Q2 2015 Emerging Markets Legal Cover.ppt...Emerging Markets Deals Intelligence Emerging Market...

EMERGING MARKETS M&A REVIEWREUTERS / Ueslei Marcelino

EMERGING MARKETS M&A REVIEWLEGAL ADVISORS

First Half 2015

First Half 2015 | Mergers & Acquisitions | Legal Advisors

Emerging Markets M&AAnnounced Emerging Markets M&A Up 51% Over First Half 2015 | Average EBITDA Multiples at 16x

Emerging Markets Deals Intelligence Emerging Market Announced M&A Jan 1 - June 30 2015

The total value of announced M&A activity in the Emerging Markets reached US$543.6 billion during the firsthalf of 2015, a 51.2% increase from totals reached during the same period a year ago. The number of M&Atransactions in the Emerging Markets totaled 7,222, a 12.2% increase from the total number of deals duringthe first half of last year.

Chinese involvement deals once again drove M&A activity in Emerging Markets, with 2,925 transactionsworth US$352.1 billion, far outpacing Brazilian involvement deals, which generated the next highest volumewith 262 deals worth US$14.6 billion. India followed, accumulating US$14.1 billion over 559 transactions.

Healthcare led Emerging Market activity during the first half of 2015, accounting for 16% of all M&A volumes.High Technology placed second capturing a 14% share of the market, followed by Financials which accountedfor 13% of the market.

Skadden took the top spot in the Emerging Markets for the first half of 2015, with US$73.3 billion inannounced deals. Kirkland & Ellis and Sullivan & Cromwell took the second and third spots, respectively.

Average EBITDA multiples across the Emerging Markets rose to 16x during the first half of 2015, ranging from12.1x in the Middle East & North Africa to 21.1x in China. Bid premia (to 4 weeks prior stock price) averaged23.5%, an increase from the 21.9% averaged during the first half of 2014.

$95.9$157.2 $201.4

$87.8$193.3 $196.3

$136.8 $132.2 $134.1$205.9

$145.1

$196.2$227.8

$109.6

$170.0 $157.7$172.4 $156.3

$225.6

$337.7

$104.2

$198.0$129.3

$124.8

$214.3$147.1

$150.2 $169.1

$209.5$215.0

$205.4$128.1

$153.7

$237.0

$160.3 $243.5 $210.7

$262.8

14.3%

15.0%

27.3%

21.1%

34.1%

25.1%27.4%

28.4%

22.5% 24.3%

0%

5%

10%

15%

20%

25%

30%

35%

40%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)EM% of Global

Leading Emerging Market Target Nations - US$ bil Jan 1 - June 30 2015

2007 2008 2009 2010 2011 2012 2013 2014 20150

50

100

150

200

250

300

350

400

4501 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36

Ran

k Va

l US$

(bil)

Q4 Russia Q3 Russia Q2 Russia Q1 Russia Q4 Brazil Q3 Brazil Q2 Brazil Q1 Brazil Q4 China Q3 China Q2 China Q1 China

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Middle East & North Africa


2014Asia Pacific

Emerging MktsEmerging Markets BRIC

Emerging Markets M&A

Latin America South Africa Eastern Europe IndiaChina2015 UP 2015 DOWN

Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA

27.5x16.0x

-

4.9x -

6.3x 6.4x 6.5x

-

25.6x- 7.5x

17.6x20.4x4.2x 6.2x22.4x12.2x 13.0x- 8.8x 12.2x

Consumer Products and Services 14.2x 12.9x 13.5x 12.4x 26.5x15.7x 13.4x- 7.0x 19.5xConsumer Staples 13.4x 11.6x 14.9x 15.7x 15.7x 9.3x 15.0xEnergy and Power 12.2x 8.6x 15.3x 8.3x -

10.2x

8.9x

22.5x

- 12.9x11.7x 35.4x

23.3x28.9x-Healthcare 22.0x 24.4x 25.1x 26.0x 18.3x17.4x13.0x 13.0x 29.2x 30.5x5.9x 15.0x5.8x

6.5x 21.4x 29.9x-

25.2xHigh Technology 22.3x 13.3x 25.2x 16.0x 20.2x16.1x

13.0x10.3x

5.0x- - 17.5x 7.3x

7.0x 16.8x11.5x13.3x 12.4x 13.9x

25.2x

12.4x

8.3x 3.9x 10.3xIndustrials

10.0x

27.8x

- 7.6x

14.0x 16.9x

14.0x 9.0x10.3x

8.5x 19.1x

23.0x

8.4x

15.7x 1.3x 15.7x 14.7x12.1xMaterials 17.9x 10.6x 18.6x

- 6.5x14.9x20.0x

8.9x

22.2x

34.8x 11.9x22.2x

14.9x21.5x10.7xReal Estate 14.8x 18.5x 14.8x

Media and Entertainment

-4.1x

18.8x 12.2x 35.7x

11.5x

- -

-

9.5x 13.3x 11.1x 8.0x

4.2x 8.7x

26.7x 38.2x 15.4x

9.4x 27.4x

14.9x12.6x

11.3x 23.6x

17.1x - 15.0x

13.8x 21.4x 10.9x - 39.1x

- -- - 20.6x 19.9x 20.6x 19.9x16.1x -Retail 21.2x 18.4x 21.4x 20.1x 26.7x

7 9x - 6 1x 11.3xTelecommunications 14.7x 6 9x 18.1x 8 8x 6.9x4 8x- 5.0x 13 2x 29.3x 2 6x

Jan 1 - June 30 2015

- 22.8x6 7x

-

7.9x 6.1x6.9x 8.8x

12.1x 8.7x 13.8x 9.6x

4.8x

20.1x 13.8xAverage Industry Total 16.0x 13.2x 18.2x 16.1x 14.0x 12.4x

South Africa Eastern Europe Asia Pacific Emerging Mkts

12.3x

13.2x 2.6x

11.4x 12.3x 17.7x

2015 UP 2015 DOWN 2014

Emerging Markets BRIC Latin America Middle East & North Africa

China India

Consumer Products and Services 29.2 21.4 - 24.8 - 31.0 - 32.2 - 20.6 -7.7 29.2 22.8 - 16.6 - 33.9Consumer Staples 19.3 25.5 14.8 26.4 54.5 26.4 19.7 17.08.4 19.8 14.6 24.2 10.4 33.6Energy and Power 22.2 19.1 26.6

1.8 31.4

18.2 17.2

- 51.7

35.5 28.8 -

33.3 17.8

19.5 -

13.810.3

Financials 23.1 16.2 26.8 13.0 33.0 14.5

35.2 6.432.7

18.3 8.1 27.3 19.9 19.120.3 25.018.7 17.6

-Healthcare 24.4 30.1 24.8 -20.533.3 17.8

4.0 1.8

31.0 40.034.2 9.92.0

14.2

-

28.0 34.9

23.0 19.9 23.6 27.5 - 19.428.5 5.3 41.6

20.5 39.29.1 17.1 22.5 21.0 23.7 18.7Industrials 31.7 19.0 35.9 23.7 16.7

High Technology

4.2

16.7 20.9

- 17.4 1.9 38.39.1

3.9

24.2

27.7 10.0 -

57.7

26.7Materials 22.6 29.6 21.7 38.4 19.0 45.4

22.0

34.4

20.9

18.7

20.2 35.3

15.7 31.2 22.5 35.2 23.1

30.9

34.3

6.6 9.2 16.7 - 21.9 - 17.9Real Estate 30.4 19.9 34.7 51.0

22.717.1 -

11.1 -16.4 27.4 33.6 23.4 37.0 51.1

23.2Telecommunications 13.4 29.4 10.6 23.1 - -

- - -14.2 -

8.4 -

- - 21.9

23.1

11.2

23.1

23.9 22.923.5

0.7- 73.7 35.7 -

26.4 25.821.9 24.8 26.4 31.1 26.0 25.924.225.3 18.6

Jan 1 - June 30 2015

14.6x 21.1x

*Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. The data given refers to the time period 01/01/2014 - 6/30/2015. The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%. All spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded.

20.5 19.6

5.4 9.9

17.718.0

-

Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price

6.7x

- 15.4

Media and Entertainment 20.6 15.6 27.8

13.1

-

-50.9

- - -

27.1 11.3

-Retail 35.7 59.7

27.8

33.3

23.1 35.7 23.3 35.7

Average Industry Total

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2

3 3Sidley Austin LLP 25 138 5 310 0 4 101* 0 1 White & Case LLP3 ▼ 25 6 10 788 01 0 0 8 ▲▼ 34 5* 0.5 3.5 2.238 11,286.1

55* 0.22 ▲11* 0.44 ▲

▲ 18163 12,349.5

Zhong Lun Law Firm 24 20 6,176.8 8 ▲1.1 -1.1▲ 6

Pinheiro Neto Advogados 24Paul, Weiss 23 3.8 3.7

2.640* 0.11.2 -1.2 -9 ▼

1.6 -0.8 19*3

Simpson Thacher & Bartlett 23 15 6,402.1▲ 32

▼ 103.8

92* 0.110 ▲-4 ▼

4 0.80.2Weil Gotshal & Manges 22 14 8,438.1 ▼ 1751* 0.1 -3 ▼

40 12,391.3Jones Day 225 ▲Norton Rose Fulbright 21 141 8,862.2 116 13,376.8Morrison & Foerster 211.6 1.4

17▲ 9

4.1 0.54.1 3.8

2 ▲▲

44* 0.211 ▲

3 ▲14* 0.41.6 1.6 140* 0.0Ligerion ZAO 19* - 8,876.7 ▲ 2

8140* 0.0 1 ▲11 13,411.1Souza, Cescon, Barrieu & Flesch Advog 20 ▲

Studio Pedersoli e Associati 19* 267* 8,876.7 86 13,602.5Jingtian & Gongcheng 191.6 1.614

▲ 24.4 -1.94.2 3.7

-10 ▼▲

55* 0.2-15 ▼

-5 ▼22* 0.31.7 0.5 7* 0.5Allen & Overy 18 36 9,430.7 ▲ 33

62 0.6 1 ▲3 14,183.9Herbert Smith Freehills 18 ▼

Fangda Partners 17 17 9,866.8 30 15,150.1Kirkland & Ellis 171.8 -0.69

▼ 414.8 4.44.7 3.2

4 ▲▲

9 0.61 ▲

-6 ▼39* 0.21.8 1.3 19* 0.2Bowman Gilfillan Africa Group 16 69 9,903.6 ▲ 17

2540* 0.1 8 ▲93 15,388.8Commerce & Finance Law Offices 16 ▲

Jingtian & Gongcheng 15 264 10,633.0 79 15,484.0Allen & Overy 152.0 2.03

▲ 104.9 2.74.8 4.3

-10 ▼▲

6 0.7-4 ▼

-24 ▼92* 0.12.0 -4.3 29* 0.2Davis Polk & Wardwell 14 4 11,057.0 ▼ 13

2929* 0.2 6 ▲24 15,842.5Allen & Gledhill 14 ▲

Jun He Law Offices 13 52 11,649.3 5 18,785.6Baker & McKenzie 132.1 1.39

▲ 135.9 5.45.8 0.4

-14 ▼▲

25* 0.31 ▲

-5 ▼39* 0.22.2 0.9 38* 0.2Latham & Watkins 12 34 11,998.5 ▲ 11

1310 0.4 4 ▲91 19,050.4Tian Yuan Law Firm 12 ▲

Grandall Law Firm 11 48 13,907.1 12 19,313.9Shearman & Sterling LLP 112.6 1.718

▲ 286.4 4.46.0 3.0

-17 ▼▲

34* 0.24 ▲1 ▲

11* 0.43.1 -0.5 15* 0.3Clifford Chance 10 11 17,047.7 ▼ 21105* 0.5 13 ▲

26 20,595.8Grandall Law Firm 10 ▲King & Wood Mallesons 9 8 17,355.4 142 21,534.0AllBright Law Offices 93.2 -1.1

9▼ 34

6.8 6.06.6 6.4

5 ▲▲

8 0.6-9 ▼14 ▲

39* 0.2Linklaters 8 5 19,876.4 ▼ 33 57 22,056.0Jia Yuan Law Offices 8 ▲3.7 -1.5 7* 0.52613* 0.3 -3 ▼ ▲Freshfields Bruckhaus Deringer 7 1 22,567.2 50 22,157.5King & Wood Mallesons 74.2 -12.7

▲ 37▼ 22

6.9 0.86.8 6.0

1 ▲188* 0.031* 0.3

14 ▲3 ▲

3 0.9Tulchinsky Stern & Co 6 - 50,575.2 9.3 9.3▲ 11

▲ 1 4 22,364.881* 0.1 2

LinklatersSullivan & CromwellLoyens & Loeff 5 188 52,337.9 9.6 9.5 ▲

6 9.1 6.618 29,404.972* 0.1 2 1.035,905.2

12 ▲103 55,445.4 10.2 9.9 2▲6.7

Fangda Partners340* 0.1 0

▲ ▲ 403 9

434*- 10

459,279.2 11.1

-82▲ 5.0 ▲15 Clifford ChanceSullivan & Cromwell 8Davis Polk & Wardwell

Skadden 0.5 13.411.9

10.9

1436Kirkland & Ellis 2 51 68,759.5 2

7 73,299.3 3▲9.1Rank

0.412.3 ▼24* 0.2 2 ▲ 28

16 17*13.3

▼7 0.739,930.4

▲14

-60.2

1

# of

13.5Sh (%)

2015 Rank

2014 Rank

MarketSh (%)# of Deals

Haiwen & Partners

Change inSh (%) # of Deals

# of Rank Deals

▲ 173* 43,512.6 ▲

Change in Legal Advisor

1Share Ch.

