A by deal count: Japan Company Name Value Deal Deal Count 1 1 Mori Hamada & Matsumoto 26, Nishimura & Asahi 36, Nagashima Ohno & Tsunematsu 11, Anderson Mori & Tomotsune 5, Baker & McKenzie 1, TMI Associates 2, Freshfields Bruckhaus Deringer 4, Morrison & Foerster 4, Linklaters 1, Clifford Chance 7, White & Case 5, Skadden Arps Slate Meagher & Flom 4, Allen & Overy 1, Latham & Watkins 1, Oh-Ebashi LPC & Partners 1, Mergermarket 213 Trend Report 49

50 Africa & Middle East: Overview of 213 M&A targeting Africa & the Middle East in 213 (US$ 64.2bn) increased over a quarter compared to 212 to the highest level in six years Linklaters replaced Allen & Overy from 212 to lead in the legal advisor league table by value with 17 deals valued at US$ 15bn Quarterly M&A growth comparison Total M&A comparing the top three emerging market countries in 213 by value Annual M&A Value Q4 M&A Value Q3 M&A Value Q2 M&A Value Q1 M&A Value M&A Value Number of Deals Value of Deals (US$bn) Number of Deals Value of Deals (US$bn) The total value of 213 s M&A in the Middle East & Africa was US$ 64.2bn, up 26.9% compared to 212 (US$ 5.6bn). It marked the second annual increase and the highest value in six years (27 valued at US$ 87.1bn) For the first time since 27 every quarter during 213 posted values above US$ 12bn. Q4 s US$ 15.4bn-worth of deals was marginally above Q3 (US$ 14.6bn), up 5.5%. Compared to Q4 212 (US$ 18.6bn) though, Q4 s deal value was down 17.2% The highest valued deal for the region during 213 was the acquisition of Dubai Aluminum Company and Emirates Aluminum by Emirates Global Aluminum for US$ 7.5bn The largest deal in Q4 was the second highest valued deal of the year and was responsible for a boost in value in the TMT sector. Emirates Telecommunications Corporation acquired a 53% stake in Maroc Telecom for US$ 6.1bn in the third largest deal in the combined region on record (since 21) Mergermarket 213 Trend Report 5

51 Africa & Middle East Industry and Cross-border analysis 213 vs. (212) value and market share comparison Africa & the Middle East cross-border analysis Business Services: US$.4bn (US$.8bn) Opportunities that companies in the region offer were swept up by oforeign companies in 213 that reached the highest level since 27 (US$ 42.9bn). Inbound deal value at US$ 36.4bn was up by 58.3% compared to 212 s value (US$ 23bn) Consumer: US$ 3bn (US$ 4.3bn) Energy, Mining & Utilities: US$ 23.1bn (US$ 18.3bn) Financial Services: US$ 3.2bn (US$ 11.2bn) Industrials & Chemicals: US$ 11.9bn (US$ 1.7bn) 16.6%.2% 21.7% 6.8%.6% 4.7% 2.4%.8% 1.6% 8.5% Over 47.3% of the total inbound deal value came from Asia targeting Energy, Mining & Utility companies with deals valued at US$ 17.1bn Total deal value of outbound deals in 213 (US$ 17.1bn) was up 7.5% compared to 212 (US$ 15.9bn). Outbound deal value in Q4 valued at US$ 6.2bn reached the highest value for any quarter in over two years (Q2 211 valued at US$ 11.2bn) Leisure: US$.1bn (US$.4bn) Pharma, Medical & Biotech: US$ 4.4bn (US$ 1.2bn) 4.7% 2.4%.8% 3.4% 36.2% 35.9% TMT companies in the region are being more active in their domestic M&A but also outbound. Outbound deals were value at US$ 5.9bn, up over three times the value in 212 (US$ 1.4bn) to the highest value since 28 (US$ 8.1bn) Real Estate: US$ 3bn (US$.1bn) 6.8%.2% 22.1% Asia s TMT sector was targeted for outbound deals in 213 with seven deals valued at US$ 1.9bn being the highest number of deals on Mergermarket record (since 21) TMT: US$ 1.7bn (US$ 11bn) Transport: US$.1bn (US$.4bn) 18.5% 5.% 3 Outbound M&A Value Inbound M&A Value 1,2 Inbound Number of Deals Other: US$ 4.4bn (US$ 1.2bn) 25 Outbound Number of Deals 1, The attraction to the region s Energy, Mining & Utilities companies reached a record level in 213 with deals valued at US$ 23.1bn marking the fifth consecutive year to increase deal values, up 26.2% compared to 212 (US$ 18.3bn) Over a third (39%) of the total value into the region s Energy, Mining & Utilities sector came from China (US$ 9bn), the highest level of investment China has invested into the region s sector. It also boosted Asia s total investment (US$ 17.2bn) by 168.8% over 212 (US$ 6.4bn) to the highest value on Mergermarket record (since 21) Value of Deals (US$bn) Number of Deals TMT M&A in 213, a sector under consolidation globally, had the third highest share of deals targeting the regions by value with deals valued at US$ 1.7bn, down 2.7% from 212 (US$ 11bn). The domestic share of this value reached US$ 7.1bn, the second annual increase and up 39.2% from 212 to the highest since 29 (US$ 14.2bn) Mergermarket 213 Trend Report 51

