EMERGING MARKETS M&A REVIEW LEGAL ADVISORS. REUTERS / Gilbert Coudene and Etienne Guio

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1 EMERGING MARKETS M&A REVIEW LEGAL ADVISORS REUTERS / Gilbert Coudene and Etienne Guio Full Year 2014

2 Announced Emerging Markets M&A Up 29% Over Full Year 2013 Financials Top Industry Full Year 2014 Mergers & Acquisitions s Emerging Markets M&A Emerging Markets Deals Intelligence Emerging Market Announced M&A The total value of announced M&A activity in the Emerging Markets reached US$858.8 billion in 2014, a 28.5% increase from totals reached in The number of M&A transactions in the Emerging Markets totaled 14,051, a 7.2% increase from the total number of deals in Chinese activity once again drove M&A in the Emerging Markets, with 5,024 transactions worth US$449.8 billion, far outpacing Brazilian activity, which generated the next highest volume, with 553 deals worth US$77.1 billion. India followed, accumulating US$37 billion over 1,101 transactions. Financials led activity during in 2014, accounting for 18% of all M&A volumes and accumulating US$153.5 billion in deal activity. Energy & Power placed second, with US$134.4 billion, a 16% share. Morgan Stanley took the top spot in the Emerging Markets in 2014, with US$133.8 billion in announced deals. JP Morgan and Citi took the second and third spots, respectively. Average EBITDA multiples across the Emerging Markets rose to 15x in 2014, ranging from 11.2x in the Middle East & North Africa to 20.6x in China. Bid premia (to 4 weeks prior stock price) averaged 22.1%, a decrease from the 27.2% averaged in Average premia values declined year over year in every sector except for Consumer Products. Rank Value (US$b) $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) EM% of Global 15.5% 13.5% $214.3 $92.2 $104.1 $99.4 $145.7 $102.5 $67.3 $ % $205.7 $198.1 $196.7 $ % $128.2 $129.9 $228.0 $ % $155.6 $125.3 $109.0 $ % $239.3 $ % $147.0 $170.2 $157.7 $193.3 $196.2 $163.9 $ % 28.3% $214.1 $150.2 $165.5 $172.3 $ % $287.6 $209.8 $227.4 $136.8 $132.1 $ Leading Emerging Market Target Nations - US$ bil Q4 Russia Q3 Russia Q2 Russia Q1 Russia Q4 Brazil Q3 Brazil Q2 Brazil Q1 Brazil Q4 China Q3 China Q2 China Q1 China 40% 35% 30% 25% 20% 15% 5% 0% 200 Rank Val US$ (bil)

3 Full Year 2014 Mergers & Acquisitions s Emerging Markets M&A Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA 2014 UP BRIC Latin America Middle East & North South Africa Eastern Europe Asia Pacific China India Emerging Markets 2014 DOWN 2013 Africa Emerging Mkts Consumer Products and Services 12.0x 11.7x 14.2x 14.5x x x 5.2x 17.3x 13.2x 12.3x 10.6x 12.5x 7.2x 16.6x 16.4x Consumer Staples 14.6x 11.9x 17.8x 12.9x 8.8x 10.8x 11.4x 15.5x 20.4x 3.4x 14.0x 13.5x 15.8x 11.8x 21.3x 12.4x 17.0x 15.1x Energy and Power 12.5x 11.3x 17.2x 13.7x x 9.6x 10.0x 10.9x 2.7x 9.9x 13.4x 15.6x 9.2x 28.7x 10.7x 8.3x 13.9x Healthcare 23.6x 15.4x 24.9x 14.6x 17.4x 13.9x 8.3x 35.3x x 10.9x 27.5x 15.8x 28.5x 8.7x 18.4x 23.1x High Technology 14.9x 10.5x 16.9x 11.0x x 4.0x 7.0x 5.2x 8.6x 12.5x 16.9x 11.2x 19.8x 14.1x 10.4x 7.1x Industrials 14.3x 12.2x 17.2x 12.9x 15.4x 9.1x 10.0x 20.0x 10.3x 3.1x 14.1x 7.9x 15.0x 13.4x 20.3x 11.5x 9.8x 17.4x Materials 15.3x 11.2x 17.3x 13.5x 7.8x 8.4x 10.1x 7.7x 7.6x 2.9x 6.5x 12.4x 17.9x 11.9x 21.8x 16.3x 8.2x 14.0x Media and Entertainment 15.0x 11.1x 19.6x 17.2x 11.9x 16.9x 13.1x 9.7x 6.8x 10.5x 21.0x 9.1x 15.3x 10.9x 22.7x 15.8x 22.0x 20.6x Real Estate 17.7x 16.5x 16.7x Retail 16.2x 14.9x 18.6x 16.3x 16.5x 16.1x 20.6x 20.0x 19.7x 16.9x 25.7x x 16.7x 14.9x 15.4x 10.9x 13.3x 14.5x 13.4x x x 7.5x 18.2x 18.0x 18.2x 16.9x 39.1x Telecommunications 9.2x 12.3x 7.2x 18.1x1x 3.4x 72x 7.2x 8.6x 77x 7.7x - 52x 5.2x 9.2x 20.1x 10.7x 10.0x0x 10.0x - 2.6x 83x 8.3x Average 15.0x 12.3x 17.8x 13.7x 11.4x 13.4x 11.2x 12.6x 10.9x 4.6x 13.4x 11.9x 16.4x 12.5x 20.6x 13.2x 13.7x 15.1x Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price 2014 UP 2014 DOWN 2013 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 Industrials 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/ /31/2014. 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. China India 2