5 9.0 6.721 29,080.16

Market Market2015 Rank

2014 Rank

# of Deals per Advisor

Deals Rank Sh (%) Value US$m

Rank Value per Advisor (US$m)

12.77.2

5▲De Brauw Blackstone Westbroek

MarketShare Ch.

▲ 10

▲

Market MarketLegal Advisor US$m

2 1 ▼ 31 5 0 8

# of Deals per AdvisorRank Value

Jan 1 – June 30



Any Emerging Market Involvement Completed Jan 1 – June 30

Emerging Market M&A

Any Emerging Market Involvement Announced

5 ▲3.3

Zhongrun Resources Invest Corp (83.8%) Real Estate / Real Estate Management & DevelopmentChina / ChinaPending 4,577.36/3/2015

6,845.6

Investor GroupInvestor GroupXi'an Minsheng Group Co LtdAlpha Progress Global Ltd

Qatar / China 5,000.0

Italy / Italy

Real Estate / Other Real Estate

Energy and Power / Oil & Gas

5,450.3Retail / Food & Beverage Retailing

China Overseas Land & Invest (17.11%)Celestial Domain Invests Ltd (100%)

Shandong Dongming Petrochem (49%)

3/24/20155/7/2015

Hainan Gongxiao Daji Hldg Co (100%)6/30/2015

5/18/20153/22/2015

3/24/2015

IntendedFocus Media Tech Shanghai Co (100%)

3/30/2015 Pending

Hong Kong / ChinaHong Kong / Hong Kong

China / ChinaPending

Jiangsu Hongda New Material Co6/3/2015 PendingQihoo 360 Technology Co Ltd (100%)

5,518.9

China / China High Technology / Software

5,027.7

China Overseas Holdings LtdPirelli & C SpA (73.8%)

High Technology / Internet Software & Services

Industrials / Automobiles & ComponentsBidco SpA

Any Emerging Market Involvement Announced - Top Deals Jan 1 - June 30 2015

Mylan NV (100%)Rank Date


Acquiror Target Macro / Mid IndustryIsrael / United States Healthcare / Pharmaceuticals

Acquiror / Target Nation50,575.2

8,778.810,306.4

Industry % Change from Same Period Last Year 51.2%Industry % Change from Last Quarter

Date Effective Target (% Sought/Acquired)

▲▲

Rank Value (US$m)

▲ ▲24.4% ▲

Emerging Markets Involvement Announced M&A by Target Industry ($bil)

*tie64.0% Industry % Change from Last Quarter ▲

43.4% ▲Industry % Change from Same Period Last Year5.9%

Jan 1 - June 30 2015

12.2%2.0%

▲0.9%

4,092100.0Sidley Austin LLP 25 138 5,310.0

543,639.0Industry Total4 101* 0.1

7,222White & Case LLP

324,307.8-3 ▼

Industry Total25 6 10,788.0

100.01.0 0.8 ▲ -2.1 ▼ 31 5 0.8

China / China6/17/2015 PendingPending

Investor Group4/21/2015 Teva Pharmaceutical Industries

5 ▲

16%

14%

13%12%10%

10%

8%4%

4% 3% 3%Healthcare High Technology Financials

Industrials Energy and Power Real Estate

Materials Media and Entertainment Consumer Staples

Retail Telecommunications Consumer Products and Services

2/13/2015 Pending Zhejiang Materials Ind Grp (100%) Zhejiang Material Ind Zhongda China / China 4,549.2 Consumer Products and Services / Other Consumer Product

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g p ( %) g pg ,p

3

49 125 4 590 7 1 2 1 911 ▼ ▲AZB & Partners 3 51 1 3 2 ▲25 88* 7 944 04 ▲▼

10 15* 0 5 7Barbosa Mussnich & Aragao-118,532.7 3.8 -0.9 ▼ 16 9* 0.7Conyers Dill & Pearman 24 - 4,615.2 241.2 ▲1.2 3 9▲ Amarchand Mangaldas372* 0.1

0.4 0.4▲ 21 23 3.3 ▲8,630.8 3.8▲0.1 ▲

Grandway Law Offices 23 48 4,770.7 1.2 48 26*100*61* 0.1

▲7*120* - 9,823.3▲ ▲41.3 1.3De Brauw Blackstone Westbroek 22 186* 4,870.2 4.3 4.3Gianni Origoni Grippo Cappelli & Partne

LLinks Law Offices

9,823.33

▲1-2

100*10.1

0.5 8

▲

71

4.3-4.1 ▲▼ Bonelli Erede e Pappalardo 020*

4.320* -4 61*

10.1 -20.1

Darrois Villey Maillot Brochier5,023.41.41.3

1▲1.2 ▲ 3 72* ▼ 0.1

100*4.3Sidley Austin LLP 20 91 5,310.0Mori Hamada & Matsumoto 21 121

Weil Gotshal & Manges 19 14 5,840.2 31.1 ▲

4.6 5 42*19 121 4.572*▲

-1.5 ▼93 9,823.3

▲2

0.1 -2 10,436.8▼ Allen & Overy0.8

▲ 0.21.6 -1.5 ▼

31.511,286.18Zhong Lun Law Firm 18 10 6,176.8 3 0.8 ▲ 5*34 Pinheiro Neto Advogados 18 25 185.0 2.7▲

-25.4 ▲

1 100*56*3

0.10.1 -21 ▲

36* ▲61*

2.45.50.1

1.8 ▼71.9 ▲

17 19Allen & Gledhill16 72

Sullivan & Cromwell 17 25 6,829.0

▲Norton Rose Fulbright 16 159 7,310.5 1.9 ▼Morrison & Foerster

-0.1 ▼4

8

0.2 4 12,566.8 ▲

213,376.8 5.9

-0.7 ▼13,411.13 5.9▲ Souza, Cescon, Barrieu & Flesch Advog▲

Ligerion ZAO 14* - 8,876.7 2.3 2.3 ▲ 2 91*0.4 35.1 ▲ 26*

178

110.8Studio Pedersoli e Associati 14* - 8,876.7 2 Jingtian & Gongcheng2.3 2.3 14

0.1 15

14,861.5 ▲ 11Baker & McKenzie45 13,602.52

0.5▲ ▲91* 0.1

6.6 13*6.0

1 ▲ ▲640 2 34*

10.913 60.1-

Bowman Gilfillan Africa Group 13 59 8,906.7 2.3 1.7 ▲ 3 72*05.9-0.9 ▼ ▲- Kirkland & Ellis 12 510.92.5 0.30 15,150.1Fangda Partners 12 7 9,828.1 6.7

▲486.0 ▲ 19* ▲0.4 1

0.4 115,388.8 6.8 9

Jingtian & Gongcheng 10 184 10,633.07Latham & Watkins 11 95 ▲ 11 490.2 -2 ▼ Commerce & Finance Law Offices

0.210,269.3 2.6 2.4 36*

2.7 2.7 ▲ 10 24*5.59 18

19,050.4 7.6 ▲▲ Tian Yuan Law Firm 10 19*98 8.4

15*9.1

▲109.2 ▲50.818 5*Clifford Chance 9 8 10,644.5 2.7 ▲-0.6 ▼ 20,595.8 ▲

12-8 ▼ Grandall Law Firm

0.3 -7 ▼ AllBright Law Offices7 36*

-4.4 ▼ 17*0.2

814*13 ▲ Jia Yuan Law Offices 7 ▼

Davis Polk & Wardwell 8 3 11,057.0 2.8 0.5 10.4 -98.3 ▲22,056.0 9.7

84 9.521,534.019*33

▲Jun He Law Offices 7 39 11,649.3 3.0 1.8 ▲ 90.3 6

138.6 ▲22,099.3 9.76 39 1.1▲ 31*10.9

Grandall Law Firm 6 38 13,907.1 3*28 King & Wood Mallesons260.3 1 ▲ Sullivan & Cromwell

3.6 2.40.3

▲ ▲5* 0.6 5 235

-Linklaters 5 20 14,020.7 3.6 ▲7

3024,705.1 8.6

0.4 029,009.7 12.8 11.1 ▲ 9 19*4

112 17*

41.2 ▲ 11 21*

10 24*28.4 ▲13.0

4.2 3.240

▲ Clifford Chance0.2▲

4.4

Kirkland & Ellis 4 42 16,295.3

King & Wood Mallesons 2 4 17,355.4▲0.3 -1 3 10▼ Fangda Partners 29,404.9 1.8 12▼

Freshfields Bruckhaus Deringer 3 1 16,729.6 4.3 -16.9 ▼13 26* -6▲ Davis Polk & Wardwell 815.2 8.3 ▲2 34,435.2

4.90.8▼-1.7 33 0.4

0.7▲ 16 9*Skadden 1 5 18,991.7 ▲14-0.5 ▼ 28 19.114 1

110* 43,512.6 19.20.6# of DealsRank

Haiwen & Partners5* 11 ▲

Rank Value per Advisor (US$m)Rank

Value US$mLegal AdvisorMarket

Share Ch.Sh (%)Sh (%) Share Ch.2015 Rank

Market Market Market2014 RankDeals Sh (%) # of Deals

MarketSh (%)

# of Change inDeals RankLegal Advisor US$m

BRIC M&A

# of 2015 Rank

2014 Rank

# of Deals per Advisor# of Deals per Advisor

Any BRIC Involvement Announced Jan 1 – June 30

Rank Value Market Change in Rank Value per Advisor (US$m)

Any BRIC Involvement Completed Jan 1 – June 30


Industry % Change from Last Quarter 57.8%

49 1

6,845.6Jiangsu Hongda New Material Co

100.0

▲▲ Industry % Change from Last Quarter

85.0%

227,036.8

Retail / Food & Beverage Retailing

25 4,590.7 1.2 -1.9


Industrials / Automobiles & Components

11 ▼

5,027.7

4,549.24,577.3 Real Estate / Real Estate Management & DevelopmentChina / China

Zhejiang Material Ind Zhongda2/13/2015 Pending Zhejiang Materials Ind Grp (100%) Consumer Products and Services / Other Consumer ProductChina / China

Shandong Dongming Petrochem (49%)China / ChinaHainan Gongxiao Daji Hldg Co (100%) Xi'an Minsheng Group Co Ltd

Pending6/30/2015

Energy and Power / Oil & GasPending

6/3/2015 Pending Zhongrun Resources Invest Corp (83.8%)5,000.0Investor Group Qatar / China

Investor Group3/30/2015

Hong Kong / Hong Kong3/24/2015 5/18/20155,450.33/24/2015 5/7/2015 Celestial Domain Invests Ltd (100%) Hong Kong / ChinaAlpha Progress Global Ltd

Real Estate / Other Real EstateItaly / Italy

5,518.9

6/3/2015 PendingPirelli & C SpA (73.8%) Bidco SpAIntendedChina Overseas Land & Invest (17.11%) China Overseas Holdings Ltd

3/22/2015

Rank Date10,306.4 High Technology / Internet Software & Services

China / China 8,778.8 High Technology / SoftwareChina / China

Focus Media Tech Shanghai Co (100%)

Date Effective Target Macro / Mid IndustryQihoo 360 Technology Co Ltd (100%)Target (% Sought/Acquired) Rank Value (US$m)

1.6%

Investor Group

Any BRIC Involvement Announced - Top Deals Jan 1 - June 30 2015

▲

Acquiror / Target Nation

▲

6/17/2015 Pending

*tie

▲ -2.8% ▼

Acquiror

34.1%Industry % Change from Same Period Last Year

▲Industry Total 390,792.3 100.0AZB & Partners

Industry % Change from Same Period Last Year 52.5% ▲ 16.3%

Industry Total4,4293.51.1

36.1%▲

2,1833.2 ▲25 88* 7,944.04 ▲ 10 15* 0.5 7Barbosa Mussnich & Aragao

Any BRIC Involvement Announced M&A by Target Industry ($bil) Jan 1 - June 30 2015

19%

14%

14%10%9%8%

8%4%

4% 4% 3%

High Technology Industrials Financials

Real Estate Energy and Power Materials

Healthcare Consumer Staples Media and Entertainment

Retail Consumer Products and Services Telecommunications

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com Financials / Other Financials

,j g gg j g p ( %)1/20/2015 Pending CITIC Ltd (10%) Chia Tai Bright Investment Hong Kong / Hong Kong 4,433.3

