Mergermarket Private Equity Report: H1 2013

Transcription

1 Mergermarket Private Equity Report: Including League Tables of Financial and Legal Advisors July 1 Mergermarket M&A Trend Report

2 Contents Global: Buyouts Exits Top s for Buyouts and Exits P 3 P 4 P 5-6 Buyouts and Exits Breakdown by Region: Europe P 7 US P 8 Asia-Pacific (excl. Japan) P 9 Japan P 1 League Tables: Financial Advisors P Legal Advisors P Criteria P 17 What can Mergermarket do for you P 18 Submissions: Press Contacts: EMEA: Nancy Costantinopoli Nancy.Costantinopoli@mergermarket.com Tel: EMEA: Flora Wilke Flora.Wilke@mergermarket.com Tel: Americas: Richard Myers Richard.Myers@mergermarket.com Tel: Americas: Chrissy Carney Chrissy.Carney@mergermarket.com Tel: Asia-Pacfic: Fidelia Liu Fidelia.Liu@mergermarket.com Tel: Asia-Pacific: Jessica Chan Jessica.Chan@mergermarket.com Tel: Mergermarket M&A Trend Report

3 Private Equity: Global Overview of Buyouts Lazard overtook other firms to top the Financial Advisor rankings by value with deals aggregating US$ 37.7bn, up from 34th position last year Kirkland & Ellis capped a stellar by advising on 35 transactions worth US$ 43.9bn, the greatest by both value and number Global private equity buyouts in Q2 dropped to US$ 59.4bn, down 29.6% in value after Q1 which saw US$ 84.3bn-worth of deals, the highest quarter since Q4 21 (US$ 85.6bn) 9 Buyout Geography Breakdown 3% The strength of Q1 s value propelled the tally past that of to US$ 143.9bn from US$ 122.8, up 17.2%. Meanwhile, the number of deals in were down 23.6% to 817 buyouts versus 1,69 in Berkshire Hathaway and 3G Capital Partners snapped up HJ Heinz for US$ 27.4bn in the largest buyout of the year. This one buyout alone contributed 19% to s value and 32.4% to Q1 s value So far in, the average debt financing multiple is 6x EBIDTA for buyouts currently higher than the 5.5x in the whole of The average Enterprise (EV) to EBITDA multiple stands at 7.5x which is lower than the 8x seen for the end of of s (US$bn) % 2% 15% 1% 5% Percentage of Global M&A 7 6 Debt/EBITDA (x) EV/EBITDA Multiple Debt/EBIDTA Financing Europe () US () Asia-Pacific ex Japan () Rest of the World () Buyouts (% of Total M&A) % Debt/EBITDA Multiple (x) EV/EBITDA Multiple (x) League Table of Private Equity Firms by No. of s: Global Ranking House No. of s 1 Kohlberg Kravis Roberts & Co 3, Lloyds TSB Development Capital H.I.G. Capital The Carlyle Group 1, TPG Capital 1, Cerberus Capital Management 4, Oaktree Capital Group Sun Capital Partners Bain Capital 7, Edmond de Rothschild Investment Partners Mergermarket M&A Trend Report

4 Private Equity: Global Overview of Exits Exits in amounted to US$ 13.1bn for 653 deals with the most active quarter being Q2 4 Exit Breakdown Between Trade Sales and Secondary Buyouts 8% Q2 s US$ 68.6bn-worth of exits (334 deals) were almost double the value of Q1, up 98.3% from US$ 34.6bn (319 deals) This resulted in Q2 being the most active quarter in a year (Q2 valued at US$ 11.3bn) after all five of the highest valued exits so far this year occurred in Q2 three of these were in June indicating that there could be further large-cap exits to follow in the second half of if these deals provided enough confidence in the market The largest exit of the year so far was in the Pharma, Medical & Biotech sector where Bausch & Lomb was sold to Valeant Pharmaceuticals International by Warburg Pincus Q2 saw an increase by value and number of deals in both Trade Sales and Secondary Buyouts (SBOs): of s (US$bn) % 6% 5% 4% 3% 2% 1% % Percentage of Total Exits (excl. IPOs) Global US Europe Geography Breakdown of Exit EBITDA Multiples SBOs () Trade Sales () Trade Sales (% of total exits) SBOs (% of total exits) The increase was most notably seen in SBOs after two consecutive quarterly declines. s valued at US$ 25.5bn rebounded 229.1% above Q1 (US$ 7.7bn) and 8.1% above Q2 (US$ 23.6bn) Trade Sale exits cleared values in Q1 comfortably with a 6.5% increase fromus$ 43.1bnworth of exits compared to US$ 26.8bn. value was 44.6% lower than that seen in Q2 though (US$ 77.7bn). EBITDA Multiple (x) - Average The better performance compared to Q1 most recently was still hindered by the previous quarter s value which concluded on a 31.8% decline from (US$ 151.1bn) The overall pickup of exits in Q2 failed to match that of Q2 where deals valued at US$ 11.3bn set the bar high. Compared to last year, this years Q2 was down 32.3% by value The Exits EBIDTA multiples shrunk to 11.5x so far in a multiple hasn t been lower since 24 at 11.1x, highlighting the reasons why firms are cautious about exiting Following the continued distress in Europe, this region was knocked the most with a decline in EBITDA multiples to 11.4x in compared to 16.2x in the whole of Mergermarket M&A Trend Report

