EMERGING MARKETS M&A REVIEW LEGAL ADVISORS

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

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 2016. 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 2016. 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$26.8 billion in announced deals. Machado Meyer Sendacz & Opice and Morrison & Foerster took the second and third spots, respectively. Average EBITDA multiples across the Emerging Markets increased to 15.9x from 15x recorded during the first half of 2016. Multiples ranged from 8.6x in Latin America to 25.4x in South Africa. Emerging Market Announced M&A Rank Value (US$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 $87.8 34.3% $233.7 $215.4 25.2% $145.9 $170.3 $157.2 $192.7 $197.4 27.5% $157.9 $241.1 28.7% $194.6 $156.1 $171.5 $172.6 $155.4 23.3% $265.2 $210.4 $229.7 $139.3 $137.3 $139.5 24.6% $426.6 $341.0 $285.1 $277.7 $202.1 34.3% $263.4 $265.5 30.9% $225.8 $271.6 $232.3 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Leading Emerging Market Target Nations - US$ bil 800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 40% 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) 500 400 300 Q4 China Q3 China Q2 China Q1 China 200 100 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1

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 - 13.0x - - - - 10.7x 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 - 17.5x 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 - - - 4.1x 20.2x 27.9x 20.0x 30.1x 24.8x - High Technology 15.9x 16.0x 18.1x 15.3x - - 8.3x - - 3.1x 8.7x - 16.6x 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 - 23.0x 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 - - - 8.5x - - 4.8x 3.8x 18.3x 17.5x 19.0x 15.5x 16.0x 16.5x Real Estate 26.5x 20.0x 19.8x 20.0x - - 10.9x 29.2x 45.5x - 27.5x 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 - - 5.5x 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 - 10.4x 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 13.9 16.2 14.4 15.0 - - 24.7 31.6 - - 6.5 9.1 14.4 15.0 16.4 16.2 9.5 5.3 Consumer Staples 15.8 23.6 16.9 26.4 8.7 54.1 25.0 11.7-33.3 2.9 11.3 16.2 21.6 12.3 24.1 25.0 21.7 Energy and Power 25.6 31.6 22.2 29.4 3.3 47.4 28.2 7.8 31.0-44.1 19.3 24.3 30.2 26.4 33.9 10.3 - Financials 28.7 16.6 31.5 11.6-21.8 32.3 26.1 - - 31.3 12.9 27.5 15.6 16.4 11.9 40.4 9.3 Healthcare 16.8 21.4 16.4 23.1-21.8 18.3 2.9 - - 26.1 8.2 16.0 25.1 17.7 19.4 1.3 78.6 High Technology 22.4 22.8 21.3 24.2 - - 21.1 - - 16.1 48.4 29.9 21.5 23.9 22.1 25.2 11.4 1.9 Industrials 21.7 24.7 25.4 25.7 21.1 15.6 14.1 14.4 - - 27.1 44.6 23.1 24.4 24.2 22.8 30.1 43.8 Materials 15.3 23.3 15.5 24.3-31.8 11.1 16.0 24.7-8.8 11.8 15.4 23.8 15.1 26.7 19.7 8.5 Media and Entertainment 41.0 14.5 32.0 9.7 - - 68.1 56.8 - - - - 32.0 9.8 23.5 10.0 36.2 8.7 Real Estate 21.0 20.5 16.4 22.8-5.3-17.7 - - 14.8 23.5 22.0 21.2 15.6 19.9 25.8 33.0 Retail 26.6 21.8 29.9 26.5-0.0 40.0-17.9-6.6 18.9 27.8 24.0 23.1 26.5 43.6 - Telecommunications 24.7 19.6 36.1 26.4-15.0 17.8 30.9 14.1-5.8 11.8 30.7 26.4 36.1 26.4 - - Average 21.7 21.9 22.5 22.9 12.9 30.2 26.8 20.1 22.8 27.6 21.0 17.3 21.6 22.1 19.7 23.3 29.6 19.7 *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 01/01/2016-06/30/2017. 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

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 1 15 26,786.2 5.9 0.9 19 28 0.3-6 Clifford Chance 1 4 82,400.4 21.5 14.6 48 1 1.1-2 Machado Meyer Sendacz & Opice 2 151 23,151.8 5.1 5.0 27 12* 0.4 10 Fangda Partners 2 14 73,119.1 19.0 15.0 38 5 0.8 4 Morrison & Foerster 3 25 22,176.3 4.8 2.6 7 66* 0.1-1 King & Wood Mallesons 3 3 68,076.4 17.7 8.8 28 12 0.6-34 Clifford Chance 4 5 21,980.8 4.8-5.8 43 3 0.6-11 4 19 61,591.1 16.0 12.9 34 6* 0.7-12 Demarest Advogados 5 70 21,334.3 4.7 4.1 18 29* 0.2 6 Cleary Gottlieb Steen & Hamilton 5 48 59,222.2 15.4 14.3 14 34* 0.3 3 6 3 20,983.8 4.6-7.9 37 5 0.5-18 Freshfields Bruckhaus Deringer 6 6 58,619.3 15.3 9.0 34 6* 0.7-2 Vieira, Rezende, Barbosa E Guerreiro 7 333* 20,956.7 4.6 4.6 1 194* 0.0 0 - Simpson Thacher & Bartlett 7 2 55,479.0 14.5 5.6 9 48* 0.2-11 AZB & Partners 8 46 18,707.0 4.1 2.8 49 1 0.7-15 Davis Polk & Wardwell 8 10 53,673.5 14.0 9.4 12 40* 0.3 0 - Simpson Thacher & Bartlett 9 2 18,403.7 4.0-9.2 22 22* 0.3 5 Osler Hoskin & Harcourt LLP 9 192 47,245.7 12.3 12.2 6 66* 0.1 1 10 23 17,568.0 3.8 1.4 31 8* 0.4-41 Gleiss Lutz 10 315* 47,016.6 12.2 12.2 3 110* 0.1-1 Sullivan & Cromwell 11 21 17,385.3 3.8 1.2 9 51* 0.1-2 Cravath, Swaine & Moore 11 13 46,380.7 12.1 7.9 4 89* 0.1-1 Fangda Partners 12 7 17,241.0 3.8-6.4 30 10 0.4 0 - Blake Cassels & Graydon 12 34 46,313.4 12.1 10.6 8 51* 0.2 4 Houthoff Buruma 13 63 15,277.2 3.3 2.5 1 194* 0.0-1 Bar & Karrer 13 315* 44,296.1 11.5 11.5 6 66* 0.1 5 Slaughter and May 14 35 15,148.4 3.3 1.5 7 66* 0.1 2 Darrois Villey Maillot Brochier 14* 43 44,254.9 11.5 10.3 1 195* 0.0-1 Kirkland & Ellis 15 47 14,875.1 3.3 2.0 14 38* 0.2-9 Homburger 14* 265 44,254.9 11.5 11.5 2 141* 0.0 0 - S&R Associates 16-14,274.8 3.1 3.1 3 117* 0.0 3 16 16 33,222.5 8.7 5.3 39 4 0.9-16 King & Wood Mallesons 17 1 14,094.0 3.1-13.7 41 4 0.6-47 Sullivan & Cromwell 17 12 28,770.9 7.5 3.2 16 26* 0.4 6 Loyens & Loeff 18* 170* 13,742.4 3.0 2.9 2 145* 0.0 1 Weil Gotshal & Manges 18 25 17,716.5 4.6 2.4 14 34* 0.3-6 Deloitte 18* 333* 13,742.4 3.0 3.0 2 145* 0.0 0 - Hogan Lovells 19 42 14,373.3 3.7 2.4 33 8 0.7 2 Bharucha & Partners 20* - 11,627.3 2.5 2.5 1 194* 0.0 1 Linklaters 20 7 12,916.6 3.4-1.8 29 11 0.6 0 - Vaish Associates Advocates 20* - 11,627.3 2.5 2.5 1 194* 0.0 1 AllBright Law Offices 21 91 12,635.9 3.3 2.9 12 40* 0.3-4 Linklaters 22 19 11,288.4 2.5-0.5 23 19* 0.3-17 Mattos Filho Veiga Filho Marrey Jr 22 55 12,422.2 3.2 2.3 27 13 0.6 5 Grandall Law Firm 23 17 10,894.5 2.4-2.3 27 12* 0.4-17 Beijing Dentons Law Offices LLP 23 57 11,255.7 2.9 2.1 15 31* 0.3-13 Herbert Smith Freehills 24 41 9,254.8 2.0 0.5 27 12* 0.4-8 Wachtell Lipton Rosen & Katz 24 70 10,380.0 2.7 2.0 2 141* 0.0 0 - Latham & Watkins 25 43 8,423.3 3 18 1.8 04 0.4 26 15 04 0.4 2 Skadden 25 1 7,854.3 21 2.1-7.1 71 17 25 04 0.4-10 458,083.2 100.0 7,378 383,987.6 100.0 4,572-14.7% -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 20,956.7 3/13/2017 Pending Mobileye NV (100%) Cyclops Holdings Inc United States / Israel 15,277.2 6/2/2017 Pending Logicor Ltd (100%) China Investment Corp China / United Kingdom 13,742.4 3/20/2017 Pending Idea Cellular Ltd-Mobile Bus (100%) Vodafone Grp PLC-Vodafone Asts India / India 11,627.3 6/29/2017 6/29/2017 Guangdong Intl Tr Invest-Asts (100%) Guangzhou Wanxi RE Co Ltd 8,104.8 4/28/2017 5/26/2017 Xiaoju Kuaizhi Inc (%) Japan / China 5,500.0 1/12/2017 1/24/2017 China Vanke Co Ltd (15.31%) Shenzhen Metro Group Co Ltd 5,358.8 3/2/2017 Pending JD Finance (68.6%) 4,985.9 4/28/2017 Pending Belle Intl Hldgs Ltd (85.3%) Muse Holdings-B Inc 4,576.5 5/2/2017 Pending China Everbright Bank Co Ltd (12.3%) 4,499.1499 High Technology / Software Real Estate / Non Residential Telecommunications / Wireless High Technology / Software Financials / Credit Institutions Consumer Staples / Textiles & Apparel Financials / Banks 3

