GLOBAL M&A MARKET REVIEW LEGAL RANKINGS

Transcription

1 GLOBAL M&A MARKET REVIEW LEGAL INGS 1 st 3Q 2016

2 1 st 3Q2016 GLOBAL M&A LEGAL ADVISORY INGS CONTENTS 1. Introduction 2. Global M&A Heat Map 3. Global M&A Regional Review 4. Global M&A League Tables 6. Americas M&A Regional Review 7. Americas M&A League Tables 9. EMEA M&A Regional Review 10. EMEA M&A League Tables 14. APAC M&A Regional Review 15. APAC M&A League Tables 20. Disclaimer The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equityswaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards. Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends. Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. On the web, visit: Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone North America Meaghan Burke mburke65@bloomberg.net EMEA Madeeha Ahmad mchaudhry13@bloomberg.net Asia Pacific Ee Wen Tay etay26@bloomberg.net General M&A queries may be submitted to: m-a@bloomberg.net, malondon@bloomberg.net, maasia@bloomberg.net 2016 Bloomberg Finance L.P. All rights reserved.

3 Global M&A Heat Map North America USD 1,412.3B 1. Sullivan & Cromwell LLP Su 22.7% 2. Wachtell Lipton Rosen & Katz 22.1% 3. White & Case LLP 19.8% Western Europe USD 718.5B 1. Cravath Swaine & Moore LLP 24.1% 2. White & Case LLP 21.7% 3. Freshfields Bruckhaus Deringer LLP 17.0% Eastern Europe USD 29.9B 1. Skadden Arps Meagher & Flom LLP 11.0% 2. Weil Gotshal & Manges LLP 7.0% 3. White & Case LLP 5.0% Scale in USD Bln Latin America & Caribbean USD 97.0B 1. Matttos Filho Veiga Filho Marrey Quiroga 10.7% 2. Pinheiro Neto Advogados 10.4% 3. Baker & McKenzie LLP 10.3% Middle East & Africa USD 91.8B 1. Freshfields Bruckhaus Deringer LLP 19.7% 2. Clifford Chance LLP 18.1% 3. Allen & Overy LLP 7.8% Asia Pacific USD 917.1B 1. Davis Polk & Wardell LLP 12.1% 2. White & Case LLP 11.5% 3. Cleary Gottlieb Steen & Hamilton LLP 9.4% Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1st 3Q

4 Global M&A Regional Review Global M&A deal volume reached $2.4 trillion in the first 3Q2016, representing a 14.0% decrease compared to the same period last year. Deals involving targets based in the United States accounted for $1.11 billion of the global activity, representing a 20.1% decrease from the same period last year. Despite a decrease in deal activity in the first 3Q2016, companies paid a median of 11.3 times their targets EBITDA, making 2016 the most expensive year for deal making on record. Transactions targeting the technology sector were the priciest, hosting an average TV/EBITDA of Transactions involving companies based in Canada increased 30.9% by volume from the same period last year to $254.0 billion. Enbridge Inc s announced acquisition of Spectra Energy Corp for $42.8 billion was the largest deal for the region and energy sector this year. Global M&A: Highlights of 1st 3Q2016 Total Value Summary Date Target Acquirer Seller (Mln.) Industry Global M&A: Premium Breakdown Global M&A: Industry Breakdown Amount (Bln.) % of Total Number of deals 28,769 5/18/2016 Monsanto Co Bayer AG - $65,695.7 Financial $ % -11.8% Volume (Bln.) $2,398.1 Consumer Non-cyclical $ % -37.3% Avg Deal Size (Mln.) $83.4 China National Chemical Consumer Cyclical $ % 28.9% 2/3/2016 Syngenta AG - $46,311.7 Corp Technology $ % 25.7% Top Adviser 9/6/2016 Spectra Energy Corp Enbridge Inc - $42,818.3 Basic Materials $ % 123.9% White & Case LLP Industrial $ % -23.5% Number of deals 196 Communications $ % -41.0% 1/11/2016 Baxalta Inc Shire PLC - $35,563.4 Volume (Bln.) $379.6 Energy $ % -30.0% Avg Deal Size (Bln.) $1.9 7/18/2016 ARM Holdings PLC SoftBank Group Corp - $30,124.6 Utilities $ % 57.6% Diversified $ % -54.6% 42% 7% 2% 1% 0-10% 18% 30% 10-25% 25-50% 50-75% % 100%+ % YoY Change Global M&A Review 1st 3Q2016 Global M&A: Quarterly Volume $1,400 12,000 $1,200 10,000 $1,000 8,000 $800 6,000 $600 $400 4,000 $200 2,000 $ Q Q Q Q Q Q3 Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). Deal Type Global M&A: Deal Type Breakdown Amount (Bln.) % Change Deal Count % Change Volume Company Takeover $1, % -13.4% Cross Border $1, % -3.4% Private Equity $ % -12.8% Asset Sale $ % -17.3% Tender Offer $ % 24.2% Venture Capital $ % 0.8% Spin-off $ % -19.5% Minority Purchase $ % -1.0% Majority Purchase $ % -6.5% 3

