HALF-YEAR EDITION A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY MONTHLY M&A INSIDER JULY 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 LEAGUE TABLES 54 ABOUT MERRILL CORPORATION & MERRILL DATASITE 56 MERRILL CORPORATION CONTACTS . GLOBAL OVERVIEW HALF-YEAR EDITION . GLOBAL OVERVIEW Global M&A in H1 2015 saw a continuation of last year’s dealmaking enthusiasm with US$1.7tn worth of transactions, the second-highest overall deal value on Mergermarket record for a first half of the year, and only 15.4% less than H1 2007’s pre-crisis record swell of US$2.1tn. H1 2015 even beat out the first half of 2014 – which by the end turned out to be a remarkable year for M&A – with deal values rising 15.2% from US$1.5tn in H1 2014 compared to H1 2015. Higher valuations led to volume falling 15.7% from 8,463 transactions in H1 2014 to 7,136 in H1 2015. The top deal of H1 2015 was the Netherlandsbased Royal Dutch Shell’s US$81.2bn acquisition of United Kingdom-based BG Group Plc, a major provider of oil and liquefied natural gas around the world. The deal’s implied offer price per share of £13.67 (US$20.33) represented a 50.1% premium over the BG Group’s closing share price one day prior to the deal’s announcement, and a 46.5% premium over its closing share price one month prior, further underlining a recent theme of higher valuations.

The transaction is particularly notable in a time of falling oil prices due to its status as the sixth largest deal globally in the last decade. Technology, Media & Telecommunications (TMT) was the top sector internationally for H1 2015, with three deals in the top 10 worth US$131.8bn. Overall, TMT saw 1,332 transactions announced in the period worth a grand total of US$396.5bn, representing 22.8% of global M&A market share. Compared to H1 2014, total deal value GLOBAL OVERVIEW increased 26.1%, from US$314.3bn, while deal volume fell 10.4% by 156 transactions. Global private equity transactions were down across the board, from what may have been the after effect of a strong year in buyouts and exits in 2014.

There were 1,029 buyouts in H1 2015 worth US$141.9bn, down 25.0% in value compared to the 1,314 deals worth US$189.1bn in H1 2014, while exit transactions saw 927 deals worth US$174.2bn in H1 2015, down 34.8% in value compared to the 1,019 deals worth US$267.2bn in H1 2014. Despite the ongoing Greek debt crisis, transactional momentum in Europe appears to have been affected only slightly. H1 2015 saw 2,593 deals worth US$454.9bn, down only 6.9% from 3,275 deals worth US$489.6bn in H1 2014. Volume fell 20.8% by 682 deals, once again highlighting a recent trend toward larger valuations.

North America, however, continued to dominate global M&A transactions, mostly Key Stats 7,136 deals valued at US$1.7tn down 13.8% by value with 1,327 fewer deals compared to 8,463 deals worth US$1.5bn in H1 ‘14 due to the United States, with the region capturing 46.6% of global M&A market share. The US in particular was still the most favourable country in which to do business in its first half-year period following the end of quantitative easing, seeing 2,083 deals worth US$740.6bn in H1 2015, up 23.8% from US$598.2bn in H1 2014, though volume fell 19.9% by 516 transactions. Such a robust start to the year could indicate an equally strong rest of the year much as it did for 2014, though ultimately with the fate of the European Union hanging in the distance on Greece’s ability to strike a deal with its creditors, hopes remain tempered. Top sector TMT saw 1,332 deals worth US$396.5bn, up 26.1% by value compared to 1,488 deals worth US$314.3bn in H1 ‘14 Top Financial Adviser Goldman Sachs ranked first with 150 deals worth US$568.9bn, compared to 191 deals worth US$480.9bn in H1 ‘14 Top Legal Adviser Skadden Arps Slate Meagher & Flom ranked first with 119 deals worth US$349.4bn, compared to 118 deals worth US$360.2bn in H1 ‘14 4 NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS GLOBAL M&A TREND GLOBAL PRIVATE EQUITY TREND 600 US$ 849.5bn US$ 710.5bn US$ 842.3bn 10,000 US$ 598.5bn 1,500 US$ 642.0bn US$ 522.8bn US$ 491.6bn 1,000 US$ 959.2bn US$ 584.7bn US$ 962.1bn US$ 613.5bn US$ 558.7bn US$ 463.5bn US$ 447.3bn US$ 565.7bn 2012 Q1 GLOBAL OVERVIEW Q2 Q3 2013 2014 Q4 1,000 US$ 247.7bn US$ US$ 307.7bn US$ US$ 330.1bn US$ US$ 298.4bn US$ 275.4bn 290.8bn 275.4bn 273.2bn US$ 385.3bn US$ US$ 174.2bn 141.9bn US$ 773.7bn 0 2011 US$ 508.1bn 100 0 2010 1,500 200 500 US$ 459.9bn 300 5,000 US$ 565.1bn US$ 432.1bn Value (US$bn) US$ 568.4bn US$ 755.1bn 0 Volume 500 0 2010 YTD 2015 Number of deals US$ 477.0bn 2,000 2,000 15,000 US$ XX.Xbn Number of deals Value (US$bn) 2,500 2,500 400 3,000 3,000 500 20,000 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 LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS REGIONAL BREAKDOWN AS A PROPORTION OF GLOBAL TOTAL M&A VALUE GLOBAL M&A SECTOR BREAKDOWN H1 2015 TMT Value: US$396.5bn Number of deals: 1,332 Market share: 22.8% Europe US$454.9bn 2,593 deals 26.2% North America US$808.1bn 2,367 deals 46.6% Asia-Pacific (excluding Japan) US$415.1bn 1,591 deals 23.9% Energy, Mining & Utilities Value: US$310.1bn Number of deals: 539 Market share: 17.9% Japan US$14.3bn 197 deals 0.8% Consumer Value: US$202.5bn Number of deals: 878 Market share: 11.7% Middle East & Africa US$19.3bn 183 deals 1.1% C&S America US$24.1bn 205 deals 1.4% Pharma, Medical & Biotech Value: US$193.1bn Number of deals: 585 Market share: 11.1% Key Value (US$bn) Up/Down Region Value Volume Value market share Value % change Cross-border $654.5 6.4% Domestic $1,081.3 Industrials & Chemicals Value: US$148.3bn Number of deals: 1,346 Market share: 8.5% 31.0% GLOBAL OVERVIEW 6 NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR H1 2015 Deal value US$81.2bn Deal value US$77.8bn Deal value US$54.5bn Deal value US$40.8bn Deal value US$35.0bn Deal value US$34.9bn Deal value US$33.7bn Deal value US$24.7bn Deal value US$24.4bn Deal value US$19.1bn Announced 08-Apr-15 Announced 26-May-15 Announced 25-Mar-15 Announced 09-Jan-15 Announced 24-Apr-15 Announced 08-May-15 Announced 28-May-15 Announced 19-Jun-15 Announced 20-Apr-15 Announced 05-Feb-15 Bidder company Royal Dutch Shell Plc Bidder company Charter Communications Inc Bidder company HJ Heinz Company Bidder company Cheung Kong (Holdings) Limited Bidder company Mylan NV Bidder company CK Hutchison Holdings Limited (Shareholders) Bidder company Avago Technologies Ltd Bidder company Enbridge Income Fund Holdings Inc Bidder company SK C&C Co Ltd Bidder company BT Group plc Target company Broadcom Corporation Target company Enbridge Inc (Canadian renewable energy assets); Enbridge Pipelines Inc; Enbridge Pipelines (Athabasca) Inc Target company SK Holdings Co Ltd (68.18% Stake) Target company EE Limited Target company BG Group Plc Dominant sector Energy, Mining & Utilities Target company Time Warner Cable Inc Dominant sector TMT Target company Kraft Foods Group Inc Dominant sector Consumer Target company Hutchison Whampoa Limited (50.03% Stake) Dominant sector Consumer Target company Perrigo Company plc Dominant sector Pharma, Medical & Biotech Target company Cheung Kong Property Holdings Limited Seller company Cheung Kong (Holdings) Limited Dominant sector TMT Seller company Orange SA; Deutsche Telekom AG Dominant sector TMT Seller company Enbridge Inc Dominant sector Real Estate GLOBAL OVERVIEW Dominant sector Energy, Mining, & Utilities Dominant sector Energy, Mining, & Utilities 7 NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 GLOBAL FINANCIAL ADVISERS TOP 20 GLOBAL FINANCIAL ADVISERS VALUE VOLUME Ranking H1 2015 H1 2015 H1 2014 Company Name H1 2014 Value (US$m) Deal count Value (US$m) Ranking % Val. Change H1 2015 H1 2015 H1 2014 H1 2014 Value (US$m) Company Name Deal count Deal count Deal count Change 1 1 Goldman Sachs 568,927 150 480,884 18.3% 1 1 PwC 47,010 163 208 -45 2 3 Bank of America Merrill Lynch 400,837 93 347,737 15.3% 2 2 Goldman Sachs 568,927 150 191 -41 3 5 JPMorgan 398,368 125 249,849 59.4% 3 4 Morgan Stanley 376,773 136 147 -11 4 2 Morgan Stanley 376,773 136 393,437 -4.2% 4 7 JPMorgan 398,368 125 128 -3 5 6 Citi 293,738 84 242,522 21.1% 5 10 Rothschild 85,323 111 122 -11 6 7 Credit Suisse 233,815 73 201,457 16.1% 6 3 KPMG 25,138 103 184 -81 7 20 Centerview Partners 191,409 14 48,776 292.4% 7 5 Deloitte 13,078 100 146 -46 8 4 Lazard 189,622 96 263,849 -28.1% 8 6 Lazard 189,622 96 128 -32 9 8 Barclays 172,284 66 187,792 -8.3% 9 11 Bank of America Merrill Lynch 400,837 93 118 -25 10 9 Deutsche Bank 164,724 84 160,857 2.4% 10 9 Citi 293,738 84 122 -38 11 16 HSBC 131,259 33 64,548 103.4% 11 14 Deutsche Bank 164,724 84 96 -12 12 73 Guggenheim Partners 116,359 15 5,844 1,891.1% 12 13 Credit Suisse 233,815 73 106 -33 13 71 LionTree Advisors 105,156 7 6,169 1,604.6% 13 8 EY 3,988 70 125 -55 14 10 UBS Investment Bank 104,167 57 150,488 -30.8% 14 12 Barclays 172,284 66 109 -43 15 25 Evercore Partners 102,147 52 39,225 160.4% 15 29 Nomura Holdings 36,765 59 41 18 16 38 Allen & Company 88,559 8 17,610 402.9% 16 23 Jefferies 21,346 58 57 1 17 13 Rothschild 85,323 111 118,359 -27.9% 17 16 UBS Investment Bank 104,167 57 76 -19 18 123 Robey Warshaw 81,154 1 2,700 2,905.7% 18 17 Houlihan Lokey 17,970 57 72 -15 19 - The Anglo Chinese Group 77,116 6 - - 19 24 Lincoln International 1,469 55 51 4 20 17 Somerley 58,758 24 51,348 14.4% 20 19 M&A International 6,096 53 62 -9 GLOBAL OVERVIEW 8 NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 GLOBAL LEGAL ADVISERS TOP 20 GLOBAL LEGAL ADVISERS VALUE VOLUME Ranking H1 2015 H1 2015 H1 2014 Value (US$m) Company Name H1 2014 Deal count Value (US$m) Ranking % Val. Change H1 2015 H1 2015 H1 2014 H1 2014 Value (US$m) Company Name Deal count Deal count Deal count Change 1 1 Skadden Arps Slate Meagher & Flom 349,407 119 360,209 -3.0% 1 1 DLA Piper 98,971 156 225 -69 2 9 Latham & Watkins 281,304 130 157,139 79.0% 2 4 Jones Day 34,566 144 174 -30 3 3 Sullivan & Cromwell 279,844 65 284,196 -1.5% 3 3 Kirkland & Ellis 232,776 142 192 -50 4 2 Freshfields Bruckhaus Deringer 271,718 82 316,729 -14.2% 4 2 Latham & Watkins 281,304 130 207 -77 5 8 Davis Polk & Wardwell 252,480 62 163,681 54.3% 5 13 Skadden Arps Slate Meagher & Flom 349,407 119 118 1 6 40 Cravath, Swaine & Moore 251,390 42 49,931 403.5% 6 6 White & Case 197,136 113 144 -31 7 13 Kirkland & Ellis 232,776 142 123,727 88.1% 7 12 Allen & Overy 146,875 113 119 -6 8 12 Wachtell, Lipton, Rosen & Katz 221,373 48 126,214 75.4% 8 10 Linklaters 159,187 97 126 -29 9 7 White & Case 197,136 113 206,191 -4.4% 9 7 Clifford Chance 79,708 92 139 -47 10 28 Fried Frank Harris Shriver & Jacobson 181,978 39 70,598 157.8% 10 9 Weil Gotshal & Manges 81,389 91 128 -37 11 10 Linklaters 159,187 97 148,549 7.2% 11 14 CMS 10,009 91 117 -26 12 29 Allen & Overy 146,875 113 66,846 119.7% 12 8 Freshfields Bruckhaus Deringer 271,718 82 130 -48 13 14 Paul Weiss Rifkind Wharton & Garrison 138,312 51 123,288 12.2% 13 5 Baker & McKenzie 52,635 81 157 -76 -47 14 19 Slaughter and May 135,711 35 97,781 38.8% 14 11 King & Wood Mallesons 114,521 78 125 15 5 Simpson Thacher & Bartlett 130,724 46 273,013 -52.1% 15 21 Stikeman Elliott 62,149 78 76 2 16 47 King & Wood Mallesons 114,521 78 44,789 155.7% 16 15 Norton Rose Fulbright 55,342 71 111 -40 17 4 Cleary Gottlieb Steen & Hamilton 109,792 45 279,418 -60.7% 17 27 Sullivan & Cromwell 279,844 65 68 -3 18 165 De Brauw Blackstone Westbroek 107,797 29 5,879 1,733.6% 18 17 Hogan Lovells International 16,658 65 90 -25 19 61 Gibson Dunn & Crutcher 101,447 46 26,759 279.1% 19 34 Squire Patton Boggs 16,017 65 63 2 20 78 Ashurst 100,586 48 19,984 403.3% 20 25 Davis Polk & Wardwell 252,480 62 71 -9 GLOBAL OVERVIEW 9 NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES 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 HALF-YEAR EDITION . NORTH AMERICA M&A in North America continues to mirror the overall positive economic conditions and outlook in the regional market. As a result, US and Canada saw a 21.1% increase in M&A activity by deal value: 2,301 deals worth US$774.3bn in H1 2015 compared to 2,923 deals worth US$639.4bn in H1 2014. Q2 2015 (US$413.4bn) was higher than the previous quarter by 14.5%, making it the highest-valued second quarter since Q2 2007, which registered US$577.4bn-worth of deals. Announced in May, Charter Communication’s whopping US$77.8bn acquisition of New York City-based Time Warner Cable contributed 18.8% to Q2’s value and topped the chart for H1 2015. In fact, it was the third largest acquisition with a North American target and seventh largest global acquisition in Mergermarket history.

