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A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY

MONTHLY M&A INSIDEROCTOBER 2015

QUARTERLY EDITION

CONTENTS

54 ABOUT MERRILL CORPORATION & MERRILL DATASITE

56 MERRILL CORPORATION CONTACTS

53 LEAGUE TABLES

18 C&S AMERICA

11 NORTH AMERICA

39 ASIA-PACIFIC (excluding Japan)

46 JAPAN

25 EUROPE

32 MIDDLE EAST & AFRICA

03 GLOBAL OVERVIEW

GLOBAL OVERVIEW

QUARTERLY EDITION

4GLOBAL OVERVIEW EUROPE MIDDLE EAST

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GLOBAL OVERVIEW

Global M&A continues to grow reaching the highest point since the 2008 financial crisis. Rising M&A activity may be an alternative indicator of the evident global economic recovery. Since the peak of the crisis, global deal values have been growing each year suggesting improvement in the overall confidence. The first nine months of 2015 saw 11,754 transactions worth US$2.9tn, increasing in value 47% since 2008 (10,689 deals worth US$2tn). In the first three quarters of 2015, total deal value increased by 21.1% compared to the same time period of 2014 which recorded 12,772 deals worth US$2.4tn.

Thus far, private equity added 1,722 buyouts worth US$277m to the overall global deal value. Compared to last year’s first nine months, the number of buyout deals decreased by 13.8%, while value increased down by 2.3% (year-to-date (YTD) 2014 saw 1,998 deals worth US$270.3m). Exits saw 1,538 deals worth US$301.39bn drop down in deal value by 24.1%, and 4.7% in volume compared to YTD 2014 (1,614 deals worth US$397.6bn).

Technology, Media & Telecommunications (TMT) maintains its position as the top leading sector with 2,146 transactions worth US$530.7bn, accounting for at the same time 22.4% to the total market share. The acquisition of the US-based cable telecommunications provider Time Warner Cable worth US$77.8bn has been the main contributing transaction, which increased the overall TMT deal value by 14.7%. The acquisition of Time Warner Cable by Charter

Communications, and was the second highest valued deal on the list of top global deals YTD.

Energy, Mining & Utilities (EMU) positioned itself in second place with 882 deals worth US$476.7bn, contributing 20.1% to the overall global deal value. The largest global transaction between the UK-based BG Group and the Netherlands-based Royal Dutch Shell worth US$81.2bn increased EMU total deal value by 17%.

North America continues to be the leading region in global M&A activity. The US and Canada saw 3,823 deals worth US$1.5tn, representing 52% of the total global market share. By value, Europe was the second largest region with 4,356 deals worth US$657.7bn, giving Europe 23% of global market share. Even though Europe outpaced North America by volume, the high number of megadeals in North America had a major

impact on boosting North American M&A value. YTD 2015, Mergermarket recorded a total of 30 megadeals (above US$10bn) worth a combined US$753.3bn, involving only US-based targets. Their overall deal value contributed 50% to the total M&A value in North America, and 26% to the global value. Out of the top ten deals, seven occurred in the US, increasing the global deal value by US$362.4bn, which represents 12.6% of the total market share.

The continuation of the Greek debt crisis, and worrying slow economic growth in China, had decisive effect on the latest market fluctuations. Even though both events affected global markets on many levels, overall global economic growth continues to move in an upward direction, including M&A activity. There is a high probability that 2015 M&A will outperform the pre-crises record high numbers demonstrating overall stabilization.

Key Stats

11,754 deals valued at US$2.9tn, up 21.1% by value with 1,018 fewer deals compared to 12,772 deals worth US$2.37tn in YTD ‘14

Top Legal Adviser

TMT saw 2,146 deals worth US$530.7bn, up 23.2% by value compared to 2,237 deals worth US$430.8bn in YTD ‘14

Top sector

Goldman Sachs ranked first with 251 deals worth US$935.2bn compared to 275 deals worth US$680.3bn in YTD ‘14

Skadden Arps Slate Meagher & Flom ranked first with 200 deals worth US$550.2bn compared to 181 deals worth US$508.2bn in YTD ‘14

Top Financial Adviser


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GLOBAL M&A TREND GLOBAL PRIVATE EQUITY TREND

0

500

1,000

1,500

2,000

2,500

3,000

3,500

YTD 201520142013201220112010

0

5,000

10,000

15,000

20,000

Valu

e (U

S$bn

)

Num

ber of deals

US$460.8bn

US$432.6bn

US$491.9bn

US$710.8bn

US$1,024.5bn

US$894.2bn

US$843.6bn

US$961.5bn

US$566.2bn

US$568.3bn

US$644.3bn

US$559.9bn

US$447.2bn

US$755.6bn

US$522.9bn

US$565.1bn

US$463.7bn

US$599.1bn

US$477.6bn

US$585.1bn

US$613.6bn

US$1,064.2bn

US$783.1bn

0

100

200

300

400

500

600

YTD 2015201420132012201120100

500

1,000

1,500

2,000

2,500

3,000

Valu

e (U

S$bn

)

Num

ber of deals

US$247.3bn

US$277.6bn

US$292.0bn

US$331.2bn US$

276.8bn

US$311.4bn US$

293.7bnUS$

282.1bn

US$388.7bn

US$514.6bn

US$276.6bn

US$301.9bn

TREND GRAPHS

Buyout value Exit value Buyout volume Exit Volume Q1 Q2 Q3 Q4 Volume


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REGIONAL BREAKDOWN AS A PROPORTION OF GLOBAL TOTAL M&A VALUE GLOBAL M&A SECTOR BREAKDOWN 2015

TMTValue: US$530.7bnNumber of deals: 2,146Market share: 22.4%

Energy, Mining & UtilitiesValue: US$476.7bnNumber of deals: 882Market share: 20.1%

Pharma, Medical & BiotechValue: US$367.5bnNumber of deals: 946Market share: 15.5%

Financial ServicesValue: US$357.4bnNumber of deals: 957Market share: 15.1%

Industrials & ChemicalsValue: US$302.4bnNumber of deals: 2,234Market share: 12.8%

TREND GRAPHS

JapanUS$33.3bn 286 deals 1.2%

North AmericaUS$1.5tn

4,450 deals 52.0%

C&S AmericaUS$44.4bn 373 deals

1.5%

EuropeUS$657.7bn 4,356 deals

22.9%

Asia-Pacific (excluding Japan)

US$614.1bn 2,606 deals

21.4%

Value (US$bn) Up/Down Value %

change

Cross-border $1,083.7 3.4%

Domestic $1,788.2 35.1%

RegionValue

VolumeValue market share

Key

Africa & Middle EastUS$27.6bn 305 deals 1.0%


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Announced 08-Apr-15Bidder companyRoyal Dutch Shell PlcTarget companyBG Group PlcDominant sectorEnergy, Mining & Utilities

Announced 24-Jul-15Bidder companyAnthem IncTarget companyCigna CorporationDominant sectorPharma, Medical & Biotech

Announced 26-May-15Bidder companyCharter Communications IncTarget companyTime Warner Cable IncDominant sectorTMT

Announced 09-Jan-15Bidder companyCheung Kong (Holdings) LimitedTarget companyHutchison Whampoa Limited (50.03% stake)Dominant sectorConsumer

Announced 28-Sep-15Bidder companyEnergy Transfer Equity LPTarget companyWilliams Companies IncDominant sectorEnergy, Mining & Utilities

Announced 27-Jul-15Bidder companyTeva Pharmaceutical Industries LtdTarget companyAllergan Plc (Generics business)Seller companyAllergan PlcDominant sectorPharma, Medical & Biotech

Announced 25-Mar-15Bidder companyKraft Heinz CompanyTarget companyKraft Foods Group IncDominant sectorConsumer

Announced 03-Jul-15Bidder companyAetna IncTarget companyHumana IncDominant sectorFinancial Services

Announced 26-Jun-15Bidder companyeBay Inc (Shareholders)Target companyPayPal Holdings IncSeller companyeBay IncDominant sectorFinancial Services

Announced 10-Aug-15Bidder companyBerkshire Hathaway IncTarget companyPrecision Castparts CorpDominant sectorIndustrials & Chemicals

Deal value US$36.5bn









TOP 10 ANNOUNCED DEALS FOR 2015

TREND GRAPHS



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Ranking 2015 2014

2015 2014 Company Name Value (US$m) Deal count Value

(US$m)% Val.

Change

1 1 Goldman Sachs 935,157 251 683,999 36.7%

2 5 JPMorgan 700,525 211 425,613 64.6%

3 2 Morgan Stanley 693,777 232 521,045 33.2%

4 4 Bank of America Merrill Lynch 623,735 162 446,480 39.7%

5 3 Citi 568,542 159 459,898 23.6%

6 9 Credit Suisse 529,368 135 273,150 93.8%

7 7 Barclays 340,607 127 377,498 -9.8%

8 8 Deutsche Bank 329,919 131 334,214 -1.3%

9 6 Lazard 319,265 152 422,274 -24.4%

10 14 Centerview Partners 259,880 23 129,559 100.6%

11 10 UBS Investment Bank 256,059 98 203,609 25.8%

12 21 HSBC 183,195 50 66,255 176.5%

13 41 Guggenheim Partners 164,476 20 24,281 577.4%

14 44 Allen & Company 155,914 16 20,530 659.4%

15 12 Rothschild 155,644 186 153,573 1.3%

16 16 RBC Capital Markets 124,255 76 84,788 46.5%

17 22 Evercore Partners 117,303 86 57,350 104.5%

18 84 LionTree Advisors 106,506 9 6,571 1,520.8%

19 25 Greenhill & Co 91,005 26 52,880 72.1%

20 - The Anglo Chinese Group 82,565 7 - -

Ranking 2015 2014

2015 2014 Company Name Value (US$m) Deal count Deal count Deal count

Change

1 1 PwC 54,353 254 299 -45

2 2 Goldman Sachs 935,157 251 280 -29

3 5 Morgan Stanley 693,777 232 218 14

4 6 JPMorgan 700,525 211 200 11

5 3 KPMG 31,509 197 270 -73

6 10 Rothschild 155,644 186 176 10

7 7 EY 12,328 176 195 -19

8 4 Deloitte 23,491 175 222 -47

9 12 Bank of America Merrill Lynch 623,735 162 163 -1

10 8 Citi 568,542 159 187 -28

11 9 Lazard 319,265 152 185 -33

12 13 Credit Suisse 529,368 135 162 -27

13 14 Deutsche Bank 329,919 131 153 -22

14 11 Barclays 340,607 127 167 -40

15 18 M&A International 8,989 110 104 6

16 21 Jefferies 65,925 103 91 12

17 15 UBS Investment Bank 256,059 98 120 -22

18 17 Houlihan Lokey 23,174 88 105 -17

19 20 Evercore Partners 117,303 86 93 -7

20 23 Lincoln International 3,880 83 81 2

TOP 20 GLOBAL FINANCIAL ADVISERS TOP 20 GLOBAL FINANCIAL ADVISERS

LEAGUE TABLES

VALUE VOLUME


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TOP 20 GLOBAL LEGAL ADVISERS TOP 20 GLOBAL LEGAL ADVISERS

LEAGUE TABLES

VALUE VOLUME

Ranking 2015 2014


(US$m)% Val.

