GLOBAL M&A MARKET REVIEW LEGAL RANKINGS

Transcription

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

2 1 st 3Q 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 Nageen Qasim nqasim1@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 Bloomberg Finance L.P. All rights reserved.

3 Global M&A Heat Map North America USD 1,300B 1. Skadden Arps Slate Meagher & Flom LLP 18.5% 2. Kirkland & Ellis LLP 14.7% 3. Sullivan & Cromwell LLP 14.5% Western Europe USD 811.8B 1. Davis Polk & Wardwell LLP 16.0% 2. Freshfields Bruckhaus Deringer LLP 10.6% 3. Cleary Gottlieb Steen & Hamilton LLP 10.0% Eastern Europe USD 42.9B 1. White & Case LLP 6.6% 2. CMS 6.2% 3. Dentons 5.1% Latin America USD 114.3B 1. Simpson Thacher & Bartlett LLP 14.2% 2. Clifford Chance LLP 13.6% 3. Loyens & Loeff NV 12.1% Middle East & Africa USD 73.1B 1. Herbert Smith Freehills LLP 10.3% 2. Ashurst LLP 8.9% 3. Allens 8.3% Asia Pacific USD 867.3B 1. Clifford Chance LLP 5.6% 2. Kirkland & Ellis LLP 5.6% 3. Davis Polk & Wardwell LLP 5.6% Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1st 3Q. 2

4 Global M&A Regional Review Global M&A deal volume reached $2.3 trillion in the first 3Q, representing an 4.2% decrease compared to the same period last year. Deals involving targets based in North America accounted for $962.6 billion of the global activity, representing a 19.8% decrease from the same period last year. Cross border deals accounted for 48% of all announced deals. Atlantia SpA's pending acquisition of$34.4 billion of Abertis Infraestructuras SA was the largest cross border deal in the first 3Q, creating the world's biggest toll-road operator. Transactions involving targets based in the utilities sector increased 23.3% year-over-year to $128.7 billion. Sempra Energy s announced acquisition of Energy Future Holdings Corp for $18.8 billion was the largest deal for the utilities sector this year. Global M&A: Highlights of 1st 3Q Summary Date Target Acquirer Seller Total Value Industry Global M&A: Premium Breakdown Global M&A: Industry Breakdown Amount (Bln.) % of Total Number of deals 27,819 Financial $ % 19.1% 5/15/ Abertis Infraestructuras SA Atlantia SpA - $34,388.4 Volume (Bln.) $2,187.6 Consumer Non-cyclical $ % 12.5% Avg Deal Size (Mln.) $78.6 China United Network Industrial $ % 14.4% 8/22/ China Unicom Hong Kong Ltd - $32,059.2 Communications Ltd Consumer Cyclical $ % -11.0% Top Adviser Energy $ % 2.5% 9/5/ Rockwell Collins Inc United Technologies Corp - $30,174.1 Skadden Arps Slate Meagher & Flom LLP Communications $ % 10.3% Number of deals 169 Technology $ % -44.6% 1/26/ Actelion Ltd Johnson & Johnson - $29,762.2 Volume (Bln.) $253.3 Utilities $ % 23.3% Avg Deal Size (Bln.) $1.5 Basic Materials $ % -70.0% 4/23/ CR Bard Inc Becton Dickinson and Co - $24,195.8 Diversified $ % -57.3% 27% 1% 1% 1% 46% 24% 0-10% 10-25% 25-50% 50-75% % 100%+ % YoY Change Global M&A Review 1st 3Q $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 Global M&A: Quarterly Volume 12,000 10,000 8,000 6,000 4,000 2,000 0 Period 2013 Q Q Q2 Q2 Q2 Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). Global M&A: Deal Type Breakdown Deal Type Amount (Bln.) % Change Deal Count % Change Volume Company Takeover $1, % -9.5% Cross Border $1, % 7.5% Private Equity $ % 25.3% Asset sale $ % 8.6% Tender Offer $ % 24.1% Venture Capital $ % 9.6% Spin-off $ % -89.1% Minority purchase $ % 14.8% Majority purchase $ % 32.7% 3