52 Africa & Middle East: Top deals * : lapsed/withdrawn bid Announced Date Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Advisors Seller Company Deal Value (US$bn) 3-Jun-13 Emirates Global Aluminium Dubai Aluminium Company Limited; and Emirates Aluminium Advising sellers: Allen & Overy; Latham & Watkins; Linklaters Mubadala Development Company PJSC; and Investment Corporation of Dubai 7,5 31-Mar-13* Altimo Zulficar & Partners Orascom Telecom Holding SAE White & Case; Advising seller: Skadden Arps Slate Meagher & Flom VimpelCom Ltd 6,43 5-Nov-13 Emirates Telecommunications Corporation Freshfields Bruckhaus Deringer Maroc Telecom (53% Stake) Advising seller: Gibson Dunn & Crutcher Vivendi SA 6,1 14-Mar-13 China National Petroleum Corporation Gianni, Origoni, Grippo, Cappelli & Partners; Herbert Smith Freehills Eni East Africa Spa (28.57% Stake) Advising seller: Linklaters Eni SpA 4,21 29-Aug-13 Sinopec International Petroleum Exploration and Production Corporation Vinson & Elkins Apache Corporation (Egypt oil and gas business) (33% Stake) Advising seller: Weil Gotshal & Manges Apache Corporation 3,1 25-Aug-13 ONGC Videsh Limited Simmons & Simmons Rovuma Offshore Area 1 Block (1% Stake) Anadarko Petroleum Corporation 2,64 25-Jun-13 ONGC Videsh Limited; and Oil India Limited Kochhar & Co; PLMJ - Sociedade de Advogados; Simmons & Simmons Rovuma Offshore Area 1 Block (1% Stake) Advising seller: Amarchand & Mangaldas & Suresh A Shroff & Co Videocon Mauritius Energy Limited 2, Jan-13 Abraaj Capital Holdings Limited; and the Sawiris Family Sarie-Eldin & Partners; Advising FA: Jones Day Orascom Construction Industries SAE (25% Stake) Allen & Overy 2,21 1-May-13 Berkshire Hathaway Inc Munger Tolles & Olson IMC International Metalworking Companies BV (2% Stake) Wachtell, Lipton, Rosen & Katz Wertheimer family 2,5 21-Jan-13 Aldar Properties PJSC Allen & Overy Sorouh Real Estate PJSC Clifford Chance 2,3 Mergermarket 213 Trend Report 52

