A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY MONTHLY M&A INSIDER MAY 2016

A MERGERMARKET REPORT ON M&A ACTIVITY MONTHLY M&A INSIDER MAY 2016

CONTENTS 03 12 20 28 36 44 (excluding Japan) 52 60 CORPORATION & DATASITE 62 CORPORATION S

The global cool-down period in M&A activity has continued with the emergence of the second quarter. In April, global deal value reached 175.8bn with 1,003 deals. Compared to April 2015 with 1,473 transactions worth 294.3bn, total deal value decreased by 40.3% with 470 fewer deals, making it the lowest-valued month of April since 2013. Global private equity buyouts, with 161 deals worth 34.9bn, did not experience any major fluctuations, increasing in value by only 0.3% compared to April 2015 (34.9bn, 209 deals). However, compared to the previous month of March with 177 deals worth 15bn, buyouts increased by 133.2%. Exits (21.8bn, 126 deals), on the other hand, dropped by 39.9% compared to April 2015 (36.2bn, 180 deals) with 54 fewer deals. Pharma, Medical & Biotech (PMB) was the leading sector in April 2016 with 81 deals worth 40.7bn, an increase of 392.6% in value compared to April 2015. Despite new governmental regulations surrounding tax inversions, the PMB sector continues to significantly influence global M&A values. The main contributing deal, which increased PMB s total value by 73.2%, was the acquisition of US-based medical device company St Jude Medical Inc by pharmaceutical company Abbott Laboratories for 29.8bn, and on its own accounted for almost 17% of the total global M&A value. Unlike PMB, the Energy, Mining & Utilities (EMU) sector decreased 89.9% in value from 129.1bn to 13bn with 52 fewer deals. Global cross-border M&A activity saw 354 transactions with a cumulative disclosed deal value of 53.1bn in April 2016, decreasing substantially by 66.4% compared to April 2015. Domestic deals dominated the M&A market in April 2016 with 647 deals worth 122.2bn, dropping by only 10.4% in value compared to the same period in 2015. Seven of the top 10 deals were domestic transactions in the month of April, suggesting that corporations are willing to move toward market expansion mainly within their domestic borders. North America was the dominant region for M&A in April 2016 with 310 transactions valued at 87.7bn, accounting for 50% of global total deal value. Compared to April 2015, which had seen 518 deals worth a total of 65.7bn, the cumulative value of North American M&A activity increased by 33.5%, despite seeing 208 fewer deals. Europe and Asia (excluding Japan) experienced the most dramatic slowdown compared the same month last year: Europe, with 405 deals worth 39.8bn, dropped by 71.4% in value, accounting for 22.6% of total global M&A value; similarly, Asia (excluding Japan), with 226 transactions worth 40.1bn, experienced a substantial drawback, dipping in value by 50.9% and accounting at the same time for 22.9% of total global M&A by value. The unstable economic climate in the Eurozone, as well as uncertainties surrounding Chinese markets, most likely had some influence on the M&A slowdown within each region. Taking into account all of the present economic issues surrounding Europe, as well as China, the dominant Asian economy, corporations may decide to put the brakes on their M&A activities in the current year, releasing some air from the M&A bubble of the last couple years. Key Stats 1,003 deals valued at 175.8bn, down 40.3% by value with 470 fewer deals compared to 1,473 deals worth 294.3bn in April 15 Top sector Pharma, Medical & Biotech saw 81 deals worth 40.7bn, compared to 106 deals worth 8.3bn in April 15 Top Financial Adviser Bank of America Merrill Lynch ranked first with 15 deals worth 42.7bn, compared to 15 deals worth 114.5bn in April 15 Top Legal Adviser Wachtell, Lipton, Rosen & Katz ranked first with 6 deals worth 39.0bn, compared to 6 deals worth 53.1bn in April 15 4

TREND GRAPHS M&A TREND PRIVATE EQUITY TREND 4,500 20,000 600 3,000 4,000 3,500 1,208.3bn 16,000 500 2,500 3,000 868.9bn 12,000 400 2,000 (bn) 2,500 2,000 1,500 1,000 500 0 479.2bn 599.4bn 586.3bn 613.7bn 2011 757.2bn 522.9bn 565.7bn 464.4bn 2012 573.0bn 645.1bn 559.4bn 446.9bn 2013 854.7bn 964.7bn 567.2bn 2014 1,040.1bn 1,051.7bn 785.4bn 2015 175.8bn 631.8bn YTD 2016 8,000 4,000 0 Number of deals (bn) 300 200 100 0 291.1bn 335.3bn 2011 277.8bn 318.1bn 2012 296.4bn 288.2bn 2013 397.8bn 525.8bn 2014 459.6bn 408.7bn 2015 93.5bn 98.7bn YTD 2016 1,500 1,000 500 0 Number of deals Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume 5

TREND GRAPHS REGIONAL BREAKDOWN AS A PROPORTION OF TOTAL M&A VALUE M&A SECTOR BREAKDOWN APRIL 2016 North America 87.7bn 310 deals 50.0% America 3.4bn 24 deals 1.9% Europe 39.8bn 405 deals 22.6% Africa & Middle East 1.1bn 16 deals 0.6% Asia-Pacific (excluding Japan) 40.2bn 226 deals 22.9% Japan 3.6bn 22 deals 2.0% Pharma, Medical & Biotech : 40.7bn Number of deals: 81 Market share: 23.2% Technology : 23.7bn Number of deals: 135 Market share: 13.5% Real Estate : 21.3bn Number of deals: 19 Market share: 12.1% Financial Services : 18.2bn Number of deals: 87 Market share: 10.4% (bn) Up/Down % change Cross-border $53.1 66.4% Domestic $122.2 10.4% Key Region Volume market share Industrials & Chemicals : 16.2bn Number of deals: 200 Market share: 9.2% 6

TOP DEALS TOP 10 ANNOUNCED DEALS FOR APRIL 2016 29.8bn 5.8bn 4.5bn 3.9bn 3.8bn 28-Apr-16 Abbott Laboratories St Jude Medical Inc Pharma, Medical & Biotech Guggenheim Partners Gibson Dunn & Crutcher Bank of America Merrill Lynch; and Evercore Partners Wachtell, Lipton, Rosen & Katz 28-Apr-16 AbbVie Inc StemCentRx Inc FMR LLC; Silicon Valley Bank; Sequoia Capital; Artis Capital Management LP; The Founders Fund; Stuart Peterson (Private investor); and James Hong (Private investor) Pharma, Medical & Biotech Morgan Stanley Cooley; and Sullivan & Cromwell (Advising FA: Goodwin Procter) Covington & Burling 26-Apr-16 An investor group led by China Investment Corporation Ant Financial Services Group Financial Services China International Capital Corporation Limited; Goldman Sachs; and JPMorgan 18-Apr-16 Immofinanz AG CA Immobilien Anlagen AG O1 Group Limited; and Terim Limited Real Estate Clifford Chance; and Schoenherr Rechtsanwaelte Deutsche Bank Cerha Hempel Spiegelfeld Hlawati 28-Apr-16 Comcast Corporation DreamWorks Animation SKG Inc Company name Media Centerview Partners Cravath, Swaine & Moore; Munger Tolles & Olson; and Paul Weiss Rifkind Wharton & Garrison (Advising FA: Sullivan & Cromwell) PJT Partners Davis Polk & Wardwell 7

