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A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY

MONTHLY M&A INSIDERJANUARY 2016

CONTENTS

20 C&S AMERICA

12 NORTH AMERICA

44 ASIA-PACIFIC (excluding Japan)

28 EUROPE

36 MIDDLE EAST & AFRICA

60 LEAGUE TABLES

61 ABOUT MERRILL CORPORATION & MERRILL DATASITE63 MERRILL CORPORATION CONTACTS

03 GLOBAL OVERVIEW

52 JAPAN

GLOBAL OVERVIEW

QUARTERLY EDITION

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GLOBAL OVERVIEW NORTH

AMERICAC&S

AMERICA JAPAN

GLOBAL OVERVIEW

2015 has been an extraordinary year for M&A. With 16,837 transactions worth US$4.3tn announced globally, total value rose 30.5% from last year, breaking 2014’s previous record of US$3.3tn, despite a drop in volume by 560 transactions from 17,397. High valuations also led 2015 to becoming the year of mega-deals, as well as broken records in several sectors and within the advisory space.

The year’s top deal was US-based Pfizer’s announcement that it would acquire Ireland-based Allergan for a staggering US$183.7bn – making it the largest pharmaceutical transaction and second-largest overall in M&A history. It is also the largest de facto tax inversion deal on record. Though expected to complete by Q4 2016, the deal could go the way of US-based AbbVie’s US$54.4bn bid for Ireland-based Shire in 2014, which lapsed after three months due to changes in tax regulations by the US Treasury Department.

Broken recordsThe Pfizer/Allergan deal accounted for 32% of Pharma, Medical & Biotech’s (PMB) activity, helping it to become the year’s second-best performing sector with 1,366 transactions worth US$547.6bn and accounting for 13.4% of market share, rising in both value and volume from 2014. Energy, Mining & Utilities (EMU), however, was the leading sector, capturing 14.9% of market share with 1,331 transactions worth US$637.7bn, despite value dropping 5.3% compared to US$673.7bn in 2014 and volume

by 372 deals from 1,703. Falling commodities prices in 2015 made for attractive price tags, particularly on energy targets; by the end of the year, the price of oil had settled on a 12-year low of just over US$37 a barrel.

High valuations in 2015 also resulted in several deals breaking value records within their sectors: in Consumer, Anheuser-Busch InBev’s US$79.6bn bid for SABMiller; in Industrials & Chemicals, E. I. du Pont de Nemours’ US$77bn bid for Dow Chemical; in Business Services, Dell’s US$63.3bn bid for EMC; and, in Technology, US-based Hewlett Packard’s US$33.8bn spinoff of its Enterprise business. Additionally, all top 10 deals for 2015 qualify as megadeals, defined to be worth US$10+bn.

All-time advisory highsThe advisory space also saw records broken. The number one financial advisor, Goldman Sachs, advised on 349 transactions and reached a peak value of US$1.7tn, a 78.7% rise from 2014 despite advising on 27 fewer deals. This is the first time that any firm

has advised on more than US$1.5tn in transactions. Skadden Arps Slate Meagher & Flom, the top legal advisor for 2015 and the first to cross the trillion-dollar advisory threshold, advised on 294 transactions, 39 more than in 2014, and worth a total of US$1.1tn, an 82.8% rise compared to the previous year.

2015 turned out to be not only a year known for mega-deals, but also for growing political and economic uncertainty; lingering questions over issues including the euro’s future and the upcoming US presidential election could impact M&A activity in 2016. Despite this, post-recession growth in North America, and particularly in the US, has driven a significant amount of M&A activity globally, with the year ending with strong job numbers, increased corporate confidence, and the US’s first interest rate increase from near-zero in seven years. It remains to be seen whether this year’s activity was merely a temporary frenzy, or the start of a new cycle of growth.

Key Stats

16,837 deals valued at US$4.3tn, up 30.5% by value with 560 fewer deals compared to 17,397 deals worth US$3.3tn in 2014

Top Legal Adviser

Energy, Mining & Utilities saw 1,331 deals worth US$637.7bn, down 5.3% by value compared to 1,703 deals worth US$673.7bn in 2014

Top sector

Goldman Sachs ranked first with 349 deals worth US$1.7tn compared to 376 deals worth US$928.5bn in 2014

Skadden Arps Slate Meagher & Flom ranked first with 298 deals worth US$1.1tn, compared to 255 deals worth US$612.1bn in 2014

Top Financial Adviser

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GLOBAL M&A TREND GLOBAL PRIVATE EQUITY TREND

0

500

1,000

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0

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20,000

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e (U

S$bn

)

Num

ber of deals

US$460.9bn

US$432.8bn

US$492.9bn

US$712.1bn

US$1,058.8bn

US$1,377.4bn

US$904.4bn

US$842.1bn

US$963.1bn

US$568.7bn

US$571.6bn

US$644.9bn

US$559.2bn

US$446.8bn

US$756.4bn

US$523.2bn

US$565.7bn

US$464.0bn

US$599.4bn

US$478.2bn

US$585.8bn

US$613.6bn

US$1,051.2bn

US$791.3bn

0

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500

1,000

1,500

2,000

2,500

3,000

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e (U

S$bn

)

Num

ber of deals

US$248.7bn

US$282.2bn

US$293.3bn

US$331.4bn US$

277.4bn

US$317.0bn US$

295.7bnUS$

282.7bn

US$399.3bn

US$433.8bn

US$519.6bn

US$437.2bn

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

Energy, Mining & UtilitiesValue: US$637.7bnNumber of deals: 1,331Market share: 14.9%

Pharma, Medical & BiotechValue: US$574.6bnNumber of deals: 1,366Market share: 13.4%

ConsumerValue: US$516.5bnNumber of deals: 2,015Market share: 12.1%

Financial ServicesValue: US$496.4bnNumber of deals: 1,389Market share: 11.6%

Industrials & ChemicalsValue: US$474.8bnNumber of deals: 3,137Market share: 11.1%

TREND GRAPHS

JapanUS$61.6bn 396 deals 1.4%

North AmericaUS$2,079.1bn

5,442 deals 48.6%

C&S AmericaUS$63.1bn 540 deals

1.5%

EuropeUS$1,099.7bn

6,224 deals 25.7%

Asia-Pacific (excluding Japan)

US$927.8bn 3,802deals

21.7%

Value (US$bn) Up/Down Value %

change

Cross-border $1,673.3 17.8%

Domestic $2,605.4 40.2%

RegionValue

VolumeValue market share

Key

Africa & Middle EastUS$47.3bn 429 deals 1.1%

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TOP DEALS

Deal value US$183.7bn

Deal value US$ 120.3bn




TOP 10 ANNOUNCED DEALS FOR 2015

Announced 23-Nov-15Bidder companyPfizer IncTarget companyAllergan plcDominant sectorPharma, Medical & BiotechSell-side Financial Adviser JPMorgan; and Morgan StanleySell-side Legal Adviser Arthur Cox; Cleary Gottlieb Steen & Hamilton; Latham & Watkins; Stikeman Elliott; and Weil Gotshal & Manges (Advising FA: Cravath, Swaine & Moore; and Willkie Farr & Gallagher)Buy-side Financial Adviser Centerview Partners; Goldman Sachs; Guggenheim Partners; and Moelis & Company Buy-side Legal Adviser A&L Goodbody; Clifford Chance; Davies Ward Phillips & Vineberg; Morgan Lewis & Bockius; Skadden Arps Slate Meagher & Flom; Wachtell Lipton Rosen & Katz; and White & Case (Advising FA: Debevoise & Plimpton)

Announced 26-May-15Bidder companyCharter Communications IncTarget companyTime Warner Cable IncDominant sectorTelecommunicationsSell-side Financial Adviser Allen & Company; Centerview Partners; Citi; and Morgan StanleySell-side Legal Advisor Latham & Watkins; Paul Weiss Rifkind Wharton & Garrison; and Skadden Arps Slate Meagher & Flom (Advising FA: White & Case)Buy-side Financial AdvisorBank of America Merrill Lynch; Credit Suisse; Goldman Sachs; Guggenheim Partners; and LionTree AdvisorsBuy-side Legal Advisor Kirkland & Ellis; and Wachtell Lipton Rosen & Katz (Advising FA: DLA Piper; and Fried Frank Harris Shriver & Jacobson)

Announced 11-Nov-15Bidder companyAnheuser-Busch InBev NVTarget companySABMiller PlcDominant sectorConsumerSell-side Financial Advisor Credit Suisse; Goldman Sachs; JPMorgan Cazenove; Morgan Stanley; Perella Weinberg Partners; and Robey WarshawSell-side Legal Advisor Bowman Gilfillan Africa Group; Cleary Gottlieb Steen & Hamilton; Herbert Smith Freehills; Hogan Lovells International; Linklaters; Loyens & Loeff; Macfarlanes; McDermott Will & Emery; Simpson Thacher & Bartlett; and Wachtell Lipton Rosen & KatzBuy-side Financial AdvisorBank of America Merrill Lynch; Barclays; BNP Paribas; Deutsche Bank; Lazard; and Standard Bank GroupBuy-side Legal Advisor Clifford Chance; Cravath Swaine & Moore; Freshfields Bruckhaus Deringer; Stibbe; Sullivan & Cromwell; and Webber Wentzel (Advising FA: Allen & Overy; Ashurst; and Davis Polk & Wardwell)

Announced 11-Dec-15Bidder companyE I du Pont de Nemours and CompanyTarget companyThe Dow Chemical CompanyDominant sectorIndustrials & ChemicalsSell-side Financial Advisor Lazard; and Morgan StanleySell-side Legal Advisor Cleary Gottlieb Steen & Hamilton; and Weil Gotshal & Manges (Advising FA: Simpson Thacher & Bartlett)Buy-side Financial AdvisorEvercore Partners; and Goldman SachsBuy-side Legal Advisor Skadden Arps Slate Meagher & Flom (Advising FA: Cravath Swaine & Moore; and Debevoise & Plimpton)

Announced 08-Apr-15Bidder companyRoyal Dutch Shell PlcTarget companyBG Group PlcDominant sectorEnergy, Mining & UtilitiesSell-side Financial AdvisorGoldman Sachs; Robey Warshaw; and RothschildSell-side Legal AdvisorFreshfields Bruckhaus Deringer; King & Wood Mallesons; and Mattos Filho Veiga Filho Marrey Jr e Quiroga AdvogadosBuy-side Financial AdvisorBank of America Merrill Lynch; and LazardBuy-side Legal Advisor Allens; Cravath Swaine & Moore; De Brauw Blackstone Westbroek; Pinheiro Neto Advogados; Slaughter and May; and Souza Cescon Barrieu & Flesch Advogados (Advising FA: Allen & Overy; and Ashurst)

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Announced 24-Jul-15Bidder companyAnthem InceTarget companyCigna CorporationDominant sectorPharma, Medical & BiotechSell-side Financial Adviser Morgan StanleySell-side Legal Adviser Cravath Swaine & Moore; Majmudar & Partners; and Sidley Austin (Advising FA: Weil Gotshal & Manges)Buy-side Financial AdviserCredit Suisse; and UBS Investment BankBuy-side Legal Adviser White & Case (Advising FA: Gibson Dunn & Crutcher; and Latham & Watkins)

Announced 26-Jun-15Bidder companyeBay Inc (shareholders)Target companyPayPal Holdings IncSeller companyeBay IncDominant sectorFinancial ServicesSell-side Financial Adviser Allen & Company; and Goldman SachsSell-side Legal Adviser Wachtell Lipton Rosen & Katz

Announced 25-Mar-15Bidder companyKraft Heinz CompanyTarget companyKraft Foods Group IncDominant sectorConsumerSell-side Financial Adviser Centerview PartnersSell-side Legal Adviser McCarthy Tetrault; and Sullivan & Cromwell (Advising FA: Davis Polk & Wardwell)Buy-side Financial AdviserLazardBuy-side Legal Adviser Cravath Swaine & Moore; Davies Ward Phillips & Vineberg; Kirkland & Ellis; and Paul Weiss Rifkind Wharton & Garrison

Announced 28-Sep-15Bidder companyEnergy Transfer Equity LPTarget companyWilliams Companies IncDominant sectorEnergy, Mining & UtilitiesSell-side Financial Adviser Barclays; and LazardSell-side Legal Adviser Akin Gump Strauss Hauer & Feld; Cravath Swaine & Moore; and Gibson Dunn & Crutcher (Advising FA: Paul Weiss Rifkind Wharton & Garrison; and Shearman & Sterling)Buy-side Financial AdviserBank of America Merrill Lynch; Citi; Credit Suisse; Deutsche Bank; Goldman Sachs; Intrepid Partners; JPMorgan; Morgan Stanley; RBC Capital Markets; and UBS Investment BankBuy-side Legal Adviser Latham & Watkins; and Wachtell Lipton Rosen & Katz (Advising FA: Alston & Bird; O’Melveny & Myers; and White & Case)

Announced 12-Oct-15Bidder companyDell IncTarget companyEMC CorporationDominant sectorBusiness ServicesSell-side Financial Adviser Evercore Partners; Morgan Stanley; and Needham & CompanySell-side Legal Adviser Morrison & Foerster; and Skadden Arps Slate Meagher & Flom (Advising FA: Debevoise & Plimpton; and Weil Gotshal & Manges)Buy-side Financial AdviserBank of America Merrill Lynch; Barclays; Citi; Credit Suisse; Deutsche Bank; Goldman Sachs; JPMorgan; Lazard; Moelis & Company; RBC Capital Markets; and UBS Buy-side Legal Adviser Blake Cassels & Graydon; Hogan Lovells International; Simpson Thacher & Bartlett; and Wachtell Lipton Rosen & Katz







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TOP 20 GLOBAL FINANCIAL ADVISERS TOP 20 GLOBAL FINANCIAL ADVISERS

LEAGUE TABLES

VALUE VOLUME

Ranking 2015 2014

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

(US$m)% Val.

