A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY MONTHLY M&A INSIDER JUNE 2015 . CONTENTS 03 GLOBAL OVERVIEW 11 NORTH AMERICA 18 C&S AMERICA 25 EUROPE 32 MIDDLE EAST & AFRICA 39 ASIA-PACIFIC (excluding Japan) 46 JAPAN 53 ABOUT MERRILL CORPORATION & MERRILL DATASITE 55 MERRILL CORPORATION CONTACTS . A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY GLOBAL OVERVIEW . GLOBAL OVERVIEW May was relatively quiet on the M&A front this year. Global deal values rose slightly to US$348.1bn, up 14.5% from April’s US$304bn, and 27% from May 2014’s US$274.1bn. Conversely, volume fell to 984 deals, down 8.5% from April’s 1,075 transactions, and 30.9% from May 2014’s 1,425 deals. The trend toward higher valuations also marked the month’s top deal. Charter Communications’ US$77.8bn revival of its lapsed deal with Time Warner Cable to acquire its cable systems re-united a leading broadband provider with the cable services giant. Last year’s deal had been contingent on the closing of Time Warner Cable’s US$68.5bn deal with Comcast, which was the top announced deal of 2014.

However, increased anti-trust scrutiny from the US Justice Department led to the transaction’s ultimate termination, lapsing with it the Charter transaction and another with Liberty Broadband Corporation last April. Despite that, megadeals lost little momentum, particularly in the Technology, Media & Telecommunications (TMT) sector. Though tied with Pharma, Medical & Biotech (PMB) with three deals in the top 10, TMT took the cake by sheer value. The combined worth of the top two global transactions, both in TMT, amounted to US$112.7bn, 58.5% of the month’s top 10 overall value.

Meanwhile, PMB’s collective value across all deals was US$29.6bn, 14.3% of the top 10 global transactions. GLOBAL OVERVIEW Key Stats 984 deals valued at US$348.1bn up 27% by value with 441 fewer deals compared to 1,425 deals worth US$274.1bn in May ‘14 Private equity has remained more or less stable. Global buyouts fell by 2.9% in total value to US$25.5bn this May, down from US$26.2bn in May 2014, and by 3.3% from April 2015. Exits also fell, to US$37bn, decreasing by 3.4% from US$38.3bn compared to May 2014, but was up slightly by 6.2% from US$34.8bn in April of this year.

It is unclear if the rest of the year will result in an evening out following last year’s post-recession correction period or if it will lead to any major changes in M&A values and volumes. Top sector TMT saw 190 deals worth US$158.7bn, up 71.7% by value compared to 266 deals worth US$92.4bn in May ‘14 Top Financial Adviser Bank of America Merrill Lynch ranked first with 13 deals worth US$144.9bn, compared to 12 deals worth US$110.7bn in May ‘14 The US hosted the most global M&A transactions, sweeping eight of the top 10 spots, adding up to US$175.6bn – 50.4% of the month’s total value. Improvements in the US economy, indicated by factors including housing sales and job growth, could mark the continuation of steady M&A transactions in the coming months. Uncertainty over Greek debt payments, the decline of China’s manufacturing sector, and continued political unrest in Russia have put the country in the M&A spotlight.

How much American business continues to affect and be affected by global events, however, remains to be seen. Top Legal Adviser Skadden Arps Slate Meagher & Flom ranked first with 19 deals worth US$150.3bn, compared to 14 deals worth US$19 in May’14 4 NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS GLOBAL M&A TREND GLOBAL PRIVATE EQUITY TREND 600 3,000 US$ 841.1bn US$ 576.5bn US$ 754.8bn 10,000 US$ 598.1bn 1,500 1,000 US$ 641.9bn US$ 522.0bn US$ 491.6bn US$ 584.2bn US$ 431.8bn US$ 842.5bn US$ 565.1bn US$ 613.3bn US$ 558.7bn US$ 463.4bn US$ 447.0bn 2012 2013 US$ 652.2bn Q1 GLOBAL OVERVIEW Q2 Q3 Q4 US$ 506.8bn 5,000 US$ 246.8bn US$ US$ 275.3bn 288.3bn US$ 329.7bn US$ 306.1bn US$ 272.5bn US$ 298.0bn 1,000 US$ 383.6bn US$ 284.0bn US$ 565.8bn US$ 764.7bn US$ 112.3bn 2014 US$ 147.9bn 0 0 2011 1,500 100 0 2010 300 200 US$ 958.3bn 500 US$ 459.9bn Value (US$bn) US$ 710.5bn Volume 500 0 2010 YTD 2015 Number of deals US$ 477.2bn 2,000 2,000 15,000 Number of deals Value (US$bn) 2,500 2,500 400 20,000 3,000 500 3,500 Buyout value 2011 Exit value 2012 2013 Buyout volume 2014 YTD 2015 Exit Volume 5 NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS REGIONAL BREAKDOWN AS A PROPORTION OF GLOBAL TOTAL M&A VALUE GLOBAL M&A SECTOR BREAKDOWN MAY 2015 TMT Value: US$158.7bn Number of deals: 190 Market share: 45.6% Europe US$37.7bn 352 deals 10.8% North America US$236.6bn 287 deals 68.0% Asia-Pacific (excluding Japan) US$60.9bn 268 deals 17.5% Energy, Mining & Utilities Value: US$44.8bn Number of deals: 82 Market share: 12.9% Japan US$6.3bn 32 deals 1.8% Pharma, Medical & Biotech Value: US$39.5bn Number of deals: 70 Market share: 11.4% Africa & Middle East US$1.5bn 20 deals 0.4% C&S America US$5.2bn 25 deals 1.5% Industrials & Chemicals Value: US$30.7bn Number of deals: 201 Market share: 8.8% Key Value (US$bn) Up/Down Region Value Volume Value market share Value % change Cross-border $71.3 21.4% Domestic $276.8 Business Services Value: US$19.8bn Number of deals: 115 Market share: 5.7% 51.0% GLOBAL OVERVIEW 6 NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR MAY 2015 Deal value US$77.8bn Deal value US$34.9bn Deal value US$13.8bn Deal value US$13.7bn Deal value US$11.3bn Deal value US$11.1bn Deal value US$8.3bn Deal value US$8.1bn Deal value US$7.9bn Deal value US$5.8bn Announced 26-May-15 Announced 28-May-15 Announced 13-May-15 Announced 13-May-15 Announced 26-May-15 Announced 21-May-15 Announced 6-May-15 Announced 18-May-15 Announced 20-May-15 Announced 21-May-15 Bidder company Charter Communications Inc Bidder company Avago Technologies Ltd Bidder company Williams Companies Inc Bidder company Danaher Corporation Bidder company Cheil Industries Inc Bidder company CVS Health Corporation Bidder company Endo International plc Bidder company Altice SA Bidder company ALFA SAB de CV; and Harbour Energy Target company Broadcom Corporation Target company Williams Partners LP (42.11% stake) Target company Pall Corporation Bidder company Alexion Pharmaceuticals Inc Dominant sector TMT Dominant sector Energy, Mining & Utilities Target company Time Warner Cable Inc Dominant sector TMT Dominant sector Industrials & Chemicals Target company Samsung C&T Corporation Dominant sector Other Target company Omnicare Inc Dominant sector Pharma, Medical & Biotech Target company Synageva BioPharma Dominant sector Pharma, Medical & Biotech Target company Par Pharmaceutical Holdings Inc Seller company TPG Capital LP Dominant sector Pharma, Medical & Biotech Target company Suddenlink Communications (70% stake) Seller company BC Partners Limited; and Canada Pension Plan Investment Board Target company Pacific Rubiales Energy Corp (81.05% stake) Dominant sector Energy, Mining & Utilities Dominant sector TMT GLOBAL OVERVIEW 7 NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 GLOBAL FINANCIAL ADVISERS TOP 20 GLOBAL FINANCIAL ADVISERS VALUE VOLUME Ranking May 2015 May 2014 Company Name Value (US$m) Deal count 6 Citi 143,444 1 Bank of America Merrill Lynch 141,162 3 9 Credit Suisse 131,161 4 2 Goldman Sachs 128,422 May 2015 May 2014 1 2 Ranking May 2015 Value (US$m) May 2014 Value (US$m) % Val. Change 18 26,690 437.44 1 3 PwC 14 110,708 27.51 2 2 Goldman Sachs 22 17,136 665.41 3 5 Morgan Stanley 98,484 24 27 -3 25 105,920 21.24 4 8 JPMorgan 78,399 23 24 -1 May 2015 May 2014 Company Name Deal count Deal count Deal count Change 8,258 31 33 -2 128,422 25 34 -9 5 4 Morgan Stanley 98,484 24 47,194 108.68 5 12 Credit Suisse 131,161 22 18 4 6 55 LionTree Advisors 89,586 3 1,020 8,682.94 6 1 KPMG 11,851 21 36 -15 7 18 Centerview Partners 88,962 2 6,571 1,253.86 7 7 Citi 143,444 18 25 -7 8 97 Guggenheim Partners 83,683 3 365 22,826.85 8 11 Rothschild 6,141 17 20 -3 9 - Allen & Company 81,728 2 - - 9 13 Lazard 9,998 15 17 -2 10 5 JPMorgan 78,399 23 43,640 79.65 10 6 Bank of America Merrill Lynch 141,162 14 25 -11 11 7 Barclays 73,029 10 22,951 218.20 11 10 Deutsche Bank 49,285 13 20 -7 12 19 Evercore Partners 66,686 9 6,093 994.47 12 18 Nomura Holdings 8,833 12 12 0 13 8 Deutsche Bank 49,285 13 18,652 164.23 13 14 Barclays 73,029 10 16 -6 14 32 HSBC 40,737 5 2,305 1,667.33 14 15 Jefferies 2,284 10 14 -4 15 - The Anglo Chinese Group 34,853 1 - - 15 21 Evercore Partners 66,686 9 11 -2 16 20 UBS Investment Bank 14,139 6 5,928 138.51 16 49 Sumitomo Mitsui Financial Group 2,196 9 4 5 17 13 KPMG 11,851 21 7,891 50.18 17 37 Houlihan Lokey 8,372 7 6 1 18 27 Samsung Securities Co 11,504 2 3,251 253.86 18 23 Moelis & Company 6,090 7 11 -4 19 3 Lazard 9,998 15 72,795 -86.27 19 4 Deloitte 719 7 29 -22 20 21 Nomura Holdings 8,833 12 5,636 56.72 20 9 EY 355 7 23 -16 GLOBAL OVERVIEW 8 NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 GLOBAL LEGAL ADVISERS TOP 20 GLOBAL LEGAL ADVISERS VALUE VOLUME Ranking May 2015 May 2015 May 2014 Value (US$m) Company Name May 2014 Deal count Value (US$m) Ranking % Val. Change May 2015 May 2015 May 2014 Company Name Value (US$m) May 2014 Deal count Deal count Deal count Change 1 14 Skadden Arps Slate Meagher & Flom 150,316 19 18,968 692.5 1 12 White & Case 99,723 23 20 3 2 17 Latham & Watkins 127,158 20 15,398 725.8 2 4 Kirkland & Ellis 96,363 21 30 -9 3 16 Fried Frank Harris Shriver & Jacobson 116,485 12 16,104 623.3 3 1 Latham & Watkins 127,158 20 41 -21 4 19 Paul Weiss Rifkind Wharton & Garrison 116,085 10 14,908 678.7 4 19 Skadden Arps Slate Meagher & Flom 150,316 19 14 5 5 22 White & Case 99,723 23 13,003 666.9 5 2 DLA Piper 81,521 17 34 -17 6 23 Kirkland & Ellis 96,363 21 11,427 743.3 6 6 Clifford Chance 7,931 15 29 -14 7 24 Wachtell, Lipton, Rosen & Katz 94,768 11 11,278 740.3 7 5 Jones Day 4,907 15 29 -14 -7 8 79 DLA Piper 81,521 17 1,403 5,710.5 8 13 Allen & Overy 9 3 Sullivan & Cromwell 57,916 7 82,153 -29.5 9 70 Fried Frank Harris Shriver & Jacobson 3,190 13 20 116,485 12 6 10 31 Davis Polk & Wardwell 43,292 8 7,175 503.4 10 11 6 Linklaters 3,514 12 21 -9 11 6 Shearman & Sterling 39,751 9 73,603 -46.0 11 37 Wachtell, Lipton, Rosen & Katz 94,768 11 10 1 12 73 WongPartnership 34,951 2 1,718 1,934.4 12 8 Freshfields Bruckhaus Deringer 9,259 11 21 -10 13 26 Ropes & Gray 26,001 4 9,679 168.6 13 7 King & Wood Mallesons 3,243 11 22 -11 14 34 Gibson Dunn & Crutcher 24,360 5 5,639 332.0 14 14 CMS 15 161 Baker Botts 24,033 6 400 5,908.3 15 20 Paul Weiss Rifkind Wharton & Garrison 16 4 Simpson Thacher & Bartlett 19,039 4 81,217 -76.6 16 38 Herbert Smith Freehills 44 11 20 -9 116,085 10 14 -4 3,070 10 10 0 17 113 Lee & Ko 11,699 3 724 1,515.9 17 27 Squire Patton Boggs 395 10 12 -2 18 143 Dechert 11,133 3 490 2,172.0 18 21 Shearman & Sterling 39,751 9 13 -4 19 152 O'Melveny & Myers 10,194 5 460 2,116.1 19 94 Ashurst 1,691 9 5 4 20 165 A&L Goodbody 9,730 1 392 2,382.1 20 16 Hogan Lovells International 1,118 9 17 -8 GLOBAL OVERVIEW 9 NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . Simple. There is an art to due diligence. Simply portray your asset in the best light with Merrill DataSite - the smart, simple, secure virtual data room for your deal. datasite.com . A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY NORTH AMERICA . NORTH AMERICA North American M&A skyrocketed in May with 287 deals worth US$236.6bn, the highest monthly deal value in Mergermarket history. Deal values rose by 46.6% since May 2014 and by 304.8% since last month. This is largely due to the 54.4% increase in domestic M&A since last May representing 90.3% of total North American M&A at US$213.7bn. Of the US$236.6bn worth of deals, the TMT sector had a 58.4% market share followed by Energy, Mining & Utilities with 14.5%. Telecommunications and Technology were sector leaders with deal values of US$86.7bn and US$41.5bn. This is a result of three of the top 10 deals being in the TMT space: Charter Communications’ US$77.8bn acquisition of New York City-based Time Warner Cable, a cable telecommunications company; Avago Technologies’ US$34.9bn acquisition of California-based Broadcom Corporation, a fabless semiconductor company; and Altice SA’s US$7.9bn acquisition of 70% stake in Suddenlink Communications from BC Partners. The Time Warner Cable acquisition is the third largest deal in TMT in Mergermarket history, behind Verizon Communications’ US$124bn acquisition of Verizon Wireless in September 2013 and AT&T’s US$89bn acquisition of BellSouth Corporation in March 2006. AT&T’s US$65.5bn acquisition of DIRECTTV in May 2014 follows the Time Warner Cable acquisition, solidifying consistency of megadeals in the TMT space over time. GLOBAL OVERVIEW NORTH AMERICA However, the Time Warner Cable deal is facing opposition from public interest groups, similar to the opposition that led to the lapse of the Time Warner Cable and Comcast deal, illuminating the public’s sensitivity to media and telecommunications megadeals and their influence on market control. Energy, Mining & Utilities M&A saw 36 deals worth US$34.3bn in May.

