Quarterly MampA Activity ReportGlobal Q3 2016

Zephyr Quarterly MampA ReportGlobal Q3 2015

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 1 copy Bureau van Dijk

The following report details mergers and acquisitions activity in Q3 2016 using data from the Zephyr database

It focuses on deal activity by target company

Click here to access the raw data in an Excel spreadsheet

Section 1 Global Deals Page 1

Section 2 Western Europe Page 17

Section 3 North America Page 28

Section 4 AsiaAsia Pacific Page 38

Section 5 RussiaCEE Page 50

Global MampA value climbs against decline in volume in Q3 2016

The value of global mergers and acquisitions (MampA) increased in the third quarter of 2016 compared to Q2 marking the second consecutive quarterly improvement In all there were 19416 transactions worth an aggregate USD 1194007 million announced during the three months

Despite the increased value volume declined in Q3 slipping 19 per cent from 23957 in Q2 representing the fifth consecutive quarterly drop

Activity was down in terms of both volume and value year-on-year in Q3 2015 some USD 1543479 million was invested across 27030 transactions This means volume dropped 28 per cent while value fell 23 per cent year-on-year

Global deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 19416 1194007

Q2 2016 23957 1101156

Q1 2016 25218 1038743

Q4 2015 26707 1573820

Q3 2015 27030 1543479

Q2 2015 28104 1583626

Q1 2015 24760 1327278

Q4 2014 26507 1263104

Q3 2014 25961 1250985

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 1 copy Bureau van Dijk

The following report details mergers and acquisitions activity in Q3 2016 using data from the Zephyr database

It focuses on deal activity by target company

Click here to access the raw data in an Excel spreadsheet

Section 1 Global Deals Page 1

Section 2 Western Europe Page 17

Section 3 North America Page 28

Section 4 AsiaAsia Pacific Page 38

Section 5 RussiaCEE Page 50

Global MampA value climbs against decline in volume in Q3 2016

The value of global mergers and acquisitions (MampA) increased in the third quarter of 2016 compared to Q2 marking the second consecutive quarterly improvement In all there were 19416 transactions worth an aggregate USD 1194007 million announced during the three months

Despite the increased value volume declined in Q3 slipping 19 per cent from 23957 in Q2 representing the fifth consecutive quarterly drop

Activity was down in terms of both volume and value year-on-year in Q3 2015 some USD 1543479 million was invested across 27030 transactions This means volume dropped 28 per cent while value fell 23 per cent year-on-year

Global deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 19416 1194007

Q2 2016 23957 1101156

Q1 2016 25218 1038743

Q4 2015 26707 1573820

Q3 2015 27030 1543479

Q2 2015 28104 1583626

Q1 2015 24760 1327278

Q4 2014 26507 1263104

Q3 2014 25961 1250985

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 2 copy Bureau van Dijk

Global deals by volume and value

0

5000

10000

15000

20000

25000

30000

0

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 3 copy Bureau van Dijk

SABMiller deal leads value rankings in Q3

The largest transaction signed off in the third quarter of 2016 was worth USD 131918 million and took the form of a takeover of UK beer manufacturer SABMiller by AB InBev via a Newco This alone accounted for 11 per cent of total global dealmaking over the three months

The deal was some way ahead of its nearest rival by value as Bayer agreed to pick up US pesticides manufacturer Monsanto for USD 66000 million

In all there were 11 deals worth more than USD 10000 million in Q3 many of which had US targets but other countries to feature include the UAE Canada and China

Global PE investment declines by volume and value

Both the volume and value of private equity and venture capital (PE and VC) activity declined in the third quarter of 2016 with volume hitting its lowest ebb since Q4 2011 when 4574 deals were announced In all there were 4713 deals worth USD 139141 million in Q3 2016

This represents a weakening of 10 per cent in volume and 9 per cent by value from 5252 deals worth USD 153316 million in Q2 2016 while the decline was even steeper when compared to the same quarter in 2015 (Q3 2015 6577 deals worth USD 186614 million)

Australian port targeted in top PE deal

The most valuable PE and VC deal signed off during Q3 featured an Australian target as Future Fund QIC GIP and OMERS were selected to acquire the Port of Melbourne from the government of Victoria in a transaction which has been valued at over USD 7268 million

This was followed by a USD 5190 million purchase of a 90 per cent shareholding in Brazilian natural gas distributor Nova Transportadora by a group of investors led by Brookfield Infrastructure Partners and also including CIC Capital GIC Pte and British Columbia Investment Management Corporation

Other high value PE targets include Rackspace Hosting Gas Natural SDG and Ultimate Fighting Championship

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 4 copy Bureau van Dijk Zephyr is a database of MampA IPO private equity and venture capital deals with links to detailed financial information on companies For more information visit wwwzephyrdealdatacom

Top 20 global deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

3 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

4 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

5 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

6 14841 Acquisition 100 First Gulf Bank PJSC AE National Bank of Abu Dhabi AE 03072016

7 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

8 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

9 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

10 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

11 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

12 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

13 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

14 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CA US AU

19092016

15 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

16 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

17 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

18 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

19 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

20 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 3 copy Bureau van Dijk

SABMiller deal leads value rankings in Q3

The largest transaction signed off in the third quarter of 2016 was worth USD 131918 million and took the form of a takeover of UK beer manufacturer SABMiller by AB InBev via a Newco This alone accounted for 11 per cent of total global dealmaking over the three months

The deal was some way ahead of its nearest rival by value as Bayer agreed to pick up US pesticides manufacturer Monsanto for USD 66000 million

In all there were 11 deals worth more than USD 10000 million in Q3 many of which had US targets but other countries to feature include the UAE Canada and China

Global PE investment declines by volume and value

Both the volume and value of private equity and venture capital (PE and VC) activity declined in the third quarter of 2016 with volume hitting its lowest ebb since Q4 2011 when 4574 deals were announced In all there were 4713 deals worth USD 139141 million in Q3 2016

This represents a weakening of 10 per cent in volume and 9 per cent by value from 5252 deals worth USD 153316 million in Q2 2016 while the decline was even steeper when compared to the same quarter in 2015 (Q3 2015 6577 deals worth USD 186614 million)

Australian port targeted in top PE deal

The most valuable PE and VC deal signed off during Q3 featured an Australian target as Future Fund QIC GIP and OMERS were selected to acquire the Port of Melbourne from the government of Victoria in a transaction which has been valued at over USD 7268 million

This was followed by a USD 5190 million purchase of a 90 per cent shareholding in Brazilian natural gas distributor Nova Transportadora by a group of investors led by Brookfield Infrastructure Partners and also including CIC Capital GIC Pte and British Columbia Investment Management Corporation

Other high value PE targets include Rackspace Hosting Gas Natural SDG and Ultimate Fighting Championship

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 4 copy Bureau van Dijk Zephyr is a database of MampA IPO private equity and venture capital deals with links to detailed financial information on companies For more information visit wwwzephyrdealdatacom

Top 20 global deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

3 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

4 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

5 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

6 14841 Acquisition 100 First Gulf Bank PJSC AE National Bank of Abu Dhabi AE 03072016

7 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

8 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

9 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

10 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

11 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

12 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

13 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

14 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CA US AU

19092016

15 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

16 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

17 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

18 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

19 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

20 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 4 copy Bureau van Dijk Zephyr is a database of MampA IPO private equity and venture capital deals with links to detailed financial information on companies For more information visit wwwzephyrdealdatacom

Top 20 global deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

3 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

4 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

5 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

6 14841 Acquisition 100 First Gulf Bank PJSC AE National Bank of Abu Dhabi AE 03072016

7 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

8 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

9 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

10 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

11 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

12 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

13 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

14 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CA US AU

19092016

15 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

16 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

17 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

18 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

19 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

20 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 5 copy Bureau van Dijk

Target country by volume - global deals

Target country Q3 2015 Q2 2016 Q3 2016

US 6748 5030 4321

China 3041 2580 2399

UK 1883 1590 1542

Canada 964 1305 885

Germany 873 1089 847

Australia 1075 929 732

France 751 751 663

Spain 820 863 606

Poland 499 661 578

Japan 973 646 529

South Korea 977 661 524

Italy 311 494 460

Netherlands 536 531 450

India 941 551 437

Sweden 342 483 370

Switzerland 240 315 318

Russia 482 495 312

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Target country by value - global deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

US 595681 348931 415886

UK 71353 70656 209812

China 242873 214598 171559

Canada 17826 29073 38339

India 20308 13762 30336

France 32684 46225 25188

Australia 30315 36191 22189

Netherlands 28001 28910 21690

Spain 24387 28023 19680

Italy 49351 28175 16220

UAE 109 1920 16134

Germany 32223 38887 16047

Japan 30262 26822 15854

Switzerland 10909 10878 15290

Brazil 17420 9862 13945

South Korea 28460 19159 13685

Israel 3052 2503 12497

Singapore 5614 4009 11297

Cayman Islands 25733 19054 11285

Hong Kong 6384 9242 8980

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 6 copy Bureau van Dijk

Top five global target countries by deal volume in Q3 2016 Top five global target countries by deal value in Q3 2016

