EMERGING M ARKETS MARKETS M&A R EVIEW REVIEW

Transcription

1 EMERGING MARKETS M&A REVIEW s Full Year 2012

2 Emerging Markets M&A Rises 9% ACCOUNT FOR 28% OF M&A Energy and Power Most Active Sector Full Year 2012 Mergers & Acquisitions s Emerging Markets M&A Emerging Markets Deals Intelligence Top 10 Targeted Emerging Market Nations US$ bil The total value of announced M&A activity in the Emerging Markets reached US$723 billion in 2012, a 9% increase compared to Fourth quarter deal value totaled US$254.4 billion, up 69.4% from the third quarter. China Russian Federation $106.5 $157.4 Chinese and Russian targets drove M&A activity in Emerging Markets, with 3,420 transactions worth US$157.4 billion and 2,169 deals worth US$106.5 billion respectively. Brazil followed, accumulating US$57.0 billion over 720 transactions. Energy and Power dominated Emerging Market activity during 2012, accounting for 24.2% of all M&A volumes, and accumlating US$174.9 billion in deal activity. Materials placed second, with US$99.1 billion. Brazil Mexico India Malaysia $32.9 $27.6 $22.0 $57.0 took the top spot in the Emerging Markets for 2012, with US$117.9 billion in announced deals. and Cleary Gottlieb Steen & Hamilton took the second and third spots, respectively. Turkey Indonesia $18.1 $16.9 Average EBITDA multiples across the Emerging Markets decreased to 11x for the year, ranging from 6.5x in South Africa to 14.9x in India. Bid premia (to 4 weeks prior stock price) averaged 27.6%. Chinese targets earned the largest average premium paid, at 32.9%. Chile South Africa $14.4 $12.0 Emerging Market Announced M&A Rank Value (US$b) $900 Q4 Volume (US$b) 23.4% 2 $800 Q3 Volume (US$b) $700 Q2 Volume (US$b) Q1 Volume (US$b) 19.1% 19.6% 18.1% 20% $600 EM % of Global (YTD) 16.0% Rank Value (US$b) $500 $ % 9.4% 10.0% 9.4% 13.2% 1 10% $ $200 $100 $ % 1

3 Full Year 2012 Mergers & Acquisitions s Emerging Markets M&A Exit Multiple Matrix Year to Date Average Rank Value / EBITDA 2012 UP 2012 DOWN 2011 Emerging Markets BRIC Latin America Middle East & North South Africa Eastern Europe Asia Pacific China India Africa Emerging Mkts Consumer Products and Services 10.1x 9.5x 12.7x 9.7x 27.1x 7.3x 1.5x 5.1x 7.2x 7.2x 11.6x 10.8x 8.8x 14.5x 7.5x 9.0x 9.9x Consumer Staples 11.3x 11.3x 12.6x 11.9x 10.5x 9.6x 9.4x 13.2x 13.3x 9.5x 11.5x 11.8x 9.4x 13.6x 16.9x Energy and Power 11.4x 10.3x 11.0x 10.9x 9.6x 10.5x 16.7x 7.6x 4.2x 11.7x 13.9x 13.4x 9.6x 20.1x 10.4x 13.9x Healthcare 17.6x 11.6x 19.7x 15.6x 13.0x 31.0x 11.6x 8.3x 8.8x 7.4x 17.4x 11.9x 19.2x 18.5x 21.8x High Technology 9.3x 10.7x 11.0x 10.8x 15.9x 10.0x 7.6x 10.6x 6.6x 9.8x 10.8x 10.7x 12.7x Industrials 9.9x 11.3x 12.4x Materials 9.6x 12.0x 11.1x Media and Entertainment Real Estate 17.0x 16.4x 20.0x Retail 10.7x 12.5x 9.1x Telecommunications 6.5x 12.6x 7.3x Average 11.0x 11.5x 12.7x 12.3x 16.5x 11.6x 12.2x 17.9x 5.6x 7.9x 7.3x 7.9x 10.3x 12.3x 11.1x 10.6x 13.1x 10.7x 15.1x 8.0x 12.5x 11.6x 11.3x 11.9x 14.3x 15.6x 10.4x 6.6x 6.6x 11.4x 13.0x 8.4x 23.3x 5.7x 9.0x 6.3x 11.0x 15.6x 11.4x 11.6x 14.5x 14.2x 11.6x 9.4x 14.1x 10.6x 11.3x 21.0x 24.2x 22.2x 40.9x 14.1x 21.9x 6.6x 10.1x 16.5x 12.3x 19.2x 6.0x 26.0x 24.0x 14.5x 13.0x 11.3x 9.4x 8.7x 6.9x 9.6x 5.7x 12.8x 10.6x 12.3x 11.0x 16.3x 2.9x 11.9x 12.5x 6.5x 10.1x 2.5x 5.2x 8.4x 12.2x 5.1x 9.4x 12.6x 13.7x 8.8x 15.7x 13.7x 8.1x 8.3x 10.2x 12.1x 15.8x 7.0x 11.6x 13.2x 15.5x 12.5x 14.9x 22.4x 8.1x 12.0x 9.5x 4.3x 23.2x 14.0x Bid Premium Matrix Year to Date Average Premium to 4 Week Stock Price 2012 UP 2012 DOWN 2011 Emerging Markets BRIC Latin America Middle East & North Africa South Africa Eastern Europe Asia Pacific Emerging Mkts Consumer Products and Services Consumer Staples Energy and Power Financials Healthcare High Technology 61.2 China Industrials India Materials Media and Entertainment Real Estate Retail Telecommunications Average *Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. The data given refers to the time period 01/01/ /31/2012. The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%. All spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. 2