5 Global Announced Deals (By Volume) 01/01/ /30/2016 Global Announced Deals (By Deal Count) 01/01/ /30/2016 White & Case LLP , Jones Day , Sullivan & Cromwell LLP , Kirkland & Ellis LLP , Wachtell Lipton Rosen & Katz , Latham & Watkins LLP , Davis Polk & Wardwell LLP , Baker & McKenzie LLP , Skadden Arps Slate Meagher & Flom LLP , White & Case LLP , Cravath Swaine & Moore LLP , DLA Piper LLP , Simpson Thacher & Bartlett LLP , CMS , Cleary Gottlieb Steen & Hamilton LLP , Allen & Overy LLP , Jones Day , Skadden Arps Slate Meagher & Flom LLP , Kirkland & Ellis LLP , Hogan Lovells US LLP , Latham & Watkins LLP , Linklaters LLP , Osler Hoskin & Harcourt LLP , Clifford Chance LLP , Shearman & Sterling LLP , Freshfields Bruckhaus Deringer LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Morgan Lewis & Bockius LLP , Freshfields Bruckhaus Deringer LLP , Weil Gotshal & Manges LLP , Stikeman Elliott LLP , Sidley Austin LLP , Morrison & Foerster LLP , Norton Rose Fulbright LLP , Weil Gotshal & Manges LLP , Stikeman Elliott LLP , Gibson Dunn & Crutcher LLP , Davis Polk & Wardwell LLP , Allen & Overy LLP , King & Wood Mallesons , TOTAL 2,397,611 28,772 2,763,722 TOTAL 2,397,611 28,772 2,763,722 Global Announced Deals- Principals (By Volume) 01/01/ /30/2016 Global Announced Deals- Principals (By Deal Count) 01/01/ /30/2016 (Mln) COUNT (Mln) COUNT Wachtell Lipton Rosen & Katz , Jones Day , Simpson Thacher & Bartlett LLP , Kirkland & Ellis LLP , Skadden Arps Slate Meagher & Flom LLP , Latham & Watkins LLP , Davis Polk & Wardwell LLP , Baker & McKenzie LLP , Sullivan & Cromwell LLP , DLA Piper LLP , Jones Day , CMS , Latham & Watkins LLP , Allen & Overy LLP , Osler Hoskin & Harcourt LLP , Hogan Lovells US LLP , Freshfields Bruckhaus Deringer LLP , White & Case LLP , Kirkland & Ellis LLP , Skadden Arps Slate Meagher & Flom LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Linklaters LLP , Stikeman Elliott LLP , Clifford Chance LLP , Weil Gotshal & Manges LLP , Freshfields Bruckhaus Deringer LLP , Allen & Overy LLP , Morgan Lewis & Bockius LLP , Cleary Gottlieb Steen & Hamilton LLP , Weil Gotshal & Manges LLP , Cravath Swaine & Moore LLP , Sidley Austin LLP , White & Case LLP , Norton Rose Fulbright LLP , Gibson Dunn & Crutcher LLP , Stikeman Elliott LLP , Wilson Sonsini Goodrich & Rosati PC , King & Wood Mallesons , King & Wood Mallesons , Dentons , TOTAL 1,810,282 7,197 2,266,284 TOTAL 1,810,282 7,197 2,266, VOLUME USD (Mln) DEAL COUNT 2015 (Mln) COUNT 4

6 Cross Border Announced Deals (By Volume) 01/01/ /30/2016 Global Private Equity Deals (By Volume) 01/01/ /30/2016 (Mln) COUNT (Mln) COUNT White & Case LLP , Latham & Watkins LLP , Cravath Swaine & Moore LLP , Kirkland & Ellis LLP , Wachtell Lipton Rosen & Katz , Simpson Thacher & Bartlett LLP , Sullivan & Cromwell LLP , Skadden Arps Slate Meagher & Flom LLP , Skadden Arps Slate Meagher & Flom LLP , Freshfields Bruckhaus Deringer LLP , Simpson Thacher & Bartlett LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Morrison & Foerster LLP , Weil Gotshal & Manges LLP , Davis Polk & Wardwell LLP , Sullivan & Cromwell LLP , Freshfields Bruckhaus Deringer LLP , Osler Hoskin & Harcourt LLP , Cleary Gottlieb Steen & Hamilton LLP , Davis Polk & Wardwell LLP , Stikeman Elliott LLP , Jones Day , Allen & Overy LLP , O'Melveny & Myers LLP , Osler Hoskin & Harcourt LLP , Allens , Shearman & Sterling LLP , Herbert Smith Freehills LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Wilson Sonsini Goodrich & Rosati PC , Jones Day , King & Wood Mallesons , Slaughter and May , White & Case LLP , Herbert Smith Freehills LLP , Fenwick & West LLP , Anderson Mori & Tomotsune , Allen & Overy LLP , Kirkland & Ellis LLP , Wachtell Lipton Rosen & Katz , TOTAL 1,045,633 10,714 1,082,710 TOTAL 520,149 8, ,602 5

