press release mergermarket Latin American M&A Round-up for Q1-Q October 16, 2012, for immediate release PRESS CONTACT

Transcription

1 press release mergermarket Latin American M&A Round-up for October 16, 212, for immediate release PRESS CONTACT Dara Silverstein dara.silverstein@mergermarket.com Tel:

2 mergermarket Latin American M&A Round-up for CONTENTS: 2 mergermarket M&A Round-up 3 Latin American M&A Overview 7 - Top Deals 8 - League Tables of Financial Advisors 9 - League Tables of Legal Advisors Brazilian M&A Overview - League Tables of Advisors 14 Chilean M&A Overview 15 - Top Deals 16 Criteria/About mergermarket PRESS CONTACT: Americas: Dara Silverstein dara.silverstein@mergermarket.com Tel: Latin American M&A activity overall deal value decreased in 212 The third quarter of 212 in Latin America accounted for 3 deals worth US$ 13.4bn, a 69.5% decrease from 212. It was the lowest quarter in terms of deal value since 29 (1 deals valued at US$ 12.1bn) and the lowest quarter since 2 in terms of deal count (4 deals worth US$ 65.bn). The largest deal in the year-to-date was Anheuser-Busch InBev NV s acquisition of Grupo Modelo SAB de CV for US$ 2.1bn. The deal value of the acquisition made up approximately one-quarter of the total Latin American activity for the first three quarters of 212 (US$ 8.1bn). Itau Unibanco Holding SA s acquisition of a 5.% stake in Redecard SA was the second largest deal of 212, valued at US$ 5.2bn. Consumer sector the most active sector The Consumer sector was the most active sector in Latin America in the first three quarters of 212, with a combined deal value of USD 29.1bn, which represented a 37.2% market share. The deal value of the sector increased by 9.6% from the same period in 2. The largest deal of the year, the acquisition of Grupo Modelo, was among the four top deals that fell under the most active sector in 212. At the same time, half of the top deals in the year-to-date belonged to the second most active sector, Energy, Mining & Utilities. The sector had a 24.3% market share in the first three quarters of 212, which equated to a total value of US$ 19.bn. With 26 deals worth US$ 23.5bn, the Consumer sector accounted for 56.4% of the inbound activity in Latin America by deal value. This represented a 278% increase from the same period in 2, when the sector was valued at US$ 6.2bn. The Construction sector had the largest market share (38.9%) of outbound activity in Latin America in the year-to-date, with 5 deals valued at US$ 5.7bn. Industrials & Chemicals, the most active sector during the comparable period last year, lost 56.4% of its total deal value by the end of 212. This sector had a 43.7% market share in - 2, whereas in the year-to-date it had a 7.3% market share of the Latin American outbound activity. JPMorgan topped the financial advisor league tables by value JPMorgan topped the financial advisor league tables by deal value in Latin America, moving up spots from the 12th position in - 2. The firm advised on 13 deals with a total value of US$ 36.2bn, a 275% increase from the same period in 2. Lazard ranked second by deal value, having advised on deals worth US$ 3.2bn. This financial advisor moved up 15 spots from the same period last year, which represented a 329% increase in deal value. Banco BTG Pactual, having advised on 31 deals worth US$ 18.8bn, ranked first on the financial advisor league tables by deal volume, maintaining its position from - 2. Banco Itau followed in second, with a total value of US$ 21.4bn and 29 deals, an increase of four deals compared to the same period in 2. Skadden Arps Slate Meagher & Flom ranked first in the legal advisor league tables The top legal advisor by deal volume in Latin America in the first three quarters of 212 was Skadden Arps Slate Meagher & Flom. The law firm advised on deals worth US$ 31.1bn, a 75% increase by deal value from - 2. Clifford Chance ranked second, having advised on deals worth U$ 27.7bn. Machado Meyer Sendacz e Opice ranked first in the legal advisor league tables by volume, with 41 deals worth US$ 9.7bn, moving up one spot from the comparable period last year. Pinheiro Neto Advogados ranked second by deal count, with 32 deals worth US$ 3.3bn. Press Release: mergermarket Latin American M&A Round-up