Change

1 1 Goldman Sachs 1,659,591 349 928,533 78.7%

2 3 Morgan Stanley 1,340,452 329 677,192 97.9%

3 4 JPMorgan 1,281,207 303 625,644 104.8%

4 2 Bank of America Merrill Lynch 954,128 218 691,722 37.9%

5 5 Citi 787,268 222 605,088 30.1%

6 9 Credit Suisse 728,801 191 426,622 70.8%

7 7 Lazard 720,846 207 469,232 53.6%

8 6 Barclays 621,733 173 498,556 24.7%

9 8 Deutsche Bank 600,278 191 431,854 39.0%

10 14 Centerview Partners 482,326 35 152,736 215.8%

11 10 UBS Investment Bank 468,543 154 325,151 44.1%

12 45 Guggenheim Partners 356,607 24 27,158 1,213.1%

13 35 Moelis & Company 327,299 102 46,488 604.1%

14 17 Evercore Partners 301,266 128 118,967 153.2%

15 11 Rothschild 296,517 280 234,154 26.6%

16 16 RBC Capital Markets 227,885 113 128,398 77.5%

17 12 BNP Paribas 210,279 84 181,578 15.8%

18 82 Robey Warshaw 202,038 3 11,416 1,669.8%

19 20 HSBC 185,752 68 99,286 87.1%

20 53 Allen & Company 157,058 18 21,722 623.0%

Ranking 2015 2014

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

Change

1 1 PwC 61,428 389 398 -9

2 2 Goldman Sachs 1,659,591 349 376 -27

3 5 Morgan Stanley 1,340,452 329 288 41

4 3 KPMG 44,735 323 365 -42

5 7 JPMorgan 1,281,207 303 274 29

6 8 Rothschild 296,517 280 259 21

7 6 EY 24,521 268 285 -17

8 4 Deloitte 34,716 262 293 -31

9 9 Citi 787,268 222 240 -18

10 11 Bank of America Merrill Lynch 954,128 218 222 -4

11 10 Lazard 720,846 207 237 -30

12 13 Credit Suisse 728,801 191 211 -20

13 14 Deutsche Bank 600,278 191 204 -13

14 12 Barclays 621,733 173 218 -45

15 19 M&A International 10,214 159 137 22

16 17 Houlihan Lokey 38,697 156 144 12

17 15 UBS Investment Bank 468,543 154 161 -7

18 23 Lincoln International 5,481 135 115 20

19 21 Jefferies 89,543 130 130 0

20 20 Evercore Partners 301,266 128 134 -6

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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 1,115,826 298 612,145 82.3%

2 20 Cravath, Swaine & Moore 968,017 96 214,273 351.8%

3 10 Wachtell, Lipton, Rosen & Katz 770,420 118 376,459 104.6%

4 4 Latham & Watkins 765,922 336 453,672 68.8%

5 2 Cleary Gottlieb Steen & Hamilton 746,582 115 551,720 35.3%

6 3 Sullivan & Cromwell 720,404 152 532,423 35.3%

7 5 Freshfields Bruckhaus Deringer 668,670 225 439,987 52.0%

8 7 White & Case 660,876 282 413,185 59.9%

9 6 Weil Gotshal & Manges 654,504 213 421,981 55.1%

10 9 Davis Polk & Wardwell 616,823 153 382,894 61.1%

11 8 Simpson Thacher & Bartlett 526,590 144 401,606 31.1%

12 29 Debevoise & Plimpton 515,722 101 158,399 225.6%

13 16 Clifford Chance 493,288 236 238,625 106.7%

14 12 Kirkland & Ellis 397,097 386 293,992 35.1%

15 30 Gibson Dunn & Crutcher 392,522 112 145,178 170.4%

16 11 Linklaters 383,221 227 320,794 19.5%

17 23 Stikeman Elliott 366,532 170 185,700 97.4%

18 28 Davies Ward Phillips & Vineberg 331,188 52 160,699 106.1%

19 14 Shearman & Sterling 291,317 156 239,883 21.4%

20 18 Paul Weiss Rifkind Wharton & Garrison 280,347 122 226,424 23.8%

Ranking 2015 2014


Change

1 1 DLA Piper 136,019 441 493 -52

2 3 Kirkland & Ellis 397,097 386 359 27

3 4 Jones Day 223,063 342 353 -11

4 2 Latham & Watkins 765,922 336 406 -70

5 9 Skadden Arps Slate Meagher & Flom 1,115,826 298 255 43

6 5 Baker & McKenzie 172,654 292 325 -33

7 7 White & Case 660,876 282 295 -13

8 11 Allen & Overy 240,914 260 255 5

9 6 Clifford Chance 493,288 236 302 -66

10 14 CMS 22,251 229 219 10

11 8 Linklaters 383,221 227 278 -51

12 10 Freshfields Bruckhaus Deringer 668,670 225 255 -30

13 16 King & Wood Mallesons 205,370 215 215 0

14 12 Weil Gotshal & Manges 654,504 213 253 -40

15 19 Hogan Lovells International 257,305 208 182 26

16 13 Norton Rose Fulbright 102,124 207 233 -26

17 22 Stikeman Elliott 366,532 170 148 22

18 23 Shearman & Sterling 291,317 156 144 12

19 18 Herbert Smith Freehills 194,620 156 184 -28

20 24 Davis Polk & Wardwell 616,823 153 141 12

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NORTH AMERICA

QUARTERLY EDITION

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NORTH AMERICA C&S

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NORTH AMERICA

North American M&A saw 5,402 deals in 2015 worth a record US$2.1tn. The region crossed the US$1tn value threshold for the second year in a row, following 2014’s 5,904 deals worth US$1.5tn and with this year rising 36.4% in value compared to last, despite seeing 502 fewer deals. Average deal size also reached an all-time high this year of US$380.6m, 49.1% higher than 2014’s average deal size and surpassing 2006’s previous record of US$300.7m.

Q4 2015 was the highest-valued fourth quarter on Mergermarket record with 1,215 deals worth US$546.9bn while Q3 2015 was the highest-valued of any quarter on record with 1,410 deals worth US$631.3bn. Combined, H2 2015 saw 2,625 deals worth US$1.2tn, also a record for any half-year period.

Private equity buyouts increased in value for the sixth consecutive year with 937 deals worth US$194.8bn, a 15% value increase from 2014 but far from the record set in 2007 with 1,111 deals worth US$457.4bn. This year’s buyout numbers may have been positively affected by last year’s sell-off of 1,087 exits worth US$280.8bn, another Mergermarket record. Private equity firms continued the trend in 2015 with 948 exits worth US$211.5bn, the second-highest valued annual total for exits on record, which gives firms cash on hand to continue buying in 2016.

Despite capturing only one of the top 10 deals, Energy, Mining & Utilities (EMU) was the leading sector by value with 494 deals

worth US$324.4bn and with 15.8% of North American M&A market share, but was down 21.4% in value compared to 2014 (709 deals worth US$412.7bn). Notably, the Defense sector increased 7,748% compared to last year with 9 deals worth US$14.4bn in 2015, due to Lockheed Martin’s US$9bn acquisition of Sikorsky Aircraft Corporation and Harris Corporation’s US$4.6bn acquisition of Exelis.

The two largest deals in North America, Charter Communications’ US$77.8bn acquisition of Time Warner Cable, and E. I. du Pont de Nemours’ US$77bn acquisition of Dow Chemical, were the third- and fourth-largest deals announced in Mergermarket history. Despite having the top two deals this year, the Telecommunications (with 43 deals worth US$124.2bn) and Industrials & Chemicals (with 852 deals worth US$240.2bn) sectors ranked as the fifth- and eighth-largest by value, respectively.

2015 was also an active year for outbound M&A activity with 1,232 outbound deals worth a record US$474.9bn, with the US accounting

for 86.1% of North American outbound value with 1,142 deals worth US$408.9bn. Moreover, compared to 2014 (1,316 deals worth US$312.9bn), 2015 outbound activity was up 51.8%. Inbound activity saw 795 deals worth US$378.8bn in 2015, the second consecutive year value has increased and the second-highest on record, only behind the 765 deals worth US$421.2bn in 2007. 2015 was also up 3.9% by value compared to 2014 (792 deals worth US$364.8bn).

We may not see another record-breaking year in 2016 for North American M&A, but optimism is riding high for another solid showing with the US economy doing relatively well, low unemployment, and dealmakers pushing deals through before interest rates rise further. There are concerns about the continual drop in oil prices and the state of the China’s economy affecting future M&A, but it’s unclear how much it will affect North American M&A in 2016.

Key Stats

5,402 deals valued at US$2.1tn, up 36.4% by value with 502 fewer deals compared to 5,904 deals worth US$1.5tn in 2014

Top Legal Adviser

Energy, Mining & Utilities saw 494 deals worth US$324.4bn, down 21.4% by value compared to 709 deals worth US412.7bn in 2014

Top sector

Goldman Sachs ranked first with 238 deals worth US$1.1tn compared to 271 deals worth US$722.0bn in 2014

Skadden Arps Slate Meagher & Flom ranked first with 216 deals worth US$879.8bn compared to 202 deals worth US$552.4bn in 2014


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NORTH AMERICA M&A TREND NORTH AMERICA PRIVATE EQUITY TREND

0

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US$159.2bn

US$202.6bn

US$176.7bn

US$272.4bn

US$546.9bn

US$631.3bn

US$410.1bn

US$449.0bn

US$414.0bn

US$234.0bn

US$249.1bn

US$336.8bn

US$193.6bn

US$196.5bn

US$347.3bn

US$264.2bn

US$208.5bn

US$164.2bn

US$212.4bn

US$226.1bn

US$218.7bn

US$264.7bn

US$507.7bn

US$370.2bn

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US$107.2bn

US$156.1bn

US$112.9bn

US$144.3bn US$

130.3bn

US$173.2bn

US$142.7bn

US$155.5bn

US$169.3bn

US$194.8bn

US$211.5bn

US$280.8bn

TREND GRAPHS


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AMERICA JAPAN

USUS$1,974.2bn

4,786 deals 96.0%

CanadaUS$81.9bn 616 deals

4.0%

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

Energy, Mining & UtilitiesValue: US$324.4bnNumber of deals: 494Market share: 15.8%

Pharma, Medical & BiotechValue: US$298.4bnNumber of deals: 556Market share: 14.5%

Financial ServicesValue: US$253.5bnNumber of deals: 532Market share: 12.3%

TechnologyValue: US$250.7bnNumber of deals: 847Market share: 12.2%

Industrials & ChemicalsValue: US$240.2bnNumber of deals: 852Market share: 11.7%

TREND GRAPHS

RegionValue


Key


change

Domestic $1,579.7 46.9%

Inbound $378.8 3.9%

Outbound $474.9 51.8%

TOP DEALS

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Announced 25-Mar-15Bidder companyKraft Heinz CompanyTarget companyKraft Foods Group IncDominant sectorConsumerSell-side Financial Adviser Centerview PartnersSell-side Legal Adviser McCarthy Tetrault; and Sullivan & Cromwell (Advising FA: Davis Polk & Wardwell)Buy-side Financial AdviserLazardBuy-side Legal Adviser Cravath, Swaine & Moore; Davies Ward Phillips & Vineberg; Kirkland & Ellis; and Paul Weiss Rifkind Wharton & Garrison

Announced 28-Sep-15Bidder companyEnergy Transfer Equity LPTarget companyWilliams Companies IncDominant sectorEnergy, Mining & UtilitiesSell-side Financial Adviser Barclays; LazardSell-side Legal Adviser Akin Gump Strauss Hauer & Feld; Cravath, Swaine & Moore; and Gibson Dunn & Crutcher (Advising FA: Paul Weiss Rifkind Wharton & Garrison; and Shearman & Sterling)Buy-side Financial AdviserBank of America Merrill Lynch; Citi; Credit Suisse; Deutsche Bank; Goldman Sachs; Intrepid Partners; JPMorgan; Morgan Stanley; RBC Capital Markets; and UBS Investment BankBuy-side Legal Adviser Wachtell, Lipton, Rosen & Katz (Advising FA: Alston & Bird; Latham & Watkins; O’Melveny & Myers; and White & Case)