5 Global Announced Deals (By Volume) 01/01/ - 09/30/ Global Announced Deals (By Deal Count) 01/01/ - 09/30/ Davis Polk & Wardwell LLP , Jones Day , Skadden Arps Slate Meagher & Flom LLP , Kirkland & Ellis LLP , Kirkland & Ellis LLP , Latham & Watkins LLP , Sullivan & Cromwell LLP , DLA Piper LLP , Cleary Gottlieb Steen & Hamilton LLP , Clifford Chance LLP , Wachtell Lipton Rosen & Katz , Allen & Overy LLP , White & Case LLP , Skadden Arps Slate Meagher & Flom LLP , Cravath Swaine & Moore LLP , Morgan Lewis & Bockius LLP , Shearman & Sterling LLP , Hogan Lovells US LLP , Latham & Watkins LLP , Baker & McKenzie LLP , Simpson Thacher & Bartlett LLP , White & Case LLP , Jones Day , Weil Gotshal & Manges LLP , Blake Cassels & Graydon LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Simpson Thacher & Bartlett LLP , Clifford Chance LLP , Goodwin Procter LLP , Gibson Dunn & Crutcher LLP , Dentons , Freshfields Bruckhaus Deringer LLP , Linklaters LLP , Fried Frank Harris Shriver & Jacobson LLP , CMS , Weil Gotshal & Manges LLP , Freshfields Bruckhaus Deringer LLP , Debevoise & Plimpton LLP , Sullivan & Cromwell LLP , TOTAL 2,343,922 30,356 2,435,754 TOTAL 2,343,922 30,356 2,435,754 Global Announced Deals- Principals (By Volume) 01/01/ - 09/30/ Global Announced Deals- Principals (By Deal Count) 01/01/ - 09/30/ Skadden Arps Slate Meagher & Flom LLP , Jones Day , Kirkland & Ellis LLP , Kirkland & Ellis LLP , Wachtell Lipton Rosen & Katz , DLA Piper LLP , Davis Polk & Wardwell LLP , Latham & Watkins LLP , Jones Day , Clifford Chance LLP , Cleary Gottlieb Steen & Hamilton LLP , Allen & Overy LLP , Latham & Watkins LLP , Morgan Lewis & Bockius LLP , Sullivan & Cromwell LLP , Baker & McKenzie LLP , Cravath Swaine & Moore LLP , Skadden Arps Slate Meagher & Flom LLP , Freshfields Bruckhaus Deringer LLP , Hogan Lovells US LLP , Blake Cassels & Graydon LLP , Weil Gotshal & Manges LLP , Simpson Thacher & Bartlett LLP , White & Case LLP , White & Case LLP , Goodwin Procter LLP , Clifford Chance LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Weil Gotshal & Manges LLP , Dentons , Paul Weiss Rifkind Wharton & Garrison LLP , Linklaters LLP , Slaughter and May , Simpson Thacher & Bartlett LLP , Linklaters LLP , CMS , Allen & Overy LLP , Freshfields Bruckhaus Deringer LLP , Vinson & Elkins LLP , Blake Cassels & Graydon LLP , TOTAL 1,683,869 7,382 1,876,932 TOTAL 1,683,869 7,382 1,876,932

6 Cross Border Announced Deals (By Volume) 01/01/ - 09/30/ Global Private Equity Deals (By Volume) 01/01/ - 09/30/ Davis Polk & Wardwell LLP , Kirkland & Ellis LLP , Skadden Arps Slate Meagher & Flom LLP , Skadden Arps Slate Meagher & Flom LLP , Kirkland & Ellis LLP , Davis Polk & Wardwell LLP , Cleary Gottlieb Steen & Hamilton LLP , White & Case LLP , Sullivan & Cromwell LLP , Simpson Thacher & Bartlett LLP , Freshfields Bruckhaus Deringer LLP , Latham & Watkins LLP , Shearman & Sterling LLP , Cravath Swaine & Moore LLP , White & Case LLP , Clifford Chance LLP , Clifford Chance LLP , Sullivan & Cromwell LLP , Cravath Swaine & Moore LLP , Jones Day , Linklaters LLP , Weil Gotshal & Manges LLP , Allen & Overy LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Shearman & Sterling LLP , Slaughter and May , Morrison & Foerster LLP , Latham & Watkins LLP , Freshfields Bruckhaus Deringer LLP , Simpson Thacher & Bartlett LLP , Kim & Chang , Blake Cassels & Graydon LLP , Debevoise & Plimpton LLP , Morrison & Foerster LLP , Akin Gump Strauss Hauer & Feld LLP , Jones Day , Nagashima Ohno & Tsunematsu , DLA Piper LLP , Morgan Lewis & Bockius LLP , TOTAL 1,131,938 11,108 1,053,033 TOTAL 672,593 9, ,042

7 Americas M&A Regional Review The Americas continued to be the most targeted region for M&A activity, accounting for 43.5% of the global deal volume in the first 3Q. Targets based in the industrial sector contributed 57.7% to the sector s deal volume. United Technologies Corp s pending acquisition of Rockwell Collins Inc for $30.2 billion was the largest deal both in the region and sector in 3Q. Consumer, non-cyclical and financial companies were the most targeted sectors in the region, contributing 23.3% and 19.5% to the global deal count, respectively. Companies based in the Americas received the most venture capital financing in the first 3Q, with $53.1 billion in total funding. WeWork Cos Inc's $4.4 billion round of financing was the largest venture capital deal announced in the region. Americas M&A: Highlights of 1st 3Q Country Total Value Summary Date Target Acquirer Seller (Mln.) Industry Americas M&A: Country Breakdown United States $ % -23.8% Canada $ % 8.0% Brazil $ % 50.1% Chile $ % -53.5% British Virgin Islands $ % 46.1% Mexico $ % -55.8% Colombia $ % -64.8% Bermuda $ % 61.0% Amount (Bln.) % of Total Number of deals 11,673 Consumer Non-cyclical $ % -5.5% 9/5/ Rockwell Collins Inc United Technologies Corp - $30,174.1 Volume (Bln.) $984.5 Financial $ % -2.4% Avg Deal Size (Mln.) $84.2 Energy $ % -14.6% 4/23/ CR Bard Inc Becton Dickinson and Co - $24,195.8 Industrial $ % 57.7% Top Adviser Multiple Communications $ % -20.9% 8/20/ Energy Future Holdings Corp Sempra Energy $18,800.0 Skadden Arps Slate Meagher & Flom LLP Sellers Consumer Cyclical $ % -32.9% Number of deals 128 Reckitt Benckiser Group Utilities $ % 1.0% 2/10/ Mead Johnson Nutrition Co - $17,809.8 Volume (Bln.) $202.9 PLC Technology $ % -64.4% Avg Deal Size (Bln.) $1.6 Basic Materials $ % -74.8% 2/1/ ONEOK Partners LP ONEOK Inc - $17,377.7 Diversified $ % -82.0% Amount (Bln.) % of Total Americas M&A: Industry Breakdown % YoY Change % YoY Change Global M&A Review 1st 3Q Americas M&A: Quarterly Volume $1, $ $ $ $ $ Q Q Q Q3 Q3 Q3 Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). Deal Type Americas M&A: Deal Type Breakdown Amount (Bln.) % Change Deal Count % Change Volume Company Takeover $ % -22.2% Cross Border $ % -26.0% Private Equity $ % 4.0% Asset sale $ % -7.3% Tender Offer $ % -18.0% Venture Capital $ % 21.4% Spin-off $ % -91.9% Minority purchase $ % -3.1% Majority purchase $ % -19.3% 6