3 Latin American M&A Overview Latin American M&A Activity Latin American M&A Activity as a Percentage of Global M&A 7 2 9% % 16 7% Value (US$bn) Number of Deals Percentage of Global M&A 6% 5% 4% 3% 2% 2 1% Overall Value Mid-market Value Overall Volume Mid-market Volume % % by value % by volume Latin American M&A Activity by Geography - Deal Value Latin American M&A Activity by Geography - Deal Volume Value (US$bn) 8 6 Number of Deals Brazil Mexico Chile Argentina Rest of LatAm Brazil Mexico Chile Argentina Rest of LatAm Press Release: mergermarket Latin American M&A Round-up

4 Latin American M&A Overview Latin American M&A Deal Size Breakdown - Deal Value Latin American M&A Deal Size Breakdown - Deal Volume 18, 7 16, 6 14, 12, 5 Value (US$m), 8, 6, Number of Deals , 2, $5m - $14.9m $15m - $m $1m - $25m $251m - $5m > $51m Value not disclosed $5m - $14.9m $15m - $m $1m - $25m $251m - $5m > $51m Latin American Cross-Border M&A Activity - Deal Value Latin American Cross-Border M&A Activity - Deal Volume Value (US$bn) Number of Deals Inbound Outbound Domestic Press Release: mergermarket Latin American M&A Round-up Inbound Outbound Domestic

5 Latin American M&A Overview Latin American Inbound M&A Activity Geography Breakdown Deal Value Latin American Inbound M&A Activity Geography Breakdown Deal Volume 9.2% 6.9% 16.1% North America Europe Asia Pacific Rest of the World 43.2% 12.6% 2.4% North America Europe Asia Pacific Rest of the World 67.9% 41.7% Latin American Outbound M&A Activity Geography Breakdown Deal Value Latin American Outbound M&A Activity Geography Breakdown Deal Volume.3% 5.% 79.% 2.6% North America Europe Asia Pacific Rest of the World 8.3% North America Europe Asia Pacific Rest of the World 41.7% Press Release: mergermarket Latin American M&A Round-up

6 Latin American M&A Overview: Industry Analysis Latin American M&A Sector Breakdown Deal Value Latin American M&A Sector Breakdown Deal Volume Financial Services 6.4% Industrials & Chemicals 4.8% Agriculture.3% Real Estate 1.2% Construction 5.7% Pharma, Medical & Biotech 2.1% Transportation 5.1% Business Services 9.3% Consumer 37.2% Consumer 16.2% Business Services.5% Energy, Mining & Utilities 16.9% Technology 4.6% Media 1.6% Telecommunications.7% Leisure 3.7% Transportation 3.7% Pharma, Medical & Biotech 6.9% Construction 3.2% Real Estate 3.4% Leisure 1.5% Media.8% Technology 1.3% Energy, Mining & Utilities 24.3% Financial Services 9.4% Industrials & Chemicals 16.7% Agriculture 2.5% Sector Value ($m) mkt share Deal count Value ($m) mkt share Deal count Value (%) Telecommunications 12.% 3 32,63 32.% -.% Energy, Mining & Utilities 18, % 74 22, % % Financial Services 5,26 6.4% 41,4 9.9% % Industrials & Chemicals 3, % 73 3, % % Consumer 29, % 71 13, % % Pharma, Medical & Biotech 1, % 3 1, % % Business Services 7, % 46 3, % 56 2.% Transportation 4,5 5.1% 16 9, % % Agriculture 262.3% 1, % % Real Estate % 15 1, % -5.9% Technology 1, 1.3% 2 1, % 2-2.8% Construction 4, % % 15 74% Media 599.8% 7 5.% 98% Leisure 1, % % 181.4% Defence.% 37.% 3 -.% Total 78,146 % 437 2,33 % % Press Release: mergermarket Latin American M&A Round-up