However, it remains to be seen whether this massive telecommunications consolidation will face as much public opposition as the lapsed US$68.5bn Comcast acquisition of Time Warner Cable in 2014. Thanks to the Charter Communications deal, as well as other mega deals in the domain, M&A in the TMT sector exploded with 460 deals worth US$238.1bn in H1 2015, a 45.4% increase in deal value from H1 2014. The semiconductor space seems to be of particular interest at the moment, with three of the top 10 deals in North America this year belonging to this niche market. One such mega deal was the US$34.9bn GLOBAL OVERVIEW NORTH AMERICA acquisition of Broadcom, a US-based fabless semiconductor company, by Avago Technologies. The acquisition, which was the largest transaction in the semiconductor industry globally in the history of the Mergermarket database, would allow Avago to become a leader in the wired and wireless communication semiconductors market. Two other acquisitions of interest in the space include the purchase of Altera, a US-based maker of programmable logic technologies, by Intel for US$15.4bn and the acquisition of Texasbased Freescale Semiconductor, a manufacturer of embedded processors, by the Netherlandsbased NXP Semiconductors, for US$16bn. The Broadcom and the Altera deals were both domestic transactions, while the acquisition of Freescale Semiconductor represented an inbound purchase. Notably, inbound and outbound M&A was down 34.4% and 19.1%, respectively, in H1 2015, whereas domestic M&A increased by 34.4% with US$594.7bn-worth of deals this year. Key Stats 2,301 deals valued at US$774.3bn up 21.1% by value with 622 fewer deals compared to 2,923 deals worth US$639.3bn in H1 ‘14 In contrast to the high value and number of tax inversion deals last year, inbound transactions in the Pharma, Medical & Biotech sector in H1 2015 lost more than half of their deal value from US$55.5bn in H1 2014.

At the same time, the value of domestic transactions in the sector more than doubled from US$50bn in H1 2014. Pharma, Medical & Biotech claimed a 15.7% share of the North American market. The following acquisitions contributed significantly to domestic M&A in the sector: AbbVie’s US$19bn acquisition of Californiabased Pharmacyclics; Pfizer’s US$16.3bn acquisition of Illinois-based Hospira; and Valeant Pharmaceuticals International’s US$14.5bn acquisition of North Carolinabased Salix Pharmaceuticals. With the exception of the latter deal, which involved a Canadian and a US party, the remaining two deals were focused on the US market. Top sector TMT saw 460 deals worth US$238.1bn, up 45.4% by value compared to 601 deals worth US$163.8bn in H1 ‘14 Top Financial Adviser Goldman Sachs ranked first with 99 deals worth US$276.1bn, compared to 134 deals worth US$345.5bn in H1 ‘14 Top Legal Adviser Skadden Arps Slate Meagher & Flom ranked first with 82 deals worth US$270.8bn, compared to 88 deals worth US$321.4bn in H1 ‘14 12 C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS NORTH AMERICA M&A TREND NORTH AMERICA PRIVATE EQUITY TREND 6,000 1,200 250 1,000 4,000 US$ 402.5bn 300 5,000 1,500 200 800 Value (US$bn) US$ 271.3bn US$ 334.0bn US$ 263.8bn US$ 175.6bn US$ 264.6bn 2,000 100 US$ 163.9bn US$ 196.2bn 2012 2013 1,000 US$ 232.5bn 50 Q1 GLOBAL OVERVIEW Q2 NORTH AMERICA Q3 Q4 2014 US$ 105.8bn US$ 144.7bn US$ 112.9bn US$ 129.6bn US$ US$ US$ 160.7bn 151.4bn 146.5bn US$ 58.6bn 0 2011 400 US$ 167.5bn US$ 360.9bn 0 2010 600 US$ 272.6bn US$ 151.9bn US$ 193.2bn US$ 208.4bn US$ 158.3bn US$ 413.4bn 150 US$ 406.9bn US$ 218.5bn US$ 202.3bn US$ 448.2bn 3,000 US$ 225.3bn 600 300 US$ 244.9bn US$ 346.5bn US$ 87.9bn 0 YTD 2015 200 0 2010 Volume Number of deals US$ 212.6bn Number of deals 900 Value (US$bn) 1,200 Buyout value 2011 Exit value 2012 2013 Buyout volume 2014 YTD 2015 Exit Volume 13 C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS COUNTRY BREAKDOWN AS A PROPORTION OF NORTH AMERICA TOTAL M&A VALUE NORTH AMERICA M&A SECTOR BREAKDOWN H1 2015 TMT Value: US$238.1bn Number of deals: 460 Market share: 30.7% Pharma, Medical & Biotech Value: US$121.7bn Number of deals: 228 Market share: 15.7% Canada US$52.9bn 266 deals 6.8% Energy, Mining & Utilities Value: US$119.9bn Number of deals: 210 Market share: 15.5% Consumer Value: US$79.8bn Number of deals: 238 Market share: 10.3% United States US$721.5bn 2,035 deals 93.2% Value (US$bn) Up/Down Key Value % change Domestic $594.7 34.4% Inbound $100.2 24.6% Outbound $121.2 Region Value Volume Value market share Industrials & Chemicals Value: US$58.4bn Number of deals: 376 Market share: 7.5% 19.1% GLOBAL OVERVIEW NORTH AMERICA 14 C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR H1 2015 Deal value US$77.8bn Deal value US$54.5bn Deal value US$33.7bn Deal value US$24.7bn Deal value US$19.0bn Deal value US$17.9bn Deal value US$17.8bn Deal value US$16.3bn Deal value US$16.0bn Deal value US$15.5bn Announced 26-May-2015 Announced 25-Mar-2015 Announced 28-May-2015 Announced 19-Jun-2015 Announced 4-Mar-2015 Announced 05-Jun-2015 Announced 26-Jan-2015 Announced 5-Feb-2015 Announced 2-Mar-2015 Announced 22-Feb-2015 Bidder company Charter Communications Inc Bidder company HJ Heinz Company Bidder company Avago Technologies Ltd Bidder company Enbridge Income Fund Holdings Inc Bidder company AbbVie Inc Bidder company Baxter International Inc (Shareholders) Bidder company Energy Transfer Partners LP Bidder company Pfizer Inc Bidder company NXP Semiconductors NV Target company Broadcom Corporation Target company Enbridge Inc (Canadian renewable energy assets); Enbridge Pipelines Inc; Enbridge Pipelines (Athabasca) Inc Target company Baxalta Inc. (80.5% Stake) Target company Regency Energy Partners LP Bidder company Valeant Pharmaceuticals International Inc Seller company Baxter International Inc Dominant sector Energy, Mining & Utilities Target company Time Warner Cable Inc Dominant sector TMT Target company Kraft Foods Group Inc Dominant sector Consumer Dominant sector TMT Target company Pharmacyclics Inc Dominant sector Pharma, Medical & Biotech Target company Hospira Inc Dominant sector Pharma, Medical & Biotech Dominant sector Pharma, Medical & Biotech Seller company Enbridge Inc Target company Freescale Semiconductor Inc Dominant sector TMT Target company Salix Pharmaceuticals Ltd Dominant sector Pharma, Medical & Biotech Dominant sector Energy, Mining & Utilities GLOBAL OVERVIEW NORTH AMERICA 15 C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 NORTH AMERICA FINANCIAL ADVISERS TOP 20 NORTH AMERICA FINANCIAL ADVISERS VALUE VOLUME Ranking H1 2015 H1 2015 H1 2014 Company Name Value (US$m) H1 2014 Deal count Ranking Value (US$m) % Val. Change H1 2015 H1 2015 H1 2014 Value (US$m) Company Name H1 2014 Deal count Deal count Deal count Change 1 1 Goldman Sachs 276,096 99 345,513 -20.1% 1 1 Goldman Sachs 276,096 99 134 -35 2 4 JPMorgan 274,761 82 173,936 58.0% 2 3 JPMorgan 274,761 82 89 -7 3 2 Bank of America Merrill Lynch 240,408 63 250,739 -4.1% 3 2 Morgan Stanley 238,372 80 92 -12 4 3 Morgan Stanley 238,372 80 214,402 11.2% 4 4 Bank of America Merrill Lynch 240,408 63 84 -21 5 7 Citi 232,138 54 113,507 104.5% 5 11 Deutsche Bank 110,071 56 53 3 6 8 Credit Suisse 208,814 54 101,034 106.7% 6 9 Houlihan Lokey 17,942 56 64 -8 7 12 Centerview Partners 188,601 13 48,691 287.3% 7 6 Citi 232,138 54 71 -17 8 6 Barclays 148,262 53 123,319 20.2% 8 10 Credit Suisse 208,814 54 62 -8 9 5 Lazard 136,682 54 144,799 -5.6% 9 7 Lazard 136,682 54 66 -12 10 43 Guggenheim Partners 116,329 14 5,844 1,890.6% 10 5 Barclays 148,262 53 79 -26 11 9 Deutsche Bank 110,071 56 84,135 30.8% 11 12 Jefferies 17,941 44 50 -6 12 48 LionTree Advisors 105,156 7 5,149 1942.3% 12 13 Evercore Partners 96,694 41 47 -6 13 15 Evercore Partners 96,694 41 32,215 200.2% 13 17 PwC 9,120 40 36 4 14 23 Allen & Company 88,559 8 17,610 402.9% 14 16 Raymond James & Associates 3,345 39 44 -5 15 13 RBC Capital Markets 48,720 37 46,948 3.8% 15 15 KPMG 9,547 38 45 -7 16 25 Rothschild 46,320 30 16,430 181.9% 16 8 RBC Capital Markets 48,720 37 66 -29 17 14 Greenhill & Co 41,266 12 41,310 -0.1% 17 20 Moelis & Company 23,566 37 35 2 18 22 BMO Capital Markets 39,207 18 18,477 112.2% 18 26 William Blair & Company 12,775 35 30 5 19 11 UBS Investment Bank 35,768 21 52,386 -31.7% 19 21 Sandler O'Neill & Partners 8,024 35 34 1 20 26 Macquarie Group 28,535 29 13,806 106.7% 20 25 Lincoln International 346 32 32 0 GLOBAL OVERVIEW NORTH AMERICA 16 C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 NORTH AMERICA LEGAL ADVISERS TOP 20 NORTH AMERICA LEGAL ADVISERS VALUE VOLUME Ranking H1 2015 H1 2015 H1 2014 Value (US$m) Company Name H1 2014 Deal count Ranking H1 2015 Value (US$m) % Val. Change H1 2015 H1 2014 Company Name Value (US$m) H1 2014 Deal count Deal count Deal count Change 1 1 Skadden Arps Slate Meagher & Flom 270,763 82 321,389 -15.8% 1 1 Kirkland & Ellis 212,365 131 177 -46 2 7 Latham & Watkins 248,740 93 135,541 83.5% 2 3 Jones Day 29,893 107 128 -21 3 3 Sullivan & Cromwell 236,684 50 239,142 -1.0% 3 2 Latham & Watkins 248,677 92 152 -60 4 12 Kirkland & Ellis 212,365 131 113,834 86.6% 4 6 Skadden Arps Slate Meagher & Flom 270,763 82 88 -6 -37 5 8 Davis Polk & Wardwell 192,169 47 132,334 45.2% 5 4 DLA Piper 95,425 77 114 6 22 Fried Frank Harris Shriver & Jacobson 180,155 37 69,949 157.6% 6 10 Stikeman Elliott 20,025 71 72 -1 7 6 White & Case 177,314 65 155,151 14.3% 7 15 White & Case 170,414 64 66 -2 8 10 Wachtell, Lipton, Rosen & Katz 167,148 45 119,007 40.5% 8 19 Goodwin Procter 33,739 61 58 3 9 9 Paul Weiss Rifkind Wharton & Garrison 136,195 47 122,782 10.9% 9 7 Weil Gotshal & Manges 64,230 60 83 -23 10 30 Cravath, Swaine & Moore 121,573 38 49,931 143.5% 10 12 Fenwick & West 4,175 58 70 -12 -11 11 2 Simpson Thacher & Bartlett 106,999 32 240,733 -55.6% 11 16 Morgan Lewis & Bockius 12,488 54 65 12 46 DLA Piper 95,425 77 22,946 315.9% 12 24 Sullivan & Cromwell 236,684 50 51 -1 13 44 Gibson Dunn & Crutcher 91,745 41 23,504 290.3% 13 17 Ropes & Gray 60,889 49 60 -11 -12 14 58 McCarthy Tetrault 86,492 32 14,704 488.2% 14 18 Paul Weiss Rifkind Wharton & Garrison 136,195 47 59 15 25 Davies Ward Phillips & Vineberg 83,138 19 61,653 34.8% 15 25 Davis Polk & Wardwell 192,169 46 51 -5 16 17 Shearman & Sterling 74,519 37 90,093 -17.3% 16 8 Wilson Sonsini Goodrich & Rosati 71,854 46 78 -32 17 21 Osler, Hoskin & Harcourt 73,744 43 73,786 -0.1% 17 35 Wachtell, Lipton, Rosen & Katz 167,148 45 41 4 18 5 Cleary Gottlieb Steen & Hamilton 72,953 35 188,294 -61.3% 18 11 Cooley 7,428 45 72 -27 19 63 Wilson Sonsini Goodrich & Rosati 71,854 46 11,052 550.1% 19 33 Osler, Hoskin & Harcourt 73,744 43 42 1 20 4 Weil Gotshal & Manges 64,230 60 191,375 -66.4% 20 27 Gibson Dunn & Crutcher 91,745 41 48 -7 GLOBAL OVERVIEW NORTH AMERICA 17 C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . C&S AMERICA HALF-YEAR EDITION . C&S AMERICA Central & South America (including Mexico) experienced a serious slowdown in M&A activity in the first six months of 2015. A ten-year overview indicates that H1 2015, which saw 205 deals worth US$24.1bn, was the weakest since H1 2005 (US$17.7bn). This year’s value also represented a 77.9% drop compared to H1 2014, which recorded US$64.6bn-worth of deals. M&A in the region has been steadily decreasing since Q2 2014 (US$39.8bn). As a result, Q2 2015’s US$9.9bn in deals – a quarter of its value from last year – registered the fourth consecutive quarterly decline in regional M&A. Both strategic and private equity buyers seem to be showing less interest in Central and South American markets. But whereas strategic investments in H1 2015 decreased by 61% in deal value and 24.2% in deal count compared to H1 2014, private equity buyouts experienced a larger 79.8% decline in deal value and a significant 67.7% drop in deal count from last year.