8 US Announced Deals (By Volume) 01/01/ - 09/30/ US Announced Deals (By Deal Count) 01/01/ - 09/30/ Skadden Arps Slate Meagher & Flom LLP , Kirkland & Ellis LLP , Kirkland & Ellis LLP , Jones Day , Sullivan & Cromwell LLP , Latham & Watkins LLP , Davis Polk & Wardwell LLP , DLA Piper LLP , Wachtell Lipton Rosen & Katz , Morgan Lewis & Bockius LLP , Cleary Gottlieb Steen & Hamilton LLP , Skadden Arps Slate Meagher & Flom LLP , Cravath Swaine & Moore LLP , Paul Weiss Rifkind Wharton & Garrison LLP , White & Case LLP , Weil Gotshal & Manges LLP , Simpson Thacher & Bartlett LLP , Simpson Thacher & Bartlett LLP , Latham & Watkins LLP , Goodwin Procter LLP , Shearman & Sterling LLP , McGuireWoods LLP , Gibson Dunn & Crutcher LLP , Hogan Lovells US LLP , Fried Frank Harris Shriver & Jacobson LLP , White & Case LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Sullivan & Cromwell LLP , Jones Day , Gibson Dunn & Crutcher LLP , Weil Gotshal & Manges LLP , Davis Polk & Wardwell LLP , Debevoise & Plimpton LLP , O'Melveny & Myers LLP , Blake Cassels & Graydon LLP , Ropes & Gray LLP , Vinson & Elkins LLP , Cooley LLP , Freshfields Bruckhaus Deringer LLP , Clifford Chance LLP , TOTAL 1,238,759 13,298 1,356,401 TOTAL 1,238,759 13,298 1,356,401 US Announced Deals- Principals (By Volume) 01/01/ - 09/30/ US Announced Deals- Principals (By Deal Count) 01/01/ - 09/30/ Skadden Arps Slate Meagher & Flom LLP , Kirkland & Ellis LLP , Kirkland & Ellis LLP , Jones Day , Wachtell Lipton Rosen & Katz , Latham & Watkins LLP , Cravath Swaine & Moore LLP , DLA Piper LLP , Latham & Watkins LLP , Morgan Lewis & Bockius LLP , Simpson Thacher & Bartlett LLP , Skadden Arps Slate Meagher & Flom LLP , Sullivan & Cromwell LLP , Weil Gotshal & Manges LLP , Jones Day , Paul Weiss Rifkind Wharton & Garrison LLP , Cleary Gottlieb Steen & Hamilton LLP , Goodwin Procter LLP , Davis Polk & Wardwell LLP , Simpson Thacher & Bartlett LLP , Weil Gotshal & Manges LLP , McGuireWoods LLP , White & Case LLP , Hogan Lovells US LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Cooley LLP , Vinson & Elkins LLP , Gibson Dunn & Crutcher LLP , Blake Cassels & Graydon LLP , Ropes & Gray LLP , Freshfields Bruckhaus Deringer LLP , O'Melveny & Myers LLP , Debevoise & Plimpton LLP , White & Case LLP , Homburger AG , Fenwick & West LLP , Hogan Lovells US LLP , Vinson & Elkins LLP , Akin Gump Strauss Hauer & Feld LLP , Clifford Chance LLP , TOTAL 1,035,443 3,627 1,156,399 TOTAL 1,035,443 3,627 1,156,399

