LatAm M&A Round Up Q3 2012

www.mergermarket.com

press releasemergermarket Latin American M&A Round-up for Q1-Q3 2012

October 16, 2012, for immediate release

PRESS CONTACT

Dara Silverstein [email protected] Tel: +1 646 378 3118

Press Release: www.mergermarket.com 2mergermarket Latin American M&A Round-up Q1-Q3 2012

Latin American M&A activity overall deal value decreased in Q3 2012

The third quarter of 2012 in Latin America accounted for 113 deals worth US$ 13.4bn, a 69.5% decrease from Q2 2012. It was the lowest quarter in terms of deal value since Q1 2009 (101 deals valued at US$ 12.1bn) and the lowest quarter since Q1 2010 in terms of deal count (104 deals worth US$ 65.0bn). The largest deal in the year-to-date was Anheuser-Busch InBev NV’s acquisition of Grupo Modelo SAB de CV for US$ 20.1bn. The deal value of the acquisition made up approximately one-quarter of the total Latin American activity for the fi rst three quarters of 2012 (US$ 80.1bn). Itau Unibanco Holding SA’s acquisition of a 50.0% stake in Redecard SA was the second largest deal of 2012, valued at US$ 5.2bn.

Consumer sector the most active sector

The Consumer sector was the most active sector in Latin America in the fi rst three quarters of 2012, with a combined deal value of USD 29.1bn, which represented a 37.2% market share. The deal value of the sector increased by 119.6% from the same period in 2011. The larg-est deal of the year, the acquisition of Grupo Modelo, was among the four top deals that fell under the most active sector in 2012. At the same time, half of the top deals in the year-to-date belonged to the second most active sector, Energy, Mining & Utilities. The sector had a 24.3% market share in the fi rst three quarters of 2012, which equated to a total value of US$ 19.0bn.

With 26 deals worth US$ 23.5bn, the Consumer sector accounted for 56.4% of the inbound activity in Latin America by deal value. This represented a 278% increase from the same period in 2011, when the sector was valued at US$ 6.2bn. The Construction sector had the larg-est market share (38.9%) of outbound activity in Latin America in the year-to-date, with 5 deals valued at US$ 5.7bn. Industrials & Chemicals, the most active sector during the comparable period last year, lost 56.4% of its total deal value by the end of Q3 2012. This sector had a 43.7% market share in Q1-Q3 2011, whereas in the year-to-date it had a 7.3% market share of the Latin American outbound activity.

JPMorgan topped the fi nancial advisor league tables by value

JPMorgan topped the fi nancial advisor league tables by deal value in Latin America, moving up 11 spots from the 12th position in Q1-Q3 2011. The fi rm advised on 13 deals with a total value of US$ 36.2bn, a 275% increase from the same period in 2011. Lazard ranked second by deal value, having advised on 11 deals worth US$ 30.2bn. This fi nancial advisor moved up 15 spots from the same period last year, which represented a 329% increase in deal value.

Banco BTG Pactual, having advised on 31 deals worth US$ 18.8bn, ranked fi rst on the fi nancial advisor league tables by deal volume, main-taining its position from Q1-Q3 2011. Banco Itau followed in second, with a total value of US$ 21.4bn and 29 deals, an increase of four deals compared to the same period in 2011.

Skadden Arps Slate Meagher & Flom ranked fi rst in the legal advisor league tables

The top legal advisor by deal volume in Latin America in the fi rst three quarters of 2012 was Skadden Arps Slate Meagher & Flom. The law fi rm advised on 10 deals worth US$ 31.1bn, a 75% increase by deal value from Q1-Q3 2011. Cliff ord Chance ranked second, having advised on 10 deals worth U$ 27.7bn.