7 Americas M&A Regional Review The Americas continued to be the most targeted region for M&A activity, accounting for 52.6% of the global deal volume in the first 3Q2106. Despite a relatively stagnant summer of deal making, volume for the quarter reached $438.9 billion. Cross border transactions represented 46.9% of the region s total volume in the first 3Q2016. Foreign consumer, non-cyclical and technology companies were the most targeted by acquirers based in the Americas, contributing 20.7% and 20.5% to the total deal count, respectively. Companies based in the Americas received the most venture capital financing in the first 3Q2016, with $42.2 billion in total funding. Airbnb Inc s $850 million Series F round of financing was the largest venture capital deal announced this quarter. Sullivan & Cromwell LLP was the top adviser for the first 3Q2016 with $312.9 billion in volume for the region. Americas M&A: Highlights of 1st 3Q2016 Americas M&A: Country Breakdown Amount % YoY Country United States (Bln.) $1,117.6 % of Total 88.6% Change -19.7% Canada $ % 64.5% Brazil $ % 5.4% Chile $ % 169.1% Mexico $ % -33.6% Colombia $ % % British Virgin Islands $ % 47.7% Bermuda $ % -89.8% Americas M&A: Industry Breakdown Total Value Amount % YoY Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 12,440 Consumer Non-cyclical $ % -43.8% 5/18/2016 Monsanto Co Bayer AG - $65,695.7 Volume (Bln.) $1,261.2 Financial $ % -30.0% Avg Deal Size (Mln.) $101.4 Energy $ % 16.9% 9/6/2016 Spectra Energy Corp Enbridge Inc - $42,818.3 Technology $ % 3.0% Top Adviser Basic Materials $ % 179.6% 1/11/2016 Baxalta Inc Shire PLC - $35,563.4 Sullivan & Cromwell LLP Consumer Cyclical $ % 81.1% Number of deals 84 Communications $ % -47.0% 4/28/2016 St Jude Medical Inc Abbott Laboratories - $30,108.2 Volume (Bln.) $312.9 Utilities $ % 133.5% Avg Deal Size (Bln.) $3.7 Industrial $ % -51.7% 1/25/2016 Johnson Controls Inc Tyco International PLC - $28,667.3 Diversified $ % -23.5% Global M&A Review 1st 3Q2016 Americas M&A: Quarterly Volume $ $ $600 $ $ $ $200 $ $ Q Q Q Q Q Q3 Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). Americas M&A: Deal Type Breakdown Amount (Bln.) % Change Deal Count % Change Volume Deal Type Company Takeover $ % -13.4% Cross Border $ % 29.1% Private Equity $ % -14.7% Asset Sale $ % -25.2% Tender Offer $ % -21.5% Venture Capital $ % -17.0% Spin-off $ % -30.1% Minority Purchase $ % -18.7% Majority Purchase $ % 47.2% 6

8 US Announced Deals (By Volume) 01/01/ /30/2016 US Announced Deals (By Deal Count) 01/01/ /30/2016 (Mln) COUNT (Mln) COUNT Sullivan & Cromwell LLP , Kirkland & Ellis LLP , Wachtell Lipton Rosen & Katz , Jones Day , White & Case LLP , Latham & Watkins LLP , Skadden Arps Slate Meagher & Flom LLP , DLA Piper LLP , Cravath Swaine & Moore LLP , Skadden Arps Slate Meagher & Flom LLP , Davis Polk & Wardwell LLP , Morgan Lewis & Bockius LLP , Simpson Thacher & Bartlett LLP , Sidley Austin LLP , Kirkland & Ellis LLP , Weil Gotshal & Manges LLP , Cleary Gottlieb Steen & Hamilton LLP , White & Case LLP , Jones Day , Wilson Sonsini Goodrich & Rosati PC , Latham & Watkins LLP , Hogan Lovells US LLP , Shearman & Sterling LLP , Simpson Thacher & Bartlett LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Goodwin Procter LLP , Gibson Dunn & Crutcher LLP , Davis Polk & Wardwell LLP , Weil Gotshal & Manges LLP , Sullivan & Cromwell LLP , Stikeman Elliott LLP , McGuireWoods LLP , Debevoise & Plimpton LLP , Cooley LLP , Morrison & Foerster LLP , Gibson Dunn & Crutcher LLP , Allen & Overy LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Wilson Sonsini Goodrich & Rosati PC , Ropes & Gray LLP , TOTAL 1,317,114 13,102 1,659,245 TOTAL 1,317,114 13,102 US Announced Deals- Principals (By Volume) 01/01/ /30/2016 US Announced Deals- Principals (By Deal Count) 01/01/ /30/2016 (Mln) COUNT Wachtell Lipton Rosen & Katz , Kirkland & Ellis LLP , Skadden Arps Slate Meagher & Flom LLP , Jones Day , Sullivan & Cromwell LLP , Latham & Watkins LLP , Simpson Thacher & Bartlett LLP , DLA Piper LLP , Kirkland & Ellis LLP , Skadden Arps Slate Meagher & Flom LLP , Jones Day , Morgan Lewis & Bockius LLP , Latham & Watkins LLP , Sidley Austin LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Weil Gotshal & Manges LLP , Weil Gotshal & Manges LLP , Wilson Sonsini Goodrich & Rosati PC , Stikeman Elliott LLP , Hogan Lovells US LLP , Davis Polk & Wardwell LLP , Goodwin Procter LLP , Cleary Gottlieb Steen & Hamilton LLP , Cooley LLP , Cravath Swaine & Moore LLP , Simpson Thacher & Bartlett LLP , Allen & Overy LLP , McGuireWoods LLP , Gibson Dunn & Crutcher LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Wilson Sonsini Goodrich & Rosati PC , Gibson Dunn & Crutcher LLP , Debevoise & Plimpton LLP , Davis Polk & Wardwell LLP , Osler Hoskin & Harcourt LLP , Ropes & Gray LLP , White & Case LLP , Paul Hastings LLP , Ropes & Gray LLP , White & Case LLP , TOTAL 1,129,427 3,542 1,486,719 TOTAL 1,129,427 3,542 (Mln) COUNT 1,659,245 1,486,719 7