7 Latin American M&A Overview: Top Deals Activity Table of Latin American M&A for Announcement Date Bidder Company Bidder Financial Advisor 29-Jun-12 Anheuser-Busch InBev NV Bank of America Merrill Lynch; Barclays; Deutsche Bank; JPMorgan; Lazard 7-Feb-12 Itau Unibanco Holding SA Banco Itau BBA; Goldman Sachs; JPMorgan 6-Aug-12 Abertis Infraestructuras SA; and Brookfield Infrastructure Partners LP 28-May-12 Cosan SA Industria e Comercio Banco BTG Pactual; Banco Itau BBA; Rothschild 26-Mar Jul Aug Jun Mar-12 Mubadala Development Company PJSC Corporacion Financiera Colombiana SA Corporacion Nacional del Cobre de Chile Primav Construcoes e Comercio SA Fundacao Petrobras de Seguridade Social; Fundacao dos Economiarios Federais; Bolognesi Empreendimentos LTDA; Instituto de Seguridade Social dos Correios e Telegrafos; Fundacao Rede Ferroviaria de Seguridade Social; and Instituto Infraero de Seguridade Social SG Citigroup; Goldman Sachs Corporacion Financiera Colombiana Asset Chile; Rothschild Banco BTG Pactual; Banco Itau BBA Bidder Legal Advisor Target Company Target Industry Alston & Bird (Advising Barclays); Clifford Chance; Freshfields Bruckhaus Deringer; Mijares, Angoitia, Cortes y Fuentes; Skadden Arps Slate Meagher & Flom; Sullivan & Cromwell Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados; Shearman & Sterling; Simpson Thacher & Bartlett (Advising JPMorgan); Skadden Arps Slate Meagher & Flom (Advising Goldman Sachs) Freshfields Bruckhaus Deringer; Hogan Lovells; Machado Meyer Sendacz e Opice; Souza, Cescon, Barrieu & Flesch Advogados Skadden Arps Slate Meagher & Flom; Ulhoa Canto, Rezende e Guerra - Advogados; Vieira Rezende Barbosa e Guerriero Shearman & Sterling; Souza, Cescon, Barrieu & Flesch Advogados Target Dominant Country Target/Seller Financial Advisor Grupo Modelo SAB de CV Consumer Mexico Morgan Stanley Cravath Swaine & Moore; Creel, Garcia-Cuellar, Aiza y Enriquez; Greenberg Traurig (Advising Morgan Stanley) Redecard SA (49.99% Stake) Obrascon Huarte Lain Brasil SA (6% Stake) Cia de Gas de Sao Paulo (6.1% Stake) EBX Ltd (5.63% Stake) Martinez Neira Abogados Consultores Promigas SA ESP (75.3% Stake) Carey y Cia; Cleary Gottlieb Steen & Hamilton; Debevoise & Plimpton (Advising Mitsui & Co); Gutierrez, Waugh, Jimeno & Asenjo Abogados White & Case Anglo American Sur SA (24.5% Stake) Ecorodovias Infraestrutura e Logistica SA (19% Stake) Business Services Brazil BR Partners; Citigroup; Credit Suisse; Rothschild Construction Brazil Banco BTG Pactual; JPMorgan Energy, Mining & Utilities Energy, Mining & Utilities Energy, Mining & Utilities Energy, Mining & Utilities ATRIA Capital Lehmann, Warde Advogados Multiner SA Energy, Mining & Utilities 3-Jan-12 Atlantia-Bertin Group JV Morgan Stanley Campos Mello Advogados Atlantia SpA (concession motorway assets); and Bertin SA (concession motorway assets) Brazil Brazil Banco Bradesco BBI Banco Itau BBA; Credit Suisse Target/Seller Legal Advisor Seller Company Deal Value (US$m) 2, Jones Day (Advising Citigroup) 5,184 Clifford Chance (Advising JPMorgan); Lefosse Advogados; Linklaters Freshfields Bruckhaus Deringer; Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados Davis Polk & Wardwell; Lefosse Advogados; Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados OHL Concesiones SA 2,763 BG Group Plc 2,654 2, Colombia 1,98 Chile Advising seller: Goldman Sachs; UBS Investment Bank Advising seller: Claro y Cia; Guerrero, Olivos, Novoa Y Errazuriz; Shearman & Sterling Anglo American Plc Transportation Brazil Impregilo SpA 1,48 Brazil Banco Bradesco BBI; Banco BTG Pactual Transportation Brazil Banco BTG Pactual Barbosa, Mussnich & Aragao; Advising seller: Skadden Arps Slate Meagher & Flom Atlantia SpA; and Bertin SA 1,7 1,2 1,132 Press Release: mergermarket Latin American M&A Round-up

