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www.mergermarket.com 1 Mergermarket H1 2013 M&A Trend Report

July 2013

Mergermarket Private Equity Report: H1 2013Including League Tables of Financial and Legal Advisors

http://www.mergermarket.com


ContentsGlobal:Buyouts

ExitsTop Deals for Buyouts and Exits

Buyouts and Exits Breakdown by Region:

EuropeUS

Criteria

P 3

P 5 - 6

P 7P 8

P 4

Asia-Pacific (excl. Japan) P 9Japan P 10

League Tables:

Financial Advisors P 11 - 13Legal Advisors P 14 - 16

What can Mergermarket do for you

P 17

P 18 Deal Submissions:

EMEA: Nancy Costantinopoli [email protected] Tel: +44 201 010 6227

Americas: Richard Myers [email protected] Tel: +1 212 500 1393

Asia-Pacfic: Fidelia Liu [email protected] Tel: +852 2158 9723

Press Contacts:

EMEA: Flora Wilke [email protected] Tel: +44 207 010 6348

Americas: Chrissy Carney [email protected] Tel: +1 646 378 3118

Asia-Pacific: Jessica Chan [email protected] Tel: +852 2158 9706


mailto:[email protected]





Private Equity: Global Overview of Buyouts

Buyout Geography Breakdown

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Europe (Value) US (Value) Asia-Pacific ex Japan (Value) Rest of the World (Value) Buyouts (% of Total M&A)

• Global private equity buyouts in Q2 2013 dropped to US$ 59.4bn, down 29.6% in value after Q1 which saw US$ 84.3bn-worth of deals, the highest quarter since Q4 2010 (US$ 85.6bn)

• The strength of Q1 2013’s value propelled the H1 2013 tally past that of H1 2012 to US$ 143.9bn from US$ 122.8, up 17.2%. Meanwhile, the number of deals in H1 2013 were down 23.6% to 817 buyouts versus 1,069 in H1 2012

• Berkshire Hathaway and 3G Capital Partners snapped up HJ Heinz for US$ 27.4bn in the largest buyout of the year. This one buyout alone contributed 19% to H1’s value and 32.4% to Q1’s value

• So far in 2013, the average debt financing multiple is 6x EBIDTA for buyouts – currently higher than the 5.5x in the whole of 2012

• The average Enterprise Value (EV) to EBITDA multiple stands at 7.5x which is lower than the 8x seen for the end of 2012

• Lazard overtook other firms to top the Financial Advisor rankings by value with deals aggregating US$ 37.7bn, up from 34th position last year

• Kirkland & Ellis capped a stellar H1 2013 by advising on 35 transactions worth US$ 43.9bn, the greatest by both value and number

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League Table of Private Equity Firms by No. of Deals: Global

Ranking House Value (US$m) No. of Deals

1 Kohlberg Kravis Roberts & Co 3,155 102 Lloyds TSB Development Capital 440 93 H.I.G. Capital 162 94 The Carlyle Group 1,266 85 TPG Capital 1,694 76 Cerberus Capital Management 4,028 57 Oaktree Capital Group 66 58 Sun Capital Partners 45 59 Bain Capital 7,406 4

10 Edmond de Rothschild Investment Partners 805 4



Private Equity: Global Overview of ExitsExit Breakdown Between Trade Sales and Secondary Buyouts

Geography Breakdown of Exit EBITDA Multiples

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SBOs (Value) Trade Sales (Value) Trade Sales (% of total exits) SBOs (% of total exits)

• Exits in H1 2013 amounted to US$ 103.1bn for 653 deals with the most active quarter being Q2

• Q2’s US$ 68.6bn-worth of exits (334 deals) were almost double the value of Q1, up 98.3% from US$ 34.6bn (319 deals)

• This resulted in Q2 being the most active quarter in a year (Q2 2012 valued at US$ 101.3bn) after all five of the highest valued exits so far this year occurred in Q2 – three of these were in June indicating that there could be further large-cap exits to follow in the second half of 2013 if these deals provided enough confidence in the market

• The largest exit of the year so far was in the Pharma, Medical & Biotech sector where Bausch & Lomb was sold to Valeant Pharmaceuticals International by Warburg Pincus

• Q2 saw an increase by value and number of deals in both Trade Sales and Secondary Buyouts (SBOs):

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• The increase was most notably seen in SBOs after two consecutive quarterly declines. Deals valued at US$ 25.5bn rebounded 229.1% above Q1 (US$ 7.7bn) and 8.1% above Q2 2012 (US$ 23.6bn)

• Trade Sale exits cleared values in Q1 comfortably with a 60.5% increase fromUS$ 43.1bn-worth of exits compared to US$ 26.8bn. Deal value was 44.6% lower than that seen in Q2 2012 though (US$ 77.7bn).