4

▲▲

1.1

39* 0.2

15.2

11,286.1

39*

20*15*

9,823.3

9.1

▲21.021.0

463

▲

Latin American M&A

Jan 1 – June 30

0.7

▲

21.0

23.94

▲

-

10,070.616.47 11,184.4

1811


-4.1▲

Sh (%)MarketMarketRank Value # of Market

Share Ch.# of

Deals

-1417 112*▲ ▲ 12.2 ▲

228.6

US$m

▼ 2* ▲

1,683.5

2,367.2

7,225.8

-

▲

13.1

Demarest Advogados

21

Lefosse Advogados 23

0.2

19

45*

▼2522

1.9

Change in

▲-3.1

3.53.1

5.1 4.4

10*

6

2

▲

-1.8

2

-22

3.5

1,411.2

1,875.0

26*26*

▼

▲

▲

▲

1

10*16

3

1

1.13

4.0

5

3.6

▼

2-0.8

-11.1

3.6

1,464.013

3.1

8 2,045.4 4.4

1,472.82

3.0

1,625.5

1.33.5▼

▼-4

26*

39*

5▲

0 -

-10.4

4

12

1.1

▼1,407.8 3.0

0 224

1-0.1 ▼

7019

25* 01 275 5 ▲2 72 7Herbert Smith Freehills▲▼

150.4 -3

311

20.48* 4

2.6

▼

▼

0.9

▲

1

3

0.2

▼

▲▲

▲1

1▲

▲

0

8

▲

1

6

0.7

▲

1

-0

▲

-

-1

0.2

11

9,823.3 20.9

21.03

39*9,823.3

1

21.0

7,668.115.4

20*6

15*

▲▲18.9

14.6

21.02.4

26*20*

0.4

0.7

15.4 3

19.6

15.416.4

5

20.9

10*8*▲

▲▲

4

▲

21.5

▼2.313

21.01▲

3

1

40*Bonelli Erede e Pappalardo▲

3Pinheiro Neto Advogados

18*-7

Davis Polk & Wardwell▼-20.5

11

0.2

▼ Clifford Chance

3.918.4 124.12

# of Deals per AdvisorMarket

Legal AdvisorRank Market

Rank Value per Advisor (US$m)2015 Rank Sh (%)# of Deals Share Ch.


Rank2014 Rank

Change in

1

18*3

13Deals # of Deals

2.3Rank

Jan 1 – June 30 Any Latin American Involvement Completed (AG36)

2014 Rank

Any Latin American Involvement Announced (AE35)

Legal Advisor Sh (%)Market

Rank Value per Advisor (US$m)2015 Rank

Mattos Filho Veiga Filho Marrey Jr 2 5 2,899.6 8.728 3,053.0 9.2Demarest Advogados 6.71 3.7212 13,411.1Souza, Cescon, Barrieu & Flesch Advog

Sh (%)Value US$m

Cleary Gottlieb Steen & Hamilton3.2Simpson Thacher & Bartlett 3 19

4*2,420.0 7.3

6.511Hogan Lovells ▲

2,150.0▲

2.84* 21 2,150.0 0.5▲6.5

-4.46.5

▼

40*31

Creel, Garcia Cuella, Aiza y EnriquezJones Day 7 30 2,055.8

8

6.56.2

Fried Frank Harris Shriver & Jacobson 4* - 2,150.0

▲ 10

31,980.0 5.9

1▲ 12▲5.2

5*Darrois Villey Maillot Brochier▲ 5*▲

52 5*4*

Allen & Overy3.9

-7.1-20.518* -3 Gianni Origoni Grippo Cappelli & Partne

9

-2.1

Cuatrecasas Goncalves Pereira26*26* 0.4

▼9,823.3

9,169.047*Barbosa Mussnich & Aragao36*Stikeman Elliott

0.4▼69 5.6Sullivan & Cromwell24.9 2.7

71*Blake Cassels & GraydonMayer Brown LLP

1.09*2.611 114 ▲ Uria Menendez10

1,875.0 231* 1,634.0

▼1 ▲

-2

Freshfields Bruckhaus Deringer 12 13 1,511.6▲

4.529 1,629.6 4.9

0.2▲

12*▲

-▼ 7,208.3 15.4-1 ▲18*

▼ 40*-4.7 16

4.4 ▲Davies Ward Phillips & Vineberg LLP 13 - 1,450.7 4.4 15.43 27*Ropes & Gray39

0.57,132.7-2 ▼7,208.312*

144.2

▲4.2 ▲ 40*1

14.2 0.5Torys 14* 20 1,383.0 40*0.239*

Mattos Filho Veiga Filho Marrey Jr 8.60.210.2 ▲ 15Sullivan & Cromwell

1.339 5,650.5 12.1 10.4Norton Rose Fulbright 14* - 1,383.0

Kirkland & Ellis 14* 75* 1,383.0 4.2 ▲ 2 14.2 26* 0.4

40*0.4

Jones Day▲

-1

Shearman & Sterling LLP

1.7Creel, Garcia Cuella, Aiza y Enriquez

1,383.016▲

▼-

17

Cravath, Swaine & Moore70.2 01 51

45

181,013.2

2.03.0 -13.9

26* 24.2 4.2▲

Souza, Cescon, Barrieu & Flesch Advog 20

Proskauer Rose LLP 14* -

▼14*

Barbosa Mussnich & Aragao 19 3Osler Hoskin & Harcourt LLP

-14*

4.210

31* 1,383.0▲

1.0▼ Skadden

9* ▼2.1

-36

2

16*

15White & Case LLP

20

3.01 14▲0.6Machado Meyer Sendacz & Opice2.1734.2

22 9*

867.2 122.6 -9.0 ▼8

0.7▲2.2Veirano Advogados 21 63

4-9.4 ▼1.9626.3488.6Baker & McKenzie 23 2

Linklaters-16.6

-1.11.5

463.2 1.4Machado Meyer Sendacz & Opice 24 25▼

-9 ▼5 12* 0.9 -5

▼ 11 64 16* 00 71 4 0 0Cuatrecasas Goncalves Pereira 25 42* 459 8

Consumer Staples / Food and Beverage

5/13/2015

Target (% Sought/Acquired)

1/28/2015 Mexico / Mexico

6/22/2015

IntendedPending

Jan 1 - June 30 2015

22.5%

Industry % Change from Last Quarter

5/5/2015Moy Park Holdings (Europe) Ltd

-21.7%

Rank Date

Nextel Mexico

Comerci-Grocery Stores(160)2/26/2015

Pending Vitro SAB de CV-Food BusinessIntended

Organizacion Soriana SAB de CV

Pending

2/23/2015

Industry % Change from Same Period Last Year

Latin American Involvement Announced M&A by Target Industry ($bil)


-3.4%

Date Effective

Fundo de Investimento em

Undisclosed Joint Venture Co

United States / Mexico


Mexico / Spain

Owens-Illinois Inc

1,359.51,000.0United States / United States

AT&T IncUnited States / Mexico

Inmobiliaria Carso SA de CV

JBS SA

Pending

BR Properties SA

-5.1%

-46.1%

▲*tie

AcquirorSouza Cruz SA

Rank Value (US$m)British American Tobacco Ameri

2,657.2

▼

-39*

46,856.9

0.217025* 0

1

1,275.5 ▲2.72.7

100.0

1 39*

-13.0%

1

▼

- Herbert Smith Freehills

Industry Total


25*25*

100.0

▼▼

Brazil / Brazil

Brazil / Brazil2,150.0

0.22.7460

- 4 16* 00.7576

1.4 0.0Cuatrecasas Goncalves Pereira 25 42* 459.8Industry Total 33,310.1

▲1,275.5McCann FitzgeraldTaft, Stettinius & Hollister

▼

▼-25.8%

Real Estate / Other Real EstateRealia Business SA

▼

2.7

-3.4%

▲39*

Materials / Containers & Packaging

Consumer Staples / Tobacco

Real Estate / Real Estate Management & Development

Jan 1 - June 30 2015

Target Macro / Mid Industry


3,431.3

Telecommunications / Telecommunications Services

Retail / Food & Beverage Retailing

1/26/2015

Southern Copper Corp Materials / Metals & Mining

Hong Kong / Colombia

4/30/2015Pending Brazil / United Kingdom

Southern Copper Corp3/4/2015

2,456.2

1,383.01,511.61,875.0

Pending Pacific Rubiales Energy Corp

1/29/2015

Any Latin American Involvement Announced (AE35) - Top Deals

--

1,275.5 2.7 2.7 ▲ 0.2 1 ▲

20%

17%

14%13%9%

8%8%

Consumer Staples Energy and Power Materials

Real Estate Retail Industrials

Telecommunications Financials Healthcare

Media and Entertainment Consumer Products and Services High Technology

Energy and Power / Water and Waste Management

https://www.thomsonone.com EPM Colombia / Chile

,gAguas de Antofagasta SA 964.3

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5

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▲▲▲

111

Deals# of

▲10 ▼

Rank # of Deals▲ 2*

-8.7

9,823.33.2 -3.2

270.0Baker & McKenzie 12 1.7

205.013249.6

Simpson Thacher & Bartlett14*

Uria Menendez1.9 21*▼33*

10.8

2▲

Shearman & Sterling LLPMattos Filho Veiga Filho Marrey Jr

15

9,823.3

22.0

11

▲2

33*

5.3

-29.99,823.34*

1310.3

10

2.8

6.9242

320.9 14.6

6

-3

-1

-

▼0.4 0

-14

▼

4* 29.9

Clifford Chance

▲

-

-29.9

33*

-

Gianni Origoni Grippo Cappelli & Partne 9,823.3

Lefosse Advogados

4*Bonelli Erede e Pappalardo

Mayer Brown LLP0.4

29.9

29.929.9

1,750.43

▼

Legal Advisor

3.8

▼

5.0

Market

Pinheiro Neto Advogados

4

Davis Polk & Wardwell2

19

2*

867.2

21*

1

-

-

12 ▼▲

-1

Rank Change in

Jan 1 – June 30

Change in2015 Rank Sh (%)Sh (%)


Share Ch.Market

Rank

Rank Value per Advisor (US$m)Market# of

Any Brazilian Involvement Completed (AG38)

2014 Rank

Souza, Cescon, Barrieu & Flesch Advog▲▼

Sh (%)Share Ch.13

5.0-13.3

14

6

▲22.1

▲


▲1


14*19.1

# of Deals▲

Deals

2

▼-3.0 8.4

Brazilian M&A

Market

0.51 20*

29.9

29.9

1 ▲

▲

2

▲

▲20*

▲

11

1

20*

▲

0.5▲

1 0.5▲ 1

▲20* 0.5

1

1

▲

20*1.0 ▲

28.911▲20* 0.529.9

421.4

111,286.1

9,823.3

13,411.1

-3

1

11,184.482

29.9

Value US$m2 1117

34.134.4 18

0.5

1

Any Brazilian Involvement Announced (AE37)

Rank Value

Jan 1 – June 30

2015 Rank Sh (%)

2014 Rank

Mattos Filho Veiga Filho Marrey Jr 2,899.6Demarest Advogados 1


US$mMarket

19.8

Legal AdvisorMarket

3 1,511.6

3,053.014

Freshfields Bruckhaus Deringer ▲Barbosa Mussnich & Aragao 4

5.954*Darrois Villey Maillot Brochier-32.3 ▼4*

4.6

1

3-36.9-24.3

8.91 1,013.2

Veirano Advogados 5.06 734.2294.6

7*Souza, Cescon, Barrieu & Flesch Advog ▼

6

1▼ Barbosa Mussnich & Aragao

1

▲6.9Machado Meyer Sendacz & Opice 7 13 463.2 4.2 -9▼ 5Pinheiro Neto Advogados 8 4 414.2 1▼ 18

20*7,265.80 Cuatrecasas Goncalves Pereira

-2-23.1

21*▼

Allen & Overy9*

10*270.0

5

11

1.90.4

-3.29 16 2.1▼

24.222.1Wachtell Lipton Rosen & Katz 10* 11*

Lobo & de Rizzo Advogados 307.4 9 7,944.02 14*

5.010▲1.9 -7.4 10

22.4▲ 1.0

5 71▲▲

▲22.0

122.0 ▲22.0▲14* 1.0 1

- 0.8▲ 22.01.7 2

1.41.412* 7,208.3

1 0.421*Ropes & Gray

22.07,225.8

7,208.312* -14*7,132.714

21 ▲Anderson Mori & Tomotsune 14 - 197.7 ▲1.4 1.4

Vinson & Elkins LLP

3 11* 1.57 3.0

2 -10.721.7 4.0

▲▼

1-22

1▲

20* 0.5

-▲21.0▲-

6.9▼ 3

▼

0

0

Machado Meyer Sendacz & Opice14*5.0 25.0Skadden 16 - 1,625.5

4.517 1,464.0 -2.3-8.4718 4.3

11

1,407.892 -3

▲414*

611▼

▲1,275.5Demarest Advogados

1.01▼4.3 -3.9

▼1,411.2

20*20*

1,275.5-20*Herbert Smith FreehillsCravath, Swaine & Moore

McCann Fitzgerald-- 20*

1,275.5 3.93.93.93.9 ▲

13.93.9

0.5▲0.5 1

20*1 20*

▲10.5

1 ▲▲ 13.93.92 7

14* 0.8

Jones Day

23*23*

0 3

11* 1.2 23▲

▲▲

Cuatrecasas Goncalves Pereira

Clifford Chance

15*15*171819202122

Shearman & Sterling LLPSkaddenChiomenti Studio LegalLinklatersLefosse AdvogadosStocche Forbes Advogados