H1 2015 recorded only 10 buyouts with a combined value of US$1.2bn vs. 195 strategic deals worth US$23bn. The largest transaction that led regional M&A in H1 2015 was a US$3.6bn acquisition by a strategic buyer, British American Tobacco, the UK-based manufacturer of tobacco products, of a 24.7% stake in Brazilbased counterpart Souza Cruz. The purchase would allow British Tobacco, which already owned a 75.3% stake in the target prior to GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA this deal, to consolidate its position in Brazil. Souza Cruz claims over a 60% share of the Brazilian tobacco market. The Souza Cruz deal was also the largest deal in the Consumer sector this year.

Thanks to the two highest-valued transactions in H1 2015 – including the acquisition of 160 stores of Comercial Mexicana by rival Soriana for US$2.7bn – the Consumer sector dominated in Central & South America with 22 deals valued at US$7.6bn, a 31.6% market share by deal value. Notably, five of the top 10 deals in H1 2015 were for Mexico-based targets. While overall M&A activity in the region saw a 77.9% decrease in deal value, Mexico’s value declined only 27.3% from last year. At the same time, its contribution to Central & South American M&A increased considerably from 18.8% in H1 2014 to 36.6% in H1 2015.

Major reforms undertaken by the government have aided the domestic economy by making it less susceptible to external economic factors, creating a safer place to invest. Mexico reported a total of 27 deals worth US$8.9bn in H1 2015. Key Stats At the same time, Brazil, still the largest contributor to regional M&A with a 43.2% market share by deal value, is experiencing an unrelenting economic slowdown. High inflation has forced the government to increase interest rates, which may eventually lead to economic contraction followed by a potential recession.

Consequently, Brazilian companies have started responding to more challenging economic forecasts by cutting down dividends and reducing their spending, in order to save the necessary cash to sustain future operational undertakings. Even though Brazil is still the number one target in M&A activity, its total deal value dropped down considerably, from US$22.9bn in H1 2014 to US$10.4bn in H1 2015, a 54.3% decrease. At this rate, the gap between Mexico’s and Brazil’s position in the regional M&A sphere is closing pretty quickly. 205 deals valued at US$24.1bn down 62.7% by value with 86 fewer deals compared to 291 deals worth US$64.6bn in H1 ‘14 Top sector Consumer saw 22 deals worth US$7.6bn, up 97.4% by value compared to 35 deals worth US$3.9bn in H1 ‘14 Top Financial Adviser Rothschild ranked first with 4 deals worth US$8.1bn, compared to 5 deals worth US$9.4bn in H1 ‘14 Top Legal Adviser Ulhoa Canto, Rezende e Guerra - Advogados ranked first with 1 deal worth US$3.6bn, compared to 2 deals worth US$6m in H1 ‘14 19 EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS C&S AMERICA M&A TREND C&S AMERICA PRIVATE EQUITY TREND 12 700 180 70 160 600 140 60 10 US$ 45.0bn 50 500 US$ 28.7bn US$ 28.2bn Value (US$bn) US$ 46.0bn US$ 27.5bn 80 400 US$ 16.5bn US$ 25.4bn US$ 37.7bn 300 40 6 US$ 18.3bn 40 US$ 23.0bn US$ 47.1bn US$ 65.5bn US$ 21.3bn US$ 40.4bn 20 US$ 21.8bn US$ 17.8bn 2012 2013 US$ 24.8bn 0 2010 Q1 GLOBAL OVERVIEW 2011 Q2 NORTH AMERICA Q3 Q4 C&S AMERICA 200 US$ 39.8bn 2014 US$ 9.9bn US$ 14.2bn US$ 7.5bn 2 100 30 US$ X.Xbn 4 60 US$ 10.3bn US$ 6.8bn US$ 3.4bn US$ 3.3bn US$ 7.6bn US$ 7.0bn US$ 2.9bn 20 10 US$ 2.8bn US$ 1.3bn US$ 1.2bn US$ 1.6bn 0 0 0 2010 YTD 2015 Volume Number of deals US$ 32.3bn 100 Number of deals US$ 28.8bn Value (US$bn) 120 8 Buyout value 2011 Exit value 2012 2013 Buyout volume 2014 YTD 2015 Exit Volume 20 EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES 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 H1 2015 Consumer Value: US$7.6bn Number of deals: 23 Market share: 31.6% Mexico US$8.9bn 27 deals 36.9% Ecuador US$0.5bn 3 deals 1.9% Energy, Mining & Utilities Value: US$4.0bn Number of deals: 22 Market share: 16.6% Peru US$0.4bn 13 deals 1.8% Brazil US$10.4bn 107 deals 43.2% TMT Value: US$3.2bn Number of deals: 31 Market share: 13.3% Industrials & Chemicals Value: US$2.9bn Number of deals: 33 Market share: 12.0% Chile US$2.8bn 18 deals 11.6% Key Value (US$bn) Up/Down Value % change Domestic $6.2 55.7% Inbound $15.5 54.9% Outbound $4.6 Region Value Volume Value market share Pharma, Medical & Biotech Value: US$2.2bn Number of deals: 15 Market share: 9.1% 71.8% GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA 21 EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR H1 2015 Deal value US$3.6bn Deal value US$2.7bn Deal value US$2.2bn Deal value US$1.5bn Deal value US$1.1bn Deal value US$960m Deal value US$683m Deal value US$658m Deal value US$601m Deal value US$594m Announced 02-Mar-15 Announced 28-Jan-15 Announced 13-May-15 Announced 26-Jan-15 Announced 27-May-15 Announced 23-Apr-15 Announced 08-Jan-15 Announced 07-May-15 Announced 12-Jan-15 Announced 27-Apr-15 Bidder company British American Tobacco Plc Bidder company Organizacion Soriana SAB de CV Bidder company Owens-Illinois Inc Bidder company AT&T Inc Bidder company GIC Private Limited Target company Souza Cruz SA (24.74% Stake) Target company Controladora Comercial Mexicana SAB de CV (160 retail stores) Target company Rede D’Or Sao Luiz SA (15.2% Stake) Bidder company IFM Global Infrastructure Fund Bidder company The Carlyle Group Target company Comunicaciones Nextel de Mexico SA de CV Bidder company Grupo Televisa de SA de CV Bidder company SunEdison Inc Target company Vitro food and beverage container business Bidder company Empresas Publicas de Medellin ESP Target company Aguas de Antofagasta SA Target company Cablevision Red SA de CV Seller company Vitro S A de C V Seller company NII Holdings Inc Seller company Antofagasta Plc Dominant sector TMT Dominant sector Industrials & Chemicals Dominant sector TMT Dominant sector Consumer Seller company Controladora Comercial Mexicana SAB de CV Seller company Banco BTG Pactual SA; Moll Family Dominant sector Pharma, Medical & Biotech Dominant sector Energy, Mining & Utilities NORTH AMERICA C&S AMERICA Seller company Patria Investimentos Ltda; Banco BTG Pactual SA; GMR Energia SA Dominant sector Energy, Mining & Utilities Dominant sector Consumer GLOBAL OVERVIEW Target company LAP Holdings BV Target company Concesionaria Mexiquense (24.99% Stake) Seller company OHL Mexico SAB de CV Dominant sector Transportation Target company Rede D’Or Sao Luiz SA (8.3% Stake) Seller company Banco BTG Pactual SA; Moll Family Dominant sector Pharma, Medical & Biotech 22 EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 15 C&S AMERICA FINANCIAL ADVISERS TOP 15 C&S AMERICA FINANCIAL ADVISERS VALUE VOLUME Ranking H1 2015 H1 2015 H1 2014 1 13 2 7 Ranking H1 2014 H1 2015 Value (US$m) Deal count Value (US$m) % Val. Change 8,141 Company Name 4 9,442 -13.8% 1 1 -54.6% 2 12 Rothschild 6,904 Deutsche Bank 4 15,191 H1 2015 H1 2014 H1 2014 Value (US$m) Deal count Deal count Deal count Change Banco Itau BBA 1,910 10 27 -17 PwC 1,045 8 6 2 -5 Company Name 3 3 Santander Global Banking and Markets 4,596 5 23,013 -80.0% 3 5 Goldman Sachs 3,809 7 12 4 8 Goldman Sachs 3,809 7 14,055 -72.9% 4 3 Banco BTG Pactual 1,898 6 14 -8 5 18 UBS Investment Bank 3,798 3 4,074 -6.8% 5 2 Santander Global Banking and Markets 4,596 5 15 -10 6 22 JPMorgan 2,739 3 1,780 53.9% 6 13 Rothschild 8,141 4 5 -1 7 82 Alfaro, Davila y Rios 2,150 1 - - 7 9 Deutsche Bank 6,904 4 8 -4 8 12 Banco Itau BBA 1,910 10 10,500 -81.8% 8 6 Bank of America Merrill Lynch 1,266 4 8 -4 9 2 Banco BTG Pactual 1,898 6 23,480 -91.9% 9 16 Banco Bilbao Vizcaya Argentaria 1,042 4 4 0 10 1 Bank of America Merrill Lynch 1,266 4 25,365 -95.0% 10 4 Morgan Stanley 265 4 12 -8 11 21 PwC 1,045 8 2,071 -49.5% 11 23 UBS Investment Bank 3,798 3 3 0 12 29 Banco Bilbao Vizcaya Argentaria 1,042 4 1,048 -0.6% 12 15 JPMorgan 2,739 3 4 -1 13= 69 Caixa Banco de Investimento 867 1 14 6,092.9% 13 32 EY 75 3 2 1 13= - Millennium Investment Banking 867 1 - - 14 49 BB Banco de Investimento 809 2 1 1 15 45 BB Banco de Investimento 809 2 134 503.7% 15 76 Evercore Partners 728 2 1 1 GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA 23 EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 15 C&S AMERICA LEGAL ADVISERS TOP 15 C&S AMERICA LEGAL ADVISERS VALUE VOLUME Ranking H1 2015 1 182 97 Deal count Value (US$m) % Val. Change 3,565 1 6 59,316.7% Galicia Abogados H1 2014 Value (US$m) Ulhoa Canto, Rezende e Guerra Advogados H1 2015 2 Ranking H1 2014 2,814 Company Name 5 269 H1 2015 Value (US$m) H1 2015 H1 2014 1 3 Pinheiro Neto Advogados 2 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 3 946.1% H1 2014 Company Name 4 Barbosa, Mussnich & Aragao Deal count Deal count Deal count Change 613 16 16 0 2,201 11 17 -6 1,650 11 15 -4 3 - Santamarina y Steta 2,707 2 - - 4 3 Simpson Thacher & Bartlett 2,420 2 15,472 -84.4% 4 2 Machado Meyer Sendacz e Opice 764 11 17 -6 5 18 Creel, Garcia-Cuellar, Aiza y Enriquez 2,327 8 6,418 -63.7% 5 10 Creel, Garcia-Cuellar, Aiza y Enriquez 2,327 8 9 -1 6 11 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 2,201 11 7,415 -70% 6 11 Demarest 1,156 8 9 -1 7= 17 Cleary Gottlieb Steen & Hamilton 2,150 1 6,619 -68% 7 8 Souza, Cescon, Barrieu & Flesch Advogados 660 8 10 -2 7= - Fried Frank Harris Shriver & Jacobson 2,150 1 - - 8 19 Jones Day 1,960 7 7 0 9 94 Jones Day 1,960 7 308 536.4% 9 32 Rodrigo Elias & Medrano 54 7 4 3 10 8 Sullivan & Cromwell 1,875 2 10,791 -82.6% 10 15 Skadden Arps Slate Meagher & Flom 999 6 7 -1 11 - Kramer Levin Naftalis & Frankel 1,875 1 - - 11 47 Azevedo Sette Advogados 0 6 3 3 12 2 Barbosa, Mussnich & Aragao 1,650 11 22,513 -92.7% 12 48 Galicia Abogados 2,814 5 3 2 13 45 Mijares Angoitia Cortes y Fuentes 1,510 5 1,688 -10.5% 13 13 Mijares Angoitia Cortes y Fuentes 1,510 5 8 -3 14 19 Freshfields Bruckhaus Deringer 1,507 1 6,382 -76.4% 14 36 Clifford Chance 603 5 3 2 15 9 Linklaters 1,412 3 8,504 -83.4% 15 7 White & Case 378 5 13 -8 GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA 24 EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . EUROPE HALF-YEAR EDITION . EUROPE H1 2015 saw total deal values reach US$454.1bn, which represents a decrease of 7.2% compared to H1 2014 when US$489.5bn worth of deals were recorded. The regions activity has kept a positive momentum from 2014 and generated a 26.4% share in global dealmaking activity, the same as for the whole year of 2014, indicating overall healthy deal flow on a global scale. The region’s strong H1 was strongly influenced by the UK, which despite elections and worries of a Brexit totalled deals of US$201.5bn reaching a very high 44.4% share in total European dealmaking the country’s largest semi-annual deal total on Mergermarket record. Domestic activity in Europe, although decreasing by 11.3% from US$330.6bn in H1 2014 to US$293.2bn in H1 2015, still demonstrated the second highest H1 post crisis. Inbound and outbound dealmaking was visibly contrary affected by the weaker Euro - deals targeting European companies increased while European firm acquisitions abroad fell with the Euro’s diminished purchasing power. Inbound activity grew by 1.2% from US$158.9bn to US$160.9bn, slightly exceeding H1 2014. This growth was driven by Europe’s traditionally largest investor, the US, but also marked very strong interest from Asia.