Announced 12-Oct-15Bidder companyDell IncTarget companyEMC CorporationDominant sectorBusiness ServicesSell-side Financial Adviser Evercore Partners; Morgan Stanley; and Needham & CompanySell-side Legal Adviser Morrison & Foerster; and Skadden Arps Slate Meagher & Flom (Advising FA: Debevoise & Plimpton; and Weil Gotshal & Manges)Buy-side Financial AdviserBank of America Merrill Lynch; Barclays; Citi; Credit Suisse; Deutsche Bank; Goldman Sachs; JPMorgan; Lazard; Moelis & Company; RBC Capital Markets; and UBS Investment BankBuy-side Legal Adviser Blake, Cassels & Graydon; Hogan Lovells International; Simpson Thacher & Bartlett; and Wachtell, Lipton, Rosen & Katz

Announced 11-Dec-15Bidder companyE I du Pont de Nemours and CompanyTarget companyThe Dow Chemical CompanyDominant sectorIndustrials & ChemicalsSell-side Financial Adviser Lazard; Morgan StanleySell-side Legal Adviser Cleary Gottlieb Steen & Hamilton; and Weil Gotshal & Manges (Advising FA: Simpson Thacher & Bartlett)Buy-side Financial AdviserEvercore Partners; and Goldman SachsBuy-side Legal Adviser Skadden Arps Slate Meagher & Flom (Advising FA: Cravath, Swaine & Moore; and Debevoise & Plimpton)

Announced 26-May-15Bidder companyCharter Communications IncTarget companyTime Warner Cable IncDominant sectorTelecommunicationsSell-side Financial Adviser Allen & Company; Centerview Partners; Citi; and Morgan StanleySell-side Legal Adviser Latham & Watkins; Paul Weiss Rifkind Wharton & Garrison; and Skadden Arps Slate Meagher & Flom (Advising FA: White & Case)Buy-side Financial AdviserBank of America Merrill Lynch; Credit Suisse; Goldman Sachs; Guggenheim Partners; and LionTree AdvisorsBuy-side Legal Adviser Kirkland & Ellis; and Wachtell, Lipton, Rosen & Katz (Advising FA: DLA Piper; and Fried Frank Harris Shriver & Jacobson)







TOP DEALS

TOP DEALS

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Announced 10-Aug-15Bidder companyBerkshire Hathaway IncTarget companyPrecision Castparts CorpDominant sectorIndustrials & ChemicalsSell-side Financial Adviser Bank of America Merrill Lynch; Citi; and Credit SuisseSell-side Legal Adviser Cravath, Swaine & Moore; and Stoel Rives; (Advising FA: Alston & Bird)Buy-side Legal Adviser Munger Tolles & Olson

Announced 03-Jul-15Bidder companyAetna IncTarget companyHumana IncDominant sectorFinancial ServicesSell-side Financial Adviser Goldman SachsSell-side Legal Adviser Fried Frank Harris Shriver & Jacobson; Morris Nichols Arsht & Tunnell; and Skadden Arps Slate Meagher & Flom (Advising FA: Gibson Dunn & Crutcher)Buy-side Financial AdviserCiti; and LazardBuy-side Legal Adviser Davis Polk & Wardwell; Jones Day; Richards Layton & Finger; and Simpson Thacher & Bartlett (Advising FA: Cleary Gottlieb Steen & Hamilton; and Shearman & Sterling)

Announced 27-Jul-15Bidder companyTeva Pharmaceutical Industries LtdTarget companyAllergan plc (generics business)Seller companyAllergan plcDominant sectorPharma, Medical & BiotechSell-side Financial Adviser JPMorganSell-side Legal Adviser Cleary Gottlieb Steen & Hamilton; Latham & Watkins; Stikeman Elliott; and Weil Gotshal & Manges (Advising FA: Debevoise & Plimpton)Buy-side Financial AdviserBarclays; and Greenhill & CoBuy-side Legal Adviser Davies Ward Phillips & Vineberg; De Brauw Blackstone Westbroek; Kirkland & Ellis; Sullivan & Cromwell; and Tulchinsky Stern & Company

Announced 24-Jul-15Bidder companyAnthem IncTarget companyCigna CorporationDominant sectorPharma, Medical & BiotechSell-side Financial Adviser Morgan StanleySell-side Legal Adviser Cravath, Swaine & Moore; Majmudar & Partners; and Sidley Austin (Advising FA: Weil Gotshal & Manges)Buy-side Financial AdviserCredit Suisse; and UBS Investment BankBuy-side Legal Adviser White & Case (Advising FA: Gibson Dunn & Crutcher; and Latham & Watkins)

Announced 26-Jun-15Bidder companyeBay Inc (Shareholders)Target companyPayPal Holdings IncSeller companyeBay IncDominant sectorFinancial ServicesSell-side Financial Adviser Allen & Company; and Goldman SachsSell-side Legal Adviser Wachtell, Lipton, Rosen & Katz

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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 1,130,267 238 722,029 56.5%

2 6 Morgan Stanley 950,079 197 372,632 155.0%

3 2 JPMorgan 943,616 192 461,055 104.7%

4 4 Citi 637,137 133 421,686 51.1%


6 8 Credit Suisse 564,296 127 278,371 102.7%


8 5 Barclays 453,947 132 397,755 14.1%

9 7 Lazard 438,637 110 302,642 44.9%



12 9 Deutsche Bank 311,667 115 253,242 23.1%

13 20 Moelis & Company 309,577 91 40,217 669.8%


15 13 RBC Capital Markets 220,577 96 112,062 96.8%

16 34 Allen & Company 156,817 17 21,722 621.9%

17 58 LionTree Advisors 110,977 14 7,174 1,446.9%

18 17 Rothschild 109,261 80 59,146 84.7%

19 18 Greenhill & Co 94,793 28 48,727 94.5%

20 12 Jefferies 69,072 107 132,722 -48.0%

Ranking 2015 2014


Change

1 1 Goldman Sachs 1,130,267 238 271 -33

2 3 Morgan Stanley 950,079 197 185 12

3 2 JPMorgan 943,616 192 189 3

4 5 Bank of America Merrill Lynch 624,022 161 153 8

5 7 Houlihan Lokey 34,954 141 132 9

6 6 Citi 637,137 133 148 -15

7 4 Barclays 453,947 132 164 -32

8 9 Credit Suisse 564,296 127 127 0

9 10 Deutsche Bank 311,667 115 126 -11

10 8 Lazard 438,637 110 129 -19

11 12 Jefferies 69,072 107 109 -2

12 13 Evercore Partners 274,475 101 108 -7

13 19 KPMG 14,155 97 74 23

14 11 RBC Capital Markets 220,577 96 125 -29

15 16 Moelis & Company 309,577 91 88 3

16 14 Raymond James & Associates 18,071 88 93 -5

17 27 PwC 13,241 87 64 23

18 17 William Blair & Company 18,962 84 78 6

19 24 Sandler O'Neill & Partners 18,478 84 70 14


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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 879,779 216 552,410 59.3%

2 4 Latham & Watkins 705,041 254 405,853 73.7%


4 6 Wachtell, Lipton, Rosen & Katz 673,681 111 366,843 83.6%

5 8 White & Case 630,250 152 340,130 85.3%





10 7 Simpson Thacher & Bartlett 461,271 114 363,884 26.8%


12 26 Gibson Dunn & Crutcher 382,444 101 132,208 189.3%

13 12 Kirkland & Ellis 372,364 353 224,494 65.9%


15 34 Clifford Chance 280,277 75 95,974 192.0%


17 17 Fried Frank Harris Shriver & Jacobson 266,677 68 193,998 37.5%


19 15 Shearman & Sterling 257,962 106 201,952 27.7%

20 51 Morgan Lewis & Bockius 255,939 126 46,814 446.7%

Ranking 2015 2014


Change

1 1 Kirkland & Ellis 372,364 353 337 16

2 2 Latham & Watkins 705,041 254 296 -42

3 3 Jones Day 197,005 251 280 -29

4 4 DLA Piper 111,285 247 256 -9

5 5 Skadden Arps Slate Meagher & Flom 879,779 216 202 14

6 10 Stikeman Elliott 258,740 158 143 15

7 9 White & Case 630,250 152 145 7

8 6 Weil Gotshal & Manges 626,978 151 183 -32

9 17 Goodwin Procter 42,989 138 117 21

10 8 Morgan Lewis & Bockius 255,939 126 163 -37

11 22 Sullivan & Cromwell 492,572 119 107 12

12 14 Paul Weiss Rifkind Wharton & Garrison 268,017 116 136 -20


14 27 Sidley Austin 208,703 115 99 16

15 13 Simpson Thacher & Bartlett 461,271 114 136 -22

16 15 Cooley 24,907 114 125 -11

17 31 Wachtell, Lipton, Rosen & Katz 673,681 111 86 25

18 23 Davis Polk & Wardwell 410,840 111 107 4


20 11 Baker & McKenzie 132,309 108 140 -32

C&S AMERICA

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C&S AMERICA

Slow investment flow in Central and South America (C&S America), caused by weak economies and political instability, had a major negative impact on regional M&A activity this year. Latin American countries saw a total of 535 deals worth US$62.5bn in 2015, making it the weakest year for deals since 2005. Compared to the previous year, which accounted for 623 transactions worth US$131.0bn, deal value dropped by 51.8% with 83 fewer deals.

In 2015, C&S America accounted for 34 buyouts worth US$5.6bn, decreasing by 27.3% in comparison to the previous year, which accounted for a total of 61 deals worth US$7.6bn. Exits experienced an even greater drop in value, decreasing by 78.1% from US$10.3bn to US$2.3bn.

Consumer was the leading sector in 2015 with 80 deals worth US$13.7bn, accounting for 21.9% of market share. Compared to the previous year, which saw 104 deals worth US$8.7bn, annual deal value went up by 57.2%. The significant increase in deal value for the Consumer sector can be attributed to the second and third place transactions in the year’s top deals. The leading Consumer deal belongs to United Kingdom-based British American Tobacco, which acquired a 24.7% stake in Brazil-based Souza Cruz SA, a tobacco and cigarette producer, for US$2.7bn. The second-largest Consumer deal ranking belongs to Mexico-based

Organizacion Soriana, which acquired 160 retail stores from Controladora Comercial Mexicana, an operator of retail stores and restaurants, for US$2.7bn.

2015’s top deal came out of the Financial Services sector. Brazil-based Banco Bradesco bought Brazil-based Banco Multiplo and HSBC Servicos e Participacoes from HSBC Holdings for US$5.2bn, accounting for 60.8% of Financial Services’ deal value. The acquisition was a significant strategic move for the company which will increase the coverage and service networks for both parties throughout Brazil.

Brazil saw a total of 279 deals worth US$31.7bn in 2015, making it the country’s weakest year since 2005. Even though Brazil continues to struggle with a prolonged recession, it still accounted for 50.7% of total regional M&A value. Compared to 2014 (324 deals worth US$49.0bn), deal

value decreased by 35.4% with 40 fewer deals. Brazil, a regional power in Latin America, experienced a series of political and economic difficulties in the past year. Growth stagnation, unemployment, inflation, a weak currency, and political scandals around state-owned company Petrobras have negatively influenced M&A activity in Brazil, as well as in the rest of the Latin American region.

Mexico was the second-leading country in C&S America in 2015, accounting for 26.4% of regional market share value with 73 deals worth US$16.5bn. Compared to the previous year (84 deals worth US$21.1), deal value dropped by 21.7% with 11 fewer deals. Thanks to the North American Free Trade Agreement (NAFTA), Mexico maintains a very strong relationship with the United States. The US, as their main trading partner as well as their largest export market, positively affects Mexico’s overall economic outlook and M&A activity along the way.