Machado Meyer Sendacz e Opice ranked fi rst in the legal advisor league tables by volume, with 41 deals worth US$ 9.7bn, moving up one spot from the comparable period last year. Pinheiro Neto Advogados ranked second by deal count, with 32 deals worth US$ 3.3bn.

mergermarket Latin American M&A Round-up for Q1-Q3 2012CONTENTS:

2 mergermarket M&A Round-up

3 Latin American M&A Overview

7 - Top Deals 8 - League Tables of Financial Advisors9 - League Tables of Legal Advisors10 Brazilian M&A Overview

11 - League Tables of Advisors14 Chilean M&A Overview

15 - Top Deals 16 Criteria/About mergermarket

PRESS CONTACT:

Americas: Dara [email protected]: +1 646 378 3118

Latin American M&A Activity

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Latin American M&A Activity by Geography - Deal Volume

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Latin American M&A Activity by Geography - Deal Value

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Latin American M&A Activity as a Percentage of Global M&A

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Press Release: www.mergermarket.com 3

Latin American M&A Overview

mergermarket Latin American M&A Round-up Q1-Q3 2012

Latin American Cross-Border M&A Activity - Deal Value

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Latin American Cross-Border M&A Activity - Deal Volume

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Latin American M&A Deal Size Breakdown - Deal Value

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Latin American M&A Deal Size Breakdown - Deal Volume

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Value not disclosed $5m - $14.9m $15m - $100m $101m - $250m $251m - $500m > $501m




Latin American Inbound M&A Activity Geography Breakdown Q1-Q3 2012 - Deal Value

16.1%

67.9%

9.2% 6.9%North America

Europe

Asia Pacific

Rest of the World

Latin American Outbound M&A Activity Geography Breakdown Q1-Q3 2012 -Deal Value

20.6%

79.0%

0.3%

North America

Europe

Asia Pacific

Rest of the World

Latin American Outbound M&A Activity Geography Breakdown Q1-Q3 2012 - Deal Volume

41.7%

50.0%

8.3%

North America

Europe

Asia Pacific

Rest of the World

Latin American Inbound M&A Activity Geography Breakdown Q1-Q3 2012 - Deal Volume

41.7%

43.2%

12.6%

2.4%

North America

Europe

Asia Pacific

Rest of the World




Latin American M&A Sector Breakdown Q1-Q3 2012 - Deal Value

Agriculture0.3%

Industrials & Chemicals

4.8%

Financial Services6.4%

Business Services9.3%

Consumer37.2%

Energy, Mining & Utilities24.3%Technology

1.3%

Media0.8%

Leisure1.5%

Transportation5.1%

Pharma, Medical & Biotech

2.1%

Construction5.7%

Real Estate1.2%

Latin American M&A Sector Breakdown Q1-Q3 2012 - Deal Volume

Telecommunications0.7%

Industrials & Chemicals16.7%



Consumer16.2%

Energy, Mining & Utilities16.9%

Technology4.6%

Media1.6%

Leisure3.7%

Transportation3.7%


6.9%

Construction3.2%

Real Estate3.4%

Agriculture2.5%


Latin American M&A Overview: Industry Analysis

Q1-Q3 2012 Q1-Q3 2011

Sector Value ($m) mkt share Deal count Value ($m) mkt share Deal count Value (%)Telecommunications 12 0.0% 3 32,630 32.0% 11 -100.0%Energy, Mining & Utilities 18,951 24.3% 74 22,827 22.4% 72 -17.0%Financial Services 5,026 6.4% 41 10,104 9.9% 37 -50.3%Industrials & Chemicals 3,771 4.8% 73 3,582 3.5% 74 5.3%Consumer 29,085 37.2% 71 13,245 13.0% 88 119.6%

Pharma, Medical & Biotech 1,667 2.1% 30 1,367 1.3% 25 21.9%

Business Services 7,238 9.3% 46 3,414 3.3% 56 112.0%

Transportation 4,005 5.1% 16 9,337 9.2% 18 -57.1%

Agriculture 262 0.3% 11 1,423 1.4% 26 -81.6%

Real Estate 970 1.2% 15 1,975 1.9% 10 -50.9%

Technology 1,000 1.3% 20 1,262 1.2% 20 -20.8%

Construction 4,426 5.7% 14 377 0.4% 15 1074%

Media 599 0.8% 7 50 0.0% 10 1098%

Leisure 1,134 1.5% 16 403 0.4% 11 181.4%

Defence 0 0.0% 0 37 0.0% 3 -100.0%

Total 78,146 100% 437 102,033 100% 476 -23%



Latin American M&A Overview: Top Deals Activity Table of Latin American M&A for Q1-Q3 2012Announcement