US

China

UK

Canada

Germany

US

UK

China

Canada

India

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 7 copy Bureau van Dijk

Top five global target countries by deal volume in Q3 2016 Deal volume between Q3 2014 and Q3 2016

Top five global target countries by deal value in Q3 2016 Deal value between Q3 2014 and Q3 2016

0

1000

2000

3000

4000

5000

6000

7000

8000

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Nu

mb

er o

f d

ea

ls

US China UK Canada Germany

0

100000

200000

300000

400000

500000

600000

700000

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

De

al

va

lue

(m

il U

SD

)

US UK China Canada India

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 8 copy Bureau van Dijk

Target sector by volume - global deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 9744 8575 7080

Machinery equipment furniture recycling 3242 2711 2024

Wholesale amp retail trade 1783 1427 1187

Chemicals rubber plastics 1639 1318 1097

Publishing printing 1601 1332 1081

Metals amp metal products 1384 1511 1073

Construction 1051 844 637

Primary sector 782 758 591

Banks 537 544 421

Transport 588 472 411

Food beverages tobacco 733 519 408

Education health 463 380 351

Gas water electricity 566 397 345

Hotels amp restaurants 388 318 251

Insurance companies 389 291 249

Textiles wearing apparel leather 276 209 209

Post and telecommunications 320 259 197

Wood cork paper 188 152 96

Public administration and defence 16 14 11

Target sector by value - global deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 311649 387106 269882

Food beverages tobacco 39713 19074 166610

Machinery equipment furniture recycling 182000 160273 160730

Chemicals rubber plastics 157972 77662 149887

Gas water electricity 82459 51740 77212

Wholesale amp retail trade 81005 44249 58549

Banks 78634 55730 50896

Publishing printing 51035 40251 44679

Primary sector 68856 65263 42992

Transport 51601 38975 40521

Construction 63618 37760 40079

Metals amp metal products 35355 42871 28535

Post and telecommunications 130563 19445 21447

Insurance companies 166181 11615 13772

Education health 18310 7556 13732

Hotels amp restaurants 9745 11771 10327

Textiles wearing apparel leather 8441 6491 5916

Wood cork paper 2845 6564 2044

Public administration and defence 672 42 285

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 9 copy Bureau van Dijk

Global private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4713 139141

Q2 2016 5252 153316

Q1 2016 5674 103897

Q4 2015 6147 252074

Q3 2015 6577 186614

Q2 2015 6515 167610

Q1 2015 6302 154862

Q4 2014 6491 163370

Q3 2014 6548 132317

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 10 copy Bureau van Dijk

Global private equity deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

0

50000

100000

150000

200000

250000

300000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 11 copy Bureau van Dijk

Top 20 global private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016

2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016

3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit

Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016

9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

17 2000 Minority stake Worldwide Structured Finance LLC US 02092016

18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016

20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 12 copy Bureau van Dijk

Target country by volume - global private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

US 4021 3198 2991

China 644 311 264

India 278 239 192

UK 270 221 189

Canada 150 156 130

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Japan 49 38 52

Israel 46 44 45

Italy 58 56 39

South Korea 39 35 39

Netherlands 62 57 38

Australia 25 15 34

Russia 25 60 25

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Brazil 21 15 19

Target country by value - global private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

US 108899 67978 77425

Australia 372 9310 9399

China 13192 16862 8710

Spain 6622 3117 6335

Brazil 3359 103 5595

France 5660 5475 3114

India 5449 2103 2559

Germany 6851 8156 2439

UK 8787 5578 2293

Israel 681 888 2180

Italy 559 6787 2092

Netherlands 6026 7493 1713

Canada 1451 1841 1612

South Korea 8995 1340 1435

Cayman Islands 7101 330 1163

Indonesia 4 34 760

Portugal 437 556 736

Austria 285 409 686

Japan 212 451 667

Luxembourg 167 352 655

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 13 copy Bureau van Dijk

Target sectors by volume - global private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3024 2408 2069

Publishing printing 756 469 409

Machinery equipment furniture recycling 490 328 311

Wholesale amp retail trade 163 130 94

Chemicals rubber plastics 155 96 88

Education health 88 86 78

Gas water electricity 65 41 57

Food beverages tobacco 81 69 42

Metals amp metal products 54 45 35

Post and telecommunications 35 31 33

Hotels amp restaurants 48 38 33

Textiles wearing apparel leather 28 25 26

Construction 47 32 26

Transport 44 24 24

Primary sector 34 30 17

Banks 25 22 15

Insurance companies 23 16 13

Wood cork paper 18 15 11

Public administration and defence 3 4 1

Target sectors by value - global private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 67935 62263 51391

Machinery equipment furniture recycling 9397 14883 18685

Publishing printing 32337 8634 17013

Transport 2940 12668 10164

Gas water electricity 3773 11359 9588

Primary sector 2757 11015 5454

Hotels amp restaurants 1222 2566 4005

Wholesale amp retail trade 19299 2630 3468

Chemicals rubber plastics 6869 4579 2729

Post and telecommunications 18644 883 2538

Education health 2097 4184 2176

Construction 4489 5058 1013

Textiles wearing apparel leather 105 2177 935

Metals amp metal products 907 4097 636

Food beverages tobacco 1689 969 478

Banks 188 1036 213

Wood cork paper 80 659 82

Insurance companies 2602 563 64

Public administration and defence 2 0 1

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 14 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 financial advisors global deals

Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Credit Suisse 41 37 304164 8221

2 Morgan Stanley 42 35 292111 8346

3 Bank of America Corporation 40 34 263138 7739

4 JP Morgan 69 61 231123 3789

5 Goldman Sachs Group Inc 38 37 229878 6213

6 Barclays plc 32 27 215054 7965

7 Lazard 21 17 192304 11312

8 Robey Warshaw LLP 2 2 164282 82141

9 Deutsche Bank AG 23 19 155336 8176

10 BNP Paribas SA 14 12 139996 11666

11 Perella Weinberg Partners LP 7 7 139073 19868

12 Rothschild amp Co 55 40 87441 2186

13 Citigroup Inc 51 47 85698 1823

14 UBS 24 19 69913 3680

15 Ducera Partners LLC 1 1 66000 66000

16 RBC Capital Markets Corporation 18 15 53261 3551

17 Evercore Partners Inc 26 16 44190 2762

18 The Raine Group LLC 4 3 40764 13588

19 Mizuho Securities Co Ltd 4 4 36308 9077

20 BMO Capital Markets Corporation 4 4 30824 7706

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 15 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 legal advisors global deals

Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Sullivan amp Cromwell 16 12 238427 19869

2 Freshfields Bruckhaus Deringer 14 12 192836 16070

3 Latham amp Watkins LLP 67 48 180215 3754

4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073

5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644

6 Macfarlanes LLP 5 4 140076 35019

7 Linklaters 12 10 138697 13870

8 AZB amp Partners 26 16 138672 8667

9 Cravath Swaine amp Moore LLP 8 7 138213 19745

10 Hogan Lovells 22 17 135990 7999

11 Clifford Chance LLP 23 16 135303 8456

12 Allen amp Overy 25 18 99217 5512

13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615

14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228

15 Davis Polk amp Wardwell LLP 23 19 52189 2747

16 Kirkland amp Ellis LLP 60 22 46546 2116

17 Jones Day 63 34 44983 1323

18 Morrison amp Foerster LLP 19 14 41820 2987

19 Weil Gotshal amp Manges LLP 31 23 39837 1732

20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 16 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 private equity firms global deals

Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 CVC Capital Partners Ltd 7 7 15038 2148

2 TPG Capital Advisors LLC 14 11 12271 1116

3 Global Infrastructure Management LLC 2 2 11509 5755

4 KKR amp Co LP 11 11 10889 990

5 The Blackstone Group LP 9 9 9623 1069

6 Permira Advisers LLP 4 4 9374 2343

7 NVP Associates LLC 15 14 8897 636

8 Apollo Global Management LLC 5 3 8200 2733

9 Carlyle Group LP 9 4 6917 1729

10 Goldman Sachs amp Co 11 10 6668 667

11 Silver Lake Technology Management LLC 3 3 6650 2217

12 Sequoia Capital Operations LLC 28 24 6409 267

13 Apax Partners LLP 8 5 5127 1025

14 New Enterprise Associates Inc 21 20 4666 233

15 Accel Management Company LLC 21 17 4566 269

16 Yunfeng Capital Ltd 2 2 4500 2250

17 Hony Capital Co Ltd 3 2 4463 2231

18 Searchlight Capital Partners LP 1 1 4300 4300

19 General Catalyst Group Management LLC 10 8 4167 521

20 Platinum Equity LLC 3 2 4111 2056

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe MampA value improves in Q3

