DEALS INTELLIGENCE FIRST NINE MONTHS 2013

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

Goldman Sachs Top Worldwide M&A Advisor for First Nine Months 2013 – Takes Top Spot in the US and Europe Goldman Sachs maintained the top position for worldwide announced M&A advisory work during year-to-date 2013. The firm also placed first in US and European Any Involvement M&A during the first nine months of this year. JP Morgan moved up to second place from third, while Morgan Stanley fell to fourth place from second. Bank of America Merrill Lynch and UBS were the biggest movers within the top 10 during the first nine months of this year.

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]

Worldwide M&A Down Flat Compared to 2012; Slowest Year by Number of Deals Since 2005 Worldwide M&A totals US$1,674 billion so far this year, an increase of 0.8% compared to year-to-date 2012, and is the strongest annual start for worldwide M&A since 2011 (US$1,946 billion). By number of deals, year-to-date M&A is down 10% compared to 2012 levels and is the slowest year-to-date period for deal making, by number of deals, since 2005. US M&A Up 35%; European Merger Activity Falls to 9-Year Low US targeted M&A announced so far during 2013 totaled US$777.0 billion, up 35% from year-to-date 2012 and marks the strongest year-to-date period for US deal making since 2008. M&A in Europe has reached US$383.3 billion so far in 2013, down 24% from the previous year-to-date and the slowest period since 2004 (US$374.4 billion). Telecom, Energy & Power, Real Estate and Financials Lead All Sectors Bolstered by the US$130.1 billion bid for the remaining 45% stake in Verizon Wireless by Verizon Communications, M&A in the telecommunications sector sector reached US$235.4 billion so far during 2013, more than double deal making in the sector during year-to-date 2012. Real estate, media & entertainment and healthcare deal making have all registered strong double-digit percentage gains over 2012 levels. Buyside Financial Sponsor M&A Up 16%; US Accounts for 59% Global private equity backed M&A totaled US$238 billion during year-to-date 2013, a 16% increase over 2012 levels. Third quarter activity has registered a 9% decrease over the second quarter of this year, for the second consecutive quarterly decline for PEbacked M&A since the first quarter of 2008. Emerging Markets M&A Falls 3%; Cross-Border Down 21% Year-to-date figures for M&A involving emerging markets have reached US$431.0 billion, accounting for 26% of total M&A, down 3% compared to the first nine months of 2012. Chinese M&A activity accounted for approximately 34% of emerging markets acquirors during the first nine months of 2013. Registering a decrease of 21% from last year at this time, cross-border M&A totaled US$511.0 billion during first nine months of 2013, accounting for 31% of total M&A activity this year compared to 39% during year-to-date 2012.

For Research Purposes Only. Data accurate as of Sep 24 2013; Strictly embargoed for publication until Sep 27 2013