Change

1 1 Skadden Arps Slate Meagher & Flom 553,216 205 509,264 8.6%

2 24 Cravath, Swaine & Moore 511,146 67 122,839 316.1%

3 3 Sullivan & Cromwell 466,694 108 434,562 7.4%

4 8 Davis Polk & Wardwell 441,302 114 312,883 41.0%

5 13 Wachtell, Lipton, Rosen & Katz 431,944 83 205,996 109.7%

6 9 Latham & Watkins 428,752 208 293,835 45.9%

7 5 Freshfields Bruckhaus Deringer 409,609 149 360,546 13.6%

8 6 White & Case 398,690 190 358,004 11.4%

9 14 Kirkland & Ellis 334,942 268 203,147 64.9%

10 31 Gibson Dunn & Crutcher 307,132 69 91,649 235.1%

11 2 Cleary Gottlieb Steen & Hamilton 262,794 70 451,779 -41.8%

12 15 Paul Weiss Rifkind Wharton & Garrison 258,917 89 174,356 48.5%

13 4 Simpson Thacher & Bartlett 257,702 91 371,504 -30.6%

14 35 Fried Frank Harris Shriver & Jacobson 253,945 57 86,009 195.3%

15 7 Weil Gotshal & Manges 250,130 158 324,278 -22.9%

16 16 Shearman & Sterling 208,183 88 170,793 21.9%

17 19 Allen & Overy 207,042 176 153,991 34.5%

18 12 Linklaters 202,942 152 206,789 -1.9%

19 22 Debevoise & Plimpton 161,532 75 146,553 10.2%

20 17 Slaughter and May 159,275 53 167,698 -5.0%

Ranking 2015 2014


Change

1 1 DLA Piper 119,772 279 363 -84

2 3 Kirkland & Ellis 334,942 268 284 -16

3 4 Jones Day 157,223 247 271 -24

4 2 Latham & Watkins 428,752 208 309 -101

5 11 Skadden Arps Slate Meagher & Flom 553,216 205 185 20

6 7 White & Case 398,690 190 212 -22

7 10 Allen & Overy 207,042 176 186 -10

8 5 Baker & McKenzie 100,569 174 235 -61

9 9 Weil Gotshal & Manges 250,130 158 196 -38

10 6 Clifford Chance 140,698 155 213 -58

11 13 CMS 15,625 155 181 -26

12 8 Linklaters 202,942 152 200 -48

13 12 Freshfields Bruckhaus Deringer 409,609 149 183 -34

14 14 Norton Rose Fulbright 70,510 139 179 -40

15 15 King & Wood Mallesons 150,266 119 176 -57

16 20 Stikeman Elliott 114,695 116 111 5

17 21 Davis Polk & Wardwell 441,302 114 110 4

18 25 Morgan Lewis & Bockius 73,831 113 102 11

19 17 Hogan Lovells International 47,751 112 134 -22

20 30 Goodwin Procter 37,284 111 96 15

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NORTH AMERICA

QUARTERLY EDITION

12NORTH AMERICA EUROPE MIDDLE EAST

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NORTH AMERICA

As financial woes continue to grip Europe and Asia, North America has found itself the champion of global dealmaking, accounting for 52% of worldwide M&A so far this year with 3,773 transactions worth US$1.4tn – a value more than double that of Europe, which saw the second-highest level of M&A in the year-to-date (YTD) with 22.9%. In North America, the US was responsible for a whopping 95.8% of the region’s overall deal value, with 3,363 transactions worth US$1.4tn.

North America had its strongest quarter ever on Mergermarket record in Q3 2015, reaching US$612.2bn in total deal value across 1,139 transactions. Illustrating this, Q3 had built on the previous quarter’s 1,345 transactions worth US$491.5bn, resulting in an increase in total deal value of 24.6%, and breaking the pre-crisis quarterly record of Q2 2007 by 10.6% with 1,458 transactions worth US$553.6bn.

With so much economic uncertainty abroad and a recovering US economy driving the bulk of M&A, the majority of North American transactions were domestic, reaching a peak value of US$432.8bn in Q3 across 856 transactions, representing 70.7% of the quarter’s worth. This was also an increase of 42.8% over Q3 2014’s total value of US$303.1bn in terms of domestic transactions, despite having seen 252 fewer deals, continuing a recent theme of fewer transactions but higher valuations.

One factor promoting this trend has been low-cost financing. US interest rates, near zero since the end of 2008, are hotly

anticipated to rise by the year’s end, leading transactional momentum to an all-time high. Despite announcing after the Federal Open Market Committee (FOMC) meeting on 17 September that rates would not be increasing for the time being, Janet Yellen, the Chair of the US Federal Reserve Board of Governors, remarked a week later that “Most FOMC participants, including myself, currently anticipate…an initial increase in the federal funds rate later this year, followed by a gradual pace of tightening thereafter.”

In contrast with the US’s growth, the Canadian market, which tends to favor deals in the Energy, Mining & Utilities space, was hit heavily by the recent slump in oil and gas prices. Of the top 10 North American deals in the YTD, none were based in Canada; of the top 20, only one was: Enbridge Income Fund Holdings Inc’s US$24.7bn package purchase of Enbridge Inc’s Canadian renewable energy assets, Enbridge Pipelines Inc, and Enbridge Pipelines (Athabasca) Inc – all in the energy sector – ranking as deal #11.

The dominant sector in North America has been Technology, Media & Telecommunications (TMT), with the most number of transactions (755) and the highest total value (US$310.4bn) of any sector, accounting for a fifth of M&A in the region overall. Two TMT deals made it into North America’s top 10: Charter Communications’ US$77.8bn purchase of Time Warner Cable, both US-based companies, and Singapore-based Avago Technologies’ US$33.7bn purchase of US-based Broadcom Corporation.

All of this growth has been positive for the US economy. However, with a looming rise in interest rates and unimpressive jobs and unemployment figures, it remains to be seen just how much the American M&A market will continue to grow in the near future, even if its upcoming presidential election currently features two star business candidates vying for their party’s nomination.

Key Stats

3,773 deals valued at US$1.4tn, up 31.2% by value with 573 fewer deals compared to 4,346 deals worth US$1.0tn in YTD ‘14

Top Legal Adviser

TMT saw 755 deals worth US$310.4bn, up 47.2% by value compared to 885 deals worth US$210.9bn in YTD ‘14

Top sector


Skadden Arps Slate Meagher & Flom ranked first with 154 deals worth US$449.5bn compared to 137 deals worth US$461.1bn in YTD ‘14



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OVERVIEWC&S

AMERICAASIA-

PACIFIC

NORTH AMERICA M&A TREND NORTH AMERICA PRIVATE EQUITY TREND

TREND GRAPHS


0

300

600

900

1,200

1,500

YTD 2015201420132012201120100

1,000

2,000

3,000

4,000

5,000

6,000

Valu

e (U

S$bn

)

Num

ber of deals

US$159.2bn

US$202.5bn

US$175.8bn

US$271.3bn

US$553.6bn

US$404.2bn

US$450.8bn

US$413.3bn

US$233.0bn

US$245.1bn

US$336.1bn

US$193.7bn

US$196.4bn

US$346.7bn

US$264.0bn

US$208.4bn

US$164.0bn

US$225.9bn

US$212.9bn

US$218.5bn

US$264.7bn

US$491.5bn

US$367.4bn

0

50

100

150

200

250

300

YTD 2015201420132012201120100

200

400

600

800

1,000

1,200

Valu

e (U

S$bn

)

Num

ber of deals

US$106.0bn

US$152.2bn

US$114.1bn

US$145.0bn US$

130.0bn

US$169.9n

US$142.5bn

US$154.9bn

US$161.2bn

US$276.1bn

US$112.7bn

US$149.6bn


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OVERVIEWC&S

AMERICAASIA-

PACIFIC

COUNTRY BREAKDOWN AS A PROPORTION OF NORTH AMERICA TOTAL M&A VALUE NORTH AMERICA M&A SECTOR BREAKDOWN 2015

TMTValue: US$310.4bnNumber of deals: 755Market share: 22.0%




Industrials & ChemicalsValue: US$131.6bnNumber of deals: 607Market share: 9.3%

TREND GRAPHS

RegionValue


Key


change

Domestic $1,010.0 37.1%

Inbound $296.5 28.9%

Outbound $206.6 -8.3%

CanadaUS$61.6bn 428 deals

4.4%

USUS$1.4tn

3,344 deals 95.7%


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OVERVIEWC&S

AMERICAASIA-

PACIFIC

Announced 26-May-15Bidder companyCharter Communications IncTarget companyTime Warner Cable IncDominant sectorTMT

Announced 03-Jul-15Bidder companyAetna IncTarget companyHumana IncDominant sectorFinancial Services

Announced 25-Mar-15Bidder companyKraft Heinz CompanyTarget companyKraft Foods Group IncDominant sectorConsumer

Announced 10-Aug-15Bidder companyBerkshire Hathaway IncTarget companyPrecision Castparts CorpDominant sectorIndustrials & Chemicals

Announced 26-Jun-15Bidder companyeBay Inc (Shareholders)Target companyPayPal Holdings IncSeller companyeBay IncDominant sectorFinancial Services

Announced 28-May-15Bidder companyAvago Technologies LtdTarget companyBroadcom CorporationDominant sectorTMT

Announced 24-Jul-15Bidder companyAnthem IncTarget companyCigna CorporationDominant sectorPharma, Medical & Biotech

Announced 01-Jul-15Bidder companyACE LimitedTarget companyThe Chubb CorporationDominant sectorFinancial Services

Announced 27-Jul-15Bidder companyTeva Pharmaceutical Industries LtdTarget companyAllergan Plc (Generics business)Seller companyAllergan PlcDominant sectorPharma, Medical & Biotech

Announced 19-Jun-15Bidder companyEnbridge Income Fund Holdings IncTarget companyEnbridge Inc (Canadian renewable energy assets); Enbridge Pipelines Inc; and Enbridge Pipelines (Athabasca) IncSeller companyEnbridge IncDominant sectorEnergy, Mining & Utilities











TREND GRAPHS



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OVERVIEWC&S

AMERICAASIA-

PACIFIC

TOP 20 NORTH AMERICA FINANCIAL ADVISERS TOP 20 NORTH AMERICA FINANCIAL ADVISERS

LEAGUE TABLES

VALUE VOLUME

Ranking 2015 2014


(US$m)% Val.

