EMERGING MARKETS M&A REVIEW LEGAL ADVISORS

Transcription

1 EMERGING MARKETS M&A REVIEW LEGAL ADVISORS REUTERS / Jean-Paul Pelissier First Half 2017

2 First Half 2017 Mergers & Acquisitions s Emerging Markets M&A Announced Emerging Markets M&A Down 15% Skadden Takes Top Spot Emerging Markets Deals Intelligence The total value of announced M&A activity in the Emerging Markets reached US$458 billion during the first half of 2017, a 14.7% decrease from totals reached during the first half of The number of M&A transactions in the Emerging Markets totaled 7,378, an 13.6% decrease from the total number of deals in the first half of Chinese involvement activity, although down 23% from a year ago, drove M&A activity in Emerging Markets, with 2,956 transactions worth US$291 billion, far outpacing Brazilian involvement activity, which generated the next highest volume, with 273 deals worth US$36.2 billion. India followed closely, accumulating US$34.3 billion from 764 transactions. The first half of 2017 saw a balanced industry mix across Emerging Market activity. Real Estate led, accounting for 16% of market activity, and was followed closely by Materials and Technology, accounting for 15% and 14% of market activity, respectively. Skadden took the top spot in the Emerging Markets during the period, with US$26.8 billion in announced deals. Machado Meyer Sendacz & Opice and Morrison & Foerster took the second and third spots, respectively. Average EBITDA multiples across the Emerging Markets increased to 15.9x from 15x recorded during the first half of Multiples ranged from 8.6x in Latin America to 25.4x in South Africa. Emerging Market Announced M&A Rank Value (US$b) $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 27.4% $129.4 $127.8 $228.4 $202.3 Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) EM% of Global 21.1% $153.7 $125.3 $109.6 $ % $233.7 $ % $145.9 $170.3 $157.2 $192.7 $ % $157.9 $ % $194.6 $156.1 $171.5 $172.6 $ % $265.2 $210.4 $229.7 $139.3 $137.3 $ % $426.6 $341.0 $285.1 $277.7 $ % $263.4 $ % $225.8 $271.6 $ Leading Emerging Market Target Nations - US$ bil % 35% 30% 25% 20% 15% 10% 5% 0% 700 Q4 Russia Q3 Russia Q2 Russia Q1 Russia 600 Q4 Brazil Q3 Brazil Q2 Brazil Q1 Brazil Rank Val US$ (bil) Q4 China Q3 China Q2 China Q1 China

3 First Half 2017 Mergers & Acquisitions s Emerging Markets M&A Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA 2017 UP BRIC Emerging Markets 2017 DOWN 2016 Latin America Middle East & North South Africa Eastern Europe Asia Pacific China India Africa Emerging Mkts Consumer Products and Services 19.3x 17.3x 17.8x 22.4x x x 6.4x 17.8x 20.7x 16.6x 26.3x 24.8x 6.0x Consumer Staples 15.6x 15.4x 16.4x 21.0x 7.8x 12.4x 12.3x 7.7x - 5.2x 11.2x 7.3x 16.8x 19.9x 14.7x 21.7x 20.3x 24.4x Energy and Power 13.6x 9.1x 14.7x 8.5x - 9.3x 11.2x 10.5x 7.1x x 7.5x 14.6x 10.0x 16.0x 8.7x 13.1x 15.9x Healthcare 19.1x 20.7x 20.4x 26.9x - 0.5x 14.3x 9.4x x 20.2x 27.9x 20.0x 30.1x 24.8x - High Technology 15.9x 16.0x 18.1x 15.3x x x 8.7x x 16.6x 18.6x 16.2x 12.5x 7.8x Industrials 14.4x 13.7x 16.2x 15.6x 6.8x 13.2x 11.3x 8.4x x 9.4x 8.9x 16.1x 15.2x 17.5x 17.1x 13.7x 7.6x Materials 14.4x 14.1x 18.9x 16.6x 8.0x 8.3x 4.9x 19.2x 3.3x - 9.2x 10.6x 16.5x 14.8x 22.3x 20.5x 12.5x 11.0x Media and Entertainment 16.8x 14.5x 17.7x 16.0x x x 3.8x 18.3x 17.5x 19.0x 15.5x 16.0x 16.5x Real Estate 26.5x 20.0x 19.8x 20.0x x 29.2x 45.5x x 23.5x 26.1x 17.4x 17.8x 18.1x 23.9x - Retail 14.7x 18.7x 17.1x 13.2x - 8.4x 6.4x 21.6x x 13.8x 19.3x 22.8x 20.0x 15.3x 15.4x - Telecommunications 15.7x 15.5x5x 13.5x 24.6x - 8.2x 5.1x 10.2x 45.9x x 14.8x 13.5x 24.6x 12.7x 24.6x 14.3x - Average 15.9x 15.0x 17.3x 17.0x 8.6x 9.8x 12.7x 12.4x 25.4x 9.2x 10.6x 10.1x 17.2x 17.3x 18.2x 19.0x 15.7x 13.4x Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price 2017 UP BRIC Latin America Middle East & North 2017 DOWN 2016 Emerging Markets 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/ /30/2017. 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 First Half 2017 Mergers & Acquisitions s Emerging Market M&A Any Emerging Market Involvement Announced Any Emerging Market Involvement Completed Rank Value Market Market # of Market Change in US$m Sh (%) Share Ch. Skadden , Clifford Chance , Machado Meyer Sendacz & Opice , * Fangda Partners , Morrison & Foerster , * King & Wood Mallesons , Clifford Chance , , * Demarest Advogados , * Cleary Gottlieb Steen & Hamilton , * , Freshfields Bruckhaus Deringer , * Vieira, Rezende, Barbosa E Guerreiro 7 333* 20, * Simpson Thacher & Bartlett , * AZB & Partners , Davis Polk & Wardwell , * Simpson Thacher & Bartlett , * Osler Hoskin & Harcourt LLP , * , * Gleiss Lutz * 47, * Sullivan & Cromwell , * Cravath, Swaine & Moore , * Fangda Partners , Blake Cassels & Graydon , * Houthoff Buruma , * Bar & Karrer * 44, * Slaughter and May , * Darrois Villey Maillot Brochier 14* 43 44, * Kirkland & Ellis , * Homburger 14* , * S&R Associates 16-14, * , King & Wood Mallesons , Sullivan & Cromwell , * Loyens & Loeff 18* 170* 13, * Weil Gotshal & Manges , * Deloitte 18* 333* 13, * Hogan Lovells , Bharucha & Partners 20* - 11, * Linklaters , Vaish Associates Advocates 20* - 11, * AllBright Law Offices , * Linklaters , * Mattos Filho Veiga Filho Marrey Jr , Grandall Law Firm , * Beijing Dentons Law Offices LLP , * Herbert Smith Freehills , * Wachtell Lipton Rosen & Katz , * Latham & Watkins , Skadden , , , , , % -13.6% -3.8% -22.0% -2.8% -1.9% 3.9% -16.8% Emerging Markets Involvement Announced M&A by Target Industry ($bil) 5% 4% 3% 3% 2% 2% 16% Real Estate Materials High Technology Financials 10% 15% 12% 14% 14% Industrials Energy and Power Telecommunications Consumer Staples Healthcare Retail Media and Entertainment Consumer Products and Services Any Emerging Market Involvement Announced - Top Deals / Target Nation Rank Value (US$m) 2/20/2017 Pending Valepar SA (100%) Vale SA 20, /13/2017 Pending Mobileye NV (100%) Cyclops Holdings Inc United States / Israel 15, /2/2017 Pending Logicor Ltd (100%) China Investment Corp China / United Kingdom 13, /20/2017 Pending Idea Cellular Ltd-Mobile Bus (100%) Vodafone Grp PLC-Vodafone Asts India / India 11, /29/2017 6/29/2017 Guangdong Intl Tr Invest-Asts (100%) Guangzhou Wanxi RE Co Ltd 8, /28/2017 5/26/2017 Xiaoju Kuaizhi Inc (%) Japan / China 5, /12/2017 1/24/2017 China Vanke Co Ltd (15.31%) Shenzhen Metro Group Co Ltd 5, /2/2017 Pending JD Finance (68.6%) 4, /28/2017 Pending Belle Intl Hldgs Ltd (85.3%) Muse Holdings-B Inc 4, /2/2017 Pending China Everbright Bank Co Ltd (12.3%) 4, High Technology / Software Real Estate / Non Residential Telecommunications / Wireless High Technology / Software Financials / Credit Institutions Consumer Staples / Textiles & Apparel Financials / Banks 3