DEALS INTELLIGENCE First Nine Months 2013 | Mergers & Acquisitions

M&A Rankings

Worldwide M&A Ranking 2013 YTD

2013 YTD Rank

2012 YTD Rank

1

1

Goldman Sachs & Co

509,747.9

2

3

JP Morgan

3

Any US Involvement M&A Ranking 2013 YTD

2013 YTD Rank

2012 YTD Rank

278

1

1

Goldman Sachs & Co

369,735.8

427,413.7

193

2

8

8

Bank of America Merrill Lynch 420,909.6

152

3

4

2

Morgan Stanley

394,061.4

206

5

6

Barclays

282,023.4

6

12

UBS

7

4

8

Any Euro Involvement M&A Ranking 2013 YTD

2013 YTD Rank

2012 YTD Rank

165

1

1

Goldman Sachs & Co

290,190.0

116

Bank of America Merrill Lynch 350,396.1

102

2

2

Morgan Stanley

240,503.7

76

2

JP Morgan

338,791.3

103

3

4

JP Morgan

235,256.3

75

4

5

Morgan Stanley

265,372.4

110

4

10

Bank of America Merrill Lynch 206,342.2

55

133

5

4

Barclays

238,457.4

80

5

5

Barclays

187,443.0

71

235,206.6

122

6

13

UBS

172,485.1

52

6

13

UBS

182,945.7

62

Deutsche Bank

202,360.9

138

7

47

Guggenheim Securities LLC

140,043.2

10

7

-

Guggenheim Securities LLC

130,115.0

2

5

Credit Suisse

160,074.0

154

8

-

Paul J Taubman

130,100.0

1

8

-

Paul J Taubman

130,100.0

1

9

7

Citi

157,094.6

154

9

6

Deutsche Bank

111,852.6

72

9

3

Deutsche Bank

105,889.8

70

10

9

Lazard

141,593.7

166

10

3

Credit Suisse

109,866.1

73

10

6

Citi

85,238.5

73

-

-

Industry Total

-

-

Industry Total

916,364.5

-

-

Industry Total

Financial Advisor

Rank No. Value US$ Deals

1,673,801.0 25,370

Financial Advisor

Rank No. Value US$ Deals

7,795

Financial Advisor

Rank No. Value US$ Deals

652,415.0 10,139

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 Sep 24 2013; Strictly embargoed for publication until Sep 27 2013

DEALS INTELLIGENCE First Nine Months 2013 | Mergers & Acquisitions

M&A Volumes GLOBAL M&A VOLUMES ANNUALLY

WW M&A Flat

$4,000 $3,500

3,616

US Target ($bln)

3,395

Europe Target ($bln)

2,874 2,671 2,431

2010

2011

383 269

971 706 443

2009

777

785 627 476

418

751 568 319

930 1,156

1,674

452

358

231

167

539 503 136

165

238

133

752 550

999 $1,000

$500

1,343

1,204

796 704

$1,500

1,127 979

1,688

1,997

1,567 1,578

1,486 1,318

1,873

439 480

$2,000

1,705

$2,500

2,551

2,530

411

Asia Pac. ex Japan Target ($bln)

936 784

$3,000

Q3 M&A Up 23% from Q2'13

$0

Powered by Verizon's $130.1 billion bid for 45% of Verizon Wireless, third quarter M&A activity has reached US$650 billion, up 23% from the second quarter of 2013 (US$528 billion). Compared to the third quarter of 2012, this quarter's activity is up 15%.

2000

2001

2002

2003

2004

2005

2006

2007

2008

2012

2013

GLOBAL M&A VOLUMES QUARTERLY $900 $800

US M&A Up 35%

847

Global ($bln)

US Target ($bln)

European Target ($bln)

Asia Pac. ex Japan ($bln)

705

738 679

667

$700

650

649

614 $600

4Q 12

329 227

221

87

3Q 12

152

2Q 12

111 109

1Q 12

73

112

4Q 11

120

111 118

254

97

200 239

3Q 11

84

2Q 11

143 164

144 101

1Q 11

94

131

4Q 10

200 153

118

208

318 3Q 10

203

2Q 10

211 199 177

114

205 175

99

201 148

4Q 09

106 86

3Q 09

169

242 140 103

2Q 09

92

1Q 09

133 136

$100

339

450

202

M&A in Europe has reached US$383.3 billion so far in 2013, down 24% from the previous year-to-date period. Second quarter M&A activity in Europe has increased 37% compared to the second quarter of this year.

$200

111 70

$300

528

495

491

$400

European Mergers Down 24%

564

555

270

442

558

544

245 207

$500

515

492

53

Value US$bln

US targeted M&A announced so far during 2013 totaled US$777.0 billion, up 35% from year-to-date 2012 and is the strongest year-to-date period for US deal making since 2008. Second quarter M&A activity in the US totaled US$328.8 billion, up 49% from the second quarter of this year.

Global ($bln)

175 182

M&A targets in the Americas accounted for 54% of global activity this year, ahead of Europe (US$383.3 billion, 23%) and Asia Pacific (US$268.9 billion, 16%). Japan has accounted for 4% of activity this year, followed by Africa/Middle East (3%).

4,140

Value US$Bln

Worldwide M&A totals US$1,674 billion so far this year, an increase of 0.8% compared to year-to-date 2012, and is the strongest annual start for worldwide M&A since 2011 (US$1,946 billion). By number of deals, year-to-date M&A is down 10% compared to 2012 levels and is the slowest year-to-date period for deal making, by number of deals since 2005.