9 Canada Announced Deals (By Volume) 01/01/ /30/2016 Canada Announced Deals (By Deal Count) 01/01/ /30/2016 Skadden Arps Slate Meagher & Flom LLP , Stikeman Elliott LLP , White & Case LLP , Miller Thomson LLP Osler Hoskin & Harcourt LLP , Blake Cassels & Graydon LLP , Stikeman Elliott LLP , Osler Hoskin & Harcourt LLP , Sullivan & Cromwell LLP , McCarthy Tetrault LLP , Blake Cassels & Graydon LLP , Davies Ward Phillips & Vineberg LLP , McCarthy Tetrault LLP , Gowling WLG International Ltd , Wachtell Lipton Rosen & Katz , Kirkland & Ellis LLP , Davies Ward Phillips & Vineberg LLP , Bennett Jones LLP , Alston & Bird LLP , Borden Ladner Gervais LLP , Goodmans LLP , Jones Day , O'Melveny & Myers LLP , Fasken Martineau DuMoulin LLP , Jones Day , Cassels Brock & Blackwell LLP , Simpson Thacher & Bartlett LLP , Goodmans LLP , Latham & Watkins LLP , Skadden Arps Slate Meagher & Flom LLP , Bennett Jones LLP , Dentons , Allens , Norton Rose Fulbright LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Torys LLP , Norton Rose Fulbright LLP , White & Case LLP , Herbert Smith Freehills LLP , Sidley Austin LLP , TOTAL 253,915 2, ,045 TOTAL 253,915 2,240 Brazil Announced Deals (By Volume) 01/01/ /30/2016 Brazil Announced Deals (By Deal Count) 01/01/ /30/ VOLUME USD (Mln) DEAL COUNT 2015 (Mln) COUNT Mattos Filho Veiga Filho Marrey Jr e Quiroga Advoga , Mattos Filho Veiga Filho Marrey Jr e Quiroga Advoga , Pinheiro Neto Advogados , Pinheiro Neto Advogados , Demarest Advogados , Tozzini Freire Teixeira E Silva , Baker & McKenzie LLP , Machado Meyer Sendacz e Opice Advogados Veirano Advogados , Souza Cescon Barrieu & Flesch Advogados Tozzini Freire Teixeira E Silva , Demarest Advogados , Sullivan & Cromwell LLP , Veirano Advogados , Davis Polk & Wardwell LLP , Barbosa Mussnich & Aragao , Stocche Forbes Padis Filizzola e Clapis Advogados , Stocche Forbes Padis Filizzola e Clapis Advogados , King & Wood Mallesons , Azevedo Sette Advogados Llinks Law Office , Baker & McKenzie LLP , Osler Hoskin & Harcourt LLP , Lefosse Advogados White & Case LLP , Lobo & Rizzo Advogados Vinson & Elkins LLP , Allen & Overy LLP Barbosa Mussnich & Aragao , Skadden Arps Slate Meagher & Flom LLP Linklaters LLP , Davis Polk & Wardwell LLP , Bracewell LLP , Linklaters LLP , Souza Cescon Barrieu & Flesch Advogados Mayer Brown LLP Machado Meyer Sendacz e Opice Advogados Cleary Gottlieb Steen & Hamilton LLP Wachtell Lipton Rosen & Katz Blake Cassels & Graydon LLP TOTAL 28, ,148 TOTAL 28, (Mln) COUNT 2016 VOLUME USD (Mln) DEAL COUNT ,045 26,148 8