TOP DEALS TOP 10 ANNOUNCED DEALS FOR APRIL 2016 3.7bn 3.6bn 3.4bn 3.4bn 3.2bn 29-Apr-16 Cousins Properties Inc Parkway Properties Inc Real Estate Bank of America Merrill Lynch; and Wells Fargo & Company Hogan Lovells International Goldman Sachs; and JPMorgan Wachtell, Lipton, Rosen & Katz 24-Apr-16 Evergrande Real Estate Group Limited China Calxon Group Co Ltd Zhejiang Guoda Group Co Ltd; Zhejiang Commercial Group Co Ltd; and Hangzhou Iron & Steel Group Company Real Estate China Securities King & Wood Mallesons 19-Apr-16 Lexmark International Consortium Lexmark International Inc Technology Goldman Sachs Wachtell, Lipton, Rosen & Katz Moelis & Company King & Wood Mallesons; and Skadden Arps Slate Meagher & Flom 25-Apr-16 Ardagh Group SA Rexam Plc (Metal beverage can manufacturing assets in US, Europe and Brazil); and Ball Corporation (Metal beverage can manufacturing assets in US, Europe and Brazil) Rexam Plc; and Ball Corporation Industrials & Chemicals Goldman Sachs; and Greenhill & Co Skadden Arps Slate Meagher & Flom Citi Shearman & Sterling 29-Apr-16 Sainty Marine Corporation Ltd Jiangsu International Trust Corporation Limited (81.49% stake); and Jiangsu Guoxin Investment Group Limited (Thermal power generation assets) Jiangsu Guoxin Investment Group Limited Energy, Mining & Utilities China Securities King & Wood Mallesons 8

LEAGUE TABLES TOP 20 FINANCIAL ADVISERS TOP 20 FINANCIAL ADVISERS VALUE Ranking April 2016 April 2015 April 2016 April 2015 Company Name (m) (m) % Val. Change 1 3 Bank of America Merrill Lynch 42,673 15 114,532-62.7% 2 17 Evercore Partners 40,566 14 8,586 372.5% 3 76 Guggenheim Partners 29,842 1 600 4,873.7% 4 2 Goldman Sachs 29,603 19 136,355-78.3% 5 1 Morgan Stanley 24,506 25 141,085-82.6% 6 8 Deutsche Bank 17,242 14 48,280-64.3% 7 7 Citi 13,316 15 56,454-76.4% 8 10 JPMorgan 11,940 16 37,967-68.6% 9 5 Rothschild 10,255 16 86,480-88.1% 10 20 UBS Investment Bank 8,804 14 5,891 49.4% 11 9 Credit Suisse 8,118 13 47,897-83.1% 12 121 China Securities 7,868 3 305 2,479.7% 13 4 Lazard 7,581 15 106,406-92.9% 14 43 Moelis & Company 7,148 8 1,492 379.1% 15 19 Barclays 6,349 8 7,335-13.4% 16 32 Nomura Holdings 4,686 10 2,173 115.6% 17 27 China International Capital 4,500 1 3,092 45.5% 18 61 Greenhill & Co 4,187 6 833 402.6% 19 28 Centerview Partners 4,072 2 2,808 45.0% 20 131 PJT Partners 3,892 3 251 1,450.6% VOLUME Ranking April 2016 April 2015 April 2016 April 2015 Company Name (m) Change 1 2 Morgan Stanley 24,506 25 26-1 2 5 Goldman Sachs 29,603 19 22-3 3 7 JPMorgan 11,940 16 21-5 4 6 Rothschild 10,255 16 22-6 5 13 Bank of America Merrill Lynch 42,673 15 15 0 6 11 Citi 13,316 15 17-2 7 10 Lazard 7,581 15 17-2 8 15 Evercore Partners 40,566 14 13 1 9 9 Deutsche Bank 17,242 14 18-4 10 19 UBS Investment Bank 8,804 14 11 3 11 12 Credit Suisse 8,118 13 16-3 12 8 Deloitte 1,706 11 20-9 13 1 PwC 1,520 11 30-19 14 20 Nomura Holdings 4,686 10 11-1 15 3 KPMG 241 9 26-17 16 38 Moelis & Company 7,148 8 5 3 17 16 Barclays 6,349 8 12-4 18 24 BNP Paribas 3,160 8 8 0 19 42 Robert W. Baird & Co 2,085 8 5 3 20 21 Houlihan Lokey 1,379 8 11-3 9

LEAGUE TABLES TOP 20 LEGAL ADVISERS TOP 20 LEGAL ADVISERS VALUE Ranking April 2016 April 2015 April 2016 April 2015 Company Name (m) (m) % Val. Change 1 14 Wachtell, Lipton, Rosen & Katz 38,974 6 53,106-26.6% 2 58 Gibson Dunn & Crutcher 30,197 3 4,141 629.2% 3 13 Skadden Arps Slate Meagher & Flom 15,919 16 64,538-75.3% 4 25 Sullivan & Cromwell 15,280 8 20,752-26.4% 5 4 King & Wood Mallesons 14,179 15 86,916-83.7% 6 1 Freshfields Bruckhaus Deringer 10,588 15 126,075-91.6% 7 23 Latham & Watkins 9,446 19 24,713-61.8% 8 45 Hogan Lovells International 7,159 13 5,344 34.0% 9 16 Davis Polk & Wardwell 7,117 8 43,579-83.7% 10 113 Cooley 6,795 3 835 713.8% 11 36 Linklaters 6,707 6 9,462-29.1% 12 57 Goodwin Procter 6,475 3 4,194 54.4% 13 24 Weil Gotshal & Manges 5,932 14 22,528-73.7% 14 40 Shearman & Sterling 5,929 8 7,585-21.8% 15 318 Covington & Burling 5,885 2 40 14,612.5% 16 43 Paul Weiss Rifkind Wharton & Garrison 5,419 4 5,648-4.1% 17 96 Homburger 5,160 2 1,284 301.9% 18 35 Simpson Thacher & Bartlett 4,809 5 9,737-50.6% 19 3 Allen & Overy 4,794 9 91,852-94.8% 20 26 Kirkland & Ellis 4,651 15 17,128-72.8% VOLUME Ranking April 2016 April 2015 April 2016 April 2015 Company Name (m) Change 1 2 Latham & Watkins 9,446 19 32-13 2 5 Skadden Arps Slate Meagher & Flom 15,919 16 24-8 3 19 King & Wood Mallesons 14,179 15 14 1 4 13 Freshfields Bruckhaus Deringer 10,588 15 17-2 5 3 Kirkland & Ellis 4,651 15 30-15 6 6 Jones Day 164 15 23-8 7 8 Weil Gotshal & Manges 5,932 14 20-6 8 33 Hogan Lovells International 7,159 13 10 3 9 18 White & Case 3,617 13 15-2 10 1 DLA Piper 1,673 12 43-31 11 4 Baker & McKenzie 1,084 11 25-14 12 7 Allen & Overy 4,794 9 21-12 13 43 Paul Hastings 3,957 9 9 0 14 24 McDermott Will & Emery 962 9 13-4 15 25 Squire Patton Boggs 115 9 13-4 16 47 Sullivan & Cromwell 15,280 8 8 0 17 29 Davis Polk & Wardwell 7,117 8 11-3 18 15 Shearman & Sterling 5,929 8 17-9 19 236 Morrison & Foerster 2,753 8 2 6 20 14 Wilson Sonsini Goodrich & Rosati 3,545 7 17-10 10