9 Canada Announced Deals (By Volume) 01/01/ - 09/30/ Canada Announced Deals (By Deal Count) 01/01/ - 09/30/ Osler Hoskin & Harcourt LLP , Blake Cassels & Graydon LLP , Blake Cassels & Graydon LLP , Miller Thomson LLP Paul Weiss Rifkind Wharton & Garrison LLP , Stikeman Elliott LLP , Norton Rose Fulbright LLP , Osler Hoskin & Harcourt LLP , Stikeman Elliott LLP , McCarthy Tetrault LLP , Latham & Watkins LLP , Davies Ward Phillips & Vineberg LLP , Shearman & Sterling LLP , Torys LLP , Sullivan & Cromwell LLP , Cassels Brock & Blackwell LLP , Skadden Arps Slate Meagher & Flom LLP , Gowling WLG Canada LLP Kirkland & Ellis LLP , Borden Ladner Gervais LLP , White & Case LLP , Norton Rose Fulbright LLP , Debevoise & Plimpton LLP , Kirkland & Ellis LLP , Cravath Swaine & Moore LLP , Paul Weiss Rifkind Wharton & Garrison LLP , McCarthy Tetrault LLP , Fasken Martineau DuMoulin LLP , Cleary Gottlieb Steen & Hamilton LLP , Jones Day , Vinson & Elkins LLP , Latham & Watkins LLP , Bracewell LLP , Goodmans LLP , Ashurst LLP , Skadden Arps Slate Meagher & Flom LLP , Torys LLP , Morgan Lewis & Bockius LLP , Weil Gotshal & Manges LLP , Linklaters LLP , TOTAL 209,120 2, ,041 TOTAL 209,120 2, ,041 Brazil Announced Deals (By Volume) 01/01/ - 09/30/ Brazil Announced Deals (By Deal Count) 01/01/ - 09/30/ Mattos Filho Veiga Filho Marrey Jr e Quiroga , Mattos Filho Veiga Filho Marrey Jr e Quiroga , Stocche Forbes Padis Filizzola e Clapis Advogados , Pinheiro Neto Advogados , Pinheiro Neto Advogados , Machado Meyer Sendacz e Opice Advogados , Sullivan & Cromwell LLP , Stocche Forbes Padis Filizzola e Clapis Advogad , Shearman & Sterling LLP , Tozzini Freire Teixeira E Silva , Machado Meyer Sendacz e Opice Advogados , Veirano Advogados Tozzini Freire Teixeira E Silva , Souza Cescon Barrieu & Flesch Advogados , Davis Polk & Wardwell LLP , Lobo de Rizzo Advogados Cleary Gottlieb Steen & Hamilton LLP , Demarest Advogados Barbosa Mussnich & Aragao , Barbosa Mussnich & Aragao , White & Case LLP , Baker & McKenzie LLP , Baker & McKenzie LLP , Lefosse Advogados Paul Weiss Rifkind Wharton & Garrison LLP , Azevedo Sette Advogados Allen & Overy LLP , Jones Day Cravath Swaine & Moore LLP , Sullivan & Cromwell LLP , Souza Cescon Barrieu & Flesch Advogados , Shearman & Sterling LLP , Linklaters LLP , Cleary Gottlieb Steen & Hamilton LLP , Clifford Chance LLP , White & Case LLP , Demarest Advogados Clifford Chance LLP , Lobo de Rizzo Advogados Hogan Lovells US LLP TOTAL 40, ,350 TOTAL 40, ,350

10 EMEA M&A Regional Review Deal volume for EMEA-based targets reached $649.5 billion in the first 3Q, a 24.8% increase from the same period last year. The United Kingdom continued to be the most targeted country in the region. M&A deal activity in the non-consumer cyclical sector increased in 3Q, partly due to Atlantia SpA's pending acquisition of Abertis Infraestructuras SA for $34.4 billion. This deal was the the largest of the quarter in the EMEA region. Cross border deals in the region reached $ billion, accounting for more than three quarters of overall volume in the region. EMEA M&A Highlights of 1st 3Q Country Total Summary Date Target Acquirer Seller Value Industry EMEA M&A: Country Breakdown United Kingdom $ % 32.3% France $ % 83.9% Germany $ % 34.9% Spain $ % 74.1% Italy $ % 45.4% Switzerland $ % -44.9% Netherlands $ % 2.9% Finland $ % -59.7% Amount (Bln.) % of Total Number of deals 7,402 Financial $ % 53.8% 5/15/ Abertis Infraestructuras SA Atlantia SpA - $34,388.4 Volume (Bln.) $594.7 Consumer Non-cyclical $ % 76.7% Avg Deal Size (Mln.) $80.3 Consumer Cyclical $ % 43.5% 1/26/ Actelion Ltd Johnson & Johnson - $29,762.2 Industrial $ % -0.7% Top Adviser Energy $ % 114.8% 1/16/ Luxottica Group SpA Essilor International SA Delfin Sarl $16,608.8 Davis Polk & Wardwell LLP Utilities $ % 96.3% United Kingdom of Number of deals 24 Communications $ % 26.2% 3/31/ Bradford & Bingley assets Multiple Acquirers Great Britain and $14,799.6 Volume (Bln.) $96.7 Northern Ireland Technology $ % -64.3% Avg Deal Size (Bln.) $4.0 Blackstone Group Basic Materials $ % -73.4% 6/2/ Logicor Europe Ltd China Investment Corp $13,805.8 LP/The Diversified $ % -17.5% Amount (Bln.) % of Total EMEA M&A: Industry Breakdown % YoY Change % YoY Change Global M&A Review 1st 3Q EMEA M&A: Quarterly Volume $ $ $ $200 $ $ Q Q Q Q3 Q3 Q3 Volume $(Bln.) Deal Count Deal Type EMEA M&A: Deal Type Breakdown Amount (Bln.) % Change Deal Count % Change Volume Company Takeover $ % 21.8% Cross Border $ % 39.6% Private Equity $ % 53.8% Asset sale $ % 38.6% Tender Offer $ % 56.2% Venture Capital $ % 46.6% Spin-off $ % -87.8% Minority purchase $ % 44.7% Majority purchase $ % 66.8% Quarterly Volume represents any involvement (target, seller, or acquirer). 9