10 EMEA M&A Regional Review Deal activity for EMEA-based targets reached $500.8 billion in the first 3Q2016, a 18.1% decrease from the same period last year. The United Kingdom continued to be the most targeted country in the region despite a 44.7% decrease in deal volume. Transactions involving EMEA-based targets exceeding $1.0 billion in value decreased 24.2% by deal count to 81 deals in the first 3Q2016. Financial companies were the most sought-after, accounting for 23.5% of the region s total mega-deal volume. The region s private equity activity decreased 14.2% from the same period last year, reaching $207.6 billion in transactions in the first 3Q2016. The $4.4 billion consortium bid for Playtika Ltd from Caesars Interactive Entertainment Inc was the region s largest private equity buyout for the period. EMEA M&A Highlights of 1st 3Q2016 EMEA M&A: Country Breakdown Amount % YoY Country United Kingdom (Bln.) $128.0 % of Total 25.6% Change -44.7% Switzerland $ % 212.9% France $ % 1.8% Germany $ % -30.7% Spain $ % -1.6% Italy $ % -24.8% Netherlands $ % -25.7% Finland $ % 56.4% EMEA M&A: Industry Breakdown Summary Date Target Acquirer Seller Total Value (Mln.) Industry Amount (Bln.) % of Total % YoY Change Number of deals 7,743 China National Chemical Financial $ % -1.9% 2/3/2016 Syngenta AG - $46,311.7 Volume (Bln.) $500.8 Corp Consumer Non-cyclical $ % -21.3% Avg Deal Size (Mln.) $64.7 Technology $ % 192.8% 7/18/2016 ARM Holdings PLC SoftBank Group Corp - $30,124.6 Industrial $ % -26.8% Top Adviser Basic Materials $ % 236.7% 2/23/2016 London Stock Exchange Group PLC Deutsche Boerse AG - $13,809.8 Freshfields Bruckhaus Deringer LLP Consumer Cyclical $ % -11.5% Number of deals 109 National Bank of Abu Communications $ % -60.7% 7/3/2016 First Gulf Bank PJSC - $13,441.9 Volume (Bln.) $117.4 Dhabi PJSC Energy $ % -78.7% Avg Deal Size (Bln.) $1.1 2/10/2016 Meda AB Mylan NV - $9,974.8 Utilities $ % -11.4% Diversified $ % 0.6% Global M&A Review 1st 3Q2016 EMEA M&A: Quarterly Volume $ $ $ $200 $ $ Q Q Q Q Q Q3 Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). EMEA M&A: Deal Type Breakdown Amount (Bln.) % Change Deal Count % Change Volume Deal Type Company Takeover $ % -18.6% Cross Border $ % -27.6% Private Equity $ % -20.3% Asset Sale $ % -13.9% Tender Offer $ % 72.6% Venture Capital $ % -17.7% Spin-off $ % 306.0% Minority Purchase $ % 8.1% Majority Purchase $ % -28.6% 9

11 Europe Announced Deals (By Volume) 01/01/ /30/2016 Europe Announced Deals (By Deal Count) 01/01/ /30/2016 Cravath Swaine & Moore LLP , Jones Day , White & Case LLP , CMS , Freshfields Bruckhaus Deringer LLP , Baker & McKenzie LLP , Morrison & Foerster LLP , Linklaters LLP , Davis Polk & Wardwell LLP , Allen & Overy LLP , Wachtell Lipton Rosen & Katz , Clifford Chance LLP , Cleary Gottlieb Steen & Hamilton LLP , Freshfields Bruckhaus Deringer LLP , Allen & Overy LLP , White & Case LLP , Shearman & Sterling LLP , Latham & Watkins LLP , Sullivan & Cromwell LLP , Cuatrecasas Goncalves Pereira SLP , Slaughter and May , Hogan Lovells US LLP , Anderson Mori & Tomotsune , Dentons , Paul Weiss Rifkind Wharton & Garrison LLP , Kirkland & Ellis LLP , Debevoise & Plimpton LLP , Ashurst LLP , Stikeman Elliott LLP , Loyens & Loeff NV , Kirkland & Ellis LLP , DLA Piper LLP , Simpson Thacher & Bartlett LLP , Hengeler Mueller , Jones Day , Uria Menendez Abogados SLP , Herbert Smith Freehills LLP , Noerr LLP , Fangda Partners , Shearman & Sterling LLP , TOTAL 735,221 9, ,046 TOTAL 735,221 9,081 Europe Announced Deals- Principals (By Volume) 01/01/ /30/2016 Europe Announced Deals- Principals (By Deal Count) 01/01/ /30/2016 (Mln) COUNT Freshfields Bruckhaus Deringer LLP , Jones Day , Wachtell Lipton Rosen & Katz , CMS , Davis Polk & Wardwell LLP , Baker & McKenzie LLP , Allen & Overy LLP , Linklaters LLP , Slaughter and May , Allen & Overy LLP , Anderson Mori & Tomotsune , Clifford Chance LLP , Sullivan & Cromwell LLP , Freshfields Bruckhaus Deringer LLP , Paul Weiss Rifkind Wharton & Garrison LLP , White & Case LLP , Stikeman Elliott LLP , Latham & Watkins LLP , Debevoise & Plimpton LLP , Cuatrecasas Goncalves Pereira SLP , Simpson Thacher & Bartlett LLP , Hogan Lovells US LLP , Kirkland & Ellis LLP , Dentons , Jones Day , Kirkland & Ellis LLP , Fangda Partners , Ashurst LLP , Osler Hoskin & Harcourt LLP , DLA Piper LLP , Cravath Swaine & Moore LLP , Loyens & Loeff NV , Baer & Karrer AG , Hengeler Mueller , Skadden Arps Slate Meagher & Flom LLP , Uria Menendez Abogados SLP , Ropes & Gray LLP , Noerr LLP , Linklaters LLP , Skadden Arps Slate Meagher & Flom LLP , TOTAL 591,409 2, ,776 TOTAL 591,409 2, (Mln) COUNT (Mln) COUNT 2016 VOLUME USD (Mln) DEAL COUNT , ,776 10