DateBidder Company Bidder Financial

AdvisorBidder Legal Advisor Target Company Target

IndustryTarget

Dominant Country

Target/Seller Financial Advisor

Target/Seller Legal Advisor Seller Company Deal Value

(US$m)

29-Jun-12 Anheuser-Busch InBev NV Bank of America Merrill Lynch; Barclays; Deutsche Bank; JPMorgan; Lazard

Alston & Bird (Advising Barclays); Cliff ord Chance; Freshfi elds Bruckhaus Deringer; Mijares, Angoitia, Cortes y Fuentes; Skadden Arps Slate Meagher & Flom; Sullivan & Cromwell

Grupo Modelo SAB de CV Consumer Mexico Morgan Stanley Cravath Swaine & Moore; Creel, Garcia-Cuellar, Aiza y Enriquez; Greenberg Traurig (Advising Morgan Stanley)

20,100

7-Feb-12 Itau Unibanco Holding SA Banco Itau BBA; Goldman Sachs; JPMorgan

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados; Shearman & Sterling; Simpson Thacher & Bartlett (Advising JPMorgan); Skadden Arps Slate Meagher & Flom (Advising Goldman Sachs)

Redecard SA (49.99% Stake) Business Services

Brazil BR Partners; Citigroup; Credit Suisse; Rothschild

Jones Day (Advising Citigroup) 5,184

6-Aug-12 Abertis Infraestructuras SA; and Brookfi eld Infrastructure Partners LP

SG Freshfi elds Bruckhaus Deringer; Hogan Lovells; Machado Meyer Sendacz e Opice; Souza, Cescon, Barrieu & Flesch Advogados

Obrascon Huarte Lain Brasil SA (60% Stake)

Construction Brazil Banco BTG Pactual; JPMorgan

Cliff ord Chance (Advising JPMorgan); Lefosse Advogados; Linklaters

OHL Concesiones SA

2,763

28-May-12 Cosan SA Industria e Comercio Banco BTG Pactual; Banco Itau BBA; Rothschild

Skadden Arps Slate Meagher & Flom; Ulhoa Canto, Rezende e Guerra - Advogados; Vieira Rezende Barbosa e Guerriero

Cia de Gas de Sao Paulo (60.1% Stake)

Energy, Mining & Utilities

Brazil Banco Bradesco BBI

Freshfi elds Bruckhaus Deringer; Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados

BG Group Plc 2,654

26-Mar-12 Mubadala Development Company PJSC

Citigroup; Goldman Sachs

Shearman & Sterling; Souza, Cescon, Barrieu & Flesch Advogados

EBX Ltd (5.63% Stake) Energy, Mining & Utilities

Brazil Banco Itau BBA; Credit Suisse

Davis Polk & Wardwell; Lefosse Advogados; Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados

2,000

24-Jul-12 Corporacion Financiera Colombiana SA

Corporacion Financiera Colombiana

Martinez Neira Abogados Consultores Promigas SA ESP (75.03% Stake)


Colombia 1,908

23-Aug-12 Corporacion Nacional del Cobre de Chile

Asset Chile; Rothschild

Carey y Cia; Cleary Gottlieb Steen & Hamilton; Debevoise & Plimpton (Advising Mitsui & Co); Gutierrez, Waugh, Jimeno & Asenjo Abogados

Anglo American Sur SA (24.5% Stake)


Chile Advising seller: Goldman Sachs; UBS Investment Bank

Advising seller: Claro y Cia; Guerrero, Olivos, Novoa Y Errazuriz; Shearman & Sterling

Anglo American Plc

1,700

26-Jun-12 Primav Construcoes e Comercio SA

Banco BTG Pactual; Banco Itau BBA

White & Case Ecorodovias Infraestrutura e Logistica SA (19% Stake)