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 1 196 23,151.8 6.3 6.3 27 5* 0.6 11 Fangda Partners 1 10 73,119.1 24.6 19.2 38 2 1.4 7 Demarest Advogados 2 61 21,334.3 5.8 5.0 18 12* 0.4 6 King & Wood Mallesons 2 1 66,846.4 22.5 10.7 27 3 1.0-29 Vieira, Rezende, Barbosa E Guerreiro 3 255* 20,956.7 5.7 5.7 1 132* 0.0 0 - Clifford Chance 3 7 60,469.2 20.4 14.1 19 9* 0.7 1 AZB & Partners 4 41 18,707.0 5.1 3.4 49 1 1.1-12 4 23 57,456.2 19.4 16.9 11 28* 0.4 1 Fangda Partners 5 6 17,188.0 4.7-8.3 29 4 0.6 2 Cleary Gottlieb Steen & Hamilton 5 45 56,322.7 19.0 17.8 10 33* 0.4 7 Clifford Chance 6 8 17,151.1 4.7-7.5 12 24* 0.3-7 Simpson Thacher & Bartlett 6 2 55,479.0 18.7 6.9 9 35* 0.3-8 Simpson Thacher & Bartlett 7 2 16,487.5 4.5-10.9 15 18 0.3 2 Davis Polk & Wardwell 7 9 53,090.1 17.9 12.4 11 28* 0.4 3 8 55 15,287.6 4.2 3.1 11 28* 0.2-8 Gleiss Lutz 8 234* 47,004.9 15.8 15.8 2 90* 0.1 1 Slaughter and May 9 26 15,138.1 4.1 1.8 6 47* 0.1 1 Osler Hoskin & Harcourt LLP 9 223 46,925.7 15.8 15.8 4 58* 0.2 3 S&R Associates 10-14,274.8 3.9 3.9 3 79* 0.1 3 Cravath, Swaine & Moore 10 35 45,529.2 15.3 13.6 2 90* 0.1 0 - King & Wood Mallesons 11 1 13,937.5 3.8-17.5 37 2 0.8-44 Blake Cassels & Graydon 11 28 44,804.7 15.1 13.2 2 90* 0.1-1 Loyens & Loeff 12* - 13,742.4 3.8 3.8 1 132* 0.0 1 Darrois Villey Maillot Brochier 12* - 44,254.9 14.9 14.9 1 130* 0.0 1 Deloitte 12* 255* 13,742.4 3.8 3.8 1 132* 0.0-1 Homburger 12* 234* 44,254.9 14.9 14.9 2 90* 0.1 1 Kirkland & Ellis 14 48 12,460.1 3.4 2.1 10 34* 0.2-1 Bar & Karrer 12* - 44,254.9 14.9 14.9 5 50* 0.2 5 Bharucha & Partners 15* - 11,627.3 3.2 3.2 1 132* 0.0 1 Freshfields Bruckhaus Deringer 15 5 31,892.2 10.7 4.1 11 28* 0.4-13 Vaish Associates Advocates 15* - 11,627.3 3.2 3.2 1 132* 0.0 1 Sullivan & Cromwell 16 12 27,477.0 9.3 5.1 11 28* 0.4 5 Grandall Law Firm 17 16 10,894.5 3.0-3.1 27 5* 0.6-16 Weil Gotshal & Manges 17 24 14,917.7 5.0 2.7 5 50* 0.2-3 Skadden 18 17 8,703.9 2.4-3.7 12 24* 0.3-8 AllBright Law Offices 18 73 12,635.9 4.3 3.8 12 26* 0.4-4 Mattos Filho Veiga Filho Marrey Jr 19 99 7,354.0 2.0 1.8 34 3 0.7 17 Mattos Filho Veiga Filho Marrey Jr 19 43 12,422.2 4.2 2.9 26 4 1.0 4 Latham & Watkins 20 39 6,769.1 1.9 0.2 13 22* 0.3-1 Beijing Dentons Law Offices LLP 20 46 11,255.7 3.8 2.7 15 16* 0.6-13 Linklaters 21 35 6,735.2 1.8 0.0-9 38* 0.2-8 Linklaters 21 77 10,836.8 3.7 3.2 16 14* 0.6 7 Herbert Smith Freehills 22 45 6,642.7 1.8 0.4 16 15* 0.4-4 Wachtell Lipton Rosen & Katz 22 53 10,380.0 3.5 2.6 2 90* 0.1 0 - Morrison & Foerster 23 22 6,589.7 1.8-1.1 4 62* 0.1-3 Skadden 23 3 7,854.3 2.7-8.7 11 28* 0.4-12 Weil Gotshal & Manges 24 31 6,448.0 1.8-0.2 9 38* 0.2-1 Veirano Advogados 24 130 7,593.2 2.6 2.5 19 9* 0.7 4 Davis Polk & Wardwell 25 4 6,213.8 17 1.7-12.6 10 34* 02 0.2-7 Jia Yuan Law Offices 25 19 6,883.9 23 2.3-0.4 04 10 33* 04 0.4 0-366,112.5 100.0 4,627 296,921.2 100.0 2,703 10.3% -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 20,956.7 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 8,104.8 4/28/2017 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 5,358.8 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 4,458.2458 High Technology / IT Consulting & Services 4