• The better performance compared to Q1 most recently was still hindered by the previous quarter’s value which concluded H1 2013 on a 31.8% decline from H1 2012 (US$ 151.1bn)

• The overall pickup of exits in Q2 failed to match that of Q2 2012 where deals valued at US$ 101.3bn set the bar high. Compared to last year, this years’ Q2 was down 32.3% by value

• The Exits EBIDTA multiples shrunk to 11.5x so far in 2013 – a multiple hasn’t been lower since 2004 at 11.1x, highlighting the reasons why firms are cautious about exiting

• Following the continued distress in Europe, this region was knocked the most with a decline in EBITDA multiples to 11.4x in H1 2013 compared to 16.2x in the whole of 2012



Top Five Buyout Deals

Announced

DateBidder Company

Bidder

AdvisorsTarget Company

Target/Seller

AdvisorsSeller Company

Deal Value

(US$m)

14-Feb-13 Berkshire Hathaway; and 3G Capital Partners

FA: JPMorgan; Lazard; Wells Fargo Securities

LA: Freshfields Bruckhaus Deringer; Kirkland & Ellis;

Munger Tolles & Olson

H.J. Heinz Company FA: Bank of America Merrill Lynch; Centerview Partners;

Moelis & Company

LA: Davis Polk & Wardwell; Wachtell, Lipton, Rosen &

Katz; Advising FA: O’Melveny & Myers; Sullivan & Cromwell;

Willkie Farr & Gallagher

27,362

05-Feb-13 Silver Lake Partners LP; and Michael Dell (private individual)

FA: Bank of America Merrill Lynch; Barclays; Citi; Credit

Suisse; Deutsche Bank; LionTree Advisors; Morgan

Stanley; RBC Capital Markets; UBS Investment Bank

LA: Clifford Chance; Wachtell, Lipton, Rosen & Katz; Simpson

Thacher & Bartlett; Sullivan & Cromwell; Blake, Cassels & Graydon; Maples & Calder;

Fangda Partners; Advising FA: White & Case

Dell Inc FA: Evercore Partners; Goldman Sachs; JPMorgan

LA: Alston & Bird; Debevoise & Plimpton; Hogan Lovells; Advising FA: Davis Polk & Wardwell; Weil Gotshal &

Manges

20,169

06-May-13 BMC Buyout Consortium FA: Barclays; Credit Suisse; Qatalyst Group; RBC Capital

Markets

LA: Kirkland & Ellis; Sidley Austin; Willkie Farr & Gallagher

BMC Software Inc FA: Bank of America Merrill Lynch; Moelis & Company;

Morgan Stanley

LA: Paul Weiss Rifkind Wharton & Garrison; Wachtell, Lipton,

Rosen & Katz; Advising FA: Davis Polk & Wardwell; Weil Gotshal

& Manges

6,737

12-Apr-13 NSW Ports Consortium FA: Lazard; UBS Investment Bank

LA: Herbert Smith Freehills

Port Botany FA: Advising Seller: Morgan Stanley

LA: Advising Seller: Minter Ellison

Government of New South Wales

4,529

19-Jun-13 BC Partners Limited FA: Credit Suisse; Jefferies; Nomura Holdings; UBS

Investment Bank

LA:Davis Polk & Wardwell; Freshfields Bruckhaus Deringer

Springer Science & Business Media

Deutschland GmbH

FA: Advising Seller: JPMorgan

LA: Clifford Chance; Advising Seller: Hengeler Mueller; P+P

Poellath + Partners; Simmons & Simmons

EQT Partners AB; and GIC Special Investments

Pte Ltd

4,423



Top Five Exit Deals

Announced

DateBidder Company

Bidder

AdvisorsTarget Company

Target/Seller

AdvisorsSeller Company

Deal Value

(US$m)

27-May-13 Valeant Pharmaceuticals International Inc

FA: -

LA: Osler, Hoskin & Harcourt;

Skadden Arps Slate Meagher & Flom

Bausch & Lomb Incorporated

FA:Goldman Sachs; JPMorgan

LA: Cleary Gottlieb Steen & Hamilton; Stikeman Elliott

Warburg Pincus LLC 8,700

19-Jun-13 BC Partners Limited FA: Credit Suisse; Jefferies; Nomura Holdings; UBS

Investment Bank

LA:Davis Polk & Wardwell; Freshfields Bruckhaus

Deringers

Springer Science + Business Media

Deutschland GmbH

FA: Advising Seller: JPMorgan

LA: Clifford Chance; Advising Seller: Hengeler Mueller; P+P

Poellath + Partners; Simmons & Simmons

EQT Partners AB; and GIC Special Investments

Pte Ltd

4,423

19-Jun-13 CVC Capital Partners Limited

FA: Bank of America Merrill Lynch; JPMorgan

LA: Hengeler Mueller; Kirkland & Ellis; Advising Seller:

Freshfields Bruckhaus Deringer; Gorrissen Federspiel

ista International GmbH FA:Greentech Capital Advisors; Advising Seller: Deutsche Bank;

Goldman Sachs

LA: P+P Poellath + Partners

Charterhouse Capital Partners LLP

4,055

18-Apr-13 Kroton Educacional SA FA:Morgan Stanley

LA: Barbosa, Mussnich & Aragao

Anhanguera Educacional Participacoes SA

FA:Banco Bradesco BBI

LA: Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados

BlackRock Inc; and Patria Investimentos

Ltda

2,663

16-Jun-13 Weyerhaeuser Company FA:Morgan Stanley

LA: Cravath, Swaine & Moore;