The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015

In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016

A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015

One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value

Western Europe deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5878 357618

Q2 2016 6888 278269

Q1 2016 6483 221194

Q4 2015 7036 290844

Q3 2015 6764 346230

Q2 2015 6910 390423

Q1 2015 6204 337022

Q4 2014 5989 279844

Q3 2014 5328 237498

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

0

50000

100000

150000

200000

250000

300000

350000

400000

450000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

AB InBevSABMiller deal largest by value

Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe

Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016

There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million

While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec

UK one of the regionrsquos most important targets

Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)

In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)

By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively

PE bucks trend and declines in Q3

PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016

On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)

Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016

7 3690 Capital Increase 11 Air Liquide SA FR 13092016

8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016

9 3203 Minority stake 1 Nestle SA CH 18072016

10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016

11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016

12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016

13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016

14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016

15 2100 Capital Increase 90 Melrose Industries plc GB 06072016

16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation

CA CH CN 05072016

17 2000 Capital Increase Standard Chartered plc GB 12082016

18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016

19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016

20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 1883 1590 1542

Germany 873 1089 847

France 751 751 663

Spain 820 863 606

Italy 311 494 460

Netherlands 534 530 449

Sweden 342 483 370

Switzerland 240 315 318

Finland 254 156 122

Belgium 147 131 112

Austria 65 85 74

Norway 113 70 72

Denmark 76 74 62

Ireland 85 62 57

Turkey 111 78 39

Portugal 58 39 37

Luxembourg 66 70 33

Cyprus 24 22 16

Greece 11 9 13

Malta 14 7 7

Target country by value - Western Europe deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

UK 71353 70656 209812

France 32684 46225 25188

Netherlands 27995 28910 21690

Spain 24387 28023 19680

Italy 49351 28175 16220

Germany 32223 38887 16047

Switzerland 10909 10878 15290

Sweden 1966 10469 7498

Austria 1478 5503 6165

Portugal 3417 2045 4944

Luxembourg 70973 10145 3430

Ireland 4991 1247 3291

Denmark 1408 2340 3268

Norway 2444 3312 2611

Greece 1588 201 2536

Belgium 4094 2397 1692

Finland 1909 10289 748

Cyprus 573 457 407

Turkey 8068 1908 360

Malta 881 1445 242

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Western Europe deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2671 2557 2186

Machinery equipment furniture recycling 830 863 689

Wholesale amp retail trade 515 538 465

Chemicals rubber plastics 355 371 362

Publishing printing 397 374 337

Banks 117 254 226

Metals amp metal products 294 271 211

Transport 217 214 207

Construction 271 270 199

Primary sector 151 186 172

Food beverages tobacco 222 183 154

Post and telecommunications 124 132 115

Insurance companies 117 106 114

Hotels amp restaurants 129 129 107

Gas water electricity 153 135 102

Education health 114 98 78

Textiles wearing apparel leather 71 85 76

Wood cork paper 65 56 33

Public administration and defence 5 2 5

Target sector by value - Western Europe deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Food beverages tobacco 9538 8051 138671

Other services 67735 88951 56378

Machinery equipment furniture recycling 25998 35386 56146

Chemicals rubber plastics 25873 20570 16199

Banks 22214 18660 13567

Publishing printing 4485 14186 9586

Wholesale amp retail trade 20438 17602 9283

Primary sector 6324 12362 8190

Metals amp metal products 7397 9383 7207

Gas water electricity 21318 12572 7196

Education health 2409 266 7084

Insurance companies 11724 6951 6530

Post and telecommunications 99805 6300 6497

Transport 13270 7297 6374

Construction 7800 5854 5358

Hotels amp restaurants 3369 4027 1926

Textiles wearing apparel leather 457 3556 973

Wood cork paper 450 1604 325

Public administration and defence 24 0 2

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 6 copy Bureau van Dijk

Top five global target countries by deal volume in Q3 2016 Top five global target countries by deal value in Q3 2016

US

China

UK

Canada

Germany

US

UK

China

Canada

India

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 7 copy Bureau van Dijk

Top five global target countries by deal volume in Q3 2016 Deal volume between Q3 2014 and Q3 2016

Top five global target countries by deal value in Q3 2016 Deal value between Q3 2014 and Q3 2016

0

1000

2000

3000

4000

5000

6000

7000

8000

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Nu

mb

er o

f d

ea

ls

US China UK Canada Germany

0

100000

200000

300000

400000

500000

600000

700000

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

De

al

va

lue

(m

il U

SD

)

US UK China Canada India

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 8 copy Bureau van Dijk

Target sector by volume - global deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 9744 8575 7080

Machinery equipment furniture recycling 3242 2711 2024

Wholesale amp retail trade 1783 1427 1187

Chemicals rubber plastics 1639 1318 1097

Publishing printing 1601 1332 1081

Metals amp metal products 1384 1511 1073

Construction 1051 844 637

Primary sector 782 758 591

Banks 537 544 421

Transport 588 472 411

Food beverages tobacco 733 519 408

Education health 463 380 351

Gas water electricity 566 397 345

Hotels amp restaurants 388 318 251

Insurance companies 389 291 249

Textiles wearing apparel leather 276 209 209

Post and telecommunications 320 259 197

Wood cork paper 188 152 96

Public administration and defence 16 14 11

Target sector by value - global deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 311649 387106 269882

Food beverages tobacco 39713 19074 166610

Machinery equipment furniture recycling 182000 160273 160730

Chemicals rubber plastics 157972 77662 149887

Gas water electricity 82459 51740 77212

Wholesale amp retail trade 81005 44249 58549

Banks 78634 55730 50896

Publishing printing 51035 40251 44679

Primary sector 68856 65263 42992

Transport 51601 38975 40521

Construction 63618 37760 40079

Metals amp metal products 35355 42871 28535

Post and telecommunications 130563 19445 21447

Insurance companies 166181 11615 13772

Education health 18310 7556 13732

Hotels amp restaurants 9745 11771 10327

Textiles wearing apparel leather 8441 6491 5916

Wood cork paper 2845 6564 2044

Public administration and defence 672 42 285

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 9 copy Bureau van Dijk

Global private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4713 139141

Q2 2016 5252 153316

Q1 2016 5674 103897

Q4 2015 6147 252074

Q3 2015 6577 186614

Q2 2015 6515 167610

Q1 2015 6302 154862

Q4 2014 6491 163370

Q3 2014 6548 132317

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 10 copy Bureau van Dijk

Global private equity deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

0

50000

100000

150000

200000

250000

300000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 11 copy Bureau van Dijk

Top 20 global private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016

2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016

3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit

Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016

9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

17 2000 Minority stake Worldwide Structured Finance LLC US 02092016

18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016

20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 12 copy Bureau van Dijk

Target country by volume - global private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

US 4021 3198 2991

China 644 311 264

India 278 239 192

UK 270 221 189

Canada 150 156 130

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Japan 49 38 52

Israel 46 44 45

Italy 58 56 39

South Korea 39 35 39

Netherlands 62 57 38

Australia 25 15 34

Russia 25 60 25

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Brazil 21 15 19

Target country by value - global private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

US 108899 67978 77425

Australia 372 9310 9399

China 13192 16862 8710

Spain 6622 3117 6335

Brazil 3359 103 5595

France 5660 5475 3114

India 5449 2103 2559

Germany 6851 8156 2439

UK 8787 5578 2293

Israel 681 888 2180

Italy 559 6787 2092

Netherlands 6026 7493 1713

Canada 1451 1841 1612

South Korea 8995 1340 1435

Cayman Islands 7101 330 1163

Indonesia 4 34 760

Portugal 437 556 736

Austria 285 409 686

Japan 212 451 667

Luxembourg 167 352 655

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 13 copy Bureau van Dijk

Target sectors by volume - global private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3024 2408 2069

Publishing printing 756 469 409

Machinery equipment furniture recycling 490 328 311

Wholesale amp retail trade 163 130 94

Chemicals rubber plastics 155 96 88

Education health 88 86 78

Gas water electricity 65 41 57

Food beverages tobacco 81 69 42

Metals amp metal products 54 45 35

Post and telecommunications 35 31 33

Hotels amp restaurants 48 38 33

Textiles wearing apparel leather 28 25 26

Construction 47 32 26

Transport 44 24 24

Primary sector 34 30 17

Banks 25 22 15

Insurance companies 23 16 13

Wood cork paper 18 15 11

Public administration and defence 3 4 1

Target sectors by value - global private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 67935 62263 51391