Change

1 1 Goldman Sachs 509,071 162 479,931 6.1%

2 2 JPMorgan 492,773 135 317,604 55.2%

3 4 Morgan Stanley 437,037 141 314,198 39.1%

4 3 Citi 394,851 96 315,252 25.2%

5 9 Credit Suisse 383,969 95 145,131 164.6%


7 10 Centerview Partners 257,104 22 129,257 98.9%

8 5 Barclays 242,120 95 297,465 -18.6%

9 7 Lazard 196,289 81 270,381 -27.4%


11 27 Allen & Company 155,673 15 20,530 658.3%

12 8 Deutsche Bank 147,101 82 188,088 -21.8%


14 55 LionTree Advisors 106,506 9 5,551 1,818.7%


16 15 Greenhill & Co 86,394 18 48,366 78.6%

17 28 Rothschild 81,082 58 20,183 301.7%

18 13 RBC Capital Markets 63,207 67 81,936 -22.9%

19 11 Jefferies 58,077 83 101,312 -42.7%

20 18 Moelis & Company 50,952 64 32,179 58.3%

Ranking 2015 2014


Change

1 1 Goldman Sachs 509,071 162 191 -29

2 2 Morgan Stanley 437,037 141 139 2

3 3 JPMorgan 492,773 135 138 -3

4 6 Bank of America Merrill Lynch 382,993 116 108 8

5 5 Citi 394,851 96 113 -17

6 8 Credit Suisse 383,969 95 99 -4

7 4 Barclays 242,120 95 122 -27

8 9 Houlihan Lokey 21,655 86 94 -8

9 13 Jefferies 58,077 83 71 12

10 11 Deutsche Bank 147,101 82 89 -7

11 7 Lazard 196,289 81 101 -20

12 10 RBC Capital Markets 63,207 67 92 -25

13 12 Evercore Partners 100,645 66 75 -9

14 16 Moelis & Company 50,952 64 59 5

15 22 PwC 11,267 62 50 12

16 15 Raymond James & Associates 5,597 59 62 -3

17 31 Rothschild 81,082 58 38 20

18 17 KPMG 11,262 58 59 -1

19 20 William Blair & Company 15,644 54 57 -3

20 25 Sandler O'Neill & Partners 11,373 54 48 6


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AMERICAASIA-

PACIFIC

TOP 20 NORTH AMERICA LEGAL ADVISERS TOP 20 NORTH AMERICA LEGAL ADVISERS

LEAGUE TABLES

VALUE VOLUME

Ranking 2015 2014


(US$m)% Val.

Change

1 1 Skadden Arps Slate Meagher & Flom 449,469 154 461,071 -2.5%


3 9 Latham & Watkins 385,199 161 253,620 51.9%


5 11 Kirkland & Ellis 330,672 251 188,225 75.7%

6 6 White & Case 317,717 108 290,553 9.3%


8 10 Wachtell, Lipton, Rosen & Katz 308,198 74 197,929 55.7%

9 28 Gibson Dunn & Crutcher 241,796 63 79,767 203.1%

10 26 Fried Frank Harris Shriver & Jacobson 240,252 50 85,360 181.5%

11 5 Weil Gotshal & Manges 223,990 110 297,115 -24.6%



14 12 Paul Weiss Rifkind Wharton & Garrison 166,856 82 166,084 0.5%


16 16 Shearman & Sterling 140,350 66 140,958 -0.4%

17 8 Jones Day 133,655 182 255,411 -47.7%

18 34 Sidley Austin 123,963 53 64,108 93.4%

19 21 Osler, Hoskin & Harcourt 119,504 59 104,850 14.0%

20 62 McCarthy Tetrault 114,552 66 21,583 430.8%

Ranking 2015 2014


Change

1 1 Kirkland & Ellis 330,672 251 260 -9

2 3 Jones Day 133,655 182 210 -28

3 2 Latham & Watkins 385,199 161 223 -62


5 4 DLA Piper 100,627 150 188 -38


7 12 White & Case 317,717 108 101 7

8 10 Stikeman Elliott 25,777 106 105 1

9 19 Morgan Lewis & Bockius 59,229 97 91 6

10 17 Goodwin Procter 35,770 91 93 -2

11 21 Davis Polk & Wardwell 356,450 88 83 5

12 25 Sullivan & Cromwell 397,607 84 72 12

13 15 Paul Weiss Rifkind Wharton & Garrison 166,856 82 97 -15

14 16 Fenwick & West 14,623 82 96 -14


16 36 Wachtell, Lipton, Rosen & Katz 308,198 74 59 15

17 20 Ropes & Gray 88,902 73 84 -11

18 9 Simpson Thacher & Bartlett 223,009 72 106 -34

19 14 Cooley 19,126 69 98 -29

20 11 Wilson Sonsini Goodrich & Rosati 77,035 67 102 -35

C&S AMERICA

QUARTERLY EDITION

19C&S AMERICA EUROPE MIDDLE EAST

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OVERVIEWASIA-

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C&S AMERICA

With Brazil’s economic woes mounting, the country and, consequently, the region have experienced a slowdown in M&A. During the first three quarters of 2015, M&A in Central & South America amounted to 373 deals worth US$44.4bn, the lowest deal value since the comparable period in 2005 (US$32.1bn).

While activity picked up in the third quarter – US$22.6bn-worth of deals was more than twice Q2’s value – weak performance at the beginning of the year contributed to the overall dip in M&A in 2015.

Brazil, with a 48.6% share of the regional market in Q1-Q3 2015, had the biggest effect on the activity. The country accumulated only 191 deals valued at US$21.6bn, the lowest deal count since Q1-Q3 2009 (133 deals) and the lowest deal value since Q1-Q3 2005 (US$5.4bn). However, such performance, while disappointing, is not surprising within the context of the current economic situation in Brazil.

Since the beginning of the year, the Brazilian real has lost about 50% of its value against the dollar. The depreciation and further uncertainty surrounding the currency appear to have affected both outbound and, somewhat counterintuitively, inbound M&A as well.

In Q1-Q3 2015, there were 14 outbound deals worth US$4bn, a 30% decrease in deal count and a 74.2% decrease in deal value from

Q1-Q3 2014. More than three-quarters of the outbound deal value in 2015 came from global acquisitions made by JBS, a listed Brazil-based meat processing company: Moy Park in the UK for US$1.5bn, Cargill Pork in the US for a little less than US$1.5bn, and Scott Technology in New Zealand for US$69m.

Inbound M&A into Brazil amounted to 105 deals worth US$12.1bn in the first three quarters of 2015, down 51.8% by deal value and 5.4% by deal count since the comparable period in 2014. The largest inbound transaction in Brazil in Q1-Q3 2015 was the acquisition of the remaining 24.7% stake in Souza Cruz by UK-based British American Tobacco (BAT) for US$2.7bn. While BAT proposed to acquire the stake in March at BRL 26.75 per share, the bidder ended up launching the offer at BRL 27.62 per share in September. With real depreciating significantly in the meantime, the offer – when converted into US dollars – was actually lower at launch date than at proposal date.

On the other hand, as reported by Mergermarket intelligence, the risk of fluctuating exchange rates may actually speed up negotiations already in the pipeline. However, this trend does not seem to have manifested itself in the data yet: even though inbound M&A in Brazil has increased between Q1 2015 (US$1.6bn) and Q3 2015 (US$6.6bn), it was still significantly below last year’s levels (US$13.2bn in Q3 2014).

With only one quarter left in 2015, it is highly unlikely that we will see the same level of activity in Brazil and overall in Central & South America that we saw last year (US$130.7bn and 617 deals for the whole year 2014). According to Mergermarket intelligence, at this point the hope is that the situation in Brazil will stabilise by 2018. In the meantime, however, other countries may improve their positions and even take a lead in the C&S American M&A market.

Key Stats

373 deals valued at US$44.4bn, down 56.6% by value with 74 fewer deals compared to 447 deals worth US$102.4bn in YTD ‘14

Top Legal Adviser

Consumer saw 54 deals worth US$10.7bn, up 91.9% by value compared to 59 deals worth US$5.6bn in YTD ‘14

Top sector

Rothschild ranked first with 10 deals worth US$15.1bn compared to 9 deals worth US$20.0bn in YTD ‘14

Lefosse Advogados ranked first with 8 deals worth US$7.4bn compared to 3 deals worth US$3.8bn in YTD ‘14



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30

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YTD 2015201420132012201120100

100

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)

Num

ber of deals

US$17.8bn

US$16.5bn

US$21.4bn

US$23.0bn

US$24.8bn US$

10.8bn

US$37.7bn

US$28.4bn

US$65.4bn

US$27.5bn

US$28.8bn

US$45.0bn

US$39.8bn

US$25.4bn

US$32.4bn

US$47.1bn

US$21.8bn

US$28.7bn

US$46.0bn

US$18.3bn

US$40.4bn

US$22.6bn

US$11.1bn

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US$7.5bn

US$3.5bn

US$3.3bn US$

2.9bn

US$6.8bn

US$2.8bn

US$7.0bn

US$1.3bn

US$7.6bn

US$10.3bn

US$2.8bn US$

1.8bn

C&S AMERICA M&A TREND C&S AMERICA PRIVATE EQUITY TREND

TREND GRAPHS



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COUNTRY BREAKDOWN AS A PROPORTION OF C&S AMERICA TOTAL M&A VALUE C&S AMERICA M&A SECTOR BREAKDOWN 2015

ConsumerValue: US$10.7bnNumber of deals: 54Market share: 24.2%



TMTValue: US$4.5bnNumber of deals: 51Market share: 10.2%


TREND GRAPHS

EcuadorUS$463m

6 deals 1.0%

PeruUS$1.4bn

28 deals 3.1%

ChileUS$5.3bn 34 deals

12.0%

ColombiaUS$1.9bn 29 deals

4.3%

RegionValue


Key


change

Domestic $23.6 43.6%

Inbound $20.8 65.6%

Outbound $6.8 67.2%

BrazilUS$21.6bn 191 deals

48.6%

MexicoUS$11.1bn

47 deals 25.0%


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Announced 03-Aug-15Bidder companyBanco Bradesco SATarget companyHSBC Bank Brasil SA – Banco MultiploSeller companyHSBC Holdings PlcDominant sectorFinancial Services

Announced 30-Jul-15Bidder companyAlmacenes Exito SATarget companyCompanhia Brasileira de Distribuicao (18.8% stake)Seller companyCasino Guichard Perrachon SADominant sectorConsumer

Announced 10-Sep-15Bidder companyBritish American Tobacco PlcTarget companySouza Cruz SA (24.74% stake)Dominant sectorConsumer

Announced 31-Jul-15Bidder companyInfraestructura Energetica Nova SAB de CVTarget companyGasoductos de Chihuahua S de RL de CV (50% stake)Seller companyPetróleos MexicanosDominant sectorEnergy, Mining & Utilities

Announced 28-Jan-15Bidder companyOrganizacion Soriana SAB de CVTarget companyControladora Comercial Mexicana SAB de CV (160 retail stores)Seller companyControladora Comercial Mexicana SAB de CVDominant sectorConsumer

Announced 30-Jul-15Bidder companyBanco Bradesco BBI SATarget companyMineracoes Brasileiras Reunidas SA (36.4% stake)Seller companyVale SADominant sectorEnergy, Mining & Utilities

Announced 13-May-15Bidder companyOwens-Illinois IncTarget companyVitro SAB de CV (Food and beverage container business)Seller companyVitro SAB de CVDominant sectorIndustrials & Chemicals

Announced 27-May-15Bidder companyGIC Private LimitedTarget companyRede D’Or Sao Luiz SA (15.2% stake)Seller companyBanco BTG Pactual SA; and Moll FamilyDominant sectorPharma, Medical & Biotech

Announced 26-Jan-15Bidder companyAT&T IncTarget companyComunicaciones Nextel de Mexico SA de CVSeller companyNII Holdings IncDominant sectorTMT

Announced 30-Jul-15Bidder companyAntofagasta PlcTarget companyCompania Minera Zaldivar Limitada (50% stake)Seller companyBarrick Gold CorporationDominant sectorEnergy, Mining & Utilities

Deal value US$1.0bn

Deal value US$1.1bn

Deal value US$1.2bn


Deal value US$5.2bn

Deal value US$2.7bn

Deal value US$2.7bn

Deal value US$2.2bn

Deal value US$1.9bn

Deal value US$1.5bn

Deal value US$1.5bn

TREND GRAPHS


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TOP 15 C&S AMERICA FINANCIAL ADVISERS TOP 15 C&S AMERICA FINANCIAL ADVISERS

LEAGUE TABLES

VALUE VOLUME

Ranking 2015 2014


(US$m)% Val.