According to Mergermarket intelligence, midstream in the Energy, Mining & Utilities sector continues to be a buyer’s market, confirmed by two of the top 10 deals being in the midstream space. Williams Company’s US$13.8bn acquisition of Oklahoma-based Williams Partners, an oil and natural gas midstream service provider, is the third largest deal. Crestwood Equity’s US$5.6bn acquisition of Texasbased Crestwood Midstream, an owner and operator of unconventional shale midstream business, rounds out the top ten. May and by 29.5% since last month, seen in the seventh and eighth largest deals: TPG Capital’s US$8.05bn exit from Par Pharmaceutical, initially purchased in a takeprivate institutional buyout for US$2.0bn in 2012; and BC Partners’ US$7.9bn exit from Suddenlink Communications, initially purchased for US$6.6bn in a private equitybacked management buyout in 2012. Key Stats 287 deals valued at US$236.6bn up 46.6% by value with 227 fewer deals compared to 514 deals worth US$161.4bn in May ‘14 Top sector TMT saw 63 deals worth US$138.3bn, up 86.6% by value compared to 109 deals worth US$74.1bn in May ‘14 Top Financial Adviser Bank of America Merrill Lynch ranked first with 11 deals worth US$140.3bn, compared to 20 deals worth US$106.5bn in May ‘14 Top Legal Adviser Skadden Arps Slate Meagher & Flom ranked first with 13 deals worth US$148.6bn, compared to 12 deals worth US$18.4bn in May ‘14 In the private equity space, buyouts have dropped by 49.4% since last May and by 53% since last month. Exits, on the other hand, have increased by 5.9% since last 12 C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL .

TREND GRAPHS NORTH AMERICA M&A TREND NORTH AMERICA PRIVATE EQUITY TREND 6,000 US$ 401.6bn 300 5,000 1,500 250 1,200 1,000 1,200 4,000 US$ 264.5bn US$ 158.3bn US$ 163.9bn US$ 196.2bn 2012 2013 100 US$ 151.9bn 1,000 US$ 232.2bn 50 US$ 355.9bn Q1 GLOBAL OVERVIEW 2011 Q2 NORTH AMERICA Q3 Q4 2014 US$ 105.5bn US$ 111.2bn US$ 143.2bn US$ 165.8bn US$ 129.0bn US$ US$ US$ 160.0bn 159.5bn 146.4bn 400 US$ 52.6bn 0 0 2010 US$ 271.4bn US$ 295.2bn US$ 193.1bn US$ 208.4bn US$ 202.0bn 2,000 US$ 406.4bn US$ 218.4bn 150 600 US$ 333.9bn US$ 263.1bn US$ 175.6bn 300 3,000 US$ 225.3bn 600 800 US$ 448.1bn Value (US$bn) Value (US$bn) US$ 271.3bn US$ 253.0bn US$ 346.3bn Number of deals US$ 211.0bn Number of deals 900 200 US$ 78.9bn 0 YTD 2015 200 2010 Volume Buyout value 2011 Exit value 2012 2013 Buyout volume 2014 YTD 2015 Exit Volume 13 C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS COUNTRY BREAKDOWN AS A PROPORTION OF NORTH AMERICA TOTAL M&A VALUE NORTH AMERICA M&A SECTOR BREAKDOWN MAY 2015 TMT Value: US$138.3bn Number of deals: 63 Market share: 58.4% Energy, Mining & Utilities Value: US$34.3bn Number of deals: 36 Market share: 14.5% Canada US$8.2bn 23 deals 3.4% Pharma, Medical & Biotech Value: US$31.8bn Number of deals: 20 Market share: 13.4% Industrials & Chemicals Value: US$16.9bn Number of deals: 55 Market share: 7.1% United States US$228.5bn 264 deals 96.6% Value (US$bn) Up/Down Key Value % change Domestic $213.7 Inbound $23.0 0.3% Outbound $16.2 Region Value Volume Value market share Business Services Value: US$5.8bn Number of deals: 36 Market share: 2.5% 10.7% GLOBAL OVERVIEW NORTH AMERICA 54.4% 14 C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR MAY 2015 Deal value US$77.8bn Deal value US$34.9bn Deal value US$13.8bn Deal value US$13.7bn Deal value US$11.1bn Deal value US$8.3bn Deal value US$8.1bn Deal value US$7.9bn Deal value US$5.8bn Deal value US$5.6bn Announced 26-May-15 Announced 28-May-15 Announced 13-May-15 Announced 13-May-15 Announced 21-May-15 Announced 6-May-15 Announced 18-May-15 Announced 20-May-15 Announced 21-May-15 Announced 6-May-15 Bidder company Charter Communications Inc Bidder company Avago Technologies Ltd Bidder company Williams Companies Inc Bidder company Danaher Corporation Bidder company CVS Health Corporation Bidder company Endo International plc Bidder company Altice SA Bidder company Pacific Rubiales Consortium Bidder company Crestwood Equity Partners LP Target company Broadcom Corporation Target company Williams Partners LP (42.11% stake) Target company Pall Corporation Target company Omnicare Inc Bidder company Alexion Pharmaceuticals Inc Dominant sector TMT Dominant sector Energy, Mining & Utilities Dominant sector Industrial & Chemicals Dominant sector Pharma, Medical & Biotech Target company Pacific Rubiales Energy Corp (81.05% stake) Target company Crestwood Midstream Partners LP Dominant sector Energy, Mining & Utilities Dominant sector Energy, Mining & Utilities Target company Time Warner Cable Inc Dominant sector TMT GLOBAL OVERVIEW NORTH AMERICA Target company Synageva BioPharma Dominant sector Pharma, Medical & Biotech Target company Par Pharmaceutical Holdings Inc Seller company TPG Capital LP Dominant sector Pharma, Medical & Biotech Target company Suddenlink Communications (70% stake) Seller company BC Partners Limited; Canada Pension Plan Investment Board Dominant sector TMT 15 C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 NORTH AMERICA FINANCIAL ADVISERS TOP 20 NORTH AMERICA FINANCIAL ADVISERS VALUE VOLUME Ranking May 2015 May 2014 Company Name Value (US$m) Deal count 8 Citi 140,855 1 Bank of America Merrill Lynch 136,239 3 7 Credit Suisse 4 2 Goldman Sachs May 2015 May 2014 1 2 Ranking May 2015 Value (US$m) May 2014 Value (US$m) % Val. Change 12 15,567 804.8 1 8 Credit Suisse 128,484 16 13 3 11 106,539 27.9 2 1 Goldman Sachs 120,583 14 25 -11 128,484 16 15,860 710.1 3 5 Morgan Stanley 87,956 14 16 -2 120,583 14 96,295 25.2 4 6 Citi 140,855 12 16 -4 May 2015 May 2014 Company Name Deal count Deal count Deal count Change 5 151 LionTree Advisors 89,586 3 - - 5 4 JPMorgan 71,199 12 17 -5 6 13 Centerview Partners 88,962 2 6,571 1,253.9 6 2 Bank of America Merrill Lynch 136,239 11 20 -9 7 4 Morgan Stanley 87,956 14 39,951 120.2 7 3 Deutsche Bank 47,934 10 18 -8 8 51 Guggenheim Partners 83,683 3 365 2,2826.8 8 16 Evercore Partners 66,686 9 8 1 9 - Allen & Company 81,728 2 - - 9 52 PwC 3,051 9 2 7 10 6 Barclays 73,022 8 18,691 290.7 10 10 Barclays 73,022 8 12 -4 11 5 JPMorgan 71,199 12 35,082 103.0 11 15 Lazard 8,862 7 8 -1 12 16 Evercore Partners 66,686 9 4,336 1,438.0 12 24 Houlihan Lokey 8,372 7 6 1 13 9 Deutsche Bank 47,934 10 15,141 216.6 13 12 Moelis & Company 6,090 7 11 -4 14 3 Lazard 8,862 7 71,301 -87.6 14 9 Jefferies 1,024 6 13 -7 15 118 Houlihan Lokey 8,372 7 - - 15 13 KPMG 136 6 9 -3 16 24 UBS Investment Bank 7,891 2 1,547 410.1 16 85 GMP Securities 7,729 5 1 4 17 - BNP Paribas 7,858 2 - - 17 37 Rothschild 1,033 5 3 2 18 - PJT Partners 7,858 1 - - 18 42 Sandler O'Neill & Partners 140 5 3 2 19 60 GMP Securities 7,729 5 266 2,805.6 19 31 75 5 4 1 20 20 Moelis & Company 6,090 7 1,827 233.3 SunTrust Robinson Humphrey Capital Markets 20 22 M&A International 54 5 6 -1 GLOBAL OVERVIEW NORTH AMERICA 16 C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 NORTH AMERICA LEGAL ADVISERS TOP 20 NORTH AMERICA LEGAL ADVISERS VALUE VOLUME Ranking May 2015 May 2015 May 2014 Value (US$m) Company Name May 2014 Deal count Value (US$m) Ranking % Val. Change May 2015 May 2015 May 2014 Company Name Value (US$m) May 2014 Deal count Deal count Deal count Change 1 12 Skadden Arps Slate Meagher & Flom 148,616 13 18,398 707.8% 1 2 Kirkland & Ellis 96,020 19 28 -9 2 17 Latham & Watkins 127,035 17 14,853 755.3% 2 1 Latham & Watkins 127,035 17 31 -14 3 14 Fried Frank Harris Shriver & Jacobson 116,485 12 16,104 623.3% 3 37 White & Case 97,069 14 7 7 4 16 Paul Weiss Rifkind Wharton & Garrison 116,085 10 14,908 678.7% 4 3 Jones Day 4,687 14 25 -11 5 24 White & Case 97,069 14 9,028 975.2% 5 11 Skadden Arps Slate Meagher & Flom 148,616 13 12 1 6 21 Kirkland & Ellis 96,020 19 11,327 747.7% 6 41 Fried Frank Harris Shriver & Jacobson 116,485 12 6 6 7 22 Wachtell, Lipton, Rosen & Katz 94,768 11 11,278 740.3% 7 18 Wachtell, Lipton, Rosen & Katz 94,768 11 10 1 8 73 DLA Piper 81,262 10 636 12,677.0% 8 9 Paul Weiss Rifkind Wharton & Garrison 116,085 10 14 -4 9 3 Sullivan & Cromwell 57,916 7 81,855 -29.2% 9 4 DLA Piper 81,262 10 22 -12 10 27 Davis Polk & Wardwell 43,292 8 6,982 520.1% 10 31 Davis Polk & Wardwell 43,292 8 8 0 11 7 Shearman & Sterling 39,351 6 70,036 -43.8% 11 60 Alston & Bird 8,358 8 5 3 12 58 WongPartnership 34,933 1 1,384 2,424.1% 12 27 Sullivan & Cromwell 57,916 7 8 -1 13 23 Ropes & Gray 26,001 4 9,679 168.6% 13 21 Stikeman Elliott 5,930 7 10 -3 14 30 Gibson Dunn & Crutcher 24,360 5 5,527 340.7% 14 22 Goodwin Procter 656 7 10 -3 15 92 Baker Botts 24,033 6 400 5,908.3% 15 29 Shearman & Sterling 39,351 6 8 -2 16 4 Simpson Thacher & Bartlett 18,888 3 79,078 -76.1% 16 83 Baker Botts 24,033 6 3 3 17 99 Dechert 11,133 3 393 2,732.8% 17 39 Paul Hastings 6,316 6 7 -1 18 88 O'Melveny & Myers 10,194 5 440 2,216.8% 18 7 Cooley 778 6 18 -12 19 100 A&L Goodbody 9,730 1 392 2,382.1% 19 47 Squire Patton Boggs 251 6 6 0 20 125 Proskauer Rose 8,462 3 265 3,093.2% 20 19 Gibson Dunn & Crutcher 24,360 5 10 -5 GLOBAL OVERVIEW NORTH AMERICA 17 C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY C&S AMERICA . C&S AMERICA May’s M&A activity in C&S America continued to drop, as a result of the region’s continued poor economic performance. There were only 25 deals valued at US$5.2bn, a 29.7% drop compared to the same period in 2014 with 39 deals worth US$7.4bn. Private equity activity gave no indication of interest in the regional market. There were no buyout deals, a notable difference from May 2014 which saw a total of six buyouts valued at US$935m. On the other hand, exits increased to three deals valued at US$658m, when compared to last year, only one exit valued at US$398m was recorded. Mexico’s total deal value of US$2.2bn surpassed Brazil by 8.8%.