$4,500

$0 1Q 10

1Q 13

2Q 13

For Research Purposes Only. Data accurate as of Sep 24 2013; Strictly embargoed for publication until Sep 27 2013 THOMSON FINANCIAL

3Q 13

THOMSON FINANCIAL

DEALS INTELLIGENCE First Nine Months 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

08/09/13 Koninklijke KPN NV

Netherlands

America Movil SAB de CV

07/28/13 Omnicom Group Inc

United States

Publicis Groupe SA

02/05/13 Dell Inc

United States

Investor Group

19,278.8 JP Morgan Evercore Partners Goldman Sachs & Co

02/12/13 NBCUniversal Media LLC

United States

Comcast Corp

04/15/13 Life Technologies Corp

United States

Thermo Fisher Scientific Inc

07/12/13 CDC-SME Financing Business

France

France-SME Financing Business

06/24/13 Kabel Deutschland Holding AG

Germany

Vodafone Vierte

16,700.0 JP Morgan Goldman Sachs & Co Centerview Partners LLC 15,367.6 Deutsche Bank Moelis & Co 13,711.9 Morgan Stanley Ricol Lasteyrie & Associes SA Rothschild Inc. 13,512.6 Morgan Stanley Perella Weinberg Partners LP Deutsche Bank

27,361.7 Centerview Partners LLC Bank of America Merrill Lynch Moelis & Co 25,531.0 Goldman Sachs & Co JP Morgan 22,658.6 Goldman Sachs & Co ABN AMRO Bank NV 19,331.1 Moelis & Co

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 Deutsche Bank Rothschild Bank of America Merrill Lynch BNP Paribas SA Citi Deutsche Bank Bank of America Merrill Lynch Barclays Credit Suisse RBC Capital Markets LionTree Advisors LLC Citi Deutsche Bank UBS Investment Bank Morgan Stanley Bank of America Merrill Lynch JP Morgan Barclays Lazard

Goldman Sachs & Co UBS Investment Bank

For Research Purposes Only. Data accurate as of Sep 24 2013; Strictly embargoed for publication until Sep 27 2013

DEALS INTELLIGENCE First Nine Months 2013 | Mergers & Acquisitions

M&A Industry Analysis TARGET INDUSTRY BREAKDOWN ($ MLN) - GLOBAL M&A 2013 YTD

Telecom

50,556.7 3%

Bolstered by the third largest deal of all time, M&A targeting the telecom sector reached US$235.4 billion so far in 2013, more than double deal making in the sector during year-to-date 2012. Activity was concentrated in the US, with US$166.4 billion from US telecom M&A, or 71% of year-to-date volume. This marks the strongest year-to-date period for telecom M&A since 2006 (US$235.6 billion).

TOP 5 SECTORS - TARGET REGION BREAKDOWN (MLN) TELECOMMUNICATIONS US (71%)

Europe (24%)

70,434.3 4% 131.3 0%

101,378.1 6%

Asia Pacific (2%)

Rest of the World (4%)

166,413

55,873

4,192

235,360.9 14% 0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ENERGY & POWER 104,505.5 6%

US (42%)

Energy & Power Deal making in the energy & power sector accounted for 13% of global M&A so far this year with US$220.5 billion of deals announced, down 24% compared to the first nine months of 2012. Activity in the United States, China and Russia accounted for 54% of activity in the sector this year.

220,493.3 13%

Europe (24%)

92,054

0%

52,832

31,155

44,452

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

REAL ESTATE US (46%)

204,007.7 12%

Real Estate M&A in the real estate sector totaled US$204.0 billion so far in 2013, up 39% from last year at this time. Acquisitions in United States accounted for 46% of year-to-date activity. Deal making in the nonresidential and REIT sectors comprised 73% of global M&A in the real estate sector this year.