Key Stats

535 deals valued at US$62.5bn, down 52.3% by value with 88 fewer deals compared to 623 deals worth US$131.0bn in 2014

Top Legal Adviser

Consumer saw 80 deals worth US$13.7bn, up 57.2% by value compared to 104 deals worth US$8.7bn in 2014

Top sector

Rothschild ranked first with 13 deals worth US$15.9bn compared to 12 deals worth US$24.5bn in 2014

Skadden Arps Slate Meagher & Flom ranked first with 21 deals worth US$9.0bn compared to 14 deals worth US$12.7bn in 2014


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

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2.9bn

US$6.8bn

US$2.8bn

US$8.5bn

US$1.3bn

US$7.6bn

US$10.3bn

US$5.6bn

US$2.3bn

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$13.7bnNumber of deals: 80Market share: 21.9%





TREND GRAPHS

ArgentinaUS$1.0bn 27 deals 1.6%

ChileUS$5.5bn 42 deals

8.8%

MexicoUS$16.5bn

73 deals 26.4%

RegionValue


Key


change

Domestic $24.3 -45.4%

Inbound $31.9 -60.2%

Outbound $6.7 -72.7%

ColombiaUS$2.8bn 38 deals

4.5%

PeruUS$2.2bn

34 deals 3.6%

BrazilUS$31.7bn 279 deals

50.7%

BahamasUS$894.8m 1 deal 1.4%

TOP DEALS

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Deal value US$2.2bn

Deal value US$2.3bn

Deal value US$2.7bn

Deal value US$5.2bn

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 sectorConsumerSell-side Financial Adviser RothschildSell-side Legal Adviser Santamarina y StetaBuy-side Financial AdviserInternalBuy-side Legal Adviser Galicia Abogados

Announced 10-Sep-15Bidder companyBritish American Tobacco PlcTarget companySouza Cruz SA (24.74% stake)Dominant sectorConsumerBuy-side Financial AdviserBanco BTG Pactual; Deutsche Bank; Rothschild; Santander Global Banking and Markets; and UBS Investment Bank Buy-side Legal Adviser Mattos Filho, Veiga Filho, Rezende e Guerra – Advogados; and Ulhoa Canto (Advising FA: Marrey Jr. e Quiroga Advogados)

Announced 03-Aug-15Bidder companyBanco Bradesco SATarget companyHSBC Bank Brasil SA – Banco MultiploSeller companyHSBC Holdings PlcDominant sectorFinancial ServicesSell-side Financial Adviser Goldman Sachs; and HSBC Sell-side Legal Adviser Linklaters; and Pinheiro Guimaraes AdvogadosBuy-side Financial AdviserBanco Bradesco BBI; JPMorgan; and Rothschild Buy-side Legal Adviser Clifford Chance; and Lefosse Advogados

Deal value US$2.7bn

Announced 01-Oct-15Bidder companyTeva Pharmaceutical Industries LtdTarget companyRepresentaciones e Investigaciones Medicas SA de CVDominant sectorPharma, Medical & BiotechSell-side Financial AdviserGoldman SachsSell-side Legal AdviserRobles Miaja Abogados; and Skadden Arps Slate Meagher & FlomBuy-side Financial AdviserCitiBuy-side Legal AdviserGreenberg Traurig

Announced 13-May-15Bidder companyOwens-Illinois IncTarget companyVitro SAB de CV (food and beverage container business)Seller companyVitro SAB de CVDominant sectorIndustrials & ChemicalsSell-side Financial AdviserAlfaro, Davila y RiosSell-side Legal AdviserCleary Gottlieb Steen & HamiltonBuy-side Financial AdviserDeutsche Bank Buy-side Legal AdviserHogan Lovells International; Latham & Watkins; and Simpson Thacher & Bartlett (Advising FA: Fried Frank Harris Shriver & Jacobson)

TOP DEALS

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Announced 11-Dec-15Bidder companyGP Investments LimitedTarget companyBR Properties SA (75% stake)Dominant sectorReal EstateSell-side Financial Adviser Banco BTG PactualBuy-side Financial AdviserBanco Itau BBABuy-side Legal Adviser Shearman & Sterling

Announced 26-Jan-15Bidder companyAT&T IncTarget companyComunicaciones Nextel de Mexico SA de CVSeller companyNII Holdings IncDominant sectorTMTSell-side Financial Adviser RothschildSell-side Legal Adviser Kramer Levin Naftalis & Frankel; Jones DayBuy-side Financial AdviserGoldman Sachs; and JPMorganBuy-side Legal Adviser Creel, Garcia-Cuellar, Aiza y Enriquez; and Sullivan & Cromwell

Deal value US$1.2bn

Deal value US$1.5bn

Deal value US$1.6bn

Deal value US$1.9bn

Announced 30-Jul-15Bidder companyAlmacenes Exito SATarget companyCompanhia Brasileira de Distribuicao (18.8% stake)Seller companyCasino Guichard Perrachon SADominant sectorEnergy, Mining & UtilitiesSell-side Financial Adviser BR Partners; Credit Agricole; and DC AdvisorSell-side Legal Adviser Darrois Villey Maillot Brochier; and Wachtell, Lipton, Rosen & KatzBuy-side Financial AdviserBank of America Merrill Lynch; and RothschildBuy-side Legal AdviserGomez-Pinzon Zuleta Abogados; Hope, Duggan & Silva; Lefosse Advogados; Lloreda Camacho & Co; Uribe Henao Abogados; and White & Case (Advising FA: Philippi, Prietocarrizosa & Uría; and Skadden Arps Slate Meagher & Flom)

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 & UtilitiesSell-side Financial Adviser Banco Bilbao Vizcaya ArgentariaSell-side Legal AdviserNader Hayaux y GoebelBuy-side Financial AdviserCredit SuisseBuy-side Legal AdviserMijares Angoitia Cortes y Fuentes

Announced 30-Jul-15Bidder companyFundo de Investimento em Participacoes Multisetorial Plus IITarget companyMineracoes Brasileiras Reunidas SA (36.4% stake)Seller companyVale SADominant sectorEnergy, Mining & UtilitiesSell-side Legal Adviser Souza, Cescon, Barrieu & Flesch AdvogadosBuy-side Financial AdviserBanco Bradesco BBIBuy-side Legal AdviserMattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados

Deal value US$1.5bn

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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 10 Rothschild 15,943 13 24,516 -35.0%

2 8 Goldman Sachs 15,166 19 29,085 -47.9%

3 4 Banco BTG Pactual 10,311 26 37,770 -73%

4 17 Banco Bradesco BBI 10,051 17 9,234 8.8%

5 3 JPMorgan 9,977 8 38,179 -73.9%

6 1 Deutsche Bank 8,738 11 46,327 -81%

7 9 Banco Itau BBA 8,237 32 26,227 -69%

8 2 Bank of America Merrill Lynch 7,260 16 40,635 -82%

9 30 HSBC 6,436 3 2,822 128.1%

10 7 Citi 5,885 16 29,709 -80.2%


12 11 Santander Global Banking and Markets 4,471 9 23,888 -81.3%

13 6 Credit Suisse 4,374 8 34,887 -87.5%

14 31 Banco Bilbao Vizcaya Argentaria 2,968 11 1,708 73.8%

15 48 BR Partners 2,922 9 565 417.2%

Ranking 2015 2014


Change

1 1 Banco Itau BBA 8,237 32 58 -26

2 2 Banco BTG Pactual 10,311 26 27 -1

3 4 Goldman Sachs 15,166 19 20 -1

4 21 Banco Bradesco BBI 10,051 17 7 10


6 10 Citi 5,885 16 14 2

7 5 Morgan Stanley 2,805 16 18 -2

8 11 Rothschild 15,943 13 12 1

9 8 Deutsche Bank 8,738 11 15 -4

10 14 Banco Bilbao Vizcaya Argentaria 2,968 11 10 1

11 12 PwC 597 11 12 -1

12 3 Santander Global Banking and Markets 4,471 9 23 -14

13 16 BR Partners 2,922 9 10 -1

14 19 M&A International 244 9 8 1

15 6 JPMorgan 9,977 8 17 -9

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VALUE VOLUME

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

Ranking 2015 2014


(US$m)% Val.

Change

1 18 Skadden Arps Slate Meagher & Flom 9,011 21 12,699 -29.0%

2 15 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 8,938 36 13,859 -35.5%

3 4 Clifford Chance 8,835 12 28,506 -69%

4 23 Lefosse Advogados 7,540 12 8,682 -13.2%

5 8 Linklaters 7,220 8 22,176 -67.4%

6 46 Pinheiro Guimaraes Advogados 5,810 9 3,239 79%

7 6 Souza, Cescon, Barrieu & Flesch Advogados 4,531 25 22,651 -80%

8 49 Mijares Angoitia Cortes y Fuentes 4,477 14 3,091 45%

9 7 Pinheiro Neto Advogados 4,475 43 22,548 -80.2%

10 2 White & Case 3,856 16 32,056 -88.0%

11 30 Baker & McKenzie 3,759 30 7,212 -47.9%

12 12 Simpson Thacher & Bartlett 3,561 9 15,472 -77.0%

13 29 Creel, Garcia-Cuellar, Aiza y Enriquez 3,393 15 7,356 -53.9%

14 61 Hogan Lovells International 3,261 7 2,300 41.8%

15 25 Cleary Gottlieb Steen & Hamilton 2,950 4 8,232 -64.2%

Ranking 2015 2014


Change

1 3 Pinheiro Neto Advogados 4,475 43 40 3

2 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 8,938 36 46 -10

3 7 Baker & McKenzie 3,759 30 23 7

4 6 Souza, Cescon, Barrieu & Flesch Advogados 4,531 25 23 2

5 2 Machado Meyer Sendacz e Opice 2,492 24 42 -18

6 4 Barbosa, Mussnich & Aragao 2,643 23 33 -10


8 9 Demarest 1,776 21 19 2

9 11 Tozzini Freire Teixeira e Silva Advogados 1,061 17 17 0

10 8 White & Case 3,856 16 21 -5

11 13 Creel, Garcia-Cuellar, Aiza y Enriquez 3,393 15 15 0

12 62 Azevedo Sette Advogados 164 15 5 10

13 18 Mijares Angoitia Cortes y Fuentes 4,477 14 12 2

14 12 Jones Day 2,173 13 17 -4

15 21 Rodrigo Elias & Medrano 954 13 11 2

EUROPE

QUARTERLY EDITION

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GLOBAL OVERVIEW

NORTH AMERICA

ASIA- PACIFIC

MIDDLE EAST & AFRICA JAPAN

EUROPE

The M&A activity in Europe saw total deal values reaching US$1,099.0bn in 2015, which represented an increase of 22.4% compared to 2014 when US$897.8bn worth of deals were recorded. The region kept a positive momentum from 2014 and generated a 25.7% share in global dealmaking activity, indicating overall healthy deal flow on a global scale. Q4 2015 registered the second largest value after Q2 2007 (US$583.1bn) with US$468.9bn on Mergermarket record.

The UK saw a remarkable 171% increase by value with 1,370 transactions valued at US$425.3bn in 2015 compared to last year figures of 1,407 deals worth US$156.9bn. Historically, the UK has always been a key country for M&A investors but this year the values accounted for a record market share in European M&A at 38.7%, significantly greater than the 17.5% in 2014. The country was targeted in five of the top ten European deals amounting to US$254.0bn, including the recent agreement between SABMiller and Anheuser-Busch InBev to acquire the former for US$120.3bn, and the deal announced by Royal Dutch Shell last April to acquire BG Group for US$81.2bn.

Domestic activity in Europe had a slight rise of 3.7% from US$565.9bn to US$586.8bn during 2014 and 2015, respectively. During the last year, inbound and outbound activity was noticeably divergently affected by the weaker Euro - deals targeting European companies increased while European company acquisitions abroad fell with the Euro’s diminished purchasing power.

Inbound activity grew by 54.3% during this year with a total value of US$512.2bn from US$331.9bn in 2014. The investments from foreign companies was driven by the region’s traditional investor, the US, with 734 transactions worth US$350.0bn which represented a huge 61.2% increase by value compared to 2014.

In Asia-Pacific, Hong Kong had the most remarkable increase in its European investments with a 1,689.0% rise, from US$1.3bn to US$23.4bn during 2014 and 2015, respectively.

On the other hand, outbound investments from Europe decreased by 27.6% during 2015, with values dropping from US$371.7bn last year to US$269.0bn. Europe decreased significantly its investments into US declining 18.2% from US$264.8bn to US$216.7bn explained by the weaker Euro.

The Pharma, Medical & Biotech sector was the most important sector with 441 deals valued at US$215.9bn. This sector’s

performance was highly influenced by the top European deal in which Pfizer agreed to acquire Allergan for US$183.7bn. Falling into second place is the Consumer sector with US$199.9bn triggered by Anheuser-Busch InBev agreeing to acquire SABMiller for US$120.3bn.

Europe managed to maintain its positive M&A trend even though the registered values are still slightly far from pre-crisis values. It will be essential to keep an eye on the Europe Central Bank’s monetary policy to see the evolution of the Euro and its devaluation with respect to other currencies as many European companies are still holding back their investments abroad waiting for future monetary policies.

