PRELIMINARY MERGERS & ACQUISITIONS REVIEW

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Dec 16, 2013 ... PRELIMINARY MERGERS & ACQUISITIONS REVIEW. Europe. E-mail: clare. [email protected]. Worldwide M&A Falls 2% Compared ...
DEALS INTELLIGENCE FULL YEAR 2013

PRELIMINARY MERGERS & ACQUISITIONS REVIEW DEALS CONTACTS Europe Clare Arber Tel: +44 207 542 6256

Worldwide M&A Falls 2% Compared to 2012; Slowest Year by Number of Deals Since 2005 Worldwide M&A totals US$2,310 billion so far this year, an decrease of 2.4% compared to year-to-date 2012, and is the slowest annual period for worldwide M&A since 2009 (US$2,315 billion). By number of deals, year-to-date M&A is down 8% compared to 2012 levels and is the slowest year-to-date period for deal making, by number of deals, since 2005.

E-mail: [email protected]

Americas Lauren Herman Tel: +646 223 5985 E-mail: [email protected]

Asia-Pacific Julie Wang Evans Tel: +852 2843 6367 E-mail: [email protected]

Japan Yukiko Matsushima Tel: +813 6441 1617 E-mail: [email protected]

Goldman Sachs Top Worldwide M&A Advisor for Full Year 2013 – Takes Top Spot in the US and Europe Goldman Sachs maintained the top position for worldwide announced M&A advisory work full year 2013, boosted by top rankings in US and European Any Involvement M&A during the year. JP Morgan moved up to second place from third, while Morgan Stanley fell to third place from second. Bank of America Merrill Lynch and UBS were the biggest movers within the top 10 during full year 2013. US Accounts for Highest Percentage of M&A since 2001; European Merger Activity Falls to 10-Year Low US targeted M&A announced so far during 2013 totaled US$1,006 billion, up 14% from year-to-date 2012 and marks the strongest year-to-date period for US deal making since 2007. US M&A accounts for 43.6% of worldwide activity, the highest percentage since 2001 (44.5%), while M&A in Europe has reached US$529.4 billion so far in 2013, down 23% from the previous year-to-date and the slowest period since 2003 (US$492.7 billion). Energy & Power, Real Estate, Telecom and Financials Lead All Sectors M&A targeting the energy & power sector reached US$340.5 billion so far in 2013, a decline of 26% compared to year-to-date 2012 and the slowest percentage for deal making in the sector since 2009. The telecommunications and real estate sectors have registered the strongest year-over-year gains, while materials and consumer staples activity has declined by a one-third. Buyside Financial Sponsor M&A Up 24%; US Accounts for 58% Global private equity backed M&A totaled US$358 billion during year-to-date 2013, a 24% increase over 2012 levels. Fourth quarter activity has registered a 26% increase over the third quarter of this year and a 4% increase compared to the fourth quarter of 2012. Emerging Markets M&A Falls 8%; Cross-Border Down 19% Year-to-date figures for M&A involving emerging markets have reached US$638.8 billion, accounting for 28% of total M&A, down 8% compared to full year 2012 levels. Chinese M&A activity accounted for approximately 34% of emerging markets acquirors during full year 2013. Registering a decrease of 19% from last year at this time, cross-border M&A totaled US$705.5 billion during 2013, accounting for 31% of total M&A activity this year compared to 37% during year-to-date 2012.