5 Top Five Buyout s Announced Date Bidder Company Bidder Advisors Target Company Target/Seller Advisors Seller Company 14-Feb-13 Berkshire Hathaway; and 3G Capital Partners FA: JPMorgan; Lazard; Wells Fargo Securities H.J. Heinz Company FA: Bank of America Merrill Lynch; Centerview Partners; Moelis & Company 27,362 LA: Freshfields Bruckhaus Deringer; Kirkland & Ellis; Munger Tolles & Olson LA: Davis Polk & Wardwell; Wachtell, Lipton, Rosen & Katz; Advising FA: O Melveny & Myers; Sullivan & Cromwell; Willkie Farr & Gallagher 5-Feb-13 Silver Lake Partners LP; and Michael Dell (private individual) FA: Bank of America Merrill Lynch; Barclays; Citi; Credit Suisse; Deutsche Bank; LionTree Advisors; Morgan Stanley; RBC Capital Markets; UBS Investment Bank LA: Clifford Chance; Wachtell, Lipton, Rosen & Katz; Simpson Thacher & Bartlett; Sullivan & Cromwell; Blake, Cassels & Graydon; Maples & Calder; Fangda Partners; Advising FA: White & Case Dell Inc FA: Evercore Partners; Goldman Sachs; JPMorgan LA: Alston & Bird; Debevoise & Plimpton; Hogan Lovells; Advising FA: Davis Polk & Wardwell; Weil Gotshal & Manges 2,169 6-May-13 BMC Buyout Consortium FA: Barclays; Credit Suisse; Qatalyst Group; RBC Capital Markets BMC Software Inc FA: Bank of America Merrill Lynch; Moelis & Company; Morgan Stanley 6,737 LA: Kirkland & Ellis; Sidley Austin; Willkie Farr & Gallagher LA: Paul Weiss Rifkind Wharton & Garrison; Wachtell, Lipton, Rosen & Katz; Advising FA: Davis Polk & Wardwell; Weil Gotshal & Manges 12-Apr-13 NSW Ports Consortium FA: Lazard; UBS Investment Bank Port Botany FA: Advising Seller: Morgan Stanley Government of New South Wales 4,529 LA: Herbert Smith Freehills LA: Advising Seller: Minter Ellison 19-Jun-13 BC Partners Limited FA: Credit Suisse; Jefferies; Nomura Holdings; UBS Investment Bank LA:Davis Polk & Wardwell; Freshfields Bruckhaus Deringer Springer Science & Business Media Deutschland GmbH FA: Advising Seller: JPMorgan LA: Clifford Chance; Advising Seller: Hengeler Mueller; P+P Poellath + Partners; Simmons & Simmons EQT Partners AB; and GIC Special Investments Pte Ltd 4, Mergermarket M&A Trend Report