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North America continued to see the M&A cool down that began in Q1 2016 through the month of April with 309 deals worth 87.8bn, a 37% drop in value from April 2015. The region also saw its second-lowest monthly value since April 2015 (64.1bn), after this past March, and fell to its lowest deal count since April 2013 (299). Further, this is the sixth straight month that regional deal count has decreased. Pharma, Medical & Biotech (PMB) was the leading sector with 31 deals worth 39.2bn, a 44.7% market share and a 1,388.2% increase in value over April 2015 (2.6bn, 36 deals). This was largely due to the top two North American deals coming from the PMB sector: US-based Abbott Laboratories 29.8bn acquisition of US-based St Jude Medical Inc, the month s top deal, and US-based AbbVie Inc. s 5.8bn acquisition of US-based StemCentRx Inc. Combined, they accounted for 90.9% of North American PMB s total value and 40.6% of the region s value overall. New US Treasury regulations introduced in April 2016 aimed at clamping down on tax inversions have already had some impact on North American deals. The 183.7bn Pfizer/Allergan deal, the largest tax inversion and pharmaceutical transaction in history, lapsed just 24 hours after the latest rules were announced. Because tax inversions have tended to arise out of the PMB sector, it would not be surprising to see fewer megadeals, and therefore lower valuations, for PMB transactions in the future. Separately, in the same month, the US Justice Department filed an antitrust lawsuit to block another megadeal, the 37.2bn Halliburton/Baker Hughes transaction. Within a month, that, too, had lapsed. Private equity buyouts followed the slowdown trend with a total of 58 deals worth 12.8bn in April, an 11.4% drop compared to last year s total values during the same period of 14.5bn, with 31 fewer deals. The largest private equity deal of the month was the China-based Lexmark International consortium s 3.4bn acquisition of US-based Lexmark International. Exits experienced a greater decrease in April, when the space s 38 deals worth 12.1bn represented a 39.8% drop from last year s value of 20.1bn across 87 deals. The US was the most active country in North America for the month, with 274 deals worth 84bn, representing 95.8% of regional market share. This represented an increase of 46.6% by value compared to April 2015, when the US saw 442 deals worth 57.5bn. Canada, on the other hand, saw 35 deals worth 3.7bn, which represented a 43.5% decrease from last year s value, when Canada had 72 deals worth 6.6bn. Last year s North American M&A values will be difficult to emulate in 2016 a slowdown in activity this year would not be surprising. However, with the growing acquisitiveness of China, particularly of US-based targets, regional M&A could see less of a drop than would otherwise be expected during a correctional period. Total inbound value from China in the year-to-date (YTD) has reached its highest level ever at 31.8bn, a 1,243.1% increase over the same period last year, and a rise in volume by 19 transactions from 14 in YTD 2015 to a record 33. However, with increased scrutiny by the American Committee on Foreign Investment in the US (CFIUS) of foreign bidders, maintaining China s rise in the US M&A market could see some challenges ahead. Key Stats 309 deals valued at 87.7bn, up 37.1% by value with 205 fewer deals compared to 514 deals worth 63.9bn in April 15 Top sector Pharma, Medical & Biotech saw 31 deals worth 39.2bn, up 1,388.2% by value compared to 36 deals worth 2.6bn in April 15 Top Financial Adviser Bank of America Merrill Lynch ranked first with 14 deals worth 42.6bn, compared to 11 deals worth 16.9bn in April 15 Top Legal Adviser Wachtell, Lipton, Rosen & Katz ranked first with 6 deals worth 39.0bn, compared to 4 deals worth 3.7bn in April 15 13

TREND GRAPHS M&A TREND PRIVATE EQUITY TREND 2,200 6,000 300 1,200 2,000 1,800 551.3bn 5,000 250 1,000 1,600 (bn) 1,400 1,200 1,000 800 600 400 200 0 213.3bn 226.3bn 218.7bn 264.9bn 2011 347.7bn 264.0bn 208.5bn 164.6n 2012 249.2bn 336.9bn 193.8bn 196.7bn 2013 375.1bn 453.5bn 414.6bn 234.6bn 2014 624.5bn 507.7bn 371.2bn 2015 87.7bn 262.0bn YTD 2016 4,000 3,000 2,000 1,000 0 Number of deals (bn) 200 150 100 50 0 111.5bn 148.3bn 2011 131.6bn 174.1bn 2012 142.7bn 160.8bn 2013 170.3bn 287.8bn 2014 163.9bn 232.3bn 2015 46.0bn 50.4bn YTD 2016 800 600 400 200 0 Number of deals Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume 14

TREND GRAPHS COUNTRY BREAKDOWN AS A PROPORTION OF TOTAL M&A VALUE M&A SECTOR BREAKDOWN APRIL 2016 Pharma, Medical & Biotech : 39.2bn Number of deals: 31 Market share: 44.7% Technology : 13.1bn Number of deals: 59 Market share: 14.9% Canada 3.7bn 35 deals 4.2% Real Estate : 6.9bn Number of deals: 4 Market share: 7.9% (bn) Up/Down % change Domestic $67.6 61.9% Inbound $14.3 5.0% United States 84.0bn 274 deals 95.8% Key Region Volume market share Industrials & Chemicals : 6.2bn Number of deals: 51 Market share: 7.1% Energy, Mining & Utilities : 6.2bn Number of deals: 30 Market share: 7.1% Outbound $11.8 29.0% 15

TOP DEALS TOP 10 ANNOUNCED DEALS FOR APRIL 2016 29.8bn 5.8bn 3.8bn 3.7bn 3.4bn 28-Apr-16 Abbott Laboratories St Jude Medical Inc Pharma, Medical & Biotech Guggenheim Partners Gibson Dunn & Crutcher Bank of America Merrill Lynch; and Evercore Partners Wachtell, Lipton, Rosen & Katz 28-Apr-16 AbbVie Inc StemCentRx Inc FMR LLC; Silicon Valley Bank; Sequoia Capital; Artis Capital Management LP; The Founders Fund; Stuart Peterson (Private investor); and James Hong (Private investor) Pharma, Medical & Biotech Morgan Stanley Cooley; and Sullivan & Cromwell (Advising FA: Goodwin Procter) Covington & Burling 28-Apr-16 Comcast Corporation DreamWorks Animation SKG Inc Media Centerview Partners Cravath, Swaine & Moore; Munger Tolles & Olson; and Paul Weiss Rifkind Wharton & Garrison (Advising FA: Sullivan & Cromwell) PJT Partners Davis Polk & Wardwell 29-Apr-16 Cousins Properties Inc Parkway Properties Inc Real Estate Bank of America Merrill Lynch; and Wells Fargo & Company Hogan Lovells International Goldman Sachs; and JPMorgan Wachtell, Lipton, Rosen & Katz 19-Apr-16 Lexmark International Consortium Lexmark International Inc Technology Goldman Sachs Wachtell, Lipton, Rosen & Katz Moelis & Company King & Wood Mallesons; and Skadden Arps Slate Meagher & Flom 16

TOP DEALS TOP 10 ANNOUNCED DEALS FOR APRIL 2016 3.4bn 2.3bn 2.0bn 1.9bn 1.6bn 25-Apr-16 Ardagh Group SA Rexam Plc (Metal beverage can manufacturing assets in US, Europe and Brazil); and Ball Corporation (Metal beverage can manufacturing assets in US, Europe and Brazil) Rexam Plc; and Ball Corporation Industrials & Chemicals Goldman Sachs; and Greenhill & Co Skadden Arps Slate Meagher & Flom Citi Shearman & Sterling 04-Apr-16 Alaska Air Group Inc Virgin America Inc Mr Richard Branson (Private investor); VX Employee Holdings LLC; and Cyrus Aviation Investor LLC Transportation Evercore Partners Latham & Watkins; and Mayer Brown (Advising FA: Skadden Arps Slate Meagher & Flom) Bank of America Merrill Lynch; Cowen Group; and UBS Investment Bank O Melveny & Myers (Advising FA: McGuireWoods) 01-Apr-16 Silver Lake Partners; and GIC Private Limited Ancestry.com Inc (80% stake) Permira Advisers LLP Technology Evercore Partners; and Morgan Stanley Fried Frank Harris Shriver & Jacobson Dechert; and Simpson Thacher & Bartlett 27-Apr-16 Leonard Green & Partners LP ExamWorks Group Inc Pharma, Medical & Biotech Evercore Partners; and Goldman Sachs Paul Hastings Bank of America Merrill Lynch; Barclays; and Deutsche Bank Latham & Watkins 15-Apr-16 Mitel Networks Corporation Polycom Inc Technology Morgan Stanley Morrison & Foerster; and Wilson Sonsini Goodrich & Rosati Bank of America Merrill Lynch Osler, Hoskin & Harcourt; and Paul Weiss Rifkind Wharton & Garrison (Advising FA: Weil Gotshal & Manges) 17

