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Publication

DEALMAKERS MAGAZINE

Page

FC.14.18

Date

Sat 01 Apr 2017

AVE (ZAR)

54565.62

Deal êSOUTH AFRICA'S CORPORATE FINANCE MAGAZINE

i v, Pas(mj x; A274

, FKR150.00 includ VJ

Volume 18: No. 1 '

Wl1stQuarter2017M&ARankingsplusallCorporateFinanceTransactions

incorporatingCatalyst & DealMakersarrica magazines

GENERAL CORPORATE FINANCE Q1 2017

RANKING THE SOUTH AFRICAN TOMBSTONE PARTIES

RANKINGSBYTRANSACTIONVALUE RANKINGSBYTRANSACTIONFLOW(ACTIVITY)

INVESTMENT ADVISERS *

No- Company Transaction Market No_ Company Noof Market TransactionValuesR'm Share% Transactions Share% ValuesR'm

1 RandMerchantBank 2122 237% 1 PSGCapital 8 18,18% 41652 InvestecBank 10824 19.97% 2 InvestecBank I 15.91% 108243 BarclaysAfrica 9000 16,61% JavaCapítal I 15.91% 54154 StandardBank 6577 1214% 4 RandMerchantBank 5 136% 12122

5 JavaCapital 5415 9,994 5 Nedbank(1B 4 100% 18086 PSGCapital 4165 160% 6 StandardBank 3 6.82% 6577I AEE1CorporateFinance 187 330% VunaniCorporateFinance 3 6.82% 518 MacquarieCapital 1817 335% 8 AEE!CorporateFinance ? 455% 1873 NedbankC18 1808 334% MacquaneCapital 2 455% 181710 Questco 400 0,14% 10 BarclaysAfrica 1 127% 9000

11 MerchantecCapital 170 031% Questco 1 127% 4001 YunaniCorporateFinance 51 0,10% MerchantecCapital 1 227% 170

SPONSORS

No- Company Transaction Market No- Company Noof Market TransactionValuesR'm Share% Transactions Share% ValuesR'm

1 InvestecBank 11610 24,50% 1 PSGCapital 12 16,90% $432 RandMerchantBank 9360 148% 2 InvestecBank 11 15.49% 11610

3 PSGCapítal $43 113% 3 JavaCapital 10 14.08% 67084 JavaCapital 670 1421% 4 RandMerchantBank I $,80% 93605 StandardBank 6577 130% 5 Questco 5 104% 8636 NedbankC18 1808 383% 6 Nedbank18 4 563% 1808I Questco 803 183% ArborCapitalSponsors 4 563% 6198 ArborCapitalSponsors 619 131% MerchantecCapital 4 563% 1783 DeutscheSecurities 419 080% ] StandardBank 3 423% 657710 Deloitte 32 0,1% 10 DeutscheSecurities 2 282% 41911 MerchantecCapital 178 08% Deloitte 2 25% 32

LEGALADVISERS

No_ Company Transaction Market No- Company Noof Market TransactionValuesR'm Share% Transactions Share% ValuesR'm

1 WebberWentzel 15879 32,60% 1 WebberWentzel $ 23,08% 15879

2 Allen&Overy(SouthAfrica) 10329 21,26% ENSafrica 6 2,08% 98143 ENSainica 9874 2033% 3 CliffeDekkerKotmeyr 4 1538% 6414

4 CliffeDekkerHofmeyr 6414 1320% 4 Allen&Overy(SouthAfrica) 2 1,694 103295 Lapin 3017 621% PaulBaard 2 1,694 4756 Fuxmans 1530 315% 6 lapn 1 385% 3017I PaulBarnard 415 (,95% 1 385% 15308 BakerMcKernie 400 082% BakerMcKennie 1 385% 4009 White&CaseLLP 358 0,74% White&CaseLLP 1 385% 35810 Roodt 289 050% Roodt 1 385% 28911 Werksmans 9 0.02% Werksmans 1 385% 9

REPORTING ACCOUNTANTS

No- Company Transaction Market No_ Company Noof Market TransactionValuesR'm Share% Transactions Share% ValuesR'm

1 PxC $000 €.11% 1 Deloitte 3 2127% Hu

2_ Deoite 6577 121% n 3 127% IT3 & 318 15,10% 3 GrantThorton 2 18,18% 1874 GrantThorton 187 812% MooreStephensFRRS 2 18,18% 475

