A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY MONTHLY M&A INSIDER DECEMBER 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 . GLOBAL OVERVIEW . GLOBAL OVERVIEW November 2015 has been anything but ordinary. By the end of the month, global M&A worth US$3.9tn across 14,740 transactions in the year-to-date had broken 2007’s full-year record value of US$3.7tn across 16,093 transactions by 5.9%, setting a new global record in terms of value – despite a drop in volume by 1,228 – and with one month still left in the year. November also saw the largest pharmaceutical and de facto inversion transaction ever, US-based Pfizer Inc.’s US$183.7bn bid for Ireland-based Allergan Plc. The agreement was the latest in a string of high-value transactions this year, and was one of two deals valued at more than US$100bn which took place within a twoweek period. The other was Belgium-based Anheuser-Busch InBev’s agreement to acquire UK-based SAB Miller for US$120.3bn, making it the largest Consumer transaction on record.

Finally, all top 10 transactions for the month qualified as megadeals, defined to be transactions worth at least US$10bn. As a result of the former transaction, Pharma, Medical & Biotech (PMB) was the best-performing sector this November with 84 transactions worth US$201.3bn, representing 33% of global market share; however, the Pfizer/Allergan deal alone accounted for 91.3% of PMB’s total value. Similarly, the Anheuser-Busch InBev/SAB Miller deal, along with another megadeal from the beer industry announced on the same day, UK-based Molson Coors GLOBAL OVERVIEW 97 transactions. Exits were also down this month by more than half, from US$52.4bn in November 2014 to US$26bn over the same period this year. Brewing Company’s US$12bn acquisition of US-based MillerCoors LLC, were together worth US$132.3bn and accounted for 86.9% of Consumer’s 133 transactions worth US$152.8bn. Both cross-border and domestic M&A were up this November, by 156.2% and 24.8%, respectively, compared to the same period last year. Cross-border transactions accounted for 67.8% of global market share while domestic transactions accounted for less than half, at 32.2%.

Europe was the most heavily-targeted geography this month, with 356 transactions worth US$368.8bn, representing 60.4% of global market share, up from November 2014, while North America fell to 343 transactions worth US$149.6bn. Europe also had three transactions in the top 10 deals of November, which, altogether, were worth US$322.2bn. Private equity was relatively quiet after last year’s punch out. November saw 147 buyouts worth a total of US$34.6bn, down 20.1% in value compared to November 2014’s US$43.4bn, and down in volume by Goldman Sachs continued to rank as the number one financial advisor globally, with 30 deals valued at US$393.1bn, up 167.9% by value compared to four fewer deals worth a total of US$146.7bn in November of last year. Cravath, Swaine & Moore ranked as the number one legal advisor globally, with 12 deals worth a total of US$347.9bn, up 358.6% in terms of value compared to the same number of deals worth US$75.9bn in November 2014. As 2015 winds down, the business world appears ready to take advantage of a few promising indicators, including declining unemployment, increased corporate confidence fueling a drive toward growth via acquisitions, and a possible change in US monetary policy by the end of the year.

With one more month left, the jury is still out as to whether or not an even larger deal is around the corner. Key Stats 1,050 deals valued at US$610.5bn up 91.3% by value with 358 more deals compared to 1,408 deals worth US$319.2bn in November ‘14 Top sector PMB saw 84 deals worth US$201.3bn, up 157.7% by value compared to 111 deals worth US$78.1bn in November ‘14 Top Financial Adviser Goldman Sachs ranked first with 30 deals worth US$393.1bn, compared to 34 deals worth US$146.7bn in November ‘14 Top Legal Adviser Cravath, Swain & Moore ranked first with 12 deals worth US$347.9bn, compared to 12 deals worth US$75.9bn in November ‘14 4 NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS GLOBAL M&A TREND GLOBAL PRIVATE EQUITY TREND 600 US$ 997.4bn 3,500 2,500 400 2,000 300 1,500 16,000 14,000 3,000 US$ 899.3bn 2,500 2,000 8,000 US$ 599.3bn 1,500 US$ 644.8bn US$ 523.2bn US$ 492.9bn 1,000 US$ 571.6bn US$ 756.4bn US$ 711.2bn 10,000 US$ 845.1bn US$ 1,045.4bn US$ 565.6bn US$ 432.8bn US$ 464.0bn US$ 446.8bn 2012 2014 US$ 568.6bn US$ 788.9bn Q1 GLOBAL OVERVIEW 2011 Q2 Q3 Q4 US$ US$ US$ US$ 312.4bn 295.6bn 282.3bn 277.3bn 2014 1,000 500 2,000 0 0 0 2010 US$ US$ 279.8bn 292.3bn US$ 330.7bn US$ US$ 392.7bn 372.1bn 100 500 US$ 613.8bn US$ 248.5bn 4,000 US$ 559.3bn US$ 397.5bn 200 6,000 US$ 962.9bn US$ 585.8bn US$ 460.9bn US$ 513.3bn Number of deals US$ 478.2bn Number of deals US$ 1,049.9bn Value (US$bn) 12,000 Value (US$bn) 3,000 500 18,000 4,000 0 2010 YTD 2015 Volume 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 NOVEMBER 2015 Pharma, Medical & Biotech Value: US$201.3bn Number of deals: 84 Market share: 33.0% Europe US$368.8bn 356 deals 60.4% North America US$149.6bn 343 deals 24.5% Asia (excl. Japan) US$78.9bn 263 deals 12.9% Consumer Value: US$152.8bn Number of deals: 133 Market share: 25.0% Japan US$6.1bn 36 deals 1.0% Financial Services Value: US$64.8bn Number of deals: 104 Market share: 10.6% Africa & Middle East US$2.4bn 27 deals 0.4% C&S America US$4.7bn 25 deals 0.8% TMT Value: US$55.1bn Number of deals: 180 Market share: 9.0% Key Value (US$bn) Up/Down Region Value Volume Value market share Value % change Cross-border $413.7 156.2% Domestic $196.8 Energy, Mining & Utilities Value: US$50.1bn Number of deals: 87 Market share: 8.2% 24.8% 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 NOVEMBER 2015 Deal value US$183.7bn Deal value US$120.3bn Deal value US$21.8bn Deal value US$18.2bn Deal value US$13.4bn Deal value US$12.9bn Deal value US$12.5bn Deal value US$12.0bn Deal value US$11.3bn Deal value US$10.8bn Announced 23-Nov-15 Announced 11-Nov-15 Announced 12-Nov-15 Announced 2-Nov-15 Announced 17-Nov-15 Announced 16-Nov-15 Announced 7-Nov-15 Announced 11-Nov-15 Announced 3-Nov-15 Announced 8-Nov-15 Bidder company Pfizer Inc Bidder company Anheuser-Busch InBev NV Bidder company General Electric Company (Shareholders) Bidder company Visa Inc Bidder company Air Liquide SA Target company Airgas Inc Bidder company China Yangtze Power Co Ltd Bidder company Molson Coors Brewing Company Bidder company Targa Resources Corp Bidder company Weyerhaeuser Company Target company Synchrony Financial (84.6% Stake) Target company Visa Europe Ltd Bidder company Marriott International Inc Seller company HSBC; Lloyds Banking Group Plc; Barclays Plc; Royal Bank of Scotland Group Plc; Worldpay Limited; PKO BP SA Dominant sector Industrials & Chemicals Target company Starwood Hotels & Resorts Worldwide Inc Target company Sanxia Jinshajiang Chuanyun Hydroelectric Power Co Ltd Target company MillerCoors LLC (58% Stake) Target company Targa Resources Partners LP (91.2% Stake) Target company Plum Creek Timber Company Co Inc Target company Allergan Plc Dominant sector Pharma, Medical & Biotech Target company SABMiller Plc Dominant sector Consumer Seller company General Electric Company Dominant sector Financial Services Dominant sector Leisure Dominant sector Financial Services Seller company China Three Gorges Corporation; Sichuan Energy Investment Group Co Ltd; Yunan Energy Investment Group Co Ltd Dominant sector Consumer Dominant sector Energy, Mining & Utilities Dominant sector Real Estate Dominant sector Energy, Mining & Utilities GLOBAL OVERVIEW 7 NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 GLOBAL FINANCIAL ADVISERS TOP 20 GLOBAL FINANCIAL ADVISERS VALUE VOLUME November 2015 Ranking November 2015 November 2014 Company Name Value (US$m) November 2014 Deal count Value (US$m) November 2015 Ranking % Val. Change November 2015 November 2014 Company Name Value (US$m) November 2014 Deal count Deal count Deal count Change 1 1 Goldman Sachs 393,061 30 146,740 167.9% 1 4 JPMorgan 383,733 35 25 10 2 4 JPMorgan 383,733 35 91,652 318.7% 2 8 Morgan Stanley 367,638 32 21 11 3 7 Morgan Stanley 367,638 32 37,344 884.5% 3 1 Goldman Sachs 393,061 30 34 -4 4 12 Centerview Partners 192,356 4 18,659 930.9% 4 14 Citi 59,009 20 15 5 184,721 19 22 -3 8,303 17 28 -11 156,087 16 17 -1 5 20 Moelis & Company 189,848 7 6,443 2846.6% 5 7 Bank of America Merrill Lynch 6 2 Bank of America Merrill Lynch 184,721 19 136,299 35.5% 6 3 Rothschild 7 68 Guggenheim Partners 184,504 2 977 18,784.7% 7 11 Lazard 8 11 Barclays 158,343 14 22,439 605.7% 8 10 KPMG 1,913 15 18 -3 9 8 Lazard 156,087 16 27,455 468.5% 9 9 Barclays 158,343 14 18 -4 10 9 Deutsche Bank 147,354 14 25,393 480.3% 10 12 Deutsche Bank 147,354 14 16 -2 11 14 BNP Paribas 134,126 7 10,852 1,136.0% 11 35 UBS Investment Bank 43,171 14 6 8 12= - Robey Warshaw 120,334 1 - - 12 13 Credit Suisse 42,393 13 15 -2 12= 296 Standard Bank Group 120,334 1 - - 13 22 Evercore Partners 30,048 13 9 4 14 5 Citi 59,009 20 42,004 40.5% 14 5 PwC 636 12 25 -13 15 29 UBS Investment Bank 43,171 14 5,069 751.7% 15 2 EY 429 12 31 -19 16 3 Credit Suisse 42,393 13 120,584 -64.8% 16 53 Guotai Junan Securities 2,578 11 4 7 17 103 Perella Weinberg Partners 35,660 4 436 8,078.9% 17 6 Deloitte 2,534 11 23 -12 18 18 Evercore Partners 30,048 13 6,964 331.5% 18 15 Jefferies 3,072 10 13 -3 19 41 Huatai United Securities 17,334 8 3,116 456.3% 19 27 Sandler O'Neill & Partners 1,873 10 8 2 20 45 CITIC Securities 16,576 3 2,729 507.4% 20 26 RBC Capital Markets 5,775 9 8 1 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 November 2015 Ranking November 2015 November 2014 1 2 November 2014 November 2015 Ranking November 2014 November 2015 November 2014 358.6% 1 40 Wachtell, Lipton, Rosen & Katz 258,567 20 8 12 340.5% 2 1 Latham & Watkins 224,282 18 36 -18 1,319.7% 3 95 Simpson Thacher & Bartlett 38,986 16 5 11 135.7% 4 6 Kirkland & Ellis 20,209 16 26 -10 Company Name Value (US$m) Deal count Value (US$m) % Val. Change 6 Cravath, Swaine & Moore 347,927 12 75,866 5 Cleary Gottlieb Steen & Hamilton 340,454 13 77,285 3 26 Clifford Chance 305,920 7 21,548 4 1 Wachtell, Lipton, Rosen & Katz 258,567 20 109,709 Company Name Value (US$m) Deal count Deal count Deal count Change 5 22 Skadden Arps Slate Meagher & Flom 236,765 15 29,889 692.1% 5 25 King & Wood Mallesons 4,797 16 12 4 6 4 Latham & Watkins 224,282 18 79,778 181.1% 6 7 Skadden Arps Slate Meagher & Flom 236,765 15 24 -9 7 2 Weil Gotshal & Manges 209,683 10 82,172 155.2% 7 18 Sullivan & Cromwell 170,138 15 13 2 8 31 White & Case 206,087 13 16,215 1,171.0% 8 36 Shearman & Sterling 37,572 15 9 6 9 41 Debevoise & Plimpton 203,019 7 8,244 2,362.6% 9 21 Cleary Gottlieb Steen & Hamilton 340,454 13 12 1 10 61 Willkie Farr & Gallagher 188,339 12 3,827 4,821.3% 10 3 White & Case 206,087 13 30 -17 11 38 Morgan Lewis & Bockius 184,278 9 9,322 1,876.8% 11 22 Cravath, Swaine & Moore 347,927 12 12 0 12= 53 A&L Goodbody 183,739 1 5,207 3,428.7% 12 62 Willkie Farr & Gallagher 188,339 12 6 6 12= 13 Arthur Cox 183,739 1 63,599 188.9% 13 14 Davis Polk & Wardwell 22,727 12 16 -4 14 15 Sullivan & Cromwell 170,138 15 55,741 205.2% 14 2 DLA Piper 965 12 36 -24 15 25 Linklaters 143,665 10 23,409 513.7% 15 8 Freshfields Bruckhaus Deringer 136,085 11 24 -13 16 24 Freshfields Bruckhaus Deringer 136,085 11 23,629 475.9% 16 19 Herbert Smith Freehills 30,633 11 13 -2 17 42 Hogan Lovells International 120,497 4 7,603 1,484.9% 17 42 Ropes & Gray 12,851 11 8 3 18 82 Webber Wentzel 120,334 2 2,672 4,403.5% 18 13 Allen & Overy 7,837 11 21 -10 19 331 Macfarlanes 51,265 3 32 160,103.1% 19 26 CMS 729 11 12 -1 20 154 Simpson Thacher & Bartlett 38,986 16 689 5,558.3% 20 12 Weil Gotshal & Manges 209,683 10 21 -11 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 . NORTH AMERICA . NORTH AMERICA November 2015 was record-breaking in many respects. First and foremost, with the addition of November deals, North America saw the highest annual deal value (US$1.9tn) compared to any other year in the past, including the previous high of 2007 (US$1.5tn). Another record was set by Pfizer’s agreement to acquire Allergan for a total deal value of US$183.7bn, the largest North American outbound deal in history. As a result of this transaction, the region registered the highest outbound value ever at US$455.1bn. The previous largest outbound deal had a much lower deal value but involved an Ireland-based pharmaceutical target as well, AbbVie’s acquisition of Shire for US$54.4b in July 2014. The Shire/AbbVie deal, which was also presented as a tax inversion, lapsed in October of the same year due to changes in US taxation regulations.