Machinery equipment furniture recycling 9397 14883 18685

Publishing printing 32337 8634 17013

Transport 2940 12668 10164

Gas water electricity 3773 11359 9588

Primary sector 2757 11015 5454

Hotels amp restaurants 1222 2566 4005

Wholesale amp retail trade 19299 2630 3468

Chemicals rubber plastics 6869 4579 2729

Post and telecommunications 18644 883 2538

Education health 2097 4184 2176

Construction 4489 5058 1013

Textiles wearing apparel leather 105 2177 935

Metals amp metal products 907 4097 636

Food beverages tobacco 1689 969 478

Banks 188 1036 213

Wood cork paper 80 659 82

Insurance companies 2602 563 64

Public administration and defence 2 0 1

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 14 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 financial advisors global deals

Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Credit Suisse 41 37 304164 8221

2 Morgan Stanley 42 35 292111 8346

3 Bank of America Corporation 40 34 263138 7739

4 JP Morgan 69 61 231123 3789

5 Goldman Sachs Group Inc 38 37 229878 6213

6 Barclays plc 32 27 215054 7965

7 Lazard 21 17 192304 11312

8 Robey Warshaw LLP 2 2 164282 82141

9 Deutsche Bank AG 23 19 155336 8176

10 BNP Paribas SA 14 12 139996 11666

11 Perella Weinberg Partners LP 7 7 139073 19868

12 Rothschild amp Co 55 40 87441 2186

13 Citigroup Inc 51 47 85698 1823

14 UBS 24 19 69913 3680

15 Ducera Partners LLC 1 1 66000 66000

16 RBC Capital Markets Corporation 18 15 53261 3551

17 Evercore Partners Inc 26 16 44190 2762

18 The Raine Group LLC 4 3 40764 13588

19 Mizuho Securities Co Ltd 4 4 36308 9077

20 BMO Capital Markets Corporation 4 4 30824 7706

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 15 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 legal advisors global deals

Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Sullivan amp Cromwell 16 12 238427 19869

2 Freshfields Bruckhaus Deringer 14 12 192836 16070

3 Latham amp Watkins LLP 67 48 180215 3754

4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073

5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644

6 Macfarlanes LLP 5 4 140076 35019

7 Linklaters 12 10 138697 13870

8 AZB amp Partners 26 16 138672 8667

9 Cravath Swaine amp Moore LLP 8 7 138213 19745

10 Hogan Lovells 22 17 135990 7999

11 Clifford Chance LLP 23 16 135303 8456

12 Allen amp Overy 25 18 99217 5512

13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615

14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228

15 Davis Polk amp Wardwell LLP 23 19 52189 2747

16 Kirkland amp Ellis LLP 60 22 46546 2116

17 Jones Day 63 34 44983 1323

18 Morrison amp Foerster LLP 19 14 41820 2987

19 Weil Gotshal amp Manges LLP 31 23 39837 1732

20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 16 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 private equity firms global deals

Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 CVC Capital Partners Ltd 7 7 15038 2148

2 TPG Capital Advisors LLC 14 11 12271 1116

3 Global Infrastructure Management LLC 2 2 11509 5755

4 KKR amp Co LP 11 11 10889 990

5 The Blackstone Group LP 9 9 9623 1069

6 Permira Advisers LLP 4 4 9374 2343

7 NVP Associates LLC 15 14 8897 636

8 Apollo Global Management LLC 5 3 8200 2733

9 Carlyle Group LP 9 4 6917 1729

10 Goldman Sachs amp Co 11 10 6668 667

11 Silver Lake Technology Management LLC 3 3 6650 2217

12 Sequoia Capital Operations LLC 28 24 6409 267

13 Apax Partners LLP 8 5 5127 1025

14 New Enterprise Associates Inc 21 20 4666 233

15 Accel Management Company LLC 21 17 4566 269

16 Yunfeng Capital Ltd 2 2 4500 2250

17 Hony Capital Co Ltd 3 2 4463 2231

18 Searchlight Capital Partners LP 1 1 4300 4300

19 General Catalyst Group Management LLC 10 8 4167 521

20 Platinum Equity LLC 3 2 4111 2056

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe MampA value improves in Q3

The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015

In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016

A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015

One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value

Western Europe deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5878 357618

Q2 2016 6888 278269

Q1 2016 6483 221194

Q4 2015 7036 290844

Q3 2015 6764 346230

Q2 2015 6910 390423

Q1 2015 6204 337022

Q4 2014 5989 279844

Q3 2014 5328 237498

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

0

50000

100000

150000

200000

250000

300000

350000

400000

450000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

AB InBevSABMiller deal largest by value

Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe

Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016

There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million

While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec

UK one of the regionrsquos most important targets

Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)

In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)

By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively

PE bucks trend and declines in Q3

PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016

On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)

Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016

7 3690 Capital Increase 11 Air Liquide SA FR 13092016

8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016

9 3203 Minority stake 1 Nestle SA CH 18072016

10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016

11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016

12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016

13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016

14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016

15 2100 Capital Increase 90 Melrose Industries plc GB 06072016

16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation

CA CH CN 05072016

17 2000 Capital Increase Standard Chartered plc GB 12082016

18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016

19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016

20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 1883 1590 1542

Germany 873 1089 847

France 751 751 663

Spain 820 863 606

Italy 311 494 460

Netherlands 534 530 449

Sweden 342 483 370

Switzerland 240 315 318

Finland 254 156 122

Belgium 147 131 112

Austria 65 85 74

Norway 113 70 72

Denmark 76 74 62

Ireland 85 62 57

Turkey 111 78 39

Portugal 58 39 37

Luxembourg 66 70 33

Cyprus 24 22 16

Greece 11 9 13

Malta 14 7 7

Target country by value - Western Europe deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

UK 71353 70656 209812

France 32684 46225 25188

Netherlands 27995 28910 21690

Spain 24387 28023 19680

Italy 49351 28175 16220

Germany 32223 38887 16047

Switzerland 10909 10878 15290

Sweden 1966 10469 7498

Austria 1478 5503 6165

Portugal 3417 2045 4944

Luxembourg 70973 10145 3430

Ireland 4991 1247 3291

Denmark 1408 2340 3268

Norway 2444 3312 2611

Greece 1588 201 2536

Belgium 4094 2397 1692

Finland 1909 10289 748

Cyprus 573 457 407

Turkey 8068 1908 360

Malta 881 1445 242

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Western Europe deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2671 2557 2186

Machinery equipment furniture recycling 830 863 689

Wholesale amp retail trade 515 538 465

Chemicals rubber plastics 355 371 362

Publishing printing 397 374 337

Banks 117 254 226

Metals amp metal products 294 271 211

Transport 217 214 207

Construction 271 270 199

Primary sector 151 186 172

Food beverages tobacco 222 183 154

Post and telecommunications 124 132 115

Insurance companies 117 106 114

Hotels amp restaurants 129 129 107

Gas water electricity 153 135 102

Education health 114 98 78

Textiles wearing apparel leather 71 85 76

Wood cork paper 65 56 33

Public administration and defence 5 2 5

Target sector by value - Western Europe deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Food beverages tobacco 9538 8051 138671

Other services 67735 88951 56378

Machinery equipment furniture recycling 25998 35386 56146

Chemicals rubber plastics 25873 20570 16199

Banks 22214 18660 13567

Publishing printing 4485 14186 9586

Wholesale amp retail trade 20438 17602 9283

Primary sector 6324 12362 8190

Metals amp metal products 7397 9383 7207

Gas water electricity 21318 12572 7196

Education health 2409 266 7084

Insurance companies 11724 6951 6530

Post and telecommunications 99805 6300 6497

Transport 13270 7297 6374

Construction 7800 5854 5358

Hotels amp restaurants 3369 4027 1926

Textiles wearing apparel leather 457 3556 973

Wood cork paper 450 1604 325

Public administration and defence 24 0 2

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 7 copy Bureau van Dijk

Top five global target countries by deal volume in Q3 2016 Deal volume between Q3 2014 and Q3 2016

Top five global target countries by deal value in Q3 2016 Deal value between Q3 2014 and Q3 2016

0

1000

2000

3000

4000

5000

6000

7000

8000

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Nu

mb

er o

f d

ea

ls

US China UK Canada Germany

0

100000

200000

300000

400000

500000

600000

700000

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

De

al

va

lue

(m

il U

SD

)

US UK China Canada India

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 8 copy Bureau van Dijk

Target sector by volume - global deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 9744 8575 7080