For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013

DEALS INTELLIGENCE Full Year 2013 | Mergers & Acquisitions

M&A Rankings

Worldwide M&A Ranking 2013 YTD

2013 YTD Rank

2012 YTD Rank

1

1

Goldman Sachs & Co

616,723.6

2

3

JP Morgan

3

2

Morgan Stanley

4

Any US Involvement M&A Ranking 2013 YTD

2013 YTD Rank

2012 YTD Rank

386

1

1

Goldman Sachs & Co

462,476.8

558,538.0

288

2

2

JP Morgan

525,916.1

300

3

8

Bank of America Merrill Lynch 512,092.2

222

5

4

Barclays

355,847.4

6

10

UBS

7

5

8

Any Euro Involvement M&A Ranking 2013 YTD

2013 YTD Rank

2012 YTD Rank

236

1

1

Goldman Sachs & Co

325,232.9

162

431,512.7

164

2

2

Morgan Stanley

321,054.5

117

7

Bank of America Merrill Lynch 391,769.6

145

3

6

JP Morgan

298,504.3

114

4

3

Morgan Stanley

331,063.8

162

4

7

Bank of America Merrill Lynch 262,035.0

93

196

5

4

Barclays

283,498.1

119

5

4

Barclays

216,279.6

99

301,984.4

187

6

12

UBS

198,905.1

82

6

13

UBS

200,619.0

90

Citi

249,582.7

215

7

6

Citi

174,967.9

126

7

131,149.1

3

6

Deutsche Bank

247,528.0

185

8

8

Deutsche Bank

159,346.7

99

8

-

Paul J Taubman

130,100.0

1

9

7

Credit Suisse

210,147.3

228

9

37

Guggenheim Securities LLC

141,077.2

14

9

5

Citi

118,498.9

100

10

11

Lazard

191,964.1

243

10

-

Paul J Taubman

130,100.0

1

10

3

Deutsche Bank

116,029.4

92

-

-

-

-

Industry Total

-

-

Industry Total

879,735.2

Financial Advisor

Industry Total

Rank No. Value US$ Deals

2,310,102.2 34,776

Financial Advisor

Rank No. Value US$ Deals

1,210,999.4 10,772

Financial Advisor

106* Guggenheim Securities LLC

Rank No. Value US$ Deals

13,745

League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013

DEALS INTELLIGENCE Full Year 2013 | Mergers & Acquisitions

M&A Volumes GLOBAL M&A VOLUMES ANNUALLY $4,500

WW M&A Falls 2%

$3,500

Europe Target ($bln)

2011

1,007

964 704 442

2010

529 430

785 628 474

418

754 566 319

930 1,156 452

358

1,129 979 231

133

136

167

796 713

539 503

439 480

752 550 164

2000

2001

2002

2003

2004

2005

2006

2007

2008

2012

2013

GLOBAL M&A VOLUMES QUARTERLY US Target ($bln)

European Target ($bln)

Asia Pac. ex Japan ($bln)

706 $700

736

716 679

665

641

614 493

151 133

212

347 154 111

74

104 111

219

228 120

107

254 111 118

84

3Q 11

142 164

2Q 11

194 153

1Q 11

94

142 101

208

130

245 207

316 203

211 199 177

205 175 113

99

201 148

106 85

169

242 140 103

133 136

202

177 180

111

92

$100

53

$200

498

490

522

450

$400 $300

574

564

550

336 279

442

556

544

117

$500

514

70

Value US$bln

$600

200 229

$800

US M&A Up 14%; Tops $1 trillion

847

Global ($bln)

97

$900

M&A in Europe has reached US$529.4 billion so far in 2013, down 23% from the previous year-to-date period and the slowest annual period for European deal making since 2003. (US$492.7 billion)

2009

$0

Fourth quarter M&A activity has reached US$574 billion, down 20% from the third quarter of 2013 (US$716 billion). Compared to the fourth quarter of 2012, this quarter's activity is down 32%,.

Europe Slides to Decade Low

1,343

1,204

238

$500

1,486 1,318

1,882 1,688

2,310

1,999

1,569 1,578

1,705

$2,000

2,542

2,520

2,430

$2,500

$1,500

Q4 M&A Down 32% From a Year Ago

2,878 2,673

407

Asia Pac. ex Japan Target ($bln)

933 783

$3,000

$1,000

US M&A announced so far during 2013 totaled US$1.0 trillion, up 14% from year-to-date 2012 and is the strongest year-to-date period for US deal making since 2007. US M&A accounts for 43.6% of worldwide activity, the highest percentage since 2001 (44.5%).

3,616

US Target ($bln)

3,395

999

M&A targets in the Americas accounted for 52% of global activity this year, ahead of Europe (US$529.4 billion, 23%) and Asia Pacific (US$430.1 billion, 19%). Japan and Africa/Middle East each accounted for 3% of activity this year.

4,140 Global ($bln)

$4,000

Value US$Bln

Worldwide M&A totals US$2,310 billion so far this year, a decrease of 2.4% compared to year-to-date 2012, and is the slowest annual period for worldwide M&A since 2009 (US$2,315 billion). By number of deals, year-to-date M&A is down 8% compared to 2012 levels and is the slowest year-to-date period for deal making, by number of deals since 2005.

