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Mergermarket: Asia-Pacific, Pharma, Medical & Biotech M&A Trend Report H1 2013

Overview Pharma, Medical & Biotech aggregated 101 deals worth US$ 6.6bn in the first half of 2013 throughout Asia-Pacific, 5% and 29.5% above the H1 2012 figures (US$ 6.3bn, 78 deals), respectively. Q2 2013 recorded the highest number of Pharma, Medical & Biotech deals on Mergermarket record (Q1 2001 was valued at US$ 3.2bn for 57 deals), up 32.6% compared to Q2 2012 (43 deals) This was in line with global Pharma, Medical & Biotech M&A activity which jumped to US$ 78.1bn in H1 2013 from US$ 72.6bn in H1 2012, 7.6% up by value but a drop of 63 deals to 422 compared to the same period last year (485 deals) Non-Asian investors were more interested in Asian targets in H1 2013 than the year previous with US$ 2.4bn accumulated from 17 deals. This represented a 68.5% increase by value and 30.8% increase by number of deals from H1 2012 (US$ 1.4bn, 13 deals) Asia-Pacific Pharma, Medical & Biotech Trend: Annual
25
Value (US$ bn)

200 180 160


140

Deal Count

20

Value of Deals (US$bn)

100 10 80 60 5 40 20 0
2004 2005 2006 2007 2008 2009 2010 2011 2012 H1 2013

Asia Pacific Pharma, Medical & Biotech Trend: Quarterly


12
Value (US$ bn) Deal Count

60

10

50

In contrast, outbound investment by Asian bidders seeking non-Asian Pharma, Medical & Biotech targets fell by 48.8% from US$ 3.9bn in H1 2012 to US$ 2bn in H1 2013, an illustration of the conservative global investment strategy by Asian bidders so far this year Morgan Stanley was the lead Financial Advisor to Pharma, Medical & Biotech deals by both deal value and volume in H1 2013. The firm advised on three deals worth a combined value of US$ 2.3bn, nearly 14 times higher than H1 2012 Jones Day topped the Legal Advisor League Table in Asia-Pacific Pharma, Medical & Biotech deals by value after it advised on two deals worth US$ 2.2bn. Minter Ellison came first by deal count and advised on four deals H1 2013

Value of Deals (US$bn)


8 40

30

Number of Deals

20

10

0 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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Mergermarket Pharma, Medical & Biotech Trend Report H1 2013

Number of deals

15

120

Pharma, Medical & Biotech Asia Pacific M&A Trend Report: H1 2013
Geography Analysis Although Asia-Pacific accounted for only 8.5% of global Pharma, Medical & Biotech M&A in H1 2013 by value, it maintained a steady growth in deal count. With 101 deals announced in the first half of 2013, it already accounted for 58% of the whole year figure in 2012 (178 deals), the highest number of deals announced in the region for this sector on Mergermarket record (since 2001)
Value (US$bn)

Regional Comparison by Deal Value


200
US
Europe

180

Asia Pacific

187.2

189.8

160

140 131.2 120


123.3 123.3

India has regained interest in its Pharma, Medical & Biotech companies with H1 2013 already marking the third consecutive annual increase, up 28.6% on 2012s total (US$ 1.4bn) China, India and Australia are the top three destination countries with a combined value at US$ 5bn for 68 deals, a 75.1% and 67.3% market share, respectively To add some global perspective, the US has witnessed a total of US$ 50.5bn-worth of deals in H1 it achieved a 64.6% value market share with an increase by 19.1% compared with H1 2012. It remains the hottest destination for Pharmaceuticals investments. Europe, however, fell 16% by value to US$ 17.4bn for 126 deals in H1 2013 compared to H1 2012 (US$ 20.8bn, 157 deals) Top Asia Pacific Destination
Target Country China India Australia Hong Kong South Korea Japan Vietnam Taiwan Malaysia New Zealand H1 2013 Value (US$m) 1,981 1,759 1,247 780 403 298 99 26 17 17 Deal Count 39 15 14 3 12 10 1 2 1 2 2012 Value (US$m) 6,061 1,424 1,823 543 1,431 416 8 60 300 87 Deal Count 66 29 20 4 14 23 2 1 3 3 1,302 58 2011 Value (US$m) 3,595 996 2,112 213 1,143 2,051 78 Deal Count

