GLOBAL M&A MARKET REVIEW LEGAL RANKINGS

Transcription

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

2 1Q 2016 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 Rachel Campanelli rcampanelli3@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 Scale in USD Bln North America USD 403.3B 1. White & Case LLP 25.8% 2. Sullivan & Cromwell LLP 23.5% 3. Skadden Arps Slate Meagher & Flom LLP 22.0% Western Europe USD 228.4B 1. White & Case LLP 43.2% 2. Cravath Swaine & Moore LLP 40.9% 3. Davis Polk & Wardwell LLP 23.4% Latin America & Caribbean USD 30.4B 1. Skadden Arps Meagher & Flom LLP 15.3% 2. Baker & McKenzie LLP 4.6% 3. Cravath Swaine & Moore LLP 4.4% Middle East & Africa USD 15.8B 1. Osler Hoskin & Harcourt LLP 19.8% 2. King & Wood Mallesons 18.1% 3. Herbert Smith Freehills LLP 14.6% Eastern Europe USD 8.6B 1. Skadden Arps Meagher & Flom LLP 40.2% 2. Weil Gotshal & Manges LLP 5.6% 3. Clifford Chance LLP 3.3% Asia Pacific USD 307.0B 1. Fangda Partners 21.8% 2. White & Case LLP 20.0% 3. Osler Hoskin & Harcourt LLP 19.1% Global M&A Review 1Q 2016 Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1Q

4 Global M&A Regional Review Global M&A activity in 1Q2016, reached $711.8 billion, representing a 13.8% decrease in volume from 1Q2015 and a 49.2% decrease from last quarter s volume. North America was the most targeted region accounting for almost half of global volume this quarter. Although the consumer non-cyclical industry was the most targeted this quarter, quarterly volume decreased 32.2% year-over-year. Deals in the basic materials space increased 140.6% from the same period last year, 62.1% due to China National Chemical Corp s announced purchase of Syngenta AG for $46.3 billion. The average premium this quarter was 21.5% with the majority of deals having an announced premium between 10% and 20%. Venture capital investments were the second most active historically on a quarterly basis as $30.0 billion was raised. Two Chinese companies received the largest financing round this quarter. Global M&A: Highlights of 2016 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 8,864 China National Chemical Consumer Non-cyclical $ % -32.2% 2/3/2016 Syngenta AG - $46,311.7 Volume (Bln.) $711.8 Corp Financial $ % -14.5% Avg Deal Size (Mln.) $80.3 1/11/2016 Baxalta Inc Shire PLC - $35,563.4 Consumer Cyclical $ % 61.4% Industrial $ % -15.7% Top Adviser 1/25/2016 Johnson Controls Inc Tyco International Plc - $28,667.3 Basic Materials $ % 140.6% White & Case LLP Energy $ % 7.4% Number of deals 56 London Stock Exchange Technology $ % -2.7% 2/23/2016 Deutsche Boerse AG - $13,809.8 Volume (Bln.) $151.1 Group PLC Communications $ % -53.1% Avg Deal Size (Bln.) $2.7 Apollo Global Management Utilities $ % 3.6% 2/16/2016 ADT Corp/The - $12,303.8 LLC Diversified $ % -87.4% 2% 53% 6% 1% 3% 35% 0-10% 10-25% 25-50% 50-75% % 100%+ % YoY Change Global M&A Review 1Q 2016 Global M&A: Quarterly Volume $1,600 12,000 $1,400 10,000 $1,200 $1,000 8,000 $800 6,000 $600 4,000 $400 $200 2,000 $ Q Q Q Q Q Q1 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 $ % -9.4% Cross Border $ % 25.7% Private Equity $ % 8.9% Asset Sale $ % -16.1% Tender Offer $ % 4.7% Venture Capital $ % 13.1% Spin-off $ % -77.3% Minority Purchase $ % 0.1% Majority Purchase $ % -0.9% 3