8 Latin American M&A Overview: League Tables of Financial Advisors Financial Advisors to Latin American M&A: Value Ranking Company Name Value ($m) Deal Count % Value Change 12 1 JPMorgan 36, % 17 2 Lazard 3, % 19 3 Deutsche Bank 27, % 4 Barclays 26, % 15 5 Bank of America Merrill Lynch 25,39 231% 8 6 Morgan Stanley 23, % 2 7 Banco Itau BBA 21, % 1 8 Banco BTG Pactual 18, % 6 9 Goldman Sachs 17, % 7 Citigroup 15, % 3 Banco Bradesco BBI 14, % 5 12 Rothschild 12, % 4 13 Credit Suisse, % 14 Santander Global Banking and Markets 6, % Banco Espirito Santo de Investimento 5, % BR Partners 5,7 8 2% UBS Investment Bank 4, % - 18 ABN AMRO Bank 3, SG 2, HSBC 2, % Financial Advisors to Latin American M&A: Volume Ranking Company Name Value ($m) Deal Count Deal Count Change 1 1 Banco BTG Pactual 18, Banco Itau BBA 21, Credit Suisse, Goldman Sachs 17, Banco Bradesco BBI 14, Rothschild 12, JPMorgan 36, Lazard 3, Deutsche Bank 27, Bank of America Merrill Lynch 25, Citigroup 15, Santander Global Banking and Markets 6, BR Partners 5, UBS Investment Bank 4, Vinci Partners Morgan Stanley 23, Banco Espirito Santo de Investimento 5, Barclays 26, HSBC 2,5 4-2 Ernst & Young Press Release: mergermarket Latin American M&A Round-up

9 Latin American M&A Overview: League Tables of Legal Advisors Legal Advisors to Latin American M&A: Value Ranking Company Name Value ($m) Deal Count % Value Change 3 1 Skadden Arps Slate Meagher & Flom 31, % 6 2 Clifford Chance 27, % 54 3 Freshfields Bruckhaus Deringer 25, % 4 4 Sullivan & Cromwell 24, % - 5 Alston & Bird 2, Creel, Garcia-Cuellar, Aiza y Enriquez 2, % Greenberg Traurig 2, % 56 8 Mijares, Angoitia, Cortes y Fuentes 2, % 17 9 Cravath Swaine & Moore 2, 1 28% 19 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 17, % 14 Shearman & Sterling, % 5 12 Machado Meyer Sendacz e Opice 9, % Lefosse Advogados 8, % 9 14 Souza, Cescon, Barrieu & Flesch Advogados 7, % 15 Cleary Gottlieb Steen & Hamilton 7, % Linklaters 6, % Uria Menendez 6, % 8 18 Simpson Thacher & Bartlett 6, % Jones Day 5, % - 2 Bredin Prat 5, Legal Advisors to Latin American M&A: Volume Ranking Company Name Value ($m) Deal Count Deal Count Change 2 1 Machado Meyer Sendacz e Opice 9, Pinheiro Neto Advogados 3, Souza, Cescon, Barrieu & Flesch Advogados 7, Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 17, Barbosa, Mussnich & Aragao 4, Lefosse Advogados 8, Veirano Advogados Azevedo Sette Advogados 1, Linklaters 6, Gomez-Pinzon Zuleta 1, Tozzini Freire Teixeira e Silva Advogados Baker & McKenzie 2, Estudio Muniz, Ramirez, Perez-Taiman & Olaya Abogados 1, Skadden Arps Slate Meagher & Flom 31, Clifford Chance 27, Jones Day 5, Prieto & Carrizosa 1, Rodrigo Elias & Medrano Sullivan & Cromwell 24, Uria Menendez 6, Press Release: mergermarket Latin American M&A Round-up