6* 173.1 1.2 -12.5 ▼30 94.5 0.7 0.4 1 21* 0.4 0 -33* 81.7 0.6 0.6 ▲ 2 14* 0.8 0 -28 75.6 0.5 -0.2 ▼ 2 14* 0.8 1 ▲26 65.4 0.5 -0.6 ▼ 3 11* 1.2 -1 ▼33* 57.5 0.4 0.4 ▲ 2 14* 0.8 115 55.7 0.4 -5.5 ▼ 3

0.4 -1.2 ▼ 1

▲1.2 -2 ▼

0 -- 51.0 0.4 0.4 ▲ 1 ▲

21 51.01

21* 025 33* 49 6 ▲ 1Bredin Prat

- 1.2 1.2 ▲

Paul Weiss

173.1

0 40 321*21*

2

0.40.4

11*

-22

1,275.51,275.51 275 5

3.93.93 9

Sullivan & CromwellTaft, Stettinius & HollisterWhite & Case LLP

20*20*20*

- 20*20*20*

0.50.50 5

110

▲▲

Pending Colombia / Brazil

3/10/2015

5/27/2015

▲ 1

4/17/2015 EPMTAESAIntended Arteris SA

TerraForm Global Inc5/7/2015 Pending

4/30/2015

5/27/2015

44.0% ▲▲

-

▲Industry % Change from Same Period Last Year

32,841.4Industry Total 100.0 2022.7

Consumer Staples / Tobacco3,431.3

77.6%

Energy and Power / Alternative Energy Sources

▼-31.7%2.5%

Healthcare / HospitalsEnergy and Power / Power

Consumer Products and Services / Travel Services

502.4

Industry Total 26214,630.9 100.0

Target Macro / Mid IndustryAny Brazilian Involvement Announced (AE37) - Top Deals

▼

Jan 1 - June 30 2015Rank Date

Real Estate / Real Estate Management & Development

Industrials / Transportation & Infrastructure

Consumer Staples / Food and BeverageUnited States / Brazil

Expedia Inc

Fundo de Investimento emBrazil / United Kingdom

IntendedBritish American Tobacco AmeriSouza Cruz SA

Pending

Brazil / BrazilBrazil / Brazil

7.4%

Moy Park Holdings (Europe) Ltd

▲-38.6%▼-31.4%

IntendedDate Effective

-12.9%Industry % Change from Last Quarter

2/23/2015

6/22/20152/26/2015

Jan 1 - June 30 2015

Rank Value (US$m)

Brazil Involvement Announced M&A by Target Industry ($bil)

JBS SA

Acquiror / Target NationAcquiror

2,456.2


BR Properties SA

Participes en Brasil SL

533.2Singapore / Brazil 509.6Rede D'Or Sao Luiz SA

Renova Energia SA-Wind andGIC Pte Ltd

270.0

Brazil / Brazil 356.7Cromossomo Participacoes II SADiagnosticos da America SA

Decolar.com Ltda

1,511.6

284.04/27/20153/10/2015

Pending Healthcare / Healthcare Equipment & SuppliesUnited States / Brazil

Brazil / Brazil

▼

*tie


0.3


21 025 33 49.6 ▲ 1Paul, Weiss 0.40.3 22 1,275.5 3.9White & Case LLP 20 20 0.5 0 -

37%

18%12%

8%7%

5%5% 4% Consumer Staples Real Estate Energy and Power

Industrials Healthcare Materials

Financials Media and Entertainment Consumer Products and Services

Retail Telecommunications High Technology

`

2/9/2015 Pending Abril Educacao SA Brazil / BrazilThunnus Participacoes SA

https://www.thomsonone.com 253.7 Media and Entertainment / Publishing

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6*

7.3

▲▲

1 ▲

28*▼

2

-0.3

5 1.6

15*1

Skadden 5

56.0

-1

1

1

21

34*

56.03*

1

2

4.9 -2.1

3.6

1.61.6

1 0.2

0.2

▲

▲1

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0

0

0.5

0.710*-4

34*

34*

21.1

21 -20 1,285.3

1,025.4

0

5▲

- 1,025.4

Clifford Chance

▲Allen & Gledhill - 3,242.2

2,650.614*

▲

Freshfields Bruckhaus DeringerAllen & Overy

Tulchinsky Stern & Co

9*9*

Goodwin Procter LLPCravath, Swaine & Moore

-Kim & Chang

16*3,263.7

2,406.8

3.6

▲Cleary Gottlieb Steen & Hamilton

4,425.4

2.1

4,520.2 5.0

-

0

72*

1,934.3

▼

-5.2

▲

▲

3,263.7

▲

5*

21Sullivan & Cromwell 3*

7

3*De Brauw Blackstone Westbroek3*

31

Kirkland & Ellis

8

2,650.6

2,886.0

3.60.6

14*

66*

Loyens & Loeff

34*

Yulchon LLC ▲

1.9 1-

Zulficar & Partners Co

-2.4

1.41.4

1

-0 3 0

▲

1,294.2

16-

3.2

17 -

19

Mason Hayes & Curran2.72.9

18 -2.1

2

1,707.6 1.9Paul, Weiss

Arthur Cox -

3.613

Cooley LLP

Linklaters2.9

128

9*

966* 3,263.7

7

- 50,575.2

43*

50,575.256.0

-29*

50,575.2

0.3

150,575.2

34*▲53.0

3.6

▲

9*

23*

1

3.8

1

2

49

1,707.6 3.8

3,263.7

4.52.9

▲

9▲ 4

28*

▲

55.2

3.6

1.4

-8.3

▲

▼

1.3

2.92.9

56.0

1 470 0▲3.8

▲

0.6

13.8 ▲

1,674.6

28*-

2▲

7.3

3.8

7.3

425.9 2

2,818.02,643.0

▲

7.30.6

▲17.3 22

▲

9*56*

▲

1515*

▲-▲ 2

# of DealsMarket# of Rank


Any Middle East & North African Inv Completed (AG49)


Sh (%)Deals RankChange in

Middle East & North African M&A

68


# of Deals

Rank Value per Advisor (US$m)2015 Rank

2014 Rank US$m

2.5RankShare Ch.

Market MarketSh (%) Sh (%)

Jan 1 – June 30

Market# of Deals per Advisor

# of

Any Middle East & North African Inv Announced (AE48) Jan 1 – June 30

Rank Value Change in

26.111,752.2

MarketValue US$m Sh (%)

17,128.926.4

MarketShare Ch.

▲▲

Deals Legal Advisor5* 1.1 ▲

2014 Rank

38.41

2015 Rank

4 38.456*Linklaters49* ▲54,077.6 59.559.937 Shearman & Sterling LLP54.7 ▲50,738.4 56.2 -

▲ 1 Paul, Weiss 11,043.516* 450.5 22

1 ▲5 9,791.1

24.856.0 24.834* 0.2 3 - 10*▲▲

50.62

▲

0.9 33

17.2▲0.2 1 Herbert Smith Freehills 15*

24* 9,171.14 22.0 ▼-111.2

9,109.2 ▲61.96 3*20.6

24*0.2

-20.4 17.0 0.328*Jones Day

05 ▲

34* 1▼▼-5 -1

0-10.2

-40

7.3

-▼

0.3

-20.96,718.6 15.11Freshfields Bruckhaus Deringer6* 1.62.4 ▲

7.3

2▼ 2.210.2

Slaughter & May77

3,263.756*

4,551.1

▲

5▲

Clifford Chance▼-▲ Goodwin Procter LLP -

9*Cravath, Swaine & Moore

Cooley LLP1 28*

Allen & Gledhill

11813,263.7 7.3

▲1

▲0.3

-0.3▲

0128*

▲-

12*28*

26.3

Gide Loyrette Nouel14

15*

12*-1 ▲

0.5 ▲

3.6▼

1 34* 0.2

16*3,242.2 15*Skadden

▲

7.33,242.2

-7.3

5.95.9

5 1.1

Akin, Gump, Strauss, Hauer & Feld

▼5*▲34* 1

21

Simpson Thacher & Bartlett

0.6

2,464.2 0.910*5.55.50.6-0.2

3▲

0

1622,037.0

-1.3

3

Allen & Overy4.617

▲ 183 3

0.2▲ White & Case LLP

▼34 1,991.7 1.94.5 3* -36▲12 ▲ Kim & Chang 19*

0.30.3

24.4 28*

1.4- 1,963.2

4.4-Lee & Ko 19*16*2 0.5

1,963.20.5 11

4.4 1▲

4.4 0.328*10.22

▲16* ▲4.4▲

1Zulficar & Partners Co

▲1 ▲1▲ Lee and Li 19*

▲1.1 1.14.41,963.21,110.3 1.2 -1.2 34*

-221 1 ▲0.2

34* 0.21

Jones Day 24William Fry 22*

▲22* -1.1 1.1

Ashurst10.33.81,674.6 28*▲ 1

0 9 25Berwin Leighton Paisner

▲

Davis Polk & Wardwell7 2*

34*1.6 5

9 7 56* 3 3 3 3 ▲1 28*62 511 ▲▼▲ 23*

Shearman & Sterling LLP 3 839 226 ▼1.0

25888.8

1Macfarlanes

1

Teva Pharmaceutical Industries

3/16/2015

Healthcare / Pharmaceuticals

Shareholders

195.7%

Industrials / Building/Construction & Engineering

Energy and Power / Power

1,934.3

Lone Star Funds6/2/2015

United States / Ireland-Rep

Utd Arab Em / Utd Arab Em

Teva Pharmaceutical Industries

Middle Eastern & N African Involvement Announced M&A by Target Industry ($bil) Jan 1 - June 30 2015

3/9/2015

5,000.0Pending

1,707.6

▼Industry % Change from Last Quarter

Kenon Holdings Ltd (100%)

4/20/20153/9/2015

1/26/2015 Jurys Inns PLC (100%)Pending Public Investment Fund Saudi Arabia / South Korea

100.0

4/21/2015


Any Middle East & North African Inv Announced (AE48) - Top Deals

Pending

Shandong Dongming Petrochem (49%)

1/6/2015

3/30/2015 Pending

*tie

Shareholders1/7/2015Dragon Oil PLC (46.1%)

Israel / United StatesMylan NV (100%)Acquiror

5/21/2015

3/30/2015


Orascom Construction Ltd (100%)Canary Wharf Group PLC (30.63%)

▲

Rank Date

20.4%

3,263.7

▼-66.3%

Date Effective

▲

Target (% Sought/Acquired) Rank Value (US$m)

5/5/2015 Auspex Pharmaceuticals Inc (100%)Investor Group

Israel / Singapore

Posco Engineering & (38%)Egypt / Utd Arab Em

2/5/2015 Stork Holdings LtdEmirates National Oil Co Ltd

3,242.2


0.3 0321

-

▲

1,025.4

2,650.6


1,110.3

1,470.0


81.4%

50,575.2

Jersey / United Kingdom

Israel / United States

Real Estate / Other Real EstateEnergy and Power / Oil & Gas

▼-4.3%

Jan 1 - June 30 2015

Industry Total 100.0

Industrials / Building/Construction & EngineeringMedia and Entertainment / Hotels and Lodging


-2.1%

Healthcare / Pharmaceuticals

0.9 25Davis Polk & Wardwell-9.7 56 3.3 3.3 ▲1 2862.511 ▲443

-0.2%

90,315.0▼

▼

Industry Total

224.7%

Shearman & Sterling LLP 3 839.225

▲

Qatar / China

44,598.2

62%

16%5% 5% 4% 3%

Healthcare Energy and Power Industrials

Real Estate Financials Media and Entertainment

Telecommunications High Technology Consumer Staples

Materials Retail Consumer Products and Services

`


py ( %)Qatar Holding LLC Qatar / Hong KongHK Electric Investments Ltd (16.53%)

, g g990.8 Energy and Power / Power6/9/2015 6/9/2015

7

15*

0.9 100.0

14 5*

2 9*

9

--1.6%▼12.8%

Industry % Change from Last Quarter ▲Industry % Change from Same Period Last Year ▲