Advising FA: Weil Gotshal & Manges

Longview Timber LLC FA: Advising Seller: CIBC World Markets

LA: Advising Seller: Stoel Rives

Brookfield Asset Management Inc

2,070



European Private Equity

• European Private Equity buyouts rose 65.9% in value from Q1 2013 (US$ 17.5bn, 176 deals) to US$ 29bn (202 deals) in Q2

• Q2 2013 compared to Q2 2012 also saw a deal value increase of 32.9% from US$ 21.8bn

• Europe targeted buyouts contributed a total of 48.7% to the total global buyout value in Q2 - the highest percentage in four and a half years (Q4 08 at 49.8%)

• H1 2013’s total value didn’t follow suit – a deal value at US$ 46.4bn (378 deals) was the weakest opening half to any year in three years (H1 2010 valued at US$ 33.1bn, 470 deals)

• BC Partners’ US$ 4.4bn acquisition of Springer Science + Business from EQT Partners and GIC marked both the largest European buyout and exit of the year so far

• M&A activity in the Industrials & Chemicals sector rose 86% to US$ 10.3bn making it the most active sector in H1 2013 by value. Leisure was the only sector increase both deal value and number of deals from H1 2012 – it leapt 328% with 25 deals valued at US$ 4bn, up from US$ 927m for 17 deals last year

• Credit Suisse led the Financial Advisor rankings by value with two mandates worth US$ 5.5bn while PwC finished first by number with eight mandates

• Kirkland & Ellis beat peers by value of deals which stood at US$ 7.1bn. Linklaters advised on 16 transactions to lead the Legal Advisor rankings by number

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• Exits in Europe jumped to US$ 25.6bn (152 deals) in Q2 which was a 128.6% increase above Q1 2013 (US$ 11.2bn, 139 deals)

• Secondary buyouts were the main catalyst for this quarter’s recovery: at US$ 18.9bn (61 deals), Q2 2013 denoted the highest quarterly value since Q4 2007 (US$ 19.9bn, 81 deals)

• In spite of Q2’s impressive resurgence, the aggregate value of exits fell for the second successive half year to US$ 36.9bn (291 deals) this year, the worst opening half by value since H1 2010 (US$ 27.1bn, 221 deals)

• Exits in Business Services more than doubled from H1 2012 (US$ 4bn, 27 deals) to US$ 9bn (36 deals), the second highest H1 level on Mergermarket record

• The Industrials & Chemicals and Consumer sectors, traditionally the most actively exited by value, fell to the lowest level since H1 2009

Exits

Buyouts OverviewEuropean Buyout Trend

Europe Private Equity Firm League Tables

League Table of Private Equity Firms by Value: Europe


1 BC Partners 5,723 22 CVC Capital Partners 5,543 23 Hakon Invest 3,109 14 OMERS Private Equity 2,062 25 Allianz Capital Partners 2,051 3

League Table of Private Equity Firms by No. of Deals: Europe


1 Lloyds TSB Development Capital 440 92 Edmond de Rothschild Investment Partners 805 4

3= Oaktree Capital Group 45 4 3= Sun Capital Partners 45 4

5 Argos Soditic 44 4



US Private Equity

• US buyouts in Q2 2013 dropped to US$ 19bn, down 67.1% in value after a mega-deal fuelled Q1 which saw US$ 57.9bn-worth of deals

• Q2 also declined in comparison to Q2 2012, down 46.6% from US$ 35.6bn

• The strength of Q1 2013 enabled H1 2013 to amass transactions aggregating US$ 76.9bn (258 deals), the best half year total by value since H2 2007 (US$ 112.6bn, 476 deals)

• Buyout deals announced in the Consumer and Technology sectors jumped 254% and 656% by value to US$33.2bn and US$ 28.6bn, respectively, by virtue of the Heinz, Dell & BMC Software targeted mega-deals (over US$ 10bn)

• Pharma, Medical & Biotech was the third of four deal value increases and jumped 90% from H1 2012 (US$ 1.2bn) to US$ 2.3bn during the first six months of 2013

• Lazard pipped larger rivals to top the Financial Advisor league table rankings by value with eight mandates amounting to US$ 37.7bn

• Kirkland & Ellis chalked up 26 deals worth US$ 36.3bn to finish first on the Legal Advisor rankings by both value and number

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Buyouts OverviewUS Buyout Trend

US Private Equity Firm League Tables

• PE exits in the US shot to US$ 32.3bn (128 deals) during Q2 2013, a stellar 150.4% increase by value from the previous quarter (US$ 12.9bn, 116 deals)

• Despite the impressive increase in exits during Q2, the aggregate value of private equity exits in the US stood at US$ 45.1bn (244 deals) during the first half of this year, the lowest by opening half year by both value and volume since H1 2009 (US$ 14.4bn, 156 deals)

• Trade sales in particular, surged to US$ 26.8bn (98 deals) in Q2, up 152.8% from Q1 2013 (US$ 10.6bn, 81 deals). Secondary buyouts, recovered as well with deals valued at US$ 5.4bn from US$ 2.3bn although the number of deals fell to 30, the lowest quarterly tally since Q1 2010 (21 deals)