$0 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10

4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13

For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013

THOMSON FINANCIAL

THOMSON FINANCIAL

DEALS INTELLIGENCE Full Year 2013 | Mergers & Acquisitions

Global M&A Top 10 Deals List Date Target Name 09/02/13 Verizon Wireless Inc

Target Nation United States

Acquiror Name Verizon Communications Inc

Value ($mil) Target Advisors 130,100.0 Goldman Sachs & Co UBS Investment Bank

02/14/13 HJ Heinz Co

United States

Investor Group

02/05/13 Virgin Media Inc

United States

Liberty Global Inc

07/28/13 Omnicom Group Inc

United States

Publicis Groupe SA

02/05/13 Dell Inc

United States

Investor Group

19,283.8 JP Morgan Evercore Partners Goldman Sachs & Co

02/12/13 NBCUniversal Media LLC

United States

Comcast Corp

10/02/13 Portugal Telecom SGPS SA

Portugal

Oi SA

04/15/13 Life Technologies Corp

United States

Thermo Fisher Scientific Inc

12/04/13 Westfield Group-Australian/NZ

Australia

Westfield Retail Trust

05/22/13 Zoetis Inc

United States

Zoetis Inc

16,700.0 JP Morgan Goldman Sachs & Co Centerview Partners LLC 15,717.5 Bank of America Merrill Lynch Morgan Stanley Banco Espirito Santo SA Barclays 15,367.6 Deutsche Bank Moelis & Co 14,029.9 JP Morgan Rothschild 13,248.5

27,361.7 Centerview Partners LLC Bank of America Merrill Lynch Moelis & Co 25,531.0 Goldman Sachs & Co JP Morgan 19,331.1 Moelis & Co Morgan Stanley JP Morgan

Acquiror Advisors Barclays Bank of America Merrill Lynch Guggenheim Partners LLC JP Morgan Morgan Stanley Paul J Taubman Lazard JP Morgan Wells Fargo Securities LLC LionTree Advisors LLC Credit Suisse Group Rothschild Bank of America Merrill Lynch BNP Paribas SA Citi Deutsche Bank JP Morgan Bank of America Merrill Lynch Barclays Credit Suisse RBC Capital Markets LionTree Advisors LLC Citi Deutsche Bank UBS Investment Bank Centerview Partners LLC GCA Savvian Group Corp Morgan Stanley Bank of America Merrill Lynch Banco BTG Pactual SA BNP Paribas SA Santander JP Morgan Barclays Morgan Stanley UBS Investment Bank Goldman Sachs & Co Bank of America Merrill Lynch Morgan Stanley JP Morgan

For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013

DEALS INTELLIGENCE Full Year 2013 | Mergers & Acquisitions

M&A Industry Analysis TARGET INDUSTRY BREAKDOWN ($ MLN) - GLOBAL M&A 2013 YTD 72,802.4 3%

Energy & Power M&A targeting the energy & power sector reached US$340.5 billion so far in 2013, a decline of 26% compared to year-to-date 2012. Activity was concentrated in the US, with US$139.1 billion from US energy M&A, or 41% of year-to-date volume. This marks the slowest year-to-date period for M&A in the sector since 2009 (US$337.8 billion).

US (41%)

86,180.9 4% 1057.0 0%

128,538.5 6%

139,087

Deal making in the real estate sector accounted for 14% of global M&A so far this year with US$322.5 billion of deals announced, up 39% compared to full year 2012 and the strongest year-to-date for merger activity in the sector since 2007 (US$426.4 billion).

M&A in the telecommunications sector totaled US$263.7 billion in 2013, more than double activity seen last year at this time. Verizon's $130.1 billion acquisition of the remaining stake in Verizon Wireless pushed US telecom activity to 68% of worldwide dollar value.

84,844

0%

10%

20%

30%

US (41%)

Announced acquisitions of financial targets totaled US$221.5 billion this year, down 42% from full year 2012. Activity was evenly balanced across regions with Europe accounting for 35%, and Asia Pacific and the Americas accounting for 27% and 23%, respectively.