6 Top Five Exit s Announced Date Bidder Company Bidder Advisors Target Company Target/Seller Advisors Seller Company 27-May-13 Valeant Pharmaceuticals International Inc FA: - Bausch & Lomb Incorporated FA:Goldman Sachs; JPMorgan Warburg Pincus LLC 8,7 LA: Osler, Hoskin & Harcourt; Skadden Arps Slate Meagher & Flom LA: Cleary Gottlieb Steen & Hamilton; Stikeman Elliott 19-Jun-13 BC Partners Limited FA: Credit Suisse; Jefferies; Nomura Holdings; UBS Investment Bank LA:Davis Polk & Wardwell; Freshfields Bruckhaus Deringers Springer Science + Business Media Deutschland GmbH FA: Advising Seller: JPMorgan LA: Clifford Chance; Advising Seller: Hengeler Mueller; P+P Poellath + Partners; Simmons & Simmons EQT Partners AB; and GIC Special Investments Pte Ltd 4, Jun-13 CVC Capital Partners Limited FA: Bank of America Merrill Lynch; JPMorgan ista International GmbH FA:Greentech Capital Advisors; Advising Seller: Deutsche Bank; Goldman Sachs Charterhouse Capital Partners LLP 4,55 LA: Hengeler Mueller; Kirkland & Ellis; Advising Seller: Freshfields Bruckhaus Deringer; Gorrissen Federspiel LA: P+P Poellath + Partners 18-Apr-13 Kroton Educacional SA FA:Morgan Stanley LA: Barbosa, Mussnich & Aragao Anhanguera Educacional Participacoes SA FA:Banco Bradesco BBI LA: Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados BlackRock Inc; and Patria Investimentos Ltda 2, Jun-13 Weyerhaeuser Company FA:Morgan Stanley Longview Timber LLC FA: Advising Seller: CIBC World Markets Brookfield Asset Management Inc 2,7 LA: Cravath, Swaine & Moore; Advising FA: Weil Gotshal & Manges LA: Advising Seller: Stoel Rives 6 Mergermarket M&A Trend Report

7 European Private Equity European Buyout Trend M&A Number of s 45 4 Buyouts Overview European Private Equity buyouts rose 65.9% in value from Q1 (US$ 17.5bn, 176 deals) to US$ 29bn (22 deals) in Q2 of s (US$bn) Number of s Q2 compared to Q2 also saw a deal value increase of 32.9% from US$ 21.8bn Europe targeted buyouts contributed a total of 48.7% to the total global buyout value in Q2 - the highest percentage in four and a half years (Q4 8 at 49.8%) s total value didn t follow suit a deal value at US$ 46.4bn (378 deals) was the weakest opening half to any year in three years ( 21 valued at US$ 33.1bn, 47 deals) BC Partners US$ 4.4bn acquisition of Springer Science + Business from EQT Partners and GIC marked both the largest European buyout and exit of the year so far 2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q M&A activity in the Industrials & Chemicals sector rose 86% to US$ 1.3bn making it the most active sector in by value. Leisure was the only sector increase both deal value and number of deals from it leapt 328% with 25 deals valued at US$ 4bn, up from US$ 927m for 17 deals last year Europe Private Equity Firm League Tables League Table of Private Equity Firms by : Europe Credit Suisse led the Financial Advisor rankings by value with two mandates worth US$ 5.5bn while PwC finished first by number with eight mandates Kirkland & Ellis beat peers by value of deals which stood at US$ 7.1bn. Linklaters advised on 16 transactions to lead the Legal Advisor rankings by number Ranking House No. of s 1 BC Partners 5, CVC Capital Partners 5, Hakon Invest 3, OMERS Private Equity 2, Allianz Capital Partners 2,51 3 League Table of Private Equity Firms by No. of s: Europe Ranking House No. of s 1 Lloyds TSB Development Capital Edmond de Rothschild Investment Partners = Oaktree Capital Group = Sun Capital Partners Argos Soditic 44 4 Exits Exits in Europe jumped to US$ 25.6bn (152 deals) in Q2 which was a 128.6% increase above Q1 (US$ 11.2bn, 139 deals) Secondary buyouts were the main catalyst for this quarter s recovery: at US$ 18.9bn (61 deals), Q2 denoted the highest quarterly value since Q4 27 (US$ 19.9bn, 81 deals) In spite of Q2 s impressive resurgence, the aggregate value of exits fell for the second successive half year to US$ 36.9bn (291 deals) this year, the worst opening half by value since 21 (US$ 27.1bn, 221 deals) Exits in Business Services more than doubled from (US$ 4bn, 27 deals) to US$ 9bn (36 deals), the second highest level on Mergermarket record The Industrials & Chemicals and Consumer sectors, traditionally the most actively exited by value, fell to the lowest level since Mergermarket M&A Trend Report