LEAGUE TABLES TOP 20 FINANCIAL ADVISERS TOP 20 FINANCIAL ADVISERS VALUE Ranking April 2016 April 2015 April 2016 April 2015 Company Name (m) (m) % Val. Change 1 1 Bank of America Merrill Lynch 42,560 14 16,941 151.2% 2 7 Evercore Partners 39,711 13 8,489 367.8% 3 42 Guggenheim Partners 29,842 1 600 4,873.7% 4 2 Morgan Stanley 17,833 17 16,651 7.1% 5 5 Goldman Sachs 16,504 11 13,273 24.3% 6 3 Citi 11,995 7 16,494-27.3% 7 4 JPMorgan 7,245 12 16,117-55.0% 8 27 Moelis & Company 6,964 7 1,278 444.9% 9 10 Deutsche Bank 6,508 7 7,858-17.2% 10 23 UBS Investment Bank 4,917 8 1,750 181.0% 11 16 Barclays 4,748 5 4,247 11.8% 12 - Centerview Partners 4,072 2 - - 13 38 Greenhill & Co 4,011 4 833 381.5% 14 66 PJT Partners 3,874 2 251 1,443.4% 15 - Wells Fargo & Company 3,664 1 - - 16 11 Credit Suisse 3,501 5 7,450-53.0% 17 30 Wells Fargo Securities 2,801 3 1,006 178.4% 18 83 Cowen Group 2,654 3 126 2,006.3% 19 19 Jefferies 2,237 5 2,288-2.2% 20 18 Rothschild 2,226 6 3,593-38.0% VOLUME Ranking April 2016 April 2015 April 2016 April 2015 Company Name (m) Change 1 1 Morgan Stanley 17,833 17 17 0 2 5 Bank of America Merrill Lynch 42,560 14 11 3 3 10 Evercore Partners 39,711 13 10 3 4 2 JPMorgan 7,245 12 13-1 5 3 Goldman Sachs 16,504 11 13-2 6 34 UBS Investment Bank 4,917 8 3 5 7 9 Houlihan Lokey 1,379 8 11-3 8 6 Citi 11,995 7 11-4 9 27 Moelis & Company 6,964 7 4 3 10 4 Deutsche Bank 6,508 7 13-6 11 7 Lazard 1,532 7 11-4 12 22 Rothschild 2,226 6 5 1 13 32 Robert W. Baird & Co 1,549 6 4 2 14 11 Stifel/KBW 969 6 9-3 15 14 Barclays 4,748 5 8-3 16 8 Credit Suisse 3,501 5 11-6 17 18 Jefferies 2,237 5 6-1 18 155 D.A. Davidson & Co 130 5 1 4 19 12 Lincoln International 99 5 9-4 20 49 Greenhill & Co 4,011 4 2 2 18

LEAGUE TABLES TOP 20 LEGAL ADVISERS TOP 20 LEGAL ADVISERS VALUE Ranking April 2016 April 2015 April 2016 April 2015 Company Name (m) (m) % Val. Change 1 32 Wachtell, Lipton, Rosen & Katz 38,974 6 3,732 944.3% 2 39 Gibson Dunn & Crutcher 30,197 3 2,498 1,108.8% 3 3 Skadden Arps Slate Meagher & Flom 14,471 14 11,045 31.0% 4 15 Sullivan & Cromwell 12,686 6 5,703 122.4% 5 5 Latham & Watkins 7,384 14 9,366-21.2% 6 38 Hogan Lovells International 7,115 11 2,524 181.9% 7 11 Davis Polk & Wardwell 6,880 6 6,846 0.5% 8 72 Cooley 6,795 3 835 713.8% 9 31 Goodwin Procter 6,475 3 4,194 54.4% 10 74 Freshfields Bruckhaus Deringer 6,265 8 832 653.0% 11 176 Covington & Burling 5,885 2 40 14,612.5% 12 18 Paul Weiss Rifkind Wharton & Garrison 5,419 4 5,648-4.1% 13 12 Shearman & Sterling 5,113 6 5,915-13.6% 14 9 Simpson Thacher & Bartlett 4,809 5 7,229-33.5% 15 8 Weil Gotshal & Manges 4,779 11 7,594-37.1% 16 57 Cravath, Swaine & Moore 4,258 2 1,535 177.4% 17 89 Munger Tolles & Olson 3,797 1 560 578.0% 18 1 Kirkland & Ellis 3,740 13 17,128-78.2% 19 150 McGuireWoods 3,580 4 84 4,161.9% 20 4 Wilson Sonsini Goodrich & Rosati 3,545 7 10,471-66.1% VOLUME Ranking April 2016 April 2015 April 2016 April 2015 Company Name (m) Change 1 4 Jones Day 164 15 19-4 2 7 Skadden Arps Slate Meagher & Flom 14,471 14 16-2 3 3 Latham & Watkins 7,384 14 21-7 4 1 Kirkland & Ellis 3,740 13 30-17 5 33 Hogan Lovells International 7,115 11 7 4 6 12 Weil Gotshal & Manges 4,779 11 12-1 7 50 Freshfields Bruckhaus Deringer 6,265 8 5 3 8 10 Wilson Sonsini Goodrich & Rosati 3,545 7 14-7 9 119 Morrison & Foerster 2,746 7 2 5 10 28 McDermott Will & Emery 962 7 8-1 11 56 Wachtell, Lipton, Rosen & Katz 38,974 6 4 2 12 55 Sullivan & Cromwell 12,686 6 4 2 13 38 Davis Polk & Wardwell 6,880 6 6 0 14 15 Shearman & Sterling 5,113 6 10-4 15 36 Paul Hastings 3,514 6 7-1 16 2 DLA Piper 1,588 6 29-23 17 63 Willkie Farr & Gallagher 1,283 6 4 2 18 27 Sidley Austin 963 6 8-2 19 48 Simpson Thacher & Bartlett 4,809 5 5 0 20 5 Baker & McKenzie 827 5 17-12 19

Central and South America saw a continuation this April of the declining M&A trend of the first quarter, capturing just 1.9% of global market share with 24 deals worth 3.4bn, a 1.6% decrease in value and drop in volume by nearly half with 20 fewer deals compared to April 2015. The region is also facing growing political instability stemming from an intensifying corruption scandal in Brazil, the region s dominant economy and most populous country. Key Stats 24 deals valued at 3.4bn, down 1.6% by value with 21 fewer deals compared to 45 deals worth 3.4bn in April 15 The month of April experienced its lowest overall value since 2005, which, over the same period, had seen 2.4bn across 23 transactions. To date in 2016, however, this year has outperformed year-to-date (YTD) 2015 with an increase in value of 12.3% from 14.7bn, while at the same time seeing a drop in volume by 31 deals from 173 in YTD 2015. Declining commodities prices and a general regional slump have made for relatively attractive price tags for Central and South American businesses, particularly in Energy, Mining & Utilities (EMU). The sector captured 60.7% of regional market share, leading it to become the top sector for the region in April, surpassing by a staggering 355.9% the number two sector, Industrials & Chemicals, which saw three deals worth a total of 447m. EMU also claimed Central and South America s top deal, UK- and South Africabased Anglo American Plc s sale of its Niobium and Phosphate business in Brazil to China Molybdenum Co Ltd for 1.5bn, a transaction worth 244.8% more than the number two deal for the region, Australiabased Amcor Limited s 435m purchase of Chile-based Alusa SA. The former transaction is expected to aid China in diversifying its commodities portfolio, while strengthening its global position in the mining industry. At the same time, Anglo American, through this sale, is hoping to reduce its net debt, bringing it closer to a targeted level of 10bn by the end of the year. Cross-border deals comprised the majority of Central and South America s top 10 transactions, accounting for six. Most notable were two deals involving increasingly acquisitive China, the first being the aforementioned China Molybdenum/ Anglo American Niobium and Phosphate business transaction, and the second Hunan Dakang Pasture Farming Co Ltd s 409m purchase of a 57.57% stake in Brazil-based Fiagril Ltda, in the Agriculture sector. The latter transaction enables China to significantly increase its market share in the soybean business. Meanwhile, Brazil s festering corruption scandal has enveloped President Dilma Rousseff, with its Senate currently deliberating whether or not to remove her from office on charges of borrowing cash from the country s banks in order to mask budgetary gaps prior to her re-election, thus obscuring the true extent of Brazil s economic problems. Reduced investor confidence did not keep the country from leading the top deal rankings for the region, however, with Brazil still capturing four spots. With Central and South America facing not only declining M&A activity, relatively low commodities prices, and growing political instability, the region has become a hotbed of uncertainty, threatening its chances of seeing any kind of dealmaking rebound anytime soon. Top sector Energy, Mining & Utilities saw 4 deals worth 2.0bn, up 78.8% by value compared to 4 deals worth 1.1bn in April 15 Top Financial Adviser Morgan Stanley ranked first with 2 deals worth 2.1bn Top Legal Adviser Pinheiro Neto Advogados ranked first with 3 deals worth 1.7bn, compared to 2 deals worth 3.0m in April 15 21