4 Full Year 2012 Mergers & Acquisitions s Emerging Market M&A Any Emerging Market Involvement Announced Any Emerging Market Involvement Completed Rank Value Market Market , , , Freshfields Bruckhaus Deringer , Cleary Gottlieb Steen & Hamilton , * , Freshfields Bruckhaus Deringer , White & Case LLP , Cravath, Swaine & Moore , * 0.3 Sullivan & Cromwell , * Mattos Filho Veiga Filho Marrey Jr , Pinheiro Neto Advogados , * Sullivan & Cromwell , * , White & Case LLP , Baker & McKenzie , Shearman & Sterling LLP , Allen & Overy , , Simpson Thacher & Bartlett , * , Mattos Filho Veiga Filho Marrey Jr , Blake Cassels & Graydon , * , * 0.3 Allen & Overy , Shearman & Sterling LLP , Slaughter & May , * 0.1 Cleary Gottlieb Steen & Hamilton , * Baker & McKenzie , Machado Meyer Sendacz & Opice , * Paul, Weiss , * 0.2 Norton Rose , Davis Polk & Wardwell , * Jones Day , * Burnet Duckworth & Palmer , * 0.0 Lefosse Advogados , * Osler Hoskin & Harcourt LLP , * 0.3 Barbosa Mussnich & Aragao , * 0.4 Simpson Thacher & Bartlett , * Souza, Cescon, Barrieu & Flesch Advog , * WongPartnership LLP , * 0.2 Paul, Weiss , Greenberg Traurig , * Fangda Partners , * 0.3 Alston & Bird , * 0.0 Jingtian & Gongcheng , * Creel, Garcia Cuella, Aiza y Enriquez 24 20, * 0.0 Latham & Watkins , * Stikeman Elliott , * King & Wood Mallesons , * , , , ,623 Industry % Change from Same Period Last Year 9.1% 12.0% Industry % Change from Same Period Last Year 25.1% 69.4% 4.3% 31.3% 15.0% 0.2% Emerging Markets Involvement Announced M&A by Target Industry ($bil) 3% 3% 24% $175 Energy and Power Materials Financials 9% 11% 12% $ % $99.1 Industrials Consumer Staples Telecommunications Real Estate High Technology Healthcare Media and Entertainment Consumer Products and Services Retail Any Emerging Market Involvement Announced Top Deals 10/22/2012 Pending TNKBP Ltd NK Rosneft' 10/22/2012 Pending TNKBP Ltd NK Rosneft' 6/29/2012 Pending Grupo Modelo SAB de CV AnheuserBusch Inbev 8/22/2012 Pending China Telecom Corp3G Assets China Telecom Corp Ltd 7/23/2012 Pending Nexen Inc CNOOC Canada Holding Ltd 12/5/2012 Pending Ping An Insurance(Group)Co Investor Group 9/13/2012 Pending Fraser & Neave Ltd TCC Assets Ltd 5/20/2012 9/18/2012 Alibaba Group Holding Ltd Alibaba Group Holding Ltd 2/7/ /18/2012 Redecard SA Banestado Participacoes 6/28/ /12/2012 Progress Energy Resources Corp Petronas Carigali Canada Ltd 3 / Target Nation Russian Fed / Russian Fed 28,000.0 Russian Fed / Russian Fed 26,469.2 Belgium / Mexico 20,093.4 China / China 18,047.3 Canada / Canada 17,665.6 Thailand / China 9,385.9 British Virgin / Singapore 9,219.3 China / China 7,100.0 Brazil / Brazil 6,821.7 Canada / Canada 5,865.5 Consumer Staples / Food and Beverage Financials / Insurance Consumer Staples / Food and Beverage Consumer Products and Services / Professional Services High Technology / Computers & Peripherals

5 Full Year 2012 Mergers & Acquisitions s BRIC M&A Any BRIC Involvement Announced Any BRIC Involvement Completed Rank Value Market Market , , * , Freshfields Bruckhaus Deringer , * 0.8 Cleary Gottlieb Steen & Hamilton , * , Mattos Filho Veiga Filho Marrey Jr , Pinheiro Neto Advogados , * Cravath, Swaine & Moore , * 0.1 Mattos Filho Veiga Filho Marrey Jr , Shearman & Sterling LLP , * Sullivan & Cromwell , * 0.2 Freshfields Bruckhaus Deringer , * White & Case LLP , White & Case LLP , * Simpson Thacher & Bartlett , * , * Machado Meyer Sendacz & Opice , Sullivan & Cromwell , * 0.1 Lefosse Advogados , * Paul, Weiss , * , * 0.2 Davis Polk & Wardwell , * Shearman & Sterling LLP , * 0.4 Burnet Duckworth & Palmer 13 19, * 0.0 Barbosa Mussnich & Aragao , * 0.8 Blake Cassels & Graydon , * , * Stikeman Elliott , * Souza, Cescon, Barrieu & Flesch Advog , * Morrison & Foerster , * Fangda Partners , * 0.6 Simpson Thacher & Bartlett , * 0.2 Jingtian & Gongcheng , * Richard A Shaw Professional Corp 18* 17, * 0.0 Latham & Watkins , * Osler Hoskin & Harcourt LLP 18* , * 0.1 Jones Day , * Lefosse Advogados , Paul, Weiss , * 0.3 Souza, Cescon, Barrieu & Flesch Advog , * King & Wood Mallesons , * 0.6 Fangda Partners , * Vinson & Elkins LLP , * Pinheiro Neto Advogados , * O'Melveny & Myers , * Amarchand Mangaldas , Cleary Gottlieb Steen & Hamilton , Latham & Watkins , Fenwick & West LLP 25* 7, * , ,967 Munger Tolles & Olson 25* 7, * 0.0 Wachtell Lipton Rosen & Katz 25* 90 7, * 0.2 Industry % Change from Same Period Last Year 77.8% 13.8% 264, , % 4.4% Industry % Change from Same Period Last Year 24.6% 16.4% 36.3% 2.4% Any BRIC Involvement Announced M&A by Target Industry ($bil) 8% 9% 11% $ % $ $66.1 Energy and Power Materials Industrials Financials Telecommunications Real Estate High Technology Consumer Staples Healthcare Consumer Products and Services Media and Entertainment Retail Any BRIC Involvement Announced Top Deals / Target Nation 10/22/2012 Pending TNKBP Ltd (50%) NK Rosneft' Russian Fed / Russian Fed 28, /22/2012 Pending TNKBP Ltd (50%) NK Rosneft' Russian Fed / Russian Fed 26, /22/2012 Pending China Telecom Corp3G Assets (100%) China Telecom Corp Ltd China / China 18, /23/2012 Pending Nexen Inc (100%) CNOOC Canada Holding Ltd Canada / Canada 17, /5/2012 Pending Ping An Insurance(Group)Co (15.6%) Investor Group Thailand / China 9,385.9 Financials / Insurance 5/20/2012 9/18/2012 Alibaba Group Holding Ltd (20%) Alibaba Group Holding Ltd China / China 7,100.0 Consumer Products and Services / Professional Services 2/7/ /18/2012 Redecard SA (49.98%) Banestado Participacoes Brazil / Brazil 6,821.7 High Technology / Computers & Peripherals 4/24/2012 4/24/2012 MegaFon (25.1%) Investor Group Cyprus / Russian Fed 5, /26/2012 Pending NCOC BV (8.4%) ONGC Videsh Ltd India / Kazakhstan 5, /22/2012 Pending NK Rosneft' (5.) BP PLC United Kingdom / Russian Fed 4,