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 1 41 23,151.8 48.6 47.5 27 2 4.5 10 Mattos Filho Veiga Filho Marrey Jr 1 21 12,422.2 37.3 35.3 27 1 5.5 7 Demarest Advogados 2 1 21,334.3 44.8 37.7 18 4 3.0 6 Sullivan & Cromwell 2-10,257.8 30.8 30.8 8 10* 1.6 8 Vieira, Rezende, Barbosa E Guerreiro 3 75* 20,956.7 44.0 44.0 1 58* 0.2 0 - Veirano Advogados 3 41 7,593.2 22.8 22.1 19 4 3.9 4 Mattos Filho Veiga Filho Marrey Jr 4 31 7,354.0 15.4 13.5 35 1 5.8 17 Pinheiro Neto Advogados 4 22 6,429.1 19.3 17.5 21 2* 4.3-2 5 23 2,937.2 6.2 3.7 3 29* 0.5 0 - Torys 5* 12 5,190.0 15.6 12.8 1 56* 0.2-1 Tozzini Freire Teixeira e Silva 6 17 2,476.2 5.2 2.5 17 5 2.8-14 Sidley Austin LLP 5* - 5,190.0 15.6 15.6 2 39* 0.4 2 Jones Day 7 49 2,383.0 5.0 4.4 12 8* 2.0 4 Tozzini Freire Teixeira e Silva 7 51 4,095.1 12.3 12.2 15 5 3.1-8 Linklaters 8 3 2,262.2 4.8-1.5 7 14* 1.2 2 Barbosa Mussnich & Aragao 8 40 3,251.6 9.8 9.1 7 13 1.4-5 Souza, Cescon, Barrieu & Flesch Advo 9 35 2,241.6 4.7 3.3 14 6 2.3-7 9 9 2,078.8 6.3 3.3 3 25* 0.6 0 - Barbosa Mussnich & Aragao 10 20 2,239.4 4.7 2.1 11 11* 1.8-5 Baker & McKenzie 10 49 2,065.3 6.2 5.9 14 6* 2.9 0 - Mundie & Advogados 11 15* 2,205.9 4.6 1.8 3 29* 0.5 2 Mundie & Advogados 11* - 1,280.8 3.9 3.9 1 56* 0.2 1 Galicia Abogados 12 75* 2,186.9 4.6 4.6 2 39* 0.3 1 Davis Polk & Wardwell 11* 32* 1,280.8 3.9 2.7 1 56* 0.2 0 - Lobo & de Rizzo Advogados 13 38 2,120.8 4.5 3.3 12 8* 2.0 5 Stikeman Elliott 13* 16* 1,230.0 3.7 1.5 1 56* 0.2 0 - Dechert 14* - 2,100.0 4.4 4.4 1 58* 0.2 1 King & Wood Mallesons 13* - 1,230.0 3.7 3.7 2 39* 0.4 2 Cravath, Swaine & Moore 14* 21* 2,100.0 4.4 1.9 1 58* 0.2-1 Ropes & Gray 13* - 1,230.0 3.7 3.7 1 56* 0.2 1 Sidley Austin LLP 14* - 2,100.0 4.4 4.4 2 39* 0.3 2 Galicia Abogados 16-1,117.8 3.4 3.4 2 39* 0.4 2 Freshfields Bruckhaus Deringer 17 5 1,656.4 3.5-1.7 1 58* 0.2-3 Cariola Diez Perez Cotapos y Cia Ltda 17 13* 1,084.0 3.3 0.6 4 21* 0.8 3 Simpson Thacher & Bartlett 18-1,356.8 2.9 2.9 6 16* 1.0 6 Cleary Gottlieb Steen & Hamilton 18 3 1,040.6 3.1-3.7 5 18* 1.0-1 Davis Polk & Wardwell 19 14 1,280.8 2.7-0.3 2 39* 0.3 0 - Lobo & de Rizzo Advogados 19 42 1,039.4 3.1 2.4 10 9 2.0 2 Davies Ward Phillips & Vineberg LLP 20-1,260.0 2.6 2.6 2 39* 0.3 2 Debevoise & Plimpton 20* 25 1,019.5 3.1 1.7 1 56* 0.2 0 - Weil Gotshal & Manges 21 75* 1,155.1 2.4 2.4 5 19* 0.8 3 Paul, Weiss 20* - 1,019.5 3.1 3.1 1 56* 0.2 1 Veirano Advogados 22 33 939.1 2.0 0.4 11 11* 1.8-4 Machado Meyer Sendacz & Opice 22 19 1,010.6 3.0 0.8 21 2* 4.3 6 McCarthy Tetrault 23-915.6 1.9 1.9 4 24* 0.7 4 McCarthy Tetrault 23-915.6 2.8 2.8 4 21* 0.8 4 Cariola Diez Perez Cotapos y Cia Ltda 24 9* 620.0 1.3-2.3 3 29* 0.5 1 Souza, Cescon, Barrieu & Flesch Advo 24 10 844.8 2.5-0.5 14 6* 2.9-8 Pinheiro Neto Advogados 25 2 581.9 12 1.2-5.4 54 23 3 38 3.8-4 Freshfields Bruckhaus Deringer 25* 64* 798.0 24 2.4 24 2.4 2 39* 04 0.4 1 47,644.6 100.0 606 Herbert Smith Freehills 25* - 798.0 2.4 2.4 3 25* 0.6 3 33,277.7 100.0 492 1.4% -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 20,956.7 3/28/2017 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 1,656.4 2/13/2017 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 1,088.8 960.0 Industrials / Building/Construction & Engineering 1/23/2017 Intended CPFL Energias Renovaveis SA State Grid Brazil Power 938.0 Energy and Power / Power 6/6/2017 Intended Nextel Holdings SARL AINMT Intl Hldg BV Netherlands / Brazil 875.1 Telecommunications / Wireless 5

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 1 41 23,151.8 64.0 63.4 27 2 9.9 11 Mattos Filho Veiga Filho Marrey Jr 1 8 12,422.2 56.0 46.2 26 1 12.0 6 Demarest Advogados 2 1 21,334.3 59.0 30.3 18 4 6.6 6 Sullivan & Cromwell 2-9,598.2 43.3 43.3 4 12 1.9 4 Vieira, Rezende, Barbosa E Guerreiro 3 56* 20,956.7 57.9 57.9 1 30* 0.4 0 - Veirano Advogados 3 15 7,593.2 34.2 30.8 19 4 8.8 4 Mattos Filho Veiga Filho Marrey Jr 4 19 7,354.0 20.3 12.7 34 1 12.5 17 Pinheiro Neto Advogados 4 9 6,429.1 29.0 20.0 21 2 9.7-2 5 39 2,937.2 8.1 6.8 3 14* 1.1 1 Torys 5* - 5,190.0 23.4 23.4 1 28* 0.5 1 Tozzini Freire Teixeira e Silva 6 21 2,476.2 6.8 0.8 17 5 6.2-13 Sidley Austin LLP 5* - 5,190.0 23.4 23.4 2 19* 0.9 2 Souza, Cescon, Barrieu & Flesch Advo 7 22 2,241.6 6.2 0.5 14 6 5.1-7 Tozzini Freire Teixeira e Silva 7 24 3,520.1 15.9 15.3 14 5* 6.5-9 Barbosa Mussnich & Aragao 8 10 2,239.4 6.2-4.3 11 9* 4.0-5 Barbosa Mussnich & Aragao 8 14 3,251.6 14.7 11.1 7 11 3.2-5 Mundie & Advogados 9 8* 2,205.9 6.1-5.1 3 14* 1.1 2 9 13 2,078.8 9.4 5.5 3 13* 1.4 1 Lobo & de Rizzo Advogados 10 50 2,120.8 5.9 5.8 12 7* 4.4 6 Mundie & Advogados 10* - 1,280.8 5.8 5.8 1 28* 0.5 1 Linklaters 11 3 2,056.4 5.7-16.6 3 14* 1.1 0 - Davis Polk & Wardwell 10* - 1,280.8 5.8 5.8 1 28* 0.5 1 Freshfields Bruckhaus Deringer 12 24* 1,656.4 4.6 0.2 1 30* 0.4-1 Debevoise & Plimpton 12* - 1,019.5 4.6 4.6 1 28* 0.5 1 Davis Polk & Wardwell 13 7 1,280.8 3.5-8.6 2 21* 0.7 0 - Paul, Weiss 12* - 1,019.5 4.6 4.6 1 28* 0.5 1 Jones Day 14 56* 962.1 2.7 2.7 4 13 1.5 2 Machado Meyer Sendacz & Opice 14 10 1,010.6 4.6-1.5 20 3 9.3 6 Veirano Advogados 15 20 939.1 2.6-3.9 11 9* 4.0-4 Souza, Cescon, Barrieu & Flesch Advo 15 6 844.8 3.8-11.1 14 5* 6.5-8 Weil Gotshal & Manges 16 56* 925.1 2.6 2.6 2 21* 0.7 1 Freshfields Bruckhaus Deringer 16* 37* 798.0 3.6 3.6 2 19* 0.9 1 Pinheiro Neto Advogados 17 2 581.9 1.6-25.1 23 3 8.4-4 Herbert Smith Freehills 16* - 798.0 3.6 3.6 3 13* 1.4 3 Proskauer Rose LLP 18-467.3 1.3 1.3 2 21* 0.7 2 Stocche Forbes Advogados 18 19 471.9 2.1-0.4 8 9* 3.7-8 Stocche Forbes Advogados 19 42 446.4 1.2 0.6 9 11* 3.3-8 Lobo & de Rizzo Advogados 19 16 464.4 2.1-1.3 9 8 4 1 20 56* 400.0 1.1 1.1 1 30* 0.4 0 - Cariola Diez Perez Cotapos y Cia Ltda 20* - 464.0 2.1 2.1 1 28* 0.5 1 Lefosse Advogados 21 15 322.3 0.9-7.3 12 7* 4.4 5 Barros y Errazueiz Abogados 20* - 464.0 2.1 2.1 1 28* 0.5 1 Bae Kim & Lee 22-321.3 0.9 0.9 1 30* 0.4 1 Chadbourne & Parke 20* - 464.0 2.1 2.1 1 28* 0.5 1 Squire Patton Boggs LLP 23-230.0 0.6 0.6 1 30* 0.4 1 Claro y Cia 20* - 464.0 2.1 2.1 1 28* 0.5 1 Shearman & Sterling LLP Forbes, Forbes & Associates (OH) 24 25 16* - 172.1 146.44 0.5 04 0.4-7.2 04 0.4 2 1 21* 30* 0.7 04 0.4-1 1 Demarest Advogados 24 32 441.0 2.0 2.0 12 7 5.6 5 36,176.6 100.0 273 22,194.7 100.0 216 212.1% -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) 20,956.7 1,989.3 Argentina / Brazil 1,656.4 1,280.8 Luxembourg / Brazil 1,247.7 938.0 Netherlands / Brazil 875.1 556.4 France / Brazil 512.4 Germany / Brazil 485.3 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