It remains to be seen whether the Pfizer/Allergan deal will succeed to go through. Understandably, the Pfizer/Allergan transaction has increased M&A flow from North America into Ireland. However, Ireland was not the only European country to experience record-breaking inbound M&A from US and Canada. Germany, for example, registered US$26.1bn-worth of deals from North America in the first 11 months of 2015, the highest deal value on Mergermarket record and a 36.4% increase from all 12 months of 2014.

The purchase GLOBAL OVERVIEW NORTH AMERICA & Chemicals is unlikely to break the 2007 record (US$244bn), it has already surpassed the value of deals in 2014 (US$156.3bn). of Germany-based Elster Group by USbased Honeywell, valued at US$5.1bn, was the biggest such deal this year. Similarly, UK had a significant influx of North American investments: US$82.3bn-worth of deals was higher than the 2007 record (US$65.5bn) by 25.7%. The November acquisition of Visa Europe by its American counterpart Visa for US$18.2bn was the most prominent transaction in this space. At the same time, inbound M&A into US and Canada was also very strong (707 deals worth US$347.8bn).

While it was not recordbreaking, it was on par with two of the best-performing years, 2007 (US$390.1bn, 690 deals) and 2014 (US$320.5bn, 714 deals). The acquisition of Airgas by Francebased Air Liquide for US$13.4bn was the largest inbound transaction announced in November. This transaction, in the Industrials & Chemicals sector, was completed at a 2.5x revenue and a 13.8x EBITDA multiple. Financial Services (US$248bn), at the same time, has more than tripled its value since 2014 (US$72.4bn) and has increased by 38.8% since 2007 (US$178.6bn).

The top deal in November was in the Financial Services sector, the demerger of an 84.6% stake in Synchrony Financial from General Electric Company, valued at US$21.8bn. With the books for the year almost closed and only one month left to account for, we already know that 2015 will end on a high note in terms of its M&A activity. It is still unclear, however, how many of the jumbo deals announced in 2015 will actually be able to close. It is also unclear how long the upward pattern will be able to sustain itself.

The way it stands at the moment, nonetheless, there is a lot to look forward to in 2016. With regards to Industrials & Chemicals, the sector saw US$159bn-worth of deals so far in 2015, its second-highest deal value on Mergermarket record. While Industrials Key Stats 340 deals valued at US$149.6bn down 7.3% by value with 109 fewer deals compared to 449 deals worth US$161.4bn in November ‘14 Top sector Financial Services saw 44 deals worth US$30.4bn, up 454.8% by value compared to 31 deals worth US$5.5bn in November ‘14 Top Financial Adviser Goldman Sachs ranked first with 22 deals worth US$257.7bn, compared to 26 deals worth US$140.6bn in November ‘14 Top Legal Adviser Cravath, Swaine & Moore ranked first with 11 deals worth US$227.6bn, compared to 6 deals worth US$73.6bn in November ‘14 12 C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS NORTH AMERICA M&A TREND NORTH AMERICA PRIVATE EQUITY TREND 2,000 1,100 300 6,000 1,000 US$ 376.5bn 250 5,000 900 1,500 800 US$ 405.6bn US$ 212.4bn US$ 271.5bn 500 US$ 347.3bn US$ 226.1bn US$ 176.7bn US$ 336.5bn US$ 264.2bn US$ 159.2bn US$ 164.2bn US$ 196.5bn 2012 2013 US$ 233.9bn Q1 GLOBAL OVERVIEW 2011 Q2 NORTH AMERICA Q3 Q4 US$ 154.5bn 50 2014 US$ 107.1bn US$ 112.9bn US$ 144.1bn US$ 171.6bn US$ 130.4bn US$ 142.5bn US$ US$ 169.3bn 155.1bn 500 US$ 173.1bn US$ 191.4bn YTD 2015 400 300 200 US$ 368.5bn 0 2010 US$ 274.5bn 100 2,000 1,000 US$ 193.7bn US$ 208.5bn US$ 264.8bn 150 US$ 414.0bn US$ 218.7bn US$ 202.6bn US$ 505.2bn Value (US$bn) Value (US$bn) 3,000 US$ 452.2bn 600 Number of deals 1,000 700 Number of deals US$ 627.9bn US$ 249.1bn 200 4,000 100 0 0 0 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 NOVEMBER 2015 Financial Services Value: US$30.4bn Number of deals: 44 Market share: 20.3% Consumer Value: US$24.7bn Number of deals: 36 Market share: 16.5% Energy, Mining & Utilities Value: US$19.1bn Number of deals: 36 Market share: 12.8% Canada US$3.4bn 32 deals 2.3% Industrials & Chemicals Value: US$17.3bn Number of deals: 58 Market share: 11.6% Value (US$bn) Domestic Up/Down $93.2 United States US$146.2bn 308 deals 97.7% Value % change Key Region Value Volume Value market share 17.8% Inbound $37.5 -50.1% Outbound $222.7 TMT Value: US$16.9bn Number of deals: 65 Market share: 11.3% 452.3% GLOBAL OVERVIEW NORTH AMERICA 14 C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR NOVEMBER 2015 Deal value US$21.8bn Deal value US$13.4bn Deal value US$12.9bn Deal value US$12.0bn Deal value US$11.3bn Deal value US$10.8bn Deal value US$5.1bn Deal value US$4.6bn Deal value US$3.9bn Deal value US$3.7bn Announced 12-Nov-15 Announced 17-Nov-15 Announced 16-Nov-15 Announced 11-Nov-15 Announced 3-Nov-15 Announced 8-Nov-15 Announced 2-Nov-15 Announced 23-Nov-15 Announced 4-Nov-15 Announced 9-Nov-15 Bidder company General Electric Company (Shareholders) Bidder company Air Liquide SA Bidder company Marriott International Inc Bidder company Molson Coors Brewing Company Bidder company Targa Resources Corp Bidder company Weyerhaeuser Company Bidder company Shire Plc Bidder company Expedia Inc Dominant sector Industrials & Chemicals Target company MillerCoors LLC (58% Stake) Target company Targa Resources Partners LP (91.2% Stake) Target company Plum Creek Timber Company Co Inc Bidder company Triton Container International Limited Target company Synchrony Financial (84.6% Stake) Target company Starwood Hotels & Resorts Worldwide Inc Bidder company CVC Capital Partners Limited; Canada Pension Plan Investment Board Seller company General Electric Company Target company Airgas Inc Dominant sector Leisure Dominant sector Financial Services Seller company SABMiller Plc Dominant sector Consumer Dominant sector Energy, Mining & Utilities Dominant sector Real Estate Target company Dyax Corp Dominant sector Pharma, Medical & Biotech Target company PETCO Animal Supplies Inc Seller company TPG Capital LP; Leonard Green & Partners LP Target company HomeAway Inc Dominant sector TMT Target company TAL International Group Inc Dominant sector Financial Services Dominant sector Consumer GLOBAL OVERVIEW NORTH AMERICA 15 C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 NORTH AMERICA FINANCIAL ADVISERS TOP 20 NORTH AMERICA FINANCIAL ADVISERS VALUE VOLUME November 2015 Ranking November 2015 November 2014 Company Name Value (US$m) November 2014 Deal count Value (US$m) November 2015 Ranking % Val. Change November 2015 November 2014 Company Name Value (US$m) November 2014 Deal count Deal count Deal count Change 1 1 Goldman Sachs 257,688 22 140,612 83.3% 1 1 Goldman Sachs 257,688 22 26 -4 2 4 JPMorgan 244,848 22 75,739 223.3% 2 3 JPMorgan 244,848 22 14 8 3 6 Morgan Stanley 228,665 18 24,479 834.1% 3 7 Morgan Stanley 228,665 18 10 8 4 10 Centerview Partners 191,585 3 18,659 926.8% 4 2 Bank of America Merrill Lynch 64,387 18 15 3 5 24 Moelis & Company 189,337 6 2,724 6,850.7% 5 8 Citi 55,055 15 9 6 6 36 Guggenheim Partners 184,504 2 977 18,784.7% 6 4 Barclays 34,606 11 14 -3 7 2 Bank of America Merrill Lynch 64,387 18 129,192 -50.2% 7 16 Sandler O'Neill & Partners 1,873 10 8 2 2 8 7 Citi 55,055 15 24,212 127.4% 8 18 Evercore Partners 19,582 9 7 9 11 Barclays 34,606 11 11,236 208.0% 9 14 Deutsche Bank 24,903 8 8 0 10 63 UBS Investment Bank 33,721 7 376 8,868.4% 10 5 Jefferies 2,366 8 11 -3 11 8 Lazard 27,026 6 22,091 22.3% 11 17 Piper Jaffray & Co 559 8 8 0 12 12 Deutsche Bank 24,903 8 8,256 201.6% 12 82 UBS Investment Bank 33,721 7 1 6 13 45 Evercore Partners 19,582 9 816 2,299.8% 13 23 RBC Capital Markets 5,126 7 6 1 14 13 BNP Paribas 13,765 3 7,735 78.0% 14 9 Lincoln International 290 7 9 -2 15 43 Qatalyst Group 6,222 2 835 645.1% 15 15 Moelis & Company 189,337 6 8 -2 16 32 RBC Capital Markets 5,126 7 1,400 266.1% 16 13 Lazard 27,026 6 8 -2 4,827 6 8 -2 996 6 5 1 2,092 5 7 -2 309 5 9 -4 17 3 Credit Suisse 4,827 6 117,406 -95.9% 17 12 Credit Suisse 18 40 Macquarie Group 4,822 3 889 442.4% 18 30 BMO Capital Markets 19 14 Wells Fargo Securities 3,749 3 5,827 -35.7% 19 19 William Blair & Company 20 72 Perella Weinberg Partners 3,170 3 155 1,945.2% 20 11 Houlihan Lokey 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 November 2015 Ranking November 2015 November 2014 Value (US$m) Company Name November 2014 Deal count Value (US$m) November 2015 Ranking % Val. Change November 2015 November 2014 Company Name Value (US$m) November 2014 Deal count Deal count Deal count Change 1 6 Cravath, Swaine & Moore 227,593 11 73,602 209.2% 1 25 Wachtell, Lipton, Rosen & Katz 226,077 19 7 12 2 1 Wachtell, Lipton, Rosen & Katz 226,077 19 107,822 109.7% 2 1 Kirkland & Ellis 16,340 15 25 -10 3 22 Skadden Arps Slate Meagher & Flom 221,622 11 24,489 805.0% 3 2 Latham & Watkins 220,995 13 23 -10 4 5 Latham & Watkins 220,995 13 74,572 196.4% 4 12 Sullivan & Cromwell 49,029 13 11 2 5 4 Cleary Gottlieb Steen & Hamilton 216,399 7 77,054 180.8% 5 46 Simpson Thacher & Bartlett 17,173 13 5 8 6 2 Weil Gotshal & Manges 209,683 10 82,162 155.2% 6 32 Cravath, Swaine & Moore 227,593 11 6 5 7 30 White & Case 204,289 10 12,354 1,553.6% 7 4 Skadden Arps Slate Meagher & Flom 221,622 11 20 -9 8 33 Debevoise & Plimpton 203,019 7 8,244 2,362.6% 8 6 Weil Gotshal & Manges 209,683 10 18 -8 9 62 Willkie Farr & Gallagher 188,233 8 1,940 9,602.7% 9 7 White & Case 204,289 10 16 -6 10 26 Clifford Chance 183,950 3 15,768 1,066.6% 10 18 Shearman & Sterling 22,192 10 9 1 11= - A&L Goodbody 183,739 1 - - 11 13 Davis Polk & Wardwell 17,373 10 11 -1 11= 14 Arthur Cox 183,739 1 63,199 190.7% 12 16 Paul Weiss Rifkind Wharton & Garrison 15,569 10 10 0 13 15 Sullivan & Cromwell 49,029 13 53,854 -9.0% 13 21 Ropes & Gray 12,843 10 8 2 1,473 10 7 3 951 9 19 -10 4 4 14 17 Shearman & Sterling 22,192 10 42,867 -48.2% 14 30 Cooley 15 100 Gibson Dunn & Crutcher 19,174 7 571 3,258.0% 15 5 DLA Piper 16 36 Linklaters 18,373 4 6,659 175.9% 16 52 Willkie Farr & Gallagher 188,233 8 12,508 8 6 2 539 8 10 -2 17 154 Milbank Tweed Hadley & McCloy 18,152 2 130 13863.1% 17 35 Vinson & Elkins 18 194 Macfarlanes 18,152 1 32 56,625.0% 18 17 Morgan Lewis & Bockius 19 16 Davis Polk & Wardwell 17,373 10 48,603 -64.3% 19 11 Cleary Gottlieb Steen & Hamilton 216,399 7 11 -4 20 92 Simpson Thacher & Bartlett 17,173 13 689 2,392.5% 20 27 Debevoise & Plimpton 203,019 7 7 0 GLOBAL OVERVIEW NORTH AMERICA 17 C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . C&S AMERICA . C&S AMERICA The M&A activity in Central & South America (C&S America) continues to show weaker signs partially due to deteriorating economic forecasts, and increasing political risks associated with certain emerging markets. Latin American countries saw total of 25 deals worth US$4.7bn in the month of November, increasing the overall year-to-day deal value (US$54.4bn) by 8.6%. Compared to November 2014, which accounted for 46 deals worth US$10.8bn, deal value in the current month experienced a substantial decline, dropping by 67.6% with 27 fewer deals. In November, C&S America saw total of 3 buyouts worth US$638m, increased five-fold in comparison to the same month of last year, which accounted for a total of 6 deals worth US$100m. Exits, on the other hand, experienced an opposite trend, decreasing in overall value 88.1% from US$3bn to US$356m. The Consumer sector has been the leading sector in Latin America in November, accounting for 57.7% of the total market share with 9 deals worth US$2.2bn. Compared to November 2014 with 9 deals worth US$275m, the Consumer sector increased its value seven-fold.