China continued its hunt for Europe-based acquisitions with the inbound deal value from the country up 28.7% from GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA Key Stats a record US$39.4bn-worth of investment, the highest for a H1 on Mergermarket record and already the highest annual value post-2007. The sector was driven by a surge of deals coming from Asia amounting to US$6.7bn, representing an increase of 1,111.6% compared to US$553m in H1 2014 and domestic activity, which reached very high levels of US$26.9bn, a 333.8% increase over H1 2014. US$10.8bn to US$13.9bn. This has been particularly evident in Southern Europe, where Chinese companies have invested in infrastructure projects, financial services and luxury goods.

Similarly, Japanese companies have ramped up their investment into the region with US$10.9bn-worth of deals, up by an astonishing 445% in total as they try to regain their position in the technology sector. Top sector Energy, Mining & Utilities saw 129 deals worth US$104.9bn, up 127.9% by value compared to 221 deals worth US$46.0bn in H1 ‘14 Top Financial Adviser Goldman Sachs ranked first with 66 deals worth US$267.2bn, compared to 62 deals worth US$226.1bn in H1 ‘14 Outbound acquisitions decreased by 33.1% from US$127.8bn to US$85.5bn, primarily because of a reduced level of investment into US companies. The US received a significantly lower amount of deals during the first half of 2015 compared to H1 2014 with 171 transactions worth US$68.1bn, a drop from 212 deals valued at US$87.7bn in the same period last year. Top Legal Adviser Freshfields Bruckhaus Deringer ranked first with 64 deals worth US$173.7bn, compared to 103 deals worth US$243.3bn in H1 ‘14 The Energy, Mining & Utilities sector was the most targeted in Europe, generating 128 deals valued at US$104.9bn and a strong 127.9% increase year-on-year compared to US$46bn in H1 2014. Aligned with global trends, the European Technology sector saw EUROPE 2,556 deals valued at US$454.1bn down 7.2% by value with 719 fewer deals compared to 3,275 deals worth US$489.5bn in H1 ‘14 26 MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL .

TREND GRAPHS EUROPE M&A TREND EUROPE PRIVATE EQUITY TREND 8,000 1,000 200 1,200 150 900 100 600 7,000 US$ 211.9bn 800 6,000 US$ 133.2bn Value (US$bn) US$ 167.0bn 4,000 US$ 112.0bn 400 US$ 152.2bn 200 US$ 147.9bn US$ 187.4bn US$ 184.4bn US$ 266.2bn US$ 198.4bn US$ 114.5bn US$ 127.5bn 3,000 US$ 312.0bn US$ 242.4bn US$ 171.9bn US$ 136.3bn US$ 177.5bn US$ 187.9bn 2,000 50 Q1 GLOBAL OVERVIEW 2011 Q2 NORTH AMERICA Q3 2012 Q4 C&S AMERICA 2013 2014 US$ 92.1bn US$ 112.2bn US$ 138.7bn US$ US$ 111.0bn US$ 94.8bn 94.4bn 300 US$ 84.5bn 1,000 US$ 68.5bn 0 YTD 2015 0 2010 Volume EUROPE US$ 96.3bn US$ 129.9bn US$ 55.3bn 0 0 2010 US$ 172.2bn Number of deals US$ 243.1bn US$ 158.3bn US$ 201.3bn Number of deals US$ 250.8bn 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 LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS COUNTRY BREAKDOWN AS A PROPORTION OF EUROPE TOTAL M&A VALUE EUROPE M&A SECTOR BREAKDOWN H1 2015 Energy, Mining & Utilities Value: US$104.9bn Number of deals: 129 Market share: 23.1% Pharma, Medical & Biotech Value: US$49.8bn Number of deals: 183 Market share: 11.0% United Kingdom US$201.5bn 567 deals 44.4% Telecommunications Value: US$47.5bn Number of deals: 37 Market share: 10.5% Benelux US$31.3bn 203 deals 6.9% Ireland (Republic) US$37.8bn 44 deals 8.3% France US$53.5bn 327 deals 11.8% Value (US$bn) Up/Down Value % change Domestic $293.2 Inbound $160.9 $85.5 Key Iberia US$20.3bn 147 deals 4.4% 42.3% GLOBAL OVERVIEW NORTH AMERICA 37.4% C&S AMERICA Region Value Volume Value market share Italy US$27.1bn 176 deals 6.0% 2.0% Outbound Consumer Value: US$47.4bn Number of deals: 407 Market share: 10.5% Germany US$27.1bn 327 deals 5.9% EUROPE Industrials & Chemicals Value: US$46.0bn Number of deals: 525 Market share: 10.1% 28 MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR H1 2015 Deal value US$81.2bn Deal value US$35.0bn Deal value US$19.0bn Deal value US$15.3bn Deal value US$15.3bn Deal value US$11.9bn Deal value US$8.8bn Deal value US$ 8.5bn Deal value US$7.4bn Deal value US$7.0bn Announced 08-Apr-15 Announced 24-Apr-15 Announced 05-Feb-15 Announced 24-Mar-15 Announced 15-Apr-15 Announced 24-Jun-15 Announced 23-Mar-15 Announced 19-Feb-15 Announced 02-Feb-15 Announced 13-Mar-15 Bidder company Royal Dutch Shell Plc Bidder company Mylan NV Bidder company BT Group plc Bidder company Nokia Oyj Bidder company Royal Ahold NV Bidder company CRH Plc Target company BG Group Plc Target company EE Limited Target company Alcatel-Lucent SA Target company Delhaize Group SA Bidder company Consortium led by ChemChina Bidder company Ball Corporation Target company Perrigo Company plc Bidder company Hutchison Whampoa Limited Target company Rexam Plc Dominant sector Energy, Mining & Utilities Dominant sector Pharma, Medical & Biotech Dominant sector TMT Dominant sector Consumer Target company Holcim Ltd and Lafarge SA (Certain assets) Bidder company Consortium led by Borealis Infrastructure Management Inc Seller company Orange SA; and Deutsche Telekom AG Dominant sector TMT GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE Target company Telefonica UK Limited Seller company Telefonica SA Target company Pirelli & C SpA Seller company Camfin SpA Dominant sector Industrials & Chemicals Dominant sector Industrials & Chemicals Dominant sector TMT Seller company Lafarge SA; and Holcim Ltd Dominant sector Construction Target company Fortum Distribution AB Seller company Fortum Oyj AB Dominant sector Energy, Mining & Utilities 29 MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 EUROPE FINANCIAL ADVISERS TOP 20 EUROPE FINANCIAL ADVISERS VALUE VOLUME Ranking H1 2015 H1 2015 H1 2014 Company Name Value (US$m) H1 2014 Deal count Value (US$m) Ranking % Val. Change H1 2015 H1 2015 H1 2014 H1 2014 Value (US$m) Company Name Deal count Deal count Deal count Change 1 1 Goldman Sachs 267,193 66 226,107 18.2% 1 1 PwC 12,924 105 142 -37 2 3 Bank of America Merrill Lynch 185,949 44 167,276 11.2% 2 3 Rothschild 60,113 99 101 -2 3 4 JPMorgan 168,873 56 154,767 9.1% 3 4 Deloitte 11,241 67 100 -33 4 2 Morgan Stanley 139,110 55 205,126 -32.2% 4 8 Goldman Sachs 267,193 66 62 4 5 70 Robey Warshaw 81,154 1 2,700 2,905.7% 5 2 KPMG 7,220 66 121 -55 6 9 Deutsche Bank 80,934 34 116,511 -30.5% 6 6 Lazard 65,627 57 79 -22 7 5 Citi 66,350 39 141,908 -53.2% 7 10 JPMorgan 168,873 56 55 1 8 6 Lazard 65,627 57 141,466 -53.6% 8 9 Morgan Stanley 139,110 55 60 -5 9 11 Rothschild 60,113 99 100,381 -40.1% 9 12 Bank of America Merrill Lynch 185,949 44 51 -7 10 13 Barclays 48,434 25 92,729 -47.8% 10 5 EY 1,693 43 94 -51 11 10 UBS Investment Bank 48,078 30 104,528 -54.0% 11 14 Citi 66,350 39 47 -8 12 12 Credit Suisse 44,128 22 97,909 -54.9% 12 11 Deutsche Bank 80,934 34 53 -19 13 16 HSBC 36,309 19 52,123 -30.3% 13 16 M&A International 387 31 41 -10 14 8 BNP Paribas 31,567 19 119,919 -73.7% 14 18 UBS Investment Bank 48,078 30 37 -7 15 15 Zaoui & Co 21,544 3 69,129 -68.8% 15 38 Global M&A Partners 282 29 17 12 16 64 Moelis & Company 21,323 11 2,900 635.3% 16 22 Lincoln International 1,284 28 29 -1 48,434 25 47 -22 690 24 32 -8 17 7 Perella Weinberg Partners 19,048 2 125,672 -84.8% 17 15 Barclays 18 45 Mediobanca 13,751 19 6,338 117.0% 18 20 Grant Thornton 19 19 Greenhill & Co 13,701 6 32,622 -58.0% 19 17 Credit Suisse 44,128 22 40 -18 20 27 PwC 12,924 105 14,778 -12.5% 20 40 Altium Capital 6,487 22 16 6 LEAGUE TABLES ABOUT MERRILL GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE 30 MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN CONTACT MERRILL . LEAGUE TABLES TOP 20 EUROPE LEGAL ADVISERS TOP 20 EUROPE LEGAL ADVISERS VALUE VOLUME Ranking H1 2015 H1 2015 H1 2014 Value (US$m) Company Name H1 2014 Deal count Value (US$m) Ranking % Val. Change H1 2015 H1 2015 H1 2014 Company Name Value (US$m) H1 2014 Deal count Deal count Deal count Change Freshfields Bruckhaus Deringer 173,691 64 243,305 -28.6% 1 6 Allen & Overy 140,192 99 94 5 Cravath, Swaine & Moore 143,511 12 5,933 2,318.9% 2 2 CMS 10,009 91 116 -25 99 63,762 119.9% 3 4 Linklaters 76,934 85 108 -23 32 92,108 30.0% 4 1 DLA Piper 3,832 83 136 -53 1 1 2 111 3 14 Allen & Overy 140,192 4 6 Slaughter and May 119,776 5 112 De Brauw Blackstone Westbroek 107,797 28 5,879 1,733.6% 5 3 Clifford Chance 56,657 78 111 -33 6 105 Pinheiro Neto Advogados 88,642 7 6,532 1,257% 6 5 Freshfields Bruckhaus Deringer 173,691 64 103 -39 7 84 King & Wood Mallesons 87,434 37 9,021 869.2% 7 7 White & Case 49,741 62 92 -30 8 80 Ashurst 86,777 36 10,135 756.2% 9 108 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 81,347 4 6,180 1,216.3% 10 3 Skadden Arps Slate Meagher & Flom 77,402 36 133,295 -41.9% 11 4 Linklaters 76,934 85 128,765 -40.3% 12 8 Wachtell, Lipton, Rosen & Katz 60,291 6 80,536 12 Latham & Watkins 59,810 53 69,307 11 Clifford Chance 56,657 78 78,059 15 40 Davis Polk & Wardwell 55,451 14 27,487 A&L Goodbody 55,318 12 49,150 20 White & Case 49,741 62 51,994 18 5 Sullivan & Cromwell 48,831 17 120,565 Arthur Cox 46,572 14 78,511 7 Simpson Thacher & Bartlett 40,950 12 88,439 NORTH AMERICA C&S AMERICA EUROPE Baker & McKenzie 30,688 50 88 -38 19 Squire Patton Boggs 1,345 43 41 2 13 Weil Gotshal & Manges 21,262 40 57 -17 12 Hogan Lovells International 4,190 39 62 -23 22 Loyens & Loeff 10,569 38 38 0 54 Taylor Wessing 3,926 38 25 13 11 King & Wood Mallesons 87,434 37 67 -30 17 26 Ashurst 86,777 36 34 2 23 Skadden Arps Slate Meagher & Flom 77,402 36 35 1 19 16 Eversheds 5,025 36 49 -13 20 -53.7% GLOBAL OVERVIEW 9 18 -40.7% 20 -27 16 -59.5% 10 -37 79 14 -4.3% 19 90 52 15 12.5% 17 53 9,839 13 101.7% 22 59,810 11 -27.4% 16 Latham & Watkins Jones Day 12 -13.7% 14 8 10 10 -25.1% 13 8 9 27 Bech-Bruun 1,163 33 34 -1 31 MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . MIDDLE EAST & AFRICA HALF-YEAR EDITION . MIDDLE EAST & AFRICA Deal activity targeting the Middle East and Africa has dropped year-on-year (YoY), with deal value decreasing 29.4% to US$18.9bn, the lowest H1 deal value since 2009. The main contributor to this decline is a drop in domestic activity, signalling a lack of confidence in home markets. Instead of focusing on domestic opportunities, companies have instead increased the search outside of their borders, reflected in a 47% increase in outbound deal value (US$20.9bn) compared to H1 2014, the highest H1 outbound deal value since 2011. Following strong domestic M&A activity during 2014 when the deal value reached its highest yearly total since 2007 (US$41.7bn), H1 2015’s domestic dealmaking fell by 52% to US$9.1bn, the lowest H1 deal value since 2009. Africa saw the sharpest decrease after a record 2014 (US$25.8bn), with the first six months of the year dropping 68.7% from H1 2014 to US$3.5bn, and accounting for 21 fewer deals.

Further highlighting the withdrawal in dealmaking, Africa’s domestic activity was driven almost solely by South Africa and Nigeria, accounting for 55.1% and 42% of the total, respectively. Instead, companies have turned their focus towards international acquisitions, with outbound activity driven by regional powerhouses South Africa, Israel and UAE. South Africa has led the search for acquisitions abroad, with US$6.6bn-worth of deals marking its highest H1 outbound deal since 2006. The UK received the lions share of this investment, with five transactions GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA valued at US$6bn accounting for 90.6% of South Africa’s total outbound deal value. The Energy, Mining & Utilities sector continues to be the anchor for deal activity in the region, with H1 deal value reaching US$8.0bn, which despite not reaching 2013’s record (US$11.5bn), showed an 84.5% increase in deal value YoY.

The surge in deal value can be explained as some companies come under pressure to sell assets in order to cut costs in the face of the fall in oil prices. Interest from investors outside of the region picked up in H1 with total inbound value amounting to US$9.8bn, a 26% increase from H1 2014, with deal activity led by the US (23 deals worth US$1.7bn) and China (seven deals worth US$1.3bn). The US was the most active acquirer in the region, driven by its search for new technology, with US$1.3bn worth of deals making up 75.9% of the US’s value targeting the region, up from 13 deals worth US$692m in H1 2014. EUROPE MIDDLE EAST & AFRICA Key Stats 179 deals valued at US$18.9bn down 29.4% by value with 50 fewer deals compared to 229 deals worth US$26.8bn in H1 ‘14 Moving forward into H2, activity within the Energy, Mining & Utilities sector will remain a key deal driver for M&A activity targeting the region. Following volatile and unstable oil prices seen at the end of 2014 and beginning of 2015 which dampened activity within the sector, Brent crude price has gained relative stability in Q2, with prices remaining between US$60-US$65 per barrel.