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. 1 6 16,223.3 40.3 36.5 8 4 2.0 0-1 22 16,896.3 52.2 50.3 12 1 3.8 3 Morrison & Foerster 2* 66* 15,586.6 38.7 38.7 2 13* 0.5 0 - Freshfields Bruckhaus Deringer 2 8 15,114.9 46.7 35.1 6 5 1.9-2 Sullivan & Cromwell 2* 8* 15,586.6 38.7 35.2 2 13* 0.5-1 Clifford Chance 3 9 14,906.5 46.1 35.4 8 2 2.6-6 Houthoff Buruma 4* - 15,277.2 38.0 38.0 1 26* 0.3 1 Shearman & Sterling LLP 4 15 3,309.5 10.2 5.0 7 3* 2.2 2 Skadden 4* 12* 15,277.2 38.0 34.8 1 26* 0.3-1 Pinsent Masons 5 70* 2,236.1 6.9 6.9 3 10* 1.0 1 Shearman & Sterling LLP 6 4 5,250.1 13.1 6.6 9 3 2.3 3 Blake Cassels & Graydon 6-1,488.6 4.6 4.6 2 16* 0.6 2 Clifford Chance 7 3 3,534.6 8.8 0.7 12 1 3.0-3 Burstall Winger Zammit LLP 7-1,469.1 4.5 4.5 1 22* 0.3 1 Herbert Smith Freehills 8 66* 2,814.3 7.0 7.0 6 5* 1.5 2 Linklaters 8 1 1,350.4 4.2-25.9 4 6* 1.3 1 Kirkland & Ellis 9 11 2,415.0 6.0 2.6 3 10* 0.8-4 Norton Rose Fulbright 9 44* 1,346.4 4.2 3.7 2 16* 0.6 0 - Gibson Dunn & Crutcher 10 5 2,344.0 5.8 0.9 2 13* 0.5-6 Baker & McKenzie 10 31 1,167.5 3.6 2.5 7 3* 2.2-3 Cravath, Swaine & Moore 11* 66* 2,215.0 5.5 5.5 1 26* 0.3 0 - Herbert Smith Freehills 11 3* 1,139.4 3.5-25.0 4 6* 1.3 0 - Tozzini Freire Teixeira e Silva 11* - 2,215.0 5.5 5.5 1 26* 0.3 1 Gibson Dunn & Crutcher 12 17 1,122.9 3.5 0.5 3 10* 1.0-3 Eversheds Sutherland LLP 11* 66* 2,215.0 5.5 5.5 2 13* 0.5 0 - Sharkawy & Sarhan Law Firm 13-870.0 2.7 2.7 2 16* 0.6 2 Willkie Farr & Gallagher 11* - 2,215.0 5.5 5.5 2 13* 0.5 2 Cravath, Swaine & Moore 14* 3* 851.5 2.6-25.9 1 22* 0.3-1 Arnold & Porter 11* - 2,215.0 5.5 5.5 1 26* 0.3 1 Vinson & Elkins LLP 14* 70* 851.5 2.6 2.6 1 22* 0.3-1 Kean Miller LLP 16* - 2,100.0 5.2 5.2 1 26* 0.3 1 Matheson 16-767.0 2.4 2.4 1 22* 0.3 1 Orrick Herrington & Sutcliffe LLP 16* 28* 2,100.0 5.2 4.2 1 26* 0.3-1 Dentons 17 32 720.5 2.2 1.1 4 6* 1.3-1 Blake Cassels & Graydon 18-1,488.6 3.7 3.7 2 13* 0.5 2 Davis Polk & Wardwell 18* - 583.4 1.8 1.8 1 22* 0.3 1 Pinsent Masons 19* 49* 1,469.1 3.7 3.5 1 26* 0.3-2 Watson Farley & Williams 18* - 583.4 1.8 1.8 1 22* 0.3 1 Burstall Winger Zammit LLP 19* - 1,469.1 3.7 3.7 1 26* 0.3 1 Zulficar & Partners Co 20-495.0 1.5 1.5 2 16* 0.6 2 21 1 839.9 2.1-9.4 11 2 2.8 0-21 21 469.6 1.5-0.5 4 6* 1.3-4 Dentons 22 33 720.5 1.8 1.1 4 9 1.0 0 - CMS 22 66 375.0 1.2 1.2 2 16* 0.6-3 Cleary Gottlieb Steen & Hamilton 23 23 629.5 1.6 0.0-3 10* 0.8 2 O'Melveny & Myers 23* 56 340.0 1.1 0.9 1 22* 0.3-3 Davis Polk & Wardwell 24* 12* 583.4 1.5-1.7 1 26* 0.3-1 Willkie Farr & Gallagher 23* - 340.0 1.1 1.1 1 22* 0.3 1 Linklaters 24* 2 583.4 15 1.5-9.7 97 2 13* 05 0.5-3 Hogan Lovells 25 30 283.4 09 0.9-0.2 02 3 10* 10 1.0-2 40,229.0 100.0 400 32,352.9 100.0 313 29.5% -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 15,277.2 2/21/2017 Pending Natl Titanium-Titanium Dioxide (100%) Tronox Ltd United States / Saudi Arabia 2,215.0 3/6/2017 5/1/2017 Motiva Enterprises LLC (50%) Saudi Refining Inc United States / United States 2,200.0 4/17/2017 Pending Williams Olefins LLC (100%) NOVA Chemicals Corp Canada / United States 2,100.0 2/19/2017 Pending Abu Dhabi Co-Oil Onshore Conce (8%) CNPC China / Utd Arab Em 1,769.8 3/31/2017 3/31/2017 Mubadala Capital-N Amer Pte (%) Ardian SAS France / United States 1,750.0 2/6/2017 5/4/2017 Ithaca Energy Inc (78.37%) Delek Group Ltd Israel / United Kingdom 1,469.1 1/31/2017 Pending Thai Energy Co Ltd (100%) KUFPEC Thailand Hldg Pte Ltd Singapore / Thailand 900.0 2/20/2017 2/20/2017 Abu Dhabi Co-Oil Onshore Conce (4%) China CEFC Energy Co Ltd China / Utd Arab Em 888.0 1/22/2017 Pending SADAF (50%) SABIC Saudi Arabia / Saudi Arabia 820.00 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