11 Europe Announced Deals (By Volume) 01/01/ - 09/30/ Europe Announced Deals (By Deal Count) 01/01/ - 09/30/ Davis Polk & Wardwell LLP , Clifford Chance LLP , Freshfields Bruckhaus Deringer LLP , Jones Day , Cleary Gottlieb Steen & Hamilton LLP , Allen & Overy LLP , Linklaters LLP , DLA Piper LLP , Clifford Chance LLP , Latham & Watkins LLP , Slaughter and May , CMS , Skadden Arps Slate Meagher & Flom LLP , Linklaters LLP , Allen & Overy LLP , Baker & McKenzie LLP , Kirkland & Ellis LLP , Freshfields Bruckhaus Deringer LLP , Cravath Swaine & Moore LLP , White & Case LLP , Shearman & Sterling LLP , Hogan Lovells US LLP , Jones Day , Dentons , DLA Piper LLP , Cuatrecasas , Homburger AG , Weil Gotshal & Manges LLP , Wachtell Lipton Rosen & Katz , Orrick Herrington & Sutcliffe LLP , White & Case LLP , Uria Menendez Abogados SLP , Gibson Dunn & Crutcher LLP , Skadden Arps Slate Meagher & Flom LLP , Ashurst LLP , Ashurst LLP , Bredin Prat , Hengeler Mueller , Latham & Watkins LLP , Kirkland & Ellis LLP , TOTAL 829,476 9, ,763 TOTAL 829,476 9, ,763 Europe Announced Deals- Principals (By Volume) 01/01/ - 09/30/ Europe Announced Deals- Principals (By Deal Count) 01/01/ - 09/30/ Freshfields Bruckhaus Deringer LLP , Clifford Chance LLP , Linklaters LLP , Jones Day , Davis Polk & Wardwell LLP , DLA Piper LLP , Cleary Gottlieb Steen & Hamilton LLP , Allen & Overy LLP , Clifford Chance LLP , Latham & Watkins LLP , Slaughter and May , CMS , Allen & Overy LLP , Linklaters LLP , Skadden Arps Slate Meagher & Flom LLP , Baker & McKenzie LLP , Kirkland & Ellis LLP , Freshfields Bruckhaus Deringer LLP , Jones Day , Hogan Lovells US LLP , DLA Piper LLP , White & Case LLP , Homburger AG , Dentons , Wachtell Lipton Rosen & Katz , Cuatrecasas , Cravath Swaine & Moore LLP , Weil Gotshal & Manges LLP , Bredin Prat , Orrick Herrington & Sutcliffe LLP , Latham & Watkins LLP , Uria Menendez Abogados SLP , Grippo Associatie Simons & Simons , Hengeler Mueller , Gianni Origoni Grippo Capelli Partners , Skadden Arps Slate Meagher & Flom LLP , Blake Cassels & Graydon LLP , Loyens & Loeff NV , Simpson Thacher & Bartlett LLP , Kirkland & Ellis LLP , TOTAL 648,761 3, ,661 TOTAL 648,761 3, ,661

12 UK Announced Deals (By Volume) 01/01/ - 09/30/ UK Announced Deals (By Deal Count) 01/01/ - 09/30/ Davis Polk & Wardwell LLP , DLA Piper LLP , Linklaters LLP , Jones Day , Allen & Overy LLP , Latham & Watkins LLP , Ashurst LLP , Linklaters LLP , Kirkland & Ellis LLP , Allen & Overy LLP , Skadden Arps Slate Meagher & Flom LLP , Clifford Chance LLP , Slaughter and May , Freshfields Bruckhaus Deringer LLP , Clifford Chance LLP , CMS , Cleary Gottlieb Steen & Hamilton LLP , White & Case LLP , Shearman & Sterling LLP , Hogan Lovells US LLP , Freshfields Bruckhaus Deringer LLP , Travers Smith , Latham & Watkins LLP , Ashurst LLP , AZB & Partners , Dentons White & Case LLP , Baker & McKenzie LLP , S&R Associates , Kirkland & Ellis LLP , Vaish Associates , Squire Patton Boggs US LLP , Bharucha & Partners , Skadden Arps Slate Meagher & Flom LLP , Sullivan & Cromwell LLP , Macfarlanes LLP , Hengeler Mueller , Morgan Lewis & Bockius LLP , Gilbert + Tobin , Weil Gotshal & Manges LLP , TOTAL 304,399 3, ,014 TOTAL 304,399 3, ,014 Germany Announced Deals (By Deal Count) 01/01/ - 09/30/ France Announced Deals (By Deal Count) 01/01/ - 09/30/ Clifford Chance LLP , Jones Day , Hengeler Mueller , Clifford Chance LLP , CMS , De Pardieu Brocas Maffei , Latham & Watkins LLP , Orrick Herrington & Sutcliffe LLP , Noerr LLP , Hogan Lovells US LLP , Allen & Overy LLP , Latham & Watkins LLP , DLA Piper LLP , DLA Piper LLP , Hogan Lovells US LLP , Allen & Overy LLP , Freshfields Bruckhaus Deringer LLP , Linklaters LLP , Jones Day , Weil Gotshal & Manges LLP , White & Case LLP , CMS Baker & McKenzie LLP , Baker & McKenzie LLP , Dentons , Mayer Brown LLP Linklaters LLP , Bredin Prat , Ashurst LLP , Dentons , Orrick Herrington & Sutcliffe LLP Cleary Gottlieb Steen & Hamilton LLP , Kirkland & Ellis LLP , Freshfields Bruckhaus Deringer LLP , Weil Gotshal & Manges LLP Willkie Farr & Gallagher LLP , Luther Rechtsanwaltsgesellschaft mbh Dechert LLP , Shearman & Sterling LLP Goodwin Procter LLP , TOTAL 112,125 1, ,012 TOTAL 169,108 1, ,440