Machinery equipment furniture recycling 3242 2711 2024

Wholesale amp retail trade 1783 1427 1187

Chemicals rubber plastics 1639 1318 1097

Publishing printing 1601 1332 1081

Metals amp metal products 1384 1511 1073

Construction 1051 844 637

Primary sector 782 758 591

Banks 537 544 421

Transport 588 472 411

Food beverages tobacco 733 519 408

Education health 463 380 351

Gas water electricity 566 397 345

Hotels amp restaurants 388 318 251

Insurance companies 389 291 249

Textiles wearing apparel leather 276 209 209

Post and telecommunications 320 259 197

Wood cork paper 188 152 96

Public administration and defence 16 14 11

Target sector by value - global deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 311649 387106 269882

Food beverages tobacco 39713 19074 166610

Machinery equipment furniture recycling 182000 160273 160730

Chemicals rubber plastics 157972 77662 149887

Gas water electricity 82459 51740 77212

Wholesale amp retail trade 81005 44249 58549

Banks 78634 55730 50896

Publishing printing 51035 40251 44679

Primary sector 68856 65263 42992

Transport 51601 38975 40521

Construction 63618 37760 40079

Metals amp metal products 35355 42871 28535

Post and telecommunications 130563 19445 21447

Insurance companies 166181 11615 13772

Education health 18310 7556 13732

Hotels amp restaurants 9745 11771 10327

Textiles wearing apparel leather 8441 6491 5916

Wood cork paper 2845 6564 2044

Public administration and defence 672 42 285

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 9 copy Bureau van Dijk

Global private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4713 139141

Q2 2016 5252 153316

Q1 2016 5674 103897

Q4 2015 6147 252074

Q3 2015 6577 186614

Q2 2015 6515 167610

Q1 2015 6302 154862

Q4 2014 6491 163370

Q3 2014 6548 132317

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 10 copy Bureau van Dijk

Global private equity deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

0

50000

100000

150000

200000

250000

300000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 11 copy Bureau van Dijk

Top 20 global private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016

2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016

3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit

Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016

9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

17 2000 Minority stake Worldwide Structured Finance LLC US 02092016

18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016

20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 12 copy Bureau van Dijk

Target country by volume - global private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

US 4021 3198 2991

China 644 311 264

India 278 239 192

UK 270 221 189

Canada 150 156 130

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Japan 49 38 52

Israel 46 44 45

Italy 58 56 39

South Korea 39 35 39

Netherlands 62 57 38

Australia 25 15 34

Russia 25 60 25

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Brazil 21 15 19

Target country by value - global private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

US 108899 67978 77425

Australia 372 9310 9399

China 13192 16862 8710

Spain 6622 3117 6335

Brazil 3359 103 5595

France 5660 5475 3114

India 5449 2103 2559

Germany 6851 8156 2439

UK 8787 5578 2293

Israel 681 888 2180

Italy 559 6787 2092

Netherlands 6026 7493 1713

Canada 1451 1841 1612

South Korea 8995 1340 1435

Cayman Islands 7101 330 1163

Indonesia 4 34 760

Portugal 437 556 736

Austria 285 409 686

Japan 212 451 667

Luxembourg 167 352 655

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 13 copy Bureau van Dijk

Target sectors by volume - global private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3024 2408 2069

Publishing printing 756 469 409

Machinery equipment furniture recycling 490 328 311

Wholesale amp retail trade 163 130 94

Chemicals rubber plastics 155 96 88

Education health 88 86 78

Gas water electricity 65 41 57

Food beverages tobacco 81 69 42

Metals amp metal products 54 45 35

Post and telecommunications 35 31 33

Hotels amp restaurants 48 38 33

Textiles wearing apparel leather 28 25 26

Construction 47 32 26

Transport 44 24 24

Primary sector 34 30 17

Banks 25 22 15

Insurance companies 23 16 13

Wood cork paper 18 15 11

Public administration and defence 3 4 1

Target sectors by value - global private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 67935 62263 51391

Machinery equipment furniture recycling 9397 14883 18685

Publishing printing 32337 8634 17013

Transport 2940 12668 10164

Gas water electricity 3773 11359 9588

Primary sector 2757 11015 5454

Hotels amp restaurants 1222 2566 4005

Wholesale amp retail trade 19299 2630 3468

Chemicals rubber plastics 6869 4579 2729

Post and telecommunications 18644 883 2538

Education health 2097 4184 2176

Construction 4489 5058 1013

Textiles wearing apparel leather 105 2177 935

Metals amp metal products 907 4097 636

Food beverages tobacco 1689 969 478

Banks 188 1036 213

Wood cork paper 80 659 82

Insurance companies 2602 563 64

Public administration and defence 2 0 1

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 14 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 financial advisors global deals

Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Credit Suisse 41 37 304164 8221

2 Morgan Stanley 42 35 292111 8346

3 Bank of America Corporation 40 34 263138 7739

4 JP Morgan 69 61 231123 3789

5 Goldman Sachs Group Inc 38 37 229878 6213

6 Barclays plc 32 27 215054 7965

7 Lazard 21 17 192304 11312

8 Robey Warshaw LLP 2 2 164282 82141

9 Deutsche Bank AG 23 19 155336 8176

10 BNP Paribas SA 14 12 139996 11666

11 Perella Weinberg Partners LP 7 7 139073 19868

12 Rothschild amp Co 55 40 87441 2186

13 Citigroup Inc 51 47 85698 1823

14 UBS 24 19 69913 3680

15 Ducera Partners LLC 1 1 66000 66000

16 RBC Capital Markets Corporation 18 15 53261 3551

17 Evercore Partners Inc 26 16 44190 2762

18 The Raine Group LLC 4 3 40764 13588

19 Mizuho Securities Co Ltd 4 4 36308 9077

20 BMO Capital Markets Corporation 4 4 30824 7706

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 15 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 legal advisors global deals

Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Sullivan amp Cromwell 16 12 238427 19869

2 Freshfields Bruckhaus Deringer 14 12 192836 16070

3 Latham amp Watkins LLP 67 48 180215 3754

4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073

5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644

6 Macfarlanes LLP 5 4 140076 35019

7 Linklaters 12 10 138697 13870

8 AZB amp Partners 26 16 138672 8667

9 Cravath Swaine amp Moore LLP 8 7 138213 19745

10 Hogan Lovells 22 17 135990 7999

11 Clifford Chance LLP 23 16 135303 8456

12 Allen amp Overy 25 18 99217 5512

13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615

14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228

15 Davis Polk amp Wardwell LLP 23 19 52189 2747

16 Kirkland amp Ellis LLP 60 22 46546 2116

17 Jones Day 63 34 44983 1323

18 Morrison amp Foerster LLP 19 14 41820 2987

19 Weil Gotshal amp Manges LLP 31 23 39837 1732

20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 16 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 private equity firms global deals

Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 CVC Capital Partners Ltd 7 7 15038 2148

2 TPG Capital Advisors LLC 14 11 12271 1116

3 Global Infrastructure Management LLC 2 2 11509 5755

4 KKR amp Co LP 11 11 10889 990

5 The Blackstone Group LP 9 9 9623 1069

6 Permira Advisers LLP 4 4 9374 2343

7 NVP Associates LLC 15 14 8897 636

8 Apollo Global Management LLC 5 3 8200 2733

9 Carlyle Group LP 9 4 6917 1729

10 Goldman Sachs amp Co 11 10 6668 667

11 Silver Lake Technology Management LLC 3 3 6650 2217

12 Sequoia Capital Operations LLC 28 24 6409 267

13 Apax Partners LLP 8 5 5127 1025

14 New Enterprise Associates Inc 21 20 4666 233

15 Accel Management Company LLC 21 17 4566 269

16 Yunfeng Capital Ltd 2 2 4500 2250

17 Hony Capital Co Ltd 3 2 4463 2231

18 Searchlight Capital Partners LP 1 1 4300 4300

19 General Catalyst Group Management LLC 10 8 4167 521

20 Platinum Equity LLC 3 2 4111 2056

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe MampA value improves in Q3

The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015

In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016

A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015

One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value

Western Europe deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5878 357618

Q2 2016 6888 278269

Q1 2016 6483 221194

Q4 2015 7036 290844

Q3 2015 6764 346230

Q2 2015 6910 390423

Q1 2015 6204 337022

Q4 2014 5989 279844

Q3 2014 5328 237498

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

0

50000

100000

150000

200000

250000

300000

350000

400000

450000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

AB InBevSABMiller deal largest by value

Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe

Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016

There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million

While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec

UK one of the regionrsquos most important targets

Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)

In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)

By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively

PE bucks trend and declines in Q3

PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016

On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)

Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016

7 3690 Capital Increase 11 Air Liquide SA FR 13092016

8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016

9 3203 Minority stake 1 Nestle SA CH 18072016

10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016

11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016

12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016

13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016

14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016

15 2100 Capital Increase 90 Melrose Industries plc GB 06072016

16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation

CA CH CN 05072016

17 2000 Capital Increase Standard Chartered plc GB 12082016

18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016

19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016

20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 1883 1590 1542

Germany 873 1089 847

France 751 751 663

Spain 820 863 606

Italy 311 494 460

Netherlands 534 530 449

Sweden 342 483 370

Switzerland 240 315 318

Finland 254 156 122

Belgium 147 131 112

Austria 65 85 74

Norway 113 70 72

Denmark 76 74 62

Ireland 85 62 57

Turkey 111 78 39

Portugal 58 39 37

Luxembourg 66 70 33

Cyprus 24 22 16

Greece 11 9 13

Malta 14 7 7

Target country by value - Western Europe deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