Change

1 9 Rothschild 15,095 10 19,968 -24.4%

2 6 Goldman Sachs 12,507 15 24,144 -48.2%

3 12 JPMorgan 8,794 6 14,493 -39.3%

4 5 Banco BTG Pactual 8,326 20 27,184 -69.4%

5 2 Deutsche Bank 8,045 9 36,098 -77.7%

6 18 Banco Bradesco BBI 7,993 5 6,052 32.1%

7 24 HSBC 5,186 1 2,822 83.8%

8 1 Bank of America Merrill Lynch 4,420 12 37,299 -88.1%

9 3 Credit Suisse 4,299 6 33,539 -87.2%

10 7 Santander Global Banking and Markets 3,793 6 23,481 -83.8%

11 21 UBS Investment Bank 3,061 4 4,074 -24.9%

12 25 Banco Bilbao Vizcaya Argentaria 2,565 6 1,651 55.4%

13 8 Banco Itau BBA 2,168 15 22,008 -90.1%

14 93 Alfaro, Davila y Rios 2,150 1 - -

15 10 Citi 2,114 9 19,071 -88.9%

Ranking 2015 2014


Change

1 2 Banco BTG Pactual 8,326 20 22 -2

2 6 Goldman Sachs 12,507 15 14 1

3 1 Banco Itau BBA 2,168 15 38 -23


5 5 Morgan Stanley 1,534 11 14 -3

6 13 Rothschild 15,095 10 9 1

7 12 PwC 1,045 10 10 0

8 8 Deutsche Bank 8,045 9 11 -2

9 9 Citi 2,114 9 10 -1

10 20 BNP Paribas 1,500 8 5 3

11 11 JPMorgan 8,794 6 10 -4

12 4 Credit Suisse 4,299 6 14 -8

13 3 Santander Global Banking and Markets 3,793 6 17 -11

14 15 Banco Bilbao Vizcaya Argentaria 2,565 6 8 -2

15 21 Banco Bradesco BBI 7,993 5 5 0


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TOP 15 C&S AMERICA LEGAL ADVISERS TOP 15 C&S AMERICA LEGAL ADVISERS

Ranking 2015 2014


(US$m)% Val.

Change

1 33 Lefosse Advogados 7,436 8 3,782 96.6%

2 5 Linklaters 7,212 6 22,119 -67.4%

3 2 Clifford Chance 6,087 7 28,266 -78.0%

4 47 Pinheiro Guimaraes Advogados 5,252 6 2,069 153.8%

5 38 Mijares Angoitia Cortes y Fuentes 4,477 11 3,054 46.6%

6 20 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 3,979 19 9,700 -59.0%

7 1 White & Case 3,293 11 30,699 -89.0%

8 26 Baker & McKenzie 3,015 21 6,515 -54.0%


10 23 Creel, Garcia-Cuellar, Aiza y Enriquez, SC 2,955 12 7,302 -59.5%

11 9 Souza, Cescon, Barrieu & Flesch Advogados 2,850 16 15,332 -81.4%

12 115 Galicia Abogados, S.C. 2,830 6 310 812.9%


14 205 Ulhoa Canto, Rezende e Guerra –Advogados 2,734 3 6 45,466.7%

15 138 Santamarina y Steta 2,709 2 127 2,033.1%

Ranking 2015 2014


Change

1 2 Pinheiro Neto Advogados 1,362 26 27 -1

2 10 Baker & McKenzie 3,015 21 13 8

3 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 3,979 19 30 -11

4 4 Barbosa, Mussnich & Aragao 2,005 19 24 -5

5 7 Souza, Cescon, Barrieu & Flesch Advogados 2,850 16 16 0

6 9 Demarest 1,776 15 14 1

7 3 Machado Meyer Sendacz e Opice 1,391 15 25 -10

8 14 Creel, Garcia-Cuellar, Aiza y Enriquez, SC 2,955 12 11 1

9 15 Mijares Angoitia Cortes y Fuentes 4,477 11 11 0

10 6 White & Case 3,293 11 18 -7

11 13 Jones Day 2,155 11 12 -1

12 28 Rodrigo Elias & Medrano 128 11 7 4

13 12 Skadden Arps Slate Meagher & Flom 2,805 10 12 -2

14 16 Veirano Advogados 1,455 10 11 -1

15 49 Estudio Muniz, Ramirez, Perez-Taiman & Olaya Abogados 789 9 4 5

EUROPE

QUARTERLY EDITION

EUROPE MIDDLE EAST & AFRICA

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EUROPE

Europe has seen a modest level of M&A following a resurgence in 2014, and has failed to continue growth at the same rate unlike neighbours in the US and Asia that have already exceeded total 2014 values. The region’s US$657.7bn-worth of deals has decreased 4.2% compared to the same period in 2014 (US$686.5bn) and as a result, saw its market share towards global M&A drop to 22.9% from 29.1% year-to-date (YTD) 2014.

The value registered during Q1-Q3 2015 added to the ongoing failure of Europe to keep up with the momentum it built during 2014. The driving forces behind the whole region’s activity lie solely with a few selected countries.

So far this year, the UK saw an impressive increase in value with 993 deals worth US$254.1bn, already exceeding entire 2014 figures when 1,401 deals were valued at US$155.5bn, representing a value increase of 63.4%. The UK has always been a key market for investors but during the first three quarters of 2015, it accounted for a record market share in European M&A at 38.6%, considerably higher than the 14.5% during YTD 2014. The country is home to the fifth largest deal in Europe so far this year, which played a considerable impact on deal activity overall as well as the sector breakdown – the deal saw Royal Dutch Shell announce its US$81.2bn acquisition of BG Group.

The Industrials & Chemicals sector was the second most active by value with 895 transactions valued at US$81.6bn, and the leading sector by volume. The consolidation in the Technology, Media & Telecommunications (TMT) sector that was seen in Q1 and Q2 2015 which amounted to US$142.1bn, slowed dramatically during the third quarter of the year with a value of US$81.0bn, further demonstrated by the lower number of transactions (526) compared with previous quarters.

Inbound activity grew by 6.8% from US$242.0bn during Q1-Q3 2014 to US$258.5 so far in 2015. Even though the US has been the most active investor in Europe with US$116.9bn-worth of deals, it has drawn back by 30.5% compared to the US$168.2bn in YTD 2014. Meanwhile, Asia was full steam ahead to pick up European companies with a huge value increase of 147.2% from US$33.4bn to US$82.6bn in Q1-Q3 2014 and 2015, respectively.

We could be seeing management firms being patient to assess the European outlook before commencing with more bold strategies abroad, reflected in a 20.8% drop in outbound deal making from US$244.7bn to US$193.9bn. There have been fewer investments made into smaller areas such as Brazil and Chile with a decrease of 71.1% and 87.6%, respectively, with values at US$4.7bn and US$1.7bn. The US remained the most targeted country by European companies by far in terms of value with US$161.5bn, even though there was a small value decrease of 7% from US$173.6bn in Q1-Q3 2014.

Confidence remains high in certain markets such as the UK which is bolstering values for the entire region. Overall deal totals however remain consistent with the previous year even if they aren’t growing, a sign that at last management boards aren’t completely drawing back from M&A within the region, but maybe that the sense of caution has returned.

Key Stats

4,356 deals valued at US$657.7bn, down 4.2% by value with 2,212 fewer deals compared to 6,568 deals worth US$686.5bn in YTD ‘14

Top Legal Adviser

Energy, Mining & Utilities saw 228 deals worth US$115.2bn, up 80.1% by value compared to 312 deals worth US$64.0bn in YTD ‘14

Top sector


Freshfields Bruckhaus Deringer ranked first with 118 deals worth US$268.7bn compared to 150 deals worth US$284.9bn in YTD ‘14



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0

200

400

600

800

1,000

YTD 2015201420132012201120100

1,000

2,000

3,000

4,000

5,000

6,000

7,000

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)

Num

ber of deals

US$127.5bn

US$114.8bn

US$152.2bn

US$243.3bn

US$181.2bn

US$210.2bn

US$200.1bn

US$308.8bn

US$177.5bn

US$158.3bn

US$147.9bn

US$199.0bn

US$136.2bn

US$250.8bn

US$112.0bn

US$187.4bn

US$171.8bn

US$133.3bn

US$167.0bn

US$243.0bn

US$184.5bn

US$288.2bn

US$188.3bn

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US$96.2bn

US$94.0bn

US$112.8bn

US$130.0bn

US$97.7bn

US$110.9bn

US$94.4bn

US$87.0bn

US$141.4bn

US$173.4bn

US$96.4bn

US$110.3bn


EUROPE M&A TREND EUROPE PRIVATE EQUITY TREND

TREND GRAPHS


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COUNTRY BREAKDOWN AS A PROPORTION OF EUROPE TOTAL M&A VALUE EUROPE M&A SECTOR BREAKDOWN 2015

TREND GRAPHS

Ireland (Republic)

US$47.2bn 83 deals

7.2%

BeneluxUS$53.5bn 373 deals

8.1%

RegionValue


Key






IberiaUS$34.3bn

266 deals 5.2%


change

Domestic $399.2 45.3%

Inbound $160.9 16.5%

Outbound $85.5 50.9%

FranceUS$65.1bn 533 deals

9.9%

United KingdomUS$254.1bn

993 deals 38.6%

ItalyUS$52.2bn 304 deals 7.9%

GermanyUS$58.0bn 525 deals

8.8%


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Announced 08-Apr-15Bidder companyRoyal Dutch Shell PlcTarget companyBG Group PlcDominant sectorEnergy, Mining & Utilities