8 US Private Equity US Buyout Trend Buyouts Overview 25 2 M&A Number of s 3 25 US buyouts in Q2 dropped to US$ 19bn, down 67.1% in value after a mega-deal fuelled Q1 which saw US$ 57.9bn-worth of deals Q2 also declined in comparison to Q2, down 46.6% from US$ 35.6bn of s (US$bn) Number of s The strength of Q1 enabled to amass transactions aggregating US$ 76.9bn (258 deals), the best half year total by value since H2 27 (US$ 112.6bn, 476 deals) Buyout deals announced in the Consumer and Technology sectors jumped 254% and 656% by value to US$33.2bn and US$ 28.6bn, respectively, by virtue of the Heinz, Dell & BMC Software targeted mega-deals (over US$ 1bn) 5 5 Pharma, Medical & Biotech was the third of four deal value increases and jumped 9% from (US$ 1.2bn) to US$ 2.3bn during the first six months of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Lazard pipped larger rivals to top the Financial Advisor league table rankings by value with eight mandates amounting to US$ 37.7bn Kirkland & Ellis chalked up 26 deals worth US$ 36.3bn to finish first on the Legal Advisor rankings by both value and number US Private Equity Firm League Tables League Table of Private Equity Firms by : US Ranking House No. of s 1 3G Capital Partners 27, Silver Lake Partners 2, Bain Capital 6, Insight Venture Partners 6, Golden Gate Capital 6,737 2 League Table of Private Equity Firms by No. of s: US Ranking House No. of s 1 H.I.G. Capital Clearlake Capital Group Bain Capital 6, Kohlberg Kravis Roberts & Co 1, TPG Capital PE exits in the US shot to US$ 32.3bn (128 deals) during Q2, a stellar 15.4% increase by value from the previous quarter (US$ 12.9bn, 116 deals) Despite the impressive increase in exits during Q2, the aggregate value of private equity exits in the US stood at US$ 45.1bn (244 deals) during the first half of this year, the lowest by opening half year by both value and volume since 29 (US$ 14.4bn, 156 deals) Trade sales in particular, surged to US$ 26.8bn (98 deals) in Q2, up 152.8% from Q1 (US$ 1.6bn, 81 deals). Secondary buyouts, recovered as well with deals valued at US$ 5.4bn from US$ 2.3bn although the number of deals fell to 3, the lowest quarterly tally since Q1 21 (21 deals) Warburg Pincus dual-track disposal of Bausch & Lomb culminated in its US$ 8.7bn sale to Valeant Pharmaceuticals, the largest exit to date in 8 Mergermarket M&A Trend Report Exits

9 Asia-Pacific (excl. Japan) Private Equity 25 2 Asia-Pacific (excl. Japan) Buyout Trend M&A Number of s Buyouts Overview Private equity buyouts in Asia-Pacific (excl. Japan) have so far experienced a buoyant Q2 with deals values at US$ 7.6bn: they rose 22% by value from Q1 (US$ 6.3bn, 54 deals) to US$ 7.6bn and were also 21.6% above the value seen in Q2 (US$ 6.3bn) in spite of lower deal counts for both sets of s (US$bn) Number of s Q2 s value contributed 12.8% to the total value of global buyouts in Q2 - the highest percentage for any quarter since Q3 211 (21.4%) The steady values in both Q1 and Q2 have led to totalled US$ 13.9bn (95 deals), 21.6% above (US$ 11.4bn, 11 deals) A US$ 4.5bn bid to acquire Australia-based Port Botany was the biggest buyout deal of. This led to the Transport sectors increased value by 2,6% to become the most active sector by value Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Consumer buyouts improved by 386% compared to (US$.7bn, 15 deals) to US$ 3.5bn (21 deals) UBS Investment Bank topped the Financial Advisor League table by value, advising on three transactions totalled US$ 6bn Asia-Pacific (excl. Japan) Private Equity Firm League Tables League Table of Private Equity Firms by : Asia-Pacific (excl. Japan) Ranking House No. of s 1 Industry Funds Management Pty 5, TPG Capital 1,5 2 3 MBK Partners KTB Investment & Securities Co H.D.S. Investments League Table of Private Equity Firms by No. of s: Asia-Pacific (excl. Japan) Herbert Smith Freehills led the Legal Advisor rankings by value with four deals worth US$ 6.5bn. South Korean firm, Kim & Chang moved from 12th position to second from Exits The aggregate value of private equity exits in Asia Pacific (excl. Japan) rose by 34% from (US$ 8.8bn, 42 deals) to US$ 11.8bn (57 deals) so far this year Almost the entire value of exits in was accounted for by trade sales (US$ 11.4bn, 52 deals) Q2 was valued at US$ 5.5bn with 26 deals, a slight drop from US$ 6.3bn in Q1 with five less deals Ranking House No. of s 1 H.I.G. Capital Clearlake Capital Group Bain Capital 6, Kohlberg Kravis Roberts & Co 1, TPG Capital There was a larger decrease between Q2 and Q2 however, down 28.6% from US$ 7.7bn last year for just one less deal The Industrials & Chemicals sector shot to the highest on Mergermarket record (since 21) in by both value and deal count (US$ 3bn, 13 deals). Exits in the Consumer sector too, skyrocketed by 817.1% to US$ 2.5bn (seven deals) from US$ 275m in it was the second largest value for exits in this sector on Mergermarket record 9 Mergermarket M&A Trend Report