0.0%-7.0%

Dentons

Industry Total 4,483.4

Weil Gotshal & Manges 14 - 212.413 -

Edward Nathan & Friedland Ltd

▲

19

6.55.0 ▲1

10* 0.8 110* 0.8

▲

2289.9- ▲

▲0.2

1225.0 5.09 -2Linklaters

Freshfields Bruckhaus Deringer 289.9 6.56*

11* 6.511* ▲

2

▼▲

2

1.510*1 0.8

▲1

▼

149.0 9-1.1

0.810*▲ ▲1.5

207*11.2

401.2 10.66*1▼

11.2502.3726.9 16.2

0.5 10 4Webber Wentzel

0.5

1Berwin Leighton Paisner -

726.9 -210*▲17.2

0.8-3

0.81 10*17.2

▲16.0 1

▼16.7 ▲

-27.7

▼ 111 ▲

White & Case LLP 5* 9 820.011.1

▼820.0

-10.15* ▲-

16.20.5

-

▲17.2

1770.0

4.1 4 792.3 17.7Cliffe Dekker Hofmeyr 55*

▼18.3820.4Bowman Gilfillan Africa Group

Clifford Chance

3

1.52 6*2.33 5

▲▲53.85

19 6.84

US$mChange in



2.111.1

7*▲

Glyn Marais Inc01

-1 015*15*

0.5

White & Case LLP1

Baker & McKenzie0.5

15*

Rank2

Share Ch.10

2014 Rank

MarketRank Deals# of

3Jones Day

Sh (%)Deals Value US$m

15

1

32

850.31

- 3


▲▲ 318.9

19.0 7.6# of DealsSh (%)

Jan 1 – June 30

Market# of # of Deals per Advisor

770.01

845.0 ▲2.3

Legal Advisor Sh (%)Rank Value

▲

▲

Market

▼

Davis, Graham & Stubbs11.1

▲

16 2

15*828.9

- ▲

6

50.5

-2

13

5.2 ▲

10.9

▲ -

3.29

15.91,176.8 0

1

▲▼

5*▲11.1

11

1

9.3685.2

-

-

-Cravath, Swaine & Moore

8* 30*685.28*

73.0Glyn Marais Inc

▲Slaughter & MayFreshfields Bruckhaus Deringer 9.3

K&L Gates 10*

20 - 89.41.0

820.0

382.39.35.2

132

-10.4Webber Wentzel

15*

15*

-4.3 ▼

4

Norton Rose Fulbright

1

ENSafrica

432 1,258.2

Cliffe Dekker Hofmeyr

11.15*

88.77.3

1

11.2

17.0

-11.6713

191,263.1▲

17.17.0

1

South African M&A

Market

▲

Market

ENSafrica

2015 Rank Share Ch. RankSh (%) Legal Advisor

Market

Jan 1 – June 30

Change in

2

2015 Rank


Any South African Involvement Completed (AG50)

▲15* 0.5 0

▲

00 5

0.5

2

-2.8-

▲ 1

18.9

12 9* 0.9

1

382.3 ▲5.2 5.2

9.3▲

5.2 5.2

▼ ▲# of Deals

Any South African Involvement Announced (AE49)

2014 Rank

1221

Bowman Gilfillan Africa Group

3 7* 1.4-

3 ▲

Weil Gotshal & Manges

1.2 1.215*

▲▼ 1-0.1

Hogan Lovells 10* 30* 382.3Haynes & BooneKean Miller LLP

10*--

14 -10* ▲

▲

15 95.3

- 318.5

1.3

▲

382.3 5.2333.3 4.5 4.5

4.3 4.3

5.2

Berwin Leighton Paisner 16 - 212.4 2.9 2.9Shepstone & Wylie 15

1.6 ▲Latham & Watkins 17 - 209.3 2.8 2.8 ▲Chaintrier Avocats SELARL 18 - 120.9 1.6

4.7 4.7

1 15* 0.5 1 ▲1 15* 0.5

▲1 15* 0.5 1 ▲1 15* 0.5 1 ▲

0.9 2 ▲1 15* 0.5 1 ▲2 9*

6* 1.5 2 ▲Edward Nathan & Friedland Ltd 15 - 64.7 1.4 1.4- 58.3 1.3 1.3

▲ 2▲ 1

1.1 0.910* 0.8 1 ▲

0 -1 10* 0.8▲ 1 10* 0.81.1 1.1▲Fluxmans Inc 17 19 50.6

1 ▲

0.8 ▲

Tozzini Freire Teixeira e Silva 18* - 50.0

0.9 2 ▲

0.5 -2 50.0Cleary Gottlieb Steen & Hamilton▼ 18*

Russo De Rosa Bolletta & Associati 16

-Fluxmans Inc 22 - 63.4 0.9 0.9

0

58.3 0.8▲Werksmans Attorneys 24 30* 56.0 0.8

Russo De Rosa Bolletta & Associati 23

▲ 1

Herbert Smith Freehills 25 4 36 0 0 53

24 1

2

10* 0.8 1 ▲

15*

19*

▲

1.1 1.1

▲1.80.8▼ 1

▲

Herbert Smith Freehills 20 - 36.0 0.8 0.8 ▲ 1 10* 0.8 1 ▲

218

Retail / Internet and Catalog Retailing

Industry % Change from Same Period Last Year -13.1%Industry % Change from Last Quarter

▼

*tie35.9%

1/28/20152/10/2015

Pending 318.5372.0 Consumer Products and Services / Professional Services

Financials / Asset ManagementRedefine Properties Ltd

Oceana Group Ltd

258.9Tamedia AGLeaf Property Fund Pty Ltd (100%)

Switzerland / Switzerland

Healthcare / Hospitals

521.1 Materials / Containers & Packaging382.3 Consumer Staples / Agriculture & Livestock

6/25/2015 Servest Group (Pty) Ltd (51%)South Africa / United StatesSouth Africa / South AfricaKagiso Tiso Holdings (Pty) Ltd

Daybrook Fisheries Inc (100%)5/19/2015

784.8685.2

3/26/2015

3/20/20156/22/2015

HTP Group Pty Ltd (100%)

Pending

6/25/2015Pending

South Africa / AustraliaAmcor Ltd

4/14/2015 Pending

Maxshell 114 Investments Pty (100%)

3/26/2015 Nampak Ltd (100%)Tower Property Fund Ltd

Spire Healthcare Group Plc (29.9%)Pending

Cripple Creek & Victor Gold (100%)Acquiror Acquiror / Target NationRank Date

7.6%▲

Any South African Involvement Announced (AE49) - Top DealsDate Effective

▲5.8%

Jan 1 - June 30 2015South African Involvement Announced M&A by Target Industry ($bil)

Industry Total 7,407.7 100.0

Rank Value (US$m) Target Macro / Mid Industry

▲

Jan 1 - June 30 2015

Sun International LtdRemgro Jersey Ltd

Materials / Metals & Mining

South Africa / South Africa

United States / United States 820.0

Financials / Other Financials616.9

Financials / Other FinancialsNewmont Mining Corp

South Africa / South AfricaSouth Africa / United Kingdom

Australia / South Africa


Pending

6/8/2015

ricardo.ch AG (100%)

Pending

00.5Herbert Smith Freehills 25 4 36.0 0.5 -24.1 15 -▼ 1

27%

22%18%

8%

7%6%

Financials Materials Healthcare

Retail Consumer Products and Services Consumer Staples

Real Estate Industrials High Technology

`̀̀̀̀̀

Retail / Apparel Retailing212.41/15/2015 1/15/2015 Poppy Holdco Ltd (85%) The Foschini Group Ltd South Africa / United Kingdom

https://www.thomsonone.com

g g


g ( )

8

Havel Holasek & Partners sro

Change inMarket# of # of Deals

▼

4

-0.1

Jan 1 – June 30


6

2,031.1

2014 Rank

Rank Value2015 Rank

Clifford ChanceValue US$m

Any Eastern European Involvement Announced (AE47) Jan 1 – June 30

Legal AdvisorSh (%) Sh (%)

Any Eastern European Involvement Completed (AG48)

US$m


Share Ch.


Eastern European M&A

2014 Rank

Market Market

21

# of Deals per AdvisorMarket

Linklaters 2

Change in

12.43,926.6 ▼

Market

0.1

# of

16.3

7.5

914.1

Sh (%)Legal Advisor

2,264.6

14,539.51

Deals Rank

▲

0.6

2

-

-

1

12.0

6* 1

1Lombardi Molinari e Associati

8*

5.9

7.3

38*38* ▲

3

2

42

▲

3▲

6.1

-3.1

7.33.86.3

▲▲

2015 Rank

2-7

De Brauw Blackstone Westbroek

# of DealsWhite & Case LLP

589.0

34589.0

Dorda Brugger & Jordis

0.25*

15*

889.015*

0.3

0.2

589.0

1.6▲

10*

23

228.3-

315.6

0.5

0.1

▲4.0 2▲

5

4

▼

31*

190.9185.1

111

-8 ▼

▲

6*

2,076.57.3Jun He Law Offices 2,031.1

Studio Pedersoli e Associati 7.36*

36* -

-

Freshfields Bruckhaus Deringer 17▲ 1

5.1 ▲

5*

138*6*

7.3

7.3-53*

2,031.1

7.3

0.1

▲

17* 24*

2

2.2

0.20.8▲

▲▲

110.120* Herguner, Bilgen and Paksoy 1

1410*

1.5

6

1.5

-0102.2

1

0.1▲

7

191.9212.5

-6.631*

-21.6

0.3220.1220.7

27

1.2

▲

-

1.5

1.3 -3.052* 1.31.3

889.0

5.9 2▲-5.8 0.2

0.15.9

14

16 417

7.36.3

212

▲

▲

▲

0.1Hogan Lovells

2

▲

▲▲

-0.6 0.8▼

3

20*

0.215*43

3

5.4

13 1,705.4

1,505.0

6.1

5.4

5.95.9

5.915*

Walkers

Ligerion ZAO

Vinson & Elkins LLP

1,650.4

White & Case LLP

-

Loyens & Loeff

15*

14 1,655.4

Maples & Calder

Domanski Zakrzewski Palinka spk

610.42122

-18*

6*

3

12 53*

1,650.4

20-

730.5

2,031.1

-1,762.7

15* -

Chiomenti Studio Legal

1,528 Houthoff Buruma 24

2.2 0.5▼

27,882.22.2 -2.5

100.0Industry Total

Dentons23

7King & Spalding

523

600.9

Allen & Overy

Orrick Herrington & Sutcliffe LLP 1,505.0

218*

Skadden-

1,650.4

Baker & McKenzie

5.43.2 3.25.4

2.6 -0.9

0.57

2* 0.9▲

10*

13 -1Raidla Lejins & NorcousLatham & Watkins

0.46 12-10

▼

▼

Schoenherr Attorney's at LawWeil Gotshal & Manges

-3 ▼

200.1▲ 2▼

2 ▲

▲10.1 19AZB & Partners2 ▲

Dentons 1838*20*20*

2

▼▲

3

▲

15*1

12Linklaters▲

20*15

3213

Greenberg Traurig

Clifford ChanceSlaughter & May

1.6238.3▲2.2▲

6

1

4.0

13.7

31*

▼104.0

9

2.0 17*5*5*

▲

1.2

0.5

0.2▼

0

0.2

-2

-1▲

3,680.040.6 ▲

13.2 15* -1 ▼▲9

0.1

11.96.1 2

▲ 2*

4.0

15

▲ 1

▲

8.1

▲

11.5▲ 17* ▲

4.0

-46.1

017*15

22*

Share Ch. Rank10.711.9

▲Sh (%)

1.2-

MarketRank Deals

11.9


1,740.1 ▲8 16.72,439.51

52*▼

2

▲

SORAINEN▲

3King & Spalding 4

Balcioglu & Selcuk

6.1

Noerr LLP

0.23 44

5*7.3 52*

-

0.1

0.2

0

0

1,739.1

12*

-

589.011

Gleiss Lutz

2,031.1 7.3

2,031.1 7.338*

0.1▲

▲

38* 544.6

▲

10.11▲

▲ 0.1 ▲ -Bowman Gilfillan Africa Group

5

▲Atim & Atim Hukuk Burosu

315.6

2.8Paul, Weiss 4.0-

2.2

0.217*

Latham & Watkins43 29

-

Allen & Overy

Weil Gotshal & Manges 5*

0.80.1

▼

214*

4 14*▼-2

-17* 0.2

2

▼

▼

31* 0.110

14*

28

0.4178.2

26

7

4

31*

8*▲

0.3

-30.1

▼0

-6

▲

▼▲

2

▼

0 6

0.6

11*

1722 174.0

▼

1

-70.6

31*0.1

▲17

21 1046 ▲0.91.2

▲

-3

179.80.41.2

▲

-3.7

-0.11 484 825

1.00.952*

144.0125.5

0 652*

23

16

▼

0

8*11*

31*

0.9-0.4

11.31.3

▼

1

-0.55

▼

-11.1

1,650.4


Industry TotalHavel Holasek & Partners sro

2,248.52,031.1

United Kingdom / Poland

Cukurova Telecom Holdings Ltd (%)

Schlumberger Ltd Energy and Power / Oil & Gas

Materials / Metals & Mining

Acquiror

2/12/2015

Alfa Telecom Turkey Ltd

3/16/2015

-7.0%


TVN SA (52.7%)Uralkaliy (13.6%)

BP PLC


▲-4.5% ▼14.0%

Any Eastern European Involvement Announced (AE47) - Top Deals

▼Industry % Change from Same Period Last Year

1/20/2015

6/19/2015

▼

3/16/2015


Rank Date Date Effective

*tie-19.6%

0.6

United States / Russian Fed

117 ▲▲ 1.484.814,596.1

25 0.652

Southbank Media LtdEurasia Drilling Co Ltd (45.7%)