6 Full Year 2012 Mergers & Acquisitions s Latin American M&A Any Latin American Involvement Announced (AE35) Any Latin American Involvement Completed (AG36) Rank Value Market Market , * Pinheiro Neto Advogados , * Sullivan & Cromwell , * Mattos Filho Veiga Filho Marrey Jr , , * Sullivan & Cromwell , * Freshfields Bruckhaus Deringer , * Simpson Thacher & Bartlett , * 0.7 Cravath, Swaine & Moore , * Machado Meyer Sendacz & Opice , * Blake Cassels & Graydon , * Lefosse Advogados , Alston & Bird 7 95* 20, * 0.1 Shearman & Sterling LLP , * Slaughter & May 8 20, * , * 1.0 Creel, Garcia Cuella, Aiza y Enriquez 9* 20, * 0.1 Barbosa Mussnich & Aragao , Greenberg Traurig 9* 118* 20, * 0.3 Souza, Cescon, Barrieu & Flesch Advog , Mattos Filho Veiga Filho Marrey Jr , , Lefosse Advogados , , * Shearman & Sterling LLP , * 0.6 Jones Day , Souza, Cescon, Barrieu & Flesch Advog , Cleary Gottlieb Steen & Hamilton , * Jones Day , Cariola y Cia Abogados 15* 6, * 0.1 Simpson Thacher & Bartlett , * 0.5 Claro y Cia 15* 6, * 0.1 Pinheiro Neto Advogados , Uria Menendez * 6, * , Freshfields Bruckhaus Deringer , * 0.5 White & Case LLP , Vinson & Elkins LLP , * Allen & Overy , * Debevoise & Plimpton , * 0.3 Debevoise & Plimpton , * 0.3 Tozzini Freire Teixeira e Silva , Uria Menendez 22 45* 5, * White & Case LLP , * 0.8 Machado Meyer Sendacz & Opice , Baker & McKenzie , * Baker & McKenzie , * Levy & Salomao Advogados , * 0.5 Cleary Gottlieb Steen & Hamilton , * Bredin Prat 25* 2, * , ,880 De Brauw Blackstone Westbroek 25* 80* 2, * Allen & Overy 25* 4 2, * Industry % Change from Same Period Last Year 3.6% 8.3% 112, , % 2.9% Industry % Change from Same Period Last Year 25.0% 9.8% 117.6% 7.3% Latin American Involvement Announced M&A by Target Industry ($bil) 10% 4% 4% 4% 3% 1% 13% 19% $ % $ % $27.1 Consumer Staples Materials Energy and Power Industrials Financials High Technology Retail Healthcare Telecommunications Real Estate Consumer Products and Services Media and Entertainment Any Latin American Involvement Announced (AE35) Top Deals 6/29/2012 Pending Grupo Modelo SAB de CV (49.) 2/7/ /18/2012 Redecard SA (49.98%) 2/6/2012 Pending InfraeroGuarulhos Concession (51%) 3/30/2012 6/19/2012 CIMPOR Cimentos de Portugal (40.34%) 5/8/2012 Pending Koninklijke KPN NV (22.) 10/8/ /26/2012 JPLSPE Empreendimentos (85.) 10/18/ /30/2012 Carrefour Colombia (100%) 11/12/2012 Pending Consorcio Comex SA de CV (100%) 3/26/2012 4/24/2012 Centennial Asset Brazilian (5.63%) 8/22/2012 8/23/2012 Anglo American Sur SA (24.) AnheuserBusch Inbev Banestado Participacoes Undisclosed SPV InterCement Austria Holding AMOV Europa BV UnitedHealth Group Inc Easy Colombia SA SherwinWilliams Co Mubadala Development Co PJSC Inversiones Mineras Acrux SpA / Target Nation Belgium / Mexico Brazil / Brazil Brazil / Brazil Austria / Portugal Netherlands / Netherlands United States / Brazil Colombia / Colombia United States / Mexico Utd Arab Em / Brazil Chile / Chile 20, , , , , , , , , ,800.0 Consumer Staples / Food and Beverage High Technology / Computers & Peripherals Industrials / Transportation & Infrastructure Materials / Construction Materials Telecommunications / Telecommunications Services Healthcare / Healthcare Providers & Services (HMOs) Retail / Other Retailing Materials / Chemicals 5