141,863.8 8%

94,075

0%

145,569.6 9%

158,789.5 10%

Europe (18%)

10%

20%

Telecommunications (203% Chg YoY)

Energy and Power (-24% Chg YoY)

Real Estate (39% Chg YoY)

Financials (-29% Chg YoY)

Healthcare (28% Chg YoY)

Industrials (-15% Chg YoY)

High Technology (5% Chg YoY)

Media and Entertainment (38% Chg YoY)

Consumer Staples (-34% Chg YoY)

Materials (-46% Chg YoY)

Retail (-7% Chg YoY)

Consumer Products and Services (-18% Chg YoY)

Government and Agencies (-63% Chg YoY)

Asia Pacific (16%)

Rest of the World (20%)

37,067

30%

40%

50%

60%

31,948

70%

40,918

80%

90%

100%

FINANCIALS US (23%)

Europe (34%)

37,315

Announced acquisitions of financial targets totaled US$158.8 billion so far this year, down 29% from the first nine months of 2012. Activity was evenly balanced across regions with Europe accounting for 33%, and Asia Pacific and the Americas accounting for 25% and 23%, respectively.

Rest of the World (20%)

114,826.9 7%

125,881.3 8%

Financials

Asia Pacific (14%)

0%

10%

Asia Pacific (25%)

53,203

20%

30%

40%

Rest of the World (18%)

40,261

50%

60%

70%

28,012

80%

90%

100%

HEALTHCARE US (71%)

Europe (16%)

Asia Pacific (8%)

Rest of the World (6%)

103,163

0%

10%

20%

30%

40%

22,970

50%

60%

70%

11,0618,375

80%

For Research Purposes Only. Data accurate as of Sep 24 2013; Strictly embargoed for publication until Sep 27 2013

THOMSON FINANCIAL

90%

100%

THOMSON FINANCIAL

DEALS INTELLIGENCE First Nine Months 2013 | Mergers & Acquisitions

Global Buyside Financial Sponsor Analysis GLOBAL BUYSIDE FINANCIAL SPONSOR VOLUMES ANNUALLY

PE-Backed M&A Up 16% over 2012

Europe Target ($bln)

346

238 140

156

66 16

29

33

23

52 41 14

98

113 24

6

122

69

34

107

74 3

4

5

43

59

92

47

$100

143

117

7

120

12

$200

306

237

243

168

242

108 84

267

$300

325

170

4Q 2000

34

$400

74

3Q 2000

412

2Q 2000

255

$500

424

1Q 2000

$0 2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

GLOBAL BUYSIDE FINANCIAL SPONSOR VOLUMES QUARTERLY $120 108 Global ($bln)

108

US Target ($bln)

$100

96

72.3 65

4Q 11

1Q 12

2Q 12

23.2

5.1

3Q 11

15.6

2Q 11

5.3

1Q 11

5.9

6.9

4Q 10

36.9

50.4

62

32.9 18.9

5.6

17.2

7.3

20.9

8.0

28.2 21.4

7.8

31.7 35.3

26.8 20.3

36.9 26.7

19.4

9.8

1Q 10

9.2

4Q 09

3.9

3Q 09

13.1 7.0

2Q 09

3.3

16

31

3.3

$20

13.1 11.4 5.6

24

23.1 17.3

34

10.7 14.8

$40

32.0

48

38.8

55

26.4

$60

58

68

30.8 27.6

64

4.1

69

60.1

72

22.2

78

$80 Value US$Bln

88

84

16.0 12.2

Asia Pac. ex Japan ($bln)

69.5

Europe Target ($bln)

9.3 8.3 4.5

Private equity-backed M&A activity in Europe totaled US$66.4 billion, an increase of 29% compared to 2012. while Buyout activity in Asia Pacific totaled US$16.3 billion, down 31% from the first nine months of 2012.

775

765

$600

Consumer Staples, Tech & Energy Lead Buyouts

Europe PE Up 29%; Asia Down 31%

US Target ($bln)

Asia Pac. ex Japan ($bln)

Private equity-backed M&A targeting the US reached US$140 billion so far during 2013, an increase of 28% compared to year-to-date 2012 (US$110 billion). Germany, the United Kingdom and the Netherlands account for a combined 17% of private equity-backed M&A so far this year.

Consumer staples, high technology and energy & power buyouts accounted for 50% of year-to-date activity, compared to 31% during year-to-date 2012. Private equity buyouts in the telecom sector have seen a 68% decrease compared to the same time last year.

$800

6.4 3.6 1.0

US Accounts for 59% of WW PE M&A

Global ($bln)

$700

Value US$Bln

Global private equity backed M&A totaled US$238 billion during year-to-date 2013, a 16% increase over the year ago period. Third quarter activity has registered a 9% decrease over the second quarter of this year, for the second consecutive quarterly decline for PE-backed M&A since the first quarter of 2008.