4 Full Year 2014 Mergers & Acquisitions s Emerging Market M&A Any Emerging Market Involvement Announced Any Emerging Market Involvement Completed Rank Value Market Market Rank Rank US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Deals Rank Sh (%) Deals Freshfields Bruckhaus Deringer , Freshfields Bruckhaus Deringer , , Jia Yuan Law Offices , * Clifford Chance , , Jia Yuan Law Offices , * White & Case LLP , , , * Sullivan & Cromwell , * 0.2 Skadden , * Haiwen & Partners , * , Fangda Partners , Clifford Chance , White & Case LLP , Herbert Smith Freehills , King & Wood Mallesons , * Cleary Gottlieb Steen & Hamilton , * Herbert Smith Freehills , Sullivan & Cromwell , * Skadden , * 0.3 Simpson Thacher & Bartlett , * Tian Yuan Law Firm , * AZB & Partners , Shearman & Sterling LLP , * Fangda Partners , , Mattos Filho Veiga Filho Marrey Jr , Zaid Ibrahim & Co 16-18, * 0.0 Zhong Lun Law Firm , Kadir Andri & Partners , * 0.1 Souza, Cescon, Barrieu & Flesch Advog , * Pinheiro Neto Advogados , * 0.3 Barbosa Mussnich & Aragao , * Slaughter & May , * Dentons , * Allen & Overy , King & Wood Mallesons , * 0.4 Zhong Lun Law Firm , Slaughter & May , * AZB & Partners , Han Kun Law Offices , Barbosa Mussnich & Aragao , * Amarchand Mangaldas , * Mayer Brown LLP , * Pinheiro Neto Advogados , * Simpson Thacher & Bartlett , * Grandall Law Firm , , , , , % 7.2% -6.8% -3.4% 37.1% 1.8% -34.0% 0.6% Emerging Markets Involvement Announced M&A by Target Industry ($bil) 6% 8% 5% 5% 4% 4% 18% 12% 16% Financials Energy and Power Real Estate Industrials Materials High Technology Telecommunications Consumer Staples Retail Media and Entertainment Healthcare Consumer Products and Services Any Emerging Market Involvement Announced - Top Deals Rank Date Date Effective Target (% Sought/Acquired) / Target Nation 4/16/2014 8/25/2014 CITIC Ltd (100%) CITIC Pacific Ltd Hong Kong / China 42, /14/2014 Sinopec Sales Co Ltd (30%) 17, /9/2014 CIMB Group Holdings Bhd (100%) RHB Capital Bhd Malaysia / Malaysia 16, /31/2014 China CNR Corp Ltd (100%) CSR Corp Ltd 15, /18/2014 Greenland Holding Group Co Ltd (100%) Shanghai Jinfeng Investment Co 10, /4/2014 GVT Participacoes SA (100%) Telefonica Brasil SA Brazil / Brazil 9, /2/2014 Oi SA-PT Portugal Assets (100%) Altice Portugal SA Portugal / Portugal 9, /7/2014 Songbird Estates PLC (100%) Stork Holdco LP Bermuda / United Kingdom 9, /11/2014 Oi SA-PT Portugal Assets (100%) United States / Portugal 8, /13/2014 8/1/2014 Xstrata Peru SA (100%) MMG South America Management Hong Kong / Peru 7, Financials / Asset Management Industrials / Machinery Materials / Metals & Mining

5 Full Year 2014 Mergers & Acquisitions s BRIC M&A Any BRIC Involvement Announced Any BRIC Involvement Completed Rank Value Market Market Rank Rank US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Deals Rank Sh (%) Deals , Freshfields Bruckhaus Deringer , * Freshfields Bruckhaus Deringer , * Jia Yuan Law Offices , * Jia Yuan Law Offices , * Skadden , Haiwen & Partners , , * Clifford Chance , * , * Fangda Partners , AZB & Partners , King & Wood Mallesons , Fangda Partners , Sullivan & Cromwell , * 0.1 Mattos Filho Veiga Filho Marrey Jr , Skadden , Herbert Smith Freehills , Tian Yuan Law Firm , * Zhong Lun Law Firm , Pinheiro Neto Advogados , Cleary Gottlieb Steen & Hamilton , * 0.3 Zhong Lun Law Firm , Souza, Cescon, Barrieu & Flesch Advog , * AZB & Partners , Barbosa Mussnich & Aragao , * Mayer Brown LLP , * , Barbosa Mussnich & Aragao , * Simpson Thacher & Bartlett , * Grandall Law Firm , Han Kun Law Offices , * , * Amarchand Mangaldas , * Amarchand Mangaldas , Clifford Chance , * Allen & Overy , * Pinheiro Neto Advogados , * Herbert Smith Freehills , Grandall Law Firm , Simpson Thacher & Bartlett , King & Wood Mallesons , * Mattos Filho Veiga Filho Marrey Jr , Shearman & Sterling LLP , * Weil Gotshal & Manges , * 0.1 Hairun Law Firm 23-6, * Han Kun Law Offices , Haiwen & Partners , * 0.2 Shearman & Sterling LLP , * Tozzini Freire Teixeira e Silva , * , , , , % 10.8% 35.1% 1.4% -8.1% -48.1% -3.8% -7.1% Any BRIC Involvement Announced M&A by Target Industry ($bil) 5% 5% 7% 9% 4% 4% 18% 12% 13% Financials Energy and Power Industrials Real Estate High Technology Materials Telecommunications Media and Entertainment Consumer Staples Healthcare Retail Consumer Products and Services Any BRIC Involvement Announced - Top Deals Rank Date Date Effective Target (% Sought/Acquired) / Target Nation 4/16/2014 8/25/2014 CITIC Ltd (100%) CITIC Pacific Ltd Hong Kong / China 42,247.5 Financials / Asset Management 9/14/2014 Sinopec Sales Co Ltd (30%) 17, /31/2014 China CNR Corp Ltd (100%) CSR Corp Ltd 15,417.9 Industrials / Machinery 3/18/2014 Greenland Holding Group Co Ltd (100%) Shanghai Jinfeng Investment Co 10, /4/2014 GVT Participacoes SA (100%) Telefonica Brasil SA Brazil / Brazil 9, /2/2014 Oi SA-PT Portugal Assets (100%) Altice Portugal SA Portugal / Portugal 9, /11/2014 Oi SA-PT Portugal Assets (100%) United States / Portugal 8, /25/2014 Hong Yuan Securities Co Ltd (100%) Shenyin & Wanguo Sec Co Ltd 6,390.5 Financials / Brokerage 11/22/2014 Shanghai Oriental Pearl(Grp)Co (100%) Bestv New Media Co Ltd 5,570.9 Media and Entertainment / Hotels and Lodging g 2/24/2014 All America Latina Logistica (100%) Rumo Logistica Operadora Brazil / Brazil 5,431.6 Industrials / Transportation & Infrastructure 4