5 Global Announced Deals (By Volume) 01/01/ /31/2016 Global Announced Deals (By Deal Count) 01/01/ /31/2016 White & Case LLP , Jones Day , Simpson Thacher & Bartlett LLP , Kirkland & Ellis LLP , Cravath Swaine & Moore LLP , White & Case LLP , Davis Polk & Wardwell LLP , Latham & Watkins LLP , Osler Hoskin & Harcourt LLP , Baker & McKenzie LLP , Sullivan & Cromwell LLP , DLA Piper LLP , Skadden Arps Slate Meagher & Flom LLP , Morgan Lewis & Bockius LLP , Jones Day , CMS Legal Services EEIG Kirkland & Ellis LLP , Hogan Lovells US LLP , Fangda Partners , Skadden Arps Slate Meagher & Flom LLP , Cleary Gottlieb Steen & Hamilton LLP , Nagashima Ohno & Tsunematsu , Wachtell Lipton Rosen & Katz , Allen & Overy LLP , Baer & Karrer AG , Norton Rose Fulbright LLP , Weil Gotshal & Manges LLP , Davis Polk & Wardwell LLP , Ropes & Gray LLP , Clifford Chance LLP , Slaughter and May , Freshfields Bruckhaus Deringer LLP , Davies Ward Phillips & Vineberg LLP , Sullivan & Cromwell LLP , Freshfields Bruckhaus Deringer LLP , Weil Gotshal & Manges LLP , King & Wood Mallesons , Linklaters LLP , Stikeman Elliott LLP , Dentons , TOTAL 711,409 8, ,429 TOTAL 711,409 8, ,429 Global Announced Deals- Principals (By Volume) 01/01/ /31/2016 Global Announced Deals- Principals (By Deal Count) 01/01/ /31/2016 (Mln) COUNT (Mln) COUNT Simpson Thacher & Bartlett LLP , Jones Day , Jones Day , Kirkland & Ellis LLP , Osler Hoskin & Harcourt LLP , Latham & Watkins LLP , Davis Polk & Wardwell LLP , Baker & McKenzie LLP , Fangda Partners , DLA Piper LLP , Kirkland & Ellis LLP , CMS Legal Services EEIG Cravath Swaine & Moore LLP , Morgan Lewis & Bockius LLP , Skadden Arps Slate Meagher & Flom LLP , Hogan Lovells US LLP , Wachtell Lipton Rosen & Katz , White & Case LLP , Baer & Karrer AG , Nagashima Ohno & Tsunematsu , Weil Gotshal & Manges LLP , Skadden Arps Slate Meagher & Flom LLP , Ropes & Gray LLP , Allen & Overy LLP , Slaughter and May , Norton Rose Fulbright LLP , Freshfields Bruckhaus Deringer LLP , Clifford Chance LLP , King & Wood Mallesons , Freshfields Bruckhaus Deringer LLP , White & Case LLP , Weil Gotshal & Manges LLP , Stikeman Elliott LLP , Linklaters LLP , A&L Goodbody Solicitors , Dentons , Davies Ward Phillips & Vineberg LLP , Davis Polk & Wardwell LLP , Arthur Cox , Cooley LLP , TOTAL 534,189 1, ,890 TOTAL 534,189 1, , VOLUME USD (Mln) DEAL COUNT 2015 (Mln) COUNT 4

6 Cross Border Announced Deals (By Volume) 01/01/ /31/2016 Global Private Equity Deals (By Volume) 01/01/ /31/2016 (Mln) COUNT (Mln) COUNT White & Case LLP , Osler Hoskin & Harcourt LLP , Cravath Swaine & Moore LLP , Simpson Thacher & Bartlett LLP , Simpson Thacher & Bartlett LLP , Sullivan & Cromwell LLP , Osler Hoskin & Harcourt LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Jones Day , Skadden Arps Slate Meagher & Flom LLP , Davis Polk & Wardwell LLP , Jones Day , Fangda Partners , King & Wood Mallesons , Kirkland & Ellis LLP , Davies Ward Phillips & Vineberg LLP , Skadden Arps Slate Meagher & Flom LLP , Kirkland & Ellis LLP , Cleary Gottlieb Steen & Hamilton LLP , Stikeman Elliott LLP , Baer & Karrer AG , Freshfields Bruckhaus Deringer LLP , Slaughter and May , Latham & Watkins LLP , Ropes & Gray LLP , Allens , Freshfields Bruckhaus Deringer LLP , Davis Polk & Wardwell LLP , Weil Gotshal & Manges LLP , White & Case LLP , Davies Ward Phillips & Vineberg LLP , Weil Gotshal & Manges LLP , Stikeman Elliott LLP , King & Spalding LLP , Sullivan & Cromwell LLP , Cravath Swaine & Moore LLP , Herbert Smith Freehills LLP , Baker & McKenzie LLP , King & Wood Mallesons , Clifford Chance LLP , TOTAL 351,830 3, ,794 TOTAL 151,132 2, ,797 5