Key Stats

6,200 deals valued at US$1,099.0bn, up 22.4% by value with 399 fewer deals compared to 6,599 deals worth US$897.8bn in 2014

Top Legal Adviser

Pharma, Medical & Biotech saw 441 deals worth US$215.9bn, up 85.1% by value compared to 459 deals worth US$116.6bn in 2014

Top sector

Goldman Sachs ranked first with 143 deals worth US$719.9bn compared to 142 deals worth US$475.5bn in 2014

Cravath, Swaine & Moore ranked first with 28 deals worth US$503.1bn


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EUROPE M&A TREND EUROPE PRIVATE EQUITY TREND

0

200

400

600

800

1,000

1,200

2015201420132012201120100

1,000

2,000

3,000

4,000

5,000

6,000

7,000

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e (U

S$bn

)

Num

ber of deals

US$127.6bn

US$114.8bn

US$152.2bn

US$243.3bn

US$184.7bn

US$468.2bn

US$210.5bn

US$199.7bn

US$309.2bn

US$178.5bn

US$158.3bn

US$147.8bn

US$199.0bn

US$136.2bn

US$251.1bn

US$112.0bn

US$187.8bn

US$171.9bn

US$134.5bn

US$167.0bn

US$243.4bn

US$184.5bn

US$257.9bn

US$188.2bn

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50

100

150

200

201520142013201220112010400

600

800

1,000

1,200

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e (U

S$bn

)

Num

ber of deals

US$96.2bn

US$94.0bn

US$115.1bn

US$130.9bn

US$97.6bn

US$111.6bn US$

94.2bnUS$

87.0bn

US$142.6bn

US$135.7bn

US$174.2bn

US$153.8bn

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

BeneluxUS$61.1bn 531 deals 5.6%

ItalyUS$68.5bn 432 deals 6.2%

Ireland (Republic)US$201.7bn

118 deals 18.4%

RegionValue


Key




Industrials & ChemicalsValue: US$110.8bnNumber of deals: 1,246Market share: 10.1%


IberiaUS$43.5bn

428 deals 4%


change

Domestic $586.8 20.9%

Inbound $512.2 180.3%

Outbound $269.0 102.8%

United KingdomUS$425.3bn 1,370 deals

38.7%

FranceUS$78.1bn 744 deals

7.1%

GermanyUS$78.8bn 737 deals

7.2%

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TOP DEALS

Announced 02-Nov-15Bidder companyVisa IncTarget companyVisa Europe LtdSeller companyHSBC; Lloyds Banking Group Plc; Barclays Plc; Royal Bank of Scotland Group Plc; Worldpay Limited; and PKO BP SADominant sectorFinancial ServicesSell-side Financial Adviser Morgan Stanley; and UBS Investment BankSell-side Legal Adviser Freshfields Bruckhaus Deringer; Linklaters; and Allen & OveryBuy-side Financial AdviserGoldman Sachs; and JPMorganBuy-side Legal Adviser Macfarlanes; Milbank Tweed Hadley & McCloy; Skadden Arps Slate Meagher & Flom; and Wachtell, Lipton, Rosen & Katz (Advising FA: Sullivan & Cromwell)

Announced 05-Feb-15Bidder companyBT Group PlcTarget companyEE LimitedSeller companyOrange SA; and Deutsche Telekom AGDominant sectorTelecommunicationsSell-side Financial Adviser Bank of America Merrill Lynch; Barclays; Citi; and Morgan StanleySell-side Legal Adviser Clifford Chance; and Norton Rose Fulbright (Advising FA: Cleary Gottlieb Steen & Hamilton)Buy-side Financial AdviserGoldman Sachs; JPMorgan Cazenove; and Perella Weinberg PartnersBuy-side Legal Adviser Freshfields Bruckhaus Deringer

Announced 08-Apr-15Bidder companyRoyal Dutch Shell PlcTarget companyBG Group PlcDominant sectorEnergy, Mining & UtilitiesSell-side Financial Adviser Goldman Sachs; Robey Warshaw; and RothschildSell-side Legal Adviser Freshfields Bruckhaus Deringer; King & Wood Mallesons; and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga AdvogadosBuy-side Financial AdviserBank of America Merrill Lynch; and LazardBuy-side Legal Adviser Allens; Cravath, Swaine & Moore; De Brauw Blackstone Westbroek; Pinheiro Neto Advogados; Slaughter and May; and Souza, Cescon, Barrieu & Flesch Advogados (Advising FA: Allen & Overy; and Ashurst)

Announced 11-Nov-15Bidder companyAnheuser-Busch InBev NVTarget companySABMiller PlcDominant sectorConsumerSell-side Financial Adviser Credit Suisse; Goldman Sachs; JPMorgan Cazenove; Morgan Stanley; Perella Weinberg Partners; and Robey WarshawSell-side Legal Adviser Bowman Gilfillan Africa Group; Cleary Gottlieb Steen & Hamilton; Herbert Smith Freehills; Hogan Lovells International; Linklaters; Loyens & Loeff; Macfarlanes; McDermott Will & Emery; Simpson Thacher & Bartlett; and Wachtell, Lipton, Rosen & KatzBuy-side Financial AdviserBank of America Merrill Lynch; Barclays; BNP Paribas; Deutsche Bank; Lazard; and Standard Bank GroupBuy-side Legal Adviser Clifford Chance; Cravath, Swaine & Moore; Freshfields Bruckhaus Deringer; Stibbe; Sullivan & Cromwell; and Webber Wentzel (Advising FA: Allen & Overy; and Davis Polk & Wardwell)

Announced 23-Nov-15Bidder companyPfizer IncTarget companyAllergan plcDominant sectorPharma, Medical & BiotechSell-side Financial Adviser JPMorgan; Morgan StanleySell-side Legal Adviser Arthur Cox; Cleary Gottlieb Steen & Hamilton; Latham & Watkins; Stikeman Elliott; and Weil Gotshal & Manges (Advising FA: Cravath, Swaine & Moore; and Willkie Farr & Gallagher)Buy-side Financial AdviserCenterview Partners; Goldman Sachs; Guggenheim Partners; and Moelis & CompanyBuy-side Legal Adviser A&L Goodbody; Clifford Chance; Davies Ward Phillips & Vineberg; Morgan Lewis & Bockius; Skadden Arps Slate Meagher & Flom; Wachtell, Lipton, Rosen & Katz; and White & Case (Advising FA: Debevoise & Plimpton)






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TOP DEALS

Announced 06-Aug-15Bidder companyHutchison 3G Italy Investments SarlTarget companyWind Telecomunicazioni SpA; and 3 Italia SpaSeller companyVimpelCom Ltd; and CK Hutchison HoldingsDominant sectorTelecommunicationsSell-side Financial Adviser Goldman Sachs; HSBC; and Morgan StanleySell-side Legal Adviser Allen & Overy; and Freshfields Bruckhaus Deringer

Announced 24-Jun-15Bidder companyRoyal Ahold NVTarget companyDelhaize Group SADominant sectorConsumerSell-side Financial Adviser Bank of America Merrill Lynch; Deutsche Bank; and LazardSell-side Legal Adviser Cravath, Swaine & Moore; and Linklaters (Advising FA: Fried Frank Harris Shriver & Jacobson; and Ropes & Gray)Buy-side Financial AdviserGoldman Sachs; and JPMorganBuy-side Legal Adviser Allen & Overy; and Simpson Thacher & Bartlett (Advising FA: Latham & Watkins; and Sullivan & Cromwell)

Announced 14-Oct-15Bidder companyVonovia SETarget companyDeutsche Wohnen AGDominant sectorReal EstateSell-side Financial Adviser Citi; Deutsche Bank; Goldman Sachs; Perella Weinberg Partners; and UBS Investment BankSell-side Legal Adviser Sullivan & Cromwell (Advising FA: Milbank Tweed Hadley & McCloy)Buy-side Financial AdviserBank of America Merrill Lynch; Credit Suisse; JPMorgan; and Morgan StanleyBuy-side Legal Adviser Freshfields Bruckhaus Deringer; and Herbert Smith Freehills (Advising FA: Clifford Chance)

Announced 24-Mar-15Bidder companyHutchison Whampoa LimitedTarget companyTelefonica UK LimitedSeller companyTelefonica SADominant sectorTelecommunicationsSell-side Financial Adviser UBS Investment BankSell-side Legal Adviser Herbert Smith FreehillsBuy-side Financial AdviserHSBC; and Moelis & CompanyBuy-side Legal Adviser Baker & McKenzie; Freshfields Bruckhaus Deringer; and Linklaters

Announced 15-Apr-15Bidder companyNokia OyjTarget companyAlcatel-Lucent SADominant sectorTechnologySell-side Financial Adviser Bank of America Merrill Lynch; Credit Agricole ; Credit Suisse; Goldman Sachs; Morgan Stanley; and Zaoui & CoSell-side Legal Adviser Dittmar & Indrenius; Latham & Watkins; Stikeman Elliott; and Sullivan & Cromwell (Advising FA: Wachtell, Lipton, Rosen & Katz)Buy-side Financial AdviserCiti; Deutsche Bank; JPMorgan; and Societe GeneraleBuy-side Legal Adviser Egorov, Puginsky, Afanasiev & Partners; Fangda Partners; Roschier; and Skadden Arps Slate Meagher & Flom






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TOP 20 EUROPE FINANCIAL ADVISERS TOP 20 EUROPE FINANCIAL ADVISERS

LEAGUE TABLES

VALUE VOLUME

Ranking 2015 2014


(US$m)% Val.

Change

1 1 Goldman Sachs 719,915 143 475,475 51.4%

2 2 JPMorgan 665,210 133 382,506 73.9%

3 3 Morgan Stanley 598,301 124 358,611 66.8%


5 6 Lazard 330,289 131 279,094 18.3%

6 5 Deutsche Bank 305,385 87 280,286 9%

7 11 Barclays 299,491 83 168,020 78.2%


9 9 Rothschild 226,239 242 202,626 11.7%

10 68 Moelis & Company 215,802 25 6,426 3,258.3%

11 48 Robey Warshaw 202,038 3 11,416 1,669.8%


13 10 BNP Paribas 198,821 68 169,944 17.0%

14 8 Credit Suisse 177,169 67 247,943 -28.5%

15 7 Citi 170,440 101 255,523 -33.3%

16 13 UBS Investment Bank 126,839 68 131,173 -3.3%

17 142 Standard Bank Group 125,507 7 1,128 11,026.5%

18 12 Perella Weinberg Partners 82,906 12 134,986 -38.6%

19 16 HSBC 70,584 39 80,771 -12.6%

20 21 Greenhill & Co 60,969 20 37,516 62.5%

Ranking 2015 2014


Change

1 1 PwC 20,641 262 266 -4

2 3 Rothschild 226,239 242 220 22

3 2 KPMG 15,030 205 242 -37

4 4 EY 14,878 196 217 -21

5 5 Deloitte 30,206 175 197 -22

6 7 Goldman Sachs 719,915 143 142 1

7 8 JPMorgan 665,210 133 129 4

8 6 Lazard 330,289 131 149 -18

9 9 Morgan Stanley 598,301 124 123 1

10 13 Citi 170,440 101 98 3


12 17 M&A International 1,473 94 83 11

13 11 Deutsche Bank 305,385 87 109 -22

14 14 Barclays 299,491 83 94 -11

15 10 BDO 1,521 80 111 -31


17 15 BNP Paribas 198,821 68 87 -19

18 18 UBS Investment Bank 126,839 68 75 -7

19 16 Credit Suisse 177,169 67 83 -16

20 20 UniCredit Group 21,883 63 56 7

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TOP 20 EUROPE LEGAL ADVISERS TOP 20 EUROPE LEGAL ADVISERS

LEAGUE TABLES

VALUE VOLUME

Ranking 2015 2014


(US$m)% Val.

Change




4 9 Clifford Chance 444,875 198 200,149 122.3%


6 8 Wachtell, Lipton, Rosen & Katz 348,759 24 210,810 65%

7 5 Latham & Watkins 345,779 134 235,172 47.0%


9 27 White & Case 300,294 166 92,001 226.4%



12 6 Linklaters 289,172 205 225,711 28.1%



15 30 A&L Goodbody 251,284 43 73,431 242.2%

16 15 Arthur Cox 242,428 37 143,688 68.7%


18 10 Allen & Overy 217,100 223 182,372 19.0%

19 67 Morgan Lewis & Bockius 208,028 33 26,915 672.9%

20 68 De Brauw Blackstone Westbroek 206,246 60 25,951 694.8%

Ranking 2015 2014


Change

1 1 DLA Piper 27,579 243 283 -40

2 4 CMS 22,215 227 217 10

3 6 Allen & Overy 217,100 223 202 21

4 2 Linklaters 289,172 205 237 -32

5 3 Clifford Chance 444,875 198 235 -37

6 7 Baker & McKenzie 53,487 180 197 -17

7 8 White & Case 300,294 166 180 -14


9 10 Jones Day 41,815 140 149 -9

10 9 Latham & Watkins 345,779 134 176 -42

11 11 Hogan Lovells International 148,378 119 122 -3

12 14 Eversheds 11,699 108 95 13

13 13 Weil Gotshal & Manges 299,867 102 102 0


15 12 King & Wood Mallesons 95,495 91 108 -17

16 23 Squire Patton Boggs 3,222 86 81 5

17 28 Ashurst 106,569 82 68 14


19 24 Loyens & Loeff 52,917 77 80 -3

20 22 Cuatrecasas, Goncalves Pereira 8,308 76 81 -5

QUARTERLY EDITION

MIDDLE EAST & AFRICA

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MIDDLE EAST & AFRICAEUROPE

MIDDLE EAST & AFRICA

The Middle East and Africa finished the year 20.9% behind 2014’s total M&A value, with 79 deals announced in Q4 marking the lowest quarterly volume since Q3 2010 (65). The decline in targeted activity can largely be attributed to a decline in domestic M&A, which dropped 28.3% by value, with 35 fewer deals. Outbound activity, on the other hand, enjoyed a strong year, with a mammoth 142 deals worth US$75.4bn announced overtaking all annual deal values on record.

Pharma, Medical & Biotech replaced Energy, Mining & Utilities (EMU) as the top performing sector by value due to the US$11.4bn acquisition of South Africa-based Medic-Clinic by UAE-based Al Noor announced in October, pushing annual deal value up to US$14.6bn (27 deals), its highest annual deal count on record. This flagship deal heavily influenced deal value targeting the Middle East and Africa in 2015. Without taking this deal into account, US$35.9bn-worth of deals would mark lowest annual deal value since 2009 (US$32.9bn, 301 deals), reflecting a poor performing year for M&A targeting the region.