7 Full Year 2012 Mergers & Acquisitions s Brazilian M&A Any Brazilian Involvement Announced (AE37) Any Brazilian Involvement Completed (AG38) Rank Value Market Market Lefosse Advogados , Pinheiro Neto Advogados , * Mattos Filho Veiga Filho Marrey Jr , Mattos Filho Veiga Filho Marrey Jr , Souza, Cescon, Barrieu & Flesch Advog , Sullivan & Cromwell , Pinheiro Neto Advogados , Simpson Thacher & Bartlett 4 49* 13, * 0.7 Shearman & Sterling LLP , Machado Meyer Sendacz & Opice , , * Lefosse Advogados , Simpson Thacher & Bartlett , * , Jones Day , * 0.9 Barbosa Mussnich & Aragao , * 6.3 Sullivan & Cromwell 9 9 6, * 0.6 Souza, Cescon, Barrieu & Flesch , , Shearman & Sterling LLP , * 0.9 Uria Menendez 11 77* 5, * , Machado Meyer Sendacz & Opice , Jones Day , * 0.9 Freshfields Bruckhaus Deringer 13 34* 3, * , * Barbosa Mussnich & Aragao , Cariola y Cia Abogados 14* 6, * 0.2 Davis Polk & Wardwell , * Claro y Cia 14* 6, * 0.2 White & Case LLP , * 0.6 Uria Menendez 16 73* 4, * 0.9 Vieira, Rezende, Barbosa E Guerreiro A 17 1, * 0.4 Vinson & Elkins LLP 17 23* 4, * Tozzini Freire Teixeira e Silva , Freshfields Bruckhaus Deringer 18 16* 4, * 0.5 Hogan Lovells 19 1, * 0.1 Tozzini Freire Teixeira e Silva , Baker & McKenzie , * Cleary Gottlieb Steen & Hamilton , * Cuatrecasas Goncalves Pereira , * 0.5 Levy & Salomao Advogados , Sidley Austin LLP 22* 1, * 0.3 Davis Polk & Wardwell , * Debevoise & Plimpton 22* 1, * 0.3 CMS 23* 2, * 0.5 Pellerano & Herrera 22* 1, * 0.3 Homburger 23* 2, * 0.4 Azevedo Sette Avogados , A&L Goodbody 23* 2, * , Lenz & Staehelin 23* 2, * 0.4 Latham & Watkins 73* * Industry % Change from Same Period Last Year 11.9% 1. 72, % 14.0% Industry % Change from Same Period Last Year 7.8% 3.8% % Brazil Involvement Announced M&A by Target Industry ($bil) 8% 11% 22% Industrials Materials Energy and Power $ % $ % $14 ` High Technology Healthcare Consumer Staples Financials Consumer Products and Services Real Estate Retail Telecommunications Media and Entertainment Any Brazilian Involvement Announced (AE37) Top Deals 2/7/ /18/2012 Redecard SA (49.98%) Banestado Participacoes 2/6/2012 Pending InfraeroGuarulhos Concession (51%) Undisclosed SPV 3/30/2012 6/19/2012 CIMPOR Cimentos de Portugal (40.34%) InterCement Austria Holding 10/8/ /26/2012 JPLSPE Empreendimentos (85.) UnitedHealth Group Inc 3/26/2012 4/24/2012 Centennial Asset Brazilian (5.63%) Mubadala Development Co PJSC 5/3/ /5/2012 Cia de Gas de Sao Paulo Comgas (60.0) Provence Participacoes SA 10/8/2012 Intended Amil Participacoes SA (30.9%) UHG Brasil Participacoes SA 4/24/ /3/2012 Participes en Brasil SL (100%) Investor Group 12/20/2012 Pending Cimpor CimentosAssets (100%) InterCement Brasil SA 10/23/ /23/2012 Serasa SA (29.6%) Experian Brasil Ltda / Target Nation Brazil / Brazil 6,821.7 Brazil / Brazil 4,789.8 Austria / Portugal 4,096.8 United States / Brazil 3,199.4 Utd Arab Em / Brazil 2,000.0 Brazil / Brazil 1,781.8 Brazil / Brazil 1,685.3 Spain / Brazil 1,676.5 Brazil / Portugal 1,588.9 Brazil / Brazil 1,529.7 High Technology / Computers & Peripherals Industrials / Transportation & Infrastructure Materials / Construction Materials Healthcare / Healthcare Providers & Services (HMOs) Healthcare / Healthcare Providers & Services (HMOs) Industrials / Building/Construction & Engineering Materials / Construction Materials Consumer Products and Services / Professional Services 6

8 Full Year 2012 Mergers & Acquisitions s Middle East & North African M&A Any Middle East & North African Inv Announced (AE48) Any Middle East & North African Inv Completed (AG49) Rank Value Market Market 1 2 5, Freshfields Bruckhaus Deringer 1 1 3, Allen & Overy , Shearman & Sterling LLP , * 0.8 Freshfields Bruckhaus Deringer 3 1 5, Davis Polk & Wardwell , * , * 0.8 Cleary Gottlieb Steen & Hamilton 4 40* 2, * 0.5 Jones Day , * 0.6 Dechert 5 2, * 0.5 Davis Polk & Wardwell 6 2, * 0.2 Lefosse Advogados 6* 2, * 0.2 Cleary Gottlieb Steen & Hamilton 7 33* 2, * 0.3 Souza, Cescon, Barrieu & Flesch Advog 6* 2, * 0.2 Shearman & Sterling LLP , * Mattos Filho Veiga Filho Marrey Jr 6* 2, * 0.2 Dechert 9 2, * 0.3 Jones Day , * Lefosse Advogados 10* 2, * , Souza, Cescon, Barrieu & Flesch Advog 10* 2, * 0.1 BADR SAUD ALBADR & PARTNERS C 11 1, * 0.2 Mattos Filho Veiga Filho Marrey Jr 10* 2, * 0.1 Allen & Overy , Zaki Hashem & Partners 13 1, * , * 1.0 BADR SAUD ALBADR & PARTNERS C 14 1, * 0.1 Gianni Origoni Grippo Cappelli & Partne 14 73* 1, * Blake Cassels & Graydon , * 0.4 Fulbright & Jaworski 15* 83* 1, * 0.3 King & Spalding , Simpson Thacher & Bartlett 15* 13 1, * White & Case LLP , Baker Botts LLP 17* 24 1, * 0.2 Fulbright & Jaworski 18* 79* 1, * 0.2 Blake Cassels & Graydon 17* 50 1, * 0.6 Simpson Thacher & Bartlett 18* 36 1, * 0.1 Akin, Gump, Strauss, Hauer & Feld * , SNR Denton US LLP 20 83* * 0.3 Al Jadaan & Partners Law Firm 21 1, * * * 0.5 Gibson Dunn & Crutcher , White & Case LLP * 0.8 Baker Botts LLP 23 1, * 0.1 Vinson & Elkins LLP * 0.5 Ashurst , * Stikeman Elliott 24 61* * 0.5 Slaughter & May 25 1, * 0.3 Gibson Dunn & Crutcher * , , Industry % Change from Same Period Last Year 4.2% 13.3% 38.9% 21.0% Industry % Change from Same Period Last Year 30.8% % 9.0% Middle Eastern & N African Involvement Announced M&A by Target Industry ($bil) 1 8% 6% 18% $9.4 Energy and Power Financials Telecommunications Real Estate Industrials Materials 16% $8.2 1 $8.8 ` Media and Entertainment Consumer Staples Retail Healthcare High Technology Consumer Products and Services Any Middle East & North African Inv Announced (AE48) Top Deals 3/26/2012 4/24/2012 Centennial Asset Brazilian (5.63%) 12/12/2012 Pending National Societe Generale Bank (77.2%) 2/13/2012 5/27/2012 Egyptian Co for Mobile Svcs (93.92%) 8/16/ /4/2012 Wataniya (39.61%) 12/18/2012 Pending ConocoPhillips Algeria Ltd (100%) 12/3/2012 Pending Leviathan Field Licenses(2) (30%) 6/5/2012 Pending Asiacell Telecommunication LLC (30%) 1/10/2012 6/21/2012 EDT Ret TrtShopping Centres (100%) 8/17/ /21/2012 FGP Topco Ltd (20%) 11/28/2012 Pending BP PLCNorth Sea Oil Assets (100%) Mubadala Development Co PJSC QNB MT Telecom SCRL Qtel PT Pertamina ( Persero ) Woodside Petroleum Ltd Qtel BRE DDR Retail Holdings LLC Qatar Holding LLC TAQA / Target Nation Utd Arab Em / Brazil Qatar / Egypt Belgium / Egypt Qatar / Kuwait Indonesia / Algeria Australia / Israel Qatar / Iraq United States / United States Qatar / United Kingdom Utd Arab Em / United Kingdom 2, , , , , , , , , ,308.0 Financials / Banks Telecommunications / Telecommunications Services Real Estate / Non Residential Industrials / Transportation & Infrastructure 7