7 Americas M&A Regional Review Deals for Americas-based targets reached $345.7 billion in 1Q2016, a 17.7% decrease in volume from the same period last year. The consumer non-cyclical industry was the most active in the region, reaching $92.9 billion in volume, accounting for over a quarter of M&A activity in the Americas. Shire PLC s announced acquisition of Baxalta Inc for $35.6 billion was the region s largest transaction announced in 1Q2016. Private equity activity for Americas-based targets reached a volume of $78.7 billion in 1Q2016, a 2.9% increase from the same period last year. The announced acquisition of Starwood Hotels & Resorts Worldwide Inc by the consortium consisting of Anbang Insurance Group Co Ltd, JC Flowers & Co LLC, and Primavera Capital Ltd for $15.3 billion was the largest private equity deal announced this quarter. The transaction has since been terminated due to various market considerations. Americas M&A: Highlights of 2016 Americas M&A: Country Breakdown Amount % YoY Country United States (Bln.) $308.5 % of Total 89.2% Change -20.9% Canada $ % 146.7% Colombia $ % % Brazil $ % -53.9% British Virgin Islands $ % 2.0% Chile $ % -37.5% Mexico $ % -86.4% Bermuda $ % -98.8% Americas M&A: Industry Breakdown Total Value Amount % YoY Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 3,904 Consumer Non-cyclical $ % -45.6% 1/11/2016 Baxalta Inc Shire PLC - $35,563.4 Volume (Bln.) $345.7 Consumer Cyclical $ % 116.1% Avg Deal Size (Mln.) $88.6 Energy $ % 12.7% 1/25/2016 Johnson Controls Inc Tyco International Plc - $28,667.3 Financial $ % -22.5% Top Adviser Industrial $ % -32.1% 2/16/2016 ADT Corp/The Apollo Global Management LL - $12,303.8 Sullivan & Cromwell LLP Technology $ % -13.2% Number of deals 29 Utilities $ % 215.1% 3/17/2016 Columbia Pipeline Group Inc TransCanada Corp - $12,026.3 Volume (Bln.) $94.8 Communications $ % -61.6% Avg Deal Size (Bln.) $3.3 Basic Materials $ % 37.9% 3/20/2016 Valspar Corp/The Sherwin-Williams Co/The - $11,205.5 Diversified $ % -15.7% Global M&A Review 1Q 2016 Americas M&A: Quarterly Volume $1,000 6,000 $800 5,000 $600 4,000 3,000 $400 2,000 $200 1,000 $ Q Q Q Q Q Q1 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 $ % -17.2% Cross Border $ % 129.4% Private Equity $ % 19.2% Asset Sale $ % -20.1% Tender Offer $ % -92.5% Venture Capital $ % -20.4% Spin-off $ % -21.4% Minority Purchase $ % -17.0% Majority Purchase $ % -17.5% 6

8 US Announced Deals (By Volume) 01/01/ /31/2016 US Announced Deals (By Deal Count) 01/01/ /31/2016 (Mln) COUNT (Mln) COUNT White & Case LLP , Jones Day , Sullivan & Cromwell LLP , Kirkland & Ellis LLP , Kirkland & Ellis LLP , Latham & Watkins LLP , Skadden Arps Slate Meagher & Flom LLP , Morgan Lewis & Bockius LLP , Jones Day , DLA Piper LLP , Simpson Thacher & Bartlett LLP , White & Case LLP , Cravath Swaine & Moore LLP , Skadden Arps Slate Meagher & Flom LLP , Davis Polk & Wardwell LLP , Sullivan & Cromwell LLP , Wachtell Lipton Rosen & Katz , Hogan Lovells US LLP , Osler Hoskin & Harcourt LLP , Davis Polk & Wardwell LLP , Weil Gotshal & Manges LLP , Cooley LLP , Ropes & Gray LLP , Simpson Thacher & Bartlett LLP , Slaughter and May , Paul Weiss Rifkind Wharton & Garrison LLP , Davies Ward Phillips & Vineberg LLP , Gibson Dunn & Crutcher LLP , Stikeman Elliott LLP , O'Melveny & Myers LLP , A&L Goodbody Solicitors , Weil Gotshal & Manges LLP , Arthur Cox , Wilson Sonsini Goodrich & Rosati PC , Paul Weiss Rifkind Wharton & Garrison LLP , Norton Rose Fulbright LLP , Fried Frank Harris Shriver & Jacobson LLP , Fenwick & West LLP , Latham & Watkins LLP , Sidley Austin LLP , TOTAL 371,882 4, ,890 TOTAL 371,882 4,141 US Announced Deals- Principals (By Volume) 01/01/ /31/2016 US Announced Deals- Principals (By Deal Count) 01/01/ /31/2016 (Mln) COUNT Jones Day , Jones Day , Kirkland & Ellis LLP , Kirkland & Ellis LLP , Simpson Thacher & Bartlett LLP , Latham & Watkins LLP , Cravath Swaine & Moore LLP , Morgan Lewis & Bockius LLP , Wachtell Lipton Rosen & Katz , DLA Piper LLP , Skadden Arps Slate Meagher & Flom LLP , Skadden Arps Slate Meagher & Flom LLP , Weil Gotshal & Manges LLP , Hogan Lovells US LLP , Ropes & Gray LLP , Cooley LLP , Slaughter and May , Paul Weiss Rifkind Wharton & Garrison LLP , Osler Hoskin & Harcourt LLP , Gibson Dunn & Crutcher LLP , White & Case LLP , White & Case LLP , Stikeman Elliott LLP , Wilson Sonsini Goodrich & Rosati PC , Davis Polk & Wardwell LLP , O'Melveny & Myers LLP , A&L Goodbody Solicitors , Simpson Thacher & Bartlett LLP , Arthur Cox , Weil Gotshal & Manges LLP , Davies Ward Phillips & Vineberg LLP , Davis Polk & Wardwell LLP , Sullivan & Cromwell LLP , Sullivan & Cromwell LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Fenwick & West LLP , King & Wood Mallesons , Norton Rose Fulbright LLP , Hogan Lovells US LLP , Sidley Austin LLP , TOTAL 310, ,138 TOTAL 310, (Mln) COUNT 468, ,138 7