5 First Half 2017 Mergers & Acquisitions s BRIC M&A Any BRIC Involvement Announced Any BRIC Involvement Completed Rank Value Market Market US$m Sh (%) Share Ch. Machado Meyer Sendacz & Opice , * Fangda Partners , Demarest Advogados , * King & Wood Mallesons , Vieira, Rezende, Barbosa E Guerreiro 3 255* 20, * Clifford Chance , * AZB & Partners , , * Fangda Partners , Cleary Gottlieb Steen & Hamilton , * Clifford Chance , * Simpson Thacher & Bartlett , * Simpson Thacher & Bartlett , Davis Polk & Wardwell , * , * Gleiss Lutz 8 234* 47, * Slaughter and May , * Osler Hoskin & Harcourt LLP , * S&R Associates 10-14, * Cravath, Swaine & Moore , * King & Wood Mallesons , Blake Cassels & Graydon , * Loyens & Loeff 12* - 13, * Darrois Villey Maillot Brochier 12* - 44, * Deloitte 12* 255* 13, * Homburger 12* 234* 44, * Kirkland & Ellis , * Bar & Karrer 12* - 44, * Bharucha & Partners 15* - 11, * Freshfields Bruckhaus Deringer , * Vaish Associates Advocates 15* - 11, * Sullivan & Cromwell , * Grandall Law Firm , * Weil Gotshal & Manges , * Skadden , * AllBright Law Offices , * Mattos Filho Veiga Filho Marrey Jr , Mattos Filho Veiga Filho Marrey Jr , Latham & Watkins , * Beijing Dentons Law Offices LLP , * Linklaters , * Linklaters , * Herbert Smith Freehills , * Wachtell Lipton Rosen & Katz , * Morrison & Foerster , * Skadden , * Weil Gotshal & Manges , * Veirano Advogados , * Davis Polk & Wardwell , * Jia Yuan Law Offices , * , , , , % -11.2% -12.6% 3.9% 0.5% 29.0% -24.4% -16.9% Any BRIC Involvement Announced M&A by Target Industry ($bil) 8% 5% 4% 4% 3% 2% 18% 15% Real Estate Materials Financials High Technology 12% 13% 14% Industrials Energy and Power Telecommunications Consumer Staples Healthcare Retail Media and Entertainment Consumer Products and Services Any BRIC Involvement Announced - Top Deals / Target Nation Rank Value (US$m) 2/20/2017 Pending Valepar SA (100%) Vale SA 20, /2/2017 Pending Logicor Ltd (100%) China Investment Corp China / United Kingdom 13,742.4 Real Estate / Non Residential 3/20/2017 Pending Idea Cellular Ltd-Mobile Bus (100%) Vodafone Grp PLC-Vodafone Asts India / India 11,627.3 Telecommunications / Wireless 6/29/2017 6/29/2017 Guangdong Intl Tr Invest-Asts (100%) Guangzhou Wanxi RE Co Ltd 8, /28/2017 5/26/2017 Xiaoju Kuaizhi Inc (%) Japan / China 5,500.0 High Technology / Software 1/12/2017 1/24/2017 China Vanke Co Ltd (15.31%) Shenzhen Metro Group Co Ltd 5, /2/2017 Pending JD Finance (68.6%) 4,985.9 Financials / Credit Institutions 4/28/2017 Pending Belle Intl Hldgs Ltd (85.3%) Muse Holdings-B Inc 4,576.5 Consumer Staples / Textiles & Apparel 5/2/2017 Pending China Everbright Bank Co Ltd (12.3%) 4,499.1 Financials / Banks 6/15/2017 Pending Suzhou Qingfeng Invest Mgmt Co (100%) Jiangsu Shagang Co Ltd 4, High Technology / IT Consulting & Services 4