Transportation Brazil Impregilo SpA 1,480

28-Mar-12 Fundacao Petrobras de Seguridade Social; Fundacao dos Economiarios Federais; Bolognesi Empreendimentos LTDA; Instituto de Seguridade Social dos Correios e Telegrafos; Fundacao Rede Ferroviaria de Seguridade Social; and Instituto Infraero de Seguridade Social

ATRIA Capital Lehmann, Warde Advogados Multiner SA Energy, Mining & Utilities

Brazil Banco Bradesco BBI; Banco BTG Pactual

1,200

30-Jan-12 Atlantia-Bertin Group JV Morgan Stanley Campos Mello Advogados Atlantia SpA (concession motorway assets); and Bertin SA (concession motorway assets)

Transportation Brazil Banco BTG Pactual

Barbosa, Mussnich & Aragao; Advising seller: Skadden Arps Slate Meagher & Flom

Atlantia SpA; and Bertin SA

1,132


Latin American M&A Overview: League Tables of Financial Advisors

Financial Advisors to Latin American M&A: VolumeRanking

Q1-Q3 2011

Q1-Q3 2012 Company Name Value ($m)

Deal Count

Deal Count Change

1 1 Banco BTG Pactual 18,826 31 5

2 2 Banco Itau BBA 21,361 29 4

3 3 Credit Suisse 11,095 19 -3

4 4 Goldman Sachs 17,652 17 -2

5 5 Banco Bradesco BBI 14,126 16 -1

9 6 Rothschild 12,657 16 5

14 7 JPMorgan 36,158 13 6

19 8 Lazard 30,177 11 6

25 9 Deutsche Bank 27,725 10 6

17 10 Bank of America Merrill Lynch 25,039 10 4

8 11 Citigroup 15,121 9 -4

7 12 Santander Global Banking and Markets 6,068 8 -6

10 13 BR Partners 5,700 8 -3

16 14 UBS Investment Bank 4,022 8 2

20 15 Vinci Partners 153 7 26 16 Morgan Stanley 23,244 6 -8

11 17 Banco Espirito Santo de Investimento 5,783 5 -5

18 18 Barclays 26,604 4 -1

23 19 HSBC 2,115 4 0

- 20 Ernst & Young 57 4 -

Financial Advisors to Latin American M&A: ValueRanking

Q1-Q3 2011

Q1-Q3 2012 Company Name

Value ($m)

Deal Count

% Value Change

12 1 JPMorgan 36,158 13 275%

17 2 Lazard 30,177 11 329%

19 3 Deutsche Bank 27,725 10 436%

10 4 Barclays 26,604 4 80.0%

15 5 Bank of America Merrill Lynch 25,039 10 231%

8 6 Morgan Stanley 23,244 6 52.6%

2 7 Banco Itau BBA 21,361 29 -20.2%

1 8 Banco BTG Pactual 18,826 31 -47.3%

6 9 Goldman Sachs 17,652 17 -9.3%

7 10 Citigroup 15,121 9 -3.9%

3 11 Banco Bradesco BBI 14,126 16 -43.4%

5 12 Rothschild 12,657 16 -37.9%

4 13 Credit Suisse 11,095 19 -52.1%

11 14 Santander Global Banking and Markets 6,068 8 -57.2%

16 15 Banco Espirito Santo de Investimento 5,783 5 -19.6%

42 16 BR Partners 5,700 8 1020%

14 17 UBS Investment Bank 4,022 8 -49.4%

- 18 ABN AMRO Bank 3,456 1 -

- 19 SG 2,763 1 -

13 20 HSBC 2,115 4 -76.3%


Legal Advisors to Latin American M&A: ValueRanking

Q1-Q3 2011

Q1-Q3 2012 Company Name Value ($m)