PendingCETIN as (100%)Pirelli & C SpA (26.2%)

IntendedPending

Pending

-5.6%Industry % Change from Same Period Last Year

Uralkaliy

2/12/2015

Russian Fed / Russian Fed

▼

Jan 1 - June 30 2015

3/22/2015Pending

6/8/2015 PPF A4 BV Netherlands / Czech RepublicTurkey / Turkey

Italy / ItalyBidco SpA

Rank Value (US$m)

-18.8%

Jan 1 - June 30 2015


Eastern Europe Involvement Announced M&A by Target Industry ($bil)

PendingAkkuyu NGS Elektrik Uretim AS (13.5%)

1,505.0


Deutsche Telekom AGRusatom Overseas ZAO

Slovak Telekom AS (49%) Telecommunications / Telecommunications Services

United Kingdom / Russian Fed

Germany / Slovak Rep 1,003.5Energy and Power / PowerRussian Fed / Turkey

2,800.0 Telecommunications / Telecommunications Services

766.1

1,116.6

Industrials / Automobiles & ComponentsTelecommunications / Wireless

Media and Entertainment / Broadcasting

▲

100.0 1,244

▼▼-59.9%

750.0

9.4%

5/25/20155/19/2015

6/19/2015

4/23/2015

Taas-Yuryakh Neftegazodobycha (20%)

16

24%

22%13%

9%7%6%

Telecommunications Energy and Power Industrials

Consumer Staples Financials Media and Entertainment

Materials Real Estate High Technology

Healthcare Consumer Products and Services Retail

Hungary / Hungary Financials / Banks

https://www.thomsonone.com 700.4Hungary2/13/2015 2/13/2015 BUDAPEST Hitel- es Fejlesztesi (100%)


gygy g y ( )

9

5,516.4

3

61*

7*▲ 0.2

3.1

2.5 1.51 3

4 40*0.0

2 5 5*

91*

-116*

40Kirkland & Ellis 0.30.9 1

64*

20

Grandway Law Offices 23181* 4,870.2

79Sidley Austin LLP


Conyers Dill & Pearman 249

Mori Hamada & Matsumoto

25-

AZB & Partners

0.5

▲49 384 Khaitan & Co1 11 2 2 1 ▼ 2511.2

0 9 440*444,615.2 ▲

▲5 271 84 590 7 ▼

-7 ▼0.1 ▼

▼18

0.1 ▲▲

-74 -10.212.6▲ 5,450.38 2321 Norton Rose Fulbright

213

3 24Ashurst1.2 ▲0.3

64*1.2

1.3 ▲ 4 22Shearman & Sterling LLP▲51*4,770.739

0.247*

22

5,310.021 76 4

1.3

157*-3

▲3.26,822.82.3

20Weil Gotshal & Manges▼

-2 ▲3 0 -47* 0.2

13

▼41

8*1

0.8▲

-111692.1

51119 3.37,075.8

8,532.7 4.0▲LLinks Law Offices 17 8,630.8 8 0.422*3.6 4

12Zhong Lun Law Firm 18

▼-264*6,176.8 1.6 -1.7 ▼

1683*

Weil Gotshal & Manges 0.10.834

338

19Amarchand Mangaldas8 18▲

-412,600.44.1

▲▲63

Allen & GledhillSullivan & Cromwell 17 18 6,829.0 7Norton Rose Fulbright

0.2 3 ▲

2

1.8

▲16 115 7,310.5

2.3

▼▼

47*15 0.15.9

▼0.22.2

-42-31.9 1.8 ▲ 4 51* 0.1

213,376.820.1 3Ligerion ZAO 8,876.714* - 2.3

▲5.7

322*5.4 8 0.4▲ Morrison & Foerster

145915 ▲6.3

▲ Jingtian & Gongcheng ▲13,602.545

▲6.3

6.413 15,150.1

9496.0 6

7.27.1 ▼

▲ Commerce & Finance Law Offices 15,388.8 0.512 ▲27*

1▲

▲ 6 1 11Fangda Partners 12 5 2.5 -1.2 41

19,050.4 9.0 0.5 18.3Latham & Watkins 11 120 10,125.3 2.6

20,595.89

-68.1 ▲ 9 16*

0.917,618.2 2.9 5*Baker & McKenzie2.76 10,593.5

▼2▲ 18▲

1310 48

Grandall Law FirmTian Yuan Law Firm▼Clifford Chance 10

Jingtian & Gongcheng 9 5*5.8 ▲ 188 9.7 ▲

0.5 -9▲10.5

0.9

▼

413*9.821,534.0 ▲

8.8 ▲10.422,157.5

10.1 10AllBright Law OfficesJia Yuan Law OfficesKing & Wood Mallesons

22,056.079Davis Polk & Wardwell 8 4 11,057.0 2.9 -3.3

0.36 27*

307 9 16*8.810.4▲24 3▼10.9

13▲28 5

110

-7

▲3.13 323615* 27*▼

16,295.323,429.6

Skadden

Freshfields Bruckhaus Deringer 4

13 17,341.3

1Kirkland & Ellis

Market# of Deals per Advisor

# of Rank Value per Advisor (US$m)

Grandall Law Firm15,899.6

5

6Jun He Law Offices 7 29

5 27 13,907.1

2014 Rank

2015 Rank

24

-1.1

20.513.8 8.9

Sh (%)

11.0 8.6

2 29,404.911.226

▲12▲

6

▼

Sullivan & CromwellDavis Polk & Wardwell

6 28

-43

8▲

2.5

Change in Change inMarket

▼3

23,798.8 9.1

4

2.7

Linklaters 6 12,512.7

14* - 8,876.7Studio Pedersoli e AssociatiBowman Gilfillan Africa Group 1.7

-5

▲

▲2.3139,866.8

40

▼-0.8178 10,633.0 2.7

3.6

15*▲

10

2.3 121.7 13

5,023.4 1.31.4 1.1 ▲

▲▲

▲▲8

Sh (%)

88*

12Fangda Partners 40▲102*

2

Clifford Chance0▲

Haiwen & Partners

-10.20.5

0.3

0.615*

0.1

0.3

39*0.2 -7

21

29*

0.1

21*6

▲

▼

3.2

283*

14 0.3

0.3

-1.6 ▼3.2

AZB & Partners

0.1

2.212

5,840.2

Market

8,906.7

2

Legal Advisor# of

17,355.4


# of Deals0.8

RankDeals Sh (%)

0.6

Share Ch.16

▲

20.41 43,512.6

Rank

1.5

2.3

12

Value US$m

0.2

0.1

11,649.3

▼

▲

3.0

2.1

▼▲

▼

11*

1.2

# of Deals

▲0.8

214

5,299.6

3 5.5

▲

-1.1 ▼

23,250.9

▲

▼451*

▲

▲

1.0

-0.5

23

US$m

50

51*

2015 Rank

1


3 ▲

Any Asia Pacific Emerging Market Inv Announced

Market

Jan 1 – June 30

2.6Morgan Lewis & Bockius 21

4Rank

13Deals

33

Asia Pacific M&A

Market

▲0.3

Legal Advisor▲

6,524.7


Any Asia Pacific Emerging Market Inv Completed

4.2

Rank Value MarketSh (%)

▲1.7

▲

-2.24.5Share Ch.

-18.44.1

4.5

2014 Rank

Jan 1 – June 30

King & Wood Mallesons

▲

21*

2.3

54

33*

23

0.1

0.1

0.1

▲

1.32.5 5212,714.8

925AZB & Partners ▲49 384 Khaitan & CoIndustry Total

1.11.2 -2.1 ▼ 25387,936.1

1 0.9 -4▲5,271.84,590.7

85.8%

▼100.0

▲

181,928

▲

6/17/2015

Any Asia Pacific Emerging Market Inv Announced - Top Deals

▲

6/3/2015

10,306.4


3/30/2015


2/13/2015

6.5%▲4.2%


Alpha Progress Global Ltd

31.4%

6,845.6


Industrials / Automobiles & Components


8,778.8

5,027.7

4,549.2

Acquiror

Hong Kong / Hong Kong

High Technology / Internet Software & ServicesHigh Technology / Software

5,000.0

Consumer Products and Services / Other Consumer ProductsPending

Shandong Dongming Petrochem (49%) Investor GroupZhongrun Resources Invest Corp (83.8%)

Zhejiang Material Ind ZhongdaReal Estate / Real Estate Management & Development4,577.3

Retail / Food & Beverage RetailingEnergy and Power / Oil & GasPending

Hainan Gongxiao Daji Hldg Co (100%)PendingQatar / China

PendingChina / China

China / ChinaChina / China

Italy / Italy

Pending Investor GroupFocus Media Tech Shanghai Co (100%)

China / China

6/3/2015 Jiangsu Hongda New Material Co

Celestial Domain Invests Ltd (100%)

Intended3/24/2015 China Overseas Holdings Ltd

Pending

6/30/2015

Bidco SpAPirelli & C SpA (73.8%)

China / ChinaXi'an Minsheng Group Co Ltd

3/22/2015

3/24/2015 5/7/20155/18/2015

Hong Kong / China

Rank Date

*tie

Industry Total


58.0%

Qihoo 360 Technology Co Ltd (100%)

100.0

Date Effective

4,416

Industry % Change from Same Period Last YearIndustry % Change from Same Period Last Year 24.1%▲▲Industry % Change from Last Quarter

66.6%

Investor Group

Jan 1 - June 30 2015

35.5%▲

Zhejiang Materials Ind Grp (100%)

▲

China Overseas Land & Invest (17.11%)

Rank Value (US$m)

5,518.9

Asia Pacific Emerging Market Involvement Announced M&A by Target Industry ($bil)

Jan 1 - June 30 2015

5,450.3

20%

16%14%

11%

8%8%

7% 4% 4%High Technology Financials Industrials

Real Estate Materials Energy and Power

Healthcare Media and Entertainment Retail

Consumer Products and Services Consumer Staples Telecommunications

Hong Kong / Hong KongChia Tai Bright Investment1/20/2015 Pending CITIC Ltd (10%)

https://www.thomsonone.com 4,433.3

,Financials / Other Financials

j g gg


j g p ( %)

10

MarketDeals# of

# of Deals per AdvisorRank Value per Advisor (US$m)2015 Rank

Change in Rank

MarketSh (%)

Jan 1 – June 30

Change in# of DealsShare Ch.Sh (%)

10.4

▲

58

62*0.8

13▲

37*

9

12*

16*

▲

16

▲

5

23 2*▲ 40 11.8

14

8.6

3 ▲9.2

12.8

4.9Haiwen & Partners

28 4

27

▲

08

5▼

2Fangda Partners

Jia Yuan Law Offices22,099.3

33

0.2▼

17* -10 ▲

25.2

56

Sullivan & Cromwell

Davis Polk & Wardwell

King & Wood Mallesons23

12.8 10.9

25.0

2014 Rank

1 78* 43,512.6

Rank ValueValue US$m

Market Market# of DealsRankShare Ch.