9 Canada Announced Deals (By Volume) 01/01/ /31/2016 Canada Announced Deals (By Deal Count) 01/01/ /31/2016 Osler Hoskin & Harcourt LLP , Miller Thomson LLP Simpson Thacher & Bartlett LLP , Stikeman Elliott LLP , Skadden Arps Slate Meagher & Flom LLP , Osler Hoskin & Harcourt LLP , White & Case LLP , Blake Cassels & Graydon LLP , Davies Ward Phillips & Vineberg LLP , McCarthy Tetrault LLP , Blake Cassels & Graydon LLP , Jones Day , Jones Day , Dentons , Stikeman Elliott LLP , Kirkland & Ellis LLP , King & Wood Mallesons , Simpson Thacher & Bartlett LLP , Sullivan & Cromwell LLP , Skadden Arps Slate Meagher & Flom LLP , Kirkland & Ellis LLP , White & Case LLP , Mayer Brown LLP , Norton Rose Fulbright LLP , Weil Gotshal & Manges LLP , Davies Ward Phillips & Vineberg LLP , Allens , DLA Piper LLP Bennett Jones LLP , Cassels Brock & Blackwell LLP Locke Lord LLP PAC , Sullivan & Cromwell LLP , Dentons , Weil Gotshal & Manges LLP , Hunton & Williams LLP , Freshfields Bruckhaus Deringer LLP , McCarthy Tetrault LLP , Torys LLP Alston & Bird LLP , Willkie Farr & Gallagher LLP TOTAL 90, ,047 TOTAL 90, Brazil Announced Deals (By Volume) 01/01/ /31/2016 Brazil Announced Deals (By Deal Count) 01/01/ /31/ VOLUME USD (Mln) DEAL COUNT 2015 (Mln) COUNT Baker & McKenzie LLP , Tozzini Freire Teixeira E Silva Skadden Arps Slate Meagher & Flom LLP , Pinheiro Neto Advogados , Cravath Swaine & Moore LLP , Barbosa Mussnich & Aragao Pinheiro Neto Advogados , Mattos Filho Veiga Filho Marrey Jr e Quiroga Advoga Mattos Filho Veiga Filho Marrey Jr e Quiroga Advoga Veirano Advogados Tozzini Freire Teixeira E Silva Souza Cescon Barrieu & Flesch Advogados Veirano Advogados Lefosse Advogados Barbosa Mussnich & Aragao Lobo & Rizzo Advogados Bredin Prat Machado Meyer Sendacz e Opice Advogados Souza Cescon Barrieu & Flesch Advogados Baker & McKenzie LLP , Lefosse Advogados Skadden Arps Slate Meagher & Flom LLP , Azevedo Sette Advogados Azevedo Sette Advogados Lobo & Rizzo Advogados Cuatrecasas Goncalves Pereira SLP Freshfields Bruckhaus Deringer LLP Jones Day Berwin Leighton Paisner LLP Nishimura & Asahi Paul Weiss Rifkind Wharton & Garrison LLP Cravath Swaine & Moore LLP , Miguel Neto Advogados Bredin Prat Stocche Forbes Padis Filizzola e Clapis Advogados Freshfields Bruckhaus Deringer LLP Cuatrecasas Goncalves Pereira SLP Berwin Leighton Paisner LLP Machado Meyer Sendacz e Opice Advogados Paul Weiss Rifkind Wharton & Garrison LLP TOTAL 4, ,198 TOTAL 4, (Mln) COUNT 2016 VOLUME USD (Mln) DEAL COUNT ,047 7,198 8