• Warburg Pincus’ dual-track disposal of Bausch & Lomb culminated in its US$ 8.7bn sale to Valeant Pharmaceuticals, the largest exit to date in 2013

ExitsLeague Table of Private Equity Firms by Value: US


1 3G Capital Partners 27,362 12 Silver Lake Partners 20,169 13 Bain Capital 6,887 34 Insight Venture Partners 6,790 25 Golden Gate Capital 6,737 2

League Table of Private Equity Firms by No. of Deals: US


1 H.I.G. Capital 95 72 Clearlake Capital Group 291 43 Bain Capital 6,887 34 Kohlberg Kravis Roberts & Co 1,450 35 TPG Capital 644 3



Asia-Pacific (excl. Japan) Private Equity

• Private equity buyouts in Asia-Pacific (excl. Japan) have so far experienced a buoyant Q2 with deals values at US$ 7.6bn: they rose 22% by value from Q1 2013 (US$ 6.3bn, 54 deals) to US$ 7.6bn and were also 21.6% above the value seen in Q2 2012 (US$ 6.3bn) in spite of lower deal counts for both sets

• Q2’s value contributed 12.8% to the total value of global buyouts in Q2 - the highest percentage for any quarter since Q3 2011 (21.4%)

• The steady values in both Q1 and Q2 have led to H1 2013 totalled US$ 13.9bn (95 deals), 21.6% above H1 2012 (US$ 11.4bn, 110 deals)

• A US$ 4.5bn bid to acquire Australia-based Port Botany was the biggest buyout deal of H1 2013. This led to the Transport sectors’ increased value by 2,060% to become the most active sector by value

• Consumer buyouts improved by 386% compared to H1 2012 (US$ 0.7bn, 15 deals) to US$ 3.5bn (21 deals)

• UBS Investment Bank topped the Financial Advisor League table by value, advising on three transactions totalled US$ 6bn

• Herbert Smith Freehills led the Legal Advisor rankings by value with four deals worth US$ 6.5bn. South Korean firm, Kim & Chang moved from 12th position to second from H1 2012

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Buyouts OverviewAsia-Pacific (excl. Japan) Buyout Trend

Asia-Pacific (excl. Japan) Private Equity Firm League Tables

Exits • The aggregate value of private equity exits in Asia Pacific (excl. Japan) rose by 34% from H1

2012 (US$ 8.8bn, 42 deals) to US$ 11.8bn (57 deals) so far this year

• Almost the entire value of exits in H1 2013 was accounted for by trade sales (US$ 11.4bn, 52 deals)

• Q2 2013 was valued at US$ 5.5bn with 26 deals, a slight drop from US$ 6.3bn in Q1 with five less deals

• There was a larger decrease between Q2 2013 and Q2 2012 however, down 28.6% from US$ 7.7bn last year for just one less deal

• The Industrials & Chemicals sector shot to the highest on Mergermarket record (since 2001) in H1 by both value and deal count (US$ 3bn, 13 deals). Exits in the Consumer sector too, skyrocketed by 817.1% to US$ 2.5bn (seven deals) from US$ 275m in H1 2012 – it was the second largest H1 value for exits in this sector on Mergermarket record

League Table of Private Equity Firms by Value: Asia-Pacific (excl. Japan)


1 Industry Funds Management Pty 5,328 22 TPG Capital 1,050 23 MBK Partners 852 24 KTB Investment & Securities Co 679 25 H.D.S. Investments 654 1

League Table of Private Equity Firms by No. of Deals: Asia-Pacific (excl. Japan)


1 H.I.G. Capital 95 72 Clearlake Capital Group 291 43 Bain Capital 6,887 34 Kohlberg Kravis Roberts & Co 1,450 35 TPG Capital 644 3



Japan Private Equity

• Private equity buyouts in Japan rose 21.2% in value in Q2 2013 from Q1 (US$ 0.8bn, nine deals) to US$ 1bn (eight deals)

• Compared to Q2 2012 though, deal value was down by a third from US$ 1.5bn

• Q2’s increase from Q1 however didn’t manage to secure a positive growth for H1 2013 – deals valued at US$ 1.8bn (17 deals) resulted in the lowest opening half of any year since H1 2010 (US$ 1.5bn, 19 deals)

• Technology buyouts were the staple for of all buyouts with deals valued at US$ 0.5bn from four deals

• MBK Partners’ US$ 0.5bn acquisition of coffee chain Komeda was the biggest buyout witnessed so far this year

• In the Financial Advisor tables the positions were the same for oth value and volume: Morgan Stanley was at the top for one deal valued at US$ 451m followed by three local firms, GCA Savvian Group Corporation, Mizuho Financial Group and Nomura Holdings

• Nishimura & Asahi led the Legal Advisor table for two deal values at US$ 602m

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• The aggregate value of private equity exits in Japan increased by 53% to US$ 2.6bn in H1 2013

• The 22 sales in H1 2013 represented the highest H1 tally on Mergermarket record (since 2001)

• As with the sector breakdown for buyouts, the Technology sector accounted for the greatest number of exit deals, with five transactions totalled US$ 0.3bn

• Exits from Leisure companies amounted to US$ 0.6bn in H1 2013. Improving consumer sentiment and a desire for consolidation among operators is expected to spur greater M&A activity in the sector