The Energy, Mining & Utilities sector continued its trend of being the backbone of regional activity, with 61 deals worth US$11.6bn representing a 4.5% increase

in value compared to 2014 (62 deals, US$11.1bn), highlighting constancy in the sector despite the oil prices plummeting during 2015. The fall in oil prices hit companies hard financially during 2015, resulting in a decreased appetite for costly acquisitions. With the potential recovery of oil prices in 2016, this is a trend to watch as the sector could experience a rebound in activity.

South Africa’s appetite for overseas assets was a key trend seen in 2015, with the regional powerhouse investing in 24 deals worth US$8.8bn in outbound deals during the year, an 188.8% increase by value compared to 2014 (25 deals, US$4.0bn), overtaking all annual deal values on record. Slow economic growth, a decreased demand for exports and unfavourable exchange

rate movements are pushing South African companies to favour overseas acquisitions in place of domestic, which fell to US$3.2bn in 2015, down 74.7% by value compared to 2014 (95 deals, US$12.6bn), and its lowest annual deal value since 2002 (US$1.0bn).

Deal activity targeting the Middle East decreased 11.7% by value annually to US$20.2bn, down from 186 deals worth US$22.9bn recorded during 2014. Despite this trend, Mergermarket intelligence predicts a pick-up in activity during 2016, as a growing population, combined with increasingly westernised consumer habits, are putting pressure on the demand for goods and services in the food and healthcare sectors, particularly within growing markets such as the UAE.

Key Stats

428 deals valued at US$47.3bn, down 20.9% by value with 45 fewer deals compared to 473 deals worth US$59.8bn in 2014

Top Legal Adviser

Pharma, Medical & Biotech saw 27 deals worth US$14.6bn, up 2,469.8% by value compared to 28 deals worth US$568.0bn in 2014

Top sector

JP Morgan ranked first with 13 deals worth US$55.3bn compared to 11 deals worth US$13.3bn in 2014

Latham & Watkins ranked first with 9 deals worth US$46.8bn


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

0

10

20

30

40

50

60

70

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$10.3bn

US$9.0bn

US$8.9bn

US$19.1bn

US$19.3bn

US$7.2bn

US$9.1bn

US$24.3bn

US$12.3bn

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$6.6bn

US$11.5bn

US$7.3bn

0

2

4

6

8

10

12

2015201420132012201120100

10

20

30

40

50

60

70

Valu

e (U

S$bn

)

Num

ber of deals

US$2.0bn US$

1.5bn

US$3.9bn

US$4.1bn

US$4.8bn

US$1.9bn

US$2.4bn

US$3.7bn

US$7.1bn

US$3.4bn

US$5.0bn

US$11.8bn

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

AngolaUS$1.9bn

3 deals 4.0%

EgyptUS$1.9bn

20 deals 4.1%

South AfricaUS$16.4bn 144 deals

34.7%

RegionValue


Key







change

Domestic $30.1 28.3%

Inbound $17.1 3.7%

Outbound $75.4 136.2%

United Arab EmiratesUS$53.5bn 327 deals

21.1%

IsraelUS$37.8bn

44 deals 17.7%

NigeriaUS$3.2bn 23 deals

6.7%

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TOP DEALS

Announced 16-Feb-15Bidder companyCobalt International Energy IncTarget companyOrascom Construction LimitedSeller companyOCI NVDominant sectorConstructionSell-side Financial Adviser Bank of America Merrill Lynch; Barclays; EFG-Hermes Holding SAE; HSBC; Rabobank NV; and RothschildSell-side Legal Adviser Allen & Overy; and Zaki Hashem & Partners (Advising seller: Zulficar & Partners; and Latham & Watkins)

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 & UtilitiesSell-side Legal Adviser Baker Botts Buy-side Legal Adviser Norton Rose Fulbright

Announced 15-Jun-15Bidder companyEmirates National Oil Company LimitedTarget companyDragon Oil Plc (46.1% stake)Dominant sectorEnergy, Mining & UtilitiesSell-side Financial Adviser Davy Corporate Finance; and Nomura Holdings, IncSell-side Legal Adviser Allen & Overy; and Mason Hayes & CurranBuy-side Financial AdviserBarclaysBuy-side Legal Adviser Arthur Cox; and Freshfields Bruckhaus Deringer

Announced 23-Dec-15Bidder companyEQUATE Petrochemical Company KSCTarget companyMEGlobal International FZESeller companyThe Dow Chemical Company; and Petrochemical Industries Company KSCDominant sectorIndustrials & ChemicalsSell-side Financial Adviser HSBCSell-side Legal Adviser Shearman & Sterling

Announced 14-Oct-15Bidder companyAl Noor Hospitals PlcTarget companyMedi-Clinic Corporation LtdDominant sectorPharma, Medical & BiotechSell-side Financial Adviser Morgan Stanley; Rand Merchant BankSell-side Legal Adviser Cliffe Dekker Hofmeyr; Cravath, Swaine & Moore; ENSafrica; and Slaughter and May (Advising seller: Herbert Smith Freehills) Buy-side Financial AdviserGoldman Sachs; Jefferies; and RothschildBuy-side Legal Adviser Linklaters; Webber Wentzel; and Ashurst

Deal value US$1.5bn

Deal value US$1.8bn

Deal value US$2.8bn

Deal value US$3.2bn



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TOP DEALS


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 20-Mar-15Bidder companySun International (South Africa) LimitedTarget companyPeermont Global LimitedSeller companyMineworkers Investment Company (Pty) Ltd; and Peermont Global Limited (creditors)Dominant sectorLeisureSell-side Financial Adviser Rand Merchant BankSell-side Legal Adviser Bowman Gilfillan Africa Group; Kirkland & Ellis; Read Hope Phillips; and Webber WentzelBuy-side Financial AdviserInvestecBuy-side Legal Adviser Cliffe Dekker Hofmeyr (Advising seller: Glyn Marais Inc)

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 & BiotechSell-side Financial Adviser Goldman SachsSell-side Legal Adviser Sarie-Eldin & Partners; and Baker & McKenzieBuy-side Legal Adviser Matouk Bassiouny; and Skadden Arps Slate Meagher & Flom

Announced 28-Jul-15Bidder companyBright Dairy & Food Co LtdTarget companyTnuva Food Industries Ltd (76.73% stake)Seller companyBright Food (Group) Co LtdDominant sectorConsumerBuy-side Financial AdviserBNP Paribas SABuy-side Legal Adviser Grandall Law Firm

Announced 27-Apr-15Bidder companyInpex CorporationTarget companyADCO Onshore Concession (5% stake)Seller companyAbu Dhabi National Oil CompanyDominant sectorEnergy, Mining & UtilitiesSell-side Legal Adviser Shearman & Sterling

Deal value US$700m

Deal value US$700m

Deal value US$800m

Deal value US$1.0bn

Deal value US$1.1bn

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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 4 JPMorgan 55,311 13 13,333 314.8%

2 2 Barclays 46,811 10 18,769 149.4%

3 76 Greenhill & Co 40,500 1 202 19,949.5%

4 11 Goldman Sachs 26,684 13 7,024 279.9%

5 8 Morgan Stanley 24,749 16 10,214 142.3%

6 7 Rothschild 19,146 16 11,741 63.1%

7 9 Rand Merchant Bank 17,143 14 8,857 93.6%

8 43 Jefferies 12,683 7 621 1,942.4%


10 3 Deutsche Bank 8,833 9 14,781 -40.2%

11 6 HSBC 6,866 12 12,095 -43.2%

12 1 Citi 6,671 13 21,652 -69.2%

13 39 Nomura Holdings 6,039 3 763 691.5%

14 16 Standard Bank Group 5,704 20 3,996 42.7%

15 - Jamieson Corporate Finance 4,003 2 - -

16 40 PwC 3,619 15 761 375.6%

17 14 EY 3,580 16 5,328 -32.8%

18 - Altium Capital 3,241 2 - -

19 59 QNB Capital 2,992 1 283 957.2%

20 - Zaoui & Co 2,900 1 - -

Ranking 2015 2014


Change

1 5 Standard Bank Group 5,704 20 15 5

2 17 Morgan Stanley 24,749 16 8 8

3 8 Rothschild 19,146 16 13 3

4 1 EY 3,580 16 24 -8

5 7 PwC 3,619 15 15 0

6 2 Rand Merchant Bank 17,143 14 20 -6

7 4 Investec 1,756 14 19 -5

8 13 JPMorgan 55,311 13 11 2

9 11 Goldman Sachs 26,684 13 12 1

10 9 Citi 6,671 13 12 1

11 14 HSBC 6,866 12 10 2

12 3 Barclays 46,811 10 19 -9


14 15 Deutsche Bank 8,833 9 9 0

15 10 KPMG 842 9 12 -3

16 26 Jefferies 12,683 7 5 2

17 32 Lazard 1,371 7 3 4

18 25 Standard Chartered 833 6 5 1

19 20 BNP Paribas 1,829 5 7 -2

20 21 Credit Suisse 1,628 5 6 -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 21 Latham & Watkins 46,828 9 3,274 1,330.3%

2 74 Sullivan & Cromwell 43,492 2 505 8,512.3%

3 47 Kirkland & Ellis 41,902 5 1,150 3,543.7%

4 123 Cleary Gottlieb Steen & Hamilton 41,795 5 185 22,491.9%

5 105 Weil Gotshal & Manges 41,528 4 278 14,838.1%

6 128 Stikeman Elliott 41,050 5 181 22,579.6%

7 29 Debevoise & Plimpton 40,700 2 2,181 1,766.1%

8 - Davies Ward Phillips & Vineberg 40,536 2 - -

9 178 De Brauw Blackstone Westbroek 40,500 2 58 69,727.6%

10 86 Tulchinsky Stern & Company 40,500 1 370 10,845.9%

11 1 Linklaters 20,316 15 20,011 1.5%

12 7 Cliffe Dekker Hofmeyr 18,816 36 9,516 97.7%

13 63 Cravath, Swaine & Moore 16,591 4 687 2,315.0%

14 12 Webber Wentzel 14,857 50 7,730 92.2%

15 14 ENSafrica 14,647 32 7,204 103.3%


17 10 Slaughter and May 13,957 8 8,197 70.3%

18 217 Ashurst 12,651 4 18 70,183.3%

19 5 Herbert Smith Freehills 12,010 10 12,139 -1.1%

20 3 Allen & Overy 9,044 28 13,285 -31.9%

Ranking 2015 2014


Change

1 1 Webber Wentzel 14,857 50 43 7

2 2 Cliffe Dekker Hofmeyr 18,816 36 40 -4

3 6 Bowman Gilfillan Africa Group 1,958 33 29 4

4 5 ENSafrica 14,647 32 37 -5

5 4 Allen & Overy 9,044 28 37 -9

6 3 Clifford Chance 6,911 24 39 -15


8 12 White & Case 8,808 19 15 4

9 14 Baker & McKenzie 3,710 18 14 4

10 17 Meitar Liquornik Geva Leshem Tal & Co 2,013 18 12 6


12 9 DLA Piper 1,841 17 24 -7

13 13 Herzog, Fox and Neeman 1,663 16 15 1

14 28 Naschitz Brandes Amir & Co 1,405 16 7 9

15 10 Linklaters 20,316 15 20 -5

16 18 Yigal Arnon & Co 1,187 15 11 4


18 15 Werksmans 450 12 13 -1


20 19 Herbert Smith Freehills 12,010 10 10 0

QUARTERLY EDITION

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ASIA-PACIFIC (excluding Japan)

2015 was a dramatic, record-breaking year for M&A activities targeting Asia-Pacific (excl. Japan). It announced 3,797 deals worth US$927.8bn, the highest value on Mergermarket record, representing a 43.3% increase by deal value compared to last year (US$645.5bn). Meanwhile, the total number of deals also hit a historical high this year with 420 more deals than 2014 (3,377 deals).

Deals valued above US$5bn have dominated the M&A landscape in 2015 with a total sum of US$301.8bn (27 deals) in 2015, compared to US$195.4bn (14 deals) in 2014. The average deal size in 2015 was US$281.3m, a 25.7% increase Year-on-Year (YoY).

Despite the commodity crisis, investors looked to deals as low commodity prices hit balance sheets. Energy, Mining & Utilities (EMU) of Asia-Pacific (excl. Japan) saw an uptick of deal value which 100 deals announced in Q4 2015 totaling US$59.4bn, becoming the historical valued-high on Mergermarket record. EMU then dominated the region with 337 deals worth US$142.6bn, representing a 50.6% increase compared to 2014 (US$94.6bn). It was followed by Financial Services with 294 deals worth US$106.8bn in total and Industrials and Chemicals with 800 deals worth US$104.3bn in total.