10 EMEA M&A Regional Review Volume for EMEA-based targets decreased 4.1% from the same period last year to $166.8 billion. Deal count in 1Q2016 was at its lowest level for the last four consecutivequarters. Switzerland was the most targeted country in EMEA in 1Q2016, as volume increased 427.6% YoY. Over 93.5% of this increase was attributed by the announced acquisition of Syngenta AG by China National Chemical Corp for over $46.3 billion. February 2016 was the fifth busiest month for M&A activity since 2007, reaching $109.9 billion in volume. This was largely due to the announcement of three deals each surpassing $10.0 billion in volume. Capital flow from North America to EMEA declined markedly in 1Q2016 to $31.7 billion, down from $52.3 billion during the same period last year. The number of deals over $1 billion involving North American acquirers and EMEA-based targets decreased to seven from 14 last year. EMEA M&A Highlights of 2016 EMEA M&A: Country Breakdown Amount % YoY Country Switzerland (Bln.) $49.5 % of Total 29.7% Change 247.6% United Kingdom $ % -42.5% France $ % 24.0% Spain $ % 180.9% Germany $ % -19.0% Netherlands $ % 82.4% Italy $ % -73.9% Finland $ % -67.0% EMEA M&A: Industry Breakdown Total Value Amount % YoY Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 2,336 China National Chemical Basic Materials $ % % 2/3/2016 Syngenta AG - $46,311.7 Volume (Bln.) $166.8 Corp Financial $ % -1.7% Avg Deal Size (Mln.) $71.4 Consumer Non-cyclical $ % 43.5% 2/23/2016 London Stock Exchange Group PLC Deutsche Boerse AG - $13,809.8 Industrial $ % -47.6% Top Adviser Consumer Cyclical $ % -54.3% 2/10/2016 Meda AB Mylan NV - $10,198.1 White & Case LLP Communications $ % -76.1% Number of deals 32 Fomento de Construcciones y Inmobiliaria Carso SA de Technology $ % -39.8% 3/4/ $8,337.9 Volume (Bln.) $63.0 Contratas SA CV Energy $ % -27.2% Avg Deal Size (Bln.) $2.0 Bain Capital Diversified $ % -31.7% 2/22/2016 Brake Bros Ltd Sysco Corp $3,100.0 Partners LLC Utilities $ % -62.3% Global M&A Review 1Q 2016 EMEA M&A: Quarterly Volume $500 4,000 $400 3,000 $300 2,000 $200 $100 1,000 $ Q Q Q Q Q Q1 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 $ % 20.9% Cross Border $ % -9.5% Private Equity $ % -31.0% Asset Sale $ % -26.8% Tender Offer $ % 236.4% Venture Capital $ % 38.3% Spin-off $ % -70.6% Minority Purchase $ % -29.2% Majority Purchase $ % -60.5% 9

11 Europe Announced Deals (By Volume) 01/01/ /31/2016 Europe Announced Deals (By Deal Count) 01/01/ /31/2016 White & Case LLP , CMS Legal Services EEIG Cravath Swaine & Moore LLP , Jones Day , Davis Polk & Wardwell LLP , White & Case LLP , Fangda Partners , Allen & Overy LLP , Osler Hoskin & Harcourt LLP , Linklaters LLP , Cleary Gottlieb Steen & Hamilton LLP , Clifford Chance LLP , Simpson Thacher & Bartlett LLP , Latham & Watkins LLP , Baer & Karrer AG , Freshfields Bruckhaus Deringer LLP , Jones Day , Baker & McKenzie LLP , Slaughter and May , Hogan Lovells US LLP , Kirkland & Ellis LLP , Dentons Ropes & Gray LLP , Skadden Arps Slate Meagher & Flom LLP , Freshfields Bruckhaus Deringer LLP , Kirkland & Ellis LLP , Skadden Arps Slate Meagher & Flom LLP , Ashurst LLP , Herbert Smith Freehills LLP , Cuatrecasas Goncalves Pereira SLP NautaDutilh NV , Squire Patton Boggs US LLP Stibbe BV , Herbert Smith Freehills LLP , Advokatfirman Vinge KB , Houthoff Buruma , Allen & Overy LLP , Loyens & Loeff NV , Clifford Chance LLP , Ellex TOTAL 230,822 2, ,798 TOTAL 230,822 2,729 Europe Announced Deals- Principals (By Volume) 01/01/ /31/2016 Europe Announced Deals- Principals (By Deal Count) 01/01/ /31/2016 (Mln) COUNT Davis Polk & Wardwell LLP , CMS Legal Services EEIG Fangda Partners , Jones Day , Osler Hoskin & Harcourt LLP , Allen & Overy LLP , Simpson Thacher & Bartlett LLP , Linklaters LLP , Baer & Karrer AG , White & Case LLP , Cravath Swaine & Moore LLP , Clifford Chance LLP , Jones Day , Latham & Watkins LLP , Slaughter and May , Freshfields Bruckhaus Deringer LLP , Kirkland & Ellis LLP , Baker & McKenzie LLP , Ropes & Gray LLP , Hogan Lovells US LLP , Freshfields Bruckhaus Deringer LLP , Dentons Skadden Arps Slate Meagher & Flom LLP , Skadden Arps Slate Meagher & Flom LLP , NautaDutilh NV , Kirkland & Ellis LLP , White & Case LLP , Ashurst LLP , Stibbe BV , Cuatrecasas Goncalves Pereira SLP Advokatfirman Vinge KB , Squire Patton Boggs US LLP Allen & Overy LLP , Houthoff Buruma , Clifford Chance LLP , Loyens & Loeff NV , Linklaters LLP , Ellex Weil Gotshal & Manges LLP , Herbert Smith Freehills LLP , TOTAL 179, ,174 TOTAL 179, (Mln) COUNT (Mln) COUNT 2016 VOLUME USD (Mln) DEAL COUNT , ,174 10