TREND GRAPHS M&A TREND PRIVATE EQUITY TREND 150 700 12 70 120 28.8bn 28.5bn 600 10 60 32.4bn 500 8 50 (bn) 90 60 30 0 46.0bn 18.8bn 40.4bn 2011 16.5bn 47.1bn 21.8bn 2012 25.4bn 23.1bn 21.4bn 17.8bn 2013 37.9bn 39.9bn 24.8bn 2014 22.9bn 23.5bn 12.5bn 11.3bn 2015 3.4bn 13.0bn YTD 2016 400 300 200 100 0 Number of deals (bn) 6 4 2 0 3.9bn 2011 2.9bn 6.8bn 2012 2.8bn 8.6bn 2013 1.3bn 8.3bn 2014 10.5bn 5.5bn 2015 2.3bn 0.5bn 2.1bn YTD 2016 40 30 20 10 0 Number of deals Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume 22

TREND GRAPHS COUNTRY BREAKDOWN AS A PROPORTION OF TOTAL M&A VALUE Mexico 200m 2 deals 6.0% M&A SECTOR BREAKDOWN APRIL 2016 Energy, Mining & Utilities : 2.0bn Number of deals: 4 Market share: 60.7% Industrials & Chemicals : 447.0m Number of deals: 3 Market share: 13.3% Peru 305m 1 deal 9.1% Brazil 2.3bn 16 deals 67.5% Agriculture : 414.8m Number of deals: 3 Market share: 12.4% Chile 435m 1 deal 13.0% Argentina 13m 2 deals 3.5% Key Financial Services : 324.0m Number of deals: 2 Market share: 9.7% (bn) Up/Down % change Domestic $21m 98.0% Inbound $2.9 104.6% Outbound $604m 83.9% Region Volume market share Consumer : 116.4m Number of deals: 5 Market share: 3.5% 23

TOP DEALS TOP 10 ANNOUNCED DEALS FOR APRIL 2016 1.5bn 435m 409m 305m 200m 28-Apr-16 China Molybdenum Co Ltd Anglo American Plc (Niobium and Phosphate business in Brazil) Anglo American Plc Energy, Mining & Utilities Goldman Sachs; and Morgan Stanley Barclays; and Deutsche Bank Osler, Hoskin & Harcourt; and Pinheiro Neto Advogados 18-Apr-16 Amcor Limited Alusa SA Techpack Industrials & Chemicals Citi Bofill Mir & Alvarez Jana Abogados; and Milbank Tweed Hadley & McCloy Carey y Cia; Davies Ward Phillips & Vineberg; and Estudio Beccar Varela 30-Apr-16 Hunan Dakang Pasture Farming Co Ltd Fiagril Ltda (57.57% stake) A group of investors led by Marino Josio Franz Agriculture Guotai Junan Securities JunHe 20-Apr-16 Abastecedora de Combustibles SA Solgas Repsol SA Energy, Mining & Utilities 20-Apr-16 International Finance Corporation; and China-Mexico Fund Citla Energy SAPI de CV Energy, Mining & Utilities Hogan Lovells International 24

TOP DEALS TOP 10 ANNOUNCED DEALS FOR APRIL 2016 195m 129m 75m 41m 33m 20-Apr-16 CNP Assurances SA Pan Seguros SA (51% stake); and Pan Corretora SA (51% stake) Banco BTG Pactual SA Financial Services Pinheiro Neto Advogados JPMorgan Cleary Gottlieb Steen & Hamilton; and Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados 14-Apr-16 General Atlantic LLC XP Investimentos CCTVM SA (16% stake) Actis LLP Financial Services Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados Souza Cescon Barrieu & Flesch Advogados 06-Apr-16 Black Bamboo Enterprises SA Marfrig Global Foods SA (Three meatpacking and a livestock confinement unit in Argentina) Marfrig Global Foods SA Consumer 06-Apr-16 Salta Refrescos SA La Fronterita Grupo Minetti Consumer 20-Apr-16 Abastecedora de Combustibles SA Duragas SA Repsol SA Energy, Mining & Utilities 25

LEAGUE TABLES TOP 11 FINANCIAL ADVISERS TOP 11 FINANCIAL ADVISERS VALUE Ranking April 2016 April 2015 April 2016 April 2015 Company Name (m) (m) 1 - Morgan Stanley 2,066 2 - - 2= 23 Barclays 1,500 1 0-2= - Deutsche Bank 1,500 1 - - 2= - Goldman Sachs 1,500 1 - - 5= - Duff & Phelps 566 1 - - 5= - UBS Investment Bank 566 1 - - % Val. Change 7 10 Citi 435 2 191 127.7% 8 - Guotai Junan Securities 409 1 - - 9 4 JPMorgan 195 1 594-67.2% 10 - Artica Invest 15 1 - - 11= 7 Banco Itau BBA 0 1 309-100.0% 11= - Greenhill & Co 0 1 - - 11= 16 KPMG 0 1 51-100.0% 11= 13 PwC 0 1 110-100.0% VOLUME Ranking April 2016 April 2015 April 2016 April 2015 Company Name (m) Change 1 - Morgan Stanley 2,066 2 - - 2 11 Citi 435 2 1 1 3= 23 Barclays 1,500 1 1 0 3= - Deutsche Bank 1,500 1 - - 3= - Goldman Sachs 1,500 1 - - 6= - Duff & Phelps 566 1 - - 6= - UBS Investment Bank 566 1 - - 8 - Guotai Junan Securities 409 1 - - 9 6 JPMorgan 195 1 1 0 10 - Artica Invest 15 1 - - 11= 8 Banco Itau BBA 0 1 1 0 11= - Greenhill & Co 0 1 - - 11= 16 KPMG 0 1 1 0 11= 14 PwC 0 1 1 0 26