100 96.3 80 70.9 51.8


40 85.5 79.0 60 67.1

91.1

65.7
59.5

50.5 36.6 33.4 19.2 20.1


12.6

20 9.9 2004
12.7

22.4 9.2 2009

19.6 12.8 2010 2011 12.8 2012

9.0 2006 2007

17.4 6.6 H1 2013

2005

2008

Regional Comparison by Deal Count


500
US

Europe

450

Asia Pacific

400

423

436 389
391

446

449

50 21
Number of Deals
350
344

370
335 290

341 327 300


270

23 3 13 19 2 1 7

329 309

300

250

263

233 200
174

150

159 142 115 91


116 98

153

152

100

126 101

50

57

4
0 2004 2005 2006 2007 2008 2009 2010 2011 2012 H1 2013

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Pharma, Medical & Biotech Asia Pacific M&A Trend Report: H1 2013
Regional Breakdown by Deal Value
60
Biotech

Asia Pacific Sector Breakdown by Deal Value

Medical
Pharma

50

16.9
Value of Deals (US$bn)

40

30

17.9
20

0.8
10

2.9

0.4
0

2.5

13.8

15.7

3.8
Asia Pacific Europe US

Regional Breakdown by Deal Count


160
Biotech
Medical

Asia Pacific Sector Breakdown by Deal Count

140

Pharma

22

120

Number of Deals

100

13
80

83 43
60

106

40

20

45 34 24
US

0
Asia Pacific Europe

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www.mergermarket.com Mergermarket Pharma, Medical & Biotech Trend Report H1 2013

Pharma, Medical & Biotech Asia Pacific M&A Trend Report: H1 2013
Continued Sector Breakdown Analysis Pharmaceutical targets dominated the Asian market among the three sub-sectors in H1 2013 (US$ 3.8bn, 45 deals). It had a 56.5% share by value and 44.6% share by volume. The number of deals targeting Asia-Pacific Pharmaceutical assets went up by 10 deals more in H1 2013 as in H1 2012 (US$ 4.5bn, 35 deals) The Biotech sub-sector experienced an increase from Q to Q2 by value which resulted in H1 2013 (US$ 0.4bn, 13 deals), four times the value for eight extra deals than H1 2012 (US$ 0.1bn, five deals) The European and US market took a different position by looking at the number of deals announced. A majority of the investments occurred in the medical sub-sector in H1 2013 with 83 deals in Europe taking a 65.9% market share and 106 deals in the US taking a 69.7% share as US health care regulations like Obamacare get under way and the UK begins its privatization process in this sector Deal Size Analysis A 47.8% share of the Asia-Pacific Pharma, Medical & Biotech deals were valued between US$ 501m and US$ 2000m, an increase compared to of H1 2012 (38.6%), showing a strong persistence in the mid-market investments for Asian Pharma, Medical & Biotech assets. Especially as lower deal values saw a lower market share than in 2012 There has been an absence of transactions with a higher value than US$ 2bn for the past three years (since 2011) in Asia Pacific Pharma, Medical & Biotech investments. This is due to the impact of slowdown of economy of many Asian countries Meanwhile, the USs freer cash flow and recovering economy meant larger valued transactions to be sealed. As per Mergermarket data, an aggregate of US$ 36.1bn-worth of deals with a deal value higher than US$ 5bn were accounted for in the US in H1 2013, almost five times H1 2012 (US$ 6.3bn)