12 UK Announced Deals (By Volume) 01/01/ /31/2016 UK Announced Deals (By Deal Count) 01/01/ /31/2016 Freshfields Bruckhaus Deringer LLP , Freshfields Bruckhaus Deringer LLP , Herbert Smith Freehills LLP , Jones Day , White & Case LLP , CMS Legal Services EEIG Davis Polk & Wardwell LLP , Ashurst LLP , Skadden Arps Slate Meagher & Flom LLP , Linklaters LLP , Allen & Overy LLP , Squire Patton Boggs US LLP Hogan Lovells US LLP , White & Case LLP , Baker & McKenzie LLP , Clifford Chance LLP , Ashurst LLP , Travers Smith Stephenson Harwood Ltd , Herbert Smith Freehills LLP , Slaughter and May , Hogan Lovells US LLP , Sullivan & Cromwell LLP , Skadden Arps Slate Meagher & Flom LLP , Clifford Chance LLP , Allen & Overy LLP , Fangda Partners , Kirkland & Ellis LLP Jones Day , Latham & Watkins LLP Homburger AG , Macfarlanes LLP Linklaters LLP , Dentons Osler Hoskin & Harcourt LLP , Slaughter and May , Blake Cassels & Graydon LLP , Simpson Thacher & Bartlett LLP NautaDutilh NV , Davis Polk & Wardwell LLP , TOTAL 61,310 1,098 93,454 TOTAL 61,310 1,098 Germany Announced Deals (By Deal Count) 01/01/ /31/2016 France Announced Deals (By Deal Count) 01/01/ /31/2016 (Mln) COUNT (Mln) COUNT CMS Legal Services EEIG Jones Day Jones Day , Latham & Watkins LLP , White & Case LLP Linklaters LLP , Freshfields Bruckhaus Deringer LLP , CMS Legal Services EEIG Hengeler Mueller , De Pardieu Brocas Maffei , Noerr LLP Clifford Chance LLP Luther Rechtsanwaltsgesellschaft mbh , Allen & Overy LLP Hogan Lovells US LLP Skadden Arps Slate Meagher & Flom LLP , Clifford Chance LLP , Dentons Allen & Overy LLP , Freshfields Bruckhaus Deringer LLP , Mayer Brown LLP , Noerr LLP Linklaters LLP Gide Loyrette Nouel Dentons Willkie Farr & Gallagher LLP Latham & Watkins LLP Baker & McKenzie LLP Loyens & Loeff NV Mayer Brown LLP Herbert Smith Freehills LLP , Hengeler Mueller , Houthoff Buruma Davis Polk & Wardwell LLP Milbank Tweed Hadley & McCloy LLP Bredin Prat Shearman & Sterling LLP Legance Studio Legale Associato Cuatrecasas Goncalves Pereira SLP Hogan Lovells US LLP TOTAL 29, ,210 TOTAL 25, (Mln) COUNT (Mln) COUNT 93,454 25,373 11

13 Italy Announced Deals (By Deal Count) 01/01/ /31/2016 Benelux Announced Deals (By Deal Count) 01/01/ /31/2016 (Mln) COUNT NCTM Studio Legale Associato Allen & Overy LLP , Legance Studio Legale Associato Houthoff Buruma Hogan Lovells US LLP Loyens & Loeff NV , Clifford Chance LLP , CMS Legal Services EEIG Jones Day NautaDutilh NV , CMS Legal Services EEIG Stibbe BV Skadden Arps Slate Meagher & Flom LLP , Baker & McKenzie LLP Houthoff Buruma Linklaters LLP White & Case LLP Freshfields Bruckhaus Deringer LLP , Baker & McKenzie LLP , White & Case LLP Accinni Cartolano & Associati Norton Rose Fulbright LLP DLA Piper LLP Hogan Lovells US LLP , Ashurst LLP Clifford Chance LLP , Walder Wyss & Partner AG Davis Polk & Wardwell LLP Norton Rose Fulbright LLP Dentons Cravath Swaine & Moore LLP , Latham & Watkins LLP Cooley LLP Slaughter and May , Ellex King & Spalding LLP Pedersoli e Associati Accinni Cartolano & Associati Brandford-Griffith & Associes Ellex TOTAL 9, ,937 TOTAL 18, Iberia Announced Deals (By Deal Count) 01/01/ /31/2016 Nordic Announced Deals (By Deal Count) 01/01/ /31/2016 (Mln) COUNT (Mln) COUNT Cuatrecasas Goncalves Pereira SLP CMS Legal Services EEIG Clifford Chance LLP White & Case LLP , Rousaud Costas Duran Slp Roschier Advokatbyra AB Perez-Llorca Dentons Uria Menendez Abogados SLP Freshfields Bruckhaus Deringer LLP CMS Legal Services EEIG Baker & McKenzie LLP Allen & Overy LLP , Ellex Linklaters LLP Clifford Chance LLP , Latham & Watkins LLP Mayer Brown LLP , Ashurst LLP , Advokatfirmaet Schjodt AS , Hogan Lovells US LLP Hannes Snellman Advokatbyra Ab/FI Watson Farley & Williams LLP Ashurst LLP Baker & McKenzie LLP Advokatfirman Vinge KB , Garrigues Abogados Jones Day , Stikeman Elliott LLP , Advokatfirmaet Thommessen AS , Herbert Smith Freehills LLP Fangda Partners , Noerr LLP Shearman & Sterling LLP , Dentons Kirkland & Ellis LLP Sullivan & Cromwell LLP Arnold & Porter LLP Davis Polk & Wardwell LLP Setterwalls Advokatbyra AB TOTAL 13, ,405 TOTAL 24, (Mln) COUNT 36,430 15,509 12