Both outbound and inbound activities in Asia-Pacific (excl. Japan) reached a historical high in 2015 with 492 outbound deals announced totaling US$154.5bn, up 68.8% from last year (US$91.5bn). China was the main contributor which coincided with its encouraging policies of outbound investment. The acquisition done by China targeting non-Asian companies (US$55.6bn) was up 45.3% YoY, accounting for 36% of the total outbound value of the region.

Inbound activities posted a YoY increase of 20.1% from last year to US$105.4bn with 575 deals. Australia played a dominant role which accounted for 37.6% of the total inbound investment into Asia-Pacific as a result of privatization push by local government and depreciated Australian Dollar. In 2015, Australia attracted 135 deals from countries outside the region amounting to US$39.6bn, over 1 times increment of value from last year (US$19.6bn). In addition, the top three Asian inbound transactions

were all targeting Australian infrastructure assets. High confidence in the Australian market will keep bolstering the performance of the entire region.

The total value from January to October of 2015 (US$706.2bn) has already surpassed the annual value of 2014. This strong momentum is expected to carry forward to 2016, where more acquisition of distressed assets and merge-to-survive transactions particularly in, but not limited to, the EMU sector along with the continuation of commodity crisis. Chinese investors are believed to be focusing more on outbound investment due to the weakened RMB and rigorous economy.

Key Stats

3,797 deals valued at US$927.8bn, up 43.7% by value with 420 more deals compared to 3,377 deals worth US$645.5bn in 2014

Top Legal Adviser

Energy, Mining & Utilities saw 337 deals worth US$142.6bn, up 50.6% by value compared to 374 deals worth US$94.6bn in 2014

Top sector

Goldman Sachs ranked first with 74 deals worth US$191.0bn compared to 73 deals worth US$90.0bn in 2014

Freshfields Bruckhaus Deringer ranked first with 59 deals worth US$202.6bn compared to 42 deals worth US$92.5bn in 2014


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

0

100

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400

500

600

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800

900

1,000

2015201420132012201120100

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Valu

e (U

S$bn

)

US$131.3bn

US$92.8bn

US$72.1bn

US$66.7bn

US$249.9bn

US$198.1bn

US$177.7bn

US$302.1bn

US$169.9bn

US$117.0bn

US$140.3bn

US$218.2bn

US$69.1bn

US$107.8bn

US$116.9bn

US$116.5bn

US$82.7bn

US$81.2bn

US$105.0bn

US$85.2bn

US$87.5bn

US$79.4bn

US$115.9bn

US$73.1bn

Num

ber of deals

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20

30

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80

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20152014201320122011201050

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150

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250

300

350

400

Valu

e (U

S$bn

)

Num

ber of deals

US$31.1bn

US$20.9bn

US$42.7bn

US$29.4bn US$

28.1bn US$18.8bn

US$43.1bn

US$29.9bn

US$35.8bn

US$51.1bn

US$86.2bn

US$67.0bn

TREND GRAPHS


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RegionValue


KeyAustralia

US$100.4bn 468 deals

10.8%Value

(US$bn) Up/Down Value % change

Domestic $822.4 47.5%

Inbound $105.4 20.1%

Outbound $154.5 68.8%

TREND GRAPHS

Hong KongUS$140.8bn

199 deals 15.2%

China US$491.4bn 1,787 deals

53.0%

South KoreaUS$87.5bn 363 deals

9.4%

India US$35.8bn

405 deals 3.9%

SingaporeUS$21.8bn

102 deals 2.4%

TaiwanUS$13.4bn 60 deals 1.4%

TOP DEALS

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Announced 07-Nov-15Bidder companyChina Yangtze Power Co LtdTarget companySanxia Jinshajiang Chuanyun Hydroelectric Power Co LtdSeller companyChina Three Gorges Corporation; Sichuan Energy Investment Group Co Ltd; and Yunan Energy Investment Group Co LtdDominant sectorEnergy, Mining & UtilitiesBuy-side Financial AdviserCITIC Securities; and Huatai United SecuritiesBuy-side Legal Adviser Dacheng Law Offices

Announced 20-Apr-15Bidder companySK C&C Co LtdTarget companySK Holdings Co Ltd (68.18% stake)Dominant sectorEnergy, Mining & UtilitiesBuy-side Financial AdviserCiti; Credit Suisse; Deutsche Bank; Goldman Sachs; Morgan Stanley; NH Investment & Securities; and PwCBuy-side Legal Adviser Bae Kim & Lee; Kim & Chang

Announced 14-Oct-15Bidder companyChina Tower Corporation LimitedTarget companyChina Mobile, China Telecom, China Unicom (wireless tower assets)Seller companyChina Telecom Corporation Limited; China Mobile Limited; and China Unicom (Hong Kong) Limited Dominant sectorTelecommunicationsSell-side Financial Adviser China Securities; Morgan Stanley; and UBSSell-side Legal Adviser AnJie Law Firm; Freshfields Bruckhaus Deringer; Haiwen & Partners; Sullivan & Cromwell; and Zhong Lun Law FirmBuy-side Financial AdviserChina International Capital CorporationBuy-side Legal Adviser Commerce and Finance Law Offices

Announced 08-May-15Bidder companyCK Hutchison Holdings Limited (shareholders)Target companyCheung Kong Property Holdings LimitedSeller companyCheung Kong (Holdings) LimitedDominant sectorReal EstateSell-side Financial Adviser HSBC; and The Anglo Chinese GroupSell-side Legal Adviser Freshfields Bruckhaus Deringer; Skadden Arps Slate Meagher & Flom; Woo Kwan Lee & Lo; Commerce and Finance Law Offices; and Guantao Law Firm (Advising FA: Linklaters)

Announced 09-Jan-15Bidder companyCheung Kong (Holdings) LimitedTarget companyHutchison Whampoa Limited (50.03% stake)Dominant sectorConsumerSell-side Financial Adviser Goldman Sachs; and Somerley Sell-side Legal Adviser Commerce and Finance Law Offices; Freshfields Bruckhaus Deringer; Guantao Law Firm; and Stikeman ElliottBuy-side Financial AdviserHSBC; and The Anglo Chinese GroupBuy-side Legal Adviser Skadden Arps Slate Meagher & Flom; and Woo Kwan Lee & Lo (Advising FA: Linklaters)







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Announced 18-Dec-15Bidder companyChina Cinda Asset Management Co Ltd Target companyNanyang Commercial BankSeller companyBOC Hong Kong (Holdings) LimitedDominant sectorFinancial ServicesSell-side Financial Adviser Bank of China International Holdings; and Goldman SachsBuy-side Financial AdviserMorgan StanleyBuy-side Legal Adviser Freshfields Bruckhaus Deringer

Announced 17-Aug-15Bidder companyBrookfield Infrastructure Partners LPTarget companyAsciano LimitedDominant sectorTransportationSell-side Financial Adviser Goldman Sachs; Grant Samuel; and Gresham Advisory PartnersSell-side Legal Adviser King & Wood Mallesons; and Osler, Hoskin & HarcourtBuy-side Financial AdviserCiti; and Macquarie GroupBuy-side Legal Adviser Allens; Herbert Smith Freehills; Johnson Winter & Slattery; Minter Ellison; and Torys

Announced 24-Dec-15Bidder companyPetroChina Pipelines Co LtdTarget companyPetroChina United Pipelines Company Limited (50% stake)Seller companyTaikang Asset Management Company; and Beijing Guolian Energy Industry Investment FundDominant sectorEnergy, Mining & UtilitiesBuy-side Financial AdviserChina International Capital Corporation; and Goldman Sachs

Announced 26-May-15Bidder companyCheil Industries Inc (formerly known as Samsung Everland Inc)Target companySamsung C&T CorporationSeller companyCompany nameDominant sectorOtherSell-side Financial Adviser Credit Suisse; and Goldman SachsSell-side Legal Adviser Herbert Smith Freehills; Kim & Chang; and Wachtell, Lipton, Rosen & KatzBuy-side Financial AdviserKPMG; Morgan Stanley; and Samsung SecuritiesBuy-side Legal Adviser Lee & Ko

Announced 17-Mar-15Bidder companyBHP Billiton Ltd (shareholders)Target companySouth32Seller companyBHP Billiton LtdDominant sectorEnergy, Mining & UtilitiesSell-side Financial Adviser Goldman Sachs; Grant Samuel; Gresham Advisory Partners; Investec; Simon Robertson Associates; and UBSSell-side Legal Adviser King & Wood Mallesons; Cleary Gottlieb Steen & Hamilton; ENSafrica; Herbert Smith Freehills; and Slaughter and May (Advising FA: Gilbert + Tobin)

Deal value US$8.8bn

Deal value US$9.4bn

Deal value US$9.6bn




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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 6 Goldman Sachs 190,990 74 90,026 112.1%

2 1 Morgan Stanley 142,272 76 145,785 -2.4%

3 22 HSBC 131,597 24 19,418 577.7%

4 15 JPMorgan 130,056 65 34,850 273.2%

5 7 Citi 121,525 50 78,292 55.2%

6 11 Deutsche Bank 116,451 42 57,501 103%

7 13 Credit Suisse 112,911 44 39,727 184.2%

8 4 UBS Investment Bank 101,444 59 108,178 -6.2%

9 5 China International Capital 97,301 45 102,995 -5.5%

10 2 Bank of America Merrill Lynch 78,379 28 123,823 -36.7%

11 149 The Anglo Chinese Group 77,734 10 663 11,624.6%

12 3 Somerley 77,344 49 113,778 -32.0%

13 8 CITIC Securities 66,925 43 74,478 -10.1%

14 14 Macquarie Group 52,052 48 37,437 39.0%

15 24 Huatai United Securities 50,122 50 15,840 216.4%

16 21 Barclays 47,702 16 22,811 109.1%

17 26 PwC 40,334 109 14,668 175.0%


19 196 Centerview Partners 34,691 3 275 12,514.9%

20 18 Guotai Junan Securities 28,029 50 26,567 5.5%

Ranking 2015 2014


Change

1 1 PwC 40,334 109 124 -15

2 4 EY 8,568 86 67 19

3 2 KPMG 20,071 79 101 -22

4 8 Morgan Stanley 142,272 76 56 20

5 3 Goldman Sachs 190,990 74 73 1

6 12 JPMorgan 130,056 65 44 21

7 9 UBS Investment Bank 101,444 59 56 3

8 6 Citi 121,525 50 64 -14

9 17 Huatai United Securities 50,122 50 34 16

10 18 Guotai Junan Securities 28,029 50 29 21

11 24 Somerley 77,344 49 25 24

12 11 Macquarie Group 52,052 48 50 -2

13 5 Deloitte 1,988 47 67 -20

14 16 China International Capital 97,301 45 37 8

15 7 Credit Suisse 112,911 44 59 -15

16 13 CITIC Securities 66,925 43 42 1

17 22 China Renaissance Partners 15,230 43 26 17

18 14 Deutsche Bank 116,451 42 41 1

19 20 Southwest Securities Company 25,995 41 27 14

20 28 GF Securities 25,363 40 23 17

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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



3 84 Commerce and Finance Law Offices 121,972 19 3,928 3,005.2%

4 3 Linklaters 114,403 55 98,638 16.0%

5 14 Herbert Smith Freehills 107,250 90 42,294 153.6%

6 12 Kim & Chang 90,120 87 58,044 55%

7 10 King & Wood Mallesons 82,304 137 64,782 27.0%

8 67 Guantao Law Firm 76,928 7 5,053 1,422.4%


10 334 Woo Kwan Lee & Lo 75,151 2 121 62,008.3%


12 28 Latham & Watkins 60,062 33 16,532 263.3%

13 33 Zhong Lun Law Firm 51,685 73 13,206 291.4%

14 4 Allen & Gledhill 49,212 24 94,478 -47.9%

15 32 WongPartnership 48,121 28 13,362 260.1%

16 19 Fangda Partners 47,481 61 24,383 94.7%

17 111 Stikeman Elliott 43,748 8 2,582 1,594.3%


19 9 Kirkland & Ellis 40,954 37 70,330 -41.8%

20 25 Bae Kim & Lee 39,557 53 17,597 124.8%

Ranking 2015 2014


Change

1 1 King & Wood Mallesons 82,304 137 127 10


3 4 Kim & Chang 90,120 87 87 0

4 18 AZB & Partners 11,236 83 50 33

5 9 Grandall Law Firm 33,952 77 65 12

6 17 Zhong Lun Law Firm 51,685 73 53 20

7 3 Baker & McKenzie 28,847 72 104 -32

8 16 Norton Rose Fulbright 30,047 62 54 8

9 12 Fangda Partners 47,481 61 59 2

10 6 DLA Piper 10,486 61 71 -10

11 23 Freshfields Bruckhaus Deringer 202,648 59 42 17

12 7 Lee & Ko 29,313 59 69 -10


14 10 Linklaters 114,403 55 61 -6

15 11 Minter Ellison 16,867 54 60 -6

16 19 Bae Kim & Lee 39,557 53 48 5

17 32 Khaitan & Co 7,414 52 32 20

18 22 Shin & Kim 17,896 50 44 6

19 13 Allens 33,827 47 58 -11

20 5 Clifford Chance 27,948 47 77 -30

QUARTERLY EDITION

JAPAN

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Japan-targeted M&A scaled a new height in 2015. Transaction value soared up to US$61.6bn with 396 deals, nearly doubling the US$32.2bn record set in 2014, with only 5 more deals being announced. The significant growth in deal value this year was largely contributed by the number of mega-deals.