Deal Size Breakdown Market Share by Deal Value

Region Deal Size Breakdown by Deal Value

2.2
Europe 1.5

3.0 3.2

8.4

US

3.2 2.8

4.3

4.1

36.1

Asia Pacific

0.7 2.8 3.2

10
0m - 250m

20

30 Value of Deals (US$bn)


501m - 2,000m

40
> 5,001m

50

60

251m - 500m

2,001m - 5,000m

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Pharma, Medical & Biotech Asia Pacific M&A Trend Report: H1 2013
Cross-border Focus Mergermarket data shows the aggregate value for the 17 inbound investments of Asia-Pacific Pharma, Medical & Biotech targets in H1 2013 totaled US$ 2.4bn, up 68.5% compared to H1 2012 by value for four more deals more than (H1 2012 saw 13 deals) The sectors growth in the region has resulted in investment staying inside its borders outbound investments saw a drop by 48.8% in value during H1 2013 with only US$ 2bn-worth of deals (11 deals) recorded from one less deal than H1 2012 (US$ 3.9bn, 12 deals) Well established global Pharma brands shifted their regional investment strategies towards the east in the last decade due to the emerging economies in Asia and their demand for improvement of medical services and pharmaceuticals providing M&A opportunities. GlaxoSmithKline, Pfizer, Novatis and Sanofi Pasteur are among the top Pharma giants who established their footprint in the Asia Pacific. Now, it seems that inbound and outbound investment are leveling the playing field Cross-Border Trend: Annual
30
Inbound Value (US$bn) Outbound Value (US$bn) Inbound deal count

80

70

25
Outbound Deal Count

60

20 50

15

40

30
10 20

5 10

0
2004 2005 2006 2007 2008 2009 2010 2011 2012 H1 2013

Global Pharma Giants Investing in the East


Company GlaxoSmith Kline Plc Investment Strategies JCR Pharmaceuticals Co Ltd Dong-A Socio Holdings Co Ltd Nanjing MeiRui Pharma Co Ltd Shenzhen GSK-Neptunus Biologicals Co Ltd Pfizer Ltd (33.77% Stake) Vetnex Animal Health Ltd Pfizer Animal Pharma Pvt Ltd Novartis India Limited Zhejiang Tianyuan BioPharmaceutical Co Ltd Chiron Behring Vaccines Pvt Ltd Shantha Biotechnics Limited Aiming to become a global healthcare leader with synergistic platforms Aiming at acquisitions to take advantage of mature R&D companies Universal Medicare (Marketing and distribution business in India) Dosch Pharmaceuticals Pvt Ltd (Animal Health Division) Asian Investments in Past 5 Years (2009-H1 2013 Descending) Minority stake investment in the listed Japan based manufacturer of pharmaceuticals and medical equipments Minority stake investment in the listed South Korea manufacturer of pharmaceutical products as a part of strategic alliance Takeover of China based urology and allergy medicine manufacturer from Pagoda Pharma Group , the US based mid-sized pharma company Takeover of the joint venture established with Shenzhen Neptunus Interlong Bio Technique Co Ltd, the China based biotech research and developer. Takeover of the majority control in India based pharmaceutical company Acquisition of India based animal healthcare company from RFCL Limited, the India based life science company Acquisition of India based pharmaceutical firm engaged in R&D on animal health Majority stake acquisition in India based listed pharmaceutical company Majority stake acquisition in China based manufacturer of vaccines for epidemic hemorrhagic fever and influenza. Majority stake acquisition in India based manufacturer and retailer of anti-rabies vaccine from Snofi Aventis SA Acquisition of India based vaccine manufacturer from Merieux Alliance, the France based biotech company Acquisition of marketing and distribution division of India based nutraceutical producer Acquisition of animal health division of the India based veterinary drug manufacturer

Priorities to grow a diversified global business in R&D of pharmaceuticals and medicinal manufacturing and sales Targeting destination in emerging markets including China, South Korea and Japan Global supplier and developer of biopharmaceuticals products Setting global foot print with cooperation with various organizations Focusing on emerging countries opportunities like China and India and provide better healthcare access Eyeing healthcare acquisitions to expand in countries lacking of basic medicines

Pfizer Inc Novartis AG

Sanofi SA

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Number of Deals

Value (US$bn)

Pharma, Medical & Biotech Asia Pacific M&A Trend Report: H1 2013
Top 5 Outbound Country Breakdown H1 2013 Value Deal (US$m) Count 633 579 548 222 11 6 1 1 1 1 241 2 H1 2012 Value Deal (US$m) Count 3,565 34 6 2 Changes % Value -82.3% 1584.0% -7.9% % Count 0 -1 1 -1 1 Even though over all Pharma, Medical and Biotech outbound activity has declined, Asian Pharmaceutical companies in particular have developed into globally competitive entities and start to grow their businesses by seeking overseas opportunities a further emphasis on the leading market share for this sub-sector as a target as well. Takeda Pharmaceutical, Astellas Pharma, Fosan Pharmaceutical and Ranbaxy Laboratories are several examples of the Asian Pharma companies showing using M&A to globalize The maturity and the sophistication in the US made it the hottest and most sustainable destination for Asian Pharmaceutical investors moving west. It had the same amount of outbound deals announced with US based targets in H1 2013 as in H1 2012, but the aggregate deal value in H1 2013 fell to US$ 0.6bn, a 82.3% drop compared to H1 2012 (US$ 3.6bn). This showed a signal of Asian bidders focusing more on smaller scale acquisitions.