9 Full Year 2012 Mergers & Acquisitions s South African M&A Any South African Involvement Announced (AE49) Any South African Involvement Completed (AG50) Rank Value Market Market Edward Nathan Sonnenbergs Inc 1 4 3, , Allen & Overy , * 0.7 McCarthy Tetrault , * , Edward Nathan Sonnenbergs Inc 3 1 4, Bowman Gilfillan , * 1.4 Allen & Overy 4 8 2, * 1.1 Glyn Marais Inc , * Werksmans Attorneys , * , Norton Rose 6 46* 1, * 1.5 Webber Wentzel Ashurst , * 1.1 Freshfields Bruckhaus Deringer * 0.7 Kirkland & Ellis 8 46* 1, * 1.1 Werksmans Attorneys * 1.4 Cravath, Swaine & Moore 9* 46* 1, * 0.4 Kinstellar * 0.2 CLS Attorneys 9* 1, * 0.4 Norton Rose 11 15* * 2.1 Herbert Smith Freehills LLP 9* 10 1, * 0.7 Eversheds * 0.7 Orrick Herrington & Sutcliffe LLP 9* 1, * * 0.5 Freshfields Bruckhaus Deringer , * 1.1 Gilbert + Tobin * , * 1.9 Slaughter & May * 0.5 Webber Wentzel * 1.9 Cliffe Dekker * Kinstellar * 0.4 Stikeman Elliott 17* * 0.2 Jones Day * 0.4 Barbosa Mussnich & Aragao 17* * 0.2 Eversheds * 0.7 Dechert 17* * * 0.7 Blake Cassels & Graydon 17* * 0.2 Taylor Wessing LLP * 0.4 Debevoise & Plimpton * 0.2 Cliffe Dekker * Cliffe Dekker Hofmeyr * 0.7 Stikeman Elliott 22* * 0.4 Udo Udoma & Co * 0.2 Barbosa Mussnich & Aragao 22* * 0.4 Herbert Smith Freehills LLP * 0.5 Slaughter & May 22* * 0.4 Java Capital Pty Ltd * Dechert 22* * 0.4 Blake Cassels & Graydon 22* * , Industry % Change from Same Period Last Year % 32.0% 1. Industry % Change from Same Period Last Year 25.8% 12.9% South African Involvement Announced M&A by Target Industry ($bil) 6% 48% $8.3 Materials Real Estate Healthcare 20% $3.4 ` Financials Industrials Telecommunications Consumer Staples Media and Entertainment Consumer Products and Services Any South African Involvement Announced (AE49) Top Deals Rank Date 9/7/2012 Date Effective 9/7/2012 Target (% Sought/Acquired) Richards Bay Minerals (3) Rio Tinto PLC / Target Nation United Kingdom / South Africa 1, /23/2012 Pending Fountainhead Property Trust (100%) Growthpoint Properties Ltd South Africa / South Africa 1,451.2 Real Estate / REITs 6/5/2012 Pending SA Corporate Real Estate Fund (50%) Capital Property Fund Ltd South Africa / South Africa Real Estate / REITs 7/11/ /1/2012 Nordenia International AG (99.93%) Mondi Ltd South Africa / Germany Materials / Containers & Packaging 12/14/2012 Pending Mimosa Holdings(Pvt)Ltd (51%) Undisclosed Unknown / Zimbabwe /11/2012 Pending Palabora Mining Co Ltd (74.) Investor Group South Africa / South Africa /24/ /23/2012 Scaw Metals Group (100%) Investor Group South Africa / South Africa /15/2012 Pending Kalagadi Manganese(Pty)Ltd (50%) Investor Group South Africa / South Africa /11/2012 3/29/2012 Pending 12/3/2012 ARSAUranium Assets (74%) Sedibelo Platinum Mines Ltd (16.2%) Tasman RSA Holdings (Pty) Ltd IDC South Africa / South Africa South Africa / South Africa