14 Eastern Europe Announced Deals (By Deal Count) 01/01/ /31/2016 (Mln) COUNT Ellex Dentons CMS Legal Services EEIG Weil Gotshal & Manges LLP Skadden Arps Slate Meagher & Flom LLP , Clifford Chance LLP Travers Smith Norton Rose Fulbright LLP Allen & Overy LLP Hogan Lovells US LLP Linklaters LLP SORAINEN Attorneys COBALT AS Squire Patton Boggs US LLP Baker & McKenzie LLP Paul Weiss Rifkind Wharton & Garrison LLP Davis Polk & Wardwell LLP Cassels Brock & Blackwell LLP Sullivan & Cromwell LLP Herbert Smith Freehills LLP TOTAL 8, ,310 13

15 APAC M&A Regional Review M&A deal volume involving parties in APAC increased marginally by 1.8% in 1Q2016 to $307.0 billion compared to the same period last year. Chinese outbound deals represented 30.1% of quarterly APAC volume which increased 319.7% year-over-year. Four out of the five top APAC M&A deals by volume in 1Q2016 were Chinese outbound mega deals, signifying China s increasing appetite for foreign targets. APAC witnessed the largest outbound deal on record when China National Chemical Corp announced the acquisition of Syngenta AG for $46.3 billion. Sequoia Capital Operations LLC emerged as the most active venture capital firm by count in the APAC region with its involvement in 14 rounds of financing in 1Q2016. Additionally, it has 16 APAC-focused funds in the investing phase. Summary Date Target Acquirer Seller Number of deals 2,609 Volume (Bln.) $199.9 Avg Deal Size (Mln.) $76.6 Top Adviser King Wood Mallesons Number of deals 21 Volume (Bln.) $29.1 Avg Deal Size (Bln.) $1.4 APAC Industry Breakdown 5% 2% 1% 1% 9% 7% 13% 16% 25% 21% 3/22/2016 3/30/2016 Sharp Corp/Japan Mult acq'rs - 3/17/2016 3/14/2016 APAC M&A: Highlights of 2016 Shanghai YTO Express Logistics Co Ltd Toshiba Medical Systems Corp CITIC Real Estate Co Ltd,Tuxiana Corp APAC M&A: Breakdown Dalian Dayang Trands Co Ltd China Overseas Land & Investment Ltd Total Value (Mln.) 3/15/2016 Asciano Ltd Mult acq'rs - $9,405.8 Financial Industrial Consumer Cyclical Consumer Non-cyclical Communications Technology Basic Materials Energy Utilities Diversified - $8,536.4 $7,526.3 Consortium Toshiba Corp $5,976.1 CITIC Ltd $4,778.8 Deal Type Amount (Bln.) % Change Deal Count % YoY Change Company Takeover $ % -14.2% Cross Border $ % 1.7% Private Equity $ % 82.3% Asset Sale $ % 13.1% Tender Offer $ % 40.8% Venture Capital $ % 101.1% Spin-off $ % -99.9% Minority Purchase $ % 31.2% Majority Purchase $ % 41.5% $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 6,000 4,000 2,000 $ $ $ $0 0 Volume (Bln.) Deal Count $300 2,000 $200 1,500 1,000 $ $0 0 Volume (Bln.) Deal Count $100 1,000 $ $0 0 Volume (Bln.) Deal Count Graphs represent any regional involvement (target, seller, or acquirer). 14 Global M&A Review 1Q 2016