6 First Half 2017 Mergers & Acquisitions s Latin American M&A Any Latin American Involvement Announced (AE35) Any Latin American Involvement Completed (AG36) Rank Value Market Market # of Market Change in US$m Sh (%) Share Ch. Machado Meyer Sendacz & Opice , Mattos Filho Veiga Filho Marrey Jr , Demarest Advogados , Sullivan & Cromwell 2-10, * Vieira, Rezende, Barbosa E Guerreiro 3 75* 20, * Veirano Advogados , Mattos Filho Veiga Filho Marrey Jr , Pinheiro Neto Advogados , * , * Torys 5* 12 5, * Tozzini Freire Teixeira e Silva , Sidley Austin LLP 5* - 5, * Jones Day , * Tozzini Freire Teixeira e Silva , Linklaters 8 3 2, * Barbosa Mussnich & Aragao , Souza, Cescon, Barrieu & Flesch Advo , , * Barbosa Mussnich & Aragao , * Baker & McKenzie , * Mundie & Advogados 11 15* 2, * Mundie & Advogados 11* - 1, * Galicia Abogados 12 75* 2, * Davis Polk & Wardwell 11* 32* 1, * Lobo & de Rizzo Advogados , * Stikeman Elliott 13* 16* 1, * Dechert 14* - 2, * King & Wood Mallesons 13* - 1, * Cravath, Swaine & Moore 14* 21* 2, * Ropes & Gray 13* - 1, * Sidley Austin LLP 14* - 2, * Galicia Abogados 16-1, * Freshfields Bruckhaus Deringer , * Cariola Diez Perez Cotapos y Cia Ltda 17 13* 1, * Simpson Thacher & Bartlett 18-1, * Cleary Gottlieb Steen & Hamilton , * Davis Polk & Wardwell , * Lobo & de Rizzo Advogados , Davies Ward Phillips & Vineberg LLP 20-1, * Debevoise & Plimpton 20* 25 1, * Weil Gotshal & Manges 21 75* 1, * Paul, Weiss 20* - 1, * Veirano Advogados * Machado Meyer Sendacz & Opice , * McCarthy Tetrault * McCarthy Tetrault * Cariola Diez Perez Cotapos y Cia Ltda 24 9* * Souza, Cescon, Barrieu & Flesch Advo * Pinheiro Neto Advogados Freshfields Bruckhaus Deringer 25* 64* * , Herbert Smith Freehills 25* * , % -5.3% -62.1% -10.6% -27.9% -5.2% -20.1% -20.4% Latin American Involvement Announced M&A by Target Industry ($bil) 10% 8% 4% Materials Industrials Financials Energy and Power 55% Consumer Staples Real Estate Telecommunications Media and Entertainment 16% Consumer Products and Services High Technology Healthcare Retail Any Latin American Involvement Announced (AE35) - Top Deals / Target Nation Rank Value (US$m) 2/20/2017 Pending Valepar SA Vale SA 20, /28/2017 Pending Florida East Coast Railway Co ITM Mexico / United States 2,100.0 Industrials / Transportation & Infrastructure 5/11/2017 Pending XP Holding Investimentos SA Itau Unibanco SA 1,989.3 Financials / Brokerage 2/21/2017 Pending Thyssenkrupp Slab Intl BV Ternium SA Argentina / Brazil 1, /13/2017 6/1/2017 Brasil Kirin Holding SA Bavaria SA 1,280.8 Financials / Other Financials 6/19/2017 Pending Portonave SA Terminal Investment Ltd Sarl Luxembourg / Brazil 1,247.7 Industrials / Transportation & Infrastructure 6/14/2017 4/6/2017 Pending Pending OHL Mexico SAB de CV Barrick Gold Corp-Veladero Magenta Infraestructura SL Shandong Gold Mining Co Ltd Spain / Mexico China / Argentina 1, Industrials / Building/Construction & Engineering 1/23/2017 Intended CPFL Energias Renovaveis SA State Grid Brazil Power Energy and Power / Power 6/6/2017 Intended Nextel Holdings SARL AINMT Intl Hldg BV Netherlands / Brazil Telecommunications / Wireless 5