Deal Count

% Value Change

3 1 Skadden Arps Slate Meagher & Flom 31,122 10 75.0%

6 2 Cliff ord Chance 27,741 10 92.2%

54 3 Freshfi elds Bruckhaus Deringer 25,517 3 2787%

4 4 Sullivan & Cromwell 24,161 8 38.4%

- 5 Alston & Bird 20,805 3 -

55 6 Creel, Garcia-Cuellar, Aiza y Enriquez 20,466 4 2325%

154 7 Greenberg Traurig 20,120 5 51490%

56 8 Mijares, Angoitia, Cortes y Fuentes 20,100 3 2354%

17 9 Cravath Swaine & Moore 20,100 1 208%

19 10 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados

17,020 21 164%

14 11 Shearman & Sterling 10,069 7 27.7%

5 12 Machado Meyer Sendacz e Opice 9,740 41 -40.0%

31 13 Lefosse Advogados 8,102 15 224%

9 14 Souza, Cescon, Barrieu & Flesch Advogados 7,194 24 -34.1%

11 15 Cleary Gottlieb Steen & Hamilton 7,022 5 -28.5%

47 16 Linklaters 6,547 12 500%

41 17 Uria Menendez 6,368 8 350%

8 18 Simpson Thacher & Bartlett 6,097 4 -47.5%

69 19 Jones Day 5,819 10 784%

- 20 Bredin Prat 5,427 1 -

Legal Advisors to Latin American M&A: VolumeRanking

Q1-Q3 2011

Q1-Q3 2012 Company Name

Value ($m)

Deal Count

Deal Count Change

2 1 Machado Meyer Sendacz e Opice 9,740 41 7

1 2 Pinheiro Neto Advogados 3,339 32 -7

6 3 Souza, Cescon, Barrieu & Flesch Advogados 7,194 24 5


17,020 21 -6

4 5 Barbosa, Mussnich & Aragao 4,644 20 -5

21 6 Lefosse Advogados 8,102 15 6

20 7 Veirano Advogados 873 15 5

30 8 Azevedo Sette Advogados 1,466 14 9

44 9 Linklaters 6,547 12 9

16 10 Gomez-Pinzon Zuleta 1,055 12 1

5 11 Tozzini Freire Teixeira e Silva Advogados 937 12 -9

7 12 Baker & McKenzie 2,553 11 -6

12 13 Estudio Muniz, Ramirez, Perez-Taiman & Olaya Abogados

1,104 11 -2

17 14 Skadden Arps Slate Meagher & Flom 31,122 10 0

8 15 Cliff ord Chance 27,741 10 -4

23 16 Jones Day 5,819 10 3

19 17 Prieto & Carrizosa 1,047 9 -1

10 18 Rodrigo Elias & Medrano 732 9 -4

18 19 Sullivan & Cromwell 24,161 8 -2

58 20 Uria Menendez 6,368 8 6

Latin American M&A Overview: League Tables of Legal Advisors

Brazil M&A Activity

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Substantial decrease in M&A activity in Q3 2012

In the third quarter of 2012, Brazil, with 53 deals worth an aggregate US$ 6.5bn, had a 56.4% decrease in deal value compared to the previous quarter (109 deals worth US$ 14.9bn) and a 77.0% decrease compared to Q3 2011 (86 deals worth US$ 28.2bn). It was the lowest aggregate deal value since Q3 2008 (69 deals valued at US$ 6.3bn).

Inbound cross-border transactions into Brazil amounted to 28 deals worth US$ 5.5bn in Q3 2012. Aggregate foreign investments out of Brazil slightly decreased in value from the previous quarter, 6 deals worth US$ 1.4bn in Q3 compared to 6 deals worth US$ 1.9bn in Q2.

Energy, Mining & Utilities dominates the Brazilian market

With 35 transactions valued at US$ 9.7bn, Energy, Mining & Utilities was the most active sector by deal value for Q1-Q3 2012. The sector accounted for a 27.0% market share. Business Services was the second most active sector with 29 deals worth US$ 6.9bn, representing 19.2% of the total activity. Industrials & Chemicals was the most active sector by deal volume, with a total of 41 deals worth US$ 1.6bn.