Announced 24-Jun-15Bidder companyRoyal Ahold NVTarget companyDelhaize Group SADominant sectorConsumer

Announced 24-Apr-15Bidder companyMylan NVTarget companyPerrigo Company PlcDominant sectorPharma, Medical & Biotech

Announced 06-Aug-15Bidder companyHutchison 3G Italy Investments SarlTarget companyWind Telecomunicazioni SpA; and 3 Italia SpaSeller companyVimpelCom Ltd; and CK Hutchison HoldingsDominant sectorTMT

Announced 05-Feb-15Bidder companyBT Group PlcTarget companyEE LimitedSeller companyOrange SA; and Deutsche Telekom AGDominant sectorTMT

Announced 23-Mar-15Bidder companyConsortium led by ChemChinaTarget companyPirelli & C SpASeller companyCamfin SpADominant sectorIndustrials & Chemicals

Announced 15-Apr-15Bidder companyNokia OyjTarget companyAlcatel-Lucent SADominant sectorTMT

Announced 20-Sep-15Bidder companyDeutsche Wohnen AGTarget companyLEG Immobilien AGDominant sectorReal Estate

Announced 24-Mar-15Bidder companyHutchison Whampoa LimitedTarget companyTelefonica UK LimitedSeller companyTelefonica SADominant sectorTMT

Announced 19-Feb-15Bidder companyBall CorporationTarget companyRexam PlcDominant sectorIndustrials & Chemicals

Deal value US$8.5bn

Deal value US$8.7bn

Deal value US$8.8bn









TREND GRAPHS


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TOP 20 EUROPE FINANCIAL ADVISERS TOP 20 EUROPE FINANCIAL ADVISERS

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VALUE VOLUME

Ranking 2015 2014


(US$m)% Val.

Change

1 1 Goldman Sachs 354,542 112 354,714 -0.0%

2 5 JPMorgan 261,591 98 223,401 17.1%

3 2 Morgan Stanley 259,051 96 288,073 -10.1%


5 4 Deutsche Bank 140,424 55 234,009 -40.0%

6 11 Barclays 134,324 60 129,777 3.5%

7 7 Citi 122,425 76 201,189 -39.1%

8 10 Rothschild 120,269 164 134,170 -10.4%

9 3 Lazard 97,211 94 241,319 -59.7%

10 9 Credit Suisse 96,310 42 145,868 -34.0%

11 82 Robey Warshaw 81,704 2 2,700 2,926.1%

12 18 HSBC 70,873 28 52,740 34.4%

13 13 UBS Investment Bank 58,946 43 117,303 -49.7%

14 20 Greenhill & Co 57,528 9 37,282 54.3%

15 8 BNP Paribas 55,877 45 148,900 -62.5%


17 12 Perella Weinberg Partners 34,444 8 125,754 -72.6%

18 14 Societe Generale 31,199 25 84,248 -63.0%

19 16 Zaoui & Co 30,053 4 76,532 -60.7%

20 - PJT Partners 26,325 2 - -

Ranking 2015 2014


Change

1 5 Rothschild 120,269 164 148 16

2 1 PwC 15,521 161 200 -39

3 2 KPMG 10,083 132 174 -42

4 3 EY 7,867 130 149 -19

5 4 Deloitte 21,315 117 149 -32

6 7 Goldman Sachs 354,542 112 106 6

7 10 JPMorgan 261,591 98 86 12

8 9 Morgan Stanley 259,051 96 89 7

9 6 Lazard 97,211 94 117 -23

10 12 Citi 122,425 76 74 2


12 17 M&A International 714 62 63 -1

13 13 Barclays 134,324 60 71 -11

14 11 Deutsche Bank 140,424 55 84 -29

15 16 BNP Paribas 55,877 45 65 -20


17 15 Credit Suisse 96,310 42 66 -24

18 25 DC Advisory 5,552 42 33 9

19 19 Lincoln International 2,708 41 47 -6

20 20 Grant Thornton 849 41 44 -3


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TOP 20 EUROPE LEGAL ADVISERS TOP 20 EUROPE LEGAL ADVISERS

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VALUE VOLUME

Ranking 2015 2014


(US$m)% Val.

Change

1 1 Freshfields Bruckhaus Deringer 268,735 118 284,943 -5.7%

2 7 Allen & Overy 189,564 151 148,400 27.7%


4 4 Sullivan & Cromwell 175,038 33 211,054 -17.1%

5 78 De Brauw Blackstone Westbroek 152,225 49 17,676 761.2%

6 6 Slaughter and May 142,560 50 162,025 -12.0%


8 5 Linklaters 122,507 140 182,947 -33.0%

9 9 Latham & Watkins 120,565 78 144,140 -16.4%

10 8 Davis Polk & Wardwell 114,064 30 146,111 -21.9%

11 11 Clifford Chance 110,092 134 135,194 -18.6%


13 20 Ashurst 102,289 53 66,650 53.5%

14 13 Wachtell, Lipton, Rosen & Katz 102,021 13 119,496 -14.6%

15 103 King & Wood Mallesons 92,885 58 10,859 755.4%

16 83 Pinheiro Neto Advogados 89,264 9 16,441 442.9%


18 16 White & Case 85,538 108 80,287 6.5%

19 18 Weil Gotshal & Manges 81,842 71 73,590 11.2%

20 91 Souza, Cescon, Barrieu & Flesch Advogados 81,519 4 13,325 511.8%

Ranking 2015 2014


Change

1 1 DLA Piper 20,224 156 211 -55

2 2 CMS 15,625 154 180 -26

3 5 Allen & Overy 189,564 151 151 0

4 3 Linklaters 122,507 140 171 -31

5 4 Clifford Chance 110,092 134 169 -35


7 9 White & Case 85,538 108 126 -18

8 7 Baker & McKenzie 38,794 101 140 -39

9 10 Jones Day 35,778 96 112 -16

10 8 Latham & Watkins 120,565 78 127 -49



13 14 Eversheds 8,759 71 70 1

14 11 Hogan Lovells International 14,458 70 92 -22

15 20 Squire Patton Boggs 2,461 69 61 8


17 23 Loyens & Loeff 15,792 56 58 -2

18 16 Herbert Smith Freehills 49,575 55 66 -11

19 26 Ashurst 102,289 53 52 1

20 52 Taylor Wessing 4,731 53 38 15

MIDDLE EAST & AFRICA

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A key feature Middle East and Africa’s M&A activity to-date has been the growing divide between domestic and outbound activity. Although outbound deal value to-date has jumped 81.6% year-on-year (YoY) to US$64.9bn, domestic activity is still dragging behind 2014 by 43.6% with US$12.6bn-worth of deals. Inbound activity has had a strong year, with US$15.0bn worth of acquisitions, particularly from Western European bidders, highlighting a renewed faith in Middle Eastern and African markets.

Inbound activity’s resurgence of activity to-date (149 deals, US$15.0bn), with US$38bn-worth of deals in Q3 alone, is up 40.3% in value compared to Q3 2014. Attention from Western European bidders in particular (54 deals, US$4.7bn) has increased 83.2% compared to the same period in 2014 (60 deals, US$2.6bn). The Netherlands and the UK have been the most active acquirers in the region, investing US$2.2bn and US$1.2bn, respectively.

Domestic activity on the other hand has failed to see a pick-up in Q3, with 156 deals worth US$12.6bn announced to-date representing a 22.1% decrease YoY. With 80 deals worth US$7.3bn, Q3 activity saw its lowest deal value since 2005, marking a 19.0% decrease compared to Q3 2014.

Outbound dealmaking remains the stand out trend for Africa’s M&A to-date, with 28 deals worth US$7.4bn representing an 81.6% increase by value compared to the same period last year (33 deals, US$4.0bn). South Africa has been the most dominant acquirer

to-date with 16 deals worth US$6.8bn, increasing 86.5% from the same period last year and taking up a 91.6% share in Africa’s total outbound deal value.

The UAE has seen the most substantial increase in deal value YoY with 20 deals worth US$6.6bn, an 124.1% increase by value compared to the same period in 2014 (36 deals, US$2.9bn). As a result, the UAE has taken a 43.6% share of the Middle East’s total deal value to-date, the second highest share following 2013 (46.3%). According to Mergermarket intelligence, deal activity targeting the Middle East is expected to pick up towards the end of the year, as increased demand on goods and services drive mergers and acquisitions, particularly in the healthcare and education sectors.

The largest deal of the year, the US$2.9bn acquisition of Dragon Oil by Emirates National Oil Company, targeted UAE’s Energy, Mining & Utilities (EMU) sector. Due to attractive valuations for companies,

the Middle East and Africa’s EMU sector has remained the most hotly targeted sector to-date with US$10.9bn-worth of deals, a 63.8% increase by value YoY, although still trailing behind 2013’s peak in deal activity (48 deals, US$20.0bn).

Although deal activity targeting the region is unlikely to reach 2014’s total (497 deals, US$59.7bn), an increased focus from Western European bidders will spur M&A activity moving into Q4, and is a promising sign for the regions M&A. Investment into the regions EMU sector will continue to be the main driver of growth, as companies take advantage of low valuations for acquisitions as a result of an unstable oil price.