Owens-Illinois Inc., a US-based glass container manufacturer, targeted the Mexican glass producing industry for the second time in two years by acquiring the food and beverage container business of Mexico-based Vitro SA de CV for US$2.2bn, making it the highest valued deal of the month. Mexico has been slowly becoming one of the main targets for foreign investors who seek global expansion to increase their market reach. Thanks to the largest valued deal of the month, Industrials & Chemicals was the highest valued sector with five deals worth US$2.4bn, gaining a market share of 45.9%. Brazil, the most active country by volume, showed a slight rebound in May despite its GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA overall weak economic outlook, with 12 deals worth US$2.1bn.

Deal value increased by 44% when compared to May 2014, when Brazil accounted for 14 deals worth US$1.4bn. Six target companies from the top 10 deals were Brazil-based, a sign that the country was a top investment target for the month, despite risks. The country’s economy has been falling into a downward spiral; slow GDP growth combined with a doubling of the public deficit and high interest rates have all made Brazil a very risky investment opportunity. Additionally, the Brazilian government’s involvement in a recent corruption scandal that arose around Petrobras, the most highly indebted oil and gas producer, forced the company to divest five different groups of assets and raising around US$13.7bn. making it the fifth largest transaction of the month.

The acquisition is a significant strategic move for China, enabling the country to provide services for investment and trading activities between the two countries, and ultimately giving Chinese investors sturdier ground in the Brazilian market. Key Stats 25 deals valued at US$5.2bn down 30% by value with 14 fewer deals compared to 39 deals worth US$7.4bn in May 2014 Top sector Industrials & Chemicals saw 5 deals worth US$2.4bn, up 991.7% by value compared to 5 deals worth US$ 218m in May 2014 Top Financial Adviser Alfaro, Davila y Rios, and Deutsche Bank ranked first with 1 deal worth US$2.1bn SunEdison and Owens-Illinois are two US bidders that had a substantial impact in May’s total deal value, investing almost US$3.4bn in Brazil and Mexico, 65% of total deal value with only three deals. China also made an interesting move this month by purchasing a Brazilian bank. Bank of Communications, the China-based state-owned bank, acquired Brazil-based Banco BBM SA for US$175m, Top Legal Adviser Cleary Gottlieb Steen & Hamilton, Fried Frank Harris Shriver & Jacobson, Simpson Thacher & Bartlett ranked first with 1 deal worth US$ 2.1bn 19 EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL .

TREND GRAPHS C&S AMERICA M&A TREND C&S AMERICA PRIVATE EQUITY TREND 700 180 12 70 600 135 500 US$ 28.7bn US$ 46.0bn US$ 16.5bn US$ 25.4bn US$ 37.7bn 300 Value (US$bn) 90 40 6 45 US$ 23.0bn US$ 47.1bn US$ 65.5bn 200 US$ 39.8bn US$ 21.3bn US$ 40.4bn US$ 21.8bn US$ 17.8bn US$ 24.8bn 0 US$ 7.5bn US$ 14.0bn Q1 GLOBAL OVERVIEW 2011 Q2 NORTH AMERICA Q3 2012 Q4 C&S AMERICA 2013 2014 US$ 6.8bn US$ 3.4bn US$ 3.3bn US$ 7.5bn US$ 7.0bn US$ 2.9bn 10 US$ 1.1bn 0 YTD 2015 2010 Volume Buyout value 2011 Exit value 20 US$ 2.8bn US$ 1.3bn 0 2010 US$ 7.5bn 2 100 30 US$ X.Xbn 4 US$ 18.3bn US$ 10.3bn 2012 Number of deals 400 Number of deals US$ 32.3bn US$ 27.5bn 50 8 US$ 28.2bn US$ 28.8bn Value (US$bn) 60 10 US$ 45.0bn 2013 Buyout volume 2014 US$ 1.0bn 0 YTD 2015 Exit Volume 20 EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS COUNTRY BREAKDOWN AS A PROPORTION OF C&S AMERICA TOTAL M&A VALUE C&S AMERICA M&A SECTOR BREAKDOWN MAY 2015 Industrials & Chemicals Value: US$2.4bn Number of deals: 5 Market share: 45.9% Mexico US$2.2bn 4 deals 43.2% Energy, Mining & Utilities Value: US$1.3bn Number of deals: 5 Market share: 24.8% Peru US$14m 1 deal 0.3% Brazil US$2.1bn 12 deals 39.7% Up/Down $206m Inbound $5.0 - Region Value Volume Value market share 12.3% Outbound Key Argentina US$6m 1 deal 0.1% Value % change Domestic Financial Services Value: US$225m Number of deals: 4 Market share: 4.3% Uruguay US$35m 1 deal 0.7% Chile US$826m 3 deals 16% Value (US$bn) Pharma, Medical & Biotech Value: US$1.1bn Number of deals: 5 Market share: 21.3% Construction Value: US$105m Number of deals: 1 Market share: 2.0% 100.0% GLOBAL OVERVIEW NORTH AMERICA 88.1% C&S AMERICA 21 EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR MAY 2015 Deal value US$2.2bn Deal value US$1.1bn Deal value US$658m Deal value US$524m Deal value US$175m Deal value US$105m Deal value US$97m Deal value US$70m Deal value US$63m Deal value US$55m Announced 13-May-15 Announced 27-May-15 Announced 07-May-15 Announced 07-May-15 Announced 19-May-15 Announced 04-May-15 Announced 14-May-15 Announced 04-May-15 Announced 19-May-15 Announced 18-May-15 Bidder company Owens-Illinois Inc Bidder company GIC Private Limited Bidder company SunEdison Inc Bidder company SunEdison Inc Bidder company Rosneft Brazil Target company LAP Holdings BV Target company Renova Energia (336 MW wind and hydropower assets) Bidder company Arconvert Brasil Ltda Bidder company IFCO Systems NV Target company Rede D’Or Sao Luiz SA (15.2% stake) Bidder company CMB-Prime Administradora General de Fondos SA Bidder company Enaex SA Target company Vitro food and beverage container business Bidder company Bank of Communications Co Ltd Target company XION Participacoes (50% stake) Target company Rentapack SA Target company Sociedad Concesionaria Ruta del Limari SA (49% stake) Target company Arjo Wiggins Ltda Seller company ArjoWiggins SAS Seller company EXSA SA Dominant sector Industrials & Chemicals Dominant sector Industrials & Chemicals Target company HRT Participacoes em Petroleo SA (Oil and gas deposit in the Solimoes region) (49% stake) Seller company Vitro S A de C V Seller company Banco BTG Pactual SA; Moll Family Dominant sector Industrials & Chemicals Dominant sector Pharma, Medical & Biotech Seller company Patria Investimentos Ltda; Banco BTG Pactual SA; GMR Energia SA Dominant sector Energy, Mining & Utilities Seller company Renova Energia Dominant sector Energy, Mining & Utilities Target company Banco BBM SA (80% stake) Seller company Mariani family Dominant sector Financial Services Seller company Sacyr Concesiones SL NORTH AMERICA C&S AMERICA Seller company HRT Participacoes em Petroleo SA Dominant sector Energy, Mining & Utilities Dominant sector Construction GLOBAL OVERVIEW Dominant sector Industrials & Chemicals 22 EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 8 C&S AMERICA FINANCIAL ADVISERS TOP 8 C&S AMERICA FINANCIAL ADVISERS VALUE VOLUME Ranking May 2015 May 2015 May 2014 1= - 1= 1 Company Name Ranking May 2014 Value (US$m) Deal count Value (US$m) % Val. Change May 2015 2,150 1 - - Alfaro, Davila y Rios 2,150 Deutsche Bank 1 3,609 May 2015 May 2014 Value (US$m) Deal count Deal count Deal count Change Banco Itau BBA 1,110 2 3 -1 Banco BTG Pactual 1,057 2 1 1 201 2 - - May 2014 Company Name 1 2 -40.4% 2 15 3 - Goldman Sachs 3 5 Banco Itau BBA 1,110 2 930 19.4% 4 15 Banco BTG Pactual 1,057 2 36 2,836.1% 4= - Alfaro, Davila y Rios 2,150 1 - - 5 - Goldman Sachs 201 2 - - 4= 3 Deutsche Bank 2,150 1 2 -1 6 - Citi 175 1 - - 6 - Citi 175 1 - - 7 - G5 Evercore 97 1 - - 7 - G5 Evercore 97 1 - - 8 - Rothschild 26 1 - - 8 - Rothschild 26 1 - - GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA 23 EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 8 C&S AMERICA LEGAL ADVISERS TOP 8 C&S AMERICA LEGAL ADVISERS VALUE VOLUME Ranking May 2015 May 2015 May 2014 1= 2 Ranking May 2014 May 2015 Value (US$m) Deal count Deal count Deal count Change Barbosa, Mussnich & Aragao 752 4 2 2 10 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 550 2 2 0 3= 3 Cleary Gottlieb Steen & Hamilton 2,150 1 2 -1 3= - Fried Frank Harris Shriver & Jacobson 2,150 1 - - 3= - Simpson Thacher & Bartlett 2,150 1 - - 6 - Demarest 1,066 1 - - Value (US$m) Deal count Value (US$m) % Val. Change May 2015 May 2014 2,150 Company Name 1 3,863 -44.3% 1 11 2 Cleary Gottlieb Steen & Hamilton 1= - Fried Frank Harris Shriver & Jacobson 2,150 1 - - 1= - Simpson Thacher & Bartlett 2,150 1 - - 4 - Demarest 1,066 1 - - 5 27 Barbosa, Mussnich & Aragao 752 4 50 1,404.0% 6 - 658 Proskauer Rose 1 - May 2014 - Company Name 7 20 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 550 2 171 221.6% 7 - Proskauer Rose 658 1 - - 8= - Akin Gump Strauss Hauer & Feld 524 1 - - 8= - Akin Gump Strauss Hauer & Feld 524 1 - - 8= - Milbank Tweed Hadley & McCloy 524 1 - - 8= - Milbank Tweed Hadley & McCloy 524 1 - - 8= 24 Veirano Advogados 524 1 101 418.8% 8= 25 Veirano Advogados 524 1 1 0 GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA 24 EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY EUROPE . EUROPE European deal activity in the first five months of 2015 has experienced an enthusiastic start with a 12% increase in total M&A transaction values reaching US$386.6bn compared to US$345.3bn recorded in the same period last year. This marks the highest total deal values for the first five months of a year since the US$411.9bn reached in 2008. Although keeping up a healthy level of activity, May has been a subdued month for acquisitions in Europe. After April deals totalled an astonishing US$163.1bn, May only recorded US$37.7bn of total transaction value. This was mainly due to a lack of mega deals (deals exceeding US$10bn) announced during May, compared to three in April 2015, including the US$80.6bn acquisition of BG Group by Royal Dutch Shell which was the 6th largest transaction on Mergermarket record (since 2001). The most active country in Europe for the month of May was the UK, even after a significant 82.2% fall from US$90.2bn to US$16.1bn in total transaction values.

Germany has picked up, increasing its deal activity by 282.2%, from only US$811m in deals in April to US$3.1bn in May. France on the other hand saw a dramatic decrease from US$20bn of total deal values in the previous month to a small US$3.1bn in May, representing an 84.5% contraction in M&A activity. Inbound activity targeting European companies increased in May by 33.9% GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA representing a decrease of 39% compared to the US$10bn in May 2014. (reaching US$16.2bn) compared to the US$12.1bn deals announced in May last year. The most active investors in Europe were traditionally US companies, which exceeded the US$5.7bn investments in May 2014 by 15.8%, spending US$6.6bn in May 2015. May 2015 marked a slowdown in European M&A, recording the lowest deal values for a May month since year 2010. Even though companies’ cash reserves and commitments remain high and debt financing is available on very favourable terms at the moment, uncertain economic long term recovery across Europe and a falling euro currently negatively impact boardroom confidence.

Europe is nevertheless expecting increased investments already seen from US and Greater China, targeting healthcare assets in the UK and Ireland, industrials in Germany, luxury goods in Italy, and financial services in Belgium. Although outbound deals fell by 16.3% from US$24.6bn in May 2014 compared to US$20.6bn in May 2015, there was an increase of 212.1% in investments outside of Europe compared to April this year (US$6.6bn). This might be due to a stabilizing Euro, which seems to have rebounded after an all-time low in March. The largest outbound investment was made by the Ireland-based Endo International, which acquired the US-based Par Pharmaceuticals for US$9.7bn. 349 deals valued at US$37.7bn up 20.2% by value with 178 fewer deals compared to 527 deals worth US$47.3bn in May ‘14 Top sector Consumer saw 53 deals worth US$6.1bn, down 39.1% by value compared to 65 deals worth US$10bn in May ‘14 Top Financial Adviser JPMorgan ranked first with 15 deals worth US$31bn, compared to 8 deals worth US$23.6bn in May ‘14 Top Legal Adviser Ropes & Gray ranked first with 3 deals worth US$17.7bn, compared to 3 deals worth US$1.1bn in May ‘14 The sector M&A activity has been very evenly distributed in the current month, with the top five sectors in Europe all having a market share between 9.3%-16.2%.