UK 71353 70656 209812

France 32684 46225 25188

Netherlands 27995 28910 21690

Spain 24387 28023 19680

Italy 49351 28175 16220

Germany 32223 38887 16047

Switzerland 10909 10878 15290

Sweden 1966 10469 7498

Austria 1478 5503 6165

Portugal 3417 2045 4944

Luxembourg 70973 10145 3430

Ireland 4991 1247 3291

Denmark 1408 2340 3268

Norway 2444 3312 2611

Greece 1588 201 2536

Belgium 4094 2397 1692

Finland 1909 10289 748

Cyprus 573 457 407

Turkey 8068 1908 360

Malta 881 1445 242

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Western Europe deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2671 2557 2186

Machinery equipment furniture recycling 830 863 689

Wholesale amp retail trade 515 538 465

Chemicals rubber plastics 355 371 362

Publishing printing 397 374 337

Banks 117 254 226

Metals amp metal products 294 271 211

Transport 217 214 207

Construction 271 270 199

Primary sector 151 186 172

Food beverages tobacco 222 183 154

Post and telecommunications 124 132 115

Insurance companies 117 106 114

Hotels amp restaurants 129 129 107

Gas water electricity 153 135 102

Education health 114 98 78

Textiles wearing apparel leather 71 85 76

Wood cork paper 65 56 33

Public administration and defence 5 2 5

Target sector by value - Western Europe deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Food beverages tobacco 9538 8051 138671

Other services 67735 88951 56378

Machinery equipment furniture recycling 25998 35386 56146

Chemicals rubber plastics 25873 20570 16199

Banks 22214 18660 13567

Publishing printing 4485 14186 9586

Wholesale amp retail trade 20438 17602 9283

Primary sector 6324 12362 8190

Metals amp metal products 7397 9383 7207

Gas water electricity 21318 12572 7196

Education health 2409 266 7084

Insurance companies 11724 6951 6530

Post and telecommunications 99805 6300 6497

Transport 13270 7297 6374

Construction 7800 5854 5358

Hotels amp restaurants 3369 4027 1926

Textiles wearing apparel leather 457 3556 973

Wood cork paper 450 1604 325

Public administration and defence 24 0 2

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 8 copy Bureau van Dijk

Target sector by volume - global deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 9744 8575 7080

Machinery equipment furniture recycling 3242 2711 2024

Wholesale amp retail trade 1783 1427 1187

Chemicals rubber plastics 1639 1318 1097

Publishing printing 1601 1332 1081

Metals amp metal products 1384 1511 1073

Construction 1051 844 637

Primary sector 782 758 591

Banks 537 544 421

Transport 588 472 411

Food beverages tobacco 733 519 408

Education health 463 380 351

Gas water electricity 566 397 345

Hotels amp restaurants 388 318 251

Insurance companies 389 291 249

Textiles wearing apparel leather 276 209 209

Post and telecommunications 320 259 197

Wood cork paper 188 152 96

Public administration and defence 16 14 11

Target sector by value - global deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 311649 387106 269882

Food beverages tobacco 39713 19074 166610

Machinery equipment furniture recycling 182000 160273 160730

Chemicals rubber plastics 157972 77662 149887

Gas water electricity 82459 51740 77212

Wholesale amp retail trade 81005 44249 58549

Banks 78634 55730 50896

Publishing printing 51035 40251 44679

Primary sector 68856 65263 42992

Transport 51601 38975 40521

Construction 63618 37760 40079

Metals amp metal products 35355 42871 28535

Post and telecommunications 130563 19445 21447

Insurance companies 166181 11615 13772

Education health 18310 7556 13732

Hotels amp restaurants 9745 11771 10327

Textiles wearing apparel leather 8441 6491 5916

Wood cork paper 2845 6564 2044

Public administration and defence 672 42 285

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 9 copy Bureau van Dijk

Global private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4713 139141

Q2 2016 5252 153316

Q1 2016 5674 103897

Q4 2015 6147 252074

Q3 2015 6577 186614

Q2 2015 6515 167610

Q1 2015 6302 154862

Q4 2014 6491 163370

Q3 2014 6548 132317

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 10 copy Bureau van Dijk

Global private equity deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

0

50000

100000

150000

200000

250000

300000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 11 copy Bureau van Dijk

Top 20 global private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016

2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016

3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit

Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016

9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

17 2000 Minority stake Worldwide Structured Finance LLC US 02092016

18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016

20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 12 copy Bureau van Dijk

Target country by volume - global private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

US 4021 3198 2991

China 644 311 264

India 278 239 192

UK 270 221 189

Canada 150 156 130

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Japan 49 38 52

Israel 46 44 45

Italy 58 56 39

South Korea 39 35 39

Netherlands 62 57 38

Australia 25 15 34

Russia 25 60 25

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Brazil 21 15 19

Target country by value - global private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

US 108899 67978 77425

Australia 372 9310 9399

China 13192 16862 8710

Spain 6622 3117 6335

Brazil 3359 103 5595

France 5660 5475 3114

India 5449 2103 2559

Germany 6851 8156 2439

UK 8787 5578 2293

Israel 681 888 2180

Italy 559 6787 2092

Netherlands 6026 7493 1713

Canada 1451 1841 1612

South Korea 8995 1340 1435

Cayman Islands 7101 330 1163

Indonesia 4 34 760

Portugal 437 556 736

Austria 285 409 686

Japan 212 451 667

Luxembourg 167 352 655

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 13 copy Bureau van Dijk

Target sectors by volume - global private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3024 2408 2069

Publishing printing 756 469 409

Machinery equipment furniture recycling 490 328 311

Wholesale amp retail trade 163 130 94

Chemicals rubber plastics 155 96 88

Education health 88 86 78

Gas water electricity 65 41 57

Food beverages tobacco 81 69 42

Metals amp metal products 54 45 35

Post and telecommunications 35 31 33

Hotels amp restaurants 48 38 33

Textiles wearing apparel leather 28 25 26

Construction 47 32 26

Transport 44 24 24

Primary sector 34 30 17

Banks 25 22 15

Insurance companies 23 16 13

Wood cork paper 18 15 11

Public administration and defence 3 4 1

Target sectors by value - global private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 67935 62263 51391

Machinery equipment furniture recycling 9397 14883 18685

Publishing printing 32337 8634 17013

Transport 2940 12668 10164

Gas water electricity 3773 11359 9588

Primary sector 2757 11015 5454

Hotels amp restaurants 1222 2566 4005

Wholesale amp retail trade 19299 2630 3468

Chemicals rubber plastics 6869 4579 2729

Post and telecommunications 18644 883 2538

Education health 2097 4184 2176

Construction 4489 5058 1013

Textiles wearing apparel leather 105 2177 935

Metals amp metal products 907 4097 636

Food beverages tobacco 1689 969 478

Banks 188 1036 213

Wood cork paper 80 659 82

Insurance companies 2602 563 64

Public administration and defence 2 0 1

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 14 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 financial advisors global deals

Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Credit Suisse 41 37 304164 8221

2 Morgan Stanley 42 35 292111 8346

3 Bank of America Corporation 40 34 263138 7739

4 JP Morgan 69 61 231123 3789

5 Goldman Sachs Group Inc 38 37 229878 6213

6 Barclays plc 32 27 215054 7965

7 Lazard 21 17 192304 11312

8 Robey Warshaw LLP 2 2 164282 82141

9 Deutsche Bank AG 23 19 155336 8176

10 BNP Paribas SA 14 12 139996 11666

11 Perella Weinberg Partners LP 7 7 139073 19868

12 Rothschild amp Co 55 40 87441 2186

13 Citigroup Inc 51 47 85698 1823

14 UBS 24 19 69913 3680

15 Ducera Partners LLC 1 1 66000 66000

16 RBC Capital Markets Corporation 18 15 53261 3551

17 Evercore Partners Inc 26 16 44190 2762

18 The Raine Group LLC 4 3 40764 13588

19 Mizuho Securities Co Ltd 4 4 36308 9077

20 BMO Capital Markets Corporation 4 4 30824 7706

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 15 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 legal advisors global deals

Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Sullivan amp Cromwell 16 12 238427 19869