Sh (%) Legal AdvisorRank

Any Chinese Involvement Completed (AG54)


2014 Rank

Market

33▲34 8.9

13,602.531

14,807.011 7.5

▲6.4

15,388.8

14,591.50.6

7.9

3.79* 0.9

0.4▲

8.5

12*5.0 ▲4

▼

0.2▼▼

0.8

0.1

3-1

▲1

-2▲

▼

-1

-1

▲4.2

620*

8

7.3

12

▲2.38,630.8

7.6 6.87.3

1712,566.813,166.8

111615

1.40.3

Allen & Gledhill

Jingtian & Gongcheng

46

0.3

-

0.114

47

9

2-2

1 ▲

10-3

Tian Yuan Law Firm▲

▲

3

2 Morrison & Foerster

8

Baker & McKenzie

▼▲ 8

▲12 12

Clifford Chance

39▼

Commerce & Finance Law Offices9

▲ 49.6

▲

11.0 ▲3.611.1 -68.6 7

11.211.1

12.54.3

15,736.7

Sh (%)

10 3.9

▲ 18*

▲ 9 9*▲

7.45.9 18

15 19,360.9

AllBright Law Offices20,595.8

12.0

5▲

5

2 ▲Grandall Law Firm 7

▲▲

-2

6▲

Market

▲11.9

▲

1.6

0.7

10.9 -9

10.5

1.051.8

▲0.3

▲

Chinese M&A

▲14

▼2.3

1213

22

19,050.43

4

Kirkland & Ellis

21,534.0

7

22,056.0

19,186.419,182.2

0.8

# of Deals

0.2

9*0.25

8

1.123

1.0

7

0.4

2

-0.9 6

2

42.1 ▲

59*

2.8

13

120*

59*▲

2.8

20*

2

9*

6,176.8

3.2

8,876.7

1.8

2.5

▼▲

-2.3Norton Rose Fulbright

3.3

10,633.0

2.5

▼ 14*

▲

15,218.0 -22.9

59*Ligerion ZAO 13*

9,828.111 -1.7

8,876.7

Davis Polk & Wardwell

19

17▲

2.5Studio Pedersoli e Associati

11,095.3

2.9▼

23

1.72.4

▲5

4.9

Any Chinese Involvement Announced (AE53)

8,901.0

23

10

16

-3.0

3.0

▲

10,125.3

US$m

Conyers Dill & Pearman

Zhong Lun Law Firm

Bowman Gilfillan Africa Group-

7,310.5

▼ 224

1.34,615.2

59*

Grandway Law Offices

Sidley Austin LLP1.4

4,770.7- ▲

21

-0.4Weil Gotshal & Manges 4,647.0Sullivan & Cromwell

26 1.46122

▲3

1.5 1.2

4,870.2

64

1.4128*

0.1

0.1

1.2

35,023.4

20

18

2.1

2.1

▼

2.52.5

113

56-

20*

34

2

4,673.0

5,310.0

1 ▲

2.5-1.8

6

▲ 8 14* 0 3

246*4

AllBright Law Offices 25 57 3 928 5

13*

10

13*

▲

3.0

4.5

0.1

10.7-5.219

62* 0.192 3.21.9

▲

-

43,233.13,291.1▲

0.1 20

▲66


1.315

1.3

▲

46* 0.1 ▲▲

▲

0.9

35*1.4

0.10.1

▲46*

210.3

▲5,450.3

835* ▲2

18Norton Rose Fulbright▼-2

40

3.0

0


10▲ 27*

10,593.5

4

3.6

▼

6

17,341.3

0.2

LLinks Law Offices3.1

▼4

329,404.9

▲20*

▼

▲

▼

▲▼0.4

18*

14*

0.99*

▼

-2.5 0.5▼0.2▲

▼0.6

0.20.4

-1

10

2

7

6*

2

5

▼▼Freshfields Bruckhaus Deringer -3

20*2

-17

8

-337* -1

4

1

17.0

4

1.9

-7.2

▼ ▼14*Skadden -5

King & Wood Mallesons

Jan 1 – June 30

2

13

8,876.7

17,355.4

17

0.2 13721

▲

80.7

Hairun Law Firm

▲

234

-13

220.1 -3.4

3,191.4

2,923.710 1.7

1.92,986.0

1.3 31 1 0 7

▲▼

1 525 2 534 21.52,636.8

37*

Guantao Law Firm

101.5

Herbert Smith Freehills

Mori Hamada & Matsumoto

Legal Advisor

52

12 5

1

2015 Rank

Jingtian & Gongcheng

Jun He Law Offices

Skadden

Grandall Law Firm

76

Fangda Partners

8Linklaters

32

13,907.11

125

11,649.318

Clifford Chance 9 8

Kirkland & Ellis

1.4

3

101Latham & Watkins

4Freshfields Bruckhaus Deringer

2.8

Han Kun Law Offices3

Grandway Law Offices ▼ ▲1 02 814-

1.7

0.420*46* 3

4.0

24 ▲4

Energy and Power / Oil & Gas5,000.0Retail / Food & Beverage Retailing

Pending

Chinese Involvement Announced M&A by Target Industry ($bil)

Rank Date

*tie

6/3/2015

Industry Total

86.2%

Focus Media Tech Shanghai Co (100%)Pending6/17/2015

Industry % Change from Last QuarterIndustry % Change from Same Period Last Year ▲

Qihoo 360 Technology Co Ltd (100%)Date Effective

1 ▲▲ 8 14 0.3AllBright Law Offices 25 57 3,928.5


▲

352,096.4

51.1%

PendingPending Zhejiang Materials Ind Grp (100%)

Acquiror

5/18/2015

Pending

Pirelli & C SpA (73.8%)

5/7/20153/24/20153/24/20156/30/2015 Hainan Gongxiao Daji Hldg Co (100%)

6/3/2015 Jiangsu Hongda New Material CoBidco SpA3/22/2015 Intended

2/13/2015

Alpha Progress Global Ltd

3/30/2015

▲

China Overseas Land & Invest (17.11%)

2,9251.1 0.7 1.525 2,534.2 10

138.0%

Celestial Domain Invests Ltd (100%)

Investor Group

Xi'an Minsheng Group Co Ltd

Investor GroupShandong Dongming Petrochem (49%)Zhongrun Resources Invest Corp (83.8%)

Zhejiang Material Ind Zhongda

Grandway Law Offices

Investor Group

China Overseas Holdings Ltd

▼

5.8%

172,533.6

High Technology / Software

▲

Qatar / China


China / China

▲▲

4,577.3

15.5%

▲1.0-2.814100.0

5,027.7China / China

China / China

Real Estate / Other Real Estate5,450.3

Industrials / Automobiles & Components5,518.96,845.6

4,549.2


High Technology / Internet Software & Services

China / China

Hong Kong / China

1,0216 3

8,778.8

36.8%

China / China 10,306.4Acquiror / Target Nation

Jan 1 - June 30 2015

Rank Value (US$m)Jan 1 - June 30 2015Any Chinese Involvement Announced (AE53) - Top Deals

Pending

Industry Total

Real Estate / Real Estate Management & DevelopmentConsumer Products and Services / Other Consumer Products

39.7%

100.0

64.0%

Hong Kong / Hong KongItaly / Italy

Industry % Change from Last Quarter▲


▲

21%

15%14%

11%

9%8%

7% 4% 3%High Technology Financials Industrials

Real Estate Materials Healthcare

Energy and Power Media and Entertainment Consumer Products and Services

Retail Consumer Staples Telecommunications

Hong Kong / Hong Kong1/20/2015 Chia Tai Bright Investment

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables4,433.3 Financials / Other FinancialsPending CITIC Ltd (10%)

g j g p ( %)

https://www.thomsonone.com

j g g ,

11

0.9 - 1

▲

14 055 4- 145.8 0.3 ▲0.9 21*

1 -▲1.3

116 595 4

1.3 0.321*5 9

100 0 391

50

197.7 -1.247*

241.3210.0

Shardul Amarchand Mangaldas & Co

Industry Total

1.2

6

-Cleary Gottlieb Steen & Hamilton 25

23

0.2 1

Morrison & Foerster▲7*6

-

▲21* 0.3 11-1.522BMR Legal

11* -1.51.5 -

1.71.7▲5

3 20*273.4 1.9 0.2▲ 21* 1.720*

▲ J Sagar Associates21*

- 241.80.5 -4

4

1.9-2.7

11 1

▼ 273.4-7.211-1.9

1.52.3

- 273.49

-2.40.8

1819 307.417

▼ Akin, Gump, Strauss, Hauer & FeldMcDermott Will & Emery▲ 1.7 ▲21* 0.3

7 381.7▲ -4

7*5*

2.30.416*

-6 ▼▼

-3▼ ▼6Trilegal381.73.2 3.2 ▲2.824*2 558.6

87Kirkland & Ellis

16 --16 5 479.6 -19.1450.3

▼15*

▼▲

3.8634.8 3.817▲2

1.3

▲▲3.4

15*22 0.5

▲123.4

16*10 1.87

2▲ 0.40.5

▲

0.4

2717.6-111*

0.8

2▼▲2

6.21.0

3▲5.3

0.8104

3 11*▲

5.7 5.7 Linklaters16* ▲6.2

40*47*

2 Wadia Ghandy & Co4.0 4.24.3▲1415

▲

4,068.7 ▲24.513*

24.5

1,228.7 ▲7.4

▲▲

-

11

118

4,261.547*

- 4,068.7

4,068.7

- 124.5

23PH Bathiya & Associates

1

24.524.5

5*7*

▲

▲21*

▲

22.07*24.58

4,188.7

- 4,068.7

24.56

3

Sh (%)

5.8860.3

800.0800.0

11 819.5

-

18 15

15

17 -

Cravath, Swaine & Moore 12*

PH Bathiya & Associates

Trilegal

Akin, Gump, Strauss, Hauer & FeldHerbert Smith Freehills 21

19*McDermott Will & Emery

20

Shardul Amarchand Mangaldas & Co

Covington & Burling 12*

25-

-


Jan 1 – June 30

AshurstDavis Polk & Wardwell

Sh (%)AZB & Partners

2,156.12,156.1

2015 Rank

2014 RankLegal Advisor

Rank Value

7*Khaitan & Co

2*49

# of

-19.1

121

2*15.3

Luthra & Luthra Law Offices 9

Amarchand Mangaldas

Linklaters6

Sullivan & Cromwell

7* 17*

6Weil Gotshal & Manges

2.7

Sh (%)

21*0.416*

11*3*

0.2

0.2

8,532.7

6

▼

-

▼

Indian M&A

-3-

2

2.212

▼2.71,573.4

# of DealsDeals32.7

21*

▲15.3 ▲

1▲

1

21*

-63.8

140

▲▼

5.7

6.1

-10.20.5

3.4

0

5▲

4.7

5 3*13.6▼▼

-13.32115

▼8.5

-

232.9

Cleary Gottlieb Steen & Hamilton

-Debevoise & Plimpton

Shook Lin & Bok LLP

800.0

19*

Kirkland & Ellis

-

Industry Total

6.1J Sagar Associates

2.71.9

10

4.0

5.7

5.7558.6

7*

3 11.2 -21.2

15.3-27.41,910.7

2,156.1 -6.51

▲

▲

2

12

BMR Legal 22

25

14

273.4

986.01,193.21,193.27*

12*

4,590.7

Any Indian Involvement Announced (AE57)

Share Ch.Market

US$mChange in

Legal AdvisorRankMarket Market

# of DealsSh (%)

▼

Luthra & Luthra Law Offices

▼


Any Indian Involvement Completed (AG58)

# of


3

Value US$m

5

7*

AZB & Partners

Crawford Bayley & Co

Sullivan & Cromwell

0.9 -20.9 ▼

1.7

15.3

1.9

1

1559

1.6 1.5

100 0

Khaitan & Co

51.4

25.7

Rank Value per Advisor (US$m)Rank

5,271.82

Jan 1 – June 30

2014 Rank

Change inMarketMarket

5 ▼▲Deals

Amarchand Mangaldas 1

2015 Rank Share Ch.

3169▲

8.8 15.6▲ 1 1 11.47,075.8

1

157.038.5 ▲

-14.94.8

1

▼▼

12.9

2


2*2

Market

1

-44.641 10.5

Rank-114.1

42.6▲

31.8 23.7

▲▲

231.7 31.7

25.2 25.2 2

▲Weil Gotshal & Manges 4 5,261.9

Morgan Lewis & Bockius

19.8

24.71847*

5

Shearman & Sterling LLP

015

0.5 -15*134 ▲3.8

2

9

0.515*

20.3

0.30.515*

HSA Advocates

0.3

--1

12.3

0▲

▼▼

▲12 7*

1

-1

1

24.524.5

DSK Legal

13▲

▲▲

0.3

1,031.4

21*

▼

4,068.7

21*1

▲

▼23.8

▲7*▲

White & Case LLP

1

-1

2.5

0.2

-20.2

0

-2

0.2

0.2

21*

1

1

21*1Davis Polk & Wardwell 7*

1

4,068.721*

-150

120.09* 0.9

Wadia Ghandy & Co 24

-

21* 0.2Morgan Lewis & Bockius 2343 224.87*

▲

40 80.0 0.6 0.4 ▲ 1 21*21* ▲

▼- 40.2 0.3 0.3 ▲

Financials / Asset Management1/20/2015 Bandhan Financial Services Pvt (%)

2/14/2015

Industry % Change from Same Period Last Year▼

14,055.4

5/12/2015 Shriram City Union Finance Ltd (20.3%) Apax Partners LP

259.6



Indian Involvement Announced M&A by Target Industry ($bil)

Target (% Sought/Acquired)Rank Date

-5.8%▲

358.6

1,193.2Retail / Apparel Retailing

Financials / Credit Institutions

2,156.1

▲0.8%

Industrials / Machinery

817.5Industrials / Machinery

457.2Investor Group India / India

India / India800.0

United States / Germany

▼*tie

Any Indian Involvement Announced (AE57) - Top Deals

-1.1%▲

Industry % Change from Last Quarter2.0%

2/2/2015

Rank Value (US$m)

India / IndiaMylan Laboratories LtdPantaloons Fashion & Retail Lt

Vedanta Ltd

5/4/2015


4/24/2015

India / India

United States / India

Investor Group

6/15/2015Pending

1/19/2015

Lafarge SAInvestor Group


Pending1/22/2015 Centerbridge Partners LP

Cairn India Ltd (40.1%)

Jan 1 - June 30 2015

Jan 1 - June 30 2015

Pending6/14/2015Senvion SE (100%)

▼


273.4Videocon d2h Ltd (38.6%) Silver Eagle Acquisition CorpLafarge India Pvt Ltd (14%)

3/31/2015

India / IndiaAcquiror

16,595.4 100.0 391Industry Total


Industry Total 559

▲

Madura Fashion & Lifestyle (100%)

23.7%▼


-24.7%

Date Effective

Pending

5/12/2015IntendedPending

4/29/2015

100.0

0.7%

304.5Crompton Greaves Ltd-Consumer (34.4%)