10 Brazilian M&A Overview Substantial decrease in M&A activity in 212 In the third quarter of 212, Brazil, with 53 deals worth an aggregate US$ 6.5bn, had a 56.4% decrease in deal value compared to the previous quarter (9 deals worth US$ 14.9bn) and a 77.% decrease compared to 2 (86 deals worth US$ 28.2bn). It was the lowest aggregate deal value since 28 (69 deals valued at US$ 6.3bn). 35 Brazil M&A Activity 12 Inbound cross-border transactions into Brazil amounted to 28 deals worth US$ 5.5bn in 212. Aggregate foreign investments out of Brazil slightly decreased in value from the previous quarter, 6 deals worth US$ 1.4bn in compared to 6 deals worth US$ 1.9bn in. 3 Energy, Mining & Utilities dominates the Brazilian market 25 8 With 35 transactions valued at US$ 9.7bn, Energy, Mining & Utilities was the most active sector by deal value for The sector accounted for a 27.% market share. Business Services was the second most active sector with 29 deals worth US$ 6.9bn, representing 19.2% of the total activity. Industrials & Chemicals was the most active sector by deal volume, with a total of 41 deals worth US$ 1.6bn. Top financial and legal advisors Banco Itau BBA topped Brazilian financial advisor league tables by value with 27 transactions worth US$ 2.3bn.The firm ranked third in Brazil in Banco BTG Pactual was second by deal value and first by deal volume, with 3 deals worth 18.8bn. The company ranked first by both deal volume and value for - 2. Value (US$bn) Number of Deals Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados topped Brazilian legal advisor league tables by deal value with 21 deals worth US$ 17.bn. Skadden Arps Slate Meagher & Flom was second with 7 deals worth a total of US$.8bn. Machado Meyer Sendacz e Opice topped the tables by deal volume, with 37 transactions worth US$ 7.6bn; Pinheiro Neto Advogados came in second with 31 deals worth US$ 3.3bn Overall Value Mid-market Value Overall Volume Mid-market Volume Brazil Cross-Border M&A Activity - Deal Volume Brazil Cross-Border M&A Activity - Deal Value Value (US$bn) 15 Number of Deals Inbound Outbound Domestic Press Release: mergermarket Latin American M&A Round-up Inbound Outbound Domestic

11 Brazilian M&A Overview Brazil M&A Deal Size Breakdown - Deal Value Brazil M&A Deal Size Breakdown - Deal Volume 8, 4 7, 35 6, 3 Value (US$m) 5, 4, 3, Number of Deals ,, $5m - $14.9m $15m - $m $1m - $25m $251m - $5m > $51m Value not disclosed $5m - $14.9m $15m - $m $1m - $25m $251m - $5m > $51m 12 Latin America Multiples Analysis - Average Revenue EBITDA 14 Brazil Multiples Analysis - Average Revenue EBITDA 12 Multiple (x) - Average 8 6 Multiple (x) - Average Press Release: mergermarket Latin American M&A Round-up - 212

12 Brazilian M&A Overview: Industry Analysis Brazil M&A Sector Breakdown Deal Value Brazil M&A Sector Breakdown Deal Volume Media Technology.8% Business Services 19.2% Energy, Mining & Utilities 14.2% 7.7% Leisure 2.8% Transportation Financial Services 4.1% Consumer 14.2% 5.7% Pharma, Medical & Biotech Industrials & Chemicals 8.1% 4.4% Agriculture.4% Consumer 15.% Construction 3.3% Real Estate 2.3% Real Estate 4.5% Construction.% Agriculture 2.% Pharma, Medical & Biotech 4.3% Transportation.5% Leisure Technology 2.3% Energy, Mining & Utilities 27.% Business Services.8% Financial Services 7.3% Industrials & Chemicals 16.7% 1.2% Change Sector Value ($m) mkt share Deal count Value ($m) mkt share Deal count Value (%) Energy, Mining & Utilities 9, % 35 14,5 2.3% 34-31% Industrials & Chemicals 1, % 41 2, % 45-33% Telecommunications.% 25, % 7 -% Financial Services 1, % 18 5, % 22-71% Business Services 6, % 29 2,79 4.% % Pharma, Medical & Biotech 1, % 2 1,24 1.7% 13 28% Consumer 5,1 14.2% 37 4,26 6.1% 35 21% Agriculture 139.4% 5 1,33 1.9% 13-89% Real Estate % 1,9 2.8% 8-56% Transportation 3,783.5% 14 8, % -57% Technology % % 13 28% Media.% 2.% 7 - Construction 3,582.% % 8 138% Leisure % % 4 47% Defence.% 37.1% 3 -% Total 35,941 % ,896 % % Press Release: mergermarket Latin American M&A Round-up