12 UK Announced Deals (By Volume) 01/01/ /30/2016 UK Announced Deals (By Deal Count) 01/01/ /30/2016 Freshfields Bruckhaus Deringer LLP , Freshfields Bruckhaus Deringer LLP , Herbert Smith Freehills LLP , Jones Day , Davis Polk & Wardwell LLP , Linklaters LLP , White & Case LLP , Clifford Chance LLP , Cleary Gottlieb Steen & Hamilton LLP , CMS , Slaughter and May , Allen & Overy LLP , Morrison & Foerster LLP , Travers Smith , Mori Hamada & Matsumoto , Latham & Watkins LLP , Anderson Mori & Tomotsune , Baker & McKenzie LLP , Latham & Watkins LLP , Dentons , Linklaters LLP , Squire Patton Boggs US LLP Allens , Kirkland & Ellis LLP , Kirkland & Ellis LLP , White & Case LLP , Wachtell Lipton Rosen & Katz , Olswang Allen & Overy LLP , Ashurst LLP , Ashurst LLP , Macfarlanes LLP , Weil Gotshal & Manges LLP , Hogan Lovells US LLP , Skadden Arps Slate Meagher & Flom LLP , Herbert Smith Freehills LLP , Travers Smith , Shearman & Sterling LLP , Shearman & Sterling LLP , DLA Piper LLP , TOTAL 217,903 3, ,690 TOTAL 217,903 3,554 Germany Announced Deals (By Deal Count) 01/01/ /30/2016 France Announced Deals (By Deal Count) 01/01/ /30/2016 (Mln) COUNT (Mln) COUNT CMS , Jones Day , Hengeler Mueller , Linklaters LLP , Noerr LLP , CMS Freshfields Bruckhaus Deringer LLP , Latham & Watkins LLP , Clifford Chance LLP , Allen & Overy LLP , White & Case LLP , Clifford Chance LLP , Linklaters LLP , Hogan Lovells US LLP Jones Day , Mayer Brown LLP , Baker & McKenzie LLP , Baker & McKenzie LLP , Luther Rechtsanwaltsgesellschaft mbh , Cleary Gottlieb Steen & Hamilton LLP , Latham & Watkins LLP , De Pardieu Brocas Maffei , Allen & Overy LLP , Bredin Prat , Hogan Lovells US LLP Dentons Dentons Dechert LLP , Mayer Brown LLP , White & Case LLP , DLA Piper LLP , Willkie Farr & Gallagher LLP Shearman & Sterling LLP , Paul Hastings LLP , Skadden Arps Slate Meagher & Flom LLP , Freshfields Bruckhaus Deringer LLP , McDermott Will & Emery LLP Inc , Herbert Smith Freehills LLP , Ashurst LLP Hengeler Mueller , TOTAL 174,610 1, ,886 TOTAL 119,813 1,268 (Mln) COUNT (Mln) COUNT 360,690 97,928 11

13 Italy Announced Deals (By Deal Count) 01/01/ /30/2016 Benelux Announced Deals (By Deal Count) 01/01/ /30/2016 (Mln) COUNT NCTM Studio Legale Associato Allen & Overy LLP , Chiomenti Studio Legale , Loyens & Loeff NV , Gattai Minoli Agostinelli & Partners , Houthoff Buruma , Jones Day , NautaDutilh NV , Baker & McKenzie LLP , Freshfields Bruckhaus Deringer LLP , Legance Studio Legale Associato , Linklaters LLP , White & Case LLP , Baker & McKenzie LLP , Hogan Lovells US LLP , CMS CMS Clifford Chance LLP , Ashurst LLP Stibbe BV , Latham & Watkins LLP , De Brauw Blackstone Westbroek NV , Clifford Chance LLP , Jones Day , Cleary Gottlieb Steen & Hamilton LLP , White & Case LLP , Freshfields Bruckhaus Deringer LLP , Hogan Lovells US LLP , Linklaters LLP Dentons Gianni Origoni Grippo Capelli Partners , Mayer Brown LLP , Allen & Overy LLP Cuatrecasas Goncalves Pereira SLP King & Wood Mallesons Cleary Gottlieb Steen & Hamilton LLP Shearman & Sterling LLP Norton Rose Fulbright LLP DLA Piper LLP , Latham & Watkins LLP TOTAL 38, ,619 TOTAL 59,484 1,066 Iberia Announced Deals (By Deal Count) 01/01/ /30/2016 Nordic Announced Deals (By Deal Count) 01/01/ /30/2016 (Mln) COUNT (Mln) COUNT Cuatrecasas Goncalves Pereira SLP , Advokatfirman Vinge KB , Uria Menendez Abogados SLP , White & Case LLP , Perez-Llorca , Baker & McKenzie LLP , Clifford Chance LLP , Roschier Advokatbyra AB , Rousaud Costas Duran Slp Mannheimer Swartling Advokatbyra AB , Linklaters LLP , CMS CMS Hannes Snellman Advokatbyra Ab/FI , Baker & McKenzie LLP , Kirkland & Ellis LLP , Latham & Watkins LLP , Allen & Overy LLP , Hogan Lovells US LLP Freshfields Bruckhaus Deringer LLP , Freshfields Bruckhaus Deringer LLP , Linklaters LLP , Gomez-Acebo & Pombo Abogados SLP Latham & Watkins LLP , Ashurst LLP , Ashurst LLP King & Wood Mallesons Clifford Chance LLP , Jones Day Advokatfirmaet Thommessen AS , Allen & Overy LLP , Simpson Thacher & Bartlett LLP , Garrigues Abogados Jones Day , Herbert Smith Freehills LLP Dentons Araoz & Rueda Weil Gotshal & Manges LLP , J&A Garrigues SLP SORAINEN TOTAL 45, ,587 TOTAL 77,127 1,334 (Mln) COUNT 211,057 59,916 12