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 3,630.1 35.3 19.9 9 2 4.2-9 1 8 4,316.5 37.3 29.7 5 3 3.8 1 Latham & Watkins 2-2,174.4 21.2 21.2 2 7* 0.9 2 Webber Wentzel 2 2 4,088.2 35.4-51.2 10 1 7.6-10 S&R Associates 3* - 1,274.4 12.4 12.4 1 11* 0.5 1 Clifford Chance 3 15 3,253.0 28.1 25.3 2 5* 1.5 0 - Cravath, Swaine & Moore 3* 18 1,274.4 12.4 7.9 1 11* 0.5 0 - ENSafrica 4 9 2,860.5 24.7 18.6 7 2 5.3-9 Appleby 3* - 1,274.4 12.4 12.4 1 11* 0.5 1 Cleary Gottlieb Steen & Hamilton 5* - 2,009.2 17.4 17.4 1 8* 0.8 1 Trilegal 3* - 1,274.4 12.4 12.4 1 11* 0.5 1 Jones Day 5* 22 2,009.2 17.4 17.3 1 8* 0.8 0 - BLC Robert & Associates 3* - 1,274.4 12.4 12.4 1 11* 0.5 1 Holland & Hart 5* - 2,009.2 17.4 17.4 1 8* 0.8 1 Webber Wentzel 8 3 861.5 8.4-5.0 15 1 6.9-13 Cravath, Swaine & Moore 8* 5* 1,274.4 11.0-71.5 1 8* 0.8 0 - Cliffe Dekker Hofmeyr 9 1 842.2 8.2-13.1 4 3* 1.8-3 S&R Associates 8* - 1,274.4 11.0 11.0 1 8* 0.8 1 Noerr LLP 10* - 420.5 4.1 4.1 1 11* 0.5 1 Appleby 8* - 1,274.4 11.0 11.0 1 8* 0.8 1 GLNS Rechtsanwaelte Steuerberater P 10* - 420.5 4.1 4.1 1 11* 0.5 1 Trilegal 8* - 1,274.4 11.0 11.0 1 8* 0.8 1 Lee & Ko 10* - 420.5 4.1 4.1 1 11* 0.5 1 BLC Robert & Associates 8* - 1,274.4 11.0 11.0 1 8* 0.8 1 10* 4 420.5 4.1-6.4 2 7* 0.9-2 Latham & Watkins 8* - 1,274.4 11.0 11.0 1 8* 0.8 1 Hogan Lovells 14 16 191.7 1.9-3.9 3 5* 1.4-1 Cliffe Dekker Hofmeyr 14 3 932.5 8.1-78.1 3 4 2.3-1 Werksmans Attorneys 15 15 183.8 1.8-4.2 3 5* 1.4 0 - Sullivan & Cromwell 15-634.3 5.5 5.5 1 8* 0.8 1 Villey Girard Grolleaud AARPI 16* - 170.5 1.7 1.7 1 11* 0.5 1 Noerr LLP 16* - 420.5 3.6 3.6 1 8* 0.8 1 Willkie Farr & Gallagher 16* - 170.5 1.7 1.7 1 11* 0.5 1 GLNS Rechtsanwaelte Steuerberater P 16* - 420.5 3.6 3.6 1 8* 0.8 1 Ellis, Lawhorne, Davidson & Sims (SC) 16* - 170.5 1.7 1.7 1 11* 0.5 1 Lee & Ko 16* - 420.5 3.6 3.6 1 8* 0.8 1 King & Wood Mallesons 19-156.5 1.5 1.5 4 3* 1.8 4 Machado Meyer Sendacz & Opice 19* - 371.4 3.2 3.2 1 8* 0.8 1 Corrs Chambers Westgarth 20-119.8 1.2 1.2 2 7* 0.9 2 Khaitan & Co 19* 28* 371.4 3.2 3.2 1 8* 0.8 0 - Freshfields Bruckhaus Deringer 21 40* 119.6 1.2 1.2 1 11* 0.5 0 - Linklaters 21* 1 368.2 3.2-84.1-1 8* 0.8-2 Gilbert + Tobin 22 35 47.7 0.5 0.2 1 11* 0.5 0 - Debevoise & Plimpton 21* - 368.2 3.2 3.2-1 8* 0.8 1 DLA Piper LLP 23 12 36.7 0.4-6.6 1 11* 0.5-1 Bowman Gilfillan Africa Group 21* - 368.2 3.2 3.2-1 8* 0.8 1 Osborne Clarke 24-25.1 0.2 0.2 1 11* 0.5 1 Houthoff Buruma 24* - 250.0 2.2 2.2-1 8* 0.8 1 Adams & Adams 25-77 7.7 01 0.1 01 0.1 1 11* 05 0.5 1 Vinson & Elkins LLP 24* - 250.00 22 2.2 22 2.2-1 8* 08 0.8 1 10,279.6 100.0 217 11,560.8 100.0 131 84.1% 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 2,594.3 1/31/2017 1/31/2017 ibibo Group Pvt Ltd (100%) MakeMyTrip Ltd India / India 1,274.4 3/22/2017 Pending Chevron South Africa (Pty) Ltd (75%) China Petroleum & Chem Corp China / South Africa 900.0 6/6/2017 Pending Westcon Group Inc (100%) SYNNEX Corp United States / United States 836.2 1/5/2017 1/5/2017 The Pivotal Fund Ltd (100%) Redefine Properties Ltd South Africa / South Africa 800.4 2/15/2017 Pending Union Mines Joint Venture (85%) Siyanda Chrome Invests Pty Ltd South Africa / South Africa 488.4 5/12/2017 5/12/2017 Delivery Hero GmbH (%) Naspers Ltd South Africa / Germany 420.5 5/18/2017 Pending Southern Sun Hotels (Pty) Ltd (100%) Hospitality Property Fund Ltd South Africa / South Africa 258.8 3/15/2017 5/31/2017 Locaviseu-Sociedade De Gestao (100%) South Africa / Portugal 232.6 2/16/2017 Pending African Resonance Bus (100%) Capital Appreciation Ltd South Africa / South Africa 174.2 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

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. 1 9 3,251.8 17.9 14.4 17 4 1.2-5 Freshfields Bruckhaus Deringer 1 2 24,212.2 40.8 23.5 12 5* 1.0 7 CMS 2 32 2,305.1 12.7 11.8 28 2 2.0 0-2 6 15,657.1 26.4 14.8 18 3 1.5-6 Latham & Watkins 3 3 1,850.0 10.2 1.1 2 20* 0.1 1 3 12 11,892.7 20.1 13.8 6 13* 0.5-15 Cerha Hempel Spiegelfeld Hlawati 4 14 1,492.4 8.2 5.1 4 14* 0.3 3 Cleary Gottlieb Steen & Hamilton 4 58* 11,516.6 19.4 19.4 3 19* 0.3 2 Hengeler Mueller 5 58* 1,437.9 7.9 7.9 1 30* 0.1 0 - Hogan Lovells 5 21 8,427.0 14.2 12.6 9 8* 0.8-3 Norton Rose Fulbright 6 1 1,382.2 7.6-3.7 3 18* 0.2-5 Linklaters 6 10 7,638.5 12.9 5.9 7 12 0.6-3 Borenius Ltd 7-653.8 3.6 3.6 1 30* 0.1 1 Clifford Chance 7 1 6,379.5 10.8-8.4 9 8* 0.8-6 Clifford Chance 8 24* 557.7 3.1 1.9 7 11 0.5-4 Webber Wentzel 8-3,253.0 5.5 5.5 1 30* 0.1 1 Kinstellar 9 34 395.7 2.2 1.6 2 20* 0.1-2 Addleshaw Goddard 9* - 2,661.9 4.5 4.5 1 30* 0.1 1 Cobalt 10 40 383.7 2.1 1.8 20 3 1.4 3 Legance Studio Legale Associato 9* - 2,661.9 4.5 4.5 1 30* 0.1 1 Herbert Smith Freehills 11 4 279.1 1.5-5.5 4 14* 0.3-4 Deloitte 9* - 2,661.9 4.5 4.5 1 30* 0.1 1 Hogan Lovells 12 21 227.1 1.3-0.2 4 14* 0.3-7 Uria Menendez 9* - 2,661.9 4.5 4.5 1 30* 0.1 1 Roschier 13-225.0 1.2 1.2 1 30* 0.1 1 Kirkland & Ellis 9* 15* 2,661.9 4.5 1.0 1 30* 0.1-1 Ellex 14 29 220.4 1.2 0.3 33 1 2.4 1 Gide Loyrette Nouel 14 58* 2,582.1 4.4 4.4 2 24* 0.2 1 Dechert 15 30 213.9 1.2 0.3 4 14* 0.3 3 Weil Gotshal & Manges 15 13 2,568.8 4.3-0.7 6 13* 0.5-4 Dentons 16 6 180.4 1.0-2.9 6 12 0.4-16 Akin, Gump, Strauss, Hauer & Feld 16 31* 2,191.8 3.7 3.0 3 19* 0.3 2 Freshfields Bruckhaus Deringer 17 18 174.2 1.0-1.3 2 20* 0.1-7 Cerha Hempel Spiegelfeld Hlawati 17-1,492.4 2.5 2.5 3 19* 0.3 3 SORAINEN 18 51 146.3 0.8 0.7 10 7 0.7-9 Skadden 18 58* 1,450.0 2.4 2.4 3 19* 0.3 2 Schoenherr Attorney's at Law 19 7 112.7 0.6-3.2 13 6 0.9-12 Hengeler Mueller 19-1,437.9 2.4 2.4 1 30* 0.1 1 Weil Gotshal & Manges 20 8 94.9 0.5-3.3 9 8* 0.7-4 Herbert Smith Freehills 20 7 1,379.1 2.3-6.7 5 16* 0.4-4 Baker & McKenzie 21 19 65.4 0.4-1.8 9 8* 0.7-19 Dechert 21-780.5 1.3 1.3 5 16* 0.4 5 Gianni Origoni Grippo Cappelli & Partne 22 58* 54.5 0.3 0.3 1 30* 0.1 0 - Schoenherr Attorney's at Law 22 33 721.4 1.2 0.6 12 5* 1.0-10 Linklaters 23 2 41.6 0.2-9.3 5 13 0.4-7 CMS 23 26 705.9 1.2 0.1 28 2 2.4 8 Bird & Bird 24* - 30.1 0.2 0.2 2 20* 0.1 2 Baker & McKenzie 24 22 666.9 1.1-0.5 8 11 0.7-13 Hannes Snellman 24* - 30.1 02 0.2 02 0.2 2 20* 01 0.1 2 Boyanov & Co 25-640.00 11 1.1 11 1.1 2 24* 02 0.2 2 18,210.1 100.0 1,393 59,307.9 100.0 1,173-18.4% -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 917.2 Financials / Banks 5/31/2017 Pending Polyus (9.8%) Shanghai Pingju Invest Mgmt Co China / Russian Fed 886.9 4/11/2017 4/11/2017 NNK AO-Kodaneft' Project (100%) NK Rosneft' Russian Fed / Russian Fed 699.0 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 694.2 653.8 Financials / Other Financials Industrials / Building/Construction & Engineering 5/31/2017 Intended Polyus (5%) Shanghai Pingju Invest Mgmt Co China / Russian Fed 495.3 6/21/2017 Pending Centrica PLC-Combined Combined Cycle (100%) EP UK Investments Ltd United Kingdom / United Kingdom 401.5 Energy and Power / Alternative Energy Sources 9