Key Stats

305 deals valued at US$27.7bn, down 22.1% by value with 41 fewer deals compared to 346 deals worth US$35.5bn in YTD ‘14

Top Legal Adviser

Energy, Mining & Utilities saw 43 deals worth US$10.9bn, up 63.8% by value compared to 48 deals worth US$6.7bn in YTD ‘14

Top sector

JP Morgan ranked first with 9 deals worth US$50.9bn compared to 8 deals worth US$4.7bn in YTD ‘14

Latham & Watkins ranked first with 5 deals worth US$42.6bn compared to 13 deals worth US$3.0bn in YTD ‘14




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AMERICAASIA-

PACIFIC

0

10

20

30

40

50

60

70

YTD 201520142013201220112010

0

100

200

300

400

500

Valu

e (U

S$bn

)

Num

ber of deals

US$12.8bn

US$8.2bn

US$8.0bn

US$25.4bn

US$10.2bn

US$10.2bn

US$7.3bn

US$19.3bn

US$7.2bn

US$9.0bn

US$24.2bn

US$12.7bn

US$21.6bn

US$13.6bn

US$15.4bn

US$8.8bn

US$13.5bn

US$10.5bn

US$20.7bn

US$19.8bn

US$6.5bn

US$11.4bn

US$7.3bn

0

2

4

6

8

10

12

YTD 2015201420132012201120100

10

20

30

40

50

60

70

80

Valu

e (U

S$bn

)

US$1.9bn US$

1.5bn

US$3.6bn

US$4.1bn

US$4.8bn

US$1.9bn

US$2.7bn

US$3.7bn

US$7.1bn

US$11.7bn

US$2.9bn

US$3.6bn

Q1 Q2 Q3 Q4 Volume

MIDDLE EAST & AFRICA M&A TREND MIDDLE EAST & AFRICA PRIVATE EQUITY TREND

TREND GRAPHS




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COUNTRY BREAKDOWN AS A PROPORTION OF MIDDLE EAST & AFRICA TOTAL M&A VALUE MIDDLE EAST & AFRICA M&A SECTOR BREAKDOWN 2015

TREND GRAPHS

South AfricaUS$4.6bn 94 deals

16.5%

RegionValue


Key



TechnologyValue: US$2.5bnNumber of deals: 39Market share: 9.1%




change

Domestic $12.6 48.6%

Inbound $15.0 37.5%

Outbound $7.4 81.6%

IsraelUS$7.7bn 78 deals

23.7%

United Arab Emirates

US$6.6bn 20 deals

27.6%



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Announced 15-Jun-15Bidder companyEmirates National Oil Company LimitedTarget companyDragon Oil Plc (46.1% stake)Dominant sectorEnergy, Mining & Utilities

Announced 06-Jan-15Bidder companyIsrael Corporation (Shareholders)Target companyKenon Holdings LtdSeller companyIsrael CorporationDominant sectorEnergy, Mining & Utilities

Announced 24-Aug-15Bidder companySonangol EPTarget companyCobalt International Energy Inc (Angola block 21/09) (40% stake); and Cobalt International Energy Inc (Angola block 20/11) (40% stake)Seller companyCobalt International Energy IncDominant sectorEnergy, Mining & Utilities

Announced 17-Jul-15Bidder companyValeant Pharmaceuticals International IncTarget companyAmoun Pharmaceuticals Industries Co SAESeller companyCiti Venture Capital International; Capital International Private Equity Fund IV; and Concord International Investment Group LPDominant sectorPharma, Medical & Biotech

Announced 16-Feb-15Bidder companyOCI NV (Shareholders)Target companyOrascom Construction LimitedSeller companyOCI NVDominant sectorConstruction

Announced 20-Mar-15Bidder companySun International (South Africa) LimitedTarget companyPeermont Global LimitedSeller companyMineworkers Investment Company (Pty) Ltd; and Peermont Global Limited (Creditors)Dominant sectorLeisure

Announced 27-Apr-15Bidder companyInpex CorporationTarget companyADCO Onshore Concession (5% stake)Seller companyAbu Dhabi National Oil CompanyDominant sectorEnergy, Mining & Utilities

Announced 20-Mar-15Bidder companyEroton Exploration & Production Company LimitedTarget companyRoyal Dutch Shell (Oil mining lease 18) (30% stake)Seller companyThe Shell Petroleum Development Company of Nigeria LimitedDominant sectorEnergy, Mining & Utilities

Announced 28-Jul-15Bidder companyBright Dairy & Food Co LtdTarget companyTnuva Food Industries Ltd (76.73% stake)Seller companyBright Food (Group) Co LtdDominant sectorConsumer

Announced 12-Mar-15Bidder companyGS Energy CorporationTarget companyADCO Onshore Concession (3% stake)Seller companyThe Emirate of Abu DhabiDominant sectorEnergy, Mining & Utilities

Deal value US$666.0m

Deal value US737.0m



Deal value US$2.7bn

Deal value US$1.8bn

Deal value US$1.6bn

Deal value US$1.1bn

Deal value US$1.1bn



TREND GRAPHS



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TOP 20 MIDDLE EAST & AFRICA FINANCIAL ADVISERS TOP 20 MIDDLE EAST & AFRICA FINANCIAL ADVISERS

LEAGUE TABLES

VALUE VOLUME

Ranking 2015 2014


(US$m)% Val.

Change

1 6 JPMorgan 50,901 9 4,648 995.1%

2 9 Barclays 45,994 8 3,629 1,167.4%

3 57 Greenhill & Co 40,500 1 202 19,949.5%

4 1 Goldman Sachs 9,756 9 7,024 38.9%


6 14 Morgan Stanley 7,197 10 2,379 202.5%

7 - Nomura Holdings 6,039 3 - -

8 15 Rand Merchant Bank 5,472 11 2,350 132.9%

9 8 Standard Bank Group 5,257 12 3,931 33.7%

10 4 Citi 4,170 10 4,873 -14.4%

11 - Jamieson Corporate Finance 4,003 2 - -

12 29 PwC 3,602 13 736 389.4%

13 34 HSBC 3,257 9 500 551.4%

14 - Altium Capital 3,241 2 - -

15 - Davy Corporate Finance 2,832 1 - -

16 10 Rothschild 2,307 7 3,599 -35.9%

17 3 Deutsche Bank 2,087 6 5,578 -62.6%

18 77 Perella Weinberg Partners 1,698 3 82 1,970.7%

19 23 EY 1,669 10 1,544 8.1%

20 53 BMO Capital Markets 1,637 3 229 614.8%

Ranking 2015 2014


Change

1 4 PwC 3,602 13 13 0

2 5 Standard Bank Group 5,257 12 12 0

3 2 Rand Merchant Bank 5,472 11 16 -5


5 19 Morgan Stanley 7,197 10 5 5

6 10 Citi 4,170 10 9 1

7 6 EY 1,669 10 11 -1

8 13 JPMorgan 50,901 9 8 1

9 7 Goldman Sachs 9,756 9 10 -1

10 21 HSBC 3,257 9 5 4

11 1 Investec 1,471 9 17 -8

12 8 Barclays 45,994 8 10 -2

13 12 Rothschild 2,307 7 9 -2

14 14 Deutsche Bank 2,087 6 7 -1

15 26 Standard Chartered 833 6 3 3

16 119 Lazard 1,371 5 1 4

17 23 Jefferies 961 5 4 1

18 25 PSG Capital 324 5 4 1

19 9 KPMG 17 5 9 -4

20 20 Credit Suisse 1,426 4 5 -1



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TOP 20 MIDDLE EAST & AFRICA LEGAL ADVISERS TOP 20 MIDDLE EAST & AFRICA LEGAL ADVISERS

LEAGUE TABLES

VALUE VOLUME

Ranking 2015 2014


(US$m)% Val.

Change

1 12 Latham & Watkins 43,217 6 3,024 1,329.1%

2 56 Kirkland & Ellis 41,902 5 620 6,658.4%

3 110 Cleary Gottlieb Steen & Hamilton 41,795 4 185 22,491.9%

4 93 Weil Gotshal & Manges 41,528 3 278 14,838.1%

5= 22 Debevoise & Plimpton 40,500 1 2,051 1,874.6%

5= 69 Sullivan & Cromwell 40,500 1 440 9,104.5%

5= 77 Tulchinsky Stern & Company 40,500 1 370 10,845.9%


9 6 Allen & Overy 8,009 17 5,101 57.0%

10 4 Linklaters 7,254 9 5,994 21.0%

11 20 DLA Cliffe Dekker Hofmeyr 7,183 18 2,166 231.6%

12 3 Clifford Chance 5,421 14 6,092 -11.0%

13 138 Skadden Arps Slate Meagher & Flom 5,303 9 100 5,203.0%

14 54 Cravath, Swaine & Moore 4,020 2 687 485.2%

15 218 Eversheds 3,812 4 0 -

16 28 Macfarlanes 3,752 2 1,682 123.1%

17 1 White & Case 3,729 10 7,522 -50.4%

18 72 Goodwin Procter 3,605 3 429 740.3%

19 79 Cooley 3,285 2 353 830.6%

20 7 Webber Wentzel 3,258 38 4,333 -24.8%

Ranking 2015 2014


Change

1 2 Webber Wentzel 3,258 38 28 10

2 6 Bowman Gilfillan Africa Group 1,541 26 21 5

3 3 ENSafrica 2,546 20 28 -8

4 1 DLA Cliffe Dekker Hofmeyr 7,183 18 30 -12

5 5 Allen & Overy 8,009 17 27 -10

6 27 Naschitz Brandes Amir & Co 1,405 16 6 10

7 15 Meitar Liquornik Geva Leshem Tal & Co 1,863 15 10 5

8 16 Yigal Arnon & Co. 1,187 15 9 6

9 4 Clifford Chance 5,421 14 27 -13



12 14 Herzog, Fox and Neeman 1,151 13 10 3

13 8 DLA Piper 1,831 12 15 -3

14 12 White & Case 3,729 10 11 -1

15 10 Linklaters 7,254 9 13 -4


17 17 Baker & McKenzie 3,220 9 9 0

18 18 Werksmans 393 9 8 1

19 13 Jones Day 922 8 11 -3

20 34 Fischer Behar Chen & Co. 1,363 7 4 3

ASIA-PACIFIC (excluding Japan)

QUARTERLY EDITION

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40EUROPE MIDDLE EAST

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ASIA-PACIFIC (excluding Japan)

Market slump and ongoing speculation about China’s economic slowdown are yet to hinder M&A in Asia-Pacific. From Q1 to Q3 2015, M&A activities targeting Asia-Pacific companies announced 2,606 deals worth US$614.1bn, the highest deal value on Mergermarket record, and a 43.9% increase by deal value compared to the same period last year (US$426.8bn).

The third quarter of the year saw 826 Asia-Pacific deals totaling US$169.6bn, a significant 21.3% increase. However, compared to Q2 2015 (US$250.3bn), Q3 saw a 32.2% decrease by value and the absence of megadeals (>US$10bn), which may reflect investors’ declining confidence about a volatile economic market. It was also showed through the lack of inbound transactions in China, the value of which dropped 37.3% in the third quarter compared to the figure in Q3 2014 (US$11.1bn) with 56 deals valued at US$6.9bn.

Energy, Mining & Utilities (EMU) was the dominant sector year-to-date (YTD) 2015 with 211 deals worth US$85bn, followed by the Consumer sector with 238 deals at a value of US$80.1bn. However, the EMU sector posted a decline of 50.7% in the third quarter compared to Q3 2014 (US$25.5bn) with deals totaling US$12.6bn, the lowest value since Q4 2012. The commodity crisis has shut down the EMU sector and will continue to affect dealmaking in the near future.

To-date in 2015, outbound activities in Asia-Pacific reached historical highs with

347 deals amounting to US$132.6bn, up 122.3% from the same period last year (US$59.7bn). China’s encouraging policies to procure foreign assets and technology and expansion of CK-Hutchison Group are one of the drivers. Despite the depreciation of Renminbi (RMB), China’s acquisitions targeting non-Asian companies (US$43.8bn) were up 54.8% year-on-year (YoY), accounting for 33% of the total outbound value. It is observed by dealmakers that the China’s interest in overseas M&A remains strong, and that transactions involving bigger acquirers would be largely unaffected.