53 Africa & Middle East: Legal advisor league tables League table of legal advisors to M&A by value: Africa & Middle East Company Name Value Deal Value % Val. 4 1 Linklaters 15, , % 1 2 Allen & Overy 13, , % 37 3 Latham & Watkins 9, , % 97 4 White & Case 9, ,118.8% 2 5 Freshfields Bruckhaus Deringer 9, , % 31 6 Gibson Dunn & Crutcher 7, , % 3 7 Clifford Chance 7, , % - 8 Zulficar & Partners 6, Vinson & Elkins 6,32 7 2, % 61 1 Simmons & Simmons 5, % Herbert Smith Freehills 4, ,139.4% - 12 Gianni, Origoni, Grippo, Cappelli & Partners 4, Weil Gotshal & Manges 4,21 4 1, % Amarchand & Mangaldas & Suresh A Shroff & Co 3, ,13% 8 15 Hogan Lovells International 3, % 5 16 Edward Nathan Sonnenbergs 3, , % Simpson Thacher & Bartlett 3, % Skadden Arps Slate Meagher & Flom 3, , % Bowman Gilfillan Africa Group 3, % 7 2 Cleary Gottlieb Steen & Hamilton 3, , % League table of legal advisors to M&A by deal count: Africa & Middle East Company Name Value Deal Deal Count 1 1 Edward Nathan Sonnenbergs 3, Bowman Gilfillan Africa Group 3, DLA Cliffe Dekker Hofmeyr 1, Allen & Overy 13, Norton Rose Fulbright 2, Webber Wentzel 3, Werksmans 1, Clifford Chance 7, DLA Piper 1, Linklaters 15, Freshfields Bruckhaus Deringer 9, White & Case 9, Latham & Watkins 9, Gibson Dunn & Crutcher 7, Herzog, Fox and Neeman 1, Meitar Liquornik Geva Leshem Tal & Co 2, Baker & McKenzie Hogan Lovells International 3, Ashurst 1, Vinson & Elkins 6, Mergermarket 213 Trend Report 53

54 Emerging Markets: Overview of 213 Investors shun emerging market M&A during 213 and avoid volatility, deal value during 213 dropped 6.7% to US$ 488.7bn compared to 212 (US$ 524bn) Quarterly M&A growth comparison Total M&A comparing the top three emerging market countries in 213 by value Annual Q4 M&A Value Q3 M&A Value Q2 M&A Value Q1 M&A Value Value of Deals (US$bn) ,5 3, 2,5 2, 1,5 1, 5 Number of Deals Value of Deals (US$bn) Other EM M&A Brazil M&A China M&A Russia M&A Number of deals During the height of the financial crisis, investors sought alternative opportunities in the emerging markets. Following a low of US$ 329.3bn in 29, annual M&A values in the region have been at pre-crisis levels (27 US$ 451.7bn), topping US$ 45bn every year since. With a total value of US$ 488.7bn, 213 continues the trend however, dropping 6.7% compared to 212 (US$ 524bn) The M&A slow down can largely be attributed to continued economic recovery in the US and Europe, which in turn has lead to a shift in investor focus from emerging markets to more domestic deal making. M&A deal value came to US$ 139.9bn during Q4, up 7.5% from Q3 (US$ 13.1bn), but down 29.4% compared to Q4 212 (US$ 198.2bn) BRIC M&A during 213 totalled US$ 314.7bn, 6.7% lower than 212 (US$ 337.4bn). China led the activity (US$ 162bn) with a 33.2% market share, double Russia s proportion (US$ 84bn, 17.2%) and ahead of Brazil (US$ 47.9bn, 9.8%) and India (US$ 2.7bn, 4.2%) Mergermarket 213 Trend Report 54