5 MooreStephensFRRS 475 226% 5 PW 1 9,09% 9000

* InvestmentAdvisersincorporateFinancialAdvisersandothersclaimingthiscategory

Investment Advisers by Transaction Value

16.61%

i Rand Merchant Bank- is Investec Bank- ©Barclays Africa

OStandard Bank Other

Sponsors by Transaction Value

23.48% 24. 59%

14.21%

19.83%

17.89%

i Investec Bank ®Rand Merchant Bank B PSG Capital

~Java Capital Other

Legal Advisers by Transaction Value

12.51%32.69%

13.20%

20.33%

21.26%

mWebber Wentzel wAllen & Overy (South Africa) ' ENSafrica

C Cliffe Dekker Hofmeyr Other

Repor ting Accountants by Transaction Value8.72% 2 26%

GENERAL CORPORATE FINANCE RANKINGS Q1

Investment Advisers by Transaction Flow

18.18%

15.91%

11.36% 15.91%

®PSG Capital ® Investec Bank @Java Capital

ORand Merchant Bank Other

Sponsors by Transaction Flow

16.90%

43.66% .15.49%

i

9.86%

mPSG Capital ® Investec Bank ©Java Capital

C Rand Merchant Bank Other

Legal Advisers by Transaction Flow

30.77% 23.08%

®Webber Wentzel ®ENSafrica- imCliffe Dekker HofmeyrCAllen & Overy (South Africa) Other

Reporting Accountants by Transaction Flow9.09%

isPwC ®Deloitte mEYOGrant Thomton Moore Stephens FRRS

®Deloitte mEY ®Grant Thornton

CMoore Stephens FRRS PwC

GENERAL CORPORATE FINANCE ANALYSIS Q1 2017

No.

ShareIssues 51

ShareRepurchases 10

Restructurings 1

Unbundlings 2

CapitalReductions 0

OpenMarketTransactions 5

SpecialistSecurities 99

StockExchangeListings 8

Total 176

Q12017

VALUE(R)

30419199605

613057160

3017000000

4240375916

0

33222445416

3366803282

1849203170

82728084609

Q1 2016 Q1 2015

No. VALUE(R) No. VALUE(R) No.37 18193296840 45 23713603176 5810 585907998 5 2770853361 103 10651000000 5 675147570 61 91221480 2 108445187734 30 0 0 0 14 8068916450 1 19012259157 04 4712109257 38 1791524836283 3127225951264 4 7389418279 4

9 3169528403289 106 163797994113 110

*ListingABInBevR3tn

LARGEST GCF TRANSACTIONS Q1 2017NATUREOFTRANSACTION

OpenMarketAcquisitionby VolcanInvestments

RightsIssue LifeHealthcareUnbundlingby NiveusInvestments

JSEListing SeaHarvestRestructuring AlledTechnologies

SpecificIssue TsogoSunSpecificIssue GreenbayProperties

PrivatePlacement(IPG) LongdlifeURXlisting SenwesRightsIssue MaraDeltaProperty

COMPANY DETAILS

stakeinAngloAmericanequalto13%367346939sharesatR24,50pershare93,75%stake(431,250,094shares)intheGaminBusinessestoNiveusshareholdersatR9,74pershare

251362907sharesatR12,92pershare

collapseofAltron'scurrentcontrolstructure.Repurchaseof264374298NsharesatR9,90pershareplusthespecificissueof54421678sharesatR7,35pershareforcashtoVCP

18415757sharesatR27,46pershare

1324503311sharesatR1,51pershare

405000000sharesatR4,00andR5,00pershare

180789308sharesatR10,50pershare

98892723sharesat$1,40pershare

Q12014 Q12013VALUE(R) No. VALUE(R)

39587769332 3 196360284483739082631 10 58304625418929041461 3 8640774782290681222 2 10151155206

47117648 0 00 4 921983221

2076845114 19 5870417049997385358 3 12518561206

66667922766 IK 50509309804

ESTIMATED ANNOUNCEMENTDEALVALUE DATE VALUER'm

£2bn Mar15 31360000000

Jan20 9000000000

R4,2bn Mar14 4200375916

R3,25bn Mar23 3247608758

R3,02bn Mar17 3017000000

R2,15bn Mar14 2154000000

Rbn Mar16 2000000000

RZbn Mar31 2000000000

R1,89bn Feb20 1898287734

$138An Mar28 1786002575