LEAGUE TABLES TOP 18 LEGAL ADVISERS TOP 18 LEGAL ADVISERS VALUE Ranking April 2016 April 2015 April 2016 April 2015 Company Name (m) (m) % Val. Change 1 20 Pinheiro Neto Advogados 1,695 3 68 2,392.6% 2 - Osler, Hoskin & Harcourt 1,500 1 - - 3= - Davis Polk & Wardwell 566 1 - - 3= - Debevoise & Plimpton 566 1 - - 3= - Latham & Watkins 566 1 - - 3= 4 Skadden Arps Slate Meagher & Flom 566 1 594-4.7% 7= - Bofill Mir & Alvarez Jana Abogados 435 1 - - 7= 23 Carey y Cia 435 1 51 752.9% 7= - Davies Ward Phillips & Vineberg 435 1 - - 7= - Estudio Beccar Varela 435 1 - - 7= - Milbank Tweed Hadley & McCloy 435 1 - - 12 - JunHe 409 1 - - 13 2 Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados 324 2 641-49.5% 14 - Hogan Lovells International 200 1 - - 15 7 Cleary Gottlieb Steen & Hamilton 195 1 362-46.1% 16 29 Souza, Cescon, Barrieu & Flesch Advogados 129 1 47 174.5% 17 6 Machado Meyer Sendacz e Opice 6 2 408-98.5% 18= 3 Barbosa, Mussnich & Aragao 0 1 594-100.0% 18= - Cuatrecasas, Goncalves Pereira 0 1 - - 18= 45 Galicia Abogados 0 1 0-18= - Roca Junyent Abogados 0 1 - - 18= - Santos, Elizondo, Cantu, Rivera, Gonzalez, de la Garza, Mendonza 0 1 - - 18= - Veirano Advogados 0 1 - - VOLUME Ranking April 2016 April 2015 April 2016 April 2015 Company Name (m) Change 1 8 Pinheiro Neto Advogados 1,695 3 2 1 2 2 Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados 324 2 3-1 3 3 Machado Meyer Sendacz e Opice 6 2 3-1 4 - Osler, Hoskin & Harcourt 1,500 1 - - 5= - Davis Polk & Wardwell 566 1 - - 5= - Debevoise & Plimpton 566 1 - - 5= - Latham & Watkins 566 1 - - 5= 6 Skadden Arps Slate Meagher & Flom 566 1 2-1 9= - Bofill Mir & Alvarez Jana Abogados 435 1 - - 9= 28 Carey y Cia 435 1 1 0 9= - Davies Ward Phillips & Vineberg 435 1 - - 9= - Estudio Beccar Varela 435 1 - - 9= - Milbank Tweed Hadley & McCloy 435 1 - - 14 - JunHe 409 1 - - 15 - Hogan Lovells International 200 1 - - 16 15 Cleary Gottlieb Steen & Hamilton 195 1 1 0 17 34 Souza, Cescon, Barrieu & Flesch Advogados 129 1 1 0 18= 5 Barbosa, Mussnich & Aragao 0 1 2-1 18= - Cuatrecasas, Goncalves Pereira 0 1 - - 18= 12 Galicia Abogados 0 1 2-1 18= - Roca Junyent Abogados 0 1 - - 18= - Santos, Elizondo, Cantu, Rivera, Gonzalez, de la Garza, Mendonza 0 1 - - 18= - Veirano Advogados 0 1 - - 27

Despite markets partially recovering from the turmoil experienced during the beginning of 2016, European M&A activity seems to have lost the resilience it showed during the first quarter. With 409 deals worth 41bn announced in April, deal value dropped by 70% in value compared to April 2015 (139bn, 509 deals), with 100 fewer deals. The clampdown on tax inversion deals by the US government will further result in a slowdown in activity within the continent, which had been an attractive destination for US investors. Key Stats 409 deals valued at 41.0bn, down 70.5% by value with 90 fewer deals compared to 509 deals worth 139.0bn in April 15 The slowdown in activity is reflected by the fact that there were no megadeals (>10bn) announced during the month, with the 3.9bn merger between Immofinanz AG and CA Immobilien Anlagen AG representing the highest valued transaction. As a result of this deal, Real Estate was the most active sector within Europe, with eight deals worth 7.7bn up 19.2% by value compared to April 2015 (1.4bn, 10 deals). This was followed by the Consumer sector (5.5bn, 61 deals) and Industrial and Chemicals (4.9bn, 92 deals). Inbound M&A activity amounted to 92 deals worth 16bn, an 11.5% decrease by value compared to the same period last year (97 deals, 47bn). The highest valued inbound transaction was the 2.9bn divestment of brewers Birra Peroni, Meantime Brewing Company and Royal Grolsh to Japan-based Asahi by SAB Miller, addressing antitrust concerns over the latter s acquisition by AB InBev NV. China has continued to pursue its outbound acquisition spree, with 66 deals worth 53.5bn accounting for 44.7% of total inbound M&A activity targeting Europe so far in 2016. This represents a 382% increase in deal value compared to April 2015 (20 deals, 11.1bn), which accounted for just 6.9% of European inbound activity. According to Mergermarket intelligence, this trend should continue into 2016 as Chinese companies seek to expand geographically by using their important cash reserves, obtained with the help of the government s quantitative easing program. Overall outbound deal value (53 deals, 7.7bn) fell by 32.2% compared to April 2015 (74 deals, 1.4bn). Consistent with 2015, the US and Canada were the most targeted countries by European bidders, with deal value targeting the two countries (250 deals, 58.9bn) representing 87% of total outbound activity to-date in 2016. M&A activity targeting the UK remains low, with dealmakers seemingly holding off large cap transactions until the outcome of the European referendum is announced in June. With 87 deals worth 3.5bn announced, April deal value dropped 96% compared to April 2015 (91bn, 107 deals), reaching its lowest deal value since 2009 (45 deals, 85m). Year-to-date M&A activity targeting Europe has seen 1,883 deals worth 220.6bn, the second lowest value recorded within the 2011 2016 period after 2013 (208.1bn, 1,793 deals). This seems to confirm that 2016 is on its way to bear the rebalancing of an incredibly active 2015 in terms of M&A. However, with equity markets on their way to recovery from a rocky first quarter, European M&A activity may see a pick-up in activity in the coming months. Top sector Real Estate saw 8 deals worth 7.7bn, up 446.1% by value compared to 10 deals worth 1.4bn in April 15 Top Financial Adviser Deutsche Bank ranked first with 9 deals worth 14.0bn, compared to 7 deals worth 16.0bn in April 15 Top Legal Adviser Freshfields Bruckhaus Deringer ranked first with 11 deals worth 9.0bn, compared to 12 deals worth 121.0bn in April 15 29

TREND GRAPHS M&A TREND PRIVATE EQUITY TREND 1,000 7,000 200 1,200 800 210.3bn 287.6bn 6,000 150 1,000 134.5bn 5,000 (bn) 600 400 200 167.0bn 243.4bn 251.1bn 112.9bn 187.6bn 158.4bn 147.8bn 199.0bn 208.2bn 310.2bn 183.8bn 264.0bn 41.0bn 4,000 3,000 2,000 Number of deals (bn) 100 50 114.1bn 130.8bn 97.6bn 111.6bn 95.0bn 87.2bn 141.2bn 174.1bn 137.9bn 156.8bn 800 600 400 Number of deals 184.5bn 171.9bn 136.2bn 178.5bn 179.5bn 178.9bn 1,000 21.9bn 30.1bn 0 2011 2012 2013 2014 2015 YTD 2016 0 0 2011 2012 2013 2014 2015 YTD 2016 200 Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume 30

TREND GRAPHS COUNTRY BREAKDOWN AS A PROPORTION OF TOTAL M&A VALUE M&A SECTOR BREAKDOWN APRIL 2016 Real Estate : 7.7bn Number of deals: 8 Market share: 18.7% Consumer : 5.5bn Number of deals: 61 Market share: 13.5% United kingdom 3.5bn 87 deals 8.5% Sweden 3.6bn 21 deals 8.7% Industrials & Chemicals : 4.9bn Number of deals: 92 Market share: 11.9% France 3.3bn 46 deals 8.2% Austria 4.0bn 8 deals 9.8% Key Technology : 4.6bn Number of deals: 43 Market share: 11.1% (bn) Up/Down % change Domestic $24.9 79.4% Inbound $16.1 11.5% Outbound $7.7 32.2% Spain 2.9bn 26 deals 7.0% Switzerland 4.4bn 14 deals 10.7% Italy 6.9bn 35 deals 16.9% Region Volume market share Financial Services : 3.4bn Number of deals: 34 Market share: 8.4% 31