Countries USA Germany South Africa Israel British Virgin Islands

Asian Pharma Giants Investing in the West


Company Investment Strategy IDM Pharma Inc Nycomed AS Takeda Pharmaceutical Company Ltd Focusing on R&D based targets in developed markets, mainly US and European countries Intellikine Inc URL Pharma Inc Multilab Industria e Comercio de Produtos Farmaceuticos Ltda LigoCyte Pharmaceuticals Inc Envoy Therapeutics Inc Inviragen Inc Maxygen Inc (research and development operations) OSI Pharmaceuticals Inc Perseid Therapeutics LLC Ranboxy Laboratories Shanghai Fosun Pharmaceuti cal (Group) Co Ltd Focusing on R&D based companies in both developed and emerging markets Aiming to become leading healthcare products manufacturer and developer Aiming at acquisitions to take advantage of mature R&D companies Be-Tabs Pharmaceuticals Pty Ltd Overseas Investments in Past 5 Years (2009-H1 2013 Descending) Takeover of US based biopharm company focusing on immune system Joint acquisition of Switzerland based pharma company focusing on gastroenterology, respiratory and inflammatory diseases Acquisition of US based pharmaceutical company Acquisition of US based R&D and manufacturer of generic branded products Acquisition of Brazil based manufacturer of pharmaceutical products Acquisition of US based vaccines and monoclonal antibodies developer. Acquisition of US based drug discovery company Acquisition of US based life-saving vaccines developer Joint Venture establishment with Maxegen Inc, the US based biopharmaceutical company Takeover of US based biotech company focused on discovery, development and commercialization of molecular targeted therapies Acquisition of US based pharmaceutical company engaged in discovery, research and development of protein pharmaceutical program Full acquisition in the South Africa based manufacturer of generic pharmaceuticals from Planet Waves Acquisition of Israel based developer, manufacturer and seller of laser and light based devices for aesthetic, medical and dental applications from TA Associate Management LP, the US based private equity firm

Astellas Pharma

Eyeing on health science focused targets like medicinal developer

Alma Lasers Ltd

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Pharma, Medical & Biotech Asia Pacific M&A Trend Report: H1 2013
Top Deals
Ann. Date 27-Feb-13 Bidder Company Mylan Inc Target Company Agila Specialties Private Limited; and Agila Specialties Asia Pte Limited Seller Company Strides Arcolab Limited Bidder Advisors FA: Morgan Stanley LA: Barbosa, Mussnich & Aragao; Morgan Lewis & Bockius; Osler, Hoskin & Harcourt; Platinum Partners; Skadden Arps Slate Meagher & Flom; Slaughter and May FA: Northington Partners LA: Allens; Chapman Tripp 17-Jan-13 Stryker Corporation Trauson Holdings Company Limited FA: Barclays LA: Covington & Burling; Advising FA: Freshfields Bruckhaus Deringer; Jun He Law Offices; Sullivan & Cromwell FA: LA: Jones Day 28-Feb-13 Cipla Ltd Cipla Medpro South Africa Ltd FA: Morgan Stanley; Rand Merchant Bank LA: Advising FA: Edward Nathan Sonnenbergs; Webber Wentzel 24-May-13 Winteam Pharmaceutical Group Ltd Tongjitang Chinese Medicines Company Shanghai Fosun Pharmaceutical (Group) Co Ltd; and Xiaochun Wang (Private Investor) Wright Medical Technology Inc Lend Lease Group FA: Optima Capital LA: Kirkland & Ellis FA: Bank of America Merrill Lynch LA: Morrison & Foerster 28-Feb-13 Archer Capital Pty Limited Lend Lease Group (Aged Care business) FA: Barclays LA: Johnson Winter & Slattery 2-Apr-13 Tasly Pharmaceutical Group Co Ltd Jiangsu Tasly Diyi Pharmaceutical Co Ltd Tasly Holding Group Co Ltd (Formerly Tianjin Tasly Holding Group Co Ltd); and Tianjin Songshi Venture Capital TA Associates Management LP FA: LA: Inner Mongolia Jianzhong Law Firm LA: Allens FA: LA: 234 FA: LA: FA: Deutsche Bank LA: Ropes & Gray FA: Goldman Sachs; Gresham Advisory Partners 276 290 431 Target/Seller Advisors FA: Jefferies LA: DSK Legal; Haynes and Boone; Herbert Smith Freehills; Jones Day; Pinheiro Neto Advogados Value (US$m) 1,600