According to Mergermarket intelligence, this has resulted in an increase in assets coming to the market, as a number of players have embarked on portfolio management and optimisation efforts. Meanwhile, smaller companies in weakened financial positions as a result of low oil prices are looking to find strength through consolidation. Both factors are likely to boost M&A activity in H2. Top sector Energy, Mining & Utilities saw 29 deals worth US$8.0bn, up 84.5% by value compared to 27 deals worth US$4.4bn in H1 ‘14 Top Financial Adviser JP Morgan ranked first with 6 deals worth US$9.8bn, compared to 5 deals worth US$3.6bn in H1 ‘14 Top Legal Adviser Freshfields Bruckhaus Deringer ranked first with 8 deals worth US$7.0bn, compared to 10 deals worth US$4.9bn in H1 ‘14 33 ASIAPACIFIC JAPAN LEAGUE TABLES 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$ 9.1bn US$ 10.5bn US$ 21.6bn US$ 12.7bn US$ 8.8bn US$ 7.2bn US$ 8.8bn 100 2 US$ 10.1bn 0 Q1 GLOBAL OVERVIEW 2011 Q2 NORTH AMERICA Q3 2012 Q4 C&S AMERICA 2013 2014 US$ 4.8bn US$ 1.9bn US$ 1.5bn US$ 2.7bn US$ 3.7bn 10 US$ 2.0bn US$ 2.0bn 0 2010 Buyout value MIDDLE EAST & AFRICA US$ 4.1bn 20 0 YTD 2015 Volume EUROPE US$ 3.6bn US$ 1.9bn 0 2010 30 US$ 6.8bn US$ 19.8bn 10 US$ 11.4bn 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 LEAGUE TABLES 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 H1 2015 Energy, Mining & Utilities Value: US$8,017bn Number of deals: 29 Market share: 42.5% Israel US$4.8bn 40 deals 25.3% UAE US$6.4bn 13 deals 33.6% TMT Value: US$1,900bn Number of deals: 21 Market share: 10.1% Financial Services Value: US$1,590bn Number of deals: 23 Market share: 8.4% Construction Value: US$1,565bn Number of deals: 4 Market share: 8.3% Key Value (US$bn) Domestic Up/Down Value % change $9.1 Inbound $9.8 26.0% $20.9 South Africa US$3.2bn 65 deals 16.7% 52.0% Outbound 47.0% GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA Region Value Volume Value market share EUROPE MIDDLE EAST & AFRICA Pharma, Medical & Biotech Value: US$1,176bn Number of deals: 10 Market share: 6.2% 35 ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR H1 2015 Deal value US$2.7bn Deal value US$1.6bn Deal value US$1.1bn Deal value US$967.9m Deal value US$764.0m Deal value US$737.0m Deal value US$666.0m Deal value US$571.3m Deal value US$461.6m Deal value US$450.6m Announced 15-Jun-15 Announced 16-Feb-15 Announced 27-Apr-15 Announced 06-Jan-15 Announced 20-Mar-15 Announced 20-Mar-15 Announced 12-Mar-15 Announced 11-Feb-15 Announced 21-Jun-15 Announced 18-Jun-15 Bidder company Emirates National Oil Company Limited Bidder company OCI NV (Shareholders) Bidder company Inpex Corporation Bidder company Israel Corporation (Shareholders) Bidder company Sun International (South Africa) Limited Bidder company Eroton Exploration & Production Company Limited Bidder company GS Energy Corporation Bidder company Bezeq The Israeli Telecom Corp Ltd Bidder company Fosun International Ltd Bidder company XIO Group Target company Peermont Global Limited Target company Royal Dutch Shell (oil mining lease 18) (30% Stake) Target company ADCO Onshore Concession (3% Stake) Target company DBS Satellite Services (1998) Ltd (50.2% Stake) Target company The Phoenix Holdings Ltd (52.31% Stake) Seller company The Emirate of Abu Dhabi Seller company Eurocom Communications Ltd Seller company Delek Group Ltd Target company Dragon Oil Plc (46.1% Stake) Dominant sector Energy, Mining & Utilities Target company Orascom Construction Limited Seller company OCI NV Dominant sector Construction Target company ADCO Onshore Concession (5% Stake) Seller company Abu Dhabi National Oil Company Dominant sector Energy, Mining & Utilities Target company Kenon Holdings Ltd Seller company Israel Corporation Dominant sector Energy, Mining & Utilities Seller company Mineworkers Investment Company (Pty) Ltd and Peermont Global Limited (Creditors) Dominant sector Leisure GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA Seller company The Shell Petroleum Development Company of Nigeria Limited Dominant sector Energy, Mining & Utilities Dominant sector Energy, Mining & Utilities Dominant sector TMT Dominant sector Financial Services Target company Lumenis Ltd Seller company XT Investments and Viola Partners Dominant sector Pharma, Medical & Biotech 36 ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 MIDDLE EAST & AFRICA FINANCIAL ADVISERS TOP 20 MIDDLE EAST & AFRICA FINANCIAL ADVISERS VALUE VOLUME Ranking H1 2015 H1 2015 H1 2014 Company Name Value (US$m) H1 2014 Deal count Ranking Value (US$m) % Val. Change H1 2015 H1 2015 H1 2014 H1 2014 Value (US$m) Company Name Deal count Deal count Deal count Change 1 6 JPMorgan 9,828 6 3,588 173.9% 1 7 Standard Bank Group 5,257 11 7 4 2 2 Goldman Sachs 8,954 8 5,224 71.4% 2 5 Bank of America Merrill Lynch 8,207 9 8 1 3 4 Bank of America Merrill Lynch 8,207 9 4,479 83.2% 3 10 Citi 4,170 9 6 3 4 34 Morgan Stanley 5,932 8 370 1,503.2% 4 4 Goldman Sachs 8,954 8 8 0 5 - Nomura Holdings 5,862 3 - - 5 29 Morgan Stanley 5,932 8 2 6 6 7 Standard Bank Group 5,257 11 3,385 55.3% 6 2 Rand Merchant Bank 5,174 7 11 -4 7 18 Rand Merchant Bank 5,174 7 1,794 188.4% 7 17 HSBC 2,755 7 4 3 -6 8 19 Barclays 5,159 4 1,719 200.1% 8 1 Investec 1,211 7 13 9 5 Citi 4,170 9 4,093 1.9% 9 13 JPMorgan 9,828 6 5 1 10 44 PwC 3,378 5 224 1,408.0% 10 3 PwC 3,378 5 9 -4 11 - Altium Capital 3,241 2 - - 11 21 Standard Chartered 833 5 3 2 12 - Jamieson Corporate Finance 2,982 1 - - 12 11 Rothschild 561 5 6 -1 13 30 HSBC 2,755 7 500 451.0% 13 20 PSG Capital 324 5 4 1 14 - Davy Corporate Finance 2,655 1 - - 14 12 Barclays 5,159 4 6 -2 15 9 Deutsche Bank 2,087 4 3,299 -36.7% 15 22 Deutsche Bank 2,087 4 3 1 16 - BMO Capital Markets 1,637 3 - - 16 90 Lazard 1,371 4 1 3 17= 37 EFG-Hermes Holding 1,544 1 321 381.0% 17 63 Jefferies 961 4 1 3 17= - Rabobank 1,544 1 - - 18 - Nomura Holdings 5,862 3 - - 19 88 Lazard 1,371 4 10 13,610.0% 19 - BMO Capital Markets 1,637 3 - - 20 12 Investec 1,211 7 2,459 -50.8% 20 18 Java Capital 589 3 4 -1 GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA 37 ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 MIDDLE EAST & AFRICA LEGAL ADVISERS TOP 20 MIDDLE EAST & AFRICA LEGAL ADVISERS VALUE VOLUME Ranking H1 2015 H1 2015 H1 2014 Value (US$m) Company Name H1 2014 Deal count Value (US$m) Ranking % Val. Change H1 2015 H1 2015 H1 2014 Value (US$m) Company Name H1 2014 Deal count Deal count Deal count Change 1 3 Freshfields Bruckhaus Deringer 7,095 8 4,887 45.2% 1 5 Webber Wentzel 1,471 19 14 5 2 29 DLA Cliffe Dekker Hofmeyr 6,985 13 1,622 330.6% 2 6 Bowman Gilfillan Africa Group 1,372 17 13 4 3 13 Allen & Overy 6,045 13 2,602 132.3% 3 2 ENSafrica 1,806 14 18 -4 4 2 Linklaters 5,816 6 5,698 2.1% 4 1 DLA Cliffe Dekker Hofmeyr 6,985 13 24 -11 5 4 Clifford Chance 5,186 9 4,042 28.3% 5 4 Allen & Overy 6,045 13 16 -3 6 168 Cravath, Swaine & Moore 4,018 2 0 - 6 16 Yigal Arnon & Co. 1,129 12 7 5 7 25 Macfarlanes 3,752 2 1,682 123.1% 18 1,662 11 6 5 8 57 Goodwin Procter 3,603 2 429 739.9% Meitar Liquornik Geva Leshem Tal & Co. 9 1 White & Case 3,553 7 7,172 -50.5% 8 3 Clifford Chance 5,186 9 16 -7 10 64 Cooley 3,198 1 300 966.0% 9 11 Freshfields Bruckhaus Deringer 7,095 8 10 -2 11 173 Eversheds 3,042 2 0 - 10 8 DLA Piper 1,034 8 11 -3 12 - Maitland & Co 2,982 1 - - 11 12 Jones Day 922 8 9 -1 13 - Arthur Cox 2,655 1 - - 12 127 Naschitz Brandes & Co 444 8 1 7 14 - Mason Hayes & Curran 2,655 1 - - 13 15 Herzog, Fox and Neeman 398 8 7 1 15 90 Slaughter and May 2,565 4 128 1,903.9% 3,553 7 10 -3 16 17 ENSafrica 1,806 14 2,237 -19.3% 204 7 6 1 Shearman & Sterling 1,720 5 3,143 1,694 5 100 Zulficar & Partners 1,694 2 - 20 14 Meitar Liquornik Geva Leshem Tal & Co. 1,662 11 2,569 20= - Zaki Hashem & Partners 1544 1 - GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA Linklaters 5,816 6 10 -4 14 Baker & McKenzie 1,207 6 8 -2 13 Norton Rose Fulbright 1,090 6 9 -3 19 17 Shearman & Sterling 1,720 5 6 -1 20 - 19 10 18 -35.3% 8 104 White & Case Werksmans 17 - 17 18 9 19 16 1,594.0% - 14 15 -45.3% Skadden Arps Slate Meagher & Flom 7 53 Skadden Arps Slate Meagher & Flom 1,694 5 2 3 38 ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . ASIA-PACIFIC (excluding Japan) HALF-YEAR EDITION . ASIA-PACIFIC (excluding Japan) Dealmaking in Asia-Pacific (excl. Japan) has been keeping its pace throughout the first half-year of 2015. A total of 1,563 deals worth US$408.4bn were announced during this period. With 24 more deals compared to H1 2014, the deal value further boosted up by 42.2%. The tremendous value is a result of some restructuring of giant corporates.

Following the Hutchison-Cheung Kong merger announced in January, the US$34.8bn Cheung Kong Property spin-off was announced in May and listed on the Hong Kong Stock Exchange on the June 3rd. The combined value of these two deals occupies 18.5% of total deal value in AsiaPacific during their first half-year. In South Korea, the SK Holding-SK C&C merger and Samsung C&T-Cheil merger together contributed US$37.7bn towards the region’s total deal value, helping it rank as the second most targeted country with deals amounting to US$62.9bn. Including these mega restructuring deals, nine mega deals (>US$5bn) totaling US$148.5bn is the highest value on Mergermarket record for the first six months of any year. The average deal value was boosted up to US$261.3m, compared to US$186.6m in H1 2014. Outbound value increased 45.7% from last year’s figure (US$42.7bn) to US$62.2bn with a record high H1.

An ongoing expansion of CK-Hutchison Group towards Europe and GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA Key Stats The Technology sector has been largely active in H1 2015. A lot of consumer and industrial buyers are targeting technology companies in Asia, especially in China. China’s Technology transactions (US$27.5bn) rose by US$11.2bn, up 68.1% from H1 2014.

For the rest of 2015, the Technology sector is expected to remain prosperous. One of the drivers is taking private of NASDAQ-listed China-based tech companies. Huge valuation gaps and encouragement by Chinese government are providing a significant incentive for them to delist from the US and relist in China.

Qihoo 360 revealed delisting proposals in June while Phoenix New Media, Xunlei and Kong Zhong Corporation are amongst the next most likely candidates. North America is one of the major reasons of this uptrend. Deals with Husky Energy, Telefonica UK and Eversholt Rail together contributed US$20.4bn to the outbound value during H1 2015. In contrast, inbound values (US$45.6bn) during the same period slightly dropped by 5.1%. Greater China played a very major role in this jurisdiction in terms of total value and growth by value.

The proportion of Greater China in Asia-Pacific (excl. Japan) jumped up to 63.8% from 56.5% in H1 2014. In addition, Greater China transactions recorded an increase of US$98.3bn, which occupied 82.2% of the total growth in AsiaPacific (excl. Japan). The transaction value of most sectors have ascended in the last six months.