13 Brazilian M&A Overview: League Tables of Advisors Financial Advisors to Brazilian M&A: Value Ranking Company Name Value ($m) Deal Count % Value Change 3 1 Banco Itau BBA 2, % 1 2 Banco BTG Pactual 18, % 2 3 Banco Bradesco BBI 14, % 15 4 Citigroup 12, % 5 JPMorgan, % 5 6 Credit Suisse, % 8 7 Goldman Sachs 9, % 4 8 Rothschild 8, % 13 9 Lazard 7, % 9 Santander Global Banking and Markets 5, % 7 Barclays 5, % Banco Espirito Santo de Investimento 5, % 3 13 BR Partners 5,7 8 2% Bank of America Merrill Lynch 3, % Deutsche Bank 2, % Financial Advisors to Brazilian M&A: Volume Ranking Company Name Value ($m) Deal Count Deal Count Change 1 1 Banco BTG Pactual 18, Banco Itau BBA 2, Banco Bradesco BBI 14, Credit Suisse, Rothschild 8, JPMorgan, BR Partners 5, Goldman Sachs 9, Vinci Partners Lazard 7, Santander Global Banking and Markets 5, Bank of America Merrill Lynch 3, Deutsche Bank 2, Citigroup 12, Banco Espirito Santo de Investimento 5, Legal Advisors to Brazilian M&A: Value Ranking Company Name Value ($m) Deal Count % Value Change 15 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga 17, % Advogados 9 2 Skadden Arps Slate Meagher & Flom, % 23 3 Lefosse Advogados 7, % 19 4 Shearman & Sterling 7, % 3 5 Machado Meyer Sendacz e Opice 7, % 6 6 Souza, Cescon, Barrieu & Flesch Advogados 7, % 27 7 Uria Menendez 6, % 8 8 Simpson Thacher & Bartlett 5, % - 9= Bredin Prat 5, = Campos Ferreira, Sa Carneiro e Asociados 5, = PLMJ - Sociedade de Advogados 5, Freshfields Bruckhaus Deringer 5, % - 13 Jones Day 5, Barbosa, Mussnich & Aragao 4, % Linklaters 4, % Legal Advisors to Brazilian M&A: Volume Ranking Company Name Value ($m) Deal Count Deal Count Change 2 1 Machado Meyer Sendacz e Opice 7, Pinheiro Neto Advogados 3, Souza, Cescon, Barrieu & Flesch Advogados 7, Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga 17, Advogados 4 5 Barbosa, Mussnich & Aragao 4, Veirano Advogados Lefosse Advogados 7, Azevedo Sette Advogados 1, Tozzini Freire Teixeira e Silva Advogados Lobo & de Rizzo Advogados Skadden Arps Slate Meagher & Flom, Uria Menendez 6, Linklaters 4, Ulhoa Canto, Rezende e Guerra - Advogados 3, Shearman & Sterling 7, Press Release: mergermarket Latin American M&A Round-up

14 Mexican M&A Overview Mexico saw 16 deals worth US$ 583m announced in 212, a 97.3% decrease in deal value compared to the previous quarter s 12 deals worth a total of US$ 21.5bn and a 92.6% decrease from 2 (18 deals worth US$ 7.9bn). With 7 transactions worth an aggregate US$ 2.9bn, the Consumer sector was the most active sector by deal value in the region. The sector accounted for an impressive 89.5% of the market share. Financial Services was second with 7 deals valued at US$ 1.1bn, accounting for 4.6% of the total activity by deal value. The biggest deal announced so far this year in Mexico was Anheuser-Busch InBev NV s acquisition of a 49.7% stake in Grupo Modelo SAB de CV, the Mexico based beer company. The deal was valued at US$ 2.1bn. Value (US$m) 45, 4, 35, 3, 25, 2, 15, Mexico M&A Activity Number of Deals, 5, Overall Value Overall Volume Mexico M&A Sector Breakdown Deal Value Mexico M&A Sector Breakdown Deal Volume Industrials & Chemicals.2% Industrials & Chemicals 17.5% Consumer 17.5% Financial Services 4.6% Energy, Mining & Utilities 2.7% Leisure 1.7% Construction.2% Technology.1% Real Estate.1% Business Services.6% Pharma, Medical & Biotech.3% Consumer 89.5% Financial Services 17.5% Energy, Mining & Utilities.% Telecommunications 2.5% Leisure.% Construction 7.5% Pharma, Medical & Biotech 5.% Business Services 5.% Real Estate 5.% Technology 2.5% Press Release: mergermarket Latin American M&A Round-up