$900

4Q 12

1Q 13

2Q 13

3Q 13

$0 1Q 09

2Q 10

3Q 10

3Q 12

For Research Purposes Only. Data accurate as of Sep 24 2013; Strictly embargoed for publication until Sep 27 2013 THOMSON FINANCIAL

THOMSON FINANCIAL

DEALS INTELLIGENCE First Nine Months 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

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

02/05/13 Dell Inc

United States

Investor Group

03/28/13 DE Master Blenders 1753 BV

Netherlands

Oak Leaf BV

8,619.5

05/29/13 Smithfield Foods Inc 05/06/13 BMC Software Inc

United States United States

Shuanghui Intl Hldg Ltd BMC Software Inc SPV

6,977.3 6,530.2

09/09/13 Neiman Marcus Group Inc

United States

Investor Group

6,000.0

09/06/13 MIP Tower Holdings LLC

United States

American Tower Corp

4,800.0

08/05/13 Hub International Ltd

United States

Hellman & Friedman LLC

4,400.0

06/19/13 Springer Science+Business

Germany

Investor Group

4,386.0 JP Morgan Goldman Sachs & Co

09/13/13 Rhoen Klinikum-Hospitals(43)

Germany

HELIOS Kliniken GmbH

4,081.9 Perella Weinberg Partners LP

Acquiror Advisors Lazard JP Morgan Wells Fargo Securities LLC

19,278.8 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 Lazard Leonardo & Co Goldman Sachs & Co Citi JP Morgan Morgan Stanley Bank of America Merrill Lynch Rabobank NV Rothschild BDT & Co LLC Barclays Morgan Stanley 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 Deutsche Bank Goldman Sachs & Co EA Markets LLC Bank of America Merrill Lynch Morgan Stanley Stephens Inc Credit Suisse Group Nomura Securities Jefferies & Co Inc UBS Investment Bank Deutsche Bank

* Includes M&A transactions where the Acquiror, Investor, Immediate/Ultimate Parent of Acquiror or Immediate Ultimate Parent of Investor is a Financial Sponsor, Venture Capital Firm or a Private Equity Investor

For Research Purposes Only. Data accurate as of Sep 24 2013; Strictly embargoed for publication until Sep 27 2013

DEALS INTELLIGENCE First Nine Months 2013 | Mergers & Acquisitions

Cross-Border Analysis

The US initiated 19% of all acquisitions abroad so far in 2013 ahead of the United Kingdom and France (9%). While the US, Germany and the Netherlands were the target of 39% of all cross-border acquisitions so far in 2013.

$203

31% 26% $166

25% 20% 15%

5% $0

0% 1Q 09

12,641.1 14,877.1

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

France

4Q 12

1Q 13

2Q 13

10,645.9 12,967.4 13,861.8

Germany

14,189.8 103,046.9

Netherlands

25,380.9 China

22,282.9

United Kingdom China

Canada

28,552.8

23,991.8

48,010.2

Japan

Australia

Mexico

Canada

40,243.8 Hong Kong Spain Singapore

3Q 13

United States of America

22,493.3 95,431.8

3Q 12

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

United Kingdom

46,039.7

30%

$50

United States of America

43,720.2

35%

10%

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

33,168.2

33% $214

40%

$269

$271

36%

32% $204

$203

36%

$112

$100

36%

$131

$149

$150

37% 36%

$177

$169

25%

$175

28% 22%

32% $234

34%

33%

37%

$201

37%

$250

$110

US Most Acquisitive & Targeted Nation

% of Total M&A

$247

$200

Value (US$bln)

45%

42%

41% $262

Cross-border M&A totaled US$511.0 billion during year-to-date 2013, a 21% decrease over the year ago period. Cross-border activity accounts for 31% of total M&A activity this year, a decrease from the year ago period (39%).