13 Italy Announced Deals (By Deal Count) 01/01/ - 09/30/ Benelux Announced Deals (By Deal Count) 01/01/ - 09/30/ NCTM Studio Legale Associato Allen & Overy LLP , Chiomenti Studio Legale , Loyens & Loeff NV , Gattai Minoli Agostinelli & Partners Houthoff Buruma , Orrick Herrington & Sutcliffe LLP Jones Day , Linklaters LLP , Clifford Chance LLP , Jones Day , Linklaters LLP , Allen & Overy LLP NautaDutilh NV , Dentons Freshfields Bruckhaus Deringer LLP , Latham & Watkins LLP DLA Piper LLP , DLA Piper LLP , CMS , Cleary Gottlieb Steen & Hamilton LLP , Latham & Watkins LLP , Freshfields Bruckhaus Deringer LLP , Stibbe BV , Portolano Cavallo Studio Legale Baker & McKenzie LLP , Legance Studio Legale Associato De Brauw Blackstone Westbroek NV , Shearman & Sterling LLP , White & Case LLP , White & Case LLP Willkie Farr & Gallagher LLP , Clifford Chance LLP Dentons CMS Hogan Lovells US LLP Baker & McKenzie LLP Davis Polk & Wardwell LLP , Cuatrecasas Norton Rose Fulbright LLP , TOTAL 95, ,194 TOTAL 114,794 1,169 68,683 Iberia Announced Deals (By Deal Count) 01/01/ - 09/30/ Nordic Announced Deals (By Deal Count) 01/01/ - 09/30/ Cuatrecasas , Hannes Snellman Advokatbyra Ab/FI , Uria Menendez Abogados SLP , White & Case LLP , Perez-Llorca , Baker & McKenzie LLP , Clifford Chance LLP , Thommessen Krefting Greve Lund , Linklaters LLP , DLA Piper LLP , Rousaud Costas Duran Slp Linklaters LLP , Freshfields Bruckhaus Deringer LLP , Attorneys COBALT AS Allen & Overy LLP , Freshfields Bruckhaus Deringer LLP , Garrigues Abogados Allen & Overy LLP , CMS , SORAINEN , Jones Day , Advokatfirman Vinge KB Dentons Jones Day DLA Piper LLP , Simpson Thacher & Bartlett LLP , White & Case LLP , Latham & Watkins LLP , Hogan Lovells US LLP Morgan Lewis & Bockius LLP , Baker & McKenzie LLP Ellex Latham & Watkins LLP Paul Hastings LLP , Simpson Thacher & Bartlett LLP , CMS Davis Polk & Wardwell LLP , Hengeler Mueller Weil Gotshal & Manges LLP , Clifford Chance LLP TOTAL 74, ,561 TOTAL 86,958 1,405 76,785

14 Eastern Europe Announced Deals (By Deal Count) 01/01/ - 09/30/ CMS , Attorneys COBALT AS Schoenherr Ellex White & Case LLP , Dentons , SORAINEN Baker & McKenzie LLP , Clifford Chance LLP Weil Gotshal & Manges LLP Allen & Overy LLP , DLA Piper LLP Hogan Lovells US LLP Morgan Lewis & Bockius LLP Balcioglu Selcuk Akman Keki Avukatlik Ortakligi , Freshfields Bruckhaus Deringer LLP Noerr LLP Linklaters LLP Skadden Arps Slate Meagher & Flom LLP , Jones Day TOTAL 42, ,582