6 Full Year 2014 Mergers & Acquisitions s Latin American M&A Any Latin American Involvement Announced (AE35) Any Latin American Involvement Completed (AG36) Rank Value Market Market Rank Rank US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Deals Rank Sh (%) Deals , White & Case LLP , White & Case LLP , * , Pinheiro Neto Advogados , , * 1.1 Barbosa Mussnich & Aragao , * Freshfields Bruckhaus Deringer , * 0.7 Sullivan & Cromwell , * , * , * Mattos Filho Veiga Filho Marrey Jr , Freshfields Bruckhaus Deringer , * Sullivan & Cromwell 7 1 9, * Clifford Chance , * Souza, Cescon, Barrieu & Flesch Advog , * , * 0.8 Barbosa Mussnich & Aragao , Allen & Overy , * Pinheiro Neto Advogados , Mattos Filho Veiga Filho Marrey Jr , Dentons 11-7, * 0.2 Mayer Brown LLP * 9, * 0.2 Rodrigo Elias & Medrano 12-7, * 0.1 Skadden , * 0.6 Skadden , * Souza, Cescon, Barrieu & Flesch Advog , * Clifford Chance , * Cleary Gottlieb Steen & Hamilton , * 0.8 Tozzini Freire Teixeira e Silva , * 2.4 Dentons 16-7, * 0.2 Cleary Gottlieb Steen & Hamilton , * Rodrigo Elias & Medrano 17-7, * 0.1 Simpson Thacher & Bartlett , * Tozzini Freire Teixeira e Silva , * Vinson & Elkins LLP 18-4, * 0.4 Demarest Advogados , * 1.5 Lefosse Advogados , Gomez Acebo & Pombo , * 0.3 Gomez Acebo & Pombo , * Uria Menendez , * Uria Menendez 21 52* 3, * Baker Botts LLP 22* - 3, * 0.1 Baker Botts LLP 22* - 3, * 0.1 Travers Smith 22* - 3, * 0.1 Travers Smith 22* - 3, * 0.1 Machado Meyer Sendacz & Opice , * 2.1 Shearman & Sterling LLP , * Paul, Weiss , * Torys , * , , , % 48.1% -12.7% -1.1% 17.7% 17.3% -13.5% 4.6% Latin American Involvement Announced M&A by Target Industry ($bil) 8% 6% 3% 3% 3% 25% Telecommunications Energy and Power Materials Financials Industrials Consumer Staples 14% 22% Real Estate Retail High Technology Healthcare Media and Entertainment Consumer Products and Services Any Latin American Involvement Announced (AE35) - Top Deals Rank Date Date Effective Target (% Sought/Acquired) / Target Nation 8/4/2014 GVT Participacoes SA Telefonica Brasil SA Brazil / Brazil 9, /2/ /11/2014 4/13/2014 8/1/2014 Oi SA-PT Portugal Assets Oi SA-PT Portugal Assets Xstrata Peru SA Altice Portugal SA MMG South America Management Portugal / Portugal United States / Portugal Hong Kong / Peru 9, , ,005.0 Materials / Metals & Mining 10/12/ /14/2014 CGE Gas Natural Fenosa Chile SpA Chile / Chile 5,583.6 Energy and Power / Power 2/24/2014 All America Latina Logistica Rumo Logistica Operadora Brazil / Brazil 5,431.6 Industrials / Transportation & Infrastructure 2/25/2014 5/8/2014 YPF SA Argentina Argentina / Argentina 5,317.4 Energy and Power / Petrochemicals 10/16/ /16/2014 OGX Petroleo e Gas SA Creditors Brazil / Brazil 3, /16/2014 9/26/2014 CFR Pharmaceutical SA Abbott Laboratories United States / Chile 3,326.6 Healthcare / Pharmaceuticals 4/29/ /31/2014 Banco Santander(Brasil)SA Banco Santander SA Spain / Brazil 3,