7 First Half 2017 Mergers & Acquisitions s Brazilian M&A Any Brazilian Involvement Announced (AE37) Any Brazilian Involvement Completed (AG38) Rank Value Market Market US$m Sh (%) Share Ch. Machado Meyer Sendacz & Opice , Mattos Filho Veiga Filho Marrey Jr , Demarest Advogados , Sullivan & Cromwell 2-9, Vieira, Rezende, Barbosa E Guerreiro 3 56* 20, * Veirano Advogados , Mattos Filho Veiga Filho Marrey Jr , Pinheiro Neto Advogados 4 9 6, , * Torys 5* - 5, * Tozzini Freire Teixeira e Silva , Sidley Austin LLP 5* - 5, * Souza, Cescon, Barrieu & Flesch Advo , Tozzini Freire Teixeira e Silva , * Barbosa Mussnich & Aragao , * Barbosa Mussnich & Aragao , Mundie & Advogados 9 8* 2, * , * Lobo & de Rizzo Advogados , * Mundie & Advogados 10* - 1, * Linklaters , * Davis Polk & Wardwell 10* - 1, * Freshfields Bruckhaus Deringer 12 24* 1, * Debevoise & Plimpton 12* - 1, * Davis Polk & Wardwell , * Paul, Weiss 12* - 1, * Jones Day 14 56* Machado Meyer Sendacz & Opice , Veirano Advogados * Souza, Cescon, Barrieu & Flesch Advo * Weil Gotshal & Manges 16 56* * Freshfields Bruckhaus Deringer 16* 37* * Pinheiro Neto Advogados Herbert Smith Freehills 16* * Proskauer Rose LLP * Stocche Forbes Advogados * Stocche Forbes Advogados * Lobo & de Rizzo Advogados * * Cariola Diez Perez Cotapos y Cia Ltda 20* * Lefosse Advogados * Barros y Errazueiz Abogados 20* * Bae Kim & Lee * Chadbourne & Parke 20* * Squire Patton Boggs LLP * Claro y Cia 20* * Shearman & Sterling LLP Forbes, Forbes & Associates (OH) * * 30* Demarest Advogados , , % -75.8% -9.3% -6.4% 137.7% -16.3% -17.6% -23.0% Brazil Involvement Announced M&A by Target Industry ($bil) 8% Materials Financials Industrials 8% 10% 65% ` Energy and Power Consumer Staples Telecommunications Real Estate Consumer Products and Services Healthcare Media and Entertainment High Technology Any Brazilian Involvement Announced (AE37) - Top Deals 2/20/2017 Pending Valepar SA Vale SA 5/11/2017 Pending XP Holding Investimentos SA Itau Unibanco SA 2/21/2017 Pending Thyssenkrupp Slab Intl BV Ternium SA 2/13/2017 6/1/2017 Brasil Kirin Holding SA Bavaria SA 6/19/2017 Pending Portonave SA Terminal Investment Ltd Sarl 1/23/2017 Intended CPFL Energias Renovaveis SA State Grid Brazil Power 6/6/2017 Intended Nextel Holdings SARL AINMT Intl Hldg BV 1/12/2017 3/16/2017 Pending Pending Nova Energia Holding SA INFRAERO-Luis Eduardo Magalhae AES Tiete Energia SA Vinci Airports SAS 3/16/2017 Pending INFRAERO-Pinto Martins Fraport AG / Target Nation Rank Value (US$m) 20, ,989.3 Argentina / Brazil 1, ,280.8 Luxembourg / Brazil 1, Netherlands / Brazil France / Brazil Germany / Brazil Financials / Brokerage Financials / Other Financials Industrials / Transportation & Infrastructure Energy and Power / Power Telecommunications / Wireless Energy and Power / Alternative Energy Sources Industrials / Transportation & Infrastructure Industrials / Transportation & Infrastructure 6

8 First Half 2017 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 # of Market Change in US$m Sh (%) Share Ch , , Morrison & Foerster 2* 66* 15, * Freshfields Bruckhaus Deringer , Sullivan & Cromwell 2* 8* 15, * Clifford Chance , Houthoff Buruma 4* - 15, * Shearman & Sterling LLP , * Skadden 4* 12* 15, * Pinsent Masons 5 70* 2, * Shearman & Sterling LLP 6 4 5, Blake Cassels & Graydon 6-1, * Clifford Chance 7 3 3, Burstall Winger Zammit LLP 7-1, * Herbert Smith Freehills 8 66* 2, * Linklaters 8 1 1, * Kirkland & Ellis , * Norton Rose Fulbright 9 44* 1, * Gibson Dunn & Crutcher , * Baker & McKenzie , * Cravath, Swaine & Moore 11* 66* 2, * Herbert Smith Freehills 11 3* 1, * Tozzini Freire Teixeira e Silva 11* - 2, * Gibson Dunn & Crutcher , * Eversheds Sutherland LLP 11* 66* 2, * Sharkawy & Sarhan Law Firm * Willkie Farr & Gallagher 11* - 2, * Cravath, Swaine & Moore 14* 3* * Arnold & Porter 11* - 2, * Vinson & Elkins LLP 14* 70* * Kean Miller LLP 16* - 2, * Matheson * Orrick Herrington & Sutcliffe LLP 16* 28* 2, * Dentons * Blake Cassels & Graydon 18-1, * Davis Polk & Wardwell 18* * Pinsent Masons 19* 49* 1, * Watson Farley & Williams 18* * Burstall Winger Zammit LLP 19* - 1, * Zulficar & Partners Co * * Dentons CMS * Cleary Gottlieb Steen & Hamilton * O'Melveny & Myers 23* * Davis Polk & Wardwell 24* 12* * Willkie Farr & Gallagher 23* * Linklaters 24* * Hogan Lovells * , , % -77.0% -21.9% -20.6% -16.8% -64.1% -14.9% -9.1% Middle Eastern & N African Involvement Announced M&A by Target Industry ($bil) 11% 8% High Technology Energy and Power Materials Financials 25% 40% Industrials Consumer Staples Healthcare Real Estate ` Consumer Products and Services Telecommunications Retail Media and Entertainment Any Middle East & North African Inv Announced (AE48) - Top Deals / Target Nation Rank Value (US$m) 3/13/2017 Pending Mobileye NV (100%) Cyclops Holdings Inc United States / Israel 15, /21/2017 Pending Natl Titanium-Titanium Dioxide (100%) Tronox Ltd United States / Saudi Arabia 2, /6/2017 5/1/2017 Motiva Enterprises LLC (50%) Saudi Refining Inc United States / United States 2, /17/2017 Pending Williams Olefins LLC (100%) NOVA Chemicals Corp Canada / United States 2, /19/2017 Pending Abu Dhabi Co-Oil Onshore Conce (8%) CNPC China / Utd Arab Em 1, /31/2017 3/31/2017 Mubadala Capital-N Amer Pte (%) Ardian SAS France / United States 1, /6/2017 5/4/2017 Ithaca Energy Inc (78.37%) Delek Group Ltd Israel / United Kingdom 1, /31/2017 Pending Thai Energy Co Ltd (100%) KUFPEC Thailand Hldg Pte Ltd Singapore / Thailand /20/2017 2/20/2017 Abu Dhabi Co-Oil Onshore Conce (4%) China CEFC Energy Co Ltd China / Utd Arab Em /22/2017 Pending SADAF (50%) SABIC Saudi Arabia / Saudi Arabia High Technology / Software Energy and Power / Petrochemicals Materials / Chemicals Energy and Power / Oil & Gas Financials / Alternative Financial Investments Energy and Power / Oil & Gas Energy and Power / Petrochemicals Energy and Power / Oil & Gas Energy and Power / Petrochemicals 7