15 APAC M&A Regional Review M&A activity targeting the APAC region for the first 3Q increased by 8.8% year-on-year to $673.2 billion. Inbound transactions continued to dominate the M&A activity in the region, accounting for 92.7% of the deal volume. Deal activity involving Singapore-based targets reached an all-time quarterly high of $46.4 billion. The $16.0 billion buyout of Global Logistic Properties Ltd by a Chinese consortium contributed to 34.5% of the country's volume. This deal was the largest private equity buyout both in Singapore and the APAC region. Outbound M&A activity in the Greater China region experienced a 31.5% decrease to $140.6 billion compared to the same period last year as Chinese companies continued to face government scrutiny amidst other roadblocks regarding overseas investments. Summary Date Target Acquirer Seller Number of deals 8,717 Volume (Bln.) $611.5 Avg Deal Size (Mln.) $70.1 Kim & Chang Top Adviser Number of deals 98 Volume (Bln.) $42.7 Avg Deal Size (Bln.) $0.4 8/22/ 7/14/ APAC M&A: Highlights of 1st 3Q China Unicom Hong Kong Ltd Global Logistic Properties Ltd China United Network Communications Ltd 9/20/ Toshiba Memory Corp Multiple Acquirers Toshiba Corp Multiple Acquirers - Total Value (Mln.) - $32,059.2 $17,954.9 $16, /20/ Multiple Targets Idea Cellular Ltd Vodafone Group PLC $12, /26/ Multiple Targets Lotte Confectionery Co Ltd - $8,457.7 $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 $ $ $ $0 0 Volume $(Bln.) Deal Count $300 $200 $ Global M&A Review 1st 3Q $0 0 APAC Industry Breakdown 3% 3% 1% 4% 9% 32% 9% 10% 15% 14% Financial Industrial APAC M&A: Breakdown Communications Consumer Cyclical Technology Consumer Non-cyclical Energy Basic Materials Utilities Diversified Deal Type Amount (Bln.) % Change Deal % YoY Change Company Takeover $ % -0.5% Cross Border $ % 36.1% Private Equity $ % 47.5% Asset sale $ % 13.4% Tender Offer $ % 39.9% Venture Capital $ % -11.4% Spin-off $ % -81.0% Minority purchase $ % 13.7% Majority purchase $ % 34.3% Volume $(Bln.) Deal Count Japan M&A: Quarterly Volume $ $ $0 0 Volume $(Bln.) Deal Count Graphs represent any regional involvement (target, seller, or acquirer). 14

16 APAC Ex Japan Announced Deals (By Volume) 01/01/ - 09/30/ APAC Ex Japan Announced Deals (By Deal Count) 01/01/ - 09/30/ Clifford Chance LLP , Kim & Chang , Kirkland & Ellis LLP , AZB & Partners , Kim & Chang , Shin & Kim , Davis Polk & Wardwell LLP , Lee & Ko , Fangda Partners , Bae Kim & Lee , Skadden Arps Slate Meagher & Flom LLP , Cyril Amarchand Mangaldas , AZB & Partners , Herbert Smith Freehills LLP , Morrison & Foerster LLP , Baker & McKenzie LLP , Herbert Smith Freehills LLP , DLA Piper LLP , Allen & Overy LLP , Fangda Partners , Simpson Thacher & Bartlett LLP , Jones Day , Nagashima Ohno & Tsunematsu , King & Wood Mallesons , Slaughter and May , Gilbert + Tobin , Freshfields Bruckhaus Deringer LLP , Clifford Chance LLP , Ashurst LLP , Allens , Allen & Gledhill LLP , Ashurst LLP , WongPartnership LLP , Allen & Overy LLP , Shook Lin & Bok LLP , Khaitan & Co , JunHe LLP , Minter Ellison , King & Wood Mallesons , Latham & Watkins LLP , TOTAL 788,165 9, ,124 TOTAL 788,165 9, ,124 APAC Private Equity Announced Deals (By Volume) 01/01/ - 09/30/ Clifford Chance LLP , Davis Polk & Wardwell LLP , Skadden Arps Slate Meagher & Flom LLP , Kim & Chang , Kirkland & Ellis LLP , Morrison & Foerster LLP , Simpson Thacher & Bartlett LLP , Nagashima Ohno & Tsunematsu , Herbert Smith Freehills LLP , Allen & Gledhill LLP , Akin Gump Strauss Hauer & Feld LLP , Pillsbury Winthrop Shaw Pittman LLP , WongPartnership LLP , Freshfields Bruckhaus Deringer LLP , Shook Lin & Bok LLP , JunHe LLP , Loyens & Loeff NV , Ashurst LLP , Fangda Partners , Allen & Overy LLP , TOTAL 255,516 2, ,859