7 Full Year 2014 Mergers & Acquisitions s Brazilian M&A Any Brazilian Involvement Announced (AE37) Any Brazilian Involvement Completed (AG38) Rank Value Market Market Rank Rank US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Deals Rank Sh (%) Deals , * Mattos Filho Veiga Filho Marrey Jr , Pinheiro Neto Advogados , * 10, Barbosa Mussnich & Aragao , Souza, Cescon, Barrieu & Flesch Advog 3 1 9, * Clifford Chance 4-10, * 0.5 Barbosa Mussnich & Aragao 4 3 9, Allen & Overy 5 61* 9, * 0.2 Pinheiro Neto Advogados 5 2 7, Mattos Filho Veiga Filho Marrey Jr 6 3 9, Skadden , * Mayer Brown LLP 7-9, * 0.4 Tozzini Freire Teixeira e Silva 7 7 5, * 5.4 Souza, Cescon, Barrieu & Flesch Advog 8 1 7, Lefosse Advogados 8 4 3, Skadden , * 0.7 Uria Menendez 9 32* 3, * 0.7 Tozzini Freire Teixeira e Silva , * Shearman & Sterling LLP , * 0.7 Demarest Advogados , Vinson & Elkins LLP 11-2, * 0.5 Uria Menendez 12 33* 3, * 0.7 Pinheiro Guimaraes , Machado Meyer Sendacz & Opice , * 4.9 Stocche Forbes Advogados , Cleary Gottlieb Steen & Hamilton , * 0.7 Simpson Thacher & Bartlett , Simpson Thacher & Bartlett , * 0.9 Machado Meyer Sendacz & Opice , * Lefosse Advogados , * Lobo & de Rizzo Advogados , Posse, Herrera & Ruiz 17* - 2, * 0.2 Demarest Advogados , Wachtell Lipton Rosen & Katz 17* - 2, * 0.2 Jones Day , * Pinheiro Guimaraes , * 1.8 Debevoise & Plimpton 19-1, * 1 White & Case LLP , * Morrison & Foerster 2 1, * 0.2 Homburger 21-1, * 0.4 Freshfields Bruckhaus Deringer , * 0.7 Shearman & Sterling LLP , * Koury Lopes Advogados 22* - 1, * * 24 1, * , Lenz & Staehelin 23* - 1, * 0.2 Niederer Kraft & Frey 23* - 1, * % -9.5% 95% 77, % -3.1% 6.9% 63.1% -12.6% -5.0% Brazil Involvement Announced M&A by Target Industry ($bil) 7% 11% 5% 4% 11% 3% 13% 40% ` Telecommunications Financials Industrials Energy and Power Consumer Staples High Technology Materials Real Estate Retail Consumer Products and Services Media and Entertainment Healthcare Any Brazilian Involvement Announced (AE37) - Top Deals Rank Date 8/4/ /2/2014 Date Effective Target (% Sought/Acquired) GVT Participacoes SA Oi SA-PT Portugal Assets Telefonica Brasil SA Altice Portugal SA / Target Nation Brazil / Brazil Portugal / Portugal 9, , /11/2014 2/24/2014 Oi SA-PT Portugal Assets All America Latina Logistica Rumo Logistica Operadora United States / Portugal Brazil / Brazil 8, , /16/ /16/2014 OGX Petroleo e Gas SA Creditors Brazil / Brazil 3, /29/ /31/2014 Banco Santander(Brasil)SA Banco Santander SA Spain / Brazil 3, /29/2014 Banco Itau Chile SA CorpBanca SA Chile / Chile 2, /14/2014 BSI SA Banco BTG Pactual SA Brazil / Switzerland 1, /19/2014 Banco do Brasil SA-CC Cielo SA Brazil / Brazil 1, /11/2014 Chiquita Brands International Brazil / United States 1, Industrials / Transportation & Infrastructure High Technology / Computers & Peripherals Consumer Staples / Food and Beverage

8 Full Year 2014 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 Rank Rank US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Deals Rank Sh (%) Deals , Freshfields Bruckhaus Deringer , * Shearman & Sterling LLP , Gibson Dunn & Crutcher 2 27* 7, Herbert Smith Freehills , * 0.8 Blake Cassels & Graydon , * 0.3 Slaughter & May , * Clifford Chance 4 3 3, Clifford Chance 5 6 7, Latham & Watkins , * 1.8 Freshfields Bruckhaus Deringer 6 2 6, Herbert Smith Freehills , * Latham & Watkins , White & Case LLP , * Akin, Gump, Strauss, Hauer & Feld 8-2, * , White & Case LLP , * Stikeman Elliott 9* 70 2, * 0.2 Kim & Chang 1 1, * 0.2 Cleary Gottlieb Steen & Hamilton 9* 15 2, * Lee & Ko 11* - 1, * 0.2 Walkers 9* - 2, * 0.2 Lee and Li 11* - 1, * 0.1 Conyers Dill & Pearman 9* - 2, * 0.2 Simpson Thacher & Bartlett , * 0.5 Kirkland & Ellis , * Blake Cassels & Graydon , * 0.2 McCarthy Tetrault , * 0.3 Berwin Leighton Paisner , * Ogier & Le Massurier 15* - 1, * 0.2 Gibson Dunn & Crutcher , * Mourant Ozannes 15* - 1, * * 1, * 0.3 Mishcon de Reya 15* - 1, * 0.2 McCarthy Tetrault 18-1, * 0.2 Charles Russell 15* - 1, * 0.2 Ogier & Le Massurier 19* - 1, * 0.1 Debevoise & Plimpton 19-1, * 0.2 Mishcon de Reya 19* - 1, * 0.1 Paul, Weiss 2 1, * 0.2 Charles Russell 19* - 1, * , Mourant Ozannes 19* - 1, * 0.1 Allen & Overy , Macfarlanes 23-1, * 0.1 Stibbe 23* - 1, * 0.2 Debevoise & Plimpton 24-1, * 0.1 Souza, Cescon, Barrieu & Flesch Advog 23* 52* 1, * Allen & Overy , Demarest Advogados 23* - 1, * , , % 124.1% 0.8% 11.2% -7.4% -31.3% -1.0% 7.7% Middle Eastern & N African Involvement Announced M&A by Target Industry ($bil) 8% 7% 5% 4% 3% Real Estate Energy and Power Industrials 8% 18% 31% ` Financials Materials Telecommunications Healthcare Media and Entertainment High Technology Consumer Products and Services Consumer Staples Retail Any Middle East & North African Inv Announced (AE48) - Top Deals Rank Date Date Effective Target (% Sought/Acquired) / Target Nation 11/7/2014 Songbird Estates PLC (100%) Stork Holdco LP Bermuda / United Kingdom 9, /13/2014 Economic Zones World FZE (100%) DP World Ltd Utd Arab Em / Utd Arab Em 3,459.1 Industrials / Transportation & Infrastructure 4/18/2014 Orascom Telecom Algeria SpA (51%) FNI Algeria / Algeria 2, /22/2014 7/14/2014 Barwa Commercial Avenue Co LLC (95%) Labregah Real Estate Co QSC Qatar / Qatar 2, /7/2014 6/18/2014 Barwa City Real Estate Co LLC (100%) Labregah Real Estate Co QSC Qatar / Qatar 2, /2/2014 S-Oil Corp (28.4%) ARAMCO Saudi Arabia / South Korea 1, /30/2014 6/30/2014 Heritage Oil PLC (100%) Energy Investments Global Ltd Qatar / United Kingdom 1, /4/2014 Brookfield Ppty Partners LP (9%) Qatar Investment Authority Qatar / Bermuda 1,800.0 Real Estate / REITs 5/23/2014 Travelex Holdings Ltd (100%) UTX Holdings Ltd United Kingdom / United Kingdom 1,674.6 Financials / Other Financials 5/12/2014 8/4/2014 Mauser AG (100%) Clayton Dubilier & Rice LLC United States / Germany 1,651.3 Materials / Containers & Packaging 7