15 Mexican M&A Overview: Top Deals Activity Table of Mexican M&A for Announced Date Bidder Company Bidder Financial Advisor 29-Jun-12 Anheuser-Busch InBev NV Bank of America Merrill Lynch; Barclays; Deutsche Bank; JPMorgan; Lazard 14-Jun-12 Costco Wholesale Corporation Alfaro, Davila y Rios Bidder Legal Advisor Target Company Target Industry Target/Seller Financial Advisor Alston & Bird (Advising Barclays); Clifford Chance; Freshfields Bruckhaus Deringer; Mijares, Angoitia, Cortes y Fuentes; Skadden Arps Slate Meagher & Flom; Sullivan & Cromwell 7-Mar-12 AXA SA Citigroup Baker & McKenzie; Linklaters; Rajah & Tann; Ritch Mueller 5-Feb-12 Daewoo Securities Co Ltd; and Samsung Securities Co Ltd Daewoo Securities; Samsung Securities Grupo Modelo SAB de CV (49.7% Stake) Costco de Mexico SA de CV (5% Stake) HSBC Holdings plc (property and casualty businesses in Hong Kong, Singapore and Mexico) DLA Piper; Kim & Chang Ankor Oil Field (29% Stake) Consumer Morgan Stanley Cravath Swaine & Moore; Creel, Garcia-Cuellar, Aiza y Enriquez; Greenberg Traurig (Advising Morgan Stanley) Consumer Financial Services Energy, Mining & Utilities 12-Sep-12 ACE Limited Mayer Brown Fianzas Monterrey Financial Services Advising seller: Rothschild Advising seller: Goldman Sachs; HSBC Advising seller: Deutsche Bank Advising seller: Goldman Sachs Target/Seller Legal Advisor Seller Company Deal Value ($m) Advising seller: Fried Frank Harris Shriver & Jacobson Advising seller: Clifford Chance; Galicia Abogados; Machado Meyer Sendacz e Opice; Selvam Advising seller: Kim & Chang; Vinson & Elkins Advising seller: Debevoise & Plimpton; Sullivan & Cromwell (Advising Goldman Sachs) Controladora Comercial Mexicana SAB de CV 2, 759 HSBC Holdings plc 494 KNOC USA Corporation New York Life Insurance Company Press Release: mergermarket Latin American M&A Round-up

16 Criteria All data is based on transactions over US$ 5m announced between 1 January 212 and 3 September 212, unless stated otherwise. Deals with undisclosed deal values are included where the target s turnover exceeds US$ m. Deals where the stake acquired is less than 3% will only be included if their value is greater than US$ m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders interests are not changed. Mid-market refers to transactions valued between US$m - US$25m. League tables are based on the dominant geography of any of the target, bidder or seller being Latin America or Brazil. All sector breakdowns are based on the dominant sector of the target only. The trend graphs are based on transactions announced in the given time periods. For this report, inbound refers to deals where the dominant geography of the target is Latin America/Brazil and the dominant geography of the bidder is outside Latin America/Brazil; outbound refers to deals where the dominant geography of the target is outside Latin America/ Brazil and the dominant geography of the bidder is Latin America/Brazil. All other data sets are based on dominant geography of target only being Latin America/Brazil. Unless stated otherwise, all data excludes lapsed and withdrawn bids. About mergermarket mergermarket is a mergers & acquisitions (M&A) intelligence service. mergermarket is part of The Mergermarket Group which has over 8 employees worldwide and regional head offices in New York, London and Hong Kong. In any market, the life blood of advisers is deal flow. mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets. With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Pacific, mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its mergermarket.com platform and by real-time alerts to subscribers. This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that mergermarket is used by over 15 of the world s foremost advisory firms to assist in their origination process. All data correct as of 14 October 2. Contact: Hannah Bagshawe hannah.bagshawe@mergermarket.com Contact: Dara Silverstein dara.silverstein@mergermarket.com Tel: Press Release: mergermarket Latin American M&A Round-up