In the first three quarters of 2015, Australia attracted most investment from the companies out of the region with 94 deals totaling US$24.1bn, a 56.3% increase from last year (US$15.4bn). This also accounted for 33.4% of the total inbound investment into Asia-Pacific. The top two Asia-Pacific inbound deals, the US$9.5bn acquisition of Asciano by Brookfield Infrastructure Partners and the US$6bn acquisition of Toll Holdings by Japan Post Holdings, both targeted Australian transportation companies. Foreign investors

have been buying Australian transport and infrastructure assets amid a decline in the local currency and a government push to privatize assets. The dealmakers believed that more investment targeting Australian infrastructure would come to market, as the economy recovered. New South Wales state is selling power transmission network TransGrid, while Victoria plans to sell the Port of Melbourne, the country’s busiest container terminal. In addition, Brookfield would consider bidding for Australian Rail Track Corp if the federal government decides to sell it.

Despite market fluctuations and slow economic growth in China, most Asia-Pacific M&A indicators remain positive and continue to move upward. There is no doubt that total value of 2015 M&A will outperform that of any previous year. However, due to the factors including the slow recovery of stock market and investor confidence and the continuation of commodity crisis, Q4 2015 will still be a tough quarter for dealmaking.

Key Stats

2,606 deals valued at US$614.1bn, up 43.9% by value with 221 fewer deals compared to 2,385 deals worth US$426.8bn in YTD ‘14

Top Legal Adviser

Energy, Mining & Utilities saw 211 deals worth US$85.0bn,up 31.5% by value compared to 260 deals worth US$64.6bn in YTD ‘14

Top sector


Freshfields Bruckhaus Deringer ranked first with 27 deals worth US$147.5bn compared to 28 deals worth US$81.3bn in YTD ‘14


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0

100

200

300

400

500

600

700

YTD 2015201420132012201120100

500

1,000

1,500

2,000

2,500

3,000

3,500

Valu

e (U

S$bn

)

Num

ber of dealsUS$131.2bn

US$92.7bn

US$72.1bn

US$66.7bn

US$250.3bn

US$194.2bn

US$169.6bn

US$169.5bn

US$117.4bn

US$139.9bn

US$214.2bn

US$69.1bn

US$108.4bn

US$116.9bn

US$116.5bn

US$82.7bn

US$81.2bn

US$104.9bn

US$85.2bn

US$87.5bn

US$79.4bn

US$115.9bn

US$73.1bn

0

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70

YTD 2015201420132012201120100

50

100

150

200

250

300

350

400

Valu

e (U

S$bn

)

Num

ber of deals

US$31.1bn

US$20.3bn

US$42.8bn

US$29.4bn US$

27.9bn

US$18.8bn

US$42.3bn

US$29.9bn

US$65.8bn

US$36.3bn

US$51.1bn

US$31.1bn

ASIA-PACIFIC M&A TREND ASIA-PACIFIC PRIVATE EQUITY TREND

TREND GRAPHS

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Real EstateValue: US$79.4bnNumber of deals: 95Market share: 12.9%


TechnologyValue: US$61.4bnNumber of deals: 427Market share: 10.0%

RegionValue


Key

China US$283.9bn 1,173 deals

46.2%

AustraliaUS$62.5bn 331 deals

10.2%

India US$27.6bn

298 deals 4.5%


change

Domestic $541.9 50.8%

Inbound $72.2 7.2%

Outbound $132.6 122.3%

TREND GRAPHS

SingaporeUS$12.7bn

75 deals 2.1%

South KoreaUS$75.6bn 250 deals

12.3%

Hong KongUS$121.9bn

150 deals 19.9%

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Announced 09-Jan-15Bidder companyCheung Kong (Holdings) LimitedTarget companyHutchison Whampoa Limited (50.03% stake)Dominant sectorConsumer

Announced 17-Aug-15Bidder companyBrookfield Infrastructure Partners LPTarget companyAsciano LimitedDominant sectorTransportation

Announced 08-May-15Bidder companyCK Hutchison Holdings Limited (Shareholders)Target companyCheung Kong Property Holdings LimitedSeller companyCheung Kong (Holdings) LimitedDominant sectorReal Estate

Announced 04-Aug-15Bidder companyBeijing Shougang Co Ltd Target companyShougang Jingtang United Iron & Steel Co Ltd (51% stake)Seller companyShougang Group CorporationDominant sectorIndustrial Products and Services

Announced 20-Apr-15Bidder companySK C&C Co LtdTarget companySK Holdings Co Ltd (68.18% stake)Dominant sectorEnergy, Mining & Utilities

Announced 18-Sep-15Bidder companyChina Merchants Shekou Industrial Zone Holdings LtdTarget companyChina Merchants Property Development Co Ltd (48.1% stake)Dominant sectorReal Estate

Announced 17-Mar-15Bidder companyBHP Billiton Ltd (Shareholders)Target companySouth32Seller companyBHP Billiton LtdDominant sectorEnergy, Mining & Utilities

Announced 01-Sep-15Bidder companyHedy Holding Co LtdTarget companyFocus Media Holding LtdSeller companyAn investment group led by Jiang Nanchun (Private investor) Dominant sectorTMT

Announced 26-May-15Bidder companyCheil Industries Inc Target companySamsung C&T CorporationDominant sectorOther

Announced 07-Sep-15Bidder companyMBK Partners Ltd; Canada Pension Plan Investment Board; Temasek Holdings Pte Ltd; and Public Sector Pension Investment BoardTarget companyHomeplus Co LtdSeller companyTesco PlcDominant sectorConsumer

Deal value US$6.4bn

Deal value US$6.7bn

Deal value US$6.8bn





Deal value US$9.4bn

Deal value US$7.6bn

TREND GRAPHS



ASIA- PACIFIC


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TOP 20 ASIA-PACIFIC FINANCIAL ADVISERS TOP 20 ASIA-PACIFIC FINANCIAL ADVISERS

LEAGUE TABLES

VALUE VOLUME

Ranking 2015 2014


(US$m)% Val.

Change

1 2 Goldman Sachs 143,749 47 75,703 89.9%

2 16 HSBC 128,742 18 18,000 615.2%

3 5 Citi 110,233 38 56,409 95.4%

4 10 Credit Suisse 95,317 29 33,014 188.7%

5 8 Deutsche Bank 89,931 26 47,296 90.1%

6 13 JPMorgan 84,602 33 27,472 208.0%

7 - The Anglo Chinese Group 82,565 7 - -

8 1 Morgan Stanley 79,520 45 81,362 -2.3%


10 6 Somerley 68,044 31 53,201 27.9%


12 28 Barclays 44,885 13 8,371 436.2%

13 3 CITIC Securities 40,270 24 69,520 -42.1%

14 24 PwC 37,440 78 11,707 219.8%

15 14 Macquarie Group 37,158 32 23,421 58.7%


17 - Centerview Partners 34,439 2 - -

18 40 Gresham Advisory Partners 27,483 10 4,432 520.1%

19 141 NH Investment & Securities 26,808 6 462 5,702.6%

20 23 Huatai United Securities 26,221 39 11,855 121.2%

Ranking 2015 2014


Change

1 1 PwC 37,440 78 91 -13

2 6 EY 4,018 54 45 9

3 3 Goldman Sachs 143,749 47 51 -4

4 2 KPMG 17,439 46 79 -33

5 7 Morgan Stanley 79,520 45 42 3

6 16 Huatai United Securities 26,221 39 25 14

7 4 Citi 110,233 38 51 -13


9 12 JPMorgan 84,602 33 33 0

10 9 Macquarie Group 37,158 32 39 -7

11 27 Somerley 68,044 31 15 16

12 5 Deloitte 1,225 31 47 -16

13 8 Credit Suisse 95,317 29 40 -11

14 28 GF Securities 15,255 29 15 14

15 23 Southwest Securities Company 18,305 27 19 8

16 13 Deutsche Bank 89,931 26 32 -6

17 15 CITIC Securities 40,270 24 25 -1

18 11 Rothschild 20,466 24 38 -14

19 14 Bank of America Merrill Lynch 73,724 22 30 -8

20 25 Guotai Junan Securities 15,059 21 16 5

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TOP 20 ASIA-PACIFIC LEGAL ADVISERS TOP 20 ASIA-PACIFIC LEGAL ADVISERS

LEAGUE TABLES

VALUE VOLUME

Ranking 2015 2014


(US$m)% Val.

Change


2 7 Linklaters 102,266 35 33,715 203.3%

3 15 Skadden Arps Slate Meagher & Flom 89,879 31 16,486 445.2%

4 86 Commerce and Finance Law Offices 81,093 11 2,718 2,883.6%

5 6 Herbert Smith Freehills 80,701 60 34,088 136.7%

6 105 Guantao Law Firm 76,338 4 1,994 3,728%

7 287 Woo Kwan Lee & Lo 75,608 2 121 62,386.0%

8 2 King & Wood Mallesons 54,756 72 53,667 2.0%


10 3 Kim & Chang 49,654 58 52,639 -5.7%

11 38 Latham & Watkins 47,305 19 7,569 525.0%


13 88 Stikeman Elliott 44,205 8 2,582 1,612.0%

14 10 Allen & Gledhill 41,288 14 23,642 74.6%

15 30 WongPartnership 40,792 16 9,509 329.0%

16 44 Morrison & Foerster 38,726 12 6,673 480.3%

17 83 Paul Weiss Rifkind Wharton & Garrison 36,624 7 2,871 1,175.7%

18 26 Bae Kim & Lee 36,180 33 10,503 244.5%

19 161 Fried Frank Harris Shriver & Jacobson 33,689 1 799 4,116.4%

20 18 Fangda Partners 27,022 35 13,458 100.8%

Ranking 2015 2014


Change


2 2 Herbert Smith Freehills 80,701 60 81 -21

3 4 Kim & Chang 49,654 58 70 -12

4 20 AZB & Partners 6,077 55 33 22

5 3 Baker & McKenzie 24,436 50 73 -23

6 15 Zhong Lun Law Firm 23,313 45 41 4

7 16 Norton Rose Fulbright 16,645 43 40 3

8 9 Grandall Law Firm 19,654 42 49 -7

9 14 Minter Ellison 13,160 38 41 -3

10 5 DLA Piper 8,929 38 56 -18

11 27 Shin & Kim 6,753 38 27 11

12 35 Khaitan & Co 5,831 36 23 13

13 13 Linklaters 102,266 35 41 -6

14 10 Fangda Partners 27,022 35 48 -13

15 12 Allens 19,171 35 45 -10

16 26 Freshfields Bruckhaus Deringer 154,457 33 28 5

17 19 Bae Kim & Lee 36,180 33 33 0


19 7 Clifford Chance 19,813 31 50 -19

20 18 Gilbert + Tobin 15,198 31 33 -2

JAPAN

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Up until Q3 2015, the growth of Japanese firms via M&A had relied on outbound activity. After three multi-billion-dollar deals in September alone, total M&A in Q3 grew 135.6% to US$21.3bn from US$9bn in Q2. As a result of the third quarter jump, M&A value to-date increased 79.4% to US$39.4bn from US$22bn in the same period last year, already exceeding the annual value of 2013 (US$35.3bn) and 2014 (US$31.3bn).