40%

156,972.3 7%

Europe (17%)

133,244

322,484.6 14%

50%

60%

70%

0%

10%

20%

Asia Pacific (24%)

54,091

30%

80%

90%

100%

40%

50%

Rest of the World (18%)

77,132

60%

70%

58,018

80%

90%

100%

TELECOMMUNICATIONS US (68%)

0%

219,286.2 9%

221,538.2 10%

Energy and Power (-28% Chg YoY)

Real Estate (39% Chg YoY)

Telecommunications (119% Chg YoY)

Financials (-42% Chg YoY)

Industrials (-6% Chg YoY)

Healthcare (-9% Chg YoY)

High Technology (8% Chg YoY)

Materials (-36% Chg YoY)

Media and Entertainment (11% Chg YoY)

Consumer Staples (-33% Chg YoY)

Retail (-10% Chg YoY)

Consumer Products and Services (-6% Chg YoY)

Government and Agencies (84% Chg YoY)

Asia Pacific (5%)

Rest of the World (6%)

179,365

263,678.4 11%

194,338.0 8%

Europe (20%)

10%

20%

30%

40%

53,818

50%

60%

70%

13,610 16,886

80%

90%

100%

FINANCIALS US (23%)

Europe (35%)

49,987

Financials

47,449

REAL ESTATE

173,671.7 7%

Telecom

Europe (25%)

340,498.3 15%

129,055.8 6%

Real Estate

TOP 5 SECTORS - TARGET REGION BREAKDOWN (MLN) ENERGY & POWER

0%

10%

Asia Pacific (27%)

76,761

20%

30%

40%

Rest of the World (15%)

60,774

50%

60%

70%

34,017

80%

90%

100%

INDUSTRIALS US (23%)

Europe (35%)

50,551

0%

10%

Asia Pacific (22%)

75,904

20%

30%

40%

Rest of the World (20%)

48,442

50%

60%

70%

44,390

80%

For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013

THOMSON FINANCIAL

90%

100%

THOMSON FINANCIAL

DEALS INTELLIGENCE Full Year 2013 | Mergers & Acquisitions

Global Buyside Financial Sponsor Analysis GLOBAL BUYSIDE FINANCIAL SPONSOR VOLUMES ANNUALLY

PE-Backed M&A Up 24% over 2012

$800

US Target ($bln)

Asia Pac. ex Japan ($bln)

$600

3Q 2000

209 101

77

24

28

32

24

53 42 14

167

110 88

120 24

34

70

126

111 99

258

267

6

12

34

107

77 7

60

44 5

5

3

$100

147

118

95

307

283

246

252

173

243

$200

$0

Tech, Consumer Staples & Energy Lead Buyouts

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

GLOBAL BUYSIDE FINANCIAL SPONSOR VOLUMES QUARTERLY $120 110 US Target ($bln)

$100

72.9

73

59.1 6.2

27.0

44.5 20.0 5.9

3.5

32.3 30.5

34.3 19.8 7.0

5.6

25.9 17.3

27.6 21.0 7.3

26.5 21.4 8.0

30.3 36.1 7.7

26.7 20.8 9.4

4.2

9.2

20.6

39.1

37.0 27.2

33.3 15.5 7.3

10.7 14.9

31

3.3

3.3

5.6

16

13.2 13.1

25

24.2 17.1

36

$40

77

56.8

49.6

58

49

22.8

64

73

68

67

17.4 12.2

68

60

$60

9.4 8.3 4.5

Value US$Bln

$80

88 83

82

23.8

Asia Pac. ex Japan ($bln)

6.3

Europe Target ($bln)

$20

97

93

5.7

Global ($bln)

6.4 3.6 1.0

Private equity-backed M&A activity in Europe totaled US$101.2 billion, an increase of 34% compared to 2012. while Buyout activity in Asia Pacific totaled US$24.1 billion, down 14% from full year 2012.

358

353

4Q 2000

121

412

2Q 2000

$400

2000

Europe PE Up 34%; Asia Down 14%

427

1Q 2000

$500

$300

Private equity-backed M&A targeting the US reached US$209.4 billion so far during 2013, an increase of 39% compared to year-to-date 2012 (US$150.2 billion). Germany, the United Kingdom and the Netherlands account for a combined 16% of private equity-backed M&A so far this year.

High technology, consumer staples and energy & power buyouts accounted for 45% of year-to-date activity, compared to 31% during year-to-date 2012. Private equity buyouts in the materials sector have seen a 47% decrease compared to the same time last year.

779

768

Europe Target ($bln)

47

US Accounts for 58% of WW PE M&A

Global ($bln)

$700

Value US$Bln

Global private equity backed M&A totaled US$358 billion during year-to-date 2013, a 24% increase over the year ago period. Fourth quarter activity has registered a 26% increase over the third quarter of this year and a 4% increase compared to the fourth quarter of 2012.