9 Full Year 2014 Mergers & Acquisitions s South African M&A Any South African Involvement Announced (AE49) Any South African Involvement Completed (AG50) Rank Value Market Market Rank Rank US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Deals Rank Sh (%) Deals Webber Wentzel 1 3 8, Webber Wentzel 1 4 2, * , , * 2.3 Cliffe Dekker Hofmeyr , * Gilbert + Tobin 3-2, * 0.8 Werksmans Attorneys , * Herbert Smith Freehills 4 35* 2, * GirardHayward Inc 5-5, * 0.5 Glyn Marais Inc 5-1, * 1.2 Gilbert + Tobin 6-2, * 0.5 Bowman Gilfillan Africa Group Herbert Smith Freehills 7 44* 2, * 0.7 Allens * 0.8 Bowman Gilfillan Africa Group 8 5 1, Tugendhaft Wapnich Banchetti and Par * 0.8 ENSafrica 9 1 1, * Cliffe Dekker Hofmeyr * 3.1 Glyn Marais Inc , * 0.9 ENSafrica White & Case LLP , * 0.5 DLA Piper LLP * Jones Day 12-1, * * * * 1, * 0.9 Freshfields Bruckhaus Deringer * 0.4 Clifford Chance * 0.7 Norton Rose Fulbright * 2.3 Freshfields Bruckhaus Deringer 15 44* * 1.1 Ashurst * 0.4 Allens * 0.5 AZB & Partners * 0.4 Tugendhaft Wapnich Banchetti and Par * 0.5 Minter Ellison 17 18* * 0.8 Slaughter & May * 0.5 Johnson Winter & Slattery * 0.4 Hogan Lovells * 1.1 Clifford Chance 19 38* * 0.8 Berwin Leighton Paisner * , Skadden * 0.5 Dentons * % 10.1% AZB & Partners * % 15.3% Minter Ellison 24 18* * 0.5 Johnson Winter & Slattery * , % 184.3% 14.9% 0.8% South African Involvement Announced M&A by Target Industry ($bil) 7% 3% 5% 3% 3% 39% Retail Financials Real Estate 9% 15% 16% ` Materials Media and Entertainment Telecommunications Healthcare Energy and Power Industrials Any South African Involvement Announced (AE49) - Top Deals Rank Date Date Effective Target (% Sought/Acquired) / Target Nation 11/25/2014 Pepkor Holdings (Pty) Ltd (52.5%) Steinhoff Intl Hldg Ltd South Africa / South Africa 3,095.3 Retail / Apparel Retailing 11/25/2014 4/9/2014 1/29/2014 8/1/2014 Pepkor Holdings (Pty) Ltd (39.9%) David Jones Ltd (100%) Standard Bank PLC (60%) Steinhoff Intl Hldg Ltd Woolworths Holdings Ltd ICBC South Africa / South Africa South Africa / Australia China / United Kingdom 2, , Retail / Apparel Retailing Retail / Discount and Department Store Retailing 11/12/2014 Acucap Properties Ltd (65.1%) Growthpoint Properties Ltd South Africa / South Africa Real Estate / REITs 5/19/2014 Neotel(Pty)Ltd (100%) Vodacom Group Ltd South Africa / South Africa /2/2014 Ecobank Transnational Inc (20.8%) Nedbank Group Ltd South Africa / Togo /10/2014 9/1/2014 Premium Properties Ltd (85.81%) Octodec Investments Ltd South Africa / South Africa Real Estate / REITs 7/28/2014 Total Coal S Africa Ppty py Ltd (100%) Exxaro Resources Ltd South Africa / South Africa Energy and Power / Petrochemicals 7/2/2014 San Francisco Investment SA (55.8%) Sun International Ltd South Africa / Chile Media and Entertainment / Casinos & Gaming 8