TOP DEALS TOP 10 ANNOUNCED DEALS FOR 2016 3.9bn 3.1bn 2.9bn 2.5bn 1.7bn 18-Apr-16 Immofinanz AG CA Immobilien Anlagen AG O1 Group Limited; and Terim Limited Real Estate Clifford Chance; and Schoenherr Rechtsanwaelte Deutsche Bank Cerha Hempel Spiegelfeld Hlawati 13-Apr-16 Castellum AB Fastighetsaktiebolaget Norrporten Sjatte AP-fonden; and AP Fonden 2 Real Estate Goldman Sachs; Nordea; and Rothschild Vinge Carnegie Investment Bank; and Pangea Property Gernandt & Danielsson (Advising FA: Linklaters) 19-Apr-16 Asahi Group Holdings Ltd Royal Grolsch NV (Grolsche Bierbrouwerij Nederland NV); Birra Peroni SRL; and Meantime Brewing Company Limited Anheuser-Busch InBev NV Consumer Deutsche Bank; and Lazard Freshfields Bruckhaus Deringer Rothschild Allen & Overy 06-Apr-16 Canada Pension Plan Investment Board Glencore plc (Agricultural Products) (40% stake) Glencore plc Agriculture Barclays; Citi; and Credit Suisse Linklaters Deutsche Bank Freshfields Bruckhaus Deringer 11-Apr-16 HNA Group Co Ltd gategroup Holding AG Business Services Credit Suisse Homburger UBS Baer & Karrer 32

TOP DEALS TOP 10 ANNOUNCED DEALS FOR 2016 1.3bn 1.2bn 1.1bn 1.1bn 1.0bn 28-Apr-16 Cinven Partners LLP; and Canada Pension Plan Investment Board Hotelbeds Group SLU TUI AG Technology Bank of America Merrill Lynch; Deutsche Bank; and Rothschild Allen & Overy Lazard; and Morgan Stanley Freshfields Bruckhaus Deringer 29-Apr-16 SES SA O3b Networks Limited (1.4% stake) Telecommunications 01-Apr-16 EQT Partners AB; Sampension KP Livsforsikring AS; and Danica Pension Sitecore Corporation AS Technology Crossover Ventures Technology Citi LETT; and Weil Gotshal & Manges Evercore Partners Accura; and Simpson Thacher & Bartlett 24-Apr-16 CVC Capital Partners Limited Tipico Co Ltd (60% stake) Leisure Rothschild Austmann & Partner; Weil Gotshal & Manges; and Wuertenberger Winstel Kern Pawlik Latham & Watkins 18-Apr-16 CaixaBank SA Banco BPI SA (55.9% stake) Financial Services Deutsche Bank 33

LEAGUE TABLES TOP 20 FINANCIAL ADVISERS TOP 20 FINANCIAL ADVISERS VALUE Ranking April 2016 April 2015 April 2016 April 2015 Company Name (m) (m) % Val. Change 1 10 Deutsche Bank 14 9 16-12.9% 2 2 Goldman Sachs 12 10 107-89.0% 3 5 Rothschild 10 16 86-88.1% 4 8 Citi 8 7 23-64.9% 5 3 Lazard 7 11 106-93.0% 6 4 Morgan Stanley 7 10 103-92.8% 7 18 Evercore Partners 7 7 4 56.3% 8 11 Credit Suisse 7 10 16-58.7% 9 1 Bank of America Merrill Lynch 5 7 110-95.8% 10 19 UBS Investment Bank 4 7 3 32.5% 11 20 Barclays 4 5 3 40.3% 12 65 Greenhill & Co 4 3 0 1,293.8% 13 85 Carnegie Investment Bank 3 5 0 4,265.8% 14 14 BNP Paribas 3 8 9-65.2% 15= 40 Nordea 3 1 1 475.7% 15= - Pangea Property Partners 3 1 - - 17 47 UniCredit Group 2 6 0 389.6% 18 - Cowen Group 2 1 - - 19 39 Nomura Holdings 1 3 1 163.9% 20 36 Moelis & Company 1 2 1 100.0% VOLUME Ranking April 2016 April 2015 April 2016 April 2015 Company Name (m) Change 1 1 Rothschild 10 16 19-3 2 6 Lazard 7 11 11 0 3 12 Goldman Sachs 12 10 8 2 4 7 Morgan Stanley 7 10 9 1 5 21 Credit Suisse 7 10 4 6 6 13 Deutsche Bank 14 9 7 2 7 14 BNP Paribas 3 8 7 1 8 2 PwC 1 8 19-11 9 3 KPMG 0 8 15-7 10 4 Deloitte 0 8 14-6 11 9 Citi 8 7 9-2 12 29 Evercore Partners 7 7 3 4 13 11 Bank of America Merrill Lynch 5 7 8-1 14 16 UBS Investment Bank 4 7 6 1 15 33 Clearwater International 0 7 3 4 16 55 UniCredit Group 2 6 2 4 17 8 JPMorgan 1 6 9-3 18 5 EY 0 6 14-8 19 15 BDO 0 6 7-1 20 22 Barclays 4 5 4 1 34

LEAGUE TABLES TOP 20 LEGAL ADVISERS TOP 20 LEGAL ADVISERS VALUE Ranking April 2016 April 2015 April 2016 April 2015 Company Name (m) (m) % Val. Change 1 1 Freshfields Bruckhaus Deringer 9 11 121-92.3% 2 13 Skadden Arps Slate Meagher & Flom 7 5 57-88.1% 3 29 Linklaters 7 6 9-25.5% 4 33 Shearman & Sterling 6 5 5 2.3% 5 21 Latham & Watkins 5 9 20-73.6% 6 3 Allen & Overy 5 7 90-95.0% 7 - Cerha Hempel Spiegelfeld Hlawati 4 1 - - 8 - Gernandt & Danielsson 4 4 - - 9 41 Simpson Thacher & Bartlett 3 2 4-29.5% 10 121 Vinge 3 4 0 2,400.8% 11 28 Clifford Chance 3 6 11-72.9% 12 31 Dechert 3 3 7-57.4% 13 163 Chiomenti Studio Legale 3 5 0 5,484.0% 14 23 Weil Gotshal & Manges 3 6 15-82.3% 15 67 Mayer Brown 2 2 1 232.6% 16= - McGuireWoods 2 1 - - 16= 271 O'Melveny & Myers 2 1 0-18 39 Fried Frank Harris Shriver & Jacobson 2 2 5-56.3% 19 58 Baer & Karrer 2 2 1 35.5% 20 60 Homburger 2 1 1 35.5% VOLUME Ranking April 2016 April 2015 April 2016 April 2015 Company Name (m) Change 1 9 Freshfields Bruckhaus Deringer 9 11 12-1 2 45 White & Case 1 10 5 5 3 7 Latham & Watkins 5 9 14-5 4 6 Baker & McKenzie 1 9 15-6 5 13 Squire Patton Boggs 0 9 10-1 6 1 Allen & Overy 5 7 19-12 7 50 Kirkland & Ellis 1 7 4 3 8 4 CMS 1 7 16-9 9 34 King & Wood Mallesons 1 7 5 2 10 2 Linklaters 7 6 17-11 11 3 Clifford Chance 3 6 16-10 12 10 Weil Gotshal & Manges 3 6 12-6 13 147 Dentons 1 6 2 4 14 19 Eversheds 0 6 8-2 15 39 Addleshaw Goddard 0 6 5 1 16 21 Skadden Arps Slate Meagher & Flom 7 5 7-2 17 12 Shearman & Sterling 6 5 10-5 18 44 Chiomenti Studio Legale 3 5 5 0 19 133 Accura 1 5 2 3 20 186 Paul Hastings 1 5 1 4 35