To-date, Japan has seen a second consecutive year of increase in inbound M&A activities by value. Largely due to the US$4.8bn acquisition of USJ by the NBCUniversal Media at the end of Q3, which is the second highest valued on record for a US firm acquiring a Japanese company, the first three quarter recorded US$10bn worth of inbound investments, higher than any annual totals since 2007 (US$25.6bn).

Despite the Yen down by 15% from a year ago, which made acquisitions of foreign assets even more expensive, Japanese companies spent US$21.9bn overseas during Q3 2015, representing a 21.3% increase from the last quarter (US$17.2bn) and 93.1% from Q3 2014 (US$10.8bn). Total outbound deal value in Q1-Q3 2015 climbed to US$78.5bn, already surpassing the annual amount of last year (US$53.3bn), representing the highest year-to-date value on Mergermarket record (Since 2001).

While the US remained to be the most-liked overseas investment destiny attracting US$29.7bn to-date, 2015 saw an investment flux into Asia and Europe. The two regions attracted US$25.5bn and US$21.2bn in Q1-Q3 2015, representing a 306.5% and 298.8% growth from the same period last year.

A surge towards insurance deals fuelled outbound activity, including this year’s largest deal so far - Tokio Marine’s US$7.5bn takeover of the US-based HCC Insurance, followed by Mitsui Sumitomo Insurance and Meiji Yasuda Life Insurance spending US$5.3bn and US$5bn in the UK and the US respectively. According to Mergermarket Intelligence, Nippon-Life, another big name of the Japanese insurer, is also searching for targets in Australia.

Furthermore, the Technology, Media & Telecommunications (TMT) sector showed an encouraging upswing during the three

quarters. Deal value to-date increased 259.2% to US$10.4bn with 18 more announcements from 20 deals at US$2.9bn seen last year. Four out of five multi-billion-dollar deals worth of US$7.8bn were targeting Europeans companies, proving the growing interest of Japanese companies looking into opportunities in the region.

September saw the biggest PE exit announced in Japan on Mergermarket record (since 2001). The US$4.8bn trade sale of USJ gave a fillip to the total exit activity in Japan, leading the overall three-quarter value to US$6.2bn, marginally close to the annual value of 2014 (US$6.4bn).

In addition, four PE deals valued over US$1bn undertaken by Innovation Network Corporation of Japan made the government-backed firm the most active PE house of the year.

Key Stats

287 deals valued at US$36.9bn, up 68.1% by value with 1 fewer deal compared to 288 deals worth US$22.0bn in YTD ‘14

Top Legal Adviser

Consumer saw 56 deals worth US$8,8bn, up 139.5% by value compared to 64 deals worth US$3.7bn in YTD ‘14

Top sector

Morgan Stanley ranked first with 25 deals worth US$31.7bn compared to 26 deals worth US$34.6bn in YTD ‘14

Sullivan & Cromwell ranked first with 10 deals worth US$20.5bn compared to 4 deals worth US$2.9bn in YTD ‘14


48JAPAN


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JAPAN M&A TREND JAPAN M&A PRIVATE EQUITY TREND

TREND GRAPHS

0

10

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30

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50

60

70

80

90

YTD 2015201420132012201120100

100

200

300

400

500

Valu

e (U

S$bn

)

Num

ber of deals

US$X.Xbn

US$13.9n

US$7.3bn

US$33.3bn

US$6.8bn

US$21.3bn

US$9.3bn

US$5.0bn

US$10.8bn

US$6.2bn

US$7.3bn

US$4.8bn

US$15.2bn

US$8.1bn

US$16.2bn

US$13.9bn

US$26.3bn

US$14.1bn

US$21.5bn

US$32.6bn

US$17.2bn

US$12.3bn

US$9.0bn

US$6.6bn

0

5

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20

YTD 2015201420132012201120100

10

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)

Num

ber of deals

US$2.8bn

US$6.1bn

US$11.2bn

US$19.6bn

US$8.9bn

US$5.0bn US$

4.0bn

US$4.7bn

US$5.3bn

US$6.4bn

US$2.5bn

US$6.2bn

49JAPAN


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GLOBAL OVERVIEW

C&S AMERICA

ASIA- PACIFIC

COUNTRY BREAKDOWN AS A PROPORTION OF JAPAN TOTAL M&A VALUE JAPAN M&A SECTOR BREAKDOWN 2015

TREND GRAPHS


LeisureValue: US$6.9bnNumber of deals: 19Market share: 18.7%


Real EstateValue: US$4.9bnNumber of deals: 7Market share: 13.1%


Key

Cross-borderValue

Value change

OutboundUS$78.2bn

82.4%

InboundUS$7.5bn

60.9%

DomesticUS$29.4bn

69.5%

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Announced 29-Sep-15Bidder companyJapan Tobacco IncTarget companyNatural American Spirit (ex-US business)Seller companyReynolds American IncDominant sectorConsumer

Announced 27-05-15Bidder companyNomura Real Estate Master Fund IncTarget companyNomura Real Estate Office FundDominant sectorFinancial Services;Real Estate

Announced 28-Sep-15Bidder companyNBCUniversal Media LLCTarget companyUSJ Co Ltd (51% stake)Seller companyGS Capital Partners; MBK Partners Ltd; and Owl Creek Asset Management LPDominant sectorLeisure

Announced 27-05-15Bidder companyNomura Real Estate Master Fund IncTarget companyNomura Real Estate Residential Fund IncDominant sectorReal Estate

Announced 17-Sep-15Bidder companySuzuki Motor CorporationTarget companySuzuki Motor Corporation (19.9% stake)Seller companyVolkswagen AGDominant sectorAutomotive; Industrial Products and Services


Deal value US$5.0bn

Deal value US$4.8bn

Deal value US$3.6bn

Deal value US$3.0bn

Deal value US$1.5bn

TREND GRAPHS

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VALUE VOLUME

TOP 15 JAPAN FINANCIAL ADVISERS TOP 15 JAPAN FINANCIAL ADVISERS

Ranking 2015 2014


(US$m)% Val.

Change

1 1 Morgan Stanley 31,735 25 34,551 -8.2%

2 4 Goldman Sachs 29,719 15 15,049 97.5%

3 5 Nomura Holdings 28,298 57 9,649 193.3%

4 9 Mizuho Financial Group 22,509 41 5,477 311.0%

5 8 JPMorgan 19,537 12 7,087 175.7%

6 32 Lazard 17,278 8 320 5,299.4%


8 28 Bank of America Merrill Lynch 13,492 9 467 2,789.1%

9 21 Rothschild 12,820 5 1,177 989.2%

10= - CITIC Securities 10,357 2 - -

10= - Somerley 10,357 2 - -

12 16 Deutsche Bank 9,682 4 3,009 221.8%

13 2 Credit Suisse 9,134 6 16,414 -44.4%

14 7 Sumitomo Mitsui Financial Group 8,989 51 7,348 22.3%

15 6 Citi 8,175 8 7,919 3.2%

Ranking 2015 2014


Change

1 3 Nomura Holdings 28,298 57 36 21

2 2 Sumitomo Mitsui Financial Group 8,989 51 37 14

3 1 Mizuho Financial Group 22,509 41 40 1

4 4 Morgan Stanley 31,735 25 26 -1

5 9 Daiwa Securities Group 4,822 22 15 7

6 7 PwC 1,201 19 17 2

7 5 KPMG 883 18 24 -6

8 6 Deloitte 4,406 17 23 -6

9 10 Goldman Sachs 29,719 15 14 1

10 11 Frontier Management 360 14 9 5

11 8 GCA Savvian 2,690 13 16 -3

12 12 JPMorgan 19,537 12 8 4


14 18 Lazard 17,278 8 4 4

15 15 Citi 8,175 8 5 3

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TOP 15 JAPAN LEGAL ADVISERS TOP 15 JAPAN LEGAL ADVISERS

LEAGUE TABLES

VALUE VOLUME

Ranking 2015 2014


(US$m)% Val.

Change

1 6 Mori Hamada & Matsumoto 21,561 55 14,370 50.0%




5 40 Skadden Arps Slate Meagher & Flom 15,489 8 1,064 1,355.7%

6 27 Simpson Thacher & Bartlett 15,404 4 1,934 696.5%

7 1 Nishimura & Asahi 14,055 44 28,592 -50.8%

8 9 Nagashima Ohno & Tsunematsu 10,369 27 8,051 29.0%

9 22 Linklaters 9,173 9 2,761 232.2%

10 25 Jones Day 7,788 4 2,285 240.8%

11 11 Willkie Farr & Gallagher 7,460 1 5,708 30.7%

12 24 Morrison & Foerster 7,053 13 2,616 169.6%

13 69 Herbert Smith Freehills 6,833 6 305 2,140.3%

14 28 Ashurst 6,781 4 1,820 272.6%

15 8 Baker & McKenzie 6,545 16 8,508 -23.1%

Ranking 2015 2014


Change

1 1 Mori Hamada & Matsumoto 21,561 55 59 -4

2 2 Nishimura & Asahi 14,055 44 37 7

3 3 Nagashima Ohno & Tsunematsu 10,369 27 33 -6

4 6 Oh-Ebashi LPC & Partners 520 18 14 4

5 4 Anderson Mori & Tomotsune 5,676 17 15 2

6 5 Baker & McKenzie 6,545 16 14 2

7 9 Morrison & Foerster 7,053 13 10 3

8 22 Sullivan & Cromwell 20,667 10 4 6

9 14 Linklaters 9,173 9 7 2

10 8 TMI Associates 2,540 9 11 -2



13 12 White & Case 2,655 8 8 0

14 15 Clifford Chance 4,709 7 7 0

15 18 Allen & Overy 1,384 7 6 1

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Head of Research: Elias LatsisHead of Production: Laura Resetar

For advertising opportunities contact: Erik Wickman Tel: + (1) 212 686 3329 [email protected]

Global overview: Aleksandra Duda North America: Elizabeth LimC&S America: Lana Vilner Europe: Katharine Dennys Middle East & Africa: Robert Melia Asia-Pacific: Susie XiaoJapan: Susie Xiao

The following notes pertain to data contained in this publication:

Deals are included where the deal value is greater than or equal to US$5m.

Where no deal value has been disclosed, deals are included if the turnover of the target is greater than or equal to US$10m.

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company. Data underlying the League Tables are based on deals where the bidder, target or parent geography of either is that of the geography in focus.

Mid-market is defined as US$10m - US$250m.

YTD ‘14 refers to the period 01-Jan-14 to 29-Sep-14. 2015 refers to the period 01-Jan-15 to 29-Sep-15. 2014 refers to the period 01-Jan-14 to 29-Sep-14.

For a full version of the Mergermarket M&A deal database inclusion and league table criteria, go to http://www.Mergermarket.com/pdf/deal_criteria.pdf.

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