10 Full Year 2014 Mergers & Acquisitions s Eastern European M&A Any Eastern European Involvement Announced (AE47) Any Eastern European Involvement Completed (AG48) Rank Value Market Market Rank Rank US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Deals Rank Sh (%) Deals Skadden , * Skadden , * White & Case LLP 2 2 6, * Freshfields Bruckhaus Deringer , , White & Case LLP 3 6 5, Garrigues 4-2, Cleary Gottlieb Steen & Hamilton 4 2 5, * Herbert Smith Freehills 5 9 1, Clifford Chance , * Clifford Chance 6 5 1, , Weil Gotshal & Manges , Cravath, Swaine & Moore 7 4* 4, * 0.1 Barrett & McNagny 8-1, Greenberg Traurig , Allen & Overy 9 8 1, , * Freshfields Bruckhaus Deringer , * Herbert Smith Freehills , Studio Pavesi Gitti Verzoni 11* - 1, Allen & Overy , d'urso Gatti e Associati 11* - 1, Weil Gotshal & Manges , * 0.6 Chiomenti Studio Legal 11* 90* 1, Schoenherr Attorney's at Law , * Egorov Puginsky Afanasiev & Partners , * Slaughter & May * 0.2 Barrett & McNagny 15-1, * 0.0 Kirkland & Ellis 16* Dentons 16 72* 1, Rifkind & Wharton 16* Hengeler Mueller 17* 84* 1, * 0.0 Paul, Weiss 16* 90* Gleiss Lutz 17* 84* 1, * 0.0 Seward & Kissel 16* Sullivan & Cromwell 17* - 1, * 0.0 Wachtell Lipton Rosen & Katz 16* Gide Loyrette Nouel 17* 46 1, * 0.6 Willkie Farr & Gallagher 16* Slaughter & May 21-1, * LAWIN 22 76* Anderson Mori & Tomotsune 22-1, * 0.1 Cleary Gottlieb Steen & Hamilton * Baker Botts LLP 23-1, * * Studio Pavesi Gitti Verzoni 24* - 1, * 0.0 Squire Patton Boggs LLP * d'urso durso Gatti e Associati 24* - 1, * , ,256 69, , % 7.8% -8.3% -5.4% -55.1% -44.7% -9.9% -2.6% Eastern Europe Involvement Announced M&A by Target Industry ($bil) 6% 3% 2% 21% Energy and Power Real Estate Financials 9% 9% 17% Materials Telecommunications Industrials 13% 16% High Technology Media and Entertainment Retail Consumer Staples Consumer Products and Services Healthcare Any Eastern European Involvement Announced (AE47) - Top Deals Rank Date Date Effective Target (% Sought/Acquired) / Target Nation 2/6/2014 8/6/2014 Rostelekom-Mobile Assets (100%) T2 Rus Holding Russian Fed / Russian Fed 3,500.0 Telecommunications / Wireless 12/23/ /23/2014 EUAS-Yenikoy & Kemerkoy (100%) AES Ic Ictas Enerji Uretim Turkey / Turkey 2,671.0 Energy and Power / Power 11/19/2014 Turkiye Garanti Bankasi AS (14.9%) Banco Bilbao Vizcaya Spain / Turkey 2, /2/2014 6/17/2014 CPI as (100%) CPI Property Group SA Luxembourg / Czech Republic 2, /21/2014 9/16/2014 Severstal Columbus LLC (100%) Steel Dynamics Inc United States / United States 1,625.0 Materials / Metals & Mining 9/16/2014 9/16/2014 V Kontakte (48.01%) Mail.ru Group Ltd Russian Fed / Russian Fed 1,470.0 High Technology / Software 5/30/2014 2/10/2014 2/26/2014 Shah Deniz & the SCP () T-Mobile Czech Republic as (39.23%) Boru Hatlari ile Petrol Tasima Deutsche Telekom AG Turkey / Azerbaijan Germany / Czech Republic 1, ,129.8 Telecommunications / Wireless 5/22/2014 9/4/2014 Altynalmas Gold Ltd (100%) Polymetal International PLC Russian Fed / Kazakhstan 1,118.5 Materials / Metals & Mining 12/1/ /1/2014 Yatagan Power Station,Mugla (100%) Elsan Elektrik Gerecleri Turkey / Turkey 1,091.0 Energy and Power / Power 9

11 Full Year 2014 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 Rank Rank US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Deals Rank Sh (%) Deals Freshfields Bruckhaus Deringer , * Freshfields Bruckhaus Deringer , * Jia Yuan Law Offices , * Jia Yuan Law Offices , * 1.21 Haiwen & Partners , * Herbert Smith Freehills , * 0.6 Fangda Partners , Skadden , * , AZB & Partners , Clifford Chance , , * King & Wood Mallesons , Fangda Partners , Sullivan & Cromwell , * , * Tian Yuan Law Firm , * Zhong Lun Law Firm , * Zaid Ibrahim & Co 1 18, * 0.1 Simpson Thacher & Bartlett , * Kadir Andri & Partners , * , * Zhong Lun Law Firm , King & Wood Mallesons , AZB & Partners , Han Kun Law Offices , Grandall Law Firm , Amarchand Mangaldas , * 1.30 Amarchand Mangaldas , Clifford Chance , * Herbert Smith Freehills , * Grandall Law Firm , Skadden , Hairun Law Firm 17-6, * Simpson Thacher & Bartlett , * 0.3 Slaughter & May , * Han Kun Law Offices , Allens , * 0.3 Weil Gotshal & Manges , * Haiwen & Partners , * 0.2 LLinks Law Offices , * WongPartnership LLP , * Ashurst , * 0.2 Allen & Gledhill , * , * Simmons & Simmons 23-5, * 0.1 Morrison & Foerster , * Morrison & Foerster , * 0.3 Kirkland & Ellis , White & Case LLP , , , , , % 18.6% 24.5% 4.8% 8.3% -47.4% 1.6% -1.0% Asia Pacific Emerging Market Involvement Announced M&A by Target Industry ($bil) 9% 5% 5% 5% 4% Financials Energy and Power Industrials 11% 12% 13% 21% Real Estate High Technology Materials Consumer Staples Media and Entertainment Healthcare Retail Consumer Products and Services Telecommunications Any Asia Pacific Emerging Market Inv Announced - Top Deals Rank Date 4/16/2014 Date Effective 8/25/2014 Target (% Sought/Acquired) CITIC Ltd (100%) CITIC Pacific Ltd / Target Nation Hong Kong / China 42, /14/2014 Sinopec Sales Co Ltd (30%) 17, /9/2014 CIMB Group Holdings Bhd (100%) RHB Capital Bhd Malaysia / Malaysia 16, /31/2014 China CNR Corp Ltd (100%) CSR Corp Ltd 15, /18/2014 Greenland Holding Group Co Ltd (100%) Shanghai Jinfeng Investment Co 10, /25/2014 Hong Yuan Securities Co Ltd (100%) Shenyin & Wanguo Sec Co Ltd 6, /22/2014 Shanghai Oriental Pearl(Grp)Co (100%) Bestv New Media Co Ltd 5, /6/2014 China Grand Auto Services Co (100%) Merro Pharmaceutical Co Ltd 5, /12/ /22/2014 Sinopec Oilfield Service Corp (100%) Sinopec Yizheng Chem Fibre Co 4, /7/2014 Ranbaxy Laboratories Ltd (100%) Sun Pharmaceutical Inds Ltd India / India 4, Financials / Asset Management Industrials / Machinery Financials / Brokerage Media and Entertainment / Hotels and Lodging Retail / Automotive Retailing Healthcare / Pharmaceuticals