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 1 44 18,707.0 5.4 3.8 49 1 1.0-14 Fangda Partners 1 10 73,119.1 26.8 21.6 38 2 1.5 4 Clifford Chance 2 7 17,868.3 5.1-6.9 17 12 0.4-6 King & Wood Mallesons 2 1 66,846.4 24.5 13.2 27 3 1.1-29 Fangda Partners 3 6 17,241.0 5.0-7.3 30 3 0.6 0 - Clifford Chance 3 5 60,519.2 22.2 15.4 23 5 0.9 4 Simpson Thacher & Bartlett 4 2 16,737.5 4.8-11.1 15 16* 0.3-2 Simpson Thacher & Bartlett 4 2 55,479.0 20.3 9.5 8 29* 0.3-8 Slaughter and May 5 29 15,148.4 4.4 2.3 7 35* 0.2 3 Davis Polk & Wardwell 5 9 51,809.3 19.0 13.2 10 23* 0.4 1 S&R Associates 6-14,274.8 4.1 4.1 3 69* 0.1 3 Gleiss Lutz 6 225* 47,004.9 17.2 17.2 2 85* 0.1 1 King & Wood Mallesons 7 1 13,937.5 4.0-16.1 38 2 0.8-43 Osler Hoskin & Harcourt LLP 7 216 46,925.7 17.2 17.2 4 49* 0.2 2 Loyens & Loeff 8* - 13,742.4 4.0 4.0 1 128* 0.0 1 8 16 45,892.1 16.8 13.9 9 27* 0.4-2 Deloitte 8* 236* 13,742.4 4.0 4.0 1 128* 0.0-1 Cravath, Swaine & Moore 9 36 45,529.2 16.7 15.0 2 85* 0.1 0-10 39 13,426.4 3.9 2.3 14 18* 0.3-16 Blake Cassels & Graydon 10 32 44,804.7 16.4 14.6 3 65* 0.1 1 Kirkland & Ellis 11 51 12,460.1 3.6 2.4 11 22* 0.2-1 Cleary Gottlieb Steen & Hamilton 11 86 44,505.5 16.3 15.9 5 41* 0.2 3 Bharucha & Partners 12* - 11,627.3 3.4 3.4 1 128* 0.0 1 Darrois Villey Maillot Brochier 12* 37 44,254.9 16.2 14.6 1 124* 0.0-1 Vaish Associates Advocates 12* - 11,627.3 3.4 3.4 1 128* 0.0 1 Homburger 12* - 44,254.9 16.2 16.2 2 85* 0.1 2 Grandall Law Firm 14 16 10,894.5 3.1-2.6 27 4 0.6-17 Bar & Karrer 12* - 44,254.9 16.2 16.2 5 41* 0.2 5 Skadden 15 17 8,703.9 2.5-2.9 12 21 0.3-5 Freshfields Bruckhaus Deringer 15 6 31,369.5 11.5 4.9 14 15* 0.6-9 Herbert Smith Freehills 16 41 7,578.8 2.2 0.6 18 11 0.4-2 Sullivan & Cromwell 16 12 22,287.0 8.2 4.0 10 23* 0.4 3 Baker & McKenzie 17 42 6,819.9 2.0 0.4 19 10 0.4-19 Weil Gotshal & Manges 17 25 14,917.7 5.5 3.2 5 41* 0.2-2 Morrison & Foerster 18 22 6,589.7 1.9-0.8 5 43* 0.1-2 AllBright Law Offices 18 76 12,635.9 4.6 4.1 12 21 0.5-4 Weil Gotshal & Manges 19 34 5,575.0 1.6-0.3 9 28* 0.2 0 - Beijing Dentons Law Offices LLP 19 48 11,255.7 4.1 3.0 15 12* 0.6-13 Latham & Watkins 20 43 5,281.5 1.5-0.1 15 16* 0.3-2 Linklaters 20 27 10,752.0 3.9 1.8 15 12* 0.6 5 Beijing Dentons Law Offices LLP 21 94 5,256.0 1.5 1.3 21 6* 0.4-5 Wachtell Lipton Rosen & Katz 21 115* 10,380.0 3.8 3.6 2 85* 0.1 1 Linklaters 22 24 5,078.8 1.5-1.1 8 32* 0.2-12 Jia Yuan Law Offices 22 21 6,883.9 2.5-0.1 10 23* 0.4 0 - Jincheng Tongda & Neal Law Firm 23 54 5,024.7 1.5 0.3 2 89* 0.0-13 AZB & Partners 23 43 6,581.8 2.4 1.0 44 1 1.8-10 Davis Polk & Wardwell 24 4 4,933.1 1.4-13.1 8 32* 0.2-10 Skadden 24 3 6,169.3 2.3-7.6 9 27* 0.4-11 Khaitan & Co 25 48 4,547.5 5 13 1.3-0.2 02 24 5 05 0.5-13 Hogan Lovells 25 52 5,773.7 7 21 2.1 11 1.1 18 9 07 0.7 9 347,296.2 100.0 4,775 272,737.6 100.0 2,500-21.8% -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 8,104.8 4/28/2017 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 5,500.0 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 4,294.8 10