9 First Half 2017 Mergers & Acquisitions s South African M&A Any South African Involvement Announced (AE49) Any South African Involvement Completed (AG50) Rank Value Market Market # of Market Change in US$m Sh (%) Share Ch. ENSafrica 1 2 3, , Latham & Watkins 2-2, * Webber Wentzel 2 2 4, S&R Associates 3* - 1, * Clifford Chance , * Cravath, Swaine & Moore 3* 18 1, * ENSafrica 4 9 2, Appleby 3* - 1, * Cleary Gottlieb Steen & Hamilton 5* - 2, * Trilegal 3* - 1, * Jones Day 5* 22 2, * BLC Robert & Associates 3* - 1, * Holland & Hart 5* - 2, * Webber Wentzel Cravath, Swaine & Moore 8* 5* 1, * Cliffe Dekker Hofmeyr * S&R Associates 8* - 1, * Noerr LLP 10* * Appleby 8* - 1, * GLNS Rechtsanwaelte Steuerberater P 10* * Trilegal 8* - 1, * Lee & Ko 10* * BLC Robert & Associates 8* - 1, * * * Latham & Watkins 8* - 1, * Hogan Lovells * Cliffe Dekker Hofmeyr Werksmans Attorneys * Sullivan & Cromwell * Villey Girard Grolleaud AARPI 16* * Noerr LLP 16* * Willkie Farr & Gallagher 16* * GLNS Rechtsanwaelte Steuerberater P 16* * Ellis, Lawhorne, Davidson & Sims (SC) 16* * Lee & Ko 16* * King & Wood Mallesons * Machado Meyer Sendacz & Opice 19* * Corrs Chambers Westgarth * Khaitan & Co 19* 28* * Freshfields Bruckhaus Deringer 21 40* * Linklaters 21* * Gilbert + Tobin * Debevoise & Plimpton 21* * DLA Piper LLP * Bowman Gilfillan Africa Group 21* * Osborne Clarke * Houthoff Buruma 24* * Adams & Adams * Vinson & Elkins LLP 24* * , , % 6.0% -17.2% -17.6% -14.0% -52.3% -17.1% 4.7% South African Involvement Announced M&A by Target Industry ($bil) 9% 3% 28% High Technology Telecommunications Financials 13% Real Estate Materials Retail 14% 28% ` Media and Entertainment Consumer Products and Services Energy and Power Any South African Involvement Announced (AE49) - Top Deals / Target Nation Rank Value (US$m) 5/15/2017 Pending Vodafone Kenya Ltd (87.5%) Vodacom Group Ltd South Africa / Kenya 2, /31/2017 1/31/2017 ibibo Group Pvt Ltd (100%) MakeMyTrip Ltd India / India 1, /22/2017 Pending Chevron South Africa (Pty) Ltd (75%) China Petroleum & Chem Corp China / South Africa /6/2017 Pending Westcon Group Inc (100%) SYNNEX Corp United States / United States /5/2017 1/5/2017 The Pivotal Fund Ltd (100%) Redefine Properties Ltd South Africa / South Africa /15/2017 Pending Union Mines Joint Venture (85%) Siyanda Chrome Invests Pty Ltd South Africa / South Africa /12/2017 5/12/2017 Delivery Hero GmbH (%) Naspers Ltd South Africa / Germany /18/2017 Pending Southern Sun Hotels (Pty) Ltd (100%) Hospitality Property Fund Ltd South Africa / South Africa /15/2017 5/31/2017 Locaviseu-Sociedade De Gestao (100%) South Africa / Portugal /16/2017 Pending African Resonance Bus (100%) Capital Appreciation Ltd South Africa / South Africa Telecommunications / Telecommunications Services High Technology / E-commerce / B2B Financials / Other Financials High Technology / Computers & Peripherals Real Estate / REITs High Technology / E-commerce / B2B Media and Entertainment / Hotels and Lodging Real Estate / Non Residential High Technology / Computers & Peripherals 8

10 First Half 2017 Mergers & Acquisitions s Eastern European M&A Any Eastern European Involvement Announced (AE47) Any Eastern European Involvement Completed (AG48) Rank Value Market Market # of Market Change in US$m Sh (%) Share Ch , Freshfields Bruckhaus Deringer , * CMS , , Latham & Watkins 3 3 1, * , * Cerha Hempel Spiegelfeld Hlawati , * Cleary Gottlieb Steen & Hamilton 4 58* 11, * Hengeler Mueller 5 58* 1, * Hogan Lovells , * Norton Rose Fulbright 6 1 1, * Linklaters , Borenius Ltd * Clifford Chance 7 1 6, * Clifford Chance 8 24* Webber Wentzel 8-3, * Kinstellar * Addleshaw Goddard 9* - 2, * Cobalt Legance Studio Legale Associato 9* - 2, * Herbert Smith Freehills * Deloitte 9* - 2, * Hogan Lovells * Uria Menendez 9* - 2, * Roschier * Kirkland & Ellis 9* 15* 2, * Ellex Gide Loyrette Nouel 14 58* 2, * Dechert * Weil Gotshal & Manges , * Dentons Akin, Gump, Strauss, Hauer & Feld 16 31* 2, * Freshfields Bruckhaus Deringer * Cerha Hempel Spiegelfeld Hlawati 17-1, * SORAINEN Skadden 18 58* 1, * Schoenherr Attorney's at Law Hengeler Mueller 19-1, * Weil Gotshal & Manges * Herbert Smith Freehills , * Baker & McKenzie * Dechert * Gianni Origoni Grippo Cappelli & Partne 22 58* * Schoenherr Attorney's at Law * Linklaters CMS Bird & Bird 24* * Baker & McKenzie Hannes Snellman 24* * Boyanov & Co * , ,393 59, , % -13.0% -32.5% -21.2% 201.4% -17.9% -30.7% -26.2% Eastern Europe Involvement Announced M&A by Target Industry ($bil) 11% 8% 4% 3% 32% Energy and Power Financials Materials Industrials Consumer Staples Real Estate 17% 18% Consumer Products and Services Telecommunications Media and Entertainment Healthcare Retail High Technology Any Eastern European Involvement Announced (AE47) - Top Deals / Target Nation Rank Value (US$m) 3/5/2017 Pending Severneftegazprom (25%) OMV AG Austria / Russian Fed 1,850.0 Energy and Power / Oil & Gas 3/3/2017 6/13/2017 OMV Petrol Ofisi Holding AS (100%) VIP Turkey Enerji AS Turkey / Turkey 1,437.9 Energy and Power / Oil & Gas 5/19/2017 Pending EDF Polska SA (99.5%) PGE SA Poland / Poland 1,188.3 Energy and Power / Power 2/21/2017 3/22/2017 Turkiye Garanti Bankasi AS (9.95%) Banco Bilbao Vizcaya Spain / Turkey Financials / Banks 5/31/2017 Pending Polyus (9.8%) Shanghai Pingju Invest Mgmt Co China / Russian Fed /11/2017 4/11/2017 NNK AO-Kodaneft' Project (100%) NK Rosneft' Russian Fed / Russian Fed Energy and Power / Oil & Gas 6/10/2017 1/19/2017 Pending Pending QIWI (55%) PKC Group Oyj (100%) MSSL Estonia WH OU Russian Fed / Russian Fed Estonia / Finland Financials / Other Financials Industrials / Building/Construction & Engineering 5/31/2017 Intended Polyus (5%) Shanghai Pingju Invest Mgmt Co China / Russian Fed /21/2017 Pending Centrica PLC-Combined Combined Cycle (100%) EP UK Investments Ltd United Kingdom / United Kingdom Energy and Power / Alternative Energy Sources 9

11 First Half 2017 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 # of Market Change in US$m Sh (%) Share Ch. AZB & Partners , Fangda Partners , Clifford Chance , King & Wood Mallesons , Fangda Partners , Clifford Chance , Simpson Thacher & Bartlett , * Simpson Thacher & Bartlett , * Slaughter and May , * Davis Polk & Wardwell , * S&R Associates 6-14, * Gleiss Lutz 6 225* 47, * King & Wood Mallesons , Osler Hoskin & Harcourt LLP , * Loyens & Loeff 8* - 13, * , * Deloitte 8* 236* 13, * Cravath, Swaine & Moore , * , * Blake Cassels & Graydon , * Kirkland & Ellis , * Cleary Gottlieb Steen & Hamilton , * Bharucha & Partners 12* - 11, * Darrois Villey Maillot Brochier 12* 37 44, * Vaish Associates Advocates 12* - 11, * Homburger 12* - 44, * Grandall Law Firm , Bar & Karrer 12* - 44, * Skadden , Freshfields Bruckhaus Deringer , * Herbert Smith Freehills , Sullivan & Cromwell , * Baker & McKenzie , Weil Gotshal & Manges , * Morrison & Foerster , * AllBright Law Offices , Weil Gotshal & Manges , * Beijing Dentons Law Offices LLP , * Latham & Watkins , * Linklaters , * Beijing Dentons Law Offices LLP , * Wachtell Lipton Rosen & Katz * 10, * Linklaters , * Jia Yuan Law Offices , * Jincheng Tongda & Neal Law Firm , * AZB & Partners , Davis Polk & Wardwell , * Skadden , * Khaitan & Co , Hogan Lovells , , , , , % -5.7% 26.3% 7.7% -11.3% 34.5% -21.2% -13.0% Asia Pacific Emerging Market Involvement Announced M&A by Target Industry ($bil) 10% 8% 5% 4% 4% 20% Real Estate Financials High Technology Industrials 12% 14% 15% Materials Energy and Power Telecommunications Consumer Staples Healthcare Retail Media and Entertainment Consumer Products and Services Any Asia Pacific Emerging Market Inv Announced - Top Deals / Target Nation Rank Value (US$m) 6/2/2017 Pending Logicor Ltd (100%) China Investment Corp China / United Kingdom 13,742.4 Real Estate / Non Residential 3/20/2017 Pending Idea Cellular Ltd-Mobile Bus (100%) Vodafone Grp PLC-Vodafone Asts India / India 11,627.3 Telecommunications / Wireless 6/29/2017 6/29/2017 Guangdong Intl Tr Invest-Asts (100%) Guangzhou Wanxi RE Co Ltd 8, /28/2017 1/12/2017 5/26/2017 1/24/2017 Xiaoju Kuaizhi Inc (%) China Vanke Co Ltd (15.31%) Shenzhen Metro Group Co Ltd Japan / China 5, ,358.8 High Technology / Software 3/2/2017 Pending JD Finance (68.6%) 4,985.9 Financials / Credit Institutions 4/28/2017 Pending Belle Intl Hldgs Ltd (85.3%) Muse Holdings-B Inc 4,576.5 Consumer Staples / Textiles & Apparel 5/2/2017 Pending China Everbright Bank Co Ltd (12.3%) 4,499.1 Financials / Banks 6/15/2017 Pending Suzhou Qingfeng Invest Mgmt Co (100%) Jiangsu Shagang Co Ltd 4,458.2 High Technology / IT Consulting & Services 6/9/2017 Pending ChinaVankeCoLtd(141%) Co (14.1%) Shenzhen Metro Group Co Ltd 4,

12 First Half 2017 Mergers & Acquisitions s Chinese M&A Any Chinese Involvement Announced (AE53) Any Chinese Involvement Completed (AG54) Rank Value Market Market # of Market Change in US$m Sh (%) Share Ch. Fangda Partners , Fangda Partners , Clifford Chance , * King & Wood Mallesons , Simpson Thacher & Bartlett , * Clifford Chance , King & Wood Mallesons , Simpson Thacher & Bartlett , * Loyens & Loeff 5* - 13, * Davis Polk & Wardwell , * Deloitte 5* 189* 13, * Gleiss Lutz 6 177* 47, * Kirkland & Ellis , * Osler Hoskin & Harcourt LLP 7-46, * Grandall Law Firm , , * Skadden , * Blake Cassels & Graydon , * Herbert Smith Freehills , Cleary Gottlieb Steen & Hamilton , * Morrison & Foerster , * Darrois Villey Maillot Brochier 11* - 44, * Baker & McKenzie , * Cravath, Swaine & Moore 11* 34 44, * Weil Gotshal & Manges , * Homburger 11* - 44, * Beijing Dentons Law Offices LLP , * Bar & Karrer 11* - 44, * Linklaters , * Sullivan & Cromwell , * Jincheng Tongda & Neal Law Firm , * Freshfields Bruckhaus Deringer , * Grandway Law Offices , * Weil Gotshal & Manges , * AllBright Law Offices , * AllBright Law Offices , Jia Yuan Law Offices , * Beijing Dentons Law Offices LLP , Norton Rose Fulbright , * Wachtell Lipton Rosen & Katz , * Shearman & Sterling LLP , * Jia Yuan Law Offices , * Zhong Lun Law Firm , * Skadden , * Latham & Watkins , * Morrison & Foerster , * Freshfields Bruckhaus Deringer , * Grandall Law Firm , Minter Ellison , * Zhong Lun Law Firm , , , , , % 40.6% -8.6% 23.1% -13.8% -30.8% 25.7% -8.0% Chinese Involvement Announced M&A by Target Industry ($bil) 13% 10% 8% 5% 4% 3% 14% 15% 22% Real Estate High Technology Financials Industrials Materials Energy and Power Consumer Staples Healthcare Retail Media and Entertainment Consumer Products and Services Telecommunications Any Chinese Involvement Announced (AE53) - Top Deals 6/2/2017 Pending Logicor Ltd (100%) China Investment Corp 6/29/2017 6/29/2017 Guangdong Intl Tr Invest-Asts (100%) Guangzhou Wanxi RE Co Ltd 4/28/2017 5/26/2017 Xiaoju Kuaizhi Inc (%) 1/12/2017 1/24/2017 China Vanke Co Ltd (15.31%) Shenzhen Metro Group Co Ltd 3/2/2017 Pending JD Finance (68.6%) 4/28/2017 Pending Belle Intl Hldgs Ltd (85.3%) Muse Holdings-B Inc 5/2/2017 Pending China Everbright Bank Co Ltd (12.3%) 6/15/2017 Pending Suzhou Qingfeng Invest Mgmt Co (100%) Jiangsu Shagang Co Ltd 6/9/2017 Pending China Vanke Co Ltd (14.1%) Shenzhen Metro Group Co Ltd 5/25/2017 Pending Shanghai Fosun High Tech-Assts (100%) Shanghai Yuyuan Tourist Mart / Target Nation Rank Value (US$m) China / United Kingdom 13, ,104.8 Japan / China 5, , , , , , , ,013.5 Real Estate / Non Residential High Technology / Software Financials / Credit Institutions Consumer Staples / Textiles & Apparel Financials / Banks High Technology / IT Consulting & Services 11

13 First Half 2017 Mergers & Acquisitions s Indian M&A Any Indian Involvement Announced (AE57) Any Indian Involvement Completed (AG58) Rank Value Market Market # of Market Change in US$m Sh (%) Share Ch. AZB & Partners , Freshfields Bruckhaus Deringer , * S&R Associates 2-14, * Linklaters 2 37* 7, Slaughter and May , * AZB & Partners 3 1 6, * 11, * Davis Polk & Wardwell 4-3, * Bharucha & Partners 5* - 11, * Khaitan & Co 5 6 2, Vaish Associates Advocates 5* - 11, * Cyril Amarchand Mangaldas 6 2 2, * Khaitan & Co , Vaish & Associates 7-2, * Davis Polk & Wardwell 8-1, * Ashurst 8* - 2, * Latham & Watkins 9 5 1, * Sullivan & Cromwell 8* - 2, * Trilegal , Trilegal , * Cravath, Swaine & Moore 11* 21 1, * Cravath, Swaine & Moore 11* - 1, * Appleby 11* - 1, * S&R Associates 11* - 1, * BLC Robert & Associates 11* - 1, * Appleby 11* - 1, * Borenius Ltd 14* * BLC Robert & Associates 11* - 1, * * * Latham & Watkins 11* 10 1, * Shardul Amarchand Mangaldas & Co J Sagar Associates Shardul Amarchand Mangaldas & Co Pinsent Masons 16 17* 3-1, * 18* Luthra & Luthra Law Offices Matheson 17* * Platinum Partners * J Sagar Associates * Shearman & Sterling LLP 20 23* * DLA Piper LLP * Kim & Chang 21* * * Nishimura & Asahi 21* * BMR Legal * Shin & Kim 21* * * Nelson, Mullins, Riley & Scarborough 24* * Luthra & Luthra Law Offices * Greenberg Traurig 24* 53* , * Covington & Burling Bryan Cave LLP 25* 25* * 24* , % 9.1% -46.4% -30.6% 120.4% 15.7% 196.1% -26.1% Indian Involvement Announced M&A by Target Industry ($bil) 7% 7% 6% 17% 4% 41% Telecommunications Financials Industrials High Technology Energy and Power Retail Healthcare Materials Media and Entertainment Real Estate Consumer Products and Services Consumer Staples Any Indian Involvement Announced (AE57) - Top Deals / Target Nation Rank Value (US$m) 3/20/2017 Pending Idea Cellular Ltd-Mobile Bus (100%) Vodafone Grp PLC-Vodafone Asts India / India 11,627.3 Telecommunications / Wireless 5/27/2017 Pending ICICI Lombard Gen Ins Co Ltd (12.2%) United States / India 3,147.1 Financials / Insurance 4/10/2017 4/10/2017 Flipkart Internet Pvt Ltd (%) United States / India 1,400.0 Retail / Internet and Catalog Retailing 3/20/2017 Intended Vodafone Idea Indian JV (9.5%) Aditya Birla Mgmt Corp Pvt India / India 1,373.1 Telecommunications / Wireless 1/31/2017 1/31/2017 ibibo Group Pvt Ltd (100%) MakeMyTrip Ltd India / India 1,274.4 High Technology / E-commerce / B2B 3/28/2017 3/28/2017 Bharti Infratel Ltd (10.3%) Canada / India Telecommunications / Telecommunications Services 6/19/2017 6/19/2017 Grosvenor House Hotel (%) GH Equity UK Ltd United Kingdom / United Kingdom Media and Entertainment / Hotels and Lodging 1/19/2017 Pending PKC Group Oyj (100%) MSSL Estonia WH OU Estonia / Finland Industrials / Building/Construction & Engineering 6/8/2017 6/8/2017 Petronet LNG Ltd (10%) Undisclosed Unknown / India Energy and Power / Oil & Gas 6/19/2017 Pending IFFCO-Tokio General Insurance (23%) Tokio Marine Asia Pte Ltd Singapore / India Financials / Insurance 12