Alongside the gradual stabilization of oil prices after a slump, Energy, Mining & Utilities M&A rose by 78.6% year-on-year to US$69.9bn, and led the market with 17.1% share by value. The Consumer (US$60.4bn) and Real Estate (US$57.3bn) sectors were also strong with a 104.9% and 128.9% leap, respectively, contributed by two mega deals. EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC 1,563 deals valued at US$408.4bn up 42.2% by value with 24 more deals compared to 1,539 deals worth US$287.1bn in H1 ‘14 Top sector Energy, Mining & Utilities saw 134 deals worth US$69.9bn, up 78.6% by value compared to 171 deals worth US$39.1bn in H1 ‘14 Top Financial Adviser Goldman Sachs ranked first with 28 deals worth US$102.7bn, compared to 37 deals worth US$52.2bn in H1 ‘14 Top Legal Adviser Freshfields Bruckhaus Deringer ranked first with 19 deals worth US$120.2bn, compared to 20 deals worth US$76.4bn in H1 ‘14 40 JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS ASIA-PACIFIC M&A TREND ASIA-PACIFIC PRIVATE EQUITY TREND 600 3,500 3,000 60 2,500 US$ 162.4bn 500 70 50 400 350 300 US$ 131.1bn 1,500 US$ 116.8bn US$ 105.1bn US$ 92.7bn US$ 79.0bn US$ 81.2bn US$ 87.5bn US$ 66.7bn US$ 69.1bn 2012 2013 US$ 184.4bn 500 10 0 Q1 GLOBAL OVERVIEW Q2 NORTH AMERICA Q3 Q4 C&S AMERICA US$ 28.8bn US$ 20.3bn ASIAPACIFIC US$ 29.2bn US$ 27.6bn US$ 35.0bn 100 US$ 24.7bn US$ 18.8bn US$ 16.6bn 50 0 2010 Buyout value MIDDLE EAST & AFRICA US$ 42.7bn 0 YTD 2015 Volume EUROPE US$ 42.8bn 20 US$ 117.3bn 2014 200 30 US$ 31.1bn US$ 108.4bn US$ 82.5bn 2011 US$ 66.0bn 150 0 2010 40 US$ 169.8bn 1,000 US$ 72.2bn 100 2,000 US$ 85.1bn US$ 115.9bn 200 250 US$ 224.0bn Value (US$bn) 300 US$ 73.1bn US$ 140.3bn 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 LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS COUNTRY BREAKDOWN AS A PROPORTION OF ASIA-PACIFIC TOTAL M&A VALUE ASIA-PACIFIC M&A SECTOR BREAKDOWN H1 2015 Energy, Mining & Utilities Value: US$69.9bn Number of deals: 134 Market share: 17.1% Consumer Value: US$60.4bn Number of deals: 134 Market share: 14.8% China & Hong Kong US$257.5bn 810 deals 63.1% South Korea US$62.9bn 160 deals 15.4% Real Estate Value: US$57.3bn Number of deals: 53 Market share: 14.0% India US$18.4bn 167 deals 4.5% TMT Value: US$54.1bn Number of deals: 334 Market share: 13.2% South East Asia US$18.4bn 152 deals 4.5% Value (US$bn) Up/Down Value % change Domestic $362.8 Inbound $45.6 $62.2 Region Value Volume Value market share 5.1% Outbound Key Australia US$44.9bn 195 deals 11.0% 45.7% GLOBAL OVERVIEW NORTH AMERICA 51.8% C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC Industrials & Chemicals Value: US$36.7bn Number of deals: 326 Market share: 9.0% 42 JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR H1 2015 Deal value US$40.8bn Deal value US$34.9bn Deal value US$26.4bn Deal value US$11.3bn Deal value US$11.3bn Deal value US$6.3bn Deal value US$6.2bn Deal value US$5.9bn Deal value US$5.4bn Deal value US$4.7bn Announced 09-Jan-15 Announced 08-May-15 Announced 20-Apr-15 Announced 17-Mar-15 Announced 26-May-15 Announced 18-Feb-15 Announced 03-Feb-15 Announced 20-Jan-15 Announced 30-Jan-15 Announced 25-Mar-15 Bidder company Cheung Kong (Holdings) Limited Bidder company CK Hutchison Holdings Limited (Shareholders) Bidder company SK C&C Co Ltd Bidder company BHP Billiton Ltd (Shareholders) Bidder company Cheil Industries Inc (formerly known as Samsung Everland Inc.) Bidder company Japan Post Holdings Co Ltd Bidder company Federation Centres Bidder company CT Bright Holdings Target company Novion Property Group Target company CITIC Limited (Undisclosed stake) Bidder company Guangxi Guiguan Electric Power Co Ltd Bidder company Highlight China IoT International Limited Dominant sector Real Estate Dominant sector Other Target company Longtan Hydropower Development Co Ltd Target company Highlight Vision PRC Target company Hutchison Whampoa Limited (50.03% Stake) Dominant sector Consumer Target company Cheung Kong Property Holdings Limited Seller company Cheung Kong (Holdings) Limited Target company SK Holdings Co Ltd (68.18% Stake) Dominant sector Energy, Mining & Utilities Target company South32 Seller company BHP Billiton Ltd Dominant sector Energy, Mining & Utilities Target company Samsung C&T Corporation Dominant sector Other Target company Toll Holdings Limited Dominant sector Transportation Seller company Guangxi Investment Group Co Ltd; China Datang Corporation; Guizhou Industrial Investment (Group) Co Ltd Dominant sector Real Estate Seller company Unitech Enterprises Group Limited Dominant sector TMT Dominant sector Energy, Mining & Utilities GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC 43 JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 ASIA-PACIFIC FINANCIAL ADVISERS TOP 20 ASIA-PACIFIC FINANCIAL ADVISERS VALUE VOLUME Ranking H1 2015 H1 2015 H1 2014 Company Name Value (US$m) H1 2014 Deal count Value (US$m) Ranking % Val. Change H1 2015 H1 2015 H1 2014 Company Name Value (US$m) H1 2014 Deal count Deal count Deal count Change 1 2 Goldman Sachs 102,693 28 52,157 96.9% 1 1 PwC 33,292 50 64 -14 2 13 HSBC 94,552 11 17,246 448.3% 2 9 EY 2,602 30 30 0 3 - The Anglo Chinese Group 77,116 6 - - 3 4 Goldman Sachs 102,693 28 37 -9 4 3 Somerley 58,758 24 51,348 14.4% 4 3 Morgan Stanley 52,380 26 37 -11 5 1 Morgan Stanley 52,380 26 76,304 -31.4% 5 26 Somerley 58,758 24 10 14 6 11 UBS Investment Bank 52,136 20 23,636 121% 6 2 KPMG 14,666 23 55 -32 7 6 Citi 44,911 19 44,527 0.9% 7 7 Macquarie Group 18,752 21 30 -9 8 20 PwC 33,292 50 9,869 237.3% 8 22 Huatai United Securities 6,638 21 12 9 9 133 NH Investment & Securities 27,754 4 327 8,387.5% 9 10 UBS Investment Bank 52,136 20 27 -7 10 7 Bank of America Merrill Lynch 27,057 15 34,905 -22.5% 10 5 Citi 44,911 19 37 -18 11 60 Moelis & Company 24,714 10 1,533 1,512.1% 11 13 JPMorgan 18,779 19 22 -3 12 10 Deutsche Bank 22,163 16 25,439 -12.9% 12 6 Deloitte 1,096 19 36 -17 13 4 CITIC Securities 21,628 13 47,668 -54.6% 13 50 GF Securities 2,857 17 6 11 14 12 JPMorgan 18,779 19 20,681 -9.2% 14 12 Deutsche Bank 22,163 16 24 -8 15 15 Macquarie Group 18,752 21 14,672 27.8% 15 8 Rothschild 16,523 16 30 -14 16 33 Gresham Advisory Partners 17,793 5 4,048 339.6% 16 21 Southwest Securities Company 6,820 16 13 3 17 17 Rothschild 16,523 16 13,241 24.8% 17 14 Bank of America Merrill Lynch 27,057 15 20 -5 18 8 Credit Suisse 15,463 15 27,096 -42.9% 18 11 Credit Suisse 15,463 15 26 -11 19 9 Lazard 15,347 10 27,070 -43.3% 19 122 China Merchants Securities 2,432 15 2 13 20 14 KPMG 14,666 23 16,836 -12.9% 20 15 CITIC Securities 21,628 13 19 -6 GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC 44 JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 20 ASIA-PACIFIC LEGAL ADVISERS TOP 20 ASIA-PACIFIC LEGAL ADVISERS VALUE VOLUME Ranking H1 2015 H1 2015 H1 2014 Company Name Value (US$m) H1 2014 Deal count Value (US$m) Ranking % Val. Change H1 2015 H1 2015 H1 2014 Value (US$m) Company Name H1 2014 Deal count Deal count Deal count Change 1 1 Freshfields Bruckhaus Deringer 120,172 19 76,423 57.2% 1 1 King & Wood Mallesons 28,950 48 70 -22 2 5 Linklaters 99,518 24 27,397 263.2% 2 2 Herbert Smith Freehills 47,283 37 53 -16 3 97 Commerce and Finance Law Offices 77,382 6 1,473 5,153.4% 3 3 Kim & Chang 44,694 34 51 -17 4 84 Guantao Law Firm 76,235 3 1,932 3,845.9% 4 23 AZB & Partners 3,780 32 23 9 -18 5 - Woo Kwan Lee & Lo 75,608 2 - - 5 4 Baker & McKenzie 19,334 28 46 6 14 Skadden Arps Slate Meagher & Flom 51,498 23 14,598 253% 6 9 Grandall Law Firm 14,076 25 34 -9 7 7 Herbert Smith Freehills 47,283 37 25,863 82.8% 7 12 Allens 12,465 25 29 -4 8 6 Kim & Chang 44,694 34 26,723 67.2% 8 17 Linklaters 99,518 24 24 0 9 71 Stikeman Elliott 42,927 6 2,532 1,595.4% 9 22 Skadden Arps Slate Meagher & Flom 51,498 23 23 0 10 3 King & Wood Mallesons 28,950 48 38,738 -25.3% 10 15 Minter Ellison 11,085 23 25 -2 11 24 Bae Kim & Lee 28,565 22 9,674 195.3% 11 29 Bae Kim & Lee 28,565 22 19 3 12 16 Lee & Ko 20,157 19 11,628 73.3% 12 40 JunHe 12,122 21 15 6 13 21 Baker & McKenzie 19,334 28 10,201 89.5% 13 13 Allen & Overy 8,266 21 29 -8 14 22 Slaughter and May 17,217 6 10,043 71.4% 14 25 Shin & Kim 4,900 21 21 0 15 17 Cleary Gottlieb Steen & Hamilton 15,108 8 11,113 35.9% 15 6 Clifford Chance 14,802 20 37 -17 16 4 Clifford Chance 14,802 20 31,053 -52.3% 16 30 Yulchon 9,368 20 19 1 17 37 Grandall Law Firm 14,076 25 6,851 105.5% 17 43 Khaitan & Co 4,557 20 15 5 18 20 Ashurst 13,890 14 10,277 35.2% 18 10 DLA Piper 3,776 20 34 -14 19 13 Davis Polk & Wardwell 13,315 10 14,916 -10.7% 19 26 Freshfields Bruckhaus Deringer 120,172 19 20 -1 20 23 Kirkland & Ellis 13,059 13 9,889 32.1% 20 5 Lee & Ko 20,157 19 38 -19 GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC 45 JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . JAPAN HALF-YEAR EDITION . JAPAN Japan continues to strengthen its position abroad and move away from a stationary economy. Japanese outbound activity has already hit a three-year high in terms of deal value, reaching the second highest valued half-year on record. The value of Japan’s outbound M&A activity so far this year is valued at US$54.1bn, up 68.3% from the same period in 2014 (US$32.1bn), and surpassing 2014’s annual total of US$53.3bn. The Financial Services sector became the most targeted for outbound deals, accounting for 26.8% of total value. The 14 deals were valued at US$14.5bn, almost 1.5 times higher than the whole of 2014. The increase in value can be credited to the US$7.5bn acquisition of US-based HCC Insurance Holdings and the US$3.5bn acquisition of North American loan portfolio of Royal Bank of Scotland Group, both resulting in the US being the most targeted country for Japanese buyers. Even though the Japanese economy has been exhibiting a continuous period of modest recovery while the rest of the AsiaPacific region saw a boom in M&A and a high H1 value, Japan saw record lows. In the second lowest valued H1 on record, the 195 Japan targeted M&A deals announced in H1 2015 amounted to US$14.3bn, 15.8% down on the previous year (US$17bn). GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA The main reason for this is because foreign investors continue to steer away from Japanese firms as their confidence in its recovery still wanes.