This impressive increase in the consumer sector’s value is mainly due to the top deal worth US$1bn, where USbased beauty product manufacturer Coty Inc. acquired the personal care and beauty business from Brazilian consumer goods company Hypermarcas SA. The second largest deal worth US$721m is also under the consumer sector, in which J&F Participacoes Financeiras SA acquired 44.1% stake in a Brazil-based footwear company Alpargatas GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA SA.

Four out of nine consumer sector’s deals ended up in the top deals rankings, accounting for 46.7% of the total market share. The Transportation sector landed in second place with one deal for US$450m, in which Brazilian airline company Azul Linhas Aereas Brasileiras SA agreed to sell a 24% stake to Chinese multi-business conglomerate HNA Group, ended up being the third largest deal in the top deals rankings for the current month. US$828bn, aggregating a total regional value of 20%, but decreasing in value by 66.5% in comparison to November 2014. Mexico, however, slowly becomes the best performing emerging economy in Latin America, mainly due to growing trading opportunities, and decreasing unemployment. Positive government regulations imposed in 2012, as well as having the US as their key trading partner, may have a major impact on future M&A activity. Even though Brazil, Latin America’s largest economy, remains to be held by a prolonged recession, it continues to have a major impact on the regional M&A activity. In November, Brazil was the dominant country in C&S America with 14 deals worth US$3.3bn, accounted for 79.2% of the total regional value, and decreased in value by 42.8% compared to the same month of last year.

Mexico ended up being the second leading destination for M&A activity this current month with 5 deals worth Key Stats 24 deals valued at US$4.1bn down 67.6% by value with 27 fewer deals compared to 46 deals worth US$10.8bn in November ‘14 Top sector Consumer saw 9 deals worth US$2.2bn, up 704.6% by value compared to 9 deals worth US$275m in November ‘14 Top Financial Adviser Bank of America Merrill Lynch ranked first with 2 deals worth US$1.4bn Top Legal Adviser Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados ranked first with 1 deal worth US$721m 19 EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS C&S AMERICA M&A TREND C&S AMERICA PRIVATE EQUITY TREND 700 200 12 70 600 150 80 10 60 US$ 45.1bn 500 US$ 28.8bn 100 US$ 32.4bn US$ 46.0bn US$ 27.6bn US$ 16.5bn US$ 18.3bn 50 US$ 24.6bn US$ 23.0bn US$ 47.1bn US$ 65.4bn US$ 21.8bn US$ 17.8bn 2012 2013 0 2010 GLOBAL OVERVIEW 2011 Q2 NORTH AMERICA Q3 US$ 37.8bn Q4 C&S AMERICA 300 6 US$ 39.9bn US$ 8.7bn US$ 22.9bn US$ 24.8bn US$ 11.4bn US$ 10.9bn 2014 YTD 2015 40 US$ 10.3bn US$ X.Xbn 30 4 US$ 21.4bn US$ 40.4bn Q1 400 US$ 7.6bn 200 2 US$ 3.3bn US$ 2.9bn US$ 7.6bn US$ 8.5bn US$ 6.8bn US$ 3.6bn 100 20 US$ 3.1bn US$ 2.8bn 10 US$ 1.5bn US$ 1.3bn 0 0 0 2010 Volume Number of deals US$ 28.4bn Value (US$bn) 50 US$ 28.7bn Number of deals Value (US$bn) 8 Buyout value 2011 Exit value 2012 2013 Buyout volume 2014 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 NOVEMBER 2015 Consumer Value: US$2.2bn Number of deals: 9 Market share: 53.7% Mexico US$828m 5 deals 20.0% ALL SECTORS Peru US$26m 1 deals 0.6% Brazil US$3,286m 14 deals 79.2% Transportation Value: US$450.0m Number of deals: 1 Market share: 10.8% Energy, Mining & Utilities Value: US$415.6m Number of deals: 2 Market share: 10.0% Construction Value: US$357.7m Number of deals: 1 Market share: 8.6% Argentina US$9m 3 deals 0.2% Key Value (US$bn) Up/Down Value % change Domestic $1.2 -70.8% Inbound $4.5 -61.7% Outbound $1.5 Region Value Volume Value market share Pharma, Medical & Biotech Value: US$350.0m Number of deals: 1 Market share: 8.4% -70.6% GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA 21 EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR NOVEMBER 2015 Deal value US$1bn Deal value US$721m Deal value US$450m Deal value US$438m Deal value US$390m Deal value US$358m Deal value US$350m Deal value US$263m Deal value US$92m Deal value US$34m Announced 2-Nov-15 Announced 23-Nov-15 Announced 24-Nov-15 Announced 5-Nov-15 Announced 11-Nov-15 Announced 10-Nov-15 Announced 26-Nov-15 Announced 20-Nov-15 Announced 9-Nov-15 Announced 16-Nov-15 Bidder company Coty Inc Bidder company J&F Participacoes Financeiras SA Bidder company HNA Group Co Ltd Bidder company Ontex Group NV Bidder company Amil Participacoes SA Bidder company The Carlyle Group Target company Alpargatas SA (44.12% Stake) Target company Grupo PI Mabe Bidder company Brookfield Asset Management Inc Bidder company Omnicom Group Inc Target company Azul Linhas Aereas Brasileiras SA (23.7% Stake) Bidder company Shell Midstream Partners LP Target company Pecten Midstream LLC Target company Sociedade Hospital Samaritano Target company Grupo ABC Ltda Target company Tempo Participacoes SA (51.13% Stake) Seller company Hypermarcas SA Seller company Camargo Correa SA Dominant sector Transportation Target company Investimentos e Participacoes em Infra-Estrutura SA (24.4% Stake) Bidder company Profarma Distribuidora de Produtos Farmaceuticos SA Dominant sector Consumer Dominant sector Consumer Target company Hypermarcas SA (personal care and beauty business) GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA Dominant sector Consumer Seller company Shell Pipeline Company LP Dominant sector Energy, Mining & Utilities Seller company OAS Engenharia e Participações SA Dominant sector Pharma, Medical & Biotech Dominant sector Construction Seller company Kinea Investimentos Ltda Dominant sector TMT Seller company GP Investments Limited Dominant sector Business Services Target company Drogarias Tamoio (50% Stake) Dominant sector Consumer 22 EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 10 C&S AMERICA FINANCIAL ADVISERS TOP 10 C&S AMERICA FINANCIAL ADVISERS VALUE VOLUME November 2015 Ranking November 2015 November 2014 1 - 2 3 Company Name November 2014 November 2015 Ranking Value (US$m) Deal count Value (US$m) % Val. Change November 2015 November 2014 1,350 2 - - 1 18 - Bank of America Merrill Lynch Goldman Sachs 1,071 2 3,435 -68.8% 2 November 2014 Value (US$m) Deal count Deal count Deal count Change BR Partners 1,000 3 1 2 Bank of America Merrill Lynch 1,350 2 - - 4 Goldman Sachs 1,071 2 3 -1 Company Name 3 18 BR Partners 1,000 3 8 12,400.0% 3 4 - UBS Investment Bank 888 2 - - 4 - UBS Investment Bank 888 2 - - 5 6 Banco Bradesco BBI 813 2 3,117 -73.9% 5 8 Banco Bradesco BBI 813 2 1 1 6= - Bravia Capital Hong Kong 450 1 - - 6= - Bravia Capital Hong Kong 450 1 - - 6= - Seabury Group 450 1 - - 6= - Seabury Group 450 1 - - 8 10 Evercore Partners 390 1 3,025 -87.1% 8 12 Evercore Partners 390 1 1 0 9 13 Lazard 350 1 200 75.0% 9 14 Lazard 350 1 1 0 GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA 23 EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 10 C&S AMERICA LEGAL ADVISERS TOP 10 C&S AMERICA LEGAL ADVISERS VALUE VOLUME November 2015 Ranking November 2015 November 2014 1 4 2 7 November 2014 Value (US$m) Deal count Value (US$m) % Val. Change Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 721 1 3,317 Barbosa, Mussnich & Aragao 638 November 2015 November 2014 1 22 2 -78.3% Company Name November 2015 Ranking 2 3,117 -79.5% November 2014 Value (US$m) Deal count Deal count Deal count Change Barbosa, Mussnich & Aragao 638 2 1 1 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 721 1 9 -8 Company Name 3 17 Pinheiro Guimaraes Advogados 546 1 935 -41.6% 3 30 Pinheiro Guimaraes Advogados 546 1 1 0 4 - Shearman & Sterling 450 1 - - 4 - Shearman & Sterling 450 1 - - 5= - Cleary Gottlieb Steen & Hamilton 438 1 - - 5= - Cleary Gottlieb Steen & Hamilton 438 1 - - 5= - Covington & Burling 438 1 - - 5= - Covington & Burling 438 1 - - 5= 49 Creel, Garcia-Cuellar, Aiza y Enriquez 438 1 - - 5= 8 Creel, Garcia-Cuellar, Aiza y Enriquez 438 1 3 -2 5= - Garrigues 438 1 - - 5= - Garrigues 438 1 - - 5= 23 Gomez-Acebo & Pombo Abogados 438 1 183 139.3% 5= 34 Gomez-Acebo & Pombo Abogados 438 1 1 0 5= - Haynes and Boone 438 1 - - 5= - Haynes and Boone 438 1 - - GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA 24 EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . EUROPE . EUROPE Europe has reached the highest monthly value on Mergermarket record in November 2015, with a total deal value of US$369.2bn, representing a 400.4% increase in comparison to November 2014. Two major deals have contributed to 82.4% of the total European M&A activity in November, the first being Pfizer Inc acquisition by Allergan plc for US$183.7bn and SABMiller Plc acquisition by Anheuser-Busch InBev NV for US$120.3bn. November has confirmed the positive trend of 2015 in terms of M&A activity in Europe, which has been reinforced by the high level of foreign investments, with a total M&A deal value surging from US$187.8bn in Q1 this year to US$423.6bn in Q4, representing an increase of 126%. In terms of private equity however, the level of buyouts dropped by 72.3%, from US$19.5bn to US$5.4bn in November this year. Same trend for exits, with November 2015 totalling 52 deals valued at US$5.9bn, compared to 64 deals worth US$18.9bn in November last year. Europe’s most active country was the Republic of Ireland, with total deal value reaching US$189.2bn and 6 deals, followed by the United Kingdom, which had a total deal value worth US$153.6bn with 84 deals. The Republic of Ireland contributed 51.2% of total M&A activity in Europe in November and was driven by Pfizer acquisition of Allergan plc for US$183.7bn. Inbound deals into Europe saw a large increase of 472% compared to November GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA last year with a total of US$219.1bn. This was mainly from US companies investing in Europe, with a total deal value of US$212.7bn, compared to November 2014 (US$21.6bn). Outbound deals announced by European companies decreased by 54.4% in November 2015 compared to the same month last year, reaching US$32.5bn, compared to US$71.3bn in November 2014.