$900

$0 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13

For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013

THOMSON FINANCIAL

THOMSON FINANCIAL

DEALS INTELLIGENCE Full Year 2013 | Mergers & Acquisitions

Global Buyside Financial Sponsor M&A Top 10 Deals List Date Target Name 02/14/13 HJ Heinz Co

Target Nation United States

Acquiror Name Investor Group

02/05/13 Dell Inc

United States

Investor Group

03/28/13 DE Master Blenders 1753 BV

Netherlands

12/16/13 KKR Financial Holdings LLC

Value ($mil) Target Advisors 27,361.7 Centerview Partners LLC Bank of America Merrill Lynch Moelis & Co

Acquiror Advisors Lazard JP Morgan Wells Fargo Securities LLC

19,283.8 JP Morgan Evercore Partners Goldman Sachs & Co

Bank of America Merrill Lynch Barclays Credit Suisse RBC Capital Markets LionTree Advisors LLC Citi Deutsche Bank UBS Investment Bank Centerview Partners LLC GCA Savvian Group Corp

Oak Leaf BV

8,619.5 Lazard Goldman Sachs & Co JP Morgan

Leonardo & Co Citi Morgan Stanley Bank of America Merrill Lynch Rabobank NV Rothschild BDT & Co LLC

United States

KKR & Co LP

7,669.4 Sandler O'Neill Partners

05/29/13 Smithfield Foods Inc

United States

Shuanghui Intl Hldg Ltd

6,977.3

05/06/13 BMC Software Inc

United States

BMC Software Inc SPV

6,530.2

09/09/13 Neiman Marcus Group Inc

United States

Investor Group

6,000.0

12/16/13 LSI Corp

United States

Avago Technologies Ltd

5,714.0

United States

AerCap Holdings NV

5,432.2

United States

Regency Energy Partners LP

5,337.1 Citi Evercore Partners

International Lease Finance

12/16/13 PVR Partners LP

Goldman Sachs & Co Lazard Barclays Morgan Stanley BOC International Holdings CITIC Securities Co Ltd Morgan Stanley Credit Suisse Group Bank of America Merrill Lynch RBC Capital Markets Moelis & Co Barclays Qatalyst Partners Credit Suisse Group Deutsche Bank RBC Capital Markets Qatalyst Partners Deutsche Bank Barclays Morgan Stanley UBS Investment Bank Citi Goldman Sachs & Co JP Morgan Bank of America Merrill Lynch Credit Agricole CIB Bank of America Merrill Lynch Union Bank of Switzerland

For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013

DEALS INTELLIGENCE Full Year 2013 | Mergers & Acquisitions

Cross-Border Analysis

US Most Acquisitive & Targeted Nation The US initiated 20% of all acquisitions abroad so far in 2013 ahead of China and France (8%). While the US, Germany and the United Kingdom were the target of 36% of all cross-border acquisitions during full year 2013.

35%

$131

20% 15%

5% $0

0% 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13

18,314.4 18,449.1 21,788.3

CROSS-BORDER - TOP 10 MOST TARGETED NATIONS 2013 YTD ($MLN) United States of America

15,469.6 17,360.3 19,611.5

China

138,789.6

France

Germany

United Kingdom

21,059.7 145,122.9

China

United Kingdom

29,138.6 46,969.5

Netherlands

Canada Japan

Australia

29,302.2

Brazil

Hong Kong

48,709.8 58,815.7

Germany

34,873.8

Canada

61,766.4 58,163.2

25%

10%

United States of America

57,868.9

30%

$163

26%

$198

$202

35% 30% $214

31%

$50

CROSS BORDER - TOP 10 MOST ACQUISITIVE NATIONS 2013 YTD ($MLN)

30,425.1

$259

$271

40% 36%

31% $201

$247

$203

36%

$177

$149 $100

36%

$174

25%

23% $150

$170

28%

37% 36%

$204

$200

32% $233

33%

37% $263

34%

$272

37%

% of Total M&A

$250

45%

42%

41%

Value (US$bln)

$112

Cross-border M&A totaled US$705.5 billion during year-to-date 2013, a 19% decrease over the year ago period. Cross-border activity accounts for 31% of total M&A activity this year, a marked decrease from the year ago period (37%).

