10 | The Deloitte M&A Index Q3 2015 Charts we like Figure 11. Euro denominated investment grade bond issuance: Figure 14. Yields to maturity of investment grade and high European domestic and inbound ($bn), 2014-15 YTD yield corporate bonds in euros and dollars (%), 2012-15 YTD 120 10% 100 8% 80 6% 60 4% 40 2% oceeds amount ($bn)20 0%Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Pr 0 12 12 12 12 13 13 13 13 14 14 14 14 15 15 Jan 14eb 14 Jun 14Jul 14Oct 14 Jan 15eb 15 Jun 15 Bloomberg EUR High Yield Corporate Bond Yield F Mar 14Apr 14May 14Aug 14Sep 14Nov 14Dec 14FMar 15Apr 15May 15 Bloomberg USD High Yield Corporate Bond Yield Bloomberg EUR Investment Grade European Corporate Domestic Inbound Bond Yield Bloomberg USD Investment Grade Corporate Bond Yield Source: Deloitte analysis based on data from Thomson One Banker Source: Deloitte analysis based on data from Bloomberg Figure 12. Euro denominated high yield bond issuance: Figure 15. STOXX® Europe 600 Index and P/E performance, European domestic and inbound ($bn), 2014-15 YTD 2014-15 YTD P/E 25 420 24 400 23 20 22 15 380 21 360 20 10 19 Index value340 18 5 320 17 oceeds amount ($bn) 16 Pr0 300 5 15 Jan 14b 14 Jun 14Jul 14 Oct 14 Jan 15b 15 Jun 15 Jan 14Feb 14Mar 14Apr 14Jun 14Jul 14Aug 14Sep 14Oct 14Nov 14Dec 14Jan1Feb 15Mar 15Apr 15Jun 15 Fe Mar 14Apr 14May 14Aug 14Sep 14Nov 14Dec 14FeMar 15Apr 15May 15 May 14 May 15 Domestic Inbound Index value Adjusted positive P/E Source: Deloitte analysis based on data from Thomson One Banker Source: Deloitte analysis based on data from Bloomberg Figure 13. Total volumes and disclosed deal values of Figure 16. Shanghai Stock Exchange Composite Index and unsolicited offers, 2007-15 YTD* Hong Kong Hang Seng Index price to earnings multiples Deal volumes Disclosed deal values ($bn) 25 70 300 20 60 242 240 250 15 50 200 10 40 150 5 30 93 0 20 132 49 100 10 32 16 50 44 51 Jan 14Feb 14Mar 14Apr 14May 14Jun 14Jul 14Aug 14Sep 14Oct 14Nov 14Dec 14Jan15Feb 15Mar 15Apr 15May 15Jun 15 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 Shanghai Stock Exchange Composite Index Deal volumes Deal values ($bn) Hong Kong Hang Seng Index *2015 YTD as at 25 June 2015 Source: Deloitte analysis based on data from Bloomberg Source: Deloitte analysis based on data from Thomson One Banker