Inbound M&A during H1 2015 was significantly low at US$1.6bn, down 52.8% from H1 last year (US$3.4bn) and with 15 less deal announcements. According to Mergermarket Intelligence, overseas investors have strong interest in Japan’s companies, but most of them are still in negotiation stage and it will take a period of time to see them materialize. Key Stats 195 deals valued at US$14.3bn down 15.8% by value compared to 195 deals worth US$17bn in H1 ‘14 in H1 2015 which hit a post-crisis low. This is because most of the larger portfolio companies were already exited by the majority of the private equity firms last year and partly because there have been more IPO exits, both in number and size, resulted by the recent rebound of the Japanese IPO market. Hence, many private equity firms are seeking new investments to replenish their portfolios. The largest deal so far this year, was the three-way merger between Japanbased Nomura Real Estate Master Fund’s proposals to Nomura Real Estate Office Fund and Nomura Real Estate Residential Fund, amounting to US$2.9bn and US$1.5bn, respectively. This boosted Real Estate activity so that it overtook Industrial & Chemicals to be the most active sector in H1 2015, accounting for a 32% market share by value with deals totaling US$4.5bn. Top sector Real Estate saw 5 deals worth US$4.5bn compared to 3 deals worth US$0.1bn in H1 ‘14 Top Financial Adviser Nomura Holdings ranked first with 45 deals worth US$21.4bn, compared to 25 deals worth US$6.5bn in H1 ‘14 Top Legal Adviser Mori Hamada & Matsumoto ranked first with 32 deals worth US$14.6bn, compared to 44 deals worth US$11.3bn in H1 ‘14 In terms of private equity activity, there was a large 84.1% drop in the value of exits EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN 47 LEAGUE TABLES 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$ 15.2bn US$ 12.3bn 2010 2011 GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA US$ 8.9bn 100 US$ 8.1bn US$ 6.2bn US$ 5.4bn 2013 2012 Q4 US$ 1.1bn 2014 US$ 6.1bn US$ 8.9bn YTD 2015 0 Q3 US$ 9.3bn US$ 5.0bn US$ 14.1bn Q2 US$ 11.2bn 5 US$ 13.9bn Q1 20 US$ 4.8bn US$ 17.2bn US$ 7.3bn 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$bn) 300 50 0 EUROPE US$ 4.0bn US$ 4.7bn US$ 5.3bn US$ 2.1bn US$ 3.2bn 0 0 2010 Buyout value ASIAPACIFIC US$ 5.0bn US$ 2.8bn Volume MIDDLE EAST & AFRICA 10 US$ 6.4bn JAPAN 2011 Exit value 2012 2013 Buyout volume 2014 YTD 2015 Exit Volume 48 LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS COUNTRY BREAKDOWN AS A PROPORTION OF JAPAN TOTAL M&A VALUE JAPAN M&A SECTOR BREAKDOWN H1 2014 Real Estate Value: US$4.5bn Number of deals: 5 Market share: 31.8% Financial Services Value: US$2.0bn Number of deals: 12 Market share: 13.7% Inbound US$1.6bn 52.8% Domestic US$12.7bn 6.4% Consumer Value: US$1.8bn Number of deals: 38 Market share: 12.6% Outbound US$54.1bn 68.3% Leisure Value: US$1.6bn Number of deals: 13 Market share: 11.1% Key Cross-border Value Value change GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN Industrials & Chemicals Value: US$1.2bn Number of deals: 42 Market share: 8.7% 49 LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . TREND GRAPHS TOP 10 ANNOUNCED DEALS FOR H1 2015 Deal value US$3.0bn Deal value US$1.5bn Deal value US$1.5bn Deal value US$672m Deal value US$420m Deal value US$374m Deal value US$332m Deal value US$280m Deal value US$275m Deal value US$266m Announced 27-May-15 Announced 27-May-15 Announced 27-Mar-15 Announced 28-Apr-15 Announced 13-Feb-15 Announced 12-May-5 Announced 31-Mar-15 Announced 23-Mar-15 Announced 21-Apr-015 Announced 13-May-15 Bidder company Nomura Real Estate Master Fund Inc Bidder company Nomura Real Estate Master Fund Inc Bidder company The Higo Bank Ltd Bidder company GungHo Online Entertainment Inc Bidder company Bain Capital LLC Bidder company Hyperion Pharma Co Ltd Bidder company Sumitomo Mitsui Trust Holdings Inc Bidder company Welcia Holdings Co Ltd Bidder company Heiwa Corporation Target company Nomura Real Estate Office Fund Target company Nomura Real Estate Residential Fund Inc Target company Citi Cards Japan Inc Dominant sector Real Estate Dominant sector Real Estate Target company Santen Pharmaceutical Co Ltd (anti-rheumatic pharmaceutical business) Bidder company Bain Capital LLC; and Masayuki Tsukawaki (Private Investor) Target company Japan Wind Development Co Ltd (79.16% Stake) Seller company Aeon Co Ltd Target company The Kagoshima Bank Dominant sector Financial Services Target company GungHo Online Entertainment Inc (16.4% Stake) Target company Ooedo-onsen Holdings Co Ltd Seller company SoftBank Corp Seller company Hiroshi Hashimoto and family (Private Investors) Dominant sector Leisure Dominant sector Leisure Seller company Santen Pharmaceutical Co Ltd Seller company Citi Dominant sector Financial Services Dominant sector Energy, Mining & Utilities Target company CFS Corporation Dominant sector Consumer Target company Pacific Golf Management KK (19.43% Stake) Dominant sector Leisure Dominant sector Pharma, Medical & Biotech GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN 50 LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 15 JAPAN FINANCIAL ADVISERS TOP 15 JAPAN FINANCIAL ADVISERS VALUE VOLUME Ranking H1 2015 H1 2015 H1 2014 Company Name Value (US$m) H1 2014 Deal count Ranking Value (US$m) % Val. Change H1 2015 H1 2015 H1 2014 Company Name Value (US$m) H1 2014 Deal count Deal count Deal count Change 1 5 Nomura Holdings 21,424 45 6,524 228.4% 1 2 Nomura Holdings 21,424 45 25 20 2 1 Morgan Stanley 13,200 15 28,031 -52.9% 2 3 Sumitomo Mitsui Financial Group 5,579 36 25 11 3 9 Mizuho Financial Group 11,370 25 4,591 147.7% 3 1 Mizuho Financial Group 11,370 25 26 -1 4 64 Bank of America Merrill Lynch 11,292 8 - - 4 8 Daiwa Securities Group 3,363 18 11 7 13,200 15 14 1 760 15 12 3 4,226 11 15 -4 5 25 Lazard 10,619 5 320 3,218.4% 5 6 Morgan Stanley 6 4 Goldman Sachs 10,499 8 13,364 -21.4% 6 7 PwC 7= - CITIC Securities 10,357 2 - - 7 5 Deloitte 7= - Somerley 10,357 2 - - 8 13 Frontier Management 188 10 6 4 9 18 Deutsche Bank 9,806 4 895 995.6% 9 64 Bank of America Merrill Lynch 11,292 8 1 7 10 2 Credit Suisse 9,134 6 16,393 -44.3% 10 9 Goldman Sachs 10,499 8 10 -2 11 13 Evercore Partners 7,854 3 3,967 98.0% 11 4 KPMG 366 8 17 -9 12 - Gresham Advisory Partners 6,283 1 - - 12 10 GCA Savvian 1,127 7 10 -3 13 8 Sumitomo Mitsui Financial Group 5,579 36 5,928 -5.9% 13 14 Credit Suisse 9,134 6 5 1 14 7 Citi 5,043 5 6,117 -17.6% 14 16 Lazard 10,619 5 4 1 15 31 UBS Investment Bank 4,314 3 205 2,004.4% 15 18 Citi 5,043 5 3 2 GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN 51 LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL . LEAGUE TABLES TOP 15 JAPAN LEGAL ADVISERS TOP 15 JAPAN LEGAL ADVISERS VALUE VOLUME Ranking H1 2015 H1 2015 H1 2014 H1 2014 Value (US$m) Company Name Deal count Value (US$m) Ranking % Val. Change H1 2015 H1 2015 H1 2014 Value (US$m) Company Name H1 2014 Deal count Deal count Deal count Change 1 6 Mori Hamada & Matsumoto 14,579 32 11,312 28.9% 1 1 Mori Hamada & Matsumoto 14,579 32 44 -12 2 18 Freshfields Bruckhaus Deringer 13,263 6 3,426 287.1% 2 2 Nishimura & Asahi 11,044 29 27 2 6,329 17 20 -3 485 13 8 5 3 1 Nishimura & Asahi 11,044 29 27,645 -60.1% 3 3 Nagashima Ohno & Tsunematsu 4 20 Sullivan & Cromwell 8,850 6 2,835 212.2% 4 7 Oh-Ebashi LPC & Partners 5 36 Skadden Arps Slate Meagher & Flom 8,706 5 557 1,463.0% 5 10 Morrison & Foerster 4,756 11 6 5 6 40 Simpson Thacher & Bartlett 8,613 2 515 1,572.4% 6 5 Anderson Mori & Tomotsune 1,736 11 11 0 7 10 Debevoise & Plimpton 8,472 4 5,708 48.4% 7 4 Baker & McKenzie 1,066 9 12 -3 8 9 Willkie Farr & Gallagher 7,460 1 5,708 31% 8 11 TMI Associates 2,446 7 6 1 9 28 Ashurst 6,781 4 966 602.0% 9 9 Freshfields Bruckhaus Deringer 13,263 6 7 -1 10 52 Herbert Smith Freehills 6,743 5 305 2,110.8% 10 20 Sullivan & Cromwell 8,850 6 3 3 11 21 Nagashima Ohno & Tsunematsu 6,329 17 2,702 134.2% 11 16 Linklaters 3,890 6 4 2 12= - Clayton Utz 6,283 1 - - 12 30 Skadden Arps Slate Meagher & Flom 8,706 5 2 3 12= - Simpson Grierson 6,283 1 - - 13 37 Herbert Smith Freehills 6,743 5 2 3 14 3 Sidley Austin 5,464 3 16,437 -66.8% 14 - City-Yuwa Partners 4,738 5 - - 15 29 Morrison & Foerster 4,756 11 927 413.1% 15 14 Allen & Overy 1,318 5 5 0 LEAGUE TABLES ABOUT MERRILL GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN 52 CONTACT MERRILL . LEAGUE TABLES CLICK HERE TO ACCESS ALL REGIONAL LA AND FA LEAGUE TABLES HALF-YEAR EDITION . #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 Mike Hinchliffe Alex Gross Luis Felipe Salles Cunha Scott Rediker Hillary Pryor Ed Bifulk Regional Director, Europe Tel: +44 (0) 207 422 6256 Regional Director, Brazil Tel: +55 11 3568 2429 Regional Director, Mid Atlantic Tel: +1 443 690 3122 President Tel: +1 212 229 6563 Regional Director, Eastern Europe & Middle East Tel: +49 69 7593 7148 Regional Director, Mid Atlantic Tel: +1 212 367 5924 Bryan Brighton Brian Gilbreath Forrest R. Doane EXECUTIVE SALES Regional Director, Europe Tel: +44 (0) 207 422 6212 Vice President, Midwest & Latin America Tel: +1 404 934 8085 Regional Director, New York Tel: +1 212 229 6620 Chris Beckmann Regional Director, Germany, Switzerland & Poland Tel: +49 69 244 321 480 Adam Pang Regional Director, Europe Tel: +44 (0) 207 422 6268 Alvaro Ortega Regional Director, Southern Europe Tel: +39 27 6362314 Tel: +34 91 7691022 Desmond Chua Martin Alamri Merlin J. Piscitelli Regional Director, Germany Tel: +49 69 244 321 471 Regional Director, Europe Tel: +44 (0) 207 422 6266 Jérôme Pottier Mary Walsh Regional Director, France, Luxembourg & Switzerland Tel: +33 1 40 06 13 12 Regional Director, Europe Tel: +44 (0) 207 422 6270 Regional Director, South East Asia, Australia & New Zealand Tel: +65 6653 1666 Chhin Lee Jonathan Hughes Paul Victoor Regional Director, France Tel: +33 1 40 06 13 02 Regional Director, Asia-Pacific Tel: +852 5686 5803 Regional Director, Europe Tel: +44 (0) 207 422 6267 Hakema El-Hadad Regional Director, France & Northern Africa Tel: +33 1 40 06 13 10 Account Manager, Nordics & UK Tel: +44 (0) 207 422 6271 Nertila Asani Sean Dainty Regional Director, UK Tel: +44 (0) 787157 61142 GLOBAL OVERVIEW NORTH AMERICA Account Manager, UK & Africa Tel: +44 (0) 207 422 6272 C&S AMERICA EUROPE Regional Director, Mexico, Columbia & Caribbean Tel: +52 55 9171 2237 Ana Paula Macêdo Távora de Castro Vice President, South America Tel: +55 11 9908 0858 MIDDLE EAST & AFRICA ASIAPACIFIC Regional Director, Southeast Tel: +1 404 602 3251 Bill Polese Regional Director, New York +1 212 229 6612 Hank Gregory SVP, Western Canada & Pacific Northwest Tel: + 604 603 4360 Colin Schopbach Regional Director, Southeast Tel: +1 404 796 1478 John McElrone Regional Director, New York Tel: +1 212 229 6656 Todd Cave Northern California, Pacific Northwest & Western Canada Tel: +1 651 632 4369 Manuel Bentosinos Laura Smith Paul Kleinkauf Joseph Solano Regional Director, Ohio & Michigan Tel: +1 216 333 1274 Regional Director, New York Tel: +1 212 229 6576 Scott Haugen Ryan MacMillan Regional Director, Canada Tel: +1 416 214 2448 Michail Sidorov Meiken Castillo Regional Director, New York Tel: +1 212 229 6879 Michael Kennedy Regional Director, Minnesota & Wisconsin Tel: +1 651 632 4375 Anthony Crosby Regional Director, New England Tel: +1 207 829 4369 Dana Fennessey Carla Rainho Steve Piccone Regional Director, Boston Tel: +1 617 535 1647 Vice President, New York Tel: +1 212 229 6883 Regional Director, New York Tel: +1 212 229 6681 Regional Director, Chicago Tel: +1 312 674 6511 Mark Plaehn JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL Regional Director, Chicago Tel: +1 312 674 6527 56 . MERRILL CORPORATION CONTACTS Kelly-Leigh Keefe Aleshia Hlivka Regional Director, Chicago Tel: +1 312 386 2229 Account Executive, California Tel: +1 651 632 4967 Ted Sengpiel Regional Director, Missouri, Kansas, Nebraska & Iowa Tel: +1 314 315 2909 Nicholas Renter Regional Director, Texas Tel: +1 214 754 2100 Angela Pedersen Account Executive, Greater Texas Region Tel: + 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 Dan Phelan Regional Director, Los Angeles Tel: +1 213 253 2139 GLOBAL OVERVIEW NORTH AMERICA C&S AMERICA EUROPE MIDDLE EAST & AFRICA ASIAPACIFIC JAPAN LEAGUE TABLES ABOUT MERRILL CONTACT MERRILL 57 . 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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 Q  1 2015 refers to the period 01-Jan-15 to 30-Mar-15. Q2 2015 refers to the period 30-Mar-15 to 30-Jun-15. H1 2015 refers to the period 01-Jan-15 to 30-Jun-15. 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. .