10 Full Year 2012 Mergers & Acquisitions s Eastern European M&A Any Eastern European Involvement Announced (AE47) Any Eastern European Involvement Completed (AG48) Rank Value Market Market Market Deals Rank Sh (%) Change in Deals 2011 Rank Rank Value US$m Market Sh (%) Market Deals Rank Sh (%) , * Freshfields Bruckhaus Deringer , * , , * 0.4 Cleary Gottlieb Steen & Hamilton , * , Cravath, Swaine & Moore 4* 54, * 0.1 White & Case LLP 4 4 7, Mattos Filho Veiga Filho Marrey Jr 4* 80 54, * 0.1 Akin, Gump, Strauss, Hauer & Feld , * White & Case LLP , , * , * Kinstellar 7 3, * Shearman & Sterling LLP 8 31, * 0.1 DLA Piper 8 6 3, * 0.6 Freshfields Bruckhaus Deringer 9 1 7, * Taboglu & Demirhan Attorneys 9* 3, * 0.0 Akin, Gump, Strauss, Hauer & Feld , * Cerha Hempel Spiegelfeld Hlawati 9* 3, * 0.1 Allen & Overy , Havel Holasek & Partners sro , Kinstellar , * 0.3 McCarthy Tetrault 12* 82 3, * 0.0 Taboglu & Demirhan Attorneys 13* 3, * 0.0 Kirkland & Ellis 12* 72* 3, * 0.1 Cerha Hempel Spiegelfeld Hlawati 13* 3, * 0.1 Hogan Lovells , Havel Holasek & Partners sro 15* 71 3, * Allen & Overy , McCarthy Tetrault 15* 3, * 0.0 Debevoise & Plimpton , * Kirkland & Ellis 15* 77 3, * 0.1 Blake Cassels & Graydon 17 75* 2, * 0.1 Debevoise & Plimpton , * 0.2 Paul, Weiss , * 0.1 Hengeler Mueller * 2, * 0.1 Gide Loyrette Nouel , * Schoenherr Attorney's at Law , * Davies Ward Phillips & Vineberg LLP 20* 2, * 0.0 Salans LLP , Cassels Brock & Blackwell LLP 20* 75* 2, * 0.0 Sullivan & Cromwell * 1, * 0.1 Cleary Gottlieb Steen & Hamilton , * Liniya Prava 23 1, * 0.1 Bredin Prat , * 0.1 Hogan Lovells , * Schoenherr Attorney's at Law , * 0.4 Gide Loyrette Nouel , * Herguner, Bilgen & Ozeke 25* 30 1, * , ,703 YukselKarkinKucuk Attorney Partners 25* 1, * , ,952 Industry % Change from Same Period Last Year 14.2% 23.4% % Industry % Change from Same Period Last Year 46.6% 25.8% 3.3% 1.8% 2012 Rank Market Share Ch. Change in Deals Eastern Europe Involvement Announced M&A by Target Industry ($bil) 9% $13.2 Energy and Power Industrials Financials 52% $77 Telecommunications Materials Consumer Staples 12% $17.4 Real Estate Retail Healthcare Media and Entertainment High Technology Consumer Products and Services Any Eastern European Involvement Announced (AE47) Top Deals / Target Nation 10/22/2012 Pending TNKBP Ltd (50%) NK Rosneft' Russian Fed / Russian Fed 28, /22/2012 Pending TNKBP Ltd (50%) NK Rosneft' Russian Fed / Russian Fed 26, /17/2012 Pending TurkeyMotorways & Bridges (100%) Investor Group Turkey / Turkey 5, /24/2012 4/24/2012 MegaFon (25.1%) Investor Group Cyprus / Russian Fed 5, /22/2012 Pending NK Rosneft' (5.) BP PLC United Kingdom / Russian Fed 4, /8/2012 8/28/2012 Denizbank AS (99.8) Sberbank Rossii Russian Fed / Turkey 3, /3/2012 6/18/2012 Starbev Management Services (100%) Molson Coors Brewing Co United States / Czech Republic 3, /24/2012 4/24/2012 Telekominvest (26.06%) AF Telecom Holding Cyprus / Russian Fed 3, /4/2012 Pending Enerjisa Enerji Uretim AS (50%) E ON AG Germany / Turkey 2, /28/2012 6/14/2012 NK Rosneft' (3.04%) NK Rosneft' Russian Fed / Russian Fed 2,356.4 Industrials / Transportation & Infrastructure Financials / Banks Consumer Staples / Food and Beverage Energy and Power / Power 9

11 Full Year 2012 Mergers & Acquisitions s Asia Pacific M&A Any Asia Pacific Emerging Market Inv Announced Any Asia Pacific Emerging Market Inv Completed Rank Value Market Market Freshfields Bruckhaus Deringer , Freshfields Bruckhaus Deringer , Paul, Weiss , * , Burnet Duckworth & Palmer , * , Davis Polk & Wardwell , * Baker & McKenzie , Sullivan & Cromwell , * White & Case LLP , Osler Hoskin & Harcourt LLP , * , * , Norton Rose , Baker & McKenzie , Fangda Partners , * 0.7 WongPartnership LLP , * Jingtian & Gongcheng , * Blake Cassels & Graydon , * 0.7 Allen & Overy , Cleary Gottlieb Steen & Hamilton , * 0.1 King & Wood Mallesons , Stikeman Elliott , * 0.1 Latham & Watkins , * Morrison & Foerster , * Slaughter & May , * , * Paul, Weiss , * 0.3 Richard A Shaw Professional Corp 15 17, * , * , * Vinson & Elkins LLP , * Allen & Overy , * O'Melveny & Myers , * Fangda Partners , Fenwick & West LLP , * , Munger Tolles & Olson 19* 7, * 0.0 Amarchand Mangaldas , Wachtell Lipton Rosen & Katz 19* 119* 7, * 0.1 Latham & Watkins , Sullivan & Cromwell , * Simpson Thacher & Bartlett , * Tian Yuan Law Firm , * Slaughter & May , * Davis Polk & Wardwell , * White & Case LLP , Osler Hoskin & Harcourt LLP 24 5, * 0.1 Shook Lin & Bok LLP , * Burnet Duckworth & Palmer , * , , , ,651 Industry % Change from Same Period Last Year 16.1% % 11.0% Industry % Change from Same Period Last Year % 6.1% Asia Pacific Emerging Market Involvement Announced M&A by Target Industry ($bil) 9% 9% 13% $ $ % $73.8 Energy and Power Materials Financials Industrials Consumer Staples Real Estate Telecommunications High Technology Media and Entertainment Consumer Products and Services Healthcare Retail Any Asia Pacific Emerging Market Inv Announced Top Deals / Target Nation 8/22/2012 Pending China Telecom Corp3G Assets (100%) China Telecom Corp Ltd China / China 18, /23/2012 Pending Nexen Inc (100%) CNOOC Canada Holding Ltd Canada / Canada 17, /5/2012 Pending Ping An Insurance(Group)Co (15.6%) Investor Group Thailand / China 9, /13/2012 Pending Fraser & Neave Ltd (69.6%) TCC Assets Ltd British Virgin / Singapore 9, /20/2012 9/18/2012 Alibaba Group Holding Ltd (20%) Alibaba Group Holding Ltd China / China 7, /28/ /12/2012 Progress Energy Resources Corp (100%) Petronas Carigali Canada Ltd Canada / Canada 5, /26/2012 Pending NCOC BV (8.4%) ONGC Videsh Ltd India / Kazakhstan 5, /2/2012 Pending Bank Danamon Tbk PT (67.4%) DBS Group Holdings Ltd Singapore / Indonesia 4, /10/2012 Pending International Lease Finance (80.1%) Investor Group China / United States 4, /25/2012 Pending Sterlite Industries(India)Ltd (100%) Sesa Goa Ltd India / India 3,910.8 Financials / Insurance Consumer Staples / Food and Beverage Consumer Products and Services / Professional Services Financials / Banks Industrials / Transportation & Infrastructure 10