GLOBAL CROSS BORDER M&A VOLUMES $273

Cross-Border M&A Accounts for 31% Down 21% from '12

$300

49,007.8 45,144.1

Brazil Japan India

For Research Purposes Only. Data accurate as of Sep 24 2013; Strictly embargoed for publication until Sep 27 2013

DEALS INTELLIGENCE First Nine Months 2013 | Mergers & Acquisitions

Global Cross Border M&A Top 10 Deals List Date Target Name 08/09/13 Koninklijke KPN NV

Target Nation Netherlands

Acquiror Name America Movil SAB de CV

07/28/13 Omnicom Group Inc

United States

Publicis Groupe SA

06/24/13 Kabel Deutschland Holding AG

Germany

Vodafone Vierte

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

Telefonica Deutschland Holding

03/28/13 DE Master Blenders 1753 BV

Netherlands

Oak Leaf BV

09/03/13 Nokia-Devices & Services Bus 09/24/13 Tokyo Electron Ltd

Finland Japan

Microsoft Corp Applied Materials Inc

05/29/13 Smithfield Foods Inc 07/29/13 Elan Corp PLC

United States Ireland-Rep

Shuanghui Intl Hldg Ltd Perrigo Co

09/09/13 Neiman Marcus Group Inc

United States

Investor Group

Value ($mil) Target Advisors 22,658.6 Goldman Sachs & Co ABN AMRO Bank NV 19,331.1 Moelis & Co

13,512.6 Morgan Stanley Perella Weinberg Partners LP Deutsche Bank 11,435.1 Goldman Sachs & Co JP Morgan ABN-AMRO Holding NV ING Rothschild 8,619.5 Lazard Goldman Sachs & Co JP Morgan

7,165.4 JP Morgan 7,063.7 Mitsubishi UFJ Morgan Stanley 6,977.3 Barclays 6,535.0 Citi Davy Corporate Finance Morgan Stanley Ondra Partners 6,000.0 Credit Suisse Group

Acquiror Advisors Deutsche Bank Rothschild Bank of America Merrill Lynch BNP Paribas SA Citi Deutsche Bank Goldman Sachs & Co UBS Investment Bank UBS Investment Bank Morgan Stanley Citi Bank of America Merrill Lynch HSBC Holdings PLC Leonardo & Co Citi Morgan Stanley Bank of America Merrill Lynch Rabobank NV Rothschild BDT & Co LLC Goldman Sachs & Co Goldman Sachs & Co Morgan Stanley Barclays

Deutsche Bank RBC Capital Markets

For Research Purposes Only. Data accurate as of Sep 24 2013; Strictly embargoed for publication until Sep 27 2013

DEALS INTELLIGENCE Global M&A Top 10 Deals List

Emerging Markets Analysis

30%

$200

28%

26%

26%

26%

29%

30%

26%

26%

23%

24%

22%

25%

23% 20%

17%

15% $100 10%

$146

$155

$130

$254

$145

$166

$135

$163

$147

$155

$192

$237

$214

$166

$191

$50 $139

Based on Any Emerging Markets Involvement, China is the most targeted nation in the Emerging Markets with 30% of total emerging market activity, followed by Brazil with 7%. China is also the most acquisitive nation in the Emerging Markets with 34% of this year's activity.

35%

29%

27%

$150

Value (US$bln) % of Total M&A

34%

31%

$124

China Most Active Nation

32%

$250

$106

Year-to-date figures for M&A involving emerging markets have reached US$431.0 billion, accounting for 26% of total M&A. Year-to-date 2013 emerging markets M&A activity is down 3% compared to the first nine months of 2012, when emerging market countries also accounted for 26% of worldwide M&A.

40%

37%

$86

Emerging Markets Account for 26%

EMERGING MARKETS TARGET M&A VOLUMES

$300

$0

0% 1Q 09

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

4Q 10

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

127687.9 30%

1Q 11

2Q 11

3Q 11

4Q 11

1Q 12

2Q 12

3Q 12

4Q 12

1Q 13

2Q 13

China

Brazil

Mexico

146332.4 34% Russian Federation

189970.4 44%

United States of America

Russian Federation

30908.5 7% 23803.9 6% 22433.5 18759.6 5% 4%

3Q 13

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

China

Netherlands

205722.3 48%

5%

United States of America

Other

33092.3 8% 19118.220863.621610.4 5% 4% 5%

Brazil

Other

For Research Purposes Only. Data accurate as of Sep 24 2013; Strictly embargoed for publication until Sep 27 2013