29-May-13

EBOS Group Ltd

Symbion Health Limited

The Zuellig Group Inc

FA: Fort Street Advisers LA: Corrs Chambers Westgarth; Harmos Horton Lusk FA: Somerley; UBS Investment Bank LA: Ashurst

886

691

4-Apr-13

Mitsui Chemicals Inc

Heraeus Dental

Heraeus Holding GmbH

FA: LA: Lefosse Advogados; Linklaters FA: Absa Bank LA: Norton Rose Fulbright

579

548

20-Jun-13

MicroPort Scientific Corporation

Wright Medical Group Inc (OrthoRecon Business)

27-Apr-13

Sisram Medical

Alma Lasers Ltd (95.2% Stake)

FA: LA: DLA Piper; Gornitzky & Co

FA: Harris Williams & Co LA: Herzog, Fox and Neeman

222

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Pharma, Medical & Biotech Asia Pacific M&A Trend Report: H1 2013
Heat Chart Based on Companies For Sale
Sector Greater China Australasia South Asia Japan North Asia excl Greater China Southeast Asia Central Asia Grand Total

Industrials and Chemicals TMT Energy/Mining/Utilities Consumer Pharma/Med/Biotech Real Estate Leisure Financial Services Business Services Agriculture Construction Transportation Defence Government Other Grand Total

461 227 135 187 114 107 82 66 65 43 41 38 1 1 1 1569

64 105 233 112 49 40 49 50 82 32 19 27

76 112 33 114 60 33 29 58 45 3 19 11 1

80 68 13 72 33 11 30 30 45 4 11 22

98 84 26 44 33 6 20 37 14 2 24 12

54 53 99 71 20 60 23 66 28 18 15 33

3 1 5 1 1

843 667 552 612 317 261 240 316 289

106 130 143 3 3

1 1 864 6 600 419 400 11 551 13

19 Hot 4501 400 200 150 Warm 100 80 60 Cold 40 20 0

Chinas Pharma, Medical and Biotech sector is expected to see a wave of M&A as a result of private equity companies using this form of exit as the traditional IPO exit faces difficulties. The China Securities Regulatory Commission is enforcing tighter regulations for drug manufacturers and accounting standards if a company is involved in such a scandal then they cant re-submit an IPO application for three years Taiwan Pharma companies could be a more viable opportunity in the coming year because the government is looking to relax rules that restrict Chinese companies from acquiring brands to help their growth particularly as the Chinese-Japan tension continues and Taiwanese companies develop drugs specifically to attract the Chinese market Expected government 2014 cutbacks in Japan could lead to short term consolidation in the hospital sector that will attract both private equity and strategic players but not include non-hospital organizations this is restricted in Japan). Hospital groups are trying to access urban Kanto regions and also mid-cap polyclinic hospitals that will likely be turned into rehabilitation clinics according to Mergermarket intelligence

The Heat Chart table is based on Companies for Sale tracked by mergermarket between 30/01/2013 and 30/07/2013. Opportunities are captured according to the dominant geography and sector of the potential target company.

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Pharma, Medical & Biotech Asia Pacific M&A Trend Report: H1 2013
Advisor League Tables
Financial Advisor League Table by Deal Value
Rank H1 H1 2012 2013 19 14 43 32 1 1 2 3 4= 4= 6 7 8= 8= 10 Jefferies Barclays Fort Street Advisers Northington Partners Somerley UBS Investment Bank Absa Bank Rand Merchant Bank Optima Capital Value (US$ m) 2,323 1,600 967 886 886 834 796 548 548 431 Deal Count 3 1 2 1 1 3 2 1 1 1 % Value Change 1,389.1% 305.1% 1,284.4% -68.6% -