The consumer sector has been the most active one with total deal values reaching US$6.1bn contributing to 16.2% of the deal activity during May, however EUROPE Key Stats 26 MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS EUROPE M&A TREND EUROPE PRIVATE EQUITY TREND 1,000 8,000 200 1,200 150 900 100 600 7,000 US$ 209.6bn 800 6,000 US$ 135.0bn Value (US$bn) US$ 166.7bn 4,000 US$ 111.9bn 400 US$ 152.2bn 200 US$ 147.9bn 3,000 US$ 311.8bn US$ 242.1bn US$ 187.4bn US$ 198.4bn US$ 114.5bn US$ 184.3bn US$ 127.5bn US$ 171.9bn US$ 136.3bn US$ 200.6bn US$ 177.9bn US$ 185.8bn 0 2,000 50 Q1 GLOBAL OVERVIEW 2011 Q2 NORTH AMERICA Q3 2012 Q4 C&S AMERICA 2013 2014 US$ 92.1bn US$ 113.5bn US$ 94.8bn US$ 111bn US$ 94.3bn 300 US$ 84.5bn US$ 36.9bn US$ 52.6bn 0 YTD 2015 0 2010 Volume EUROPE US$ 96.3bn US$ 139bn US$ 131bn 1,000 0 2010 US$ 172bn Number of deals US$ 243.1bn US$ 158.3bn US$ 201.1bn Number of deals US$ 250.9bn Value (US$bn) 5,000 600 Buyout value 2011 Exit value 2012 2013 Buyout volume 2014 YTD 2015 Exit Volume 27 MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS COUNTRY BREAKDOWN AS A PROPORTION OF EUROPE TOTAL M&A VALUE EUROPE M&A SECTOR BREAKDOWN MAY 2015 Consumer Value: US$6.1bn Number of deals: 53 Market share: 16.2% United Kingdom US$16.1bn 88 deals 42.9% France US$3.1bn 36 deals 8.2% Value (US$bn) Up/Down Value % change Domestic $21.3 Inbound $16.2 Italy US$3bn 29 deals 7.9% Key Region Value Volume Value market share 4.1% $20.4 Energy, Mining & Utilities Value: US$3.9bn Number of deals: 14 Market share: 10.5% Germany US$3.1bn 50 deals 8.2% 13.8% Outbound Business Services Value: US$5.2bn Number of deals: 48 Market share: 13.9% Benelux US$1.8bn 8 deals 4.8% Iberia US$2.1bn 24 deals 5.7% Telecommunications Value: US$5.8bn Number of deals: 6 Market share: 15.4% Norway US$1.7bn 25 deals 4.7% Industrials & Chemicals Value: US$3.5bn Number of deals: 70 Market share: 9.3% 4.2% GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE 28 MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR 2015 Deal value US$4.7bn Deal value US$4.1bn Deal value US$3.0bn Deal value US$1.6bn Deal value US$1.2bn Deal value US$1.0bn Deal value US$977m Deal value US$900m Deal value US$897m Deal value US$801m Announced 7-May-15 Announced 29-May-15 Announced 15-May-15 Announced 25-May-15 Announced 27-May-15 Announced 19-May-15 Announced 12-May-15 Announced 12-May-15 Announced 26-May-15 Announced 22-May-15 Bidder company Caisse de Depot et Placement du Quebec; Canada Pension Plan Investment Board; Limpart Holdings Limited; GIC Private Limited; and Banco BTG Pactual SA Bidder company Equinix Inc Bidder company Brait Private Equity Bidder company Citycon Oyj Bidder company Cinven Limited Target company New Look Group Limited Target company Sektor Gruppen AS Target company Labco SA (90% stake) Bidder company Antin Infrastructure Partners SAS Bidder company Baxter International Inc Target company Slovak Telekom as (49% stake) Target company Eurofiber Nederland BV Seller company Government of Slovakia Seller company Doughty Hanson & Co; Reggeborgh Groep Target company Oncaspar product portfolio of SigmaTau Finanziaria SpA Bidder company International Consolidated Airlines Group SA Bidder company Undisclosed bidder Target company Telecity Group Plc Bidder company Deutsche Telekom AG Dominant sector TMT Seller company NorgesGruppen ASA; Varner Invest AS; and Anker Properties AS Dominant sector Consumer Target company Hutchison 3G UK Limited (32.98% stake) Seller company Apax Partners LLP; and Permira Advisers LLP Dominant sector Real Estate Seller company 3i Group Plc; Natixis Private Equity; TCR Capital; and CM-CIC Investissement Dominant sector Pharma, Medical & Biotech Dominant sector TMT Dominant sector TMT Seller company Sigma-Tau Finanziaria SpA Target company Aer Lingus Plc Dominant sector Transport Target company Tatneft OAO (6.09% stake) Dominant sector Energy, Mining & Utilities Dominant sector Pharma, Medical & Biotech Dominant sector TMT GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE 29 MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 EUROPE FINANCIAL ADVISERS TOP 20 EUROPE FINANCIAL ADVISERS VALUE VOLUME Ranking May 2015 May 2014 May 2014 Company Name Value (US$m) May 2014 Deal count Value (US$m) Ranking % Val. Change May 2015 May 2015 May 2014 Company Name Value (US$m) May 2014 Deal count Deal count Deal count Change 1 3 JPMorgan 31,030 15 23,566 31.7% 1 12 JPMorgan 31,030 15 8 7 2 6 Goldman Sachs 23,367 11 15,174 54.0% 2 2 PwC 3,997 15 22 -7 3 13 Barclays 13,839 4 4,896 182.7% 3 5 Rothschild 2,699 12 18 -6 4 7 Deutsche Bank 11,967 4 8,082 48.1% 4 7 Goldman Sachs 23,367 11 14 -3 5 - Houlihan Lokey 9,730 1 - - 5 6 Lazard 1,327 11 15 -4 6 1 Bank of America Merrill Lynch 8,601 5 28,247 -69.6% 6 1 KPMG 398 11 23 -12 7 46 BNP Paribas 8,356 3 572 1,360.8% 7 10 Citi 3,975 7 11 -4 8= 31 LionTree Advisors 7,858 1 1,020 670.4% 8 9 Morgan Stanley 3,854 6 12 -6 8= - PJT Partners 7,858 1 - - 9 13 Credit Suisse 2,975 6 7 -1 10 22 HSBC 5,546 3 1,744 218.0% 10 8 Bank of America Merrill Lynch 8,601 5 12 -7 2 11 47 Moelis & Company 4,907 2 542 805.4% 11 33 Jefferies 1,295 5 3 12 72 Greenhill & Co 4,102 1 205 1,901.0% 12 40 Mediobanca 630 5 3 2 13 25 PwC 3,997 15 1,635 144.5% 13 3 EY 110 5 20 -15 14 5 Citi 3,975 7 15,212 -73.9% 14 26 Barclays 13,839 4 4 0 15 - Jamieson Corporate Finance 3,959 4 - - 15 14 Deutsche Bank 11,967 4 6 -2 16 2 Morgan Stanley 3,854 6 26,043 -85.2% 16 - Jamieson Corporate Finance 3,959 4 - - 17 14 UBS Investment Bank 3,019 2 4,727 -36.1% 17 4 Deloitte 719 4 20 -16 18 80 Altium Capital 2,991 2 137 2,083.2% 18 49 BNP Paribas 8,356 3 2 1 19= - Nomura International 2,982 1 - - 19 31 HSBC 5,546 3 3 0 19= - Rand Merchant Bank 2,982 1 - - 20 47 William Blair & Company 547 3 2 1 GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE 30 MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 EUROPE LEGAL ADVISERS TOP 20 EUROPE LEGAL ADVISERS VALUE VOLUME Ranking May 2015 May 2015 May 2015 Value (US$m) Company Name May 2014 Deal count Ranking Value (US$m) % Val. Change May 2015 May 2015 May 2015 Company Name Value (US$m) May 2014 Deal count Deal count Deal count Change 1 51 Ropes & Gray 17,706 3 1,059 1,572.0% 1 1 Clifford Chance 7,895 14 24 -10 2 13 Skadden Arps Slate Meagher & Flom 15,583 5 8,735 78.4% 2 8 Allen & Overy 1,932 12 15 -3 3 4 Fried Frank Harris Shriver & Jacobson 12,546 3 15,954 -21.4% 3 4 Linklaters 3,339 11 18 -7 4= 98 A&L Goodbody 9,730 1 392 2,382.1% 4 9 White & Case 2,881 11 13 -2 4= - O'Melveny & Myers 9,730 1 - - 5 2 CMS 44 11 20 -9 6 23 Latham & Watkins 8,962 6 4,024 122.7% 6 7 DLA Piper 315 10 16 -6 7 174 Mayer Brown 8,012 2 75 10,582.7% 7 10 Eversheds 3,222 8 11 -3 8 2 Clifford Chance 7,895 14 16,878 -53.2% 8 6 Freshfields Bruckhaus Deringer 5,272 7 17 -10 9= 7 Covington & Burling 7,858 1 15,016 -47.7% 9 5 Latham & Watkins 8,962 6 18 -12 9= - Franklin Societe d'Avocats 7,858 1 - - 10 142 Ashurst 464 6 2 4 11 151 Slaughter and May 5,583 4 128 4,261.7% 11 72 Bech-Bruun 441 6 4 2 12 3 Freshfields Bruckhaus Deringer 5,272 7 16,397 -67.8% 12 52 Cuatrecasas, Goncalves Pereira 395 6 4 2 13 22 Cravath, Swaine & Moore 4,102 1 4,127 -0.6% 13 94 Pinsent Masons 371 6 3 3 14 14 Linklaters 3,339 11 6,944 -51.9% 14 12 Hogan Lovells International 15 108 Eversheds 3,222 8 315 922.9% 15 50 Skadden Arps Slate Meagher & Flom 16 16 Paul Weiss Rifkind Wharton & Garrison 3,068 3 6,037 -49.2% 16 38 Chiomenti Studio Legale 246 6 10 -4 15,583 5 4 1 597 5 5 0 17 - Maitland & Co 3,025 2 - - 17 203 Slaughter and May 5,583 4 1 3 18= - DLA Cliffe Dekker Hofmeyr 2,982 1 - - 18 27 Weil Gotshal & Manges 1,616 4 6 -2 18= 31 Macfarlanes 2,982 1 2,354 26.7% 19 32 Kirkland & Ellis 1,500 4 6 -2 20 35 White & Case 2,881 11 2,118 36.0% 20 11 Jones Day 1,405 4 10 -6 GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE 31 MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY MIDDLE EAST & AFRICA . MIDDLE EAST & AFRICA May 2015’s lowest monthly value since August 2014 put added strain on the region’s total activity to-date with 20 deals worth US$1.5bn recorded in May. So far the year has seen US$13.8bn-worth of deals, representing a 31.8% decrease compared to the same period in 2014. One factor for the slowdown is the likes of powerhouse countries such as South Africa and Israel increasingly looking outward for targets. Outbound activity was particularly strong in May with six deals worth US$3.4bn, resulting in a 26.1% increase by deal value compared to May 2014. Deal activity was driven solely by South Africa, with the three deals worth US$3.4bn announced in May marking the highest monthly outbound deal value since May 2006.

To date in 2015 there have been US$5.4bn worth of outbound deals carried out by South African companies, a 103% increase compared to the same period in 2014. The bulk of this deal value consisted of the US$2.9bn acquisition of UK-based New Look Group by Brait Private Equity, the second cross-border acquisition by Brait in two months following the recent acquisition of UK-based Virgin Active in April. So far in 2015, Israel has also been a key driver of outbound M&A activity, with 15 deals worth US$3.7bn announced, continuing its status as the most active acquirer outside of the region in terms of deal count. The largest of these deals was the US$3.2bn acquisition of USbased Auspex Pharmaceuticals by Teva GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA Pharmaceutical industries.

According to Mergermarket intelligence, Teva Pharmaceuticals is currently pursuing an unsolicited bid for UK-based Mylan for US$82 per share, with the consideration to consist of approximately 50% cash and 50% stock. Although the offer has so far been rejected strongly by Mylan, Teva is persistently pursuing its target using extremely strategic tactics. Energy, Mining & Utilities continues to be the most targeted sector in the region todate in 2015, with 22 deals worth US$4.9bn showing an 80.9% increase from YTD 2014. May was however, a slow month for the sector, with only one deal worth US$84m announced, down from four deals worth US$236m in May 2014, signalling a possible slowdown in M&A activity in the second half of the year. is down by 78.8% compared to May 2014, it is the highest monthly value targeting the region this year-to-date, highlighting growing confidence in Middle East and Africa’s consumer sector. Therefore despite a slow month for M&A in the region, there are signs that regional powerhouses are becoming more aggressive when acquiring abroad, reaching record highs this month due to South Africa’s activity. Energy, Mining & Utilities is a sector to watch in the coming months, as it may be starting to be experiencing a slow-down, leaving other sectors such as Consumer to gain more prominence in the M&A market. EUROPE 20 deals valued at US$1.5bn down 80.1% by value with 25 fewer deals compared to 45 deals worth US$7.3bn in May ‘14 Top sector Consumer saw 4 deals worth US$390m, down 78.8% by value compared to 5 deals worth US$1.8bn in May ‘14 Top Financial Adviser JPMorgan ranked first with 2 deals worth US$3.1bn, compared to 1 deal worth US$1.7bn in May ‘14 Top Legal Adviser Linklaters ranked first with 2 deals worth US$3.2bn, compared to 1 deal worth US$1.7bn in May ‘14 Consumer was the most targeted sector in the region in May, with four deals worth US$390m accounting for 26.9% of the market share.