10 Japan Private Equity Japan Buyout Trend Buyouts Overview 8 7 M&A Number of s 25 Private equity buyouts in Japan rose 21.2% in value in Q2 from Q1 (US$.8bn, nine deals) to US$ 1bn (eight deals) 6 2 Compared to Q2 though, deal value was down by a third from US$ 1.5bn of s (US$bn) Number of s Q2 s increase from Q1 however didn t manage to secure a positive growth for deals valued at US$ 1.8bn (17 deals) resulted in the lowest opening half of any year since 21 (US$ 1.5bn, 19 deals) Technology buyouts were the staple for of all buyouts with deals valued at US$.5bn from four deals MBK Partners US$.5bn acquisition of coffee chain Komeda was the biggest buyout witnessed so far this year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q In the Financial Advisor tables the positions were the same for oth value and volume: Morgan Stanley was at the top for one deal valued at US$ 451m followed by three local firms, GCA Savvian Group Corporation, Mizuho Financial Group and Nomura Holdings Nishimura & Asahi led the Legal Advisor table for two deal values at US$ 62m Japan Private Equity Firm League Tables League Table of Private Equity Firms by : Japan Ranking House No. of s 1 MBK Partners The Carlyle Group Cerberus Capital Management Phoenix Capital Co JAFCO Co 5 1 Exits The aggregate value of private equity exits in Japan increased by 53% to US$ 2.6bn in The 22 sales in represented the highest tally on Mergermarket record (since 21) As with the sector breakdown for buyouts, the Technology sector accounted for the greatest number of exit deals, with five transactions totalled US$.3bn League Table of Private Equity Firms by No. of s: Japan Ranking House No. of s 1 MBK Partners The Carlyle Group Cerberus Capital Management Phoenix Capital Co JAFCO Co 5 1 Exits from Leisure companies amounted to US$.6bn in. Improving consumer sentiment and a desire for consolidation among operators is expected to spur greater M&A activity in the sector KKR s sale of staffing firm Intelligence Holdings to competitor Temp Holding was the largest private equity exit of 1 Mergermarket M&A Trend Report

11 League Tables of Financial Advisors League Table of Financial Advisors to Buyouts by : Global Ranking 34 1 Lazard 37, ,293% 23 2 Credit Suisse 35, ,619 2,76% 7 3 Barclays 33, , % 19 4 UBS Investment Bank 33, ,724 1,112% 4 5 JPMorgan 32, , % 2 6 Wells Fargo Securities 28, ,399 1,95% 3 7 RBC Capital Markets 27, , % 14 8 Bank of America Merrill Lynch 26, , % 1 9 Deutsche Bank 26,1 1 19, % 2 1 Citi 22, , % - 11 LionTree Advisors 2, Morgan Stanley 9, , % Nomura Holdings 7, , % - 14 Qatalyst Group 6, Jefferies 6,26 5 1, % 6 16 Goldman Sachs 5, , % - 17 Handelsbanken Capital Markets 3, Rothschild 3, , % Houlihan Lokey 3,3 1 1, % 46 2 Nordea Corporate Finance 3, % League Table of Financial Advisors to Buyouts by Volume: Global Ranking 2 1 Deloitte 1, Morgan Stanley 9, UBS Investment Bank 33, Deutsche Bank 26, Goldman Sachs 5, Credit Suisse 35, Lazard 37, Nomura Holdings 7, PwC 1, Barclays 33, KPMG 2, Ernst & Young Rothschild 3, HSBC 1, DC Advisory JPMorgan 32, Bank of America Merrill Lynch 26, Citi 22, Jefferies 6, Lincoln International Mergermarket M&A Trend Report