Financial Advisor League Table by Deal Count


Rank H1 H1 2012 2013 25 6 45 1 22 1 2 3 4 5 6 7 8 9 10 Somerley o3 Capital Advisors Barclays UBS Investment Bank Mizuho Financial Group Quam Capital Nomura Holdings Deloitte Jefferies Value (US$ m) 2,323 834 31 967 796 179 143 47 1,600 Deal Count 3 3 3 2 2 2 2 2 2 1 Count Change 2 3 3 2 1 2 -3 2 -

House Morgan Stanley

House Morgan Stanley

Legal Advisor League Table by Deal Value


Rank H1 2012 14 11 21 20 28 H1 2013 1 2 3 4 5= 5= 5= 5= 5= 5= 5= Jones Day Skadden Arps Slate Meagher & Flom Morgan Lewis & Bockius Herbert Smith Freehills Barbosa, Mussnich & Aragao DSK Legal Haynes and Boone Osler, Hoskin & Harcourt Pinheiro Neto Advogados Platinum Partners Slaughter and May House Value (US$ m) 2,179 1,891 1,635 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 Deal Count 2 3 2 2 1 1 1 1 1 1 1 % Value Change 194.5% 136.4% 19.9% 208.3% 563.9% -

Legal Advisor League Table by Deal Count


Rank H1 H1 2012 2013 21 34 13 22 37 2 26 1 2 3 4 5 6 7 8 9 10 Minter Ellison Skadden Arps Slate Meagher & Flom Allens Chapman Tripp Jones Day Morgan Lewis & Bockius Herbert Smith Freehills Morrison & Foerster Cleary Gottlieb Steen & Hamilton Nagashima Ohno & Tsunematsu Value (US$ m) 12 1,891 1,162 903 2,179 1,635 1,600 465 349 161 Deal Count 4 3 3 3 2 2 2 2 2 2 Count Change 2 3 3 2 1 2 2 2 2 2

House

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Pharma, Medical & Biotech Asia Pacific M&A Trend Report: H1 2013
Notes All data is based on announced transactions over US$ 5m. Deals with undisclosed deal values are included where the targets t urnover exceeds US$ 10m. Deals where the stake acquired is less than 10% will only be included if their value is greater than US$ 100m. Activities excluded include property transactions and restructurings where the ultimate shareholders interests are not changed. All data excludes minority stake deals (10% - 30%) where the dominant target geography is Asia-Pacific and the deal value is less than US$ 100m. M&A Trend: Based on the dominant geography of the target company being Global, Americas, Asia-Pacific or Europe and bidder being Global. Excludes lapsed and withdrawn bids. Cross-border M&A: Inbound refers to cross-border M&A where the dominant geography of the target company is Asia-Pacific and the bidder country is any other country. Outbound refers to cross border M&A where the dominant geography of the bidder company is Asia-Pacific and the target country is based anywhere else apart from Asia-Pacific. Excludes lapsed and withdrawn bids. Top Announced Deals: Based on the dominant geography of the target, bidder or seller company being Asia-Pacific. Excludes lapsed and withdrawn bids. FA refers to Financial Adviser and LA refers to Legal Adviser. Heat Chart Table: Based on Mergermarket Intelligence of Companies for Sale in Asia-Pacific between 30/01/2013 and 30/07/2013. Mergermarkets Heat Chart of predicted deal flow is based on the intelligence collected in our database relating to companies rumoured to be up for sale, or officially up for sale in the Asian region. It is therefore indicative of areas that are likely to be active in the months to come. The intelligence comes from a range of sources, including press reports, company statements and our own team of journalists gathering proprietary intelligence from M&A practitioners across the region. The data does not differentiate between small and large transactions, nor between deals that could happen in the short or long-term. League Tables: Based on the dominant geography of the target, bidder or seller company being Asia-Pacific for Asia-Pacific league tables. The financial adviser tables exclude lapsed and withdrawn bids and the legal adviser tables include lapsed and withdrawn bids. Previous period changes refer to the period H1 2013 unless specified otherwise. H1 2013 ranged from 01-Jan-13 to 30-Jun-2013 All values are in US$

Criteria All data correct as of 25 July 2013

Press Contact: Jessica Chan Jessica.Chan@mergermarket.com Tel: +852 2158 9706 Sales Contact: Sales.Asia@mergermarket.com Tel: +852 2158 9764

Deal Submissions: Fidelia Liu Fidelia.Liu@mergermarket.com Tel: +852 2158 9723

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