The decrease in deal value might be related to Quantitative Easing program that caused the strong devaluation of the Euro. Most of the deals executed by European companies in November 2015 were targeting US companies, for a total investment of US$30.7bn, representing a slump of 56.9% in terms of deal value, with respect to November 2014, which accounted for US$71.3bn. of Visa Europe Ltd announced by Visa Inc, for a total deal value of US$18.2bn. Overall, Europe has seen a trend of consolidation in each sector that might continue in 2016, paving the way for further large deals. Finally, the European M&A value increased by 17% so far in 2015 compared to US$897.4bn in 2014, with a considerable total of 1,190 less deals. This month, Goldman Sachs managed to maintain its first position in the Financial Advisors league table by value, with 14 deals valued at US$364.4bn.

Cleary Gottlieb Steen & Hamilton topped the legal advisors league table by value, totalling 10 deals worth US$335.8bn, 349.2% higher than November 2014. The most active sectors in Europe were Pharma, Medical & Biotech, Consumer and Financial Services, each totalling US$185bn, US$123.8bn and US$23.3bn respectively in November 2015. The Financial Services sector was mainly driven by the acquisition EUROPE Key Stats 342 deals valued at US$369.2bn up 400.4% by value with 190 fewer deals compared to 532 deals worth US$73.8bn in November ‘14 Top sector Pharma, Medical & Biotech saw 18 deals worth US$185.0bn, compared to 36 deals worth US$7.1bn in November ‘14 Top Financial Adviser Goldman Sachs ranked first with 14 deals worth US$364.4bn, compared to 14 deals worth US$87.7bn in November ‘14 Top Legal Adviser Cleary Gottlieb Steen & Hamilton ranked first with 10 deals worth US$335.8bn, compared to 7 deals worth US$74.8bn in November ‘14 26 MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS EUROPE M&A TREND EUROPE PRIVATE EQUITY TREND 1,200 8,000 1,200 200 7,000 1,000 1,000 US$ 423.7bn 800 US$ 210.0bn US$ 243.3bn US$ 158.3bn US$ 167.0bn US$ 112.0bn 400 US$ 152.2bn 200 US$ 199.7bn US$ 187.8bn US$ 256.4bn 2,000 50 US$ 94.0bn US$ 97.7bn US$ 111.5bn US$ 94.4bn US$ 142.6bn 400 US$ 120.3bn US$ 87.0bn 200 US$ 184.5bn US$ 171.9bn 2011 2012 US$ 136.2bn US$ 178.5bn US$ 187.8bn 2014 YTD 2015 0 0 2010 GLOBAL OVERVIEW US$ 96.2bn US$ 114.0bn US$ 141.0bn US$ 130.4bn 1,000 US$ 127.6bn Q1 US$ 174.2bn US$ 199.0bn US$ 114.8bn 600 100 3,000 US$ 147.9bn US$ 309.0bn US$ 243.4bn 4,000 US$ 183.2bn Number of deals US$ 251.1bn Value (US$bn) 5,000 US$ 134.5bn 600 150 Number of deals Value (US$bn) 800 6,000 Q2 NORTH AMERICA Q3 Q4 C&S AMERICA 2013 0 Volume EUROPE 0 2010 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 NOVEMBER 2015 Pharma, Medical & Biotech Value: US$185.0bn Number of deals: 18 Market share: 50.1% Norway US$1.2bn 13 deals 0% Consumer Value: US$123.8bn Number of deals: 54 Market share: 33.5% Sweden US$1.9bn 19 deals 0.5% UK US$153.6bn 84 deals 41.6% Financial Services Value: US$23.3bn Number of deals: 28 Market share: 6.3% Ireland (Rep) US$189.2bn 6 deals 51.2% Czech Republic US$1.3bn 6 deals 0.3% France US$3.9bn 41 deals 1.1% Value (US$bn) Up/Down $150.1 Inbound $219.1 472.0% Outbound $32.5 -60.0% NORTH AMERICA C&S AMERICA Region Value Volume Value market share Italy US$7.2bn 24 deals 1.9% 324.0% EUROPE Technology Value: US$10.4bn Number of deals: 32 Market share: 2.8% Key Value % change Domestic GLOBAL OVERVIEW Germany US$7.9bn 52 deals 2.1% Telecommunications Value: US$8.8bn Number of deals: 3 Market share: 2.4% 28 MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR NOVEMBER 2015 Deal value US$183.7bn Deal value US$120.3bn Deal value US$18.2bn Deal value US$8.7bn Deal value US$4.8bn Deal value US$3.4bn Deal value US$3.0bn Deal value US$2.8bn Deal value US$1.9bn Deal value US$1.5bn Announced 23-Nov-15 Announced 11-Nov-15 Announced 2-Nov-15 Announced 16-Nov-15 Announced 2-Nov-15 Announced 18-Nov-15 Announced 11-Nov-15 Announced 4-Nov-15 Announced 23-Nov-15 Announced 19-Nov-15 Bidder company Pfizer Inc Bidder company Anheuser-Busch InBev NV Bidder company Visa Inc Bidder company Liberty Global Plc Bidder company Enel SpA Target company Cable & Wireless Communications Plc Bidder company Santander Asset Management SA SGIIC Bidder company Arval Target company Visa Europe Ltd Bidder company Activision Blizzard Inc Bidder company Diebold Incorporated Bidder company Caisse de Depot et Placement du Quebec Target company Allergan plc Dominant sector Pharma, Medical & Biotech Target company SABMiller Plc Dominant sector Consumer Seller company HSBC; Lloyds Banking Group Plc; Barclays Plc; Royal Bank of Scotland Group Plc; Worldpay Limited; PKO BP SA Dominant sector Telecommunications Target company King Digital Entertainment Plc Seller company Apax Partners LLP Target company Enel Green Power SpA (30.83% Stake) Dominant sector Energy, Mining & Utilities Dominant sector Technology Target company Pioneer Investment Management SGR Dominant sector Financial Services NORTH AMERICA C&S AMERICA EUROPE Seller company General Electric Company Dominant sector Transportation Dominant sector Financial Services GLOBAL OVERVIEW Target company General Electric Company (European fleet services business) Target company Wincor Nixdorf AG Dominant sector Technology Target company Bombardier Transportation GmbH (30% Stake) Seller company Bombardier Inc Dominant sector Industrials & Chemicals 29 MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 EUROPE FINANCIAL ADVISERS TOP 20 EUROPE FINANCIAL ADVISERS VALUE VOLUME November 2015 Ranking November 2014 November 2015 Ranking November 2015 November 2014 November 2014 November 2015 November 2014 Company Name Value (US$m) Deal count Value (US$m) % Val. Change 1 1 Goldman Sachs 364,400 14 87,688 315.6% 1 8 JPMorgan 353,163 16 13 3 2 4 JPMorgan 353,163 16 79,033 346.9% 2 5 Goldman Sachs 364,400 14 14 0 331,846 12 9 3 3,631 10 23 -13 -1 Company Name 3 6 Morgan Stanley 331,846 12 30,183 999.4% 3 11 Morgan Stanley 4 10 Centerview Partners 189,656 3 18,659 916.4% 4 1 Rothschild Value (US$m) Deal count Deal count Deal count Change 5 - Moelis & Company 189,168 4 - - 5 10 Barclays 156,556 9 10 6 87 Guggenheim Partners 184,504 2 107 172,333.6% 6 9 Lazard 138,957 9 10 -1 7 11 Barclays 156,556 9 13,635 1,048.2% 7 3 EY 429 9 21 -12 8 2 Bank of America Merrill Lynch 139,958 6 87,652 59.7% 8 36 BNP Paribas 134,126 7 3 4 9 8 Lazard 138,957 9 20,256 586.0% 9 16 Credit Suisse 39,533 7 6 1 10 12 BNP Paribas 134,126 7 7,735 1,634.0% 10 4 Deloitte 989 7 15 -8 11 13 Deutsche Bank 128,742 5 7,161 1,697.8% 11 2 PwC 191 7 21 -14 12= - Robey Warshaw 120,334 1 - - 12 6 KPMG 49 7 14 -7 12= 230 Standard Bank Group 120,334 1 0 - 13 7 Bank of America Merrill Lynch 139,958 6 13 -7 14 3 Credit Suisse 39,533 7 79,447 -50.2% 14 53 UBS Investment Bank 32,458 6 2 4 15 69 Perella Weinberg Partners 32,490 1 281 11,462.3% 15 13 Citi 6,027 6 7 -1 16 23 UBS Investment Bank 32,458 6 2,768 1,072.6% 16 15 Deutsche Bank 128,742 5 7 -2 17 14 Evercore Partners 15,577 5 6,148 153.4% 17 52 Evercore Partners 15,577 5 2 3 18 - LionTree Advisors 8,853 2 - - 18 37 RBC Capital Markets 4,018 5 3 2 19 7 Citi 6,027 6 26,722 -77.4% 19 - Moelis & Company 189,168 4 - - 20 17 RBC Capital Markets 4,018 5 3,964 1.4% 20 23 UniCredit Group 3,343 4 5 -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 November 2015 Ranking November 2015 November 2014 1 2 November 2014 November 2015 Ranking November 2015 November 2014 Company Name Value (US$m) Deal count Value (US$m) % Val. Change 3 Cleary Gottlieb Steen & Hamilton 335,827 10 74,754 349.2% 1 1 Latham & Watkins 5 Cravath, Swaine & Moore 320,914 5 68,758 366.7% 2 22 Cleary Gottlieb Steen & Hamilton 143,665 10 19 -9 7,648 10 11 -1 -2 Company Name 3 19 Clifford Chance 305,920 7 17,316 1,666.7% 3 3 Linklaters 4 7 Wachtell, Lipton, Rosen & Katz 249,730 8 66,494 275.6% 4 13 Allen & Overy Value (US$m) November 2014 Deal count Deal count Deal count Change 210,649 12 21 -9 335,827 10 7 3 5 16 Skadden Arps Slate Meagher & Flom 211,314 4 24,188 773.6% 5 12 CMS 713 10 12 6 4 Latham & Watkins 210,649 12 74,574 182.5% 6 105 Wachtell, Lipton, Rosen & Katz 249,730 8 2 6 7 35 Debevoise & Plimpton 188,498 2 4,993 3,675.2% 7 2 Freshfields Bruckhaus Deringer 136,119 8 21 -13 8 373 Willkie Farr & Gallagher 187,108 7 0 - 8 - Simpson Thacher & Bartlett 31,000 8 - - 9 1 Weil Gotshal & Manges 186,758 4 80,324 132.5% 9 7 Slaughter and May 17,852 8 14 -6 10= 33 A&L Goodbody 183,739 1 5,207 3,428.7% 10 5 DLA Piper 799 8 18 -10 10= 11 Arthur Cox 183,739 1 63,599 188.9% 11 6 Clifford Chance 305,920 7 17 -10 12 25 Linklaters 143,665 10 11,921 1,105.1% 12 373 Willkie Farr & Gallagher 187,108 7 1 6 13 17 Freshfields Bruckhaus Deringer 136,119 8 19,920 583.3% 13 9 Jones Day 3,409 7 13 -6 14= 58 Hogan Lovells International 120,334 2 1,957 6,048.9% 14 62 BA-HR 1,656 7 4 3 14= 165 Webber Wentzel 120,334 2 65 185,029.2% 15 113 Sullivan & Cromwell 29,385 6 2 4 16 188 Macfarlanes 51,265 3 32 160,103.1% 16 55 Davis Polk & Wardwell 13,913 6 4 2 Loyens & Loeff 35,290 4 64,487 -45.3% 17 11 Baker & McKenzie 523 6 12 -6 McDermott Will & Emery 32,490 1 62 52,303.2% 18 14 Eversheds 295 6 10 -4 - Simpson Thacher & Bartlett 31,000 8 - - 19 76 King & Wood Mallesons 128 6 3 3 42 Sullivan & Cromwell 29,385 6 4,440 561.8% 20 29 Cravath, Swaine & Moore 320,914 5 6 -1 17 9 18 169 19 20 GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE 31 MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . MIDDLE EAST & AFRICA . MIDDLE EAST & AFRICA With 27 deals worth US$2.4bn announced, M&A activity targeting the Middle East and Africa during November was subdued compared to a strong October (19 deals, US$12.8bn), despite eight more deals being announced. Deal value was also down compared to November 2014 (US$14.4bn, 43 deals), which was the highest November value on record. Energy, Mining & Utilities (EMU) continued to be the most targeted sector for the month, attracting six deals worth US$660m, a considerable increase by value compared to just four deals worth US$6m announced in November 2014. The highest valued deal targeting the sector was Africa Oil Corporation’s sale of a 50% stake in its Kenya-based oil blocks to Denmark-based conglomerate AP Moller, valued at US$365m. This deal highlights interest from large-cap international bidders in the region’s oil and gas sector, a trend fueled by the prolonged drop in oil prices, resulting in attractive valuations as companies struggle to raise funds. The highest valued deal of the month, however, was a domestic acquisition within Saudi Arabia’s media sector: Saudi Arabia-based Fund NCB Capital’s US$412m acquisition of Saudi Research & Marketing Group (SRMG) from Kingdom Holding Company. SRMG, the publisher of pan-Arab newspaper Asharq al-Awsat, is one of the Middle East’s largest media companies, and the sale resulted in the Media sector accounting for 17.2% of November’s total market share. GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA Total outbound activity for the region reached US$1.1bn in November, up 25% by value compared to the 11 deals worth US$887m announced in November 2014.