• KKR’s sale of staffing firm Intelligence Holdings to competitor Temp Holding was the largest private equity exit of H1 2013

Exits

Buyouts OverviewJapan Buyout Trend

Japan Private Equity Firm League Tables

League Table of Private Equity Firms by Value: Japan


1 MBK Partners 486 12 The Carlyle Group 211 13 Cerberus Capital Management 151 14 Phoenix Capital Co 97 15 JAFCO Co 50 1

League Table of Private Equity Firms by No. of Deals: Japan


1 MBK Partners 486 12 The Carlyle Group 211 13 Cerberus Capital Management 151 14 Phoenix Capital Co 97 15 JAFCO Co 50 1



League Tables of Financial Advisors

League Table of Financial Advisors to Buyouts by Value: Global

Ranking H1 2013 H1 2012H1

2012H1

2013 Company Name Value (US$m)

Deal Count

Value (US$m)

% Val. change

34 1 Lazard 37,734 8 859 4,293%23 2 Credit Suisse 35,235 9 1,619 2,076%7 3 Barclays 33,158 7 8,592 285.9%19 4 UBS Investment Bank 33,022 11 2,724 1,112%4 5 JPMorgan 32,983 5 11,321 191.3%20 6 Wells Fargo Securities 28,662 2 2,399 1,095%3 7 RBC Capital Markets 27,914 4 15,968 74.8%14 8 Bank of America Merrill Lynch 26,115 5 4,642 462.6%1 9 Deutsche Bank 26,010 10 19,982 30.2%2 10 Citi 22,383 5 17,227 29.9%- 11 LionTree Advisors 20,769 2 - -5 12 Morgan Stanley 9,205 12 9,743 -5.5%15 13 Nomura Holdings 7,184 8 3,497 105.4%- 14 Qatalyst Group 6,737 1 - -

25 15 Jefferies 6,206 5 1,432 333.4%6 16 Goldman Sachs 5,356 10 8,956 -40.2%- 17 Handelsbanken Capital Markets 3,380 3 - -

16 18 Rothschild 3,365 6 3,218 4.6%28 19 Houlihan Lokey 3,300 1 1,250 164.0%46 20 Nordea Corporate Finance 3,109 1 431 621.3%

League Table of Financial Advisors to Buyouts by Volume: Global


2012H1


Deal Count

Deal Count

Count change

2 1 Deloitte 1,226 14 16 -27 2 Morgan Stanley 9,205 12 11 126 3 UBS Investment Bank 33,022 11 3 83 4 Deutsche Bank 26,010 10 13 -38 5 Goldman Sachs 5,356 10 11 -122 6 Credit Suisse 35,235 9 4 524 7 Lazard 37,734 8 4 420 8 Nomura Holdings 7,184 8 4 41 9 PwC 1,686 8 16 -811 10 Barclays 33,158 7 8 -116 11 KPMG 2,588 7 6 15 12 Ernst & Young 192 7 12 -514 13 Rothschild 3,365 6 6 021 14 HSBC 1,913 6 4 241 15 DC Advisory 165 6 2 417 16 JPMorgan 32,983 5 5 019 17 Bank of America Merrill Lynch 26,115 5 4 16 18 Citi 22,383 5 11 -615 19 Jefferies 6,206 5 6 -113 20 Lincoln International 175 5 7 -2




League Table of Financial Advisors to Buyouts by Value: US


2012H1


Deal Count

Value (US$m)

% Val. change

23 1 Lazard 30,918 4 540 5,626%7 2 Barclays 30,206 4 4,588 558.4%14 3 Credit Suisse 29,505 6 1,619 1,722%11 4 Wells Fargo Securities 28,662 2 2,399 1,095%4 5 JPMorgan 28,303 3 9,208 207.4%3 6 RBC Capital Markets 27,914 4 9,626 190.0%21 7 UBS Investment Bank 22,890 5 774 2,857%2 8 Deutsche Bank 22,537 6 10,090 123.4%8 9 Bank of America Merrill Lynch 22,060 4 4,047 445.1%1 10 Citi 21,222 2 14,598 45.4%- 11 LionTree Advisors 20,769 2 - -- 12 Qatalyst Group 6,737 1 - -

12 13 Morgan Stanley 3,361 3 2,274 47.8%22 14 Houlihan Lokey 3,300 1 540 511.1%6 15 Goldman Sachs 2,345 4 5,167 -54.6%

League Table of Financial Advisors to Buyouts by Volume: US


2012H1


Deal Count

Deal Count

Count change

13 1 Credit Suisse 29,505 6 3 34 2 Deutsche Bank 22,537 6 5 1

25 3 UBS Investment Bank 22,890 5 1 417 4 Lazard 30,918 4 2 28 5 Barclays 30,206 4 3 11 6 RBC Capital Markets 27,914 4 8 -49 7 Bank of America Merrill Lynch 22,060 4 3 12 8 Goldman Sachs 2,345 4 8 -47 9 JPMorgan 28,303 3 3 011 10 Morgan Stanley 3,361 3 3 06 11 Jefferies 1,344 3 4 -110 12 Wells Fargo Securities 28,662 2 3 -13 13 Citi 21,222 2 5 -3- 14 LionTree Advisors 20,769 2 - -