2 Freshfields Bruckhaus Deringer 14 12 192836 16070

3 Latham amp Watkins LLP 67 48 180215 3754

4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073

5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644

6 Macfarlanes LLP 5 4 140076 35019

7 Linklaters 12 10 138697 13870

8 AZB amp Partners 26 16 138672 8667

9 Cravath Swaine amp Moore LLP 8 7 138213 19745

10 Hogan Lovells 22 17 135990 7999

11 Clifford Chance LLP 23 16 135303 8456

12 Allen amp Overy 25 18 99217 5512

13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615

14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228

15 Davis Polk amp Wardwell LLP 23 19 52189 2747

16 Kirkland amp Ellis LLP 60 22 46546 2116

17 Jones Day 63 34 44983 1323

18 Morrison amp Foerster LLP 19 14 41820 2987

19 Weil Gotshal amp Manges LLP 31 23 39837 1732

20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 16 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 private equity firms global deals

Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 CVC Capital Partners Ltd 7 7 15038 2148

2 TPG Capital Advisors LLC 14 11 12271 1116

3 Global Infrastructure Management LLC 2 2 11509 5755

4 KKR amp Co LP 11 11 10889 990

5 The Blackstone Group LP 9 9 9623 1069

6 Permira Advisers LLP 4 4 9374 2343

7 NVP Associates LLC 15 14 8897 636

8 Apollo Global Management LLC 5 3 8200 2733

9 Carlyle Group LP 9 4 6917 1729

10 Goldman Sachs amp Co 11 10 6668 667

11 Silver Lake Technology Management LLC 3 3 6650 2217

12 Sequoia Capital Operations LLC 28 24 6409 267

13 Apax Partners LLP 8 5 5127 1025

14 New Enterprise Associates Inc 21 20 4666 233

15 Accel Management Company LLC 21 17 4566 269

16 Yunfeng Capital Ltd 2 2 4500 2250

17 Hony Capital Co Ltd 3 2 4463 2231

18 Searchlight Capital Partners LP 1 1 4300 4300

19 General Catalyst Group Management LLC 10 8 4167 521

20 Platinum Equity LLC 3 2 4111 2056

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe MampA value improves in Q3

The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015

In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016

A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015

One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value

Western Europe deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5878 357618

Q2 2016 6888 278269

Q1 2016 6483 221194

Q4 2015 7036 290844

Q3 2015 6764 346230

Q2 2015 6910 390423

Q1 2015 6204 337022

Q4 2014 5989 279844

Q3 2014 5328 237498

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

0

50000

100000

150000

200000

250000

300000

350000

400000

450000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

AB InBevSABMiller deal largest by value

Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe

Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016

There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million

While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec

UK one of the regionrsquos most important targets

Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)

In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)

By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively

PE bucks trend and declines in Q3

PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016

On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)

Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016

7 3690 Capital Increase 11 Air Liquide SA FR 13092016

8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016

9 3203 Minority stake 1 Nestle SA CH 18072016

10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016

11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016

12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016

13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016

14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016

15 2100 Capital Increase 90 Melrose Industries plc GB 06072016

16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation

CA CH CN 05072016

17 2000 Capital Increase Standard Chartered plc GB 12082016

18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016

19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016

20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 1883 1590 1542

Germany 873 1089 847

France 751 751 663

Spain 820 863 606

Italy 311 494 460

Netherlands 534 530 449

Sweden 342 483 370

Switzerland 240 315 318

Finland 254 156 122

Belgium 147 131 112

Austria 65 85 74

Norway 113 70 72

Denmark 76 74 62

Ireland 85 62 57

Turkey 111 78 39

Portugal 58 39 37

Luxembourg 66 70 33

Cyprus 24 22 16

Greece 11 9 13

Malta 14 7 7

Target country by value - Western Europe deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

UK 71353 70656 209812

France 32684 46225 25188

Netherlands 27995 28910 21690

Spain 24387 28023 19680

Italy 49351 28175 16220

Germany 32223 38887 16047

Switzerland 10909 10878 15290

Sweden 1966 10469 7498

Austria 1478 5503 6165

Portugal 3417 2045 4944

Luxembourg 70973 10145 3430

Ireland 4991 1247 3291

Denmark 1408 2340 3268

Norway 2444 3312 2611

Greece 1588 201 2536

Belgium 4094 2397 1692

Finland 1909 10289 748

Cyprus 573 457 407

Turkey 8068 1908 360

Malta 881 1445 242

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Western Europe deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2671 2557 2186

Machinery equipment furniture recycling 830 863 689

Wholesale amp retail trade 515 538 465

Chemicals rubber plastics 355 371 362

Publishing printing 397 374 337

Banks 117 254 226

Metals amp metal products 294 271 211

Transport 217 214 207

Construction 271 270 199

Primary sector 151 186 172

Food beverages tobacco 222 183 154

Post and telecommunications 124 132 115

Insurance companies 117 106 114

Hotels amp restaurants 129 129 107

Gas water electricity 153 135 102

Education health 114 98 78

Textiles wearing apparel leather 71 85 76

Wood cork paper 65 56 33

Public administration and defence 5 2 5

Target sector by value - Western Europe deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Food beverages tobacco 9538 8051 138671

Other services 67735 88951 56378

Machinery equipment furniture recycling 25998 35386 56146

Chemicals rubber plastics 25873 20570 16199

Banks 22214 18660 13567

Publishing printing 4485 14186 9586

Wholesale amp retail trade 20438 17602 9283

Primary sector 6324 12362 8190

Metals amp metal products 7397 9383 7207

Gas water electricity 21318 12572 7196

Education health 2409 266 7084

Insurance companies 11724 6951 6530

Post and telecommunications 99805 6300 6497

Transport 13270 7297 6374

Construction 7800 5854 5358

Hotels amp restaurants 3369 4027 1926

Textiles wearing apparel leather 457 3556 973

Wood cork paper 450 1604 325

Public administration and defence 24 0 2

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 9 copy Bureau van Dijk

Global private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4713 139141

Q2 2016 5252 153316

Q1 2016 5674 103897

Q4 2015 6147 252074

Q3 2015 6577 186614

Q2 2015 6515 167610

Q1 2015 6302 154862

Q4 2014 6491 163370

Q3 2014 6548 132317

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 10 copy Bureau van Dijk

Global private equity deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

0

50000

100000

150000

200000

250000

300000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 11 copy Bureau van Dijk

Top 20 global private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016

2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016

3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit

Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016

9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

17 2000 Minority stake Worldwide Structured Finance LLC US 02092016

18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016

20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 12 copy Bureau van Dijk

Target country by volume - global private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

US 4021 3198 2991

China 644 311 264

India 278 239 192

UK 270 221 189

Canada 150 156 130

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Japan 49 38 52

Israel 46 44 45

Italy 58 56 39

South Korea 39 35 39

Netherlands 62 57 38

Australia 25 15 34

Russia 25 60 25

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Brazil 21 15 19

Target country by value - global private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

US 108899 67978 77425

Australia 372 9310 9399

China 13192 16862 8710

Spain 6622 3117 6335

Brazil 3359 103 5595

France 5660 5475 3114

India 5449 2103 2559

Germany 6851 8156 2439

UK 8787 5578 2293

Israel 681 888 2180

Italy 559 6787 2092

Netherlands 6026 7493 1713

Canada 1451 1841 1612

South Korea 8995 1340 1435

Cayman Islands 7101 330 1163

Indonesia 4 34 760

Portugal 437 556 736

Austria 285 409 686

Japan 212 451 667

Luxembourg 167 352 655

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 13 copy Bureau van Dijk

Target sectors by volume - global private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3024 2408 2069

Publishing printing 756 469 409

Machinery equipment furniture recycling 490 328 311

Wholesale amp retail trade 163 130 94

Chemicals rubber plastics 155 96 88

Education health 88 86 78

Gas water electricity 65 41 57

Food beverages tobacco 81 69 42

Metals amp metal products 54 45 35

Post and telecommunications 35 31 33

Hotels amp restaurants 48 38 33

Textiles wearing apparel leather 28 25 26

Construction 47 32 26

Transport 44 24 24

Primary sector 34 30 17

Banks 25 22 15

Insurance companies 23 16 13

Wood cork paper 18 15 11

Public administration and defence 3 4 1

Target sectors by value - global private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 67935 62263 51391

Machinery equipment furniture recycling 9397 14883 18685

Publishing printing 32337 8634 17013

Transport 2940 12668 10164

Gas water electricity 3773 11359 9588

Primary sector 2757 11015 5454

Hotels amp restaurants 1222 2566 4005

Wholesale amp retail trade 19299 2630 3468

Chemicals rubber plastics 6869 4579 2729

Post and telecommunications 18644 883 2538

Education health 2097 4184 2176

Construction 4489 5058 1013

Textiles wearing apparel leather 105 2177 935

Metals amp metal products 907 4097 636

Food beverages tobacco 1689 969 478

Banks 188 1036 213

Wood cork paper 80 659 82

Insurance companies 2602 563 64

Public administration and defence 2 0 1

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 14 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 financial advisors global deals

Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Credit Suisse 41 37 304164 8221

2 Morgan Stanley 42 35 292111 8346

3 Bank of America Corporation 40 34 263138 7739

4 JP Morgan 69 61 231123 3789

5 Goldman Sachs Group Inc 38 37 229878 6213

6 Barclays plc 32 27 215054 7965

7 Lazard 21 17 192304 11312

8 Robey Warshaw LLP 2 2 164282 82141

9 Deutsche Bank AG 23 19 155336 8176

10 BNP Paribas SA 14 12 139996 11666

11 Perella Weinberg Partners LP 7 7 139073 19868

12 Rothschild amp Co 55 40 87441 2186

13 Citigroup Inc 51 47 85698 1823

14 UBS 24 19 69913 3680

15 Ducera Partners LLC 1 1 66000 66000

16 RBC Capital Markets Corporation 18 15 53261 3551

17 Evercore Partners Inc 26 16 44190 2762

18 The Raine Group LLC 4 3 40764 13588

19 Mizuho Securities Co Ltd 4 4 36308 9077

20 BMO Capital Markets Corporation 4 4 30824 7706

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 15 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 legal advisors global deals

Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Sullivan amp Cromwell 16 12 238427 19869

2 Freshfields Bruckhaus Deringer 14 12 192836 16070

3 Latham amp Watkins LLP 67 48 180215 3754

4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073

5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644

6 Macfarlanes LLP 5 4 140076 35019

7 Linklaters 12 10 138697 13870

8 AZB amp Partners 26 16 138672 8667

9 Cravath Swaine amp Moore LLP 8 7 138213 19745

10 Hogan Lovells 22 17 135990 7999

11 Clifford Chance LLP 23 16 135303 8456

12 Allen amp Overy 25 18 99217 5512

13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615

14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228

15 Davis Polk amp Wardwell LLP 23 19 52189 2747

16 Kirkland amp Ellis LLP 60 22 46546 2116

17 Jones Day 63 34 44983 1323

18 Morrison amp Foerster LLP 19 14 41820 2987

19 Weil Gotshal amp Manges LLP 31 23 39837 1732

20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 16 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 private equity firms global deals

Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 CVC Capital Partners Ltd 7 7 15038 2148

2 TPG Capital Advisors LLC 14 11 12271 1116

3 Global Infrastructure Management LLC 2 2 11509 5755

4 KKR amp Co LP 11 11 10889 990

5 The Blackstone Group LP 9 9 9623 1069

6 Permira Advisers LLP 4 4 9374 2343

7 NVP Associates LLC 15 14 8897 636

8 Apollo Global Management LLC 5 3 8200 2733

9 Carlyle Group LP 9 4 6917 1729

10 Goldman Sachs amp Co 11 10 6668 667

11 Silver Lake Technology Management LLC 3 3 6650 2217

12 Sequoia Capital Operations LLC 28 24 6409 267

13 Apax Partners LLP 8 5 5127 1025

14 New Enterprise Associates Inc 21 20 4666 233

15 Accel Management Company LLC 21 17 4566 269

16 Yunfeng Capital Ltd 2 2 4500 2250

17 Hony Capital Co Ltd 3 2 4463 2231

18 Searchlight Capital Partners LP 1 1 4300 4300

19 General Catalyst Group Management LLC 10 8 4167 521

20 Platinum Equity LLC 3 2 4111 2056

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe MampA value improves in Q3

The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015

In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016

A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015

One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value

Western Europe deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5878 357618

Q2 2016 6888 278269

Q1 2016 6483 221194

Q4 2015 7036 290844

Q3 2015 6764 346230

Q2 2015 6910 390423

Q1 2015 6204 337022

Q4 2014 5989 279844

Q3 2014 5328 237498

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

0

50000

100000

150000

200000

250000

300000

350000

400000

450000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

AB InBevSABMiller deal largest by value

Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe

Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016

There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million

While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec

UK one of the regionrsquos most important targets

Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)

In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)

By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively

PE bucks trend and declines in Q3

PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016

On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)

Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016

7 3690 Capital Increase 11 Air Liquide SA FR 13092016

8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016

9 3203 Minority stake 1 Nestle SA CH 18072016

10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016

11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016

12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016

13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016

14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016

15 2100 Capital Increase 90 Melrose Industries plc GB 06072016

16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation

CA CH CN 05072016

17 2000 Capital Increase Standard Chartered plc GB 12082016

18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016

19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016

20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 1883 1590 1542

Germany 873 1089 847

France 751 751 663

Spain 820 863 606

Italy 311 494 460

Netherlands 534 530 449

Sweden 342 483 370

Switzerland 240 315 318

Finland 254 156 122

Belgium 147 131 112

Austria 65 85 74

Norway 113 70 72

Denmark 76 74 62

Ireland 85 62 57

Turkey 111 78 39

Portugal 58 39 37

Luxembourg 66 70 33

Cyprus 24 22 16

Greece 11 9 13

Malta 14 7 7

Target country by value - Western Europe deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

UK 71353 70656 209812

France 32684 46225 25188

Netherlands 27995 28910 21690

Spain 24387 28023 19680

Italy 49351 28175 16220

Germany 32223 38887 16047

Switzerland 10909 10878 15290

Sweden 1966 10469 7498

Austria 1478 5503 6165

Portugal 3417 2045 4944

Luxembourg 70973 10145 3430

Ireland 4991 1247 3291

Denmark 1408 2340 3268

Norway 2444 3312 2611

Greece 1588 201 2536

Belgium 4094 2397 1692

Finland 1909 10289 748

Cyprus 573 457 407

Turkey 8068 1908 360

Malta 881 1445 242

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Western Europe deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2671 2557 2186

Machinery equipment furniture recycling 830 863 689

Wholesale amp retail trade 515 538 465

Chemicals rubber plastics 355 371 362

Publishing printing 397 374 337

Banks 117 254 226

Metals amp metal products 294 271 211

Transport 217 214 207

Construction 271 270 199

Primary sector 151 186 172

Food beverages tobacco 222 183 154

Post and telecommunications 124 132 115

Insurance companies 117 106 114

Hotels amp restaurants 129 129 107

Gas water electricity 153 135 102

Education health 114 98 78

Textiles wearing apparel leather 71 85 76

Wood cork paper 65 56 33

Public administration and defence 5 2 5

Target sector by value - Western Europe deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Food beverages tobacco 9538 8051 138671

Other services 67735 88951 56378

Machinery equipment furniture recycling 25998 35386 56146

Chemicals rubber plastics 25873 20570 16199

Banks 22214 18660 13567

Publishing printing 4485 14186 9586

Wholesale amp retail trade 20438 17602 9283

Primary sector 6324 12362 8190

Metals amp metal products 7397 9383 7207

Gas water electricity 21318 12572 7196

Education health 2409 266 7084

Insurance companies 11724 6951 6530

Post and telecommunications 99805 6300 6497

Transport 13270 7297 6374

Construction 7800 5854 5358

Hotels amp restaurants 3369 4027 1926

Textiles wearing apparel leather 457 3556 973

Wood cork paper 450 1604 325

Public administration and defence 24 0 2

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 10 copy Bureau van Dijk

Global private equity deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

0

50000

100000

150000

200000

250000

300000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 11 copy Bureau van Dijk

Top 20 global private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016

2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016

3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit

Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016

9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

17 2000 Minority stake Worldwide Structured Finance LLC US 02092016

18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016

20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 12 copy Bureau van Dijk

Target country by volume - global private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

US 4021 3198 2991

China 644 311 264

India 278 239 192

UK 270 221 189

Canada 150 156 130

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Japan 49 38 52

Israel 46 44 45

Italy 58 56 39

South Korea 39 35 39

Netherlands 62 57 38

Australia 25 15 34

Russia 25 60 25

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Brazil 21 15 19

Target country by value - global private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

US 108899 67978 77425

Australia 372 9310 9399

China 13192 16862 8710

Spain 6622 3117 6335

Brazil 3359 103 5595

France 5660 5475 3114

India 5449 2103 2559

Germany 6851 8156 2439

UK 8787 5578 2293

Israel 681 888 2180

Italy 559 6787 2092

Netherlands 6026 7493 1713

Canada 1451 1841 1612

South Korea 8995 1340 1435

Cayman Islands 7101 330 1163

Indonesia 4 34 760

Portugal 437 556 736

Austria 285 409 686

Japan 212 451 667

Luxembourg 167 352 655

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 13 copy Bureau van Dijk

Target sectors by volume - global private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3024 2408 2069

Publishing printing 756 469 409

Machinery equipment furniture recycling 490 328 311

Wholesale amp retail trade 163 130 94

Chemicals rubber plastics 