South Africa has continued its acquisitive streak outside of its borders, investing in three deals worth US$869m this month, up 213.6% by value compared to the two deals worth US$277m announced in November 2014. to Mergermarket intelligence, Coal of Africa, the listed South Africa-focused coal miner, is on the lookout for further acquisition opportunities following its plans to make an offer for UK-based Universal Coal. Furthermore, EBJ Mining Construction, a private South African firm developing mines and mining infrastructure, is looking for multiple acquisitions in sub-Saharan Africa. The highest valued of these deals was the US$385m acquisition of UK-based retailer Office Holdings by fashion retailer Truworths, the latest in a spate of deals in which a South African company has searched abroad for growth. This trend can be expected moving into 2016, as local market conditions such as slow economic growth, a decreased demand for exports and unfavorable exchange rate movements push South African companies to favor overseas acquisitions in place of domestic. EUROPE 27 deals valued at US$2.4bn down 83.4% by value with 16 fewer deals compared to 43 deals worth US$14.4bn in November ‘14 Top sector Energy, Mining & Utilities saw 6 deals worth US$660m, up 10,902% by value compared to 4 deals worth US$6m in November ‘14 Top Financial Adviser JP Morgan ranked first with 2 deals worth US$750m Top Legal Adviser Clifford Chance ranked first with 1 deal worth US$1m, compared to 4 deals worth US$4m in November ‘14 Moving into 2016, consolidation within the region’s EMU sector will continue to be a key theme, as companies seek to rationalize costs and streamline operations. According 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 60 US$ 8.1bn US$ 21.6bn 20 US$ 19.3bn US$ 13.5bn US$ 12.3bn US$ 8.8bn US$ 10.2bn US$ 7.2bn 4 GLOBAL OVERVIEW NORTH AMERICA Q3 US$ 3.9bn US$ 2.0bn 0 2011 Q2 US$ 7.1bn 100 US$ 9.0bn 0 Q1 30 2 US$ 19.8bn 2010 US$ 11.8bn 6 200 US$ 6.6bn 10 US$ 15.2bn 40 2012 Q4 C&S AMERICA 2013 2014 EUROPE US$ 4.8bn US$ 3.7bn US$ 2.0bn US$ 1.5bn 20 US$ 3.3bn US$ 2.4bn US$ 4.8bn 0 YTD 2015 10 0 2010 Volume Buyout value MIDDLE EAST & AFRICA US$ 4.0bn Number of deals US$ 9.1bn US$ 10.5bn US$ 25.4bn 300 US$ 13.6bn US$ 11.5bn US$ 8.0bn 8 Value (US$bn) US$ 20.7bn US$ 8.2bn 30 50 US$ 24.3bn US$ 7.3bn 40 400 Number of deals Value (US$bn) US$ 12.8bn 60 10 US$ 15.4bn 50 70 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 NOVEMBER 2015 Energy, Mining & Utilities Value: US$660m Number of deals: 6 Market share: 27.6% Morocco US$375m 1 deal 15.7% Saudi Arabia US$412m 1 deal 17.2% Financial Services Value: US$458m Number of deals: 4 Market share: 19.1% Media Value: US$412m Number of deals: 1 Market share: 17.2% Kenya US$365m 2 deals 15.3% Telecommunications Value: US$298m Number of deals: 3 Market share: 12.5% Key Value (US$bn) Up/Down Value % change Domestic $1.7 -83.8% Inbound $1.0 -73.5% Outbound $1.1 Region Value Volume Value market share Pharma, Medical & Biotech Value: US$213m Number of deals: 2 Market share: 8.9% 25.0% 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 NOVEMBER 2015 Deal value US$412m Deal value US$375m Deal value US$365m Deal value US$258m Deal value US$189m Deal value US$130m Deal value US$125m Deal value US$82m Deal value US$78m Deal value US$76m Announced 1-Nov-15 Announced 24-Nov-15 Announced 9-Nov-15 Announced 5-Nov-15 Announced 24-Nov-15 Announced 21-Nov-15 Announced 1-Nov-15 Announced 11-Nov-15 Announced 6-Nov-15 Announced 2-Nov-15 Bidder company NCB Capital Fund 13; and NCB Capital Fund 4 Bidder company Sanlam Ltd; and Santam Limited Bidder company AP Moller Maersk A/S Bidder company Cellcom Israel Ltd Bidder company NMC Health Plc Bidder company Endiama EP Bidder company Misr Cement Qena Bidder company Atlas Mara Limited Target company Africa Oil Corp (Kenya blocks10BB, 13T and 10BA) (50% Stake) Target company Golan Telecom Ltd Target company Fakih IVF Group (51% Stake) Target company Sociedade Mineira de Lucapa Ltd (49% Stake) Target company ASEC Minya Cement (46.5% Stake); and ASEC Ready Mix Co. (55% Stake) Bidder company Sichuan Road & Bridge Co Ltd Target company Saham Finances SA (30% Stake) Bidder company Helios Investment Partners LLP; Egyptian-American Enterprise Fund; and MENA LongTerm Value Fund Target company Fawry Banking & Payment Technology Services Ltd (85% Stake) Seller company Sunridge Gold Corp Target company Saudi Research & Marketing Group (55.21% Stake) Seller company Kingdom Holding Company Dominant sector Media Seller company International Finance Corporation; and Abraaj Capital Holdings Limited Dominant sector Financial Services Dominant sector Telecommunications Seller company Africa Oil Corporation Seller company Dr. Michael Fakih (Private Investor) Dominant sector Pharma, Medical & Biotech Dominant sector Energy, Mining & Utilities Seller company Sociedade Portuguesa de Empreendimentos SA Dominant sector Energy, Mining & Utilities Seller company ASEC Cement Company SAE. Dominant sector Construction Seller company International Finance Corporation; Bank of Alexandria Sanpaolo; Raya Holdings for Tech & Communications; and Arab African International Bank SAE Target company Asmara Mining Share Company (60% Stake) Dominant sector Energy, Mining & Utilities Target company Finance Bank Zambia Limited Seller company Rajan Lekhraj Mahtani (Private Investor) Dominant sector Financial Services Dominant sector Business Services GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA 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 November 2015 Ranking November 2015 November 2014 November 2014 Value (US$m) Company Name Deal count November 2015 Ranking Value (US$m) % Val. Change November 2015 November 2014 Company Name November 2014 Value (US$m) Deal count Deal count Deal count Change 1 - JPMorgan 750 2 - - 1 - JPMorgan 750 2 - - 2 41 Rothschild 643 2 0 - 2 41 Rothschild 643 2 1 1 3= 14 Credit Agricole 528 1 347 52.2% 3 - CI Capital Holding 190 2 - - 3= - Edmond de Rothschild Corporate Finance 528 1 - - 4 38 EFG-Hermes Holding SAE 147 2 1 1 5 - BNP Paribas 365 1 - - 5= 16 Credit Agricole 528 1 1 0 6 - CI Capital Holding 190 2 - - 5= - Edmond de Rothschild Corporate Finance 528 1 - - 7= - Evercore Partners 189 1 - - 7 - BNP Paribas 365 1 - - 7= - First Gulf Bank 189 1 - - 8= - Evercore Partners 189 1 - - 9 38 EFG-Hermes Holding SAE 147 2 0 - 8= - First Gulf Bank 189 1 - - 10= 9 Deloitte 78 1 3,459 -97.7% 10= 13 Deloitte 78 1 1 0 10= - Tempest Capital AG 78 1 - - 10= - Tempest Capital AG 78 1 - - 12= 3 Barclays 40 1 5,990 -99.3% 12= 4 Barclays 40 1 2 -1 12= - CBZ Holdings 40 1 - - 12= - CBZ Holdings 40 1 - - 14 5 KPMG 17 1 5,744 -99.7% 14 6 KPMG 17 1 2 -1 15= - AM|Capital (Africa & Middle East Capital) 0 1 - - 15= - AM|Capital (Africa & Middle East Capital) 0 1 - - 15= - Capitalmind Corporate Finance Advisory 0 1 - - 15= - Capitalmind Corporate Finance Advisory 0 1 - - 15= 1 Citi 0 1 9,203 -100.0% 15= 2 Citi 0 1 2 -1 15= 12 Lazard 0 1 594 -100.0% 15= 8 Lazard 0 1 2 -1 15= 8 Moelis & Company 0 1 3500 -1 15= 7 Moelis & Company 0 1 2 -1 15= - Morgan Stanley 0 1 - - 15= - Morgan Stanley 0 1 - - 15= - Perella Weinberg Partners 0 1 - - 15= - Perella Weinberg Partners 0 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 November 2015 Ranking November 2015 November 2014 Company Name Value (US$m) November 2014 November 2015 Ranking Deal count Value (US$m) % Val. Change November 2015 November 2014 Company Name November 2014 Value (US$m) Deal count Deal count Deal count Change 1= 7 Clifford Chance 1 1 4 -87.1% 1 46 Simpson Thacher & Bartlett 0 2 1 1 1= - Cohen Amir-Aslani 1 1 - - 2 - Arab Legal Consultants 0 2 - - 1= - Dentons 1 1 - - 3= 7 Clifford Chance 1 1 4 -3 1= - Dethomas Peltier Kopf Juvigny 1 1 - - 3= - Cohen Amir-Aslani 1 1 - - 1= - White & Case 1 1 - - 3= - Dentons 1 1 - - 6 46 Simpson Thacher & Bartlett 0 2 0 - 3= - Dethomas Peltier Kopf Juvigny 1 1 - - 7 - Vinson & Elkins 0 1 - - 3= - White & Case 1 1 - - 8 - Arab Legal Consultants 0 2 - - 8 - Vinson & Elkins 0 1 - - 9= 2 Allen & Overy 0 1 7 -97.2% 9= 1 Allen & Overy 0 1 5 -4 9= - Clyde & Co 0 1 - - 9= - Clyde & Co 0 1 - - 11= - Cyril Amarchand Mangaldas 0 1 - - 11= - Cyril Amarchand Mangaldas 0 1 - - 11= 30 J Sagar Associates 0 1 0 182.9% 11= 32 J Sagar Associates 0 1 1 0 11= - Khaitan & Co 0 1 - - 11= - Khaitan & Co 0 1 - - 11= - Ropes & Gray 0 1 - - 11= - Ropes & Gray 0 1 - - 15= 42 Herbert Smith Freehills 0 1 0 - 15= 42 Herbert Smith Freehills 0 1 1 0 15= - HWL Ebsworth Lawyers 0 1 - - 15= - HWL Ebsworth Lawyers 0 1 - - 15= - Lewis King Blumberg 0 1 - - 15= - Lewis King Blumberg 0 1 - - 18= - Al Tamimi & Partners 0 1 - - 18= - Al Tamimi & Partners 0 1 - - 18= - Ibrachy Law Firm 0.082 1 - - 18= - Ibrachy Law Firm 0.082 1 - - 18= 3 Norton Rose Fulbright 0.082 1 6.56 -0.9875 18= 2 Norton Rose Fulbright 0.082 1 5 -4 18= - Zaki Hashem & Partners 0.082 1 - - 18= - Zaki Hashem & Partners 0.082 1 - - GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA 38 ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL . ASIA-PACIFIC (excluding Japan) . ASIA-PACIFIC (excluding Japan) M&A in Asia-Pacific (excl. Japan) continued to grow steadily each month since July 2015. November 2015 was the highest-valued November on Mergermarket record (since 2001). A total of 262 deals worth US$78.9bn were announced, up 52.3% by value with 43 fewer deals compared to same period last year. The strong M&A activity in the region was greatly influenced by robust dealmaking activity in China.