France / India314.2

Media and Entertainment / CableMaterials / Construction Materials

-12.9%

Retail / Other Retailing

High Technology / Electronics

1/6/2015

Suzlon Energy Ltd (46.3%)Famy Care Ltd-Cert Female (100%)

23%

22%13%

11%

10%8% 5% 4% Industrials Energy and Power Retail

Healthcare Financials High Technology

Materials Media and Entertainment Real Estate

Consumer Products and Services Telecommunications Consumer Staples

g(%)

https://www.thomsonone.com p


12

Jan 1 – June 30 Any Sub Saharan Involvement Completed Jan 1 – June 30

Rank Value per Advisor (US$m) # of Deals per Advisor


Sub Saharan M&A

Any Sub Saharan Involvement Announced

Rank Value per Advisor (US$m) # of Deals per Advisor2015 Rank

2014 Rank

Rank Value Market Market # of Market Change in 2015 RankLegal Advisor# of Deals

2014 Rank

Rank Market Market # of Value US$m Sh (%) Share Ch. Deals Rank

Market Change inLegal Advisor US$m Sh (%) Share Ch. Deals Rank Sh (%) Sh (%) # of DealsLinklaters 1 2 2,309.9 15.1 -3.2 ▼ 7 5 1.9 3 ▲ Clifford Chance 1 4 2,067.4 18.7 1.2 ▲ 7 4 2.9 7 ▲Allen & Overy 2 34 2,283.1 14.9 14.8 ▲ 5 7 1.3 2 ▲ Linklaters 2 5 1,581.2 14.3 -0.8 ▼ 5 5* 2.1 5 ▲Cliffe Dekker Hofmeyr 3 13 2,195.3 14.3 11.2 ▲ 8 4 2.1 1 ▲ Allen & Overy 3 32 1,230.4 11.1 11.0 ▲ 2 10* 0.8 2 ▲Slaughter & May 4 36* 1,919.6 12.5 12.5 ▲ 3 12* 0.8 2 ▲ Bowman Gilfillan Africa Group 4 7 975.6 8.8 2.1 ▲ 15 2 6.2 15 ▲Webber Wentzel 5 3 1,515.7 9.9 -7.3 ▼ 21 1 5.6 15 ▲ ENSafrica 5 8 850.3 7.7 2.4 ▲ 10 3 4.2 10 ▲Clifford Chance 6 6 1,297.4 8.5 -3.7 ▼ 6 6 1.6 -1 ▼ Jones Day 6 21 845.0 7.6 7.1 ▲ 5 5* 2.1 5 ▲ENSafrica 7 8 1,258.2 8.2 1.9 ▲ 16 2 4.3 8 ▲ Cliffe Dekker Hofmeyr 7 11 792.3 7.2 4.0 ▲ 3 7* 1.2 3 ▲Bowman Gilfillan Africa Group 8 5 1,026.9 6.7 -7.6 ▼ 15 3 4.0 2 ▲ White & Case LLP 8 - 770.0 7.0 7.0 ▲ 3 7* 1.2 3 ▲M Partners 9* - 1,018.5 6.6 6.6 ▲ 1 24* 0.3 15 ▲ Glyn Marais Inc 9* 6 726.9 6.6 -1.8 ▼ 1 14* 0.4 1 ▲Gibson Dunn & Crutcher 9* 36* 1,018.5 6.6 6.6 ▲ 1 24* 0.3 0 - Baker & McKenzie 9* 31 726.9 6.6 6.5 ▲ 1 14* 0.4 1 ▲Cravath, Swaine & Moore 11* - 820.0 5.3 5.3 ▲ 1 24* 0.3 14 ▲ Webber Wentzel 11 10 653.8 5.9 2.7 ▲ 16 1 6.6 16 ▲Davis, Graham & Stubbs 11* - 820.0 5.3 5.3 ▲ 1 24* 0.3 1 ▲ DSK Legal 12* - 625.8 5.7 5.7 ▲ 1 14* 0.4 1 ▲White & Case LLP 11* 9 820.0 5.3 -0.3 ▼ 2 16* 0.5 1 ▲ Wadia Ghandy & Co 12* - 625.8 5.7 5.7 ▲ 1 14* 0.4 1 ▲Freshfields Bruckhaus Deringer 14 - 685.2 4.5 4.5 ▲ 2 16* 0.5 1 ▲ Berwin Leighton Paisner 14 - 502.3 4.5 4.5 ▲ 2 10* 0.8 2 ▲Weil Gotshal & Manges 15 - 389.8 2.5 2.5 ▲ 3 12* 0.8 2 ▲ Freshfields Bruckhaus Deringer 15 - 289.9 2.6 2.6 ▲ 1 14* 0.4 1 ▲K&L Gates 16* - 382.3 2.5 2.5 ▲ 1 24* 0.3 10 ▲ Dentons 16 - 225.0 2.0 2.0 ▲ 1 14* 0.4 1 ▲Hogan Lovells 16* 36* 382.3 2.5 2.5 ▲ 2 16* 0.5 1 ▲ Weil Gotshal & Manges 17 - 212.4 1.9 1.9 ▲ 1 14* 0.4 1 ▲Kean Miller LLP 16* - 382.3 2.5 2.5 ▲ 1 24* 0.3 7 ▲ Herbert Smith Freehills 18 9 66.4 0.6 -3.6 ▼ 3 7* 1.2 3 ▲Haynes & Boone 16* - 382.3 2.5 2.5 ▲ 1 24* 0.3 1 ▲ Edward Nathan & Friedland Ltd 19 - 64.7 0.6 0.6 ▲ 2 10* 0.8 2 ▲Torys 20* - 366.8 2.4 2.4 ▲ 1 24* 0.3 1 ▲ Russo De Rosa Bolletta & Associati 20 - 58.3 0.5 0.5 ▲ 1 14* 0.4 1 ▲Osler Hoskin & Harcourt LLP 20* - 366.8 2.4 2.4 ▲ 1 24* 0.3 3 ▲ Fluxmans Inc 21 30 50.6 0.5 0.4 ▲ 1 14* 0.4 1 ▲Shepstone & Wylie 22 - 318.5 2.1 2.1 ▲ 1 24* 0.3 5 ▲ Tozzini Freire Teixeira e Silva 22* - 50.0 0.5 0.5 ▲ 1 14* 0.4 1 ▲Shearman & Sterling LLP 23 - 225.0 1.5 1.5 ▲ 1 24* 0.3 1 ▲ Cleary Gottlieb Steen & Hamilton 22* - 50.0 0.5 0.5 ▲ 1 14* 0.4 1 ▲Berwin Leighton Paisner 24 - 212.4 1.4 1.4 ▲ 1 24* 0.3 1 ▲ Jeantet & Associes 24* - 30.4 0.3 0.3 ▲ 1 14* 0.4 1 ▲

Capstan LMS SELARL 24* 30 4 0 3 0 3 ▲ 1 14* 0 4 1 ▲Latham & Watkins 25 209 3 1 4 1 4 ▲ 2 16* 0 5 1 ▲ Capstan LMS SELARL 24* - 30.4 0.3 0.3 ▲ 1 14* 0.4 1 ▲Industry Total 15,343.3 100.0 376 241Industry Total 11,053.7 100.0

Industry % Change from Same Period Last Year 12.5% ▲ 0.0% -

*tie

Industry % Change from Same Period Last Year -11.5% ▼ -1.2% ▼27.8%Industry % Change from Last Quarter -30.8% ▼▲ ▲

Date Effective Target (% Sought/Acquired) Acquiror Target Macro / Mid Industry

Industry % Change from Last Quarter 23.3% ▲ 10.1%

Acquiror / Target Nation Rank Value (US$m)

Sub Saharan Involvement Announced M&A by Target Industry ($bil) Jan 1 – June 30

Any Sub Saharan Involvement Announced - Top Deals Jan 1 – June 30Rank Date

1,100.0 Energy and Power / Oil & Gas5/15/2015 6/26/2015 New Look Retail Group Ltd (90%) Brait Mauritius Ltd Mauritius / United Kingdom 1,230.4

Active Topco Ltd (80%) Brait Mauritius Ltd Mauritius / United Kingdom 1,018.5

Retail / Apparel Retailing3/20/2015 3/20/2015 Nigerian Natl Petro Corp-Oil (45%) Eroton Expl & Prodn Co Ltd Nigeria / Nigeria

Media and Entertainment / Recreation & Leisure6/8/2015 Pending Cripple Creek & Victor Gold (100%) Newmont Mining Corp United States / United States 820.0 Materials / Metals & Mining

4/16/2015 Pending

685.2 Healthcare / Hospitals3/20/2015 Pending Maxshell 114 Investments Pty (100%) Sun International Ltd South Africa / South Africa 784.8

HTP Group Pty Ltd (100%) Tower Property Fund Ltd South Africa / Australia 616.9

Financials / Other Financials6/22/2015 Pending Spire Healthcare Group Plc (29.9%) Remgro Jersey Ltd South Africa / United Kingdom

Financials / Other Financials1/27/2015 1/27/2015 Etisalat Benin Ltd (100%) Itissalat Al-Maghrib SA Morocco / Benin 539.2 Telecommunications / Telecommunications Services4/14/2015 Pending

Materials / Containers & Packaging3/26/2015 3/26/2015 Nampak Ltd (100%) Amcor Ltd Australia / South Africa 521.1

Latham & Watkins 25 - 209.3 1.4 1.4 ▲ 2 16* 0.5 1 ▲

17%

17%16%

12%

9%7% Energy and Power Financials Materials

Retail Healthcare Media and Entertainment

Real Estate Consumer Staples Telecommunications

Consumer Products and Services Industrials High Technology

Pending Oando PLC-Downstream Assets (60%) HV Investments II BV Nigeria / Nigeria 461.3 Energy and Power / Oil & Gasg g


p ( %)6/30/2015

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Japan

Asia-PacificKelvin Bian

Kaori Motohashi

E-mail: [email protected]

EMEA

Tel: +44 (0) 20 7542 7381

League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firmsin Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures arereflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.

Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriteror advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees areallocated to syndicated members.

Tel: +852 3761 1852E-mail: [email protected]


Ranking Criteria Summary

Christina Mavraki

If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:


Announced league tables include all deals that were announced between January 1, 2014 and June 30, 2015 and of which Thomson Reuters was made aware. All current data andprevious year's data is as of 5:00pm EDT on June 30, 2015.

League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.

A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.

AmericasRobert Levine

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

Tel: +1 646 223 5682 Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portionof the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit forthe transaction agreed to or, in the absence of an agreement, the value of the highest offer.

Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation.

Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at thetime of announcement of terms.

Tel: +813 6441 1338

Thomson Reuters includes the following nations in the Emerging Markets M&A Tables:


While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable forany errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as tothe accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transactionor trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying orselling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2015 Thomson Reuters. All rights reserved.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

Americas Asia-Pacific

Central America South America Central Asia Australasia South-East AsiaBelize Argentina Afghanistan American Samoa BruneiCosta Rica Bolivia Armenia Cook Islands CambodiaEl Salvador Brazil Azerbaijan Fiji IndonesiaGuatemala Chile Kazakhstan French Polynesia LaosHonduras Columbia Kyrgyzstan Guam MalaysiaMexico Ecuador Tajikistan Kiribati PhilippinesNicaragua Falkland Islands (UK) Turkmenistan Marshall Islands Timor-LestePanama Guyana Uzbekistan N. Mariana Islands Thailand

Paraguay Nauru VietnamPeru South Asia New CaledoniaSuriname Bangladesh Niue North AsiaUruguay Bhutan Norfolk Islands MongoliaVenezuela India Palau North Korea

Maldives Papua New Guina ChinaNepal Solomon IslandsPakistan TokelauSri Lanka Tonga

TuvaluWallis & Futuna Is.Western Somoa

Europe, Middle East & Africa

Eastern Europe Middle East Sub-Saharan AfricaAlbania Iran Angola Guinea-Bissau SomaliaBelarus Iraq Benin Angola Kenya South AfricaBosnia-Herzegovina Jordan Botswana Lesotho St. HelenaBulgaria Lebanon Burkina Faso Liberia SudanCroatia Syria Burundi Madagascar SwazilandCzech Republic Yemen Cameroon Malawi TanzaniaEstonia Bahrain Cape Verde Mali TogoGeorgia Israel Central African Republic Mauritania UgandaHungary Kuwait Chad Mauritius Western SaharaLatvia Oman Comoros Mayotte ZaireLithuania Qatar Congo, Republic of Mozambique ZambiaMacedonia Saudi Arabia Cote d'Ivoire Namibia ZimbabweMoldova United Arab Emirates Dijbouti NigerMontenegro DR Congo NigeriaRussia North Africa Equatorial Guinea ReunionSerbia Algeria Eritrea RwandaSlovak Republic Egypt Ethiopia Sao Tome e PrincipeSlovenia Libya Gabon SenegalTurkey Morocco Gambria SeychellesUkraine Tunisia Ghana Sierra Leone

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