45 15 SunTrust Robinson Humphrey Capital Markets

235 2 1 1

League Table of Financial Advisors to Buyouts by Value: Europe


2012H1


Deal Count

Value (US$m)

% Val. change

- 1 Credit Suisse 5,530 2 - -12 2 Nomura Holdings 5,030 3 2,273 121.3%24 3 Jefferies 4,862 2 522 831.4%38 4 UBS Investment Bank 4,743 3 311 1,425%22 5= Bank of America Merrill Lynch 4,055 1 595 581.5%17 5= JPMorgan 4,055 1 1,467 176.4%2 7 Morgan Stanley 3,671 4 5,891 -37.7%1 8 Deutsche Bank 3,473 3 7,456 -53.4%- 9 Handelsbanken Capital Markets 3,380 3 - -

10 10 Rothschild 3,365 6 3,218 4.6%29 11 Nordea Corporate Finance 3,109 1 431 621.3%9 12 Goldman Sachs 2,902 5 3,590 -19.2%44 13 KPMG 2,198 6 256 758.6%8 14= Barclays 2,051 1 3,737 -45.1%- 14= Erste Group Bank 2,051 1 - -

League Table of Financial Advisors to Buyouts by Volume: Europe


2012H1


Deal Count

Deal Count

Count change

1 1 PwC 1,686 8 13 -52 2 Deloitte 1,017 8 11 -35 3 Rothschild 3,365 6 6 07 4 KPMG 2,198 6 6 03 5 Ernst & Young 192 6 10 -426 6 DC Advisory 165 6 2 420 7 Goldman Sachs 2,902 5 2 3- 8 Clearwater Corporate Finance 99 5 - -

11 9 Morgan Stanley 3,671 4 4 0- 10 Canaccord Genuity 508 4 - -

38 11 Nomura Holdings 5,030 3 1 252 12 UBS Investment Bank 4,743 3 1 210 13 Deutsche Bank 3,473 3 4 -1- 14 Handelsbanken Capital Markets 3,380 3 - -

28 15 UniCredit Group 1,240 3 2 1




League Table of Financial Advisors to Buyouts by Value: Asia-Pacific (excl. Japan)


2012H1


Deal Count

Value (US$m)

% Val. change

2 1 UBS Investment Bank 5,389 3 1,639 228.8%22 2 Lazard 5,328 2 - -- 3 Nomura Holdings 1,782 3 - -- 4 Macquarie Group 1,027 2 - -- 5 Woori Investment & Securities Co 852 2 - -9 6 Morgan Stanley 622 3 171 263.7%- 7= China Renaissance Partners 436 1 - -- 7= Industrial and Commercial Bank of China 436 1 - -- 9 KPMG 390 1 - -- 10 HSBC 320 2 - -- 11= Avendus Capital 320 1 - -3 11= Citi 320 1 1,021 -68.7%- 13 CITIC Securities Co 319 1 - -- 14 Global M&A Partners 289 1 - -

21 15 Barclays 276 1 - -

League Table of Financial Advisors to Buyouts by Volume: Asia-Pacific (excl. Japan)


2012H1


Deal Count

Deal Count

Count change

2 1 Deloitte 209 5 4 16 2 UBS Investment Bank 5,389 3 1 2- 3 Nomura Holdings 1,782 3 - -4 4 Morgan Stanley 622 3 2 1

22 5 Lazard 5,328 2 1 1- 6 Macquarie Group 1,027 2 - -- 7 Woori Investment & Securities Co 852 2 - -- 8 HSBC 320 2 - -- 9 o3 Capital Advisors 31 2 - -- 10 BDO 14 2 - -- 11= China Renaissance Partners 436 1 - -- 11= Industrial and Commercial Bank of China 436 1 - -

- 13 KPMG 390 1 - -- 14= Avendus Capital 320 1 - -7 14= Citi 320 1 1 0

League Table of Financial Advisors to Buyouts by Value: Japan


2012H1


Deal Count

Value (US$m)

% Val. change

1 1 Morgan Stanley 451 1 1,407 -67.9%- 2 GCA Savvian Group Corporation 302 1 - -6 3 Mizuho Financial Group 211 1 - -2 4 Nomura Holdings 97 1 450 -78.4%

League Table of Financial Advisors to Buyouts by Volume: Japan


2012H1


Deal Count

Deal Count

Count change

1 1 Morgan Stanley 451 1 2 -1- 2 GCA Savvian Group Corporation 302 1 - -6 3 Mizuho Financial Group 211 1 1 02 4 Nomura Holdings 97 1 2 1



League Tables of Legal Advisors

League Table of Legal Advisors to M&A by Buyouts : Global


2012H1


Deal Count

Value (US$m)

% Val. change

9 1 Kirkland & Ellis 43,840 35 8,891 393.1%7 2 Freshfields Bruckhaus Deringer 33,845 11 9,028 274.9%- 3 Munger Tolles & Olson 27,362 2 - -