Although this deal value MIDDLE EAST & AFRICA Key Stats 33 ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS MIDDLE EAST & AFRICA M&A TREND MIDDLE EAST & AFRICA PRIVATE EQUITY TREND 70 500 12 80 70 60 10 US$ 15.4bn 400 60 50 US$ 23.7bn US$ 11.4bn US$ 8.0bn 30 US$ 9.0bn US$ 10.5bn US$ 21.6bn US$ 12.7bn US$ 8.8bn US$ 7.1bn 100 US$ 2.0bn 0 Q1 GLOBAL OVERVIEW 2011 Q2 NORTH AMERICA Q3 2012 Q4 C&S AMERICA 2013 2014 US$ 4.0bn US$ 4.8bn US$ 1.9bn US$ 1.5bn US$ 2.7bn 20 US$ 3.7bn 10 US$ 1.5bn US$ 1.2bn 0 2010 Buyout value MIDDLE EAST & AFRICA 30 0 YTD 2015 Volume EUROPE US$ 3.6bn 2 US$ 10.2bn 0 2010 US$ 11.4bn US$ 6.8bn US$ 3.6bn US$ 19.8bn 10 US$ XX.Xbn 4 US$ 19.6bn US$ 13.5bn US$ 25.4bn 40 200 US$ 6.5bn 20 6 Number of deals US$ 8.2bn 50 300 US$ 13.6bn Value (US$bn) US$ 20.7bn US$ 7.2bn 40 8 Number of deals Value (US$bn) US$ 12.8bn 2011 Exit value 2012 2013 Buyout volume 2014 YTD 2015 Exit Volume 34 ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS COUNTRY BREAKDOWN AS A PROPORTION OF MIDDLE EAST & AFRICA TOTAL M&A VALUE MIDDLE EAST & AFRICA M&A SECTOR BREAKDOWN MAY 2015 Consumer Value: US$390m Number of deals: 4 Market share: 26.9% Jordan US$175m 1 deal 12.1% Industrials & Chemicals Value: US$225m Number of deals: 1 Market share: 15.5% Nigeria US$440m 2 deals 30.3% Pharma, Medical & Biotech Value: US$222m Number of deals: 2 Market share: 15.3% Financial Services Value: US$216m Number of deals: 4 Market share: 14.9% South Africa US$250m 6 deals 17.2% Key Value (US$bn) Up/Down Value % change Domestic $421m 89.9% Inbound $1.0 67.2% Outbound $3.4 Region Value Volume Value market share Technology Value: US$191m Number of deals: 3 Market share: 13.2% 36.1% GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA 35 ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR MAY 2015 Deal value US$225m Deal value US$215m Deal value US$175m Deal value US$150m Deal value US$130m Deal value US$118m Deal value US$92m Deal value US$86m Deal value US$84m Deal value US$60m Announced 22-May-15 Announced 7-May-15 Announced 12-May-15 Announced 21-May-15 Announced 11-May-15 Announced 20-May-15 Announced 21-May-15 Announced 14-May-15 Announced 7-May-15 Announced 26-May-15 Bidder company GZ Industries Bidder company Unilever Plc Bidder company Elbit Systems Bidder company Strides Arcolab Bidder company Marka PJSC Bidder company SunEdison Target company Unilever Nigeria PLC (24.9% stake) Bidder company CAl Ahli Bank of Kuwait Bidder company Litha Pharma (Pty) Target company Frigoglass (Glass Operations) Bidder company A consortium led by Standard Chartered Private Equity Target company Aspen Pharmacare Holdings Limited (Mauritian business of six branded prescription products) Target company BioTherm Energy (Pty) Dominant sector Consumer Target company Nice Systems (Cyber and Intelligence division) Target company Reem Al Bawadi Group Seller company Frigoglass SAIC Target company Aspen Pharmacare Holdings Limited (Pharmaceuticals Business Unit) Bidder company Equity Group Holdings Dominant sector Leisure Seller company BTSA Netherlands Cooperatie UA Dominant sector Industrials & Chemicals GLOBAL OVERVIEW Target company Fine Hygienic Holdings Seller company Nuqul Group Dominant sector Consumer NORTH AMERICA C&S AMERICA EUROPE Target company Piraeus Bank Egypt SAE (98.5% stake) Seller company Piraeus Bank SA Dominant sector Financial Services MIDDLE EAST & AFRICA Seller company Aspen Pharmacare Holdings Limited Dominant sector Pharma, Medical & Biotech Seller company Nice Systems Dominant sector TMT Seller company Aspen Pharmacare Holdings Dominant sector Pharma, Medical & Biotech Dominant sector Energy, Mining & Utilities Target company ProCredit Bank Congo SARL (79% stake) Seller company ProCredit Holding AG & Co. KGaA, DOEN Foundation, Belgian Investment Company for Developing Countries Dominant sector Financial Services 36 ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 MIDDLE EAST & AFRICA FINANCIAL ADVISERS TOP 20 MIDDLE EAST & AFRICA FINANCIAL ADVISERS VALUE VOLUME Ranking May 2015 May 2015 May 2014 Company Name Value (US$m) May 2014 Ranking May 2015 Deal count Value (US$m) % Val. Change May 2015 May 2014 Company Name May 2014 Value (US$m) Deal count Deal count Deal count Change 3,132 2 1 1 440 2 1 1 1 7 JPMorgan 3,132 2 1,682 86.2% 1 11 JPMorgan 2= - Altium Capital 2,982 1 - - 2 10 Citi 2= 1 Goldman Sachs 2,982 1 3,431 -13.1% 3 - Jefferies 173 2 - - 2= - Jamieson Corporate Finance 2,982 1 - - 4= - Altium Capital 2,982 1 - - 2= - Nomura International 2,982 1 - - 4= 5 Goldman Sachs 2,982 1 2 -1 2= 28 PwC 2,982 1 7 42,500.0% 4= - Jamieson Corporate Finance 2,982 1 - - 2= 12 Rand Merchant Bank 2,982 1 688 333.4% 4= - Nomura International 2,982 1 - - 8 5 Citi 440 2 1,749 -74.8% 4= 28 PwC 2,982 1 1 0 9 33 Standard Bank Group 382 1 0 - 4= 8 Rand Merchant Bank 2,982 1 2 -1 10 3 Standard Chartered 225 1 2,135 -89.5% 10 33 Standard Bank Group 382 1 1 0 11= - Chapel Hill Advisory Partners 215 1 - - 11 6 Standard Chartered 225 1 2 -1 11= - FBN Capital 215 1 - - 12= - Chapel Hill Advisory Partners 215 1 - - 13 - EY 200 1 - - 12= - FBN Capital 215 1 - - 14 - Trussbridge 175 1 - - 14 - EY 200 1 - - 15 - Jefferies 173 2 - - 15 - Trussbridge 175 1 - - 16 - Mediobanca 150 1 - - 16 - Mediobanca 150 1 - - 17 - Pinetree Capital 86 1 - - 17 - Pinetree Capital 86 1 - - 18 - Equity Group Holdings 60 1 - - 18 - Equity Group Holdings 60 1 - - 19 13 Rothschild 50 1 676 -92.6% 19 14 Rothschild 50 1 1 0 20 - Shore Capital Group 43 1 - - 20 - Shore Capital Group 43 1 - - GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA 37 ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 MIDDLE EAST & AFRICA LEGAL ADVISERS TOP 20 MIDDLE EAST & AFRICA LEGAL ADVISERS VALUE VOLUME Ranking May 2015 May 2015 May 2014 Company Name Value (US$m) May 2014 Ranking May 2015 Deal count Value (US$m) % Val. Change May 2015 May 2014 Company Name May 2014 Value (US$m) Deal count Deal count Deal count Change 1 1 10 Linklaters 3,157 2 1,682 87.7% 1 21 Linklaters 3,157 2 1 2 - Eversheds 3,042 2 - - 2 - Eversheds 3,042 2 - - 3= 3 Clifford Chance 2,982 1 2,241 33.1% 3 53 DLA Piper 425 2 1 1 3= 22 DLA Cliffe Dekker Hofmeyr 2,982 1 303 884.2% 4 4 Freshfields Bruckhaus Deringer 175 2 4 -2 3= 11 Macfarlanes 2,982 1 1,682 77.3% 5= 5 Clifford Chance 2,982 1 4 -3 3= - Maitland & Co 2,982 1 - - 5= 1 DLA Cliffe Dekker Hofmeyr 2,982 1 7 -6 7 51 DLA Piper 425 2 7 5,971.4% 5= 22 Macfarlanes 2,982 1 1 0 8= - Haynes and Boone 382 1 - - 5= - Maitland & Co 2,982 1 - - 8= 52 Hogan Lovells International 382 1 7 5,357.1% 9= - Haynes and Boone 382 1 - - 8= 40 K&L Gates 382 1 32 10,93.8% 9= 54 Hogan Lovells International 382 1 1 0 8= - Kean Miller Hawthorne D’Armond McCowan & Jarman 382 1 - - 9= 43 K&L Gates 382 1 1 0 - Webber Wentzel 382 1 - - 9= - Kean Miller Hawthorne D’Armond McCowan & Jarman 382 1 - - 8= 13 - Shearman & Sterling 225 1 - - 9= - Webber Wentzel 382 1 - - 14= - Aluko & Oyebode 215 1 - - 14 - Shearman & Sterling 225 1 - - 14= 37 Slaughter and May 215 1 128 68.0% 15= - Aluko & Oyebode 215 1 - - 16 - Khaitan & Co 200 1 - - 15= 40 Slaughter and May 215 1 1 0 17 1 Freshfields Bruckhaus Deringer 175 2 4,081 -95.7% 17 - Khaitan & Co 200 1 - - 18= - Norton Rose Fulbright 150 1 - - 18= - Norton Rose Fulbright 150 1 - - 18= - Zulficar & Partners 150 1 - - 18= - Zulficar & Partners 150 1 - - 20= - Alston & Bird 135 1 - - 20= - Alston & Bird 135 1 - - 20= - Matheson 135 1 - - 20= - Matheson 135 1 - - 20= - McCann FitzGerald 135 1 - - 20= - McCann FitzGerald 135 1 - - 20= - William Fry 135 1 - - 20= - William Fry 135 1 - - GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA 38 ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY ASIA-PACIFIC (excluding Japan) . ASIA-PACIFIC (excluding Japan) The share swap merger between Samsung C&T Corporation and Cheil Industries Inc is the largest deal of Asia-Pacific excluding Japan announced in May. The US$11.3bn deal is in line with the restructuring of Samsung Group due to the Lee’s leadership inheritance of the entire Empire. This is the second mega share swap merger this year in Korea, after the US$26.4bn deal between SK Holding and SH C&C announced last month. China has been keeping its dominance of M&A activity within this jurisdiction by occupying 50.3% and 54.7% M&A deals in value and volume respectively. The acquisition of 51% stake in H3C Technologies by Unisplendour and the corresponding private placement towards Unisplendour by the investor group led by Tsinghua Unigroup has contributed CNY 6.2bn combined in value. The transaction can help HP’s enterprise operation business to ease the political barrier in China and strengthen the technology R&D capabilities of Tsinghua holding. Technology M&A has remained to be a hot sector during this month, with 49 deals worth US$9bn.

One of the major drivers is the soaring valuation of tech companies in the China stock market. Along with China’s “Internet Plus” strategy, both tech and nontech companies will target tech companies for the growth of their core business online. of state-owned enterprises. It is expected to have a trend of mergers between stateowned companies in other sectors. Key Stats 265 deals valued at US$60.6bn down 38.9% by value with 5 fewer deals compared to 270 deals worth US$43.6bn in May ‘14 Top sector Other saw 1 deal worth US$11.3bn, up 61% by value compared to 2 deals worth US$7bn in May ‘14 Australia’s M&A activity has been sluggish this year, primarily due to the uncertain outlook of commodity prices.