Transactions targeting Chinese companies recorded a year-onyear (YoY) increase of US$28.7bn, which surpassed the total YoY increase in AsiaPacific (US$27.1bn). China, despite reports of continued economic slowdown, still dominates the M&A market in November with 165 deals valued at US$57.1bn, the highest monthly value this year. It is followed by Australia (28 deals, US$7bn) and South Korea (9 deals, US$3.9bn).

China’s share of value in Asia-Pacific (excl. Japan) jumped to 72.3% from 54.8% in November 2014. Out of the top 10 largest deals in Asia-Pacific, seven deals targeted Chinese companies. Energy, Mining & Utilities was predominantly the most active sector in this past month, mainly due to hosting the largest deal of the period, electricity generation company China Yangtze Power’s US$12.5bn acquisition of hydropower generation company Sanxia Jinshajiang Chuanyun Hydroelectric Power. It is also the second-largest alternative energy deal in the region on Mergermarket GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA record (since 2001).

As a result, the Energy, Mining & Utilities sector accounted for 31.7% of total regional value, with 21 deals worth US$25bn, increasing 161.4% by value compared to the same period last year. Telecommunications is the second-leading sector in the region with six deals worth US$8.4bn, representing 10.7% of total market share for the region. The high Telecommunications deal value can be attributed primarily to the continuation of China’s State-Owned Enterprises (SOEs) reforms in the sector. Following the restructuring of US$33.7bn wireless tower assets under China Mobile, China Telecom and China Unicom in October, China Mobile’s US$5.3bn purchase of the fixed line telecom and broad band business of China TieTong Telecommunications is the largest Telecommunications deal and the secondlargest transaction in November. previous November.

Outbound deals reached US$3.9bn, decreasing by 63.1% compared to US$10.5bn in November 2014. Inbound deals decreased by 33.4% to US$6bn compared to US$8.9bn in November 2014. Whereas, Australia continued to attract a growing amount of investments from outside Asia, which has been observed throughout 2015. Total value to-date (US$780.6bn) has already surpassed the annual value of any other previous year.