17 AU & NZ Announced Deals (By Volume) 01/01/ - 09/30/ AU & NZ Announced Deals (By Deal Count) 01/01/ - 09/30/ Herbert Smith Freehills LLP , Gilbert + Tobin , Ashurst LLP , Allens , Allens , Herbert Smith Freehills LLP , Gilbert + Tobin , Ashurst LLP , Allen & Overy LLP , HWL Ebsworth Lawyers , Baker & McKenzie LLP , Minter Ellison , King & Wood Mallesons , Corrs Chambers Westgarth , Minter Ellison , DLA Piper LLP , Linklaters LLP , King & Wood Mallesons , Clifford Chance LLP , Chapman Tripp , Gibson Dunn & Crutcher LLP , Baker & McKenzie LLP , DLA Piper LLP , Bell Gully Chapman Tripp , Allen & Overy LLP , HWL Ebsworth Lawyers , Jones Day , Freshfields Bruckhaus Deringer LLP , Clifford Chance LLP , Corrs Chambers Westgarth , Weil Gotshal & Manges LLP A&L Goodbody Solicitors , Gibson Dunn & Crutcher LLP , Macfarlanes LLP , Dentons White & Case LLP , Norton Rose Fulbright LLP Jones Day , Linklaters LLP , TOTAL 69,933 1,372 70,092 TOTAL 69,933 1,372 70,092 Japan Announced Deals (By Volume) 01/01/ - 09/30/ Japan Announced Deals (By Deal Count) 01/01/ - 09/30/ Nagashima Ohno & Tsunematsu , Nagashima Ohno & Tsunematsu , Morrison & Foerster LLP , Mori Hamada & Matsumoto , Akin Gump Strauss Hauer & Feld LLP , Anderson Mori & Tomotsune , Kim & Chang , Nishimura & Asahi , Pillsbury Winthrop Shaw Pittman LLP , Morrison & Foerster LLP , Skadden Arps Slate Meagher & Flom LLP , Jones Day , Simpson Thacher & Bartlett LLP , Allen & Overy LLP , Jones Day , Hibiya-Nakata Davis Polk & Wardwell LLP , Baker & McKenzie LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Skadden Arps Slate Meagher & Flom LLP , Mori Hamada & Matsumoto , Latham & Watkins LLP , Shearman & Sterling LLP , Kim & Chang , Fangda Partners , White & Case LLP , Sullivan & Cromwell LLP , Shearman & Sterling LLP , Freshfields Bruckhaus Deringer LLP , TMI Associates , Nishimura & Asahi , Clifford Chance LLP Fried Frank Harris Shriver & Jacobson LLP , AZB & Partners , Cleary Gottlieb Steen & Hamilton LLP , Herbert Smith Freehills LLP , Weil Gotshal & Manges LLP , O'Melveny & Myers LLP NautaDutilh NV , Davis Polk & Wardwell LLP , TOTAL 139,035 2, ,122 TOTAL 139,035 2, ,122

18 South Korea Announced Deals (By Volume) 01/01/ - 09/30/ South Korea Announced Deals (By Deal Count) 01/01/ - 09/30/ Kim & Chang , Kim & Chang , Nagashima Ohno & Tsunematsu , Lee & Ko , Pillsbury Winthrop Shaw Pittman LLP , Shin & Kim , Akin Gump Strauss Hauer & Feld LLP , Bae Kim & Lee , Shin & Kim , Yulchon LLC , Bae Kim & Lee , Yoon & Yang LLC , Lee & Ko , Ropes & Gray LLP , Ropes & Gray LLP , JIPYONG Allen & Overy LLP , Latham & Watkins LLP Linklaters LLP , Kim Choi & Lim Ashurst LLP , O'Melveny & Myers LLP , Simpson Thacher & Bartlett LLP , Cooley LLP , Clifford Chance LLP , White & Case LLP Yulchon LLC , Nagashima Ohno & Tsunematsu , Jones Day , Allen & Overy LLP , Skadden Arps Slate Meagher & Flom LLP , Jones Day , Freshfields Bruckhaus Deringer LLP , Fenwick & West LLP Davis Polk & Wardwell LLP , Pillsbury Winthrop Shaw Pittman LLP , Cleary Gottlieb Steen & Hamilton LLP , Linklaters LLP , Sullivan & Cromwell LLP , Simpson Thacher & Bartlett LLP , TOTAL 90,086 1,215 51,875 TOTAL 90,086 1,215 51,875 China Announced Deals (By Volume) 01/01/ - 09/30/ China Announced Deals (By Deal Count) 01/01/ - 09/30/ Fangda Partners , Fangda Partners , Kirkland & Ellis LLP , Grandall Law Firm , Clifford Chance LLP , King & Wood Mallesons , Davis Polk & Wardwell LLP , Zhong Lun Law Firm , Skadden Arps Slate Meagher & Flom LLP , Skadden Arps Slate Meagher & Flom LLP , Morrison & Foerster LLP , Allbright Law Offices , JunHe LLP , Beijing Grandway Law Offices , WongPartnership LLP , Latham & Watkins LLP , King & Wood Mallesons , Clifford Chance LLP , Shook Lin & Bok LLP , Davis Polk & Wardwell LLP , Allen & Gledhill LLP , Simpson Thacher & Bartlett LLP , Simpson Thacher & Bartlett LLP , DLA Piper LLP , Sullivan & Cromwell LLP , Kirkland & Ellis LLP , Loyens & Loeff NV , Baker & McKenzie LLP , Slaughter and May , Jia Yuan Law Firm , Grandall Law Firm , Jones Day , Rajah & Tann , Sullivan & Cromwell LLP , Freshfields Bruckhaus Deringer LLP , Freshfields Bruckhaus Deringer LLP , Linklaters LLP , Shearman & Sterling LLP , Baker & McKenzie LLP , Dentons , TOTAL 466,358 4, ,778 TOTAL 466,358 4, ,778