55 Emerging Markets: Industry and Cross-border analysis 213 vs. (212) value and market share comparison Emerging Markets cross-border analysis Business Services: US$ 17.5bn (US$ 17.5bn) Inbound activity saw an 18.8% decline in 213 with deals valued at US$ 122.2bn compared to US$ 15.4bn in 212. The last time the region saw a lower inbound deal value was in 29 (US$ 7.8bn), underlining the role of the risk averse investor Consumer: US$ 54.6bn (US$ 65.5bn) Energy, Mining & Utilities: US$ 131.8bn (US$ 161.1bn) Financial Services: US$ 52.6bn (US$ 77.3bn) Industrials & Chemicals: US$ 63.5bn (US$ 68.4bn) Leisure: US$ 7.5bn (US$ 4.1bn) Pharma, Medical & Biotech: US$ 19bn (US$ 18.5bn) Real Estate: US$ 26.8bn (US$ 8.7bn) 13.7% 5.5% 3.9% 1.5% 1.7% 3.5%.8% 13.1% 4.4% 11.1% 5.5% 3.6% 3.9% 3.3% 4.6% % 12.5% 11.2% 3.8% 27.% 213 The slowdown for targeting the BRICS has benefited less traditional emerging markets. For example, the Czech Republic s US$ 7.4bn-worth of inbound deals in 213 was up 64.4% compared to 212 (US$ 4.5bn). Attention on smaller markets affected the average deal size for inbound deals (US$ 212.5m) resulting in the lowest average since 29 (US$ 152.6m) Cautious about currency valuations (e.g. India), political unrest (e.g. Thailand) and regulations (e.g. China), outbound value in Q4 (US$ 19.1bn) represented the second quarterly decline - down 12.8% from Q3 (US$ 21.9bn). However, Q4 was up 7.3% compared to Q4 212 (US$ 17.8bn) Total outbound activity in 213 dropped 27.6% compared to 212 (US$ 125.5bn), with deals valued at US$ 9.9bn being the lowest annual total since 29 (US$ 63.2bn) TMT: US$ 66.9bn (US$ 58.2bn) 13.% Transport: US$ 21.3bn (US$ 24.2bn) 1.8% 3 Outbound M&A Value Inbound M&A Value 1,2 Other: US$ 27.1bn (US$ 2.3bn) 25 Inbound Number of Deals Outbound Number of Deals 1, Energy, Mining & Utilities continued to dominate M&A deal activity in the emerging markets with US$ 131.8bn-worth of deals and a stable 27% market share (3.8% in 212). Deal value was down 18.2% compared to 212 (US$ 161.1bn) The Real Estate sector (124 deals valued at US$ 26.8bn) was one of five sectors to increase by both deal value and number of deals compared to 212, up the most by value and deal count at 28% and 45.9% respectively (US$ 8.7bn and 85 deals in 212) Value of Deals (US$bn) Number of Deals TMT was another sector to register an increase in both value and number of deals. Maroc Telecom was the subject of the largest deal in the region during Q4 and also the fourth largest deal targeting Africa on Mergermarket record (since 21). The company was acquired for US$ 6.1bn by United Emirates Communications, helping to raise the total value in the sector to US$ 66.9bn and 14.9% above last year s total of US$ 58.2bn Mergermarket 213 Trend Report 55

56 Emerging Markets: Top deals Announced Date Bidder Company Bidder Legal Advisors Target Company Target/Seller Legal Advisors Seller Company Deal Value (US$bn) 8-Apr-13 Russian Grids OAO Federal Grid Company of Unified Energy System OAO (79.64% Stake) The Federal Agency for State Property Management Jun-13 Taikang Asset Management Company; and Beijing Guolian Energy Industry Investment Fund PetroChina United Pipelines Company Limited (5% Stake) Advising seller: King & Wood Mallesons PetroChina Company Limited May-13 SM Prime Holdings Inc SM Land Inc SM Investments Corporation; and SY Family Mar-13* Altimo Zulficar & Partners Orascom Telecom Holding SAE White & Case; Advising seller: Skadden Arps Slate Meagher & Flom VimpelCom Ltd Apr-13 CP ALL Plc Baker & McKenzie Siam Makro Public Co Ltd (96.9% Stake) Advising seller: Clifford Chance SHV Holdings NV Nov-13 Emirates Telecommunications Corporation Freshfields Bruckhaus Deringer Maroc Telecom (53% Stake) Advising seller: Gibson Dunn & Crutcher Vivendi SA Jul-13 Mitsubishi UFJ Financial Group Inc Allen & Overy; Nishimura & Asahi; Sullivan & Cromwell Bank of Ayudhya Public Company Limited (72.1% Stake) Baker & McKenzie; Advising seller: King & Wood Mallesons; Thanathip & Partners GE Capital Corporation Feb-13 Guangxi Guiguan Electric Power Co Ltd Capital Law & Partners LongTan Hydropower Development Co Ltd (85% Stake) Guangxi Investment Group Co Ltd; China Datang Corporation; and Guizhou Industrial Investment (Group) Co Ltd Apr-13 Midea Group Co Ltd JiaYuan Law Firm GD Midea Holding Co Ltd (58.83% Stake) Zhong Xin Xie Cheng Law Firm Nov-13 Cyfrowy Polsat SA Greenberg Traurig Polkomtel Sp z oo (83.77% Stake) Karswell Limited; Sensor Overseas Limited; and Argumenol Investment Company Limited 4.9 Mergermarket 213 Trend Report 56