Top fi nancial and legal advisors

Banco Itau BBA topped Brazilian fi nancial advisor league tables by value with 27 transactions worth US$ 20.3bn.The fi rm ranked third in Brazil in Q1-Q3 2012. Banco BTG Pactual was second by deal value and fi rst by deal volume, with 30 deals worth 18.8bn. The company ranked fi rst by both deal volume and value for Q1-Q3 2011.

Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados topped Brazilian legal advisor league tables by deal value with 21 deals worth US$ 17.0bn. Skadden Arps Slate Meagher & Flom was second with 7 deals worth a total of US$ 10.8bn. Machado Meyer Sendacz e Opice topped the tables by deal volume, with 37 transactions worth US$ 7.6bn; Pinheiro Neto Advogados came in second with 31 deals worth US$ 3.3bn.


Brazilian M&A Overview


Latin America Multiples Analysis - Average

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Brazil M&A Deal Size Breakdown - Deal Value

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Brazil M&A Deal Size Breakdown - Deal Volume

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Brazilian M&A Overview


Brazil M&A Sector Breakdown Q1-Q3 2012 - Deal Value


4.3%

Agriculture0.4%




Consumer14.2%


Technology2.3%Leisure

1.2%

Transportation10.5%

Construction10.0%

Real Estate2.3%

Brazil M&A Sector Breakdown Q1-Q3 2012 - Deal Volume


8.1%

Agriculture2.0%

Industrials & Chemicals16.7%Financial Services

7.3%


Consumer15.0%


Technology7.7%

Media0.8%

Leisure2.8%

Transportation5.7%

Construction3.3%

Real Estate4.5%


Brazilian M&A Overview: Industry Analysis

Q1-Q3 2012 Q1-Q3 2011 Change

Sector Value ($m) mkt share Deal count Value ($m) mkt share Deal count Value (%)Energy, Mining & Utilities 9,714 27.0% 35 14,005 20.3% 34 -31%Industrials & Chemicals 1,564 4.4% 41 2,347 3.4% 45 -33%Telecommunications 0 0.0% 0 25,978 37.7% 7 -100%Financial Services 1,489 4.1% 18 5,183 7.5% 22 -71%Business Services 6,898 19.2% 29 2,790 4.0% 42 147%

Pharma, Medical & Biotech 1,547 4.3% 20 1,204 1.7% 13 28%

Consumer 5,110 14.2% 37 4,206 6.1% 35 21%

Agriculture 139 0.4% 5 1,303 1.9% 13 -89%

Real Estate 836 2.3% 11 1,900 2.8% 8 -56%

Transportation 3,783 10.5% 14 8,747 12.7% 11 -57%

Technology 843 2.3% 19 657 1.0% 13 28%

Media 0 0.0% 2 0 0.0% 7 -

Construction 3,582 10.0% 8 242 0.4% 8 1380%

Leisure 436 1.2% 7 297 0.4% 4 47%

Defence 0 0.0% 0 37 0.1% 3 -100%

Total 35,941 100% 246 68,896 100% 265 -48%



Brazilian M&A Overview: League Tables of AdvisorsFinancial Advisors to Brazilian M&A: Volume