14 Eastern Europe Announced Deals (By Deal Count) 01/01/ /30/2016 (Mln) COUNT CMS Baker & McKenzie LLP , Dentons White & Case LLP , Ellex Allen & Overy LLP , Linklaters LLP Attorneys COBALT AS SORAINEN Weil Gotshal & Manges LLP , Noerr LLP Clifford Chance LLP Hogan Lovells US LLP Norton Rose Fulbright LLP Freshfields Bruckhaus Deringer LLP Jones Day Balcioglu Selcuk Akman Keki Avukatlik Ortakligi Greenberg Traurig LLP Herbert Smith Freehills LLP Latham & Watkins LLP TOTAL 29, ,042 13

15 APAC M&A Regional Review M&A activity targeting the APAC region for the first 3Q2016 decreased 6.6% to $641.9 billion compared to the same period last year. The decline was largely attributable to a 5.4% decrease in Greater China s inbound activity to $351.7 billion. Cross border deals drove the momentum for deal activity in the APAC region, accounting for 49.7% of the total volume in the first 3Q2016. Outbound activity in the Greater China region hit a new high of $203.0 billion, representing a 142.8% increase from the same period last year. Softbank Group Corp s announced acquisition of ARM Holdings PLC was both the largest acquisition involving an APAC country in 3Q2016 and the largest cross border takeover of a European company by a Japanese company to date. Summary Date Target Acquirer Seller Number of deals 8,549 Volume (Bln.) $642.0 Avg Deal Size (Mln.) $75.1 Top Adviser King & Wood Mallesons Number of deals 75 Volume (Bln.) $68.5 Avg Deal Size (Bln.) $0.9 APAC Industry Breakdown 3% 3% 6% 8% 10% 11% 13% 2% 27% 17% 9/22/2016 APAC M&A: Highlights of 1st 3Q2016 9/5/2016 CNPC Capital Co Ltd Wuhan Iron & Steel Co Ltd 5/24/2016 RHB Bank Bhd (Shareholders) - Total Value (Mln.) 3/15/2016 Asciano Ltd Multiple Acquirers - $9, /11/2016 Aditya Birla Nuvo Ltd Grasim Industries Ltd - $7,929.8 Financial Industrial APAC M&A: Breakdown Consumer Cyclical Consumer Non-cyclical Communications Basic Materials Technology Energy Diversified Utilities Jinan Diesel Engine Co Ltd Baoshan Iron & Steel Co Ltd China National Petroleum Corp $14, $10,432.9 $9,868.1 Deal Type Amount (Bln.) % Change Deal Count % YoY Change Company Takeover $ % -10.3% Cross Border $ % -9.8% Private Equity $ % 8.4% Asset Sale $ % 9.0% Tender Offer $ % 83.8% Venture Capital $ % 38.8% Spin-off $ % -44.8% Minority Purchase $ % 13.2% Majority Purchase $ % -4.7% $600 $400 $200 APAC M&A: Quarterly Volume $0 0 Volume $(Bln.) Deal Count Australia/NZ M&A: Quarterly Volume Greater China M&A: Quarterly Volume Japan M&A: Quarterly Volume $ $ $ $0 0 Volume $(Bln.) Deal Count $300 $200 $100 $0 $100 $50 $ Volume $(Bln.) Deal Count Volume $(Bln.) Deal Count Graphs represent any regional involvement (target, seller, or acquirer). 14 Global M&A Review 1st 3Q2016