Key Stats

396 deals valued at US$61.6bn, up 91.6% by value with 5 more deals compared to 391 deals worth US$32.2bn in 2014

Top Legal Adviser

Financial Services saw 34 deals worth US$13.7bn, up 341.9% by value compared to 31 deals worth US$3.1bn in 2014

Top sector

Morgan Stanley ranked first with 41 deals worth US$51.8bn compared to 35 deals worth US$37.8bn in 2014

Mori Hamada & Matsumoto ranked first with 90 deals worth US$32.7bn compared to 85 deals worth US$17.5bn in 2014


InboundLast year witnessed an investment influx by foreign companies. Inbound deal value hit a record high of US$12bn, representing a 54.2% increase from 2014 (US$7.8bn), which was also the highest valued year post crisis (US$25.6bn in 2007).

The US remained to be the most active buyer for Japanese companies. In 2015, the US investments made in Japan were valued at US$9.4bn, accounting for one-fourth of the total investment of the US companies made across Asia, which amounted to US$41.8bn. As Abe’s Cabinet aims to cut corporate tax to below 30% in fiscal 2016 and a continuously tumbling Yen, it is reasonable to believe that 2015 is merely the beginning of a reviving chapter for Japan’s inbound M&A.

OutboundThe outbound dominance of M&A in Japan has been on conspicuous display. At the close of 2015, the ever-rising outbound deal volume marked the highest on Mergermarket record (since 2001), eventually reaching 295 announcements with transactions worth US$89bn.

Broken down by geography, US-based entities accounted for 38%, or US$33.9bn, of Japanese overseas acquisitions in 2015 to become the most popular investment destination. The US insurance sector in particular saw some major billion-dollar investments from Japanese acquirers. Tokio Marine’s US$7.5bn acquisition of HCC Insurance, announced in June, in what was the largest M&A deal in 2015 undertaken by a Japanese company as well as the largest

ever acquisition made by a Japanese insurer on Mergermarket record (since 2001). Dai-ichi Life Insurance and Meiji Yasuda Life Insurance, another two big Japanese insurer, completed an aggregated US$10.7bn acquisition on the US soil, hoping to pursue growth opportunity outside a shrinking domestic market.

According to Mergermarket intelligence, the foreign acquisition in the insurance sector will continue to boom in the years to come. MS&AD Insurance Group Holdings, which acquired UK non-life insurer Amlin PLC for a US$5.3bn in September, is seeking M&A opportunities in the US in 2016. Tokio Marine Holdings’s President was cited from an interview that the company is now looking for M&A targets in Latin America, including Mexico, and in Asia.

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

0

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60

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90

2015201420132012201120100

100

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400

500

Valu

e (U

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)

Num

ber of deals

US$13.9n

US$7.3bn

US$6.8bn

US$9.3bn

US$5.0bn

US$10.8bn

US$7.1bn

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$33.3bn

US$17.2bn

US$12.3bn

US$9.2bn

US$9.1bn

US$21.7bn

US$21.6bn

0

5

10

15

20

2015201420132012201120100

10

20

30

40

50

Valu

e (U

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)

Num

ber of deals

US$2.8bn

US$6.1bn

US$11.2bn

US$8.9bn

US$5.0bn US$

4.0bn

US$4.7bn

US$5.3bn

US$6.4bn

US$7.4bn

US$19.6bn

US$11.4bn

TREND GRAPHS


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

TREND GRAPHS




LeisureValue: US$7.3bnNumber of deals: 24Market share: 11.9%

Real EstateValue: US$6.4bnNumber of deals: 10Market share: 10.3%

Key

Cross-borderValue

Value change

OutboundUS$89.0bn

67.0%

DomesticUS$49.6bn

103.6%

InboundUS$12.0bn

54.2%

TOP DEALS

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Deal value US$3.6bn

Deal value US$3.9bn

Deal value US$4.8bn

Deal value US$4.8bn

Deal value US$5.0bn

Announced 17-Sep-15Bidder companySuzuki Motor CorporationTarget companySuzuki Motor Corporation (19.9% stake)Seller companyVolkswagen AGDominant sectorAutomotiveSell-side Financial Adviser Goldman Sachs; and RothschildBuy-side Financial AdviserMizuho Financial Group; and Nomura Holdings

Announced 15-Oct-15Bidder companyFamilyMart Co LtdTarget companyUNY Group Holdings Co LtdDominant sectorConsumerSell-side Financial Adviser Morgan Stanley; and Nomura HoldingsSell-side Legal Adviser Jones Day; and TMI AssociateBuy-side Financial AdviserCiti; KPMG; and Sumitomo Mitsui Financial GroupBuy-side Legal Adviser Mori Hamada & Matsumoto

Announced 15-Dec-15Bidder companySumitomo Mitsui Finance and Leasing Company LimitedTarget companyGeneral Electric Company (leasing business in Japan)Seller companyGeneral Electric CompanyDominant sectorFinancial ServicesSell-side Financial Adviser JPMorgan; and Morgan StanleySell-side Legal Adviser Nagashima Ohno & TsunematsuBuy-side Financial AdviserGoldman Sachs; and Sumitomo Mitsui Financial Group

Announced 28-Sep-15Bidder companyNBCUniversal Media Target companyUSJ Co Ltd (51% stake)Seller companyGS Capital Partners; MBK Partners Ltd; Owl Creek Asset Management LP; PAG Capital; and Glenn Gumpel (president, USJ)Dominant sectorLeisureSell-side Financial Adviser Goldman SachsSell-side Legal Adviser Freshfields Bruckhaus Deringer; Mori Hamada & Matsumoto; Nagashima Ohno & Tsunematsu; Sidley Austin; Skadden Arps Slate Meagher & Flom; and Nishimura & AsahiBuy-side Legal Adviser Clifford Chance; and Davis Polk & Wardwell

Announced 29-Sep-15Bidder companyJapan Tobacco IncTarget companyNatural American Spirit (ex-US business)Seller companyReynolds American IncDominant sectorConsumerSell-side Financial Adviser Citi; JPMorgan; and LazardSell-side Legal Adviser Jones DayBuy-side Legal Adviser Freshfields Bruckhaus Deringer; and PwC legal


TOP DEALS

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Announced 27-Mar-15Bidder companyThe Higo Bank LtdTarget companyThe Kagoshima BankDominant sectorFinancial ServicesSell-side Financial Adviser Daiwa Securities Group; and Nomura HoldingsSell-side Legal Adviser TMI AssociatesBuy-side Financial AdviserMizuho Financial GroupBuy-side Legal Adviser Mori Hamada & Matsumoto

Announced 27-May-15Bidder companyNomura Real Estate Master Fund IncTarget companyNomura Real Estate Residential Fund IncDominant sectorReal EstateSell-side Financial Adviser Morgan Stanley; and Sumitomo Mitsui Financial GroupSell-side Legal Adviser Kataoka & KobayashiBuy-side Financial AdviserNomura HoldingsBuy-side Legal Adviser Mori Hamada & Matsumoto; and Nagashima Ohno & Tsunematsu

Announced 21-Jan-15Bidder companyJohnson Controls IncTarget companyJohnson Controls – Hitachi Air Conditioning (60% stake)Seller companyHitachi Appliances IncDominant sectorIndustrials & ChemicalsSell-side Financial Adviser Greenhill & CoSell-side Legal Adviser Gomez-Acebo & Pombo Abogados; Lee and Li Attorneys at Law; and Morrison & FoersterBuy-side Legal Adviser Orrick Herrington & Sutcliffe

Announced 06-Nov-15Bidder companyNippon Life Insurance CompanyTarget companyMitsui Life Insurance Company LimitedSeller companyMitsui & Co Ltd; Sumitomo Mitsui Trust Bank Limited; Daiwa Securities SMBC Principal Investment Co Ltd; Sumitomo Mitsui Banking Corporation; Mitsui Fudosan Co Ltd; Citibank Singapore; Mitsui Sumitomo Insurance Co Ltd; and Nomura Financial Partners Co LtdDominant sectorFinancial ServicesSell-side Financial Adviser Daiwa Securities Group; and Nomura HoldingsSell-side Legal Adviser Allens; and Mori Hamada & MatsumotoBuy-side Financial AdviserCiti; Morgan Stanley; and Sumitomo Mitsui Financial GroupBuy-side Legal Adviser Nagashima Ohno & Tsunematsu

Announced 27-May-15Bidder companyNomura Real Estate Master Fund IncTarget companyNomura Real Estate Office FundDominant sectorReal EstateSell-side Financial Adviser Morgan Stanley; and Sumitomo Mitsui Financial GroupSell-side Legal Adviser City-Yuwa PartnersBuy-side Financial AdviserNomura HoldingsBuy-side Legal Adviser Mori Hamada & Matsumoto; and Nagashima Ohno & Tsunematsu

Deal value US$1.5bn

Deal value US$1.5bn

Deal value US$2.5bn

Deal value US$2.7bn

Deal value US$3.0bn


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TOP 15 JAPAN FINANCIAL ADVISERS TOP 15 JAPAN FINANCIAL ADVISERS

LEAGUE TABLES

VALUE VOLUME

Ranking 2015 2014


(US$m)% Val.

Change

1 1 Morgan Stanley 51,751 41 37,766 37.0%

2 5 Nomura Holdings 49,996 83 13,232 277.8%

3 3 Goldman Sachs 39,355 18 18,320 114.8%

4 9 JPMorgan 28,808 18 7,087 306.5%

5 7 Mizuho Financial Group 26,574 58 8,880 199.3%

6 8 Citi 22,579 16 8,306 171.8%

7 6 Sumitomo Mitsui Financial Group 21,557 67 9,250 133.0%

8 34 Lazard 19,443 11 520 3,639%

9 24 Bank of America Merrill Lynch 16,150 11 1,144 1,311.7%


11 19 Rothschild 13,475 8 1,834 634.7%

12 - CITIC Securities 10,630 3 - -

13 - Somerley 10,357 2 - -

14 17 Deutsche Bank 10,089 6 3,009 235.3%

15 4 Credit Suisse 9,134 6 16,414 -44.4%

Ranking 2015 2014


Change

1 3 Nomura Holdings 49,996 83 56 27

2 2 Sumitomo Mitsui Financial Group 21,557 67 58 9

3 1 Mizuho Financial Group 26,574 58 59 -1

4 5 Morgan Stanley 51,751 41 35 6

5 7 Daiwa Securities Group 8,363 35 28 7

6 4 KPMG 6,833 34 36 -2

7 6 Deloitte 6,875 31 31 0

8 9 GCA Savvian 3,436 23 19 4

9 8 PwC 1,407 23 20 3

10 10 Goldman Sachs 39,355 18 17 1

11 14 JPMorgan 28,808 18 8 10

12 16 Citi 22,579 16 7 9

13 11 Frontier Management 556 16 15 1

14 20 Lazard 19,443 11 5 6


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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 3 Mori Hamada & Matsumoto 32,650 90 17,540 86.1%

2 1 Nishimura & Asahi 23,065 65 30,856 -25.2%

3 8 Nagashima Ohno & Tsunematsu 21,930 41 9,146 139.8%





8 32 Simpson Thacher & Bartlett 15,510 5 1,934 702%

9 29 Jones Day 12,142 6 2,497 386.3%

10 24 Linklaters 11,610 12 3,042 281.7%

11 23 Clifford Chance 10,898 12 3,193 241.3%

12 40 Herbert Smith Freehills 10,291 11 1,564 558.0%

13 18 Morrison & Foerster 9,207 17 4,152 121.7%

14 33 Ashurst 8,892 7 1,877 373.7%

15 11 Anderson Mori & Tomotsune 7,939 35 6,260 26.8%

Ranking 2015 2014


Change

1 1 Mori Hamada & Matsumoto 32,650 90 85 5

2 2 Nishimura & Asahi 23,065 65 52 13

3 3 Nagashima Ohno & Tsunematsu 21,930 41 41 0

4 4 Anderson Mori & Tomotsune 7,939 35 22 13

5 6 Oh-Ebashi LPC & Partners 576 24 19 5

6 5 Baker & McKenzie 6,905 18 21 -3

7 7 Morrison & Foerster 9,207 17 18 -1

8 11 White & Case 4,811 14 12 2

9 34 Sullivan & Cromwell 21,152 13 4 9

10 8 TMI Associates 6,483 13 17 -4

11 16 Linklaters 11,610 12 10 2

12 13 Clifford Chance 10,898 12 11 1

13 20 Herbert Smith Freehills 10,291 11 7 4



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Global overview: Elizabeth Lim North America: Dan KimC&S America: Aleksandra Duda Europe: Robert Melia Middle East & Africa: Katharine DennysAsia-Pacific: Jeffrey ChungJapan: 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.

2015 refers to the period 01-Jan-15 to 31-Dec-15. 2014 refers to the period 01-Jan-14 to 31-Dec-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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