12 Full Year 2014 Mergers & Acquisitions s Chinese M&A Any Chinese Involvement Announced (AE53) Any Chinese Involvement Completed (AG54) Rank Value Market Market Rank Rank US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Deals Rank Sh (%) Deals Freshfields Bruckhaus Deringer , Freshfields Bruckhaus Deringer , * 0.6 Jia Yuan Law Offices , Jia Yuan Law Offices , Haiwen & Partners , * Skadden , Fangda Partners , Fangda Partners , King & Wood Mallesons , Zhong Lun Law Firm , , * , Clifford Chance , , * Sullivan & Cromwell , * 0.2 Herbert Smith Freehills 8 2 7, * 0.5 Tian Yuan Law Firm , * Han Kun Law Offices , * Zhong Lun Law Firm , Grandall Law Firm , Grandall Law Firm , King & Wood Mallesons , * Skadden , Clifford Chance , * Han Kun Law Offices , Hairun Law Firm 13-6, * LLinks Law Offices , * Simpson Thacher & Bartlett , Simpson Thacher & Bartlett , * Haiwen & Partners , * 0.4 Herbert Smith Freehills , * WongPartnership LLP , * 0.7 Jun He Law Offices , * , * 0.7 Kirkland & Ellis , * 0.2 Allens , * , * Grandway Law Offices , WongPartnership LLP , * Cleary Gottlieb Steen & Hamilton , * Mayer Brown LLP , * DLA Piper LLP , * 0.7 AZB & Partners 22-4, * 0.0 Minter Ellison , * Morrison & Foerster , * Mayer Brown LLP , * AllBright Law Offices , * Allen & Gledhill , * , ,024 AZB & Partners 25-4, * , , % 25.8% 7.5% 11.6% 26.9% 5.1% -50.7% -1.9% Chinese Involvement Announced M&A by Target Industry ($bil) 5% 5% 4% Financials Industrials Energy and Power 11% 12% 12% 13% 20% Real Estate High Technology Materials Media and Entertainment Retail Consumer Staples Healthcare Consumer Products and Services Telecommunications Any Chinese Involvement Announced (AE53) - Top Deals Rank Date Date Effective Target (% Sought/Acquired) / Target Nation 4/16/2014 8/25/2014 CITIC Ltd (100%) CITIC Pacific Ltd Hong Kong / China 42, /14/2014 Sinopec Sales Co Ltd (30%) 17, /31/2014 China CNR Corp Ltd (100%) CSR Corp Ltd 15, /18/2014 Greenland Holding Group Co Ltd (100%) Shanghai Jinfeng Investment Co 10, /25/2014 Hong Yuan Securities Co Ltd (100%) Shenyin & Wanguo Sec Co Ltd 6, /22/2014 Shanghai Oriental Pearl(Grp)Co (100%) Bestv New Media Co Ltd 5, /6/2014 China Grand Auto Services Co (100%) Merro Pharmaceutical Co Ltd 5, /12/ /22/2014 Sinopec Oilfield Service Corp (100%) Sinopec Yizheng Chem Fibre Co 4, /2/2014 9/30/2014 Noble Agri Ltd (51%) China / Hong Kong 4, /18/2014 Essence Securities Co Ltd (100%) Sinotex Invest&Dvlp Co Ltd 3, Financials / Asset Management Industrials / Machinery Financials / Brokerage Media and Entertainment / Hotels and Lodging Retail / Automotive Retailing Consumer Staples / Food and Beverage Financials / Brokerage

13 Full Year 2014 Mergers & Acquisitions s Indian M&A Any Indian Involvement Announced (AE57) Any Indian Involvement Completed (AG58) Rank Value Market Market Rank Rank US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Deals Rank Sh (%) Deals Amarchand Mangaldas , AZB & Partners 1 3 7, AZB & Partners 2 2 9, Amarchand Mangaldas 2 1 7, * , * 0.7 Simmons & Simmons 3-5, * 0.3 Khaitan & Co , , Shearman & Sterling LLP , * 0.3 Slaughter & May 5 4 2, * Luthra & Luthra Law Offices 6 35* 4, * 0.5 Norton Rose Fulbright , * PH Bathiya & Associates , Khaitan & Co , * 5.1 Sullivan & Cromwell 8-4, * 0.2 Herbert Smith Freehills * Crawford Bayley & Co 9* 76* 4, * 0.3 Trilegal White & Case LLP 9* 20 4, * Allen & Overy * Weil Gotshal & Manges 9* 76* 4, * 0.2 Paul Hastings * Herbert Smith Freehills , * 0.7 J Sagar Associates Slaughter & May , * Cravath, Swaine & Moore * 0.1 Clifford Chance 14 76* 1, * * 0.3 Trilegal , Shearman & Sterling LLP * DSK Legal * 0.3 Luthra & Luthra Law Offices * 0.7 Morrison & Foerster * 0.4 Bryan Cave LLP 17 77* * * Latham & Watkins * J Sagar Associates Loyens & Loeff * 0.3 Allen & Overy * Rajah & Tann LLP 20* * Skadden 21 10* * 0.2 Allen & Gledhill 20* * Bowman Gilfillan Africa Group * 0.1 JSA Tax Consultancy 20* * 0.1 Wadia Ghandy & Co * 0.3 Cabinet Cohen 23* * 0.1 Kochhar & Co 24 76* * 0.2 Eversheds 23* * 0.1 Paul Hastings * Miller Barondess LLP 25* * , , , % 42.7% 9.7% -14.2% -12.8% -48.4% 3.2% -7.1% Indian Involvement Announced M&A by Target Industry ($bil) 8% 7% 6% 6% 6% 17% Healthcare Energy and Power Financials Consumer Staples Industrials Materials 9% 13% 17% Media and Entertainment High Technology Telecommunications Consumer Products and Services Real Estate Retail Any Indian Involvement Announced (AE57) - Top Deals Rank Date Date Effective Target (% Sought/Acquired) / Target Nation 4/7/2014 Ranbaxy Laboratories Ltd (100%) Sun Pharmaceutical Inds Ltd India / India 4,068.7 Healthcare / Pharmaceuticals 11/20/2014 ING Vysya Bank Ltd (100%) Kotak Mahindra Bank Ltd India / India 2, /15/2014 7/2/2014 United Spirits Ltd (26%) Relay BV Netherlands / India 1,900.9 Consumer Staples / Food and Beverage 11/16/2014 Himachal Baspa Power Co Ltd (100%) JSW Energy Ltd India / India 1,572.0 Energy and Power / Alternative Energy Sources 11/24/2014 Bharti Airtel-Tower Portfolio (100%) American Tower Corp United States / Nigeria 1,050.0 Telecommunications / Wireless 8/13/2014 8/13/2014 Udupi Power Corp Ltd (100%) Adani Power Ltd India / India Energy and Power / Alternative Energy Sources 5/16/2014 6/23/2014 Dhamra Port Co Ltd (100%) Adani Ports & Special Eco Zone India / India Industrials / Transportation & Infrastructure 5/9/ /31/2014 Whyte & Mackay Ltd (100%) Emperador UK Ltd United Kingdom / United Kingdom Consumer Staples / Food and Beverage 5/19/2014 Neotel(Pty)Ltd (100%) Vodacom Group Ltd South Africa / South Africa /24/2014 Korba West Power Company Ltd (100%) Adani Power Ltd India / India Energy and Power / Alternative Energy Sources 12