16 APAC Ex Japan Announced Deals (By Volume) 01/01/ /30/2016 APAC Ex Japan Announced Deals (By Deal Count) 01/01/ /30/2016 Fangda Partners , King & Wood Mallesons , King & Wood Mallesons , AZB & Partners , Davis Polk & Wardwell LLP , Kim & Chang , Simpson Thacher & Bartlett LLP , Baker & McKenzie LLP , White & Case LLP , Khaitan & Co , Osler Hoskin & Harcourt LLP , Herbert Smith Freehills LLP , Cleary Gottlieb Steen & Hamilton LLP , Norton Rose Fulbright LLP , Baer & Karrer AG , Fangda Partners , Cravath Swaine & Moore LLP , Lee & Ko , Herbert Smith Freehills LLP , Jones Day , Skadden Arps Slate Meagher & Flom LLP , Shin & Kim , Allens , Yulchon LLC , Freshfields Bruckhaus Deringer LLP , Allen & Overy LLP , Jones Day , White & Case LLP , Linklaters LLP , Latham & Watkins LLP , Cyril Amarchand Mangaldas , WongPartnership LLP , Latham & Watkins LLP , Bae Kim & Lee , Fenwick & West LLP , Allens , Morrison & Foerster LLP , Gilbert + Tobin , AZB & Partners , Ashurst LLP , TOTAL 795,803 8, ,687 TOTAL 795,803 8,604 APAC Private Equity Announced Deals (By Volume) 01/01/ /30/2016 (Mln) COUNT (Mln) COUNT Simpson Thacher & Bartlett LLP , Allens , Herbert Smith Freehills LLP , Skadden Arps Slate Meagher & Flom LLP , King & Wood Mallesons , Latham & Watkins LLP , Osler Hoskin & Harcourt LLP , Gilbert + Tobin , Jones Day , Stikeman Elliott LLP , Allen & Overy LLP , Fenwick & West LLP , Fangda Partners , AZB & Partners , Kim & Chang , O'Melveny & Myers LLP , Freshfields Bruckhaus Deringer LLP , Jingtian & Gongcheng , Wilson Sonsini Goodrich & Rosati PC , Shin & Kim , TOTAL 186,215 1, ,884 (Mln) COUNT 802,687 15

17 AU & NZ Announced Deals (By Volume) 01/01/ /30/2016 AU & NZ Announced Deals (By Deal Count) 01/01/ /30/2016 Herbert Smith Freehills LLP , Herbert Smith Freehills LLP , Allens , King & Wood Mallesons , King & Wood Mallesons , Gilbert + Tobin , Gilbert + Tobin , Allens , Osler Hoskin & Harcourt LLP , Norton Rose Fulbright LLP , Jones Day , Minter Ellison , Stikeman Elliott LLP , Ashurst LLP , Minter Ellison , HWL Ebsworth Lawyers Bell Gully , Baker & McKenzie LLP , Baker & McKenzie LLP , Bell Gully , Ashurst LLP , Jones Day , Buddle Findlay , K&L Gates LLP Norton Rose Fulbright LLP , Corrs Chambers Westgarth Paul Hastings LLP , DLA Piper LLP , DLA Piper LLP , Allen & Overy LLP , Sullivan & Cromwell LLP , Clifford Chance LLP Allen & Overy LLP , Simpson Thacher & Bartlett LLP Jia Yuan Law Firm , Linklaters LLP Kirkland & Ellis LLP , Freshfields Bruckhaus Deringer LLP Conyers Dill & Pearman Ltd , Clayton Utz TOTAL 66,718 1,334 89,576 TOTAL 66,718 1,334 89,576 Japan Announced Deals (By Volume) 01/01/ /30/2016 Japan Announced Deals (By Deal Count) 01/01/ /30/2016 (Mln) COUNT (Mln) COUNT Mori Hamada & Matsumoto , Mori Hamada & Matsumoto , Anderson Mori & Tomotsune , Nagashima Ohno & Tsunematsu , Morrison & Foerster LLP , Anderson Mori & Tomotsune , White & Case LLP , Nishimura & Asahi , Slaughter and May , Morrison & Foerster LLP , Freshfields Bruckhaus Deringer LLP , Baker & McKenzie LLP , Davis Polk & Wardwell LLP , Latham & Watkins LLP , Herbert Smith Freehills LLP , Hogan Lovells US LLP , Cleary Gottlieb Steen & Hamilton LLP , Allen & Overy LLP , Nishimura & Asahi , Jones Day , Nagashima Ohno & Tsunematsu , Kim & Chang , Shearman & Sterling LLP , White & Case LLP , Baker & McKenzie LLP , Shearman & Sterling LLP , Covington & Burling LLP , Simpson Thacher & Bartlett LLP , Simpson Thacher & Bartlett LLP , AZB & Partners , Sullivan & Cromwell LLP , Herbert Smith Freehills LLP , Fenwick & West LLP , Ashurst LLP , Hannes Snellman Advokatbyra Ab/FI , Oh-Ebashi LPC & Partners Blake Cassels & Graydon LLP , Sullivan & Cromwell LLP , Latham & Watkins LLP , Paul Weiss Rifkind Wharton & Garrison LLP , TOTAL 165,465 2, ,056 TOTAL 165,465 2, ,056 (Mln) COUNT (Mln) COUNT 16