12 League Tables of Financial Advisors League Table of Financial Advisors to Buyouts by : US Ranking 23 1 Lazard 3, ,626% 7 2 Barclays 3,26 4 4, % 14 3 Credit Suisse 29,55 6 1,619 1,722% 11 4 Wells Fargo Securities 28, ,399 1,95% 4 5 JPMorgan 28,33 3 9, % 3 6 RBC Capital Markets 27, , % 21 7 UBS Investment Bank 22, ,857% 2 8 Deutsche Bank 22, , % 8 9 Bank of America Merrill Lynch 22,6 4 4, % 1 1 Citi 21, , % - 11 LionTree Advisors 2, Qatalyst Group 6, Morgan Stanley 3, , % Houlihan Lokey 3, % 6 15 Goldman Sachs 2, , % League Table of Financial Advisors to Buyouts by : Europe Ranking - 1 Credit Suisse 5, Nomura Holdings 5,3 3 2, % 24 3 Jefferies 4, % 38 4 UBS Investment Bank 4, ,425% 22 5= Bank of America Merrill Lynch 4, % 17 5= JPMorgan 4,55 1 1, % 2 7 Morgan Stanley 3, , % 1 8 Deutsche Bank 3, , % - 9 Handelsbanken Capital Markets 3, Rothschild 3, , % Nordea Corporate Finance 3, % 9 12 Goldman Sachs 2,92 5 3, % KPMG 2, % 8 14= Barclays 2,51 1 3, % - 14= Erste Group Bank 2, League Table of Financial Advisors to Buyouts by Volume: US Ranking 13 1 Credit Suisse 29, Deutsche Bank 22, UBS Investment Bank 22, Lazard 3, Barclays 3, RBC Capital Markets 27, Bank of America Merrill Lynch 22, Goldman Sachs 2, JPMorgan 28, Morgan Stanley 3, Jefferies 1, Wells Fargo Securities 28, Citi 21, LionTree Advisors 2, SunTrust Robinson Humphrey Capital Markets League Table of Financial Advisors to Buyouts by Volume: Europe Ranking 1 1 PwC 1, Deloitte 1, Rothschild 3, KPMG 2, Ernst & Young DC Advisory Goldman Sachs 2, Clearwater Corporate Finance Morgan Stanley 3, Canaccord Genuity Nomura Holdings 5, UBS Investment Bank 4, Deutsche Bank 3, Handelsbanken Capital Markets 3, UniCredit Group 1, Mergermarket M&A Trend Report

13 League Tables of Financial Advisors League Table of Financial Advisors to Buyouts by : Asia-Pacific (excl. Japan) Ranking 2 1 UBS Investment Bank 5, , % 22 2 Lazard 5, Nomura Holdings 1, Macquarie Group 1, Woori Investment & Securities Co Morgan Stanley % - 7= China Renaissance Partners = Industrial and Commercial Bank of China KPMG HSBC = Avendus Capital = Citi , % - 13 CITIC Securities Co Global M&A Partners Barclays League Table of Financial Advisors to Buyouts by Volume: Asia-Pacific (excl. Japan) Ranking 2 1 Deloitte UBS Investment Bank 5, Nomura Holdings 1, Morgan Stanley Lazard 5, Macquarie Group 1, Woori Investment & Securities Co HSBC o3 Capital Advisors BDO = China Renaissance Partners = Industrial and Commercial Bank of China KPMG = Avendus Capital = Citi League Table of Financial Advisors to Buyouts by : Japan Ranking 1 1 Morgan Stanley , % - 2 GCA Savvian Group Corporation Mizuho Financial Group Nomura Holdings % League Table of Financial Advisors to Buyouts by Volume: Japan Ranking 1 1 Morgan Stanley GCA Savvian Group Corporation Mizuho Financial Group Nomura Holdings Mergermarket M&A Trend Report