44 4 White & Case 26,076 13 1,415 1,743%5 5 Simpson Thacher & Bartlett 24,999 12 10,075 148.1%16 6 Clifford Chance 23,912 17 5,253 355.2%33 7 Fangda Partners 20,458 2 1,926 962.2%- 8 Maples & Calder 20,419 2 - -

87 9 Blake, Cassels & Graydon 20,169 3 454 4,343%53 10 Wachtell, Lipton, Rosen & Katz 20,169 1 1,205 1,574%124 11 Herbert Smith Freehills 6,568 8 150 4,279%3 12 Linklaters 6,131 18 11,696 -47.6%10 13 Latham & Watkins 5,609 16 8,857 -36.7%18 14 Davis Polk & Wardwell 5,105 4 4,168 22.5%101 15 Hengeler Mueller 4,574 2 319 1,334%2 16 Weil Gotshal & Manges 3,973 16 13,624 -70.8%69 17 Schulte Roth & Zabel 3,300 1 950 247.4%42 18 Kim & Chang 3,150 12 1,501 109.9%182 19 Gernandt & Danielsson 3,109 3 28 11,004%

4 20 Willkie Farr & Gallagher 2,915 11 10,666 -72.7%

League Table of Legal Advisors to Buyouts by Volume: Global


2012H1


Deal Count

Deal Count

Count change

1 1 Kirkland & Ellis 43,840 35 53 -186 2 Linklaters 6,131 18 16 24 3 Clifford Chance 23,912 17 19 -22 4 Latham & Watkins 5,609 16 27 -113 5 Weil Gotshal & Manges 3,973 16 25 -95 6 DLA Piper 1,781 16 17 -18 7 SJ Berwin 731 14 14 0

30 8 White & Case 26,076 13 7 612 9 Simpson Thacher & Bartlett 24,999 12 12 044 10 Kim & Chang 3,150 12 5 711 11 Freshfields Bruckhaus Deringer 33,845 11 13 -216 12 Willkie Farr & Gallagher 2,915 11 10 113 13 Skadden Arps Slate Meagher & Flom 2,353 11 12 -114 14 Allen & Overy 2,020 10 11 -119 15 Paul Hastings 333 10 10 017 16 Ropes & Gray 2,196 9 10 -188 17 Herbert Smith Freehills 6,568 8 3 545 18 Stikeman Elliott 1,640 8 5 328 19 Hannes Snellman 1,215 8 7 118 20 Baker & McKenzie 266 8 10 -2




League Table of Legal Advisors to Buyouts by Value: US


2012H1


Deal Count

Value (US$m)

% Val. change

8 1 Kirkland & Ellis 36,378 26 4,890 643.9%- 2 Munger Tolles & Olson 27,362 2 - -- 3 Freshfields Bruckhaus Deringer 27,362 1 - -

23 4 White & Case 23,469 5 1,017 2,208%3 5 Simpson Thacher & Bartlett 22,665 7 10,030 126%69 6= Blake, Cassels & Graydon 20,169 1 8 252,013%

64 6= Clifford Chance 20,169 1 25 80,576%

89 6= Fangda Partners 20,169 1 - -- 6= Maples & Calder 20,169 1 - -

19 6= Wachtell, Lipton, Rosen & Katz 20,169 1 1,205 1,574%30 11 Schulte Roth & Zabel 3,300 1 950 247.4%77 12 Sidley Austin 2,737 4 - -2 13 Willkie Farr & Gallagher 2,602 5 10,621 -75.5%33 14 Ropes & Gray 2,142 8 470 355.7%5 15 Weil Gotshal & Manges 1,655 7 7,675 -78.4%

League Table of Legal Advisors to Buyouts by Volume: US


2012H1


Deal Count

Deal Count

Count change

1 1 Kirkland & Ellis 36,378 26 46 -2014 2 Ropes & Gray 2,142 8 6 26 3 Simpson Thacher & Bartlett 22,665 7 10 -34 4 Weil Gotshal & Manges 1,655 7 13 -62 5 Latham & Watkins 1,271 7 16 -911 6 Skadden Arps Slate Meagher & Flom 1,084 6 7 -119 7 Paul Hastings 235 6 5 112 8 DLA Piper 13 6 7 -136 9 White & Case 23,469 5 2 37 10 Willkie Farr & Gallagher 2,602 5 8 -3

22 11 Goodwin Procter 308 5 4 154 12 Sidley Austin 2,737 4 2 223 13 Fried Frank Harris Shriver & Jacobson 1,580 4 4 021 14 O'Melveny & Myers 691 4 4 010 15 Paul Weiss Rifkind Wharton & Garrison 520 4 7 -3

League Table of Legal Advisors to Buyouts by Value: Europe


2012H1


Deal Count

Value (US$m)

% Val. change

9 1 Kirkland & Ellis 7,143 7 3,751 90.4%2 2 Freshfields Bruckhaus Deringer 6,283 8 7,460 -15.8%1 3 Linklaters 5,881 16 11,316 -48.0%56 4 Hengeler Mueller 4,574 2 319 1,334%- 5 Davis Polk & Wardwell 4,423 1 - -

23 6 Latham & Watkins 4,019 8 1,586 153.4%98 7 Gernandt & Danielsson 3,109 3 28 11,004%