16 APAC Ex Japan Announced Deals (By Volume) 01/01/ /31/2016 APAC Ex Japan Announced Deals (By Deal Count) 01/01/ /31/2016 Fangda Partners , King & Wood Mallesons , Osler Hoskin & Harcourt LLP , Baker & McKenzie LLP , White & Case LLP , Herbert Smith Freehills LLP , Davis Polk & Wardwell LLP , AZB & Partners , Simpson Thacher & Bartlett LLP , Fangda Partners , Cleary Gottlieb Steen & Hamilton LLP , Jones Day , Cravath Swaine & Moore LLP , Norton Rose Fulbright LLP , Baer & Karrer AG , Lee & Ko , King & Wood Mallesons , White & Case LLP , Skadden Arps Slate Meagher & Flom LLP , Khaitan & Co Jones Day , Allen & Overy LLP , Baker & McKenzie LLP , Davis Polk & Wardwell LLP , Allens , WongPartnership LLP , Stikeman Elliott LLP , Simpson Thacher & Bartlett LLP , Freshfields Bruckhaus Deringer LLP , Freshfields Bruckhaus Deringer LLP , Weil Gotshal & Manges LLP , Grandall Law Firm , WongPartnership LLP , Minter Ellison , Sidley Austin LLP , O'Melveny & Myers LLP , Sullivan & Cromwell LLP , Morgan Lewis & Bockius LLP Norton Rose Fulbright LLP , Skadden Arps Slate Meagher & Flom LLP , TOTAL 270,394 2, ,502 TOTAL 270,394 2,481 APAC Private Equity Announced Deals (By Volume) 01/01/ /31/2016 (Mln) COUNT (Mln) COUNT King & Wood Mallesons , Osler Hoskin & Harcourt LLP , Jones Day , Allens , Stikeman Elliott LLP , Skadden Arps Slate Meagher & Flom LLP , Simpson Thacher & Bartlett LLP , Sullivan & Cromwell LLP , Latham & Watkins LLP , Fangda Partners , Herbert Smith Freehills LLP , Hogan Lovells US LLP , Luther Rechtsanwaltsgesellschaft mbh , Mayer Brown LLP , Clifford Chance LLP , Kirkland & Ellis LLP , Shin & Kim , Freshfields Bruckhaus Deringer LLP , AZB & Partners , Hunton & Williams LLP , TOTAL 55, ,387 (Mln) COUNT 264,502 15

17 AU & NZ Announced Deals (By Volume) 01/01/ /31/2016 AU & NZ Announced Deals (By Deal Count) 01/01/ /31/2016 King & Wood Mallesons , Herbert Smith Freehills LLP , Osler Hoskin & Harcourt LLP , King & Wood Mallesons , Jones Day , Norton Rose Fulbright LLP Allens , Gilbert + Tobin , Stikeman Elliott LLP , Jones Day , Herbert Smith Freehills LLP , Baker & McKenzie LLP Gilbert + Tobin , Allens , Bell Gully Bell Gully Greenwich Legal Minter Ellison Freshfields Bruckhaus Deringer LLP Osler Hoskin & Harcourt LLP , Linklaters LLP Freshfields Bruckhaus Deringer LLP Paul Hastings LLP Ashurst LLP O'Melveny & Myers LLP Clayton Utz Minter Ellison Allen & Overy LLP Norton Rose Fulbright LLP DLA Piper LLP Debevoise & Plimpton LLP Stikeman Elliott LLP , Ashurst LLP Greenwich Legal Clayton Utz Linklaters LLP Alston & Bird LLP Paul Hastings LLP Kirkland & Ellis LLP O'Melveny & Myers LLP TOTAL 20, ,953 TOTAL 20, ,953 Japan Announced Deals (By Volume) 01/01/ /31/2016 Japan Announced Deals (By Deal Count) 01/01/ /31/2016 (Mln) COUNT (Mln) COUNT Baker & McKenzie LLP , Nagashima Ohno & Tsunematsu , Nishimura & Asahi , Mori Hamada & Matsumoto , Hogan Lovells US LLP , Anderson Mori & Tomotsune , Mori Hamada & Matsumoto , Nishimura & Asahi , Simpson Thacher & Bartlett LLP , Baker & McKenzie LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Simpson Thacher & Bartlett LLP , Freshfields Bruckhaus Deringer LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Nagashima Ohno & Tsunematsu , Hogan Lovells US LLP , White & Case LLP , AZB & Partners , Allen & Overy LLP , Herbert Smith Freehills LLP Skadden Arps Slate Meagher & Flom LLP , Morgan Lewis & Bockius LLP Sullivan & Cromwell LLP , White & Case LLP , Latham & Watkins LLP , Allen & Overy LLP , Anderson Mori & Tomotsune , Shearman & Sterling LLP , Shearman & Sterling LLP , Norton Rose Fulbright LLP TMI Associates , Freshfields Bruckhaus Deringer LLP , Davies Ward Phillips & Vineberg LLP , Skadden Arps Slate Meagher & Flom LLP , Blake Cassels & Graydon LLP , Sullivan & Cromwell LLP , AZB & Partners , Latham & Watkins LLP , De Brauw Blackstone Westbroek NV , Wilmer Cutler Pickering Hale & Dorr LLP TOTAL 53, ,802 TOTAL 53, ,802 (Mln) COUNT (Mln) COUNT 16