14 League Tables of Legal Advisors League Table of Legal Advisors to M&A by Buyouts : Global Ranking 9 1 Kirkland & Ellis 43, , % 7 2 Freshfields Bruckhaus Deringer 33, , % - 3 Munger Tolles & Olson 27, White & Case 26, ,415 1,743% 5 5 Simpson Thacher & Bartlett 24, , % 16 6 Clifford Chance 23, , % 33 7 Fangda Partners 2, , % - 8 Maples & Calder 2, Blake, Cassels & Graydon 2, ,343% 53 1 Wachtell, Lipton, Rosen & Katz 2, ,25 1,574% Herbert Smith Freehills 6, ,279% 3 12 Linklaters 6, , % 1 13 Latham & Watkins 5, , % Davis Polk & Wardwell 5,15 4 4, % Hengeler Mueller 4, ,334% 2 16 Weil Gotshal & Manges 3, , % Schulte Roth & Zabel 3, % Kim & Chang 3, , % Gernandt & Danielsson 3, ,4% 4 2 Willkie Farr & Gallagher 2, , % League Table of Legal Advisors to Buyouts by Volume: Global Ranking 1 1 Kirkland & Ellis 43, Linklaters 6, Clifford Chance 23, Latham & Watkins 5, Weil Gotshal & Manges 3, DLA Piper 1, SJ Berwin White & Case 26, Simpson Thacher & Bartlett 24, Kim & Chang 3, Freshfields Bruckhaus Deringer 33, Willkie Farr & Gallagher 2, Skadden Arps Slate Meagher & Flom 2, Allen & Overy 2, Paul Hastings Ropes & Gray 2, Herbert Smith Freehills 6, Stikeman Elliott 1, Hannes Snellman 1, Baker & McKenzie Mergermarket M&A Trend Report

15 League Tables of Legal Advisors League Table of Legal Advisors to Buyouts by : US Ranking 8 1 Kirkland & Ellis 36, , % - 2 Munger Tolles & Olson 27, Freshfields Bruckhaus Deringer 27, White & Case 23, ,17 2,28% 3 5 Simpson Thacher & Bartlett 22, ,3 126% 69 6= Blake, Cassels & Graydon 2, ,13% 64 6= Clifford Chance 2, ,576% 89 6= Fangda Partners 2, = Maples & Calder 2, = Wachtell, Lipton, Rosen & Katz 2, ,25 1,574% 3 11 Schulte Roth & Zabel 3, % Sidley Austin 2, Willkie Farr & Gallagher 2,62 5 1, % Ropes & Gray 2, % 5 15 Weil Gotshal & Manges 1, , % League Table of Legal Advisors to Buyouts by Volume: US Ranking 1 1 Kirkland & Ellis 36, Ropes & Gray 2, Simpson Thacher & Bartlett 22, Weil Gotshal & Manges 1, Latham & Watkins 1, Skadden Arps Slate Meagher & Flom 1, Paul Hastings DLA Piper White & Case 23, Willkie Farr & Gallagher 2, Goodwin Procter Sidley Austin 2, Fried Frank Harris Shriver & Jacobson 1, O'Melveny & Myers Paul Weiss Rifkind Wharton & Garrison League Table of Legal Advisors to Buyouts by : Europe Ranking 9 1 Kirkland & Ellis 7, , % 2 2 Freshfields Bruckhaus Deringer 6, , % 1 3 Linklaters 5, , % 56 4 Hengeler Mueller 4, ,334% - 5 Davis Polk & Wardwell 4, Latham & Watkins 4,19 8 1, % 98 7 Gernandt & Danielsson 3, ,4% 1 8 Clifford Chance 2,8 11 3, % 51 9 White & Case 2, % 7 1 Weil Gotshal & Manges 2, , % - 11 Kinstellar 2, PwC legal 1, Morrison & Foerster 1, Chiomenti Studio Legale 1, ,535% 3 15 Allen & Overy 1, , % League Table of Legal Advisors to Buyouts by Volume: Europe Ranking 1 1 Linklaters 5, SJ Berwin Clifford Chance 2, Weil Gotshal & Manges 2, DLA Piper 1, Freshfields Bruckhaus Deringer 6, Latham & Watkins 4, White & Case 2, Gateley Kirkland & Ellis 7, Allen & Overy 1, Hannes Snellman 1, Eversheds Willkie Farr & Gallagher Pinsent Masons Mergermarket M&A Trend Report

16 League Tables of Legal Advisors League Table of Legal Advisors to Buyouts by : Asia-Pacific (excl. Japan) Ranking 51 1 Herbert Smith Freehills 6, Kim & Chang 2, % 18 3 Skadden Arps Slate Meagher & Flom 1, % - 4 Gunderson Dettmer Stough Villeneuve Franklin & Hachigian 5 5 Conyers Dill & Pearman Davis Polk & Wardwell % 1 7 Clifford Chance % - 8 Johnson Winter & Slattery Shin & Kim = Han Yi Law Offices = Kirkland & Ellis % - 1= Latham & Watkins Akin Gump Strauss Hauer & Feld Fangda Partners ,926-85% 2 15 Wadia Ghandy & Co % League Table of Legal Advisors to Buyouts by Volume: Asia-Pacific (excl. Japan) Ranking 4 1 Kim & Chang 2, Herbert Smith Freehills 6, Skadden Arps Slate Meagher & Flom 1, Conyers Dill & Pearman Johnson Winter & Slattery Allen & Overy O'Melveny & Myers Minter Ellison Clifford Chance Shin & Kim Akin Gump Strauss Hauer & Feld Wadia Ghandy & Co Allen & Gledhill Freshfields Bruckhaus Deringer J Sagar Associates League Table of Legal Advisors to Buyouts by : Japan Ranking 6 1 Nishimura & Asahi Nagashima Ohno & Tsunematsu % 1 3 Mori Hamada & Matsumoto , % - 4 Anderson Mori & Tomotsune League Table of Legal Advisors to Buyouts by Volume: Japan Ranking 2 1 Nishimura & Asahi Mori Hamada & Matsumoto Nagashima Ohno & Tsunematsu Anderson Mori & Tomotsune Mergermarket M&A Trend Report