GLOBAL CROSS BORDER M&A VOLUMES

$300

$113

Cross-Border M&A Accounts for 31% Down 19% from '12

Brazil Spain

49,403.8

Portugal

Japan

For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013

DEALS INTELLIGENCE Full Year 2013 | Mergers & Acquisitions

Global Cross Border M&A Top 10 Deals List Date Target Name 07/28/13 Omnicom Group Inc

Target Nation United States

Acquiror Name Publicis Groupe SA

Value ($mil) Target Advisors 19,331.1 Moelis & Co Morgan Stanley JP Morgan

10/02/13 Portugal Telecom SGPS SA

Portugal

Oi SA

15,717.5 Bank of America Merrill Lynch Banco BTG Pactual SA Morgan Stanley BNP Paribas SA Banco Espirito Santo SA Santander Barclays

07/23/13 E-Plus Mobilfunk GmbH & Co KG Germany

Telefonica Deutschland Holding

11,435.1 Goldman Sachs & Co JP Morgan ABN AMRO Bank ING Rothschild

UBS Investment Bank Morgan Stanley Citi Bank of America Merrill Lynch HSBC Holdings PLC

03/28/13 DE Master Blenders 1753 BV

Netherlands

Oak Leaf BV

8,619.5 Lazard Goldman Sachs & Co JP Morgan

Leonardo & Co Citi Morgan Stanley Bank of America Merrill Lynch Rabobank NV Rothschild BDT & Co LLC

06/24/13 Kabel Deutschland Holding AG

Germany

Vodafone Vierte

Goldman Sachs & Co UBS Investment Bank

09/24/13 Tokyo Electron Ltd

Japan

Applied Materials Inc

05/29/13 Smithfield Foods Inc

United States

Shuanghui Intl Hldg Ltd

7,740.9 Morgan Stanley Perella Weinberg Partners LP Deutsche Bank 6,986.7 Mitsubishi UFJ Morgan Stanley 6,977.3 Barclays

07/29/13 Elan Corp PLC

Ireland-Rep

Perrigo Co

09/09/13 Neiman Marcus Group Inc

United States

Investor Group

07/26/13 Activision Blizzard Inc

United States

Activision Blizzard Inc

6,535.0 Citi Davy Corporate Finance Morgan Stanley Ondra Partners 6,000.0 Credit Suisse Group 5,834.4 Deutsche Bank Goldman Sachs & Co Barclays PLC

Acquiror Advisors Rothschild Bank of America Merrill Lynch BNP Paribas SA Citi Deutsche Bank JP Morgan

Goldman Sachs & Co Morgan Stanley BOC International Holdings CITIC Securities Co Ltd Barclays

Deutsche Bank RBC Capital Markets JP Morgan Centerview Partners LLC

For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013

DEALS INTELLIGENCE Global M&A Top 10 Deals List

Emerging Markets Analysis

% of Total M&A

32%

30%

28% $200

26%

26%

30% 24%

25%

23% 20%

18%

15% $100 10%

$181

$170

$156

$132

$245

$145

$167

$135

$163

$145

$155

$192

$238

$213

$166

$191

$50

$0

TOP 10 MOST AQUISITIVE NATIONS 2013 YTD ($MLN) - ANY INVOLVEMENT

China

China

196817.5 31%

Brazil

Russian Federation

219586.3 34% Brazil

291075 46%

272118.6 43%

Russian Federation

United States of America

United States of America

52051.6 8%

5% 0%

1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13

TOP 10 MOST TARGETED NATIONS 2013 YTD ($MLN) - ANY INVOLVEMENT

51400.2 19773.3 24241.4 8% 3% 4%

35%

26%

26%

23%

24%

31%

30%

29%

28%

26%

$139

Based on Any Emerging Markets Involvement, China is the most targeted nation in the Emerging Markets with 31% of total emerging market activity, followed by Russia with 8%. China is also the most acquisitive nation in the Emerging Markets with 34% of this year's activity.

31%

$87

China Most Active Nation

Value (US$bln)

34% $250

$150

40%

37%

$124

Year-to-date figures for M&A involving emerging markets have reached US$638.8 billion, accounting for 28% of total M&A. Year-to-date 2013 emerging markets M&A activity is down 8% compared to full year 2012, when emerging market countries also accounted for 30% of worldwide M&A.

EMERGING MARKETS TARGET M&A VOLUMES

$300

$106

Emerging Markets M&A Down 8%

India

Other

48768.8 8% 24252.2 28505.6 45335.7 4% 7% 4%

Hong Kong

Other

For Research Purposes Only. Data accurate as of Dec 18 2013; Strictly embargoed for publication until Dec 20 2013