10 8 Clifford Chance 2,800 11 3,486 -19.7%51 9 White & Case 2,607 8 398 555.0%7 10 Weil Gotshal & Manges 2,318 9 5,517 -58.0%- 11 Kinstellar 2,051 1 - -

189 12 PwC legal 1,967 4 - -- 13 Morrison & Foerster 1,929 1 - -

103 14 Chiomenti Studio Legale 1,927 4 20 9,535%3 15 Allen & Overy 1,751 6 5,736 -69.5%

League Table of Legal Advisors to Buyouts by Volume: Europe


2012H1


Deal Count

Deal Count

Count change

1 1 Linklaters 5,881 16 15 12 2 SJ Berwin 731 13 14 -13 3 Clifford Chance 2,800 11 13 -29 4 Weil Gotshal & Manges 2,318 9 7 27 5 DLA Piper 1,710 9 8 15 6 Freshfields Bruckhaus Deringer 6,283 8 9 -14 7 Latham & Watkins 4,019 8 11 -332 8 White & Case 2,607 8 4 447 9 Gateley 67 8 3 514 10 Kirkland & Ellis 7,143 7 6 18 11 Allen & Overy 1,751 6 7 -117 12 Hannes Snellman 1,215 6 6 023 13 Eversheds 447 6 5 1118 14 Willkie Farr & Gallagher 313 6 1 511 15 Pinsent Masons 154 6 7 -1




League Table of Legal Advisors to Buyouts by Value: Asia-Pacific (excl. Japan)


2012H1


Deal Count

Value (US$m)

% Val. change

51 1 Herbert Smith Freehills 6,464 4 - -12 2 Kim & Chang 2,050 11 428 379.0%18 3 Skadden Arps Slate Meagher & Flom 1,269 4 176 621.0%- 4 Gunderson Dettmer Stough

Villeneuve Franklin & Hachigian 654 1 - -

50 5 Conyers Dill & Pearman 648 3 - -28 6 Davis Polk & Wardwell 436 1 57 664.9%10 7 Clifford Chance 360 2 751 -52.1%- 8 Johnson Winter & Slattery 347 3 - -- 9 Shin & Kim 326 2 - -- 10= Han Yi Law Offices 319 1 - -

17 10= Kirkland & Ellis 319 1 250 27.6%- 10= Latham & Watkins 319 1 - -- 13 Akin Gump Strauss Hauer & Feld 314 2 - -2 14 Fangda Partners 289 1 1,926 -85%20 15 Wadia Ghandy & Co 281 2 162 73.5%

League Table of Legal Advisors to Buyouts by Volume: Asia-Pacific (excl. Japan)


2012H1


Deal Count

Deal Count

Count change

4 1 Kim & Chang 2,050 11 4 751 2 Herbert Smith Freehills 6,464 4 1 39 3 Skadden Arps Slate Meagher & Flom 1,269 4 3 1

50 4 Conyers Dill & Pearman 648 3 1 2- 5 Johnson Winter & Slattery 347 3 - -

17 6 Allen & Overy 269 3 2 153 7 O'Melveny & Myers 35 3 1 22 8 Minter Ellison 14 3 4 -18 9 Clifford Chance 360 2 3 -1- 10 Shin & Kim 326 2 - -- 11 Akin Gump Strauss Hauer & Feld 314 2 - -

11 12 Wadia Ghandy & Co 281 2 3 -1

20 13 Allen & Gledhill 250 2 2 0- 14 Freshfields Bruckhaus Deringer 200 2 - -- 15 J Sagar Associates 119 2 - -

League Table of Legal Advisors to Buyouts by Value: Japan


2012H1


Deal Count

Value (US$m)

% Val. change

6 1 Nishimura & Asahi 602 2 - -4 2 Nagashima Ohno & Tsunematsu 486 1 254 91.3%1 3 Mori Hamada & Matsumoto 352 2 1,240 -71.6%- 4 Anderson Mori & Tomotsune 32 1 - -

League Table of Legal Advisors to Buyouts by Volume: Japan


2012H1


Deal Count

Deal Count

Count change

2 1 Nishimura & Asahi 602 2 2 03 2 Mori Hamada & Matsumoto 352 2 1 11 3 Nagashima Ohno & Tsunematsu 486 1 2 -1- 4 Anderson Mori & Tomotsune 32 1 - -



Criteria

All data is based on transactions over US$ 5m. Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders’ interests are not changed.

The Buyout league tables are based on the target geography only and the advisor advising the buy-side only

The overall trend graphs are based on the dominant geography of the target only.

All sector breakdowns are based on the target’s dominant sector only. TMT: refers to consolidated sectors of Technology, Media & Tellecommunications

Private Equity Buyouts include: BIMBO, EBO, IBI, IBO, MBI, MBO & Secondary Buyouts

Time periods: H1 2013: 01-Jan-13 to 30-Jun-13 H1 2012: 01-Jan-12 to 30-Jun-12 Q1 2013/2012: 01-Jan-13/12 to 31-Mar-13/12 Q2 2013: 01-Apr-13 to 30-Jun-13 Q2 2012: O1-Apr-12 to 30-June-12

Mega-deal: Deal value above US$ 10bn

All data correct as of 5th July 2013 Deal Criteria

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