Dealmaking targeting the Africa and Middle East region slowed further in April, as low commodity prices and market risk continue to put a damper on potential M&A. With just 19 deals worth 1.3bn announced, deal value recorded its lowest April total since 2004 (431m, eight deals). The slump in activity can mainly be attributed to a lack of transactions in the Energy, Mining & Utilities (EMU) sector, which has failed to see a rebound in M&A activity following a slight rebound in the price of oil. To-date in 2016 there have been just eight deals worth 265m targeting the regions EMU sector, its lowest year-to-date (YTD) value on Mergermarket record (since 2001). Key Stats 19 deals valued at 1.3bn, down 48.0% by value with 15 fewer deals compared to 34 deals worth 2.5bn in April 15 Divestitures within the EMU sector look set to drive M&A activity within the short-term, as dealmakers grapple with ongoing volatility within the commodity markets. According to Mergermarket intelligence, Anglo America is likely to unbundle at least part of its majority stake in Kumba Iron Ore, with African Rainbow Minerals and Exxaro Resources cited as potential suitors. Furthermore, Royal Dutch Shell s sell-off of its onshore interests in Gabon s is expected to attract Chinese and Indian bidders. Despite the decline in traditionally active sectors such as EMU, the Technology sector attracted the highest number of deals in April, with three deals worth 490m recording its highest April value since 2012 (630m). Activity was bolstered by the largest deal of the month the sale of Israel-based SinteMedia to US private equity Francisco Partners valued at 400m. To-date in 2016 there have been 17 deals worth 2.2bn targeting the regions Technology sector, its highest year-to-date value and count on record, highlighting how the sector is fast becoming as hotspot in terms of M&A activity. Widespread currency volatility seems to have affected dealmakers confidence when acquiring assets abroad. To-date in 2016 companies within the region have engaged in 43 deals worth just 2.1bn, down 85.1% by value compared to the same period in 2015 (14.4bn, 49 deals), and the lowest YTD value since 2004 (eight deals, 1.0bn). Following the impressive acquisition spree seen in 2015, South African dealmakers have failed to maintain the momentum they gained during 2016. To-date, there have been nine outbound deals worth 328m recorded, the lowest YTD value since 2010. However, according to Mergermarket intelligence South Africa-based Steinhoff International Holdings is likely to continue seeking a deal in Europe after unsuccessful bids for Darty and Home Retail Group. DFS Furniture and Poundland Group could be potential targets for the South African retailer as it expands seeks to expand its presence in the European home-retail sector. Top sector Technology saw 3 deals worth 490m, up 9.6% by value compared to 2 deals worth 447m in April 15 Top Financial Adviser BNP Paribas ranked first with 1 deal worth 624m Top Legal Adviser Shearman & Sterling ranked first with 2 deals worth 624m, compared to 1 deal worth 1.1bn in April 15 37

TREND GRAPHS M&A TREND PRIVATE EQUITY TREND 70 500 12 70 60 15.4bn 400 10 60 (bn) 50 40 30 7.3bn 11.5bn 20.7bn 10.5bn 13.6bn 24.3bn 9.1bn 19.8bn 300 200 Number of deals (bn) 8 6 11.8bn 50 40 30 Number of deals 20 10 0 6.6bn 19.8bn 2011 13.5bn 8.8bn 2012 21.6bn 12.3bn 2013 19.3bn 7.2bn 2014 8.8bn 9.4bn 9.0bn 2015 1.3bn 9.1bn YTD 2016 100 0 4 2 0 3.9bn 2011 4.1bn 4.8bn 2012 2.0bn 2.4bn 2013 3.7bn 7.1bn 2014 4.0bn 2015 4.7bn 1.1bn 2.0bn YTD 2016 20 10 0 Q1 Q2 Q3 Q4 Volume Buyout value Exit value Buyout volume Exit Volume 38

TREND GRAPHS COUNTRY BREAKDOWN AS A PROPORTION OF TOTAL M&A VALUE Israel 663m 5 deals 52.0% M&A SECTOR BREAKDOWN APRIL 2016 Technology : 490m Number of deals: 3 Market share: 38.4% Agriculture : 370m Number of deals: 1 Market share: 29.0% Kenya 146m 2 deals 11.5% Consumer : 229m Number of deals: 6 Market share: 17.9% Energy, Mining & Utilities : 167m Number of deals: 3 Market share: 13.1% Key (bn) Up/Down % change Domestic $139m 74.7% Inbound $1.2 38.6% South Africa 390m 4 deals 26.4% Region Volume market share Business Services : 13m Number of deals: 2 Market share: 1.0% Outbound $791m 84.3% 39

TOP DEALS TOP 10 ANNOUNCED DEALS FOR APRIL 2016 400m 370m 140m 96m 77m 19-Apr-16 Francisco Partners LP SintecMedia Ltd Riverwood Capital LLC; and Taldan Capital Limited Technology 08-Apr-16 Associated British Foods plc Illovo Sugar Limited (48.65% stake) Agriculture Standard Bank of South Africa Ltd ENSafrica Rothschild Bowman Gilfillan Africa Group 29-Apr-16 CDC Group plc Athi River Mining Limited (40% stake) Energy, Mining & Utilities 14-Apr-16 Israel Oil & Gas Fund Sonol Israel Ltd Granite Hacarmel Investments Ltd Consumer 10-Apr-16 Fosun International Ltd AHAVA Dead Sea Laboratories Ltd B Gaon Holdings Ltd; Livnat Family; Shamrock Israel Growth Fund Advisors Ltd; Kibbutz Mitzpe Shalem (Private investor); and Kibbutz Kalia (Private investor) Consumer Gornitzky & Co Herzog, Fox and Neeman 40

TOP DEALS TOP 10 ANNOUNCED DEALS FOR APRIL 2016 50m 40m 38m 21m 17m 14-Apr-16 Oracle Corporation Crosswise Ltd Giza Venture Capital; Horizon Ventures LLC; Pereg Ventures; Beijing Zhenge Tiancheng Investment Management Co Ltd; and Emerge Technology 11-Apr-16 Cadence Design Systems Inc Rocketick Technologies Ltd Intel Capital; NVIDIA Corporation; and Peregrine Ventures Technology Needham & Company O Melveny & Myers; and Tadmor & Co Webber Wentzel 25-Apr-16 BRF SA Al Khan Foodstuff LLC (60% stake) Consumer 18-Apr-16 Rockhopper Exploration Plc Beach Petroleum (Egypt) Pty Limited Beach Energy Limited Energy, Mining & Utilities 28-Apr-16 Emerging Investment Partners; and Siniora Food Industries Diamond Meat Processing LLC Al Ghurair Foods LLC Consumer 41

LEAGUE TABLES TOP 14 FINANCIAL ADVISERS TOP 14 FINANCIAL ADVISERS VALUE Ranking April 2016 April 2015 April 2016 April 2015 Company Name (m) (m) 1= - BNP Paribas 624 1 - - 1= - Citi 624 1 - - 3 - Standard Bank of South Africa 370 2 - - % Val. Change 4 22 Rothschild 370 1 11 3,263.6% 5 10 Jefferies 360 1 388-7.2% 6= 2 Bank of America Merrill Lynch 113 1 2,215-94.9% 6= - UBS Investment Bank 113 1 - - 8 19 Needham & Company 40 1 59-32.2% 9 - FirstRand 23 1 - - 10= - Euroz Securities 17 1 - - 10= 14 Nedbank Capital 17 1 78-78.2% 10= 3 Standard Bank Group 17 1 1,693-99.0% 13= - DH Capital 0 1 - - 13= - Liberty Corporate Finance 0 1 - - VOLUME Ranking April 2016 April 2015 April 2016 April 2015 Company Name (m) Change 1 - Standard Bank of South Africa 370 2 - - 2= - BNP Paribas 624 1 - - 2= - Citi 624 1 - - 4 7 Rothschild 370 1 2-1 5 14 Jefferies 360 1 1 0 6= 3 Bank of America Merrill Lynch 113 1 2-1 6= - UBS Investment Bank 113 1 - - 8 20 Needham & Company 40 1 1 0 9 - FirstRand 23 1 - - 10= - Euroz Securities 17 1 - - 10= 16 Nedbank Capital 17 1 1 0 10= 1 Standard Bank Group 17 1 3-2 13= - DH Capital 0 1 - - 13= - Liberty Corporate Finance 0 1 - - 42