Since December is traditionally one of the strongest months for dealmaking in China and Asia-Pacific (excl. Japan), the annual performance of the M&A market in the region will be even more promising. EUROPE ASIAPACIFIC 262 deals valued at US$78.9bn up 52.3% by value with 43 more deals compared to 305 deals worth US$51.8bn in November ‘14 Top sector Energy, Mining & Utilities saw 21 deals worth US$25bn, up 161.4% by value compared to 25 deals worth US$9.6bn in November ‘14 Top Financial Adviser Huatai United Securities ranked first with 8 deals worth US$17.3bn, compared to 4 deals worth US$3.1bn in November ‘14 Top Legal Adviser Dacheng Law Offices ranked first with 3 deals worth US$12.6bn, compared to 0 deals in November ‘14 Contrary to the prosperous domestic transactions, outbound and inbound deals announced by Asian companies both decreased in value compared to the MIDDLE EAST & AFRICA Key Stats 40 JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS ASIA-PACIFIC M&A TREND ASIA-PACIFIC PRIVATE EQUITY TREND 800 US$ 157.6bn 700 600 400 70 4,000 3,500 350 60 300 3,000 50 US$ 217.8bn 250 2,000 US$ 73.1bn 300 200 US$ 92.8bn Q1 GLOBAL OVERVIEW US$ 116.9bn US$ 81.1bn US$ 82.7bn US$ 69.1bn 2012 2013 Q2 NORTH AMERICA Q3 Q4 C&S AMERICA US$ 251.0bn US$ 43.0bn 1,000 US$ 197.6bn 10 500 150 US$ 42.7bn US$ 31.1bn US$ 29.4bn US$ 20.1bn US$ 29.9bn US$ 27.9bn US$ 35.8bn US$ 37.5bn US$ 18.8bn 100 50 US$ 117.0bn 2014 YTD 2015 0 0 0 2010 Volume EUROPE 200 US$ 62.2bn 30 20 US$ 169.9bn US$ 107.8bn 2011 2010 US$ 140.4bn US$ 66.7bn 1,500 US$ 87.5bn US$ 66.7bn 0 US$ 105.0bn US$ 79.4bn US$ 72.1bn 100 US$ 85.2bn US$ 115.9bn US$ 131.3bn US$ 116.5bn 40 Number of deals 400 Value (US$bn) 2,500 Number of deals Value (US$bn) 500 US$ 174.4bn Buyout value MIDDLE EAST & AFRICA ASIAPACIFIC 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 NOVEMBER 2015 Energy, Mining & Utilities Value: US$25bn Number of deals: 21 Market share: 31.7% Telecommunications Value: US$8.4bn Number of deals: 6 Market share: 10.7% China US$57.1bn 165 deals 72.3% India US$2bn 15 deals 2.5% South Korea US$3.9bn 9 deals 4.9% Industrials & Chemicals Value: US$7.4bn Number of deals: 52 Market share: 9.4% Hong Kong US$0.7bn 8 deals 0.8% Construction Value: US$6.7bn Number of deals: 11 Market share: 8.5% Singapore US$1.3bn 7 deals 1.7% Value (US$bn) Domestic Up/Down Value % change $72.9 Inbound $6 -33.4% $3.9 Region Value Volume Value market share 70.2% Outbound Key Australia US$7bn 28 deals 8.9% -63.1% GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC Financial Services Value: US$6.5bn Number of deals: 22 Market share: 8.3% 42 JAPAN ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR NOVEMBER 2015 Deal value US$12.5bn Deal value US$5.3bn Deal value US$4.1bn Deal value US$3.8bn Deal value US$3.8bn Deal value US$2.7bn Deal value US$2.4bn Deal value US$2.3bn Deal value US$1.9bn Deal value US$1.5bn Announced 7-Nov-15 Announced 27-Nov-15 Announced 30-Nov-15 Announced 6-Nov-15 Announced 7-Nov-15 Announced 2-Nov-15 Announced 4-Nov-15 Announced 23-Nov-15 Announced 23-Nov-15 Announced 10-Nov-15 Bidder company China Yangtze Power Co Ltd Bidder company China Mobile Limited Bidder company Hainan Island Construction Co Ltd Bidder company Alibaba Group Holding Ltd Bidder company CJ HelloVision Co Ltd Bidder company Consortium led by Mr Li Xiting Bidder company Zhejiang Chint Electrics Co Ltd Target company China TieTong Telecommunications Corporation (Fixed line telecom and broad band business) Target company HNA Infrastructure Industry Group Co Ltd Target company Youku Tudou Inc (79.55% Stake) Target company SK Broadband Co Ltd Target company Mindray Medical International Limited (72.3% Stake) Bidder company China General Nuclear Power Corporation Ltd Bidder company Equifax Inc Target company Sanxia Jinshajiang Chuanyun Hydroelectric Power Co Ltd Bidder company An investment group led by Ping An Asset Management Co Ltd Target company Edra Global Energy Berhad Dominant sector Business Services Seller company China Three Gorges Corporation; Sichuan Energy Investment Group Co Ltd; and Yunan Energy Investment Group Co Ltd Dominant sector Energy, Mining & Utilities GLOBAL OVERVIEW Seller company China Mobile Communications Corporation Seller company HNA Group Co Ltd Dominant sector Media Target company China Yangtze Power Co Ltd (9.09% Stake) Dominant sector Telecommunications Dominant sector Energy, Mining & Utilities Dominant sector Construction Dominant sector Pharma, Medical & Biotech Dominant sector Energy, Mining & Utilities Dominant sector Telecommunications NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC Seller company 1Malaysia Development Berhad Target company Veda Group Limited Target company Zhejiang Zhengtai New Energy Co Ltd Seller company Investor group led by Chint Group Co Ltd Dominant sector Energy, Mining & Utilities 43 JAPAN ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 ASIA-PACIFIC FINANCIAL ADVISERS TOP 20 ASIA-PACIFIC FINANCIAL ADVISERS VALUE VOLUME November 2015 Ranking November 2015 November 2014 Company Name Value (US$m) November 2014 Deal count Value (US$m) November 2015 Ranking % Val. Change November 2015 November 2014 Company Name Value (US$m) November 2014 Deal count Deal count Deal count Change 1 15 Huatai United Securities 17,334 8 3,116 456.3% 1 17 Morgan Stanley 14,692 10 4 6 2 17 CITIC Securities 16,576 3 2,729 507.4% 2 12 Guotai Junan Securities 2,572 10 4 6 3 28 Morgan Stanley 14,692 10 1,494 883.4% 3 1 JPMorgan 5,963 9 7 2 4 7 UBS Investment Bank 9,378 5 4,982 88.2% 4 15 Huatai United Securities 17,334 8 4 4 5 6 JPMorgan 5,963 9 5,549 7.5% 5 3 Goldman Sachs 5,710 6 6 0 6 3 Goldman Sachs 5,710 6 8,108 -29.6% 6 60 Everbright Securities 2,316 6 1 5 7 5 Rothschild 3,623 5 7,374 -50.9% 7 25 KPMG 378 6 3 3 8 9 Macquarie Group 3,618 5 4,262 -15.1% 8 8 UBS Investment Bank 9,378 5 5 0 9 37 Lazard 3,121 3 649 380.9% 9 7 Rothschild 3,623 5 5 0 10 4 Deutsche Bank 2,937 5 7,658 -61.6% 10 19 Macquarie Group 3,618 5 3 2 11 24 Credit Suisse 2,730 5 2,224 22.8% 11 4 Deutsche Bank 2,937 5 6 -1 12 49 Maybank Investment Bank 2,632 3 348 656.3% 12 9 Credit Suisse 2,730 5 5 0 13 1 Guotai Junan Securities 2,572 10 10,950 -76.5% 13 - China Securities 956 5 - - 14 53 Everbright Securities 2,316 6 196 1081.6% 14 - Dongxing Securities 411 5 - - 15 41 HSBC 2,290 2 524 337.0% 15 - New Times Securities 1,235 4 - - 16 - Hengtai Changcai Securities 2,216 2 - - 16 - Citi Orient Securities 522 4 - - 17 - Ping An Securities 2,110 2 - - 17 6 Deloitte 143 4 6 -2 18 12 ING 1,772 2 3,184 -44.3% 18 5 CITIC Securities 16,576 3 6 -3 19= 14 Evercore Partners 1,578 1 3,123 -49.5% 19 50 Lazard 3,121 3 1 2 19= 51 Jefferies 1,578 1 240 557.5% 20 57 Maybank Investment Bank 2,632 3 1 2 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 November 2015 Ranking November 2015 November 2014 Company Name Value (US$m) November 2014 November 2015 Ranking Deal count Value (US$m) % Val. Change November 2015 November 2014 Company Name November 2014 Value (US$m) Deal count Deal count Deal count Change 1 17 Dacheng Law Offices 12,564 3 3,055 311.3% 1 1 King & Wood Mallesons 4,669 11 11 0 2 163 Skadden Arps Slate Meagher & Flom 8,097 6 0 - 2 13 Grandall Law Firm 3,444 9 5 4 3 29 Fangda Partners 6,731 3 2,169 210.3% 3 17 Herbert Smith Freehills 5,140 8 5 3 4 34 Shearman & Sterling 6,722 3 1,869 259.7% 4 163 Skadden Arps Slate Meagher & Flom 8,097 6 1 5 5 58 Simpson Thacher & Bartlett 5,795 4 649 792.9% 5 59 AllBright Law Offices 568 6 2 4 6 105 Kirkland & Ellis 5,206 2 39 13,248.7% 6 3 J Sagar Associates 1,344 5 10 -5 7 36 Herbert Smith Freehills 5,140 8 1,728 197.5% 7 52 Simpson Thacher & Bartlett 5,795 4 2 2 8 12 King & Wood Mallesons 4,669 11 3,418 36.6% 8 30 Lee & Ko 3,571 4 3 1 9 128 O'Melveny & Myers 4,104 2 12 34,100.0% 9 132 DeHeng Law Offices 983 4 1 3 10 - TransAsia Lawyers 3,869 1 - - 10 32 Khaitan & Co 856 4 3 1 11 39 Lee & Ko 3,571 4 1,589 124.7% 11 118 Chen & Co Law Firm 663 4 1 3 12 56 Shin & Kim 3,571 3 681 424.4% 12 37 Zhong Lun Law Firm 517 4 3 1 13 2 Grandall Law Firm 3,444 9 8,331 -58.7% 13 - JunZeJun Law Offices 304 4 - -2 14 96 Kim & Chang 3,145 3 70 4,392.9% 14 10 AZB & Partners 261 4 6 15= - Conyers Dill & Pearman 2,403 1 - - 15 - Deheng Law Firm 194 4 - - 15= 24 Davis Polk & Wardwell 2,403 1 2,396 0.3% 16 5 Dacheng Law Offices 12,564 3 8 -5 0 17 44 Norton Rose Fulbright 2,290 2 993 130.6% 17 27 Fangda Partners 6,731 3 3 18 37 Allens 2,108 2 1,708 23.4% 18 79 Shearman & Sterling 6,722 3 1 2 19 - King & Spalding 1,864 1 - - 19 12 Shin & Kim 3,571 3 6 -3 20 52 Ashurst 1,703 3 780 118.3% 20 62 Kim & Chang 3,145 3 2 1 GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC 45 JAPAN ABOUT MERRILL CONTACT MERRILL . JAPAN . JAPAN Deal value to-date surged to US$52.9bn, up 73.4% in comparison to YTD value 2014, where the US$6.1bn worth of 36 deals announced in November represented a 21.9% increase compare to US$5bn from last November. Deals in November were dominated by transactions in the Financial Service sector. Three deals worth US$4.2bn in the sector accounted for 68.7% of the total market share. Contracting the multi-billion-dollar outbound takeovers by Japanese insurers earlier this year, November witnessed a US$2.7bn merger between two national insurance giants, Nippon Life and Mitsui Life. This was also the largest deal announced in November and the fifth largest insurance deal led by Japanese buyer this year. The Consumer sector experienced strong deal activity this year, resulting in the sector topping the value ranking with 75 deals worth US$13.1bn, a 165% growth compared to US$4.9bn with 76 deals announced in the same period 2014. The booming in this sector is largely due to a growing trend of retail consolidation of supermarkets, drugstores, and specialty chains. FamilyMart, who has successfully added the total number of stores up to over 20,000 via the US$4bn acquisitions this year will push GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA itself from third to second market position as a convenient chain store operator. accounting for a 33.5% of outbound transaction values so far in the year. According to Mergermarket, Tsuruha Holdings, a Japan-based drugstore chain operator, who currently owns roughly 1,600 stores, has revealed a plan of reaching 2,000 store threshold by 2019 through acquisitions. By sector, outbound deal volume YTD have centered on acquisitions in Industrials and Chemicals.