12 Full Year 2012 Mergers & Acquisitions s Chinese M&A Any Chinese Involvement Announced (AE53) Any Chinese Involvement Completed (AG54) Rank Value Market Market Freshfields Bruckhaus Deringer , , * 1.3 Paul, Weiss , * 0.2 Freshfields Bruckhaus Deringer , * Sullivan & Cromwell , * , * 0.4 Davis Polk & Wardwell , * , * Burnet Duckworth & Palmer 5 19, * 0.1 Fangda Partners , Cleary Gottlieb Steen & Hamilton , * 0.2 Jingtian & Gongcheng , Stikeman Elliott , * 0.2 Latham & Watkins , * 0.6 Blake Cassels & Graydon , * White & Case LLP , * 0.8 Morrison & Foerster , * King & Wood Mallesons 9 1 8, Richard A Shaw Professional Corp 10* 17, * 0.0 O'Melveny & Myers , * Osler Hoskin & Harcourt LLP 10* 139* 17, * 0.0 Paul, Weiss , * , Vinson & Elkins LLP , * , * 0.6 Fenwick & West LLP 13* 7, * , * 0.2 Munger Tolles & Olson 13* 7, * 0.1 Fangda Partners , Wachtell Lipton Rosen & Katz 13* 92* 7, * 0.1 Latham & Watkins , * Tian Yuan Law Firm , Simpson Thacher & Bartlett , * 0.2 Baker & McKenzie , * White & Case LLP , * Grandall Law Firm , O'Melveny & Myers , * 0.3 Slaughter & May , * 0.4 Fenwick & West LLP 20* 7, * 0.0 Lefosse Advogados 20* 4, * 0.1 Munger Tolles & Olson 20* 7, * 0.0 Machado Meyer Sendacz & Opice 20* 43 4, * Wachtell Lipton Rosen & Katz 20* 87* 7, * 0.1 Herbert Smith Freehills LLP , * Jingtian & Gongcheng , Zhong Lun Law Firm , * Baker & McKenzie , * Norton Rose , * , * Commerce & Finance Law Offices , * , , , ,605 Industry % Change from Same Period Last Year % 7.4% 13.6% Industry % Change from Same Period Last Year 10.1% 8.2% 1.6% 12.2% Chinese Involvement Announced M&A by Target Industry ($bil) 11% 11% 11% $25 1 $37 21% $45.3 Energy and Power Materials Industrials Financials Telecommunications Real Estate Consumer Products and Services High Technology Consumer Staples Media and Entertainment Healthcare Retail Any Chinese Involvement Announced (AE53) Top Deals 8/22/2012 Pending China Telecom Corp3G Assets (100%) China Telecom Corp Ltd 7/23/2012 Pending Nexen Inc (100%) CNOOC Canada Holding Ltd 12/5/2012 Pending Ping An Insurance(Group)Co (15.6%) Investor Group 5/20/2012 9/18/2012 Alibaba Group Holding Ltd (20%) Alibaba Group Holding Ltd 12/10/2012 Pending International Lease Finance (80.1%) Investor Group 8/13/2012 Pending Focus Media Holding Ltd (100%) Focus Media Holding Ltd SPV 5/20/2012 9/4/2012 AMC Entertainment Holdings Inc (100%) Dalian Wanda Group Corp Ltd 2/21/2012 6/19/2012 Alibaba.com Ltd (28.6) Alibaba Group Holding Ltd 1/3/2012 4/27/2012 Devon Energy CorpAssets (33.33%) SIPC 11/19/2012 Pending OML 138 Block (20%) Tiptop Energy Ltd / Target Nation China / China 18,047.3 Canada / Canada 17,665.6 Thailand / China 9,385.9 China / China 7,100.0 China / United States 4,230.0 United States / China 2,961.2 China / United States 2,600.0 China / China 2,531.4 China / United States 2,500.0 China / Nigeria 2,500.0 Financials / Insurance Consumer Products and Services / Professional Services Industrials / Transportation & Infrastructure Media and Entertainment / Advertising & Marketing Media and Entertainment / Motion Pictures / Audio Visual High Technology / Ecommerce / B2B 11