RankingQ1-Q3 2011

Q1-Q3 2012 Company Name Value ($m) Deal Count

Deal Count Change

1 1 Banco BTG Pactual 18,826 30 4

2 2 Banco Itau BBA 20,327 27 9

3 3 Banco Bradesco BBI 14,126 16 -1

4 4 Credit Suisse 10,657 16 4

11 5 Rothschild 8,927 10 5

23 6 JPMorgan 10,762 8 6

6 7 BR Partners 5,700 8 -3

5 8 Goldman Sachs 9,382 7 -4

13 9 Vinci Partners 153 7 2

24 10 Lazard 7,383 5 3

7 11 Santander Global Banking and Markets 5,877 5 -5

20 12 Bank of America Merrill Lynch 3,371 5 2

21 13 Deutsche Bank 2,918 5 2

19 14 Citigroup 12,995 4 1

8 15 Banco Espirito Santo de Investimento 5,738 4 -6

Financial Advisors to Brazilian M&A: ValueRanking

Q1-Q3 2011


% Value Change

3 1 Banco Itau BBA 20,327 27 -17.2%

1 2 Banco BTG Pactual 18,826 30 -47.3%

2 3 Banco Bradesco BBI 14,126 16 -43.4%

15 4 Citigroup 12,995 4 123%

10 5 JPMorgan 10,762 8 36.0%

5 6 Credit Suisse 10,657 16 -43.2%

8 7 Goldman Sachs 9,382 7 -30.1%

4 8 Rothschild 8,927 10 -52.8%

13 9 Lazard 7,383 5 5.2%

9 10 Santander Global Banking and Markets 5,877 5 -54.4%

7 11 Barclays 5,811 2 -57.5%

12 12 Banco Espirito Santo de Investimento 5,738 4 -20.2%

30 13 BR Partners 5,700 8 1020%

17 14 Bank of America Merrill Lynch 3,371 5 -35.6%

18 15 Deutsche Bank 2,918 5 -40.9%

Legal Advisors to Brazilian M&A: VolumeRanking

Q1-Q3 2011


Deal Count Change

2 1 Machado Meyer Sendacz e Opice 7,625 37 4

1 2 Pinheiro Neto Advogados 3,339 31 -8

6 3 Souza, Cescon, Barrieu & Flesch Advogados 7,178 22 3


17,020 21 -6

4 5 Barbosa, Mussnich & Aragao 4,644 20 -4

10 6 Veirano Advogados 873 15 5

11 7 Lefosse Advogados 7,827 14 5

13 8 Azevedo Sette Advogados 1,466 14 9

5 9 Tozzini Freire Teixeira e Silva Advogados 937 12 -9

8 10 Lobo & de Rizzo Advogados 861 8 -4

14 11 Skadden Arps Slate Meagher & Flom 10,779 7 3

30 12 Uria Menendez 6,304 7 5

87 13 Linklaters 4,097 6 5

31 14 Ulhoa Canto, Rezende e Guerra - Advogados 3,031 6 4

19 15 Shearman & Sterling 7,644 5 2

Legal Advisors to Brazilian M&A: ValueRanking

Q1-Q3 2011


% Value Change


17,020 21 164%

9 2 Skadden Arps Slate Meagher & Flom 10,779 7 25.8%

23 3 Lefosse Advogados 7,827 14 213%

19 4 Shearman & Sterling 7,644 5 124%

3 5 Machado Meyer Sendacz e Opice 7,625 37 -52.3%

6 6 Souza, Cescon, Barrieu & Flesch Advogados 7,178 22 -34.3%

27 7 Uria Menendez 6,304 7 346%

8 8 Simpson Thacher & Bartlett 5,854 2 -40.9%

- 9= Bredin Prat 5,427 1 -

- 9= Campos Ferreira, Sa Carneiro e Asociados 5,427 1 -

- 9= PLMJ - Sociedade de Advogados 5,427 1 -

36 12 Freshfi elds Bruckhaus Deringer 5,417 2 513%

- 13 Jones Day 5,184 5 -

2 14 Barbosa, Mussnich & Aragao 4,644 20 -78.8%

87 15 Linklaters 4,097 6 24000%

Mexico M&A Activity

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

Q104

Q204

Q304

Q404

Q105

Q205

Q305

Q405

Q106

Q206

Q306

Q406

Q107

Q207

Q307

Q407

Q108

Q208

Q308

Q408

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Val

ue (U

S$m

)

0

5

10

15

20

25

30

35

Num

ber

of D

eals

Overall Value Overall Volume

Mexico M&A Sector Breakdown Q1-Q3 2012 - Deal Value




Consumer89.5%


0.3%


Real Estate0.1%

Technology0.1%

Construction0.2%

Leisure1.7%

Mexico M&A Sector Breakdown Q1-Q3 2012 - Deal Volume


Telecommunications2.5%



Industrials & Chemicals17.5% Consumer

17.5%


5.0%

Real Estate5.0%

Technology2.5%

Construction7.5%Leisure

10.0%

Mexico saw 16 deals worth US$ 583m announced in Q3 2012, a 97.3% decrease in deal value compared to the previous quarter’s 12 deals worth a total of US$ 21.5bn and a 92.6% decrease from Q3 2011 (18 deals worth US$ 7.9bn).