A total of 24 deals worth US$5.2bn were announced in May, 27 deals and US$3.6bn less than last year’s figure. Top Financial Adviser Samsung Securities ranked first with 2 deals worth US$11.5bn, compared to 2 deals worth US$3.3bn in May ‘14 Cross-border activity is diminishing in AsiaPacific this month. Inbound deals slumped by 74.7% in value with 30 fewer deals, and outbound deals recorded a 17.5% drop in value with 8 fewer deals. Top Legal Adviser Lee & Ko ranked first with 3 deals worth US$11.7bn, compared to 3 deals worth US$724m in May ‘14 The mergers between BesTV and New Media and between CSR and CNR will be completed in early June, indicating the end of first phase GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC 40 JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS ASIA-PACIFIC M&A TREND ASIA-PACIFIC PRIVATE EQUITY TREND 600 3,500 3,000 60 2,500 US$ 162.8bn 500 70 50 400 350 300 US$ 131.1bn US$ 85.1bn US$ 115.9bn 200 1,500 US$ 116.8bn US$ 79.0bn US$ 81.2bn US$ 87.5bn US$ 66.7bn US$ 69.1bn 2012 2013 US$ 182.5bn 500 10 0 Q1 GLOBAL OVERVIEW Q2 NORTH AMERICA Q3 Q4 C&S AMERICA US$ 28.8bn US$ 20.3bn ASIAPACIFIC US$ 35bn US$ 29.2bn US$ 27.6bn US$ 18.8bn 100 US$ 18.1bn US$ 13.9bn 50 0 2010 Buyout value MIDDLE EAST & AFRICA US$ 42.7bn 0 YTD 2015 Volume EUROPE US$ 40.8bn 20 US$ 117.4bn 2014 200 30 US$ 31.1bn US$ 108.4bn US$ 82.5bn 2011 US$ 65.2bn 150 0 2010 40 US$ 169.8bn 1,000 US$ 72.2bn 100 US$ 141.1bn US$ 105.1bn US$ 92.7bn 2,000 Value (US$bn) 300 US$ 73.1bn 250 US$ 140.6bn Number of deals US$ 116.8bn Number of deals Value (US$bn) 400 2011 Exit value 2012 2013 Buyout volume 2014 YTD 2015 Exit Volume 41 JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS COUNTRY BREAKDOWN AS A PROPORTION OF ASIA-PACIFIC TOTAL M&A VALUE ASIA-PACIFIC M&A SECTOR BREAKDOWN MAY 2015 Other Value: US$11.3bn Number of deals: 1 Market share: 18.7% Technology Value: US$9.0bn Number of deals: 49 Market share: 14.9% China US$30.3bn 144 deals 50% Hong Kong US$5.2bn 19 deals 8.6% India US$2.6bn 24 deals 4.3% South Korea US$13.3bn 24 deals 22% Business Services Value: US$8.3bn Number of deals: 22 Market share: 13.8% Industrials & Chemicals Value: US$7.1bn Number of deals: 58 Market share: 11.7% Singapore US$1.6bn 7 deals 2.7% Value (US$bn) Up/Down Value % change Domestic $58.3 Inbound $2.3 74.7% $6.5 Region Value Volume Value market share 68.5% Outbound Key Australia US$5.2bn 24 deals 8.6% 17.5% GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC Energy, Mining & Utilities Value: US$5.5bn Number of deals: 27 Market share: 9.1% 42 JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR MAY 2015 Deal value US$11.3bn Deal value US$3.9bn Deal value US$3.6bn Deal value US$2.3bn Deal value US$1.6bn Deal value US$1.5bn Deal value US$1.2bn Deal value US$1.2bn Deal value US$1.1bn Deal value US$1.1bn Announced 26-May-15 Announced 26-May-15 Announced 5-May-15 Announced 21-May-15 Announced 14-May-15 Announced 7-May-15 Announced 25-May-15 Announced 3-May-15 Announced 25-May-15 Announced 12-May-15 Bidder company Cheil Industries Inc (formerly known as Samsung Everland Inc) Bidder company An investor group led by Tsinghua Unigroup Co Ltd Bidder company China Resources (Holdings) Co Ltd Bidder company Unisplendour Corporation Limited Bidder company Pantaloons Fashion & Retail Limited Bidder company Jiuzhitang Co Ltd Bidder company CTBC Financial Holding Co Ltd Target company H3C Technologies Co Limited (51% stake) Bidder company Jiangsu Youli Investment Holding Co Ltd Bidder company Independence Group NL Target company China Resources Enterprise Limited (non-beer businesses) Bidder company UniSuper Limited; Macquarie Infrastructure and Real Assets; and UBS International Infrastructure Fund II Target company Sirius Resources NL Target company Madura Garments Lifestyle Retail Company Limited Target company Crown Castle Australia Pty Ltd Seller company An investor group led by Yang Shenghui (Private Investor) Target company Samsung C&T Corporation (100% stake) Dominant sector Other Target company Unisplendour Corporation Limited (80.46% stake) Dominant sector Business Services Seller company China Resources Enterprise Limited Dominant sector Business Services Seller company Hewlett-Packard Company Dominant sector TMT Target company Beijing Zhongqing Longtu Network Technology Co Ltd Seller company Crown Castle International Corporation; and The Todd Corporation Limited Dominant sector Energy, Mining & Utilities Seller company Aditya Birla Nuvo Limited Dominant sector Consumer Dominant sector TMT Target company Mudanjiang Youbo Pharmaceutical Co Ltd Seller company An investor group led by Li Zhenguo (Private Investor) Target company Taiwan Life Insurance Co Ltd Dominant sector Financial Services Dominant sector Pharma, Medical & Biotech Dominant sector TMT GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC 43 JAPAN ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 ASIA-PACIFIC FINANCIAL ADVISERS TOP 20 ASIA-PACIFIC FINANCIAL ADVISERS VALUE VOLUME Ranking May 2015 May 2015 May 2014 Company Name Value (US$m) May 2014 Deal count Ranking May 2015 May 2014 Value (US$m) % Val. Change May 2015 May 2014 Company Name Value (US$m) Deal count Deal count Deal count Change 1 9 Samsung Securities Co 11,504 2 3,251 253.9% 1 4 Morgan Stanley 7,005 7 9 -2 2 6 Morgan Stanley 7,005 7 4,901 42.9% 2 6 Goldman Sachs 2,512 7 6 1 4,406 6 2 4 721 6 - -4 3 14 Bank of America Merrill Lynch 5,452 2 1,342 306.3% 3 20 Credit Suisse 4 19 UBS Investment Bank 4,839 2 1,190 306.6% 4 - GF Securities Co 5 8 Rothschild 4,689 3 4,025 16.5% 5 3 Citi 2,569 5 9 6 15 Credit Suisse 4,406 6 1,335 230.0% 6 14 CITIC Securities 2,351 5 3 2 7 12 PwC 3,228 4 1,642 96.6% 7 1 PwC 3,228 4 15 -11 -1 8 2 Citi 2,569 5 8,018 -68.0% 8 8 Macquarie Group 880 4 5 9 1 Goldman Sachs 2,512 7 8,678 -71.1% 9 12 JPMorgan 779 4 4 0 10 3 CITIC Securities 2,351 5 7,285 -67.7% 10 5 Rothschild 4,689 3 8 -5 1 11 50 Citi Orient Securities Co 1,696 2 239 609.6% 11 29 Haitong Securities 1,461 3 2 12 45 Haitong Securities 1,461 3 288 407.3% 12 - Sealand Securities 739 3 - - 13 20 Standard Chartered 1,441 2 1,177 22.4% 13 40 Somerley 700 3 1 2 14= - Euroz Securities 1,227 1 - - 14 - Zheshang Securities 673 3 - - 14= - Hartleys 1,227 1 - - 15 18 Southwest Securities Company 538 3 3 0 14= - Treadstone Partners 1,227 1 - - 16 21 Guotai Junan Securities 347 3 2 1 17= 99 Axis Capital 1,216 1 6 20,166.7% 17 11 EY 274 3 5 -2 17= 22 JM Financial 1,216 1 1,046 16.3% 18 41 Samsung Securities Co 11,504 2 1 1 19 - Banco Itau BBA 1,066 1 - - 19 19 Bank of America Merrill Lynch 5,452 2 2 0 20 13 Macquarie Group 880 4 1,530 -42.5% 20 9 UBS Investment Bank 4,839 2 5 -3 GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC 44 JAPAN ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 ASIA-PACIFIC LEGAL ADVISERS TOP 20 ASIA-PACIFIC LEGAL ADVISERS VALUE VOLUME Ranking May 2015 May 2014 Company Name Value (US$m) 36 Lee & Ko 11,699 2 Freshfields Bruckhaus Deringer 3,987 3 - Slaughter and May 3,612 1 4 3 King & Wood Mallesons 3,243 11 May 2015 May 2014 1 2 Ranking May 2015 Value (US$m) Deal count Deal count Deal count Change King & Wood Mallesons 3,243 11 14 -3 Herbert Smith Freehills 2,989 8 8 0 791 7 3 4 2,103 5 - 1 Value (US$m) % Val. Change 3 724 1,515.9% 1 1 3 8,862 -55.0% 2 5 - - 3 44 Khaitan & Co 7,761 -58.2% 4 - Tian Yuan Law Firm Deal count May 2015 May 2014 May 2014 Company Name 5 4 Herbert Smith Freehills 2,989 8 5,564 -46.3% 5 26 Grandall Law Firm 1,261 5 4 6 32 Davis Polk & Wardwell 2,300 1 801 187.1% 6 - Skadden Arps Slate Meagher & Flom 1,055 5 - - 7 97 Kirkland & Ellis 2,223 2 100 2,123.0% 7 12 AZB & Partners 281 5 6 -1 8 - Tian Yuan Law Firm 2,103 5 - - 8 3 Kim & Chang 872 4 9 -5 9 66 Norton Rose Fulbright 2,032 2 319 537.0% 9 2 Clifford Chance 730 4 10 -6 10 37 DLA Piper 1,985 2 705 181.6% 10 36 Lee & Ko 11,699 3 3 0 11= - Cahill Gordon & Reindel 1,840 1 - - 11 15 Freshfields Bruckhaus Deringer 3,987 3 5 -2 11= 22 White & Case 1,840 1 1,371 34.2% 12 45 Allens 1,474 3 2 1 13 12 Allens 1,474 3 2,081 -29.2% 13 - AllBright Law Offices 1,060 3 - - 14 35 Grandall Law Firm 1,261 5 780 61.7% 14 - Zhejiang T&C Law Firm 784 3 - - 15= 11 Allen & Overy 1,258 1 2,513 -49.9% 15= 24 Shin & Kim 615 3 4 -1 15= - Cravath, Swaine & Moore 1,258 1 - - 15= 16 Zhong Lun Law Firm 615 3 5 -2 17 29 Ashurst 1,227 2 961 27.7% 17 - Dacheng Law Offices 346 3 - - 18 19 Amarchand & Mangaldas & Suresh A Shroff & Co 1,216 1 1,695 -28.3% 18 19 Linklaters 175 3 5 -2 19 74 Demarest 1,066 1 205 420.0% 19 107 Kirkland & Ellis 2,223 2 1 1 20 - AllBright Law Offices 1,060 3 - - 20 20 Norton Rose Fulbright 2,032 2 5 -3 GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC 45 JAPAN ABOUT MERRILL CONTACT MERRILL . A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY JAPAN . JAPAN Even though Japan saw a boom in deal volume, 10.3% higher than in the same month last year, year-on-year (YoY) deal value was down 11.1% at US$6.3bn. The two top deals in May, Nomura Real Estate Master Fund’s merger proposals to Nomura Real Estate Office Fund and Nomura Real Estate Residential Fund, amounted to US$2.9bn and US$1.54bn respectively. The three-way merger between Japanbased Nomura Real Estate Master Fund Inc, Nomura Real Estate Office Fund Inc and Nomura Real Estate Residential Fund Inc, will enable them to expand asset size, diversify portfolio and strengthen capacity for future growth. The consolidated entity will be transformed from “Specialized type J-REIT” to “Diversified type J-REIT”, which can expand acquisition opportunities through diversification of investment asset types. In terms of value, this merger ranked the Real Estate sector the most active sector in May 2015, accounting for 72.3% of total deal value. As for volume, Industrials & Chemicals remained the most active sector with a total of nine deal announcements, or 28.1% of total M&A activity in May. yen and higher stock prices as the result of additional monetary easing and extension of another increase in the consumption tax rate and price decline prompted by the decrease in oil prices. Domestic M&A activity is expected to grow in the future as the overall Japanese economy continues to show a recovery trend. NORTH AMERICA C&S AMERICA 32 deals valued at US$6.3bn down 11.1% by value with 3 more deals compared to 29 deals worth US$7.1bn in May ‘14 Top sector Real Estate saw 2 deals worth US$4.5bn compared to no deal in May ‘14 However, inbound M&A was significantly lower at US$41.6m, down 97.4% YoY.

The overseas investors’ interest in Japanese acquisitions will remain low until the implementation of competitive corporate policies. Besides, there was a large 84.5% drop in the value of outbound investment, which was the lowest value since May 2010. The Japanese investors will remain cautious in overseas investment under weak currency conditions. Top Financial Adviser Nomura Holdings ranked first with 8 deals worth US$5.5bn, compared to 8 deals worth US$3.1bn in May ’14 Top Legal Adviser Nagashima Ohno & Tsunematsu ranked first with 4 deals worth US$5bn, compared to 4 deals worth US$236m in May ‘14 Dealmaking in May saw improvement in domestic M&A activity by recording eight more deal announcements, 14.8% higher than in the same period last year.