57 Criteria All data is based on transactions over US$ 5m and is based on the Mergermarket s M&A deals database. Deals with undisclosed deal values are included where the target s turnover exceeds US$ 1m. Deals where the stake acquired is less than 3% will only be included if the value is greater than US$ 1m. Click here for the full deal criteria M&A trends and top deals: correct as of 8:3am, 7-Jan-214 Based on the dominant geography or dominant sector of the target according to Mergermarket s deals database. The trend graphs are based on transactions announced in the given time periods. Top deals include lapsed and withdrawn bids Legal advisor league tables: correct as of 8:3am, 7-Jan-214 Based on the dominant geography of any of the target, bidder or seller according to Mergermarket s deal database. Buyout league tables to legal advisors are based on the target, bidder or seller geography and the advisor advising the buy-side only and include lapsed or withdrawn bids. Dates are between 1-Jan to 18-Dec for 213 and 212 comparison Industry consolidations: TMT: consolidated sectors of Technology, Media & Telecommunications OTHER in Global, Europe, US & Asia-Pacific sections: consolidated sectors of Leisure, Defence, Agriculture, and Construction OTHER in the Emerging Markets section: consolidated sectors of Leisure, Real Estate, and Transport About Mergermarket Mergermarket is a mergers & acquisitions (M&A) intelligence service. Mergermarket is part of The Mergermarket Group which has nearly 1 employees worldwide and regional head offices in New York, London and Hong Kong. In any market, the life blood of advisors is deal flow. mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets. With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Pacific, mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its mergermarket.com platform and by real-time alerts to subscribers. This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that mergermarket is used by over 16 of the world s foremost advisory firms to assist in their origination process. Cross-Border: Inbound: deals where the dominant geography of the target is X and the dominant geography of the bidder is outside X Outbound: deals where the dominant geography of the target is outside X and the dominant geography of the bidder is X Small-cap: deals valued under US$ 5m Mid-market: deals valued between US$ 51m - US$ 2bn Large-cap: deals valued between US$ 21bn - US$ 9.9bn Mega-deal: deals above the value of US$ 1bn Average deal size: excludes non-disclosed value deals Emerging markets: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey Dates: Q4 213 / Q4 212: 1-Oct-13 to 31-Dec-13 / 1-Oct 12 to 31-Dec / 212: 1-Jan-13 to 31-Dec-13 / 1-Jan-12 to 31-Dec-12 Part of The Mergermarket Group 8 Strand London, WC2R RL United Kingdom T: [email protected] 33 Hudson St. 4th Floor New York NY 113. USA T: [email protected] Suite Grand Millennium Plaza 181 Queen s Road, Central Hong Kong T: [email protected] Mergermarket 213 Trend Report 57

58 What Mergermarket can do for you Mergermarket is a business development tool designed specifically for the M&A sector, providing proprietary news, intelligence and analysis on corporate strategy before that strategy becomes public knowledge. Over 2 of the world s foremost advisory firms, investment banks, law firms, private equity firms and corporates use mergermarket to drive their origination process and capture lucrative business opportunities. Click the buttons at the bottom of the page to find out about the real benefits mergermarket can bring to your company. PREDICTIVE INTELLIGENCE Our global team of 4 dedicated M&A journalists, spread in over 65 locations worldwide, gathers proprietary information about corporate strategy through its network of industry contacts and executives. This is M&A intelligence you won t find anywhere. The insight we provide often doesn t become public knowledge until 6-24 months after our journalists first start reporting, giving you a large window of opportunity to take early action. DEALS DATABASE Mergermarket s comprehensive Deals Database offers you the opportunity to search a global library of historical M&A transactions with fully-sourced financials and exit multiples. You can analyze volumes and values of M&A activity in specific regions or sectors to discover deal patterns and identify trends ahead of competitors. LEAGUE TABLES Because we are always up-to-speed on which advisers are working on which deals, our detailed Who s who in M&A league tables have become an industry standard among investment professionals. Tailor-build individual or house league tables to analyze firm performance and enhance your marketing strategy, competitor analysis or pitch book efforts. ANALYSIS PRIVATE EQUITY PORTFOLIO Our customizable Private Equity Search facility provides you with extensive analyses of more than 1, of the world s biggest private equity firms. Analyse specific PE firms in terms of current portfolio, historical exits, potential investments, firm profile, historical advisor and investment relationships, as well as rival bidders to monitor competitors and stay on top of your market. Our multilingual team of journalists monitors more than 3, global media sources daily, analyzing and translating the most relevant information into summarized articles that subscribers receive in their alerts, together with our proprietary intelligence. Mergermarket 213 Trend Report 58