13 Full Year 2012 Mergers & Acquisitions s Indian M&A Any Indian Involvement Announced (AE57) Any Indian Involvement Completed (AG58) Rank Value Market Market Amarchand Mangaldas , Amarchand Mangaldas 1 8 3, AZB & Partners 2 1 5, AZB & Partners 2 1 2, * 5, * 0.4 J Sagar Associates , Allen & Overy 4 3 5, * Khaitan & Co 4 9 1, FFAErnst & Young 5 5, * 0.1 Fried Frank Harris Shriver & Jacobson 5 95* 1, * 0.3 Ashurst 6 7 4, * Baker Botts LLP 6* 61* 1, * 0.1 Slaughter & May 7 3, * 0.4 6* 23 1, * Fried Frank Harris Shriver & Jacobson 8 2, * 0.3 Blake Cassels & Graydon 6* 71 1, * 0.1 Herbert Smith Freehills LLP , * 0.7 Mayer Brown LLP 9 67* 1, * 0.1 Freshfields Bruckhaus Deringer , * * 0.4 Shearman & Sterling LLP , * 0.5 Rajah & Tann LLP * 0.3 Kanga & Company 12 2, * 0.2 Herbert Smith Freehills LLP * 0.3 Davis Polk & Wardwell , * 0.3 Freshfields Bruckhaus Deringer 13* * J Sagar Associates , Paul, Weiss 13* * Khaitan & Co , Covington & Burling * 0.1 Jones Day 16 74* 1, * 0.6 Universal Legal Firm * 0.5 Baker Botts LLP 17* 57* 1, * 0.1 Middletons Lawyers 17 69* * 0.1 Blake Cassels & Graydon 17* 65 1, * 0.1 Jones Day * Mayer Brown LLP 19 63* 1, * 0.2 Baker & McKenzie 19 95* * 0.3 Stamford Law Corp 20* * 0.1 Vinson & Elkins LLP * 0.1 Rodyk & Davidson 20* * * * * 0.4 Lenz & Staehelin 21* * 0.1 Paul, Weiss * 0.3 DLA Piper * Latham & Watkins * 0.4 Anderson Mori & Tomotsune * Baker & McKenzie 25 91* * 0.4 Simpson Thacher & Bartlett * , ,071 18, Industry % Change from Same Period Last Year 12.0% 99.1% 2.4% Industry % Change from Same Period Last Year 62.0% 9.2% 1.1% % Indian Involvement Announced M&A by Target Industry ($bil) 11% 8% 8% Materials Energy and Power Media and Entertainment 12% $5.4 18% $7.6 23% $9.9 Financials Healthcare Consumer Staples Consumer Products and Services High Technology Industrials Real Estate Telecommunications Retail Any Indian Involvement Announced (AE57) Top Deals / Target Nation 11/26/2012 Pending NCOC BV (8.4%) ONGC Videsh Ltd India / Kazakhstan 2/25/2012 Pending Sterlite Industries(India)Ltd (100%) Sesa Goa Ltd India / India 10/18/2012 Intended OrientExpress Hotels Ltd (93.1%) Indian Hotels Co Ltd India / Bermuda 3/19/2012 Pending State Bank of India (5.) India India / India 9/1/2012 Pending JSW Ispat Steel Ltd (53.3%) JSW Steel Ltd India / India 9/10/ /30/2012 Transocean LtdDrilling Rigs (100%) Shelf Drilling Holdings Ltd Utd Arab Em / India 11/9/2012 Pending United Spirits Ltd (27.4%) Relay BV Netherlands / India 11/7/ /20/2012 Houghton International Inc (100%) Gulf Oil Corp Ltd India / United States 11/9/2012 Pending United Spirits Ltd (26%) Relay BV Netherlands / India 11/26/2012 Intended GlaxoSmithKline Consumer (31.8%) GlaxoSmithKline Pte Ltd Singapore / India 12 5, , , , , , , , Media and Entertainment / Hotels and Lodging Financials / Banks Consumer Staples / Food and Beverage Materials / Chemicals Consumer Staples / Food and Beverage Healthcare / Pharmaceuticals

14 First Nine Months 2012 Mergers & Acquisitions s Ranking Criteria Summary If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact: Americas Robert Levine Tel: robert.levine@thomsonreuters.com EMEA Serkan Tecimer Tel: +44 (0) serkan.tecimer@thomsonreuters.com AsiaPacific Jason Pacannuayan Tel: jason.pacannuayan@thomsonreuters.com Japan Akemi Mamiya Tel: akemi.mamiya@thomsonreuters.com Announced league tables include all deals that were announced between January 1, 2011 and December 31, 2012 and of which Thomson Reuters was made aware. All current data and previous year's data is as of 5:00pm EST on December 31, League tables include rank eligible mergers, acquisitions, repurchases, spinoffs, selftenders, minority stake purchases and debt restructurings. A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional. Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. NonUS dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms. Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer. Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction. Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated members. League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures are reflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley. Thomson Reuters includes the following nations in the Emerging Markets M&A Tables: Americas AsiaPacific Europe, Middle East & Africa Central America South America Central Asia Australasia SouthEast Asia Belize Argentina Afghanistan American Samoa Brunei Costa Rica Bolivia Armenia Cook Islands Cambodia El Salvador Brazil Azerbaijan Fiji Indonesia Guatemala Chile Kazakhstan French Polynesia Laos Honduras Columbia Kyrgyzstan Guam Malaysia Mexico Ecuador Tajikistan Kiribati Philippines Nicaragua Falkland Islands (UK) Turkmenistan Marshall Islands TimorLeste Panama Guyana Uzbekistan N. Mariana Islands Thailand Paraguay Nauru Vietnam Peru South Asia New Caledonia Suriname Bangladesh Niue North Asia Uruguay Bhutan Norfolk Islands Mongolia Venezuela India Palau North Korea Maldives Papua New Guina China Nepal Solomon Islands Pakistan Sri Lanka Tokelau Tonga Tuvalu Wallis & Futuna Is. Western Somoa Eastern Europe Middle East SubSaharan Africa Albania Iran Angola GuineaBissau Somalia Belarus Iraq Benin Angola Kenya South Africa BosniaHerzegovina Jordan Botswana Lesotho St. Helena Bulgaria Lebanon Burkina Faso Liberia Sudan Croatia Syria Burundi Madagascar Swaziland Czech Republic Yemen Cameroon Malawi Tanzania Estonia Bahrain Cape Verde Mali Togo Georgia Israel Central African Republic Mauritania Uganda Hungary Kuwait Chad Mauritius Western Sahara Latvia Oman Comoros Mayotte Zaire Lithuania Qatar Congo, Republic of Mozambique Zambia Macedonia Saudi Arabia Cote d'ivoire Namibia Zimbabwe Moldova United Arab Emirates Dijbouti Niger Montenegro DR Congo Nigeria Russia North Africa Equatorial Guinea Reunion Serbia Algeria Eritrea Rwanda Slovak Republic Egypt Ethiopia Sao Tome e Principe Slovenia Libya Gabon Senegal Turkey Morocco Gambria Seychelles Ukraine Tunisia Ghana Sierra Leone While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party. 13

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