14 Full Year 2014 Mergers & Acquisitions s Sub Saharan M&A Any Sub Saharan Involvement Announced Any Sub Saharan Involvement Completed Rank Value Market Market Rank Rank US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Deals Rank Sh (%) Deals 1 1 8, Simmons & Simmons , * 0.8 Webber Wentzel , , * Cliffe Dekker Hofmeyr , Norton Rose Fulbright , * Werksmans Attorneys , * Webber Wentzel 4 9 2, * GirardHayward Inc 5-5, * 0.3 Amarchand Mangaldas , * 0.4 Clifford Chance , * Gilbert + Tobin 6-2, * 0.4 Herbert Smith Freehills 7 2 2, Herbert Smith Freehills 7 2 2, * 0.8 Gilbert + Tobin 8-2, * 0.3 DLA Piper LLP , * 0.8 ENSafrica 9 5 1, Clifford Chance 9 58* 1, Bowman Gilfillan Africa Group , Fasken Martineau DuMoulin LLP , * 0.6 AZB & Partners , * 1.2 Glyn Marais Inc 11-1, * 0.6 Glyn Marais Inc , * 0.5 Bowman Gilfillan Africa Group * Jones Day , * Allens * 0.4 White & Case LLP , * Tugendhaft Wapnich Banchetti and Par * * 1, * 0.5 Cliffe Dekker Hofmeyr * Freshfields Bruckhaus Deringer 16 68* * 0.6 ENSafrica * DSK Legal 17* * * 0.4 Wadia Ghandy & Co 17* * Freshfields Bruckhaus Deringer * 0.2 Allens * Hogan Lovells * 0.4 Skadden * 0.4 Orrick Herrington & Sutcliffe LLP * 0.2 Tugendhaft Wapnich Banchetti and Par * 0.3 Zhong Lun Law Firm * 0.4 Slaughter & May * Akin, Gump, Strauss, Hauer & Feld 22 58* * 0.4 Akin, Gump, Strauss, Hauer & Feld 23 68* * 0.4 AZB & Partners * 0.8 Hogan Lovells * 0.6 Ashurst * , Minter Ellison 25 26* * , % 30.8% 131.0% -2.3% 39.2% 22.0% 0.2% 27.8% Sub Saharan Involvement Announced M&A by Target Industry ($bil) 8% 8% 4% 4% 2% 2% Retail Financials Materials 14% 22% Energy and Power Real Estate Telecommunications 15% 17% Media and Entertainment Healthcare Industrials Consumer Products and Services Consumer Staples High Technology Any Sub Saharan Involvement Announced - Top Deals Rank Date Date Effective Target (% Sought/Acquired) / Target Nation 11/25/2014 Pepkor Holdings (Pty) Ltd (52.5%) Steinhoff Intl Hldg Ltd South Africa / South Africa 3,095.3 Retail / Apparel Retailing 10/11/ /11/2014 Oil Mining License 29, Nigeria (45%) Nigeria / Nigeria 2, /25/2014 Pepkor Holdings (Pty) Ltd (39.9%) Steinhoff Intl Hldg Ltd South Africa / South Africa 2,530.2 Retail / Apparel Retailing 4/9/2014 8/1/2014 David Jones Ltd (100%) Woolworths Holdings Ltd South Africa / Australia 2,096.2 Retail / Discount and Department Store Retailing 9/13/ /8/2014 Methanol Holdings Trinidad (56.53%) Consolidated Energy Co Ltd Mauritius / Trinidad&Tob 1,175.1 Materials / Chemicals 11/24/2014 Bharti Airtel-Tower Portfolio (100%) American Tower Corp United States / Nigeria 1,050.0 Telecommunications / Wireless 1/29/2014 Standard Bank PLC (60%) ICBC China / United Kingdom /4/2014 Offshore Angola Block 15/06 (15%) Sonangol EP Angola / Angola /12/2014 Acucap Properties Ltd (65.1%) Growthpoint Properties Ltd South Africa / South Africa Real Estate / REITs 5/19/2014 Neotel(Pty)Ltd (100%) Vodacom Group Ltd South Africa / South Africa

15 Full Year 2014 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 Redina Doda Tel: +44 (0) redina.doda@thomsonreuters.com Asia-Pacific Kelvin Bian Tel: kelvin.bian@thomsonreuters.com Japan Kaori Motohashi Tel: kaori.motohashi@thomsonreuters.com - Announced league tables include all deals that were announced between January 1, 2013 and December 31, 2014 and of which Thomson Reuters was made aware. All current data and previous year's data is as of 5:00pm EDT on December 31, League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, 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. Non-US 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 Asia-Pacific Europe, Middle East & Africa Central America South America Central Asia Australasia South-East 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 Timor-Leste 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 Tokelau Sri Lanka Tonga Tuvalu Wallis & Futuna Is. Western Somoa 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. 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