With 7 transactions worth an aggregate US$ 20.9bn, the Consumer sector was the most active sector by deal value in the region. The sector accounted for an impressive 89.5% of the market share. Financial Services was second with 7 deals valued at US$ 1.1bn, accounting for 4.6% of the total activity by deal value.

The biggest deal announced so far this year in Mexico was Anheuser-Busch InBev NV’s acquisition of a 49.7% stake in Grupo Modelo SAB de CV, the Mexico based beer company. The deal was valued at US$ 20.1bn.


Mexican M&A Overview



Mexican M&A Overview: Top Deals Activity Table of Mexican M&A for Q1-Q3 2012Announced Date

Bidder Company Bidder Financial Advisor

Bidder Legal Advisor Target Company Target Industry Target/Seller Financial Advisor

Target/Seller Legal Advisor Seller Company Deal Value ($m)

29-Jun-12 Anheuser-Busch InBev NV Bank of America Merrill Lynch; Barclays; Deutsche Bank; JPMorgan; Lazard

Alston & Bird (Advising Barclays); Cliff ord Chance; Freshfi elds Bruckhaus Deringer; Mijares, Angoitia, Cortes y Fuentes; Skadden Arps Slate Meagher & Flom; Sullivan & Cromwell

Grupo Modelo SAB de CV (49.7% Stake)

Consumer Morgan Stanley Cravath Swaine & Moore; Creel, Garcia-Cuellar, Aiza y Enriquez; Greenberg Traurig (Advising Morgan Stanley)

20,100

14-Jun-12 Costco Wholesale Corporation

Alfaro, Davila y Rios Costco de Mexico SA de CV (50% Stake)

Consumer Advising seller: Rothschild

Advising seller: Fried Frank Harris Shriver & Jacobson

Controladora Comercial Mexicana SAB de CV

759

7-Mar-12 AXA SA Citigroup Baker & McKenzie; Linklaters; Rajah & Tann; Ritch Mueller

HSBC Holdings plc (property and casualty businesses in Hong Kong, Singapore and Mexico)

Financial Services

Advising seller: Goldman Sachs; HSBC

Advising seller: Cliff ord Chance; Galicia Abogados; Machado Meyer Sendacz e Opice; Selvam

HSBC Holdings plc 494

5-Feb-12 Daewoo Securities Co Ltd; and Samsung Securities Co Ltd

Daewoo Securities; Samsung Securities

DLA Piper; Kim & Chang Ankor Oil Field (29% Stake)


Advising seller: Deutsche Bank

Advising seller: Kim & Chang; Vinson & Elkins

KNOC USA Corporation

308

12-Sep-12 ACE Limited Mayer Brown Fianzas Monterrey Financial Services

Advising seller: Goldman Sachs

Advising seller: Debevoise & Plimpton; Sullivan & Cromwell (Advising Goldman Sachs)

New York Life Insurance Company

285


All data is based on transactions over US$ 5m announced between 1 January 2012 and 30 September 2012, unless stated otherwise. Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders’ interests are not changed.

Mid-market refers to transactions valued between US$10m - US$250m.

League tables are based on the dominant geography of any of the target, bidder or seller being Latin America or Brazil.

All sector breakdowns are based on the dominant sector of the target only.

The trend graphs are based on transactions announced in the given time periods.

For this report, “inbound” refers to deals where the dominant geography of the target is Latin America/Brazil and the dominant geography of the bidder is outside Latin America/Brazil; “outbound” refers to deals where the dominant geography of the target is outside Latin America/Brazil and the dominant geography of the bidder is Latin America/Brazil. All other data sets are based on dominant geography of target only being Latin America/Brazil.

Unless stated otherwise, all data excludes lapsed and withdrawn bids.

All data correct as of 14 October 2011.

Criteria

Contact: Hannah Bagshawe [email protected]: Dara [email protected]: +1 646 378 3118

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Documents

LatAm M&A Round Up Q3 2012