The sector saw 82 announcements worth of US$9bn deals, represented a 25% value growth with 13 more announcements from the previous same period of time. Japan’s outbound M&A transactions kept ramping up after reaching the momentum of exceeding the 2014 annual total earlier this September. Deals worth of US$82.7bn announced todate represented a 71.2% growth compare to the same period prior, and was the second highest YTD value on Mergermareket record, following US$110.4bn in 2012. While the US continued to be the most predominant investment destiny for Japanese companies, 2015 witnessed some heavy capital injections to its neighbor countries by Corporate Japan. YTD investment value in Asia reached US$21.7bn, almost tripling the amount of the same period in 2014 (US$7.8bn), EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC The emerging of billion-dollar mega deals as of late brought domestic transactions into the spotlight of the country’s M&A scene. Deal value increased by 172.8% to US$5.1bn in November compared to US$1.9bn in November 2014, in conjunction with a 43.7% year-on-year growth from the same period in 2014. While Japan still has a long way to go in its economic recovery, a rejuvenating domestic market has made it more attainable for 2015 to become a new momentum year for M&A. JAPAN Key Stats 36 deals valued at US$6.1bn up 21.9% by value with 5 more deals compared to 31 deals worth US$5bn in November ‘14 Top sector Financial Services saw 3 deals worth US$4.2bn, compared to 2 deals worth US$9m in November ‘14 Top Financial Adviser Morgan Stanley ranked first with 4 deals worth US$4.6bn, compared to 6 deals worth US$3bn in November ‘14 Top Legal Adviser Mori Hamada & Matsumoto ranked first with 5 deals worth US$4.5bn, compared to 10 deals worth US$1.4bn in November ‘14 47 ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS JAPAN M&A TREND JAPAN M&A PRIVATE EQUITY TREND 500 90 50 20 80 US$ 21.5bn 70 400 40 15 US$ 6.8bn 300 40 US$ 13.2bn US$ 33.3bn US$ 7.3bn US$ 26.3bn US$ 4.8bn US$ 17.2bn US$ 7.3bn 10 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 US$ 9.3bn 100 2013 2014 US$ 6.1bn YTD 2015 0 US$ 4.7bn US$ 5.3bn US$ 7.4bn JAPAN 10 0 2010 Buyout value ASIAPACIFIC US$ 4.0bn US$ 6.4bn 0 Volume MIDDLE EAST & AFRICA US$ 5.0bn US$ 2.8bn US$ 9.1bn US$ 10.5bn US$ 8.9bn US$ 9.0bn US$ 7.1bn EUROPE US$ 11.2bn 5 US$ 5.0bn US$ 10.8bn 20 US$ 21.6bn US$ 8.1bn 0 Q1 US$ 19.6bn 10 200 30 20 Value (US$bn) US$ 13.9bn US$ 32.6bn 30 Number of deals 50 Number of deals Value (US$bn) 60 US$ 16.2bn 2011 Exit value 2012 2013 Buyout volume 2014 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 NOVEMBER 2015 Financial Services Value: US$4.2bn Number of deals: 3 Market share: 68.7% Pharma, Medical & Biotech Value: US$1.0bn Number of deals: 3 Market share: 16.5% Inbound US$965.4m -69.1% Domestic US$5.1bn 172.8% Construction Value: US$291.6m Number of deals: 3 Market share: 4.8% Outbound US$1.5bn 33.0% Leisure Value: US$190.6m Number of deals: 2 Market share:3.1% Key Cross-border Value Value change GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN Industrials & Chemicals Value: US$178.9bn Number of deals: 7 Market share: 2.9% 49 ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR NOVEMBER 2015 Deal value US$2.7bn Deal value US$1.4bn Deal value US$724m Deal value US$182m Deal value US$157m Deal value US$149m Deal value US$126m Deal value US$99m Deal value US$74m Deal value US$60m Announced 06-Nov-2015 Announced 02-Nov-2015 Announced 11-Nov-2015 Announced 20-Nov-2015 Announced 30-Nov-2015 Announced 11-Nov-2015 Announced 10-Nov-2015 Announced 16-Nov-2015 Announced 26-Nov-2015 Announced 17-Nov-2015 Bidder company Nippon Life Insurance Company Bidder company The Joyo Bank Ltd Bidder company LEO Pharma AS Target company Astellas Pharma Inc (global dermatology business) Bidder company Panasonic Corporation Bidder company Shanghai Yuyuan Tourist Mart Co Ltd Bidder company TAMAX Target company Ashikaga Holdings Co Ltd Bidder company Sekisui Chemical Co Ltd Bidder company Mitsubishi Kagaku Foods Corporation Target company EIDIA Co Ltd Target company PanaHome Reform (49% Stake) Target company Hoshino Resort Tomamu Co Ltd Bidder company Infocom Corporation; Daito Trust Construction Co Ltd; and Toho Holdings Co Ltd Bidder company M/A-COM Technology Solutions Holdings Inc Dominant sector Construction Seller company Hoshino Resort Co Ltd; and Matakite BV Target company Solasto Corporation (45.5% Stake) Seller company Eisai Co Ltd Target company Mitsui Life Insurance Company Limited Seller company Mitsui & Co Ltd; Sumitomo Mitsui Trust Bank Limited; Daiwa Securities SMBC Principal Investment Co Ltd; Sumitomo Mitsui Banking Corporation; Mitsui Fudosan Co Ltd; Citibank Singapore; Mitsui Sumitomo Insurance Co Ltd; and Nomura Financial Partners Co Ltd Seller company ORIX Corporation; and Nomura Holdings Inc Dominant sector Financial Services Seller company Astellas Pharma Inc Dominant sector Medical Seller company Eisai Co Ltd Dominant sector Medical Target company Tama Home Co Ltd (35.02% Stake) Dominant sector Construction Seller company The Carlyle Group Dominant sector Leisure Dominant sector Medical Target company Eisai Food & Chemical Co Ltd Dominant sector Industrials and Chemicals Target company FiBest Limited Dominant sector Industrials and Chemicals Dominant sector Financial Services GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN 50 ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 15 JAPAN LEGAL ADVISERS TOP 15 JAPAN LEGAL ADVISERS VALUE VOLUME November 2015 Ranking November 2015 November 2014 Company Name Value (US$m) November 2014 Deal count Value (US$m) November 2015 Ranking % Val. Change November 2015 November 2014 Company Name November 2014 Value (US$m) Deal count Deal count Deal count Change 1 1 Morgan Stanley 4,562 4 2,960 54.1% 1 5 Sumitomo Mitsui Financial Group 2,894 5 4 1 2 2 Nomura Holdings 4,418 4 1,265 249.2% 2 4 Daiwa Securities Group 2,840 5 4 1 3 - Citi 3,076 2 - - 3 2 Morgan Stanley 4,562 4 6 -2 4 12 Sumitomo Mitsui Financial Group 2,894 5 123 2,252.8% 4 1 Nomura Holdings 4,418 4 8 -4 2 5 5 Daiwa Securities Group 2,840 5 489 480.8% 5 10 KPMG 1,486 4 2 6 20 Deloitte 2,346 3 34 6,800.0% 6 7 Deloitte 2,346 3 3 0 7 15 KPMG 1,486 4 95 1,464.2% 7 3 Mizuho Financial Group 191 3 6 -3 8 - JPMorgan 724 1 - - 8 - Citi 3,076 2 - - 9= - Deutsche Bank 366 1 - - 9 11 PwC 56 2 2 0 9= 8 Lazard 366 1 200 83.0% 10 - JPMorgan 724 1 - - 9= 9 Rothschild 366 1 155 136.1% 11= - Deutsche Bank 366 1 - - 12 - Jefferies 333 1 - - 11= 14 Lazard 366 1 1 0 13= 4 Bank of America Merrill Lynch 218 1 677 -67.8% 11= 9 Rothschild 366 1 2 -1 13= - Janes Capital Partners 218 1 - - 14 - Jefferies 333 1 - - 15 3 Mizuho Financial Group 191 3 904 -78.9% 15= 8 Bank of America Merrill Lynch 218 1 2 -1 15= - Janes Capital Partners 218 1 - - GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN 51 ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 15 JAPAN FINANCIAL ADVISERS TOP 15 JAPAN FINANCIAL ADVISERS VALUE VOLUME November 2015 Ranking November 2015 November 2014 Company Name Value (US$m) November 2014 Deal count Value (US$m) November 2015 Ranking % Val. Change November 2015 November 2014 Company Name November 2014 Value (US$m) Deal count Deal count Deal count Change 1 1 Mori Hamada & Matsumoto 4,470 5 1,375 225.1% 1 1 Mori Hamada & Matsumoto 4,470 5 10 -5 2 3 Nagashima Ohno & Tsunematsu 4,187 3 983 325.9% 2 3 Nagashima Ohno & Tsunematsu 4,187 3 4 -1 3 - Latham & Watkins 902 2 - - 3 - Gleiss Lutz 724 3 - - 4 - Gleiss Lutz 724 3 - - 4 - Latham & Watkins 902 2 - - 5 - Kromann Reumert 724 1 - - 5 8 White & Case 341 2 2 0 6= 22 Ashurst 366 1 39 838.5% 6 9 Anderson Mori & Tomotsune 212 2 1 1 6= - King & Wood Mallesons 366 1 - - 7 26 Oh-Ebashi LPC & Partners 39 2 1 1 8= 19 J Sagar Associates 342 1 75 356.0% 8 - Kromann Reumert 724 1 - - 8= 16 Khaitan & Co 342 1 106 222.6% 9= 24 Ashurst 366 1 1 0 10 36 White & Case 341 2 14 2,335.7% 9= - King & Wood Mallesons 366 1 - - 11= - Covington & Burling 333 1 - - 11= 21 J Sagar Associates 342 1 1 0 11= - Goodwin Procter 333 1 - - 11= 18 Khaitan & Co 342 1 1 0 13= - Faegre Baker Daniels 218 1 - - 13= - Covington & Burling 333 1 - - 13= - Nixon Peabody 218 1 - - 13= - Goodwin Procter 333 1 - - 13= - Shearman & Sterling 218 1 - - 15= - Faegre Baker Daniels 218 1 - - 15= - Nixon Peabody 218 1 - - 15= - Shearman & Sterling 218 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. Simple. Secure. . MERRILL CORPORATION CONTACTS EXECUTIVE MANAGEMENT Ed Bifulk President Tel: +1 212 229 6563 EXECUTIVE SALES Chris Beckmann Regional Director, Germany, Switzerland & Poland Tel: +49 69 244 321 480 Martin Alamri Regional Director, Germany Tel: +49 69 244 321 471 Jérôme Pottier Regional Director, France, Luxembourg & Switzerland Tel: +33 1 40 06 13 12 Hakema El-Hadad Regional Director, France & Northern Africa Tel: +33 1 40 06 13 10 Paul Victoor Regional Director, France Tel: +33 1 40 06 13 02 GLOBAL OVERVIEW NORTH AMERICA Mike Hinchliffe Regional Director, Europe Tel: +44 20 7422 6256 Adam Pang Regional Director, Europe Tel: +44 20 7422 6268 Merlin J. Piscitelli Regional Director, International Tel: +44 20 7422 6266 Mary Walsh Regional Director, Europe Tel: +44 20 7422 6270 Bryan Brighton Regional Director, Europe Tel: +44 20 7422 6212 Jonathan Hughes Regional Director, Europe Tel: +44 20 7422 6267 Sean Dainty Regional Director, UK Tel: +44 78157 61142 C&S AMERICA EUROPE Alex Gross Regional Director, Eastern Europe & Middle East Tel: +49 69 7593 7148 Alvaro Ortega Regional Director, Southern Europe Tel: +39 27 636 2314 Tel: +34 91 769 1022 Alex Purificacao Regional Director, Brazil Tel: +55 11 3568 2429 Nertila Asani Account Manager, UK & Africa Tel: +44 20 7422 6272 Max Leroy Regional Director, Asia-Pacific Tel: +852 2536 2288 David McDonald Account Manager, Europe Tel: +44 20 7422 6127 Manuel Bentosinos Regional Director, Mexico, Columbia & Caribbean Tel: +52 55 9171 2237 Laura Smith Account Manager, Nordics & UK Tel: +44 20 7422 6271 Luis Felipe Salles Cunha Regional Director, Latin America Tel: +55 11 3895 8545 Desmond Chua Regional Director, SE Asia, Australia and New Zealand Tel: +65 6653 1666 Ana Paula Macêdo Távora de Castro Vice President, South America Tel: +55 (11) 3895 8542 MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL Donald Davis Vice President, New York Tel: +1 212 229 6684 Hank Gregory SVP, Western Canada & Pacific Northwest Tel: +1 604 603 4360 Jacey Paik Regional Director, Asia-Pacific Tel: +852 2536 2288 Carla Rainho Regional Director, Boston Tel: +1 617 535 1647 Brian Gilbreath Vice President, Northwest Tel: +1 404 934 8085 Chhin Lee Regional Director, Asia-Pacific Tel: +852 5686 5803 Steve Piccone Vice President, New York Tel: +1 212 229 6883 Todd Caven Northern California, Pacific Northwest & Western Canada Tel: +1 651 632 4369 Ryan MacMillan Regional Director, Canada Tel: +1 416 214 2448 Michael Kennedy Regional Director, New England Tel: +1 207 829 4369 CONTACT MERRILL Forrest R. 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MERRILL CORPORATION CONTACTS Connor Nicosia Regional Director, New York Tel: +1 212 229 6677 Dana Fennessey Regional Director, New York Tel: +1 212 229 6681 Mark Plaehn Regional Director, Chicago Tel: +1 312 674 6527 James Viglione Regional Director, New York Tel: +1 212 229 6890 Hillary Pryor Regional Director, Mid Atlantic Tel: +1 212 367 5924 Kelly-Leigh Keefe Regional Director, Chicago Tel: +1 312 386 2229 Frank Bradley Business Development Associate, New York Tel: +1 212 367 6124 Rosie Corcoran Account Executive, New York Tel: +1 212 229 6618 Kelly Mahn Account Executive, New York Tel: +1 212 229 6683 Joseph Solano Regional Director, New York Tel: +1 212 229 6576 Meiken Castillo Regional Director, New York Tel: +1 212 229 6879 GLOBAL OVERVIEW NORTH AMERICA Colin Schopbach Regional Director, Southeast Tel: +1 404 796 1478 Michail Sidorov Regional Director, Northwest, Ohio & Michigan Tel: +1 216 333 1274 Scott Haugen Regional Director, Minnesota & Wisconsin Tel: +1 651 632 4375 Anthony Crosby Regional Director, Chicago Tel: +1 312 674 6511 Ted Sengpiel Regional Director, Missouri, Kansas, Nebraska & Iowa Tel: +1 314 315 2909 Dan Phelan Regional Director, Los Angeles Tel: +1 213 253 2139 Aleshia Hlivka Account Executive, California Tel: +1 651 632 4967 Nicholas Renter Regional Director, Texas Tel: +1 214 754 2100 Angela Pedersen Account Executive, Greater Texas Region Tel: +1 651 632 4394 Andrew Buonincontro Regional Director, Bay Area Tel: +1 650 493 1400 Jay Loyola Regional Director, Bay Area Tel: +1 949 622 0663 C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN ABOUT MERRILL CONTACT MERRILL 56 . Head of Research: Elias Latsis Head of Production: Laura Resetar For advertising opportunities contact: Erik Wickman Tel: + (1) 212 686 3329 erik.wickman@mergermarket.com Global overview: Elizabeth Lim North America: Lana Vilner C&S America: Aleksandra Duda Europe: Sabzina Oshikova and Visham Teeluck Middle East & Africa: Katharine Dennys Asia-Pacific: Susie Xiao Japan: Susie Xiao Part of The Mergermarket Group www.mergermarket.com USA: 330 Hudson Street, 4th floor, New York, NY 10013, USA t: +1 212 686-5606 f: +1 212 686-2664 sales.us@mergermarket.com United Kingdom: 10 Queen Street Place, London, EC4R 1BE, United Kingdom t: +44 (0)20 7059 6100 f: +44 (0)20 7059 6101 sales@mergermarket.com Hong Kong: Suite 1602-06, Grand Millennium Plaza, 181 Queen’s Road, Central, Hong Kong t: +852 2158 9700 f: +852 2158 9701 sales.asia@mergermarket.com Disclaimer This publication contains general information and is not intended to be comprehensive nor to provide financial, investment, legal, tax or other professional advice or services. This publication is not a substitute for such professional advice or services, and it should not be acted on or relied upon or used as a basis for any investment or other decision or action that may affect you or your business. Before taking any such decision, you should consult a qualified professional adviser. While reasonable effort has been made to ensure the accuracy of the information contained in this publication, this cannot be guaranteed and neither Merrill DataSite nor Mergermarket nor any of its subsidiaries or any affiliate thereof or other related entity shall have any liability to any person or entity which relies on the information contained in this publication, including incidental or consequential damages arising from errors or omissions.

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. .