This increase can be attributed to a devalued GLOBAL OVERVIEW Key Stats EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN 47 ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS JAPAN M&A TREND JAPAN M&A PRIVATE EQUITY TREND 500 90 20 50 80 US$ 21.5bn 70 400 40 15 60 US$ 16.2bn US$ 6.8bn US$ 33.3bn 200 30 10 US$ 4.8bn US$ 17.2bn US$ 7.3bn US$ 15.2bn US$ 13.9bn US$ 12.3bn US$ 14.1bn 2010 2011 2012 GLOBAL OVERVIEW Q2 NORTH AMERICA Q3 Q4 C&S AMERICA 20 US$ 9.2bn US$ 10.8bn US$ 8.9bn 100 US$ 6.1bn US$ 8.8bn US$ 6.2bn US$ 5.4bn 2013 2014 0 2010 Buyout value ASIAPACIFIC US$ 5.0bn US$ 4.0bn US$ 4.7bn US$ 5.3bn US$ 6.4bn US$ 1.9bn 0 Volume MIDDLE EAST & AFRICA 10 US$ 2.8bn YTD 2015 EUROPE US$ 11.2bn 5 US$ 5.0bn US$ 8.1bn 0 Q1 US$ 19.6bn 10 US$ 7.3bn US$ 26.3bn 20 Value (US$bn) 40 Number of deals US$ 13.9bn US$ 32.6bn 30 Number of deals Value (US$bn) 300 50 JAPAN 2011 Exit value 2012 2013 Buyout volume 2014 US$ 351.6m 0 YTD 2015 Exit Volume 48 ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS COUNTRY BREAKDOWN AS A PROPORTION OF JAPAN TOTAL M&A VALUE JAPAN M&A SECTOR BREAKDOWN MAY 2015 Real Estate Value: US$4.5bn Number of deals: 2 Market share: 72.3% Pharma, Medical & Biotech Value: US$613m Number of deals: 3 Market share: 9.8% Inbound US$42m 97.4% Domestic US$6,230m 14.8% Leisure Value: US$387m Number of deals: 3 Market share: 6.2% Outbound US$684m 84.5% Industrials & Chemicals Value: US$294m Number of deals: 9 Market share: 4.7% Key Cross-border Value Value change GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN Consumer Value: US$191m Number of deals: 2 Market share: 3.0% 49 ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR MAY 2015 Deal value US$3.0bn Deal value US$1.5bn Deal value US$374m Deal value US$266m Deal value US$236m Deal value US$223m Deal value US$191m Deal value US$121m Deal value US$89m Deal value US$34m Announced 27-05-2015 Announced 27-05-2015 Announced 12-05-2015 Announced 13-05-2015 Announced 13-05-2015 Announced 15-05-2015 Announced 07-05-2015 Announced 28-05-2015 Announced 19-05-2015 Announced 14-05-2015 Bidder company Nomura Real Estate Master Fund Inc Bidder company Nomura Real Estate Master Fund Inc Bidder company Hyperion Pharma Co Ltd Bidder company Heiwa Corporation Bidder company Aisin Seiki Co Ltd Bidder company SoftBank Corp Bidder company Air Water Inc Target company Nomura Real Estate Office Fund Target company Nomura Real Estate Residential Fund Inc Target company Eikoh Holdings Inc (57.88% stake) Target company Kawasaki Kasei Chemicals Ltd (50.1% stake) Dominant sector Real Estate Dominant sector Real Estate Target company Santen Pharmaceutical Co Ltd (anti-rheumatic pharmaceutical business) Target company Shiroki Corporation (87.36% stake) Bidder company Create Restaurants Holdings Bidder company ZKAI Co Ltd Target company Pacific Golf Management KK (19.43% stake) Bidder company Fukuda Denshi Co Ltd Dominant sector Leisure Dominant sector Industrials & Chemicals Target company Atomic Sangyo Seller company Fukuda Family (Private Investor) Target company Yamada Denki Co Ltd (5% stake) Dominant sector Consumer Dominant sector Pharma, Medical & Biotech Seller company Santen Pharmaceutical Co Ltd Target company KR Food Service Corporation (99.8% stake) Seller company ORIX Corporation Dominant sector Consumer Dominant sector Business Services Seller company Mitsubishi Chemical Corporation Dominant sector Industrials & Chemicals Dominant sector Pharma, Medical & Biotech GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN 50 ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 JAPAN LEGAL ADVISERS TOP 20 JAPAN LEGAL ADVISERS VALUE VOLUME Ranking May 2015 May 2015 May 2014 Company Name Value (US$m) May 2014 Deal count Ranking May 2015 Value (US$m) % Val. Change May 2015 May 2014 Company Name May 2014 Value (US$m) Deal count Deal count Deal count Change 1 10 Nagashima Ohno & Tsunematsu 5,031 4 0 2,031.8% 1 2 Nishimura & Asahi 843 8 10 -2 2 3 Mori Hamada & Matsumoto 3,392 4 5 -26.6% 2 5 Nagashima Ohno & Tsunematsu 5,031 4 4 0 3 - City-Yuwa Partners 3,039 3 - - 3 1 Mori Hamada & Matsumoto 3,392 4 11 -7 4 - Kataoka & Kobayashi 154 1 - - 4 - City-Yuwa Partners 3,039 3 - - 5 2 Nishimura & Asahi 843 8 5 -84.4% 5 4 TMI Associates 378 3 4 -1 6 6 TMI Associates 378 3 1 -36.4% 6 7 Anderson Mori & Tomotsune 56 2 3 -1 7 - Debevoise & Plimpton 257 1 - - 7 - Kataoka & Kobayashi 154 1 - - 8 - Yanagida & Partners 223 1 - - 8 - Debevoise & Plimpton 257 1 - - 9 - Taylor Wessing 173 1 - - 9 - Yanagida & Partners 223 1 - - 10 25 Anderson Mori & Tomotsune 56 2 0 833.3% 10 - Taylor Wessing 173 1 - - 11 11 Oh-Ebashi LPC & Partners 34 1 0 -83.7% 11 8 Oh-Ebashi LPC & Partners 34 1 2 -1 12 - Sato Sogo Law Office 3 1 - - 12 - Sato Sogo Law Office 3 1 - - 13 - Kowa Law Office 23 1 - - 13 - Kowa Law Office 23 1 - - 14 - Kim & Chang 22 1 - - 14 - Kim & Chang 22 1 - - 15= - Kitamura & Hiraga 2 1 - - 15= - Kitamura & Hiraga 2 1 - - 15= - Torikai Law Office 2 1 - - 15= - Torikai Law Office 2 1 - - 17 - Latham & Watkins 17 1 - - 17 - Latham & Watkins 17 1 - - 18= - Gleiss Lutz 0 1 - - 18= - Gleiss Lutz 0 1 - - 18= - Khaitan & Co 0 1 - - 18= - Khaitan & Co 0 1 - - GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN 51 ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 JAPAN FINANCIAL ADVISERS TOP 20 JAPAN FINANCIAL ADVISERS VALUE VOLUME Ranking May 2015 May 2015 May 2014 Company Name Value (US$m) May 2014 Deal count Value (US$m) Ranking May 2015 % Val. Change May 2015 May 2014 Company Name May 2014 Value (US$m) Deal count Deal count Deal count Change 1 4 Nomura Holdings 5,453 8 3,105 75.6% 1 1 Nomura Holdings 5,453 8 8 0 2 1 Morgan Stanley 3,021 2 6,179 -51.1% 2 5 Sumitomo Mitsui Financial Group 2,188 7 4 3 2,188 7 1,878 16.5% 3 8 Mizuho Financial Group 374 1 77 385.7% 4 2 Morgan Stanley 3 7 Sumitomo Mitsui Financial Group 4 13 GCA Savvian Corporation 279 5 2 3 3,021 2 6 -4 5 8 Daiwa Securities Group 325 2 1,224 -73.4% 5 3 Daiwa Securities Group 325 2 5 -3 6 3 Mizuho Financial Group 279 5 338 -91.7% 6 16 PwC 176 2 1 1 7 - Tokyo Kyodo Accounting Office 266 1 - - 7= - AGS Consulting 43 2 - - 8 - Sawaya Segalas & Co 257 1 - - 7= 4 Deloitte 43 2 5 -3 9 - MID Structures 223 1 - - 9 13 GCA Savvian Corporation 374 1 1 0 10 16 PwC 176 2 1 1,660.0% 10 - Tokyo Kyodo Accounting Office 266 1 - - 11 - Bank of America Merrill Lynch 173 1 - - 11 - Sawaya Segalas & Co 257 1 - - 12= - AGS Consulting 43 2 - - 12 - MID Structures 223 1 - - 12= 11 Deloitte 43 2 242 -82.2% 13 - Bank of America Merrill Lynch 173 1 - - 14 - Pinnacle 36 1 - - 14 - Pinnacle 36 1 - - 15 - Mitsubishi UFJ Financial Group 3 1 - - 15 - Mitsubishi UFJ Financial Group 3 1 - - 16 - Recof Corporation 22 1 - - 16 - Recof Corporation 22 1 - - 17= - AZone Partners 13 1 - - 17= - AZone Partners 13 1 - 17= - Rerise Investment 13 1 - - 17= - Rerise Investment 13 1 - - 19= 9 KPMG 0 1 806 -100.0% 19= 6 KPMG - 1 4 -3 19= - Oppenheimer & Co 0 1 - - 19= - Oppenheimer & Co - 1 - - GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN 52 ABOUT MERRILL CONTACT MERRILL . #1 VIRTUAL DATA ROOM 1 DEDICATED PROJECT MANAGEMENT TEAM MULTILINGUAL SERVICE There is an Art to due diligence LOCAL SUPPORT FROM GLOBAL LOCATIONS info@datasite.com 2HRS TO OPEN A PROJECT 47 www.datasite.com 24HR 150 PROJECT MANAGERS WORLDWIDE . 4,446 1ST VDR TO ACHIEVE ISO27001 CERTIFICATION VIRTUAL DATA ROOMS OPENED WORLDWIDE LAST YEAR 35,000 VIRTUAL DATA ROOM PROJECTS SECURED SINCE 2003 1 CHAIN OF CUSTODY OVER DATA WINNERS OF 5 MAJOR AWARDS IN 2015 850 MILLION PAGES OF CONFIDENTIAL DATA PROTECTED info@datasite.com www.datasite.com Smart. 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Any such reliance is solely at the user’s risk. The following notes pertain to data contained in this publication: D  eals are included where the deal value is greater than or equal to US$5m. W  here no deal value has been disclosed, deals are included if the turnover of the target is greater than or equal to US$10m.  eals are included in the graphs and Top Deals in each section based D on thedominant geography and dominant sector of the target company. Data underlying the League Tables are based on deals where the bidder, target or parent geography of either is that of the geography in focus. M  id-market is defined as US$10m    S$250m. -U For  a full version of the Mergermarket M&A deal database inclusion and league table criteria, go to http://www.Mergermarket.com/pdf/deal_criteria.pdf. Remark, the events and publications arm of The Mergermarket Group, offers a range of publishing, research and events services that enable clients to enhance their own profile, and to develop new business opportunities with their target audience. .