17 Criteria All data is based on transactions over US$ 5m. s with undisclosed deal values are included where the target s turnover exceeds US$ 1m. s where the stake acquired is less than 3% will only be included if their value is greater than US$ 1m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders interests are not d. The Buyout league tables are based on the target geography only and the advisor advising the buy-side only The overall trend graphs are based on the dominant geography of the target only. All sector breakdowns are based on the target s dominant sector only. TMT: refers to consolidated sectors of Technology, Media & Tellecommunications Private Equity Buyouts include: BIMBO, EBO, IBI, IBO, MBI, MBO & Secondary Buyouts Time periods: : 1-Jan-13 to 3-Jun-13 : 1-Jan-12 to 3-Jun-12 Q1 /: 1-Jan-13/12 to 31-Mar-13/12 Q2 : 1-Apr-13 to 3-Jun-13 Q2 : O1-Apr-12 to 3-June-12 About Mergermarket Mergermarket is a mergers & acquisitions (M&A) intelligence service. Mergermarket is part of The Mergermarket Group which has nearly 1 employees worldwide and regional head offices in New York, London and Hong Kong. In any market, the life blood of advisors 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. Mega-deal: value above US$ 1bn All data correct as of 5th July Criteria Part of The Mergermarket Group 8 Strand London, WC2R RL United Kingdom 11 West 19th Street 2nd Floor New York NY 111. USA Suite Grand Millennium Plaza 181 Queen s Road, Central Hong Kong t: +44 () sales.emea@mergermarket.com t:: sales.americas@mergermarket.com t: sales.asia@mergermarket.com 17 Mergermarket M&A Trend Report

18 What can Mergermarket do for you Mergermarket is a business development tool designed specifically for the M&A sector, providing proprietary news, intelligence and analysis on corporate strategy before that strategy becomes public knowledge. Over 2 of the world s foremost advisory firms, investment banks, law firms, private equity firms and corporates use mergermarket to drive their origination process and capture lucrative business opportunities. Click the buttons at the bottom of the page to find out about the real benefits mergermarket can bring to your company. PREDICTIVE INTELLIGENCE Our global team of 4 dedicated M&A journalists, spread in over 65 locations worldwide, gathers proprietary information about corporate strategy through its network of industry contacts and executives. This is M&A intelligence you won t find anywhere. The insight we provide often doesn t become public knowledge until 6-24 months after our journalists first start reporting, giving you a large window of opportunity to take early action. DEALS DATABASE Mergermarket s comprehensive s Database offers you the opportunity to search a global library of historical M&A transactions with fully-sourced financials and exit multiples. You can analyze volumes and values of M&A activity in specific regions or sectors to discover deal patterns and identify trends ahead of competitors. LEAGUE TABLES Because we are always up-to-speed on which advisers are working on which deals, our detailed Who s who in M&A league tables have become an industry standard among investment professionals. Tailor-build individual or house league tables to analyze firm performance and enhance your marketing strategy, competitor analysis or pitch book efforts. ANALYSIS PRIVATE EQUITY PORTFOLIO Our customizable Private Equity Search facility provides you with extensive analyses of more than 1, of the world s biggest private equity firms. Analyse specific PE firms in terms of current portfolio, historical exits, potential investments, firm profile, historical advisor and investment relationships, as well as rival bidders to monitor competitors and stay on top of your market. Our multilingual team of journalists monitors more than 3, global media sources daily, analyzing and translating the most relevant information into summarized articles that subscribers receive in their alerts, together with our proprietary intelligence. Mergermarket Q1 Report 18 Mergermarket M&A Trend Report