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 1 6 17,188.0 5.9-8.5 29 2 1.0 2 Fangda Partners 1 10 73,119.1 31.8 25.9 38 1 2.8 7 Clifford Chance 2 8 17,051.1 5.9-7.6 11 11* 0.4-6 King & Wood Mallesons 2 1 66,846.4 29.1 16.0 27 2 2.0-29 Simpson Thacher & Bartlett 3 2 16,487.5 5.7-11.4 13 9* 0.4 0 - Clifford Chance 3 8 60,369.2 26.3 20.1 18 5 1.3 4 King & Wood Mallesons 4 1 13,937.5 4.8-18.9 37 1 1.3-44 Simpson Thacher & Bartlett 4 2 55,479.0 24.2 12.0 8 16* 0.6-7 Loyens & Loeff 5* - 13,742.4 4.7 4.7 1 91* 0.0 1 Davis Polk & Wardwell 5 9 48,253.3 21.0 14.9 8 16* 0.6 0 - Deloitte 5* 189* 13,742.4 4.7 4.7 1 91* 0.0 0 - Gleiss Lutz 6 177* 47,004.9 20.5 20.5 2 55* 0.2 1 Kirkland & Ellis 7 54 12,460.1 4.3 3.3 10 13* 0.3 3 Osler Hoskin & Harcourt LLP 7-46,925.7 20.4 20.4 4 36* 0.3 4 Grandall Law Firm 8 16 10,894.5 3.7-3.0 27 3 0.9-16 8 22 45,604.2 19.9 17.3 6 27* 0.4 1 Skadden 9 17 8,703.9 3.0-3.4 11 11* 0.4-4 Blake Cassels & Graydon 9 30 44,804.7 19.5 17.4 2 55* 0.2 0 - Herbert Smith Freehills 10 43 6,642.7 2.3 0.9 14 8 0.5-1 Cleary Gottlieb Steen & Hamilton 10 74 44,505.5 19.4 18.9 5 30* 0.4 4 Morrison & Foerster 11 22 6,589.7 2.3-0.9 4 38* 0.1-2 Darrois Villey Maillot Brochier 11* - 44,254.9 19.3 19.3 1 90* 0.1 1 Baker & McKenzie 12 69 6,073.5 2.1 1.6 8 18* 0.3-8 Cravath, Swaine & Moore 11* 34 44,254.9 19.3 17.4 1 90* 0.1-1 Weil Gotshal & Manges 13 31 5,522.9 1.9-0.2 7 21* 0.2-1 Homburger 11* - 44,254.9 19.3 19.3 2 55* 0.2 2 Beijing Dentons Law Offices LLP 14 83 5,256.0 1.8 1.5 21 4* 0.7-5 Bar & Karrer 11* - 44,254.9 19.3 19.3 1 90* 0.1 1 Linklaters 15 53 5,061.1 1.7 0.6 6 23* 0.2-4 Sullivan & Cromwell 15 12 20,130.9 8.8 4.2 9 14* 0.7 3 Jincheng Tongda & Neal Law Firm 16 45 5,024.7 1.7 0.3 2 60* 0.1-13 Freshfields Bruckhaus Deringer 16 5 18,132.5 7.9 0.7 7 21* 0.5-12 Grandway Law Offices 17 46 4,497.2 1.6 0.2 21 4* 0.7-5 Weil Gotshal & Manges 17 23 14,917.7 6.5 4.0 5 30* 0.4 0 - AllBright Law Offices 18 23 4,336.8 1.5-1.6 16 6* 0.5 0 - AllBright Law Offices 18 66 12,635.9 5.5 4.9 12 9 0.9-4 Jia Yuan Law Offices 19 20 3,861.9 1.3-2.3 9 16* 0.3-16 Beijing Dentons Law Offices LLP 19 42 11,255.7 4.9 3.6 15 6 1.1-13 Norton Rose Fulbright 20 37 3,821.3 1.3-0.5 9 16* 0.3-10 Wachtell Lipton Rosen & Katz 20 99 10,380.0 4.5 4.3 2 55* 0.2 1 Shearman & Sterling LLP 21 78 3,737.2 1.3 1.0 6 23* 0.2 0 - Jia Yuan Law Offices 21 19 6,883.9 3.0 0.0-10 10* 0.7 0 - Zhong Lun Law Firm 22 19 3,708.1 1.3-2.4 16 6* 0.5-32 Skadden 22 3 6,169.3 2.7-8.7 8 16* 0.6-11 Latham & Watkins 23 47 3,479.7 1.2-0.1 10 13* 0.3 0 - Morrison & Foerster 23 71 5,500.0 2.4 1.8 1 90* 0.1-5 Freshfields Bruckhaus Deringer 24 18 3,312.9 1.1-3.3 7 21* 0.2-10 Grandall Law Firm 24 7 4,806.3 2.1-4.7 25 3 1.8-31 Minter Ellison 25 101 3,297.6 11 1.1 10 1.0 5 30* 02 0.2 1 Zhong Lun Law Firm 25 4 4,585.2 2.0-7.4 74 19 4 14 1.4-28 291,049.3 100.0 2,956 229,653.0 100.0 1,373-23.0% 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 13,742.4 8,104.8 Japan / China 5,500.0 5,358.8 4,985.9 4,576.5 4,499.1 4,458.2 4,294.8 4,013.5 Real Estate / Non Residential High Technology / Software Financials / Credit Institutions Consumer Staples / Textiles & Apparel Financials / Banks High Technology / IT Consulting & Services 11

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 1 1 18,707.0 54.5 22.5 49 1 6.4-12 Freshfields Bruckhaus Deringer 1 19 12,907.3 39.8 38.2 1 24* 0.2-2 S&R Associates 2-14,274.8 41.6 41.6 3 10* 0.4 3 Linklaters 2 37* 7,238.4 22.3 22.0 5 8 0.9 4 Slaughter and May 3 19 13,000.4 37.9 36.5 2 18* 0.3 1 AZB & Partners 3 1 6,581.8 20.3-9.0 44 1 7.9-8 4 39* 11,827.3 34.4 34.3 2 18* 0.3 0 - Davis Polk & Wardwell 4-3,556.1 11.0 11.0 2 18* 0.4 2 Bharucha & Partners 5* - 11,627.3 33.9 33.9 1 26* 0.1 1 Khaitan & Co 5 6 2,973.1 9.2-3.5 21 2 3.8-5 Vaish Associates Advocates 5* - 11,627.3 33.9 33.9 1 26* 0.1 1 Cyril Amarchand Mangaldas 6 2 2,791.4 8.6-11.0 3 13* 0.5-2 Khaitan & Co 7 14 4,547.5 13.2 8.9 24 2 3.1-12 Vaish & Associates 7-2,409.7 7.4 7.4 1 24* 0.2 1 Davis Polk & Wardwell 8-1,760.0 5.1 5.1 3 10* 0.4 3 Ashurst 8* - 2,156.1 6.7 6.7 1 24* 0.2 1 Latham & Watkins 9 5 1,439.4 4.2-6.0 2 18* 0.3-3 Sullivan & Cromwell 8* - 2,156.1 6.7 6.7 1 24* 0.2 1 Trilegal 10 7 1,317.6 3.8-4.0 5 9 0.7-14 Trilegal 10 17 1,284.1 4.0 2.3 3 13* 0.5-12 Cravath, Swaine & Moore 11* 21 1,274.4 3.7 2.5 1 26* 0.1 0 - Cravath, Swaine & Moore 11* - 1,274.4 3.9 3.9 1 24* 0.2 1 Appleby 11* - 1,274.4 3.7 3.7 1 26* 0.1 1 S&R Associates 11* - 1,274.4 3.9 3.9 1 24* 0.2 1 BLC Robert & Associates 11* - 1,274.4 3.7 3.7 1 26* 0.1 1 Appleby 11* - 1,274.4 3.9 3.9 1 24* 0.2 1 Borenius Ltd 14* - 653.8 1.9 1.9 1 26* 0.1 1 BLC Robert & Associates 11* - 1,274.4 3.9 3.9 1 24* 0.2 1 14* 10 653.8 1.9-4.6 3 10* 0.4-1 Latham & Watkins 11* 10 1,274.4 3.9-2.2 3 13* 0.5 0 - Shardul Amarchand Mangaldas & Co J Sagar Associates 16 17 8 11 637.8 506.2 1.9 1.5-5.9-4.4 11 21 5 3 1.4 2.8-23 -6 Shardul Amarchand Mangaldas & Co Pinsent Masons 16 17* 3-1,250.4 767.0 3.9 2.4-10.9 2.4 16 2 3* 18* 2.9 0.4-12 2 Luthra & Luthra Law Offices 18 38 464.8 1.4 1.3 8 7 1.1 4 Matheson 17* - 767.0 2.4 2.4 1 24* 0.2 1 Platinum Partners 19-406.0 1.2 1.2 2 18* 0.3 2 J Sagar Associates 19 12 614.1 1.9-3.8 16 3* 2.9-6 Shearman & Sterling LLP 20 23* 399.1 1.2 0.3 3 10* 0.4-3 DLA Piper LLP 20 28 409.5 1.3 0.7 3 13* 0.5 1 Kim & Chang 21* - 315.0 0.9 0.9 1 26* 0.1 1 21-333.9 1.0 1.0 3 13* 0.5 3 Nishimura & Asahi 21* - 315.0 0.9 0.9 1 26* 0.1 1 BMR Legal 22 36 251.9 0.8 0.3 4 9* 0.7 1 Shin & Kim 21* - 315.0 0.9 0.9 1 26* 0.1 1 23 20 250.6 0.8-0.8 2 18* 0.4 1 Nelson, Mullins, Riley & Scarborough 24* - 220.0 0.6 0.6 1 26* 0.1 1 Luthra & Luthra Law Offices 24 4 211.8 0.7-13.3 6 6* 1.1-1 Greenberg Traurig 24* 53* 220.0 34,349.9349 9 0.6 100.00 0.6 2 764 18* 0.3 0 - Covington & Burling Bryan Cave LLP 25* 25* - - 203.0 203.00 0.6 0.6 0.6 0.6 1 1 24* 24* 0.2 0.2 1 1 32,429.5 100.0 560 58.9% 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 953.0 Telecommunications / Telecommunications Services 6/19/2017 6/19/2017 Grosvenor House Hotel (%) GH Equity UK Ltd United Kingdom / United Kingdom 733.7 Media and Entertainment / Hotels and Lodging 1/19/2017 Pending PKC Group Oyj (100%) MSSL Estonia WH OU Estonia / Finland 653.8 Industrials / Building/Construction & Engineering 6/8/2017 6/8/2017 Petronet LNG Ltd (10%) Undisclosed Unknown / India 500.3 Energy and Power / Oil & Gas 6/19/2017 Pending IFFCO-Tokio General Insurance (23%) Tokio Marine Asia Pte Ltd Singapore / India 392.7 Financials / Insurance 12