14 First Half 2017 Mergers & Acquisitions s Sub Saharan M&A Any Sub Saharan Involvement Announced Any Sub Saharan Involvement Completed Rank Value Market Market US$m Sh (%) Share Ch. Linklaters , * , ENSafrica 2 1 3, Webber Wentzel 2 2 4, Latham & Watkins , * Clifford Chance , * Skadden 4-2, * ENSafrica 4 9 2, Cravath, Swaine & Moore 5* 26 1, * Cleary Gottlieb Steen & Hamilton 5* 48* 2, * S&R Associates 5* - 1, * Jones Day 5* 51 2, * Appleby 5* - 1, * Holland & Hart 5* - 2, * Trilegal 5* 74* 1, * Linklaters 8 1 1, * BLC Robert & Associates 5* - 1, * Cravath, Swaine & Moore 9* 6* 1, * Webber Wentzel S&R Associates 9* - 1, * Cliffe Dekker Hofmeyr * Appleby 9* - 1, * * Trilegal 9* 57* 1, * Noerr LLP 13* * BLC Robert & Associates 9* - 1, * GLNS Rechtsanwaelte Steuerberater P 13* * Latham & Watkins 9* - 1, * Lee & Ko 13* * Cassels Brock & Blackwell LLP 15* 39* 1, * Herbert Smith Freehills * Osler Hoskin & Harcourt LLP 15* 21* 1, * King & Wood Mallesons 17 5* * Paul, Weiss 15* - 1, * Hogan Lovells * Freshfields Bruckhaus Deringer * Werksmans Attorneys * Cliffe Dekker Hofmeyr * AZB & Partners * Herbert Smith Freehills 20 6* * Villey Girard Grolleaud AARPI 21* * Sullivan & Cromwell * Ellis, Lawhorne, Davidson & Sims (SC) 21* * AZB & Partners Willkie Farr & Gallagher 21* * Khaitan & Co * Cleary Gottlieb Steen & Hamilton 24* * Debevoise & Plimpton 24 57* * Davis Polk & Wardwell 24* * Noerr LLP 25* * , GLNS Rechtsanwaelte Steuerberater P 25* * Lee & Ko 25* * % -17.7% 16, % -14.8% 4.3% -7.5% -43.9% -6.3% Sub Saharan Involvement Announced M&A by Target Industry ($bil) 12% 8% Energy and Power Telecommunications High Technology Materials 14% 26% 16% 17% Financials Real Estate Media and Entertainment Retail Consumer Products and Services Consumer Staples Healthcare Industrials Any Sub Saharan Involvement Announced - Top Deals / Target Nation Rank Value (US$m) 3/9/2017 Pending ENI East Africa SpA (35.7%) Exxon Mobil Corp United States / Mozambique 2,800.0 Energy and Power / Oil & Gas 5/15/2017 Pending Vodafone Kenya Ltd (87.5%) Vodacom Group Ltd South Africa / Kenya 2,594.3 Telecommunications / Telecommunications Services 1/31/2017 1/31/2017 ibibo Group Pvt Ltd (100%) MakeMyTrip Ltd India / India 1,274.4 High Technology / E-commerce / B2B 3/23/2017 Pending Royal Dutch Shell Plc-Gabon (100%) Assala Energy Holdings Ltd United Kingdom / Gabon 1,022.0 Energy and Power / Oil & Gas 2/13/2017 2/13/2017 Mutanda Mining SARL (31%) Glencore PLC Switzerland / Dem Rep Congo /22/2017 Pending Chevron South Africa (Pty) Ltd (75%) China Petroleum & Chem Corp China / South Africa Financials / Other Financials 6/6/2017 Pending Westcon Group Inc (100%) SYNNEX Corp United States / United States High Technology / Computers & Peripherals 1/5/2017 1/5/2017 The Pivotal Fund Ltd (100%) Redefine Properties Ltd South Africa / South Africa Real Estate / REITs 2/15/2017 Pending Union Mines Joint Venture (85%) Siyanda Chrome Invests Pty Ltd South Africa / South Africa /13/2017 Pending Perkoa Group (90%) Trevali Mining Corp Canada / Burkina Faso

15 First Half 2017 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 Ewelina Jarecka Tel: +44 (0) ewelina.jarecka@thomsonreuters.com Asia-Pacific & Japan Kaori Motohashi Tel: kaori.motohashi@thomsonreuters.com - Announced league tables include all deals that were announced between January 1, 2016 and June 30, 2017 and of which Thomson Reuters was made aware. All current data and previous year's data is as of 5:00pm EDT on June 30, 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. - 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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Any third party name or mark herein belongs to the relevant third party. 14

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