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 1 11 3,740.1 20.7 16.4 3 11* 0.8-1 1 8 5,170.5 31.8 25.2 9 2 3.6 4 ENSafrica 2 1 3,630.1 20.1-9.1 9 2 2.4-11 Webber Wentzel 2 2 4,088.2 25.1-49.5 11 1 4.4-9 Latham & Watkins 3 42 3,286.7 18.2 17.4 6 3* 1.6 5 Clifford Chance 3 10 3,309.0 20.3 15.2 3 9* 1.2 0 - Skadden 4-2,800.0 15.5 15.5 1 21* 0.3 2 ENSafrica 4 9 2,860.5 17.6 12.3 7 4 2.8-9 Cravath, Swaine & Moore 5* 26 1,274.4 7.1 5.1 1 21* 0.3 0 - Cleary Gottlieb Steen & Hamilton 5* 48* 2,009.2 12.4 12.2 1 19* 0.4-1 S&R Associates 5* - 1,274.4 7.1 7.1 1 21* 0.3 1 Jones Day 5* 51 2,009.2 12.4 12.3 1 19* 0.4-2 Appleby 5* - 1,274.4 7.1 7.1 1 21* 0.3 24 Holland & Hart 5* - 2,009.2 12.4 12.4 1 19* 0.4 1 Trilegal 5* 74* 1,274.4 7.1 7.1 1 21* 0.3-2 Linklaters 8 1 1,308.3 8.0-67.2 4 6* 1.6 0 - BLC Robert & Associates 5* - 1,274.4 7.1 7.1 1 21* 0.3 2 Cravath, Swaine & Moore 9* 6* 1,274.4 7.8-63.2 1 19* 0.4 0 - Webber Wentzel 10 8 861.5 4.8-1.2 16 1 4.3-13 S&R Associates 9* - 1,274.4 7.8 7.8 1 19* 0.4 1 Cliffe Dekker Hofmeyr 11 7 842.2 4.7-4.9 4 8* 1.1-3 Appleby 9* - 1,274.4 7.8 7.8 1 19* 0.4 1 12 9 476.5 2.6-2.1 4 8* 1.1-2 Trilegal 9* 57* 1,274.4 7.8 7.8 1 19* 0.4-2 Noerr LLP 13* - 420.5 2.3 2.3 1 21* 0.3 1 BLC Robert & Associates 9* - 1,274.4 7.8 7.8 1 19* 0.4 1 GLNS Rechtsanwaelte Steuerberater P 13* - 420.5 2.3 2.3 1 21* 0.3 1 Latham & Watkins 9* - 1,274.4 7.8 7.8 2 14* 0.8 2 Lee & Ko 13* - 420.5 2.3 2.3 1 21* 0.3 3 Cassels Brock & Blackwell LLP 15* 39* 1,187.4 7.3 6.9 1 19* 0.4 0 - Herbert Smith Freehills 16 2 390.0 2.2-23.6 3 11* 0.8-2 Osler Hoskin & Harcourt LLP 15* 21* 1,187.4 7.3 5.9 1 19* 0.4-1 King & Wood Mallesons 17 5* 285.5 1.6-20.7 5 5* 1.3 4 Paul, Weiss 15* - 1,187.4 7.3 7.3 1 19* 0.4 1 Hogan Lovells 18 22 200.1 1.1-1.5 6 3* 1.6 1 Freshfields Bruckhaus Deringer 18-949.6 5.8 5.8 4 6* 1.6 4 Werksmans Attorneys 19 21 183.8 1.0-1.7 3 11* 0.8 0 - Cliffe Dekker Hofmeyr 19 3 932.5 5.7-68.6 3 9* 1.2-1 AZB & Partners 20 12 181.3 1.0-2.8 5 5* 1.3-5 Herbert Smith Freehills 20 6* 838.0 5.2-65.8 4 6* 1.6 0 - Villey Girard Grolleaud AARPI 21* - 170.5 0.9 0.9 1 21* 0.3 1 Sullivan & Cromwell 21-634.3 3.9 3.9 1 19* 0.4 1 Ellis, Lawhorne, Davidson & Sims (SC) 21* - 170.5 0.9 0.9 1 21* 0.3 1 AZB & Partners 22 41 541.2 3.3 3.0 8 3 3.2 1 Willkie Farr & Gallagher 21* - 170.5 0.9 0.9 1 21* 0.3 1 Khaitan & Co 23 50 477.4 2.9 2.8 2 14* 0.8-1 Cleary Gottlieb Steen & Hamilton 24* 43 129.0 0.7-0.1 1 21* 0.3-4 Debevoise & Plimpton 24 57* 474.3 2.9 2.9 3 9* 1.2 2 Davis Polk & Wardwell 24* 4 129.0 0.7-22.9 2 14* 05 0.5 0 - Noerr LLP 25* - 420.5 2.6 26 2.6 1 19* 04 0.4 1 18,060.1 100.0 376 GLNS Rechtsanwaelte Steuerberater P 25* - 420.5 2.6 2.6 1 19* 0.4 1 Lee & Ko 25* - 420.5 2.6 2.6 1 19* 0.4 1 45.4% -17.7% 16,271.2 100.0 248-45.6% -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 922.3 3/22/2017 Pending Chevron South Africa (Pty) Ltd (75%) China Petroleum & Chem Corp China / South Africa 900.0 Financials / Other Financials 6/6/2017 Pending Westcon Group Inc (100%) SYNNEX Corp United States / United States 836.2 High Technology / Computers & Peripherals 1/5/2017 1/5/2017 The Pivotal Fund Ltd (100%) Redefine Properties Ltd South Africa / South Africa 800.4 Real Estate / REITs 2/15/2017 Pending Union Mines Joint Venture (85%) Siyanda Chrome Invests Pty Ltd South Africa / South Africa 488.4 3/13/2017 Pending Perkoa Group (90%) Trevali Mining Corp Canada / Burkina Faso 430.00 13

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: +1 646 223 5682 E-mail: robert.levine@thomsonreuters.com EMEA Ewelina Jarecka Tel: +44 (0) 20 7542 2246 E-mail: ewelina.jarecka@thomsonreuters.com Asia-Pacific & Japan Kaori Motohashi Tel: +813 6441 1338 E-mail: 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, 2017. - 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. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertakenany liability or obligation relating to the purchaseor sale of securities for or by any person in connection with this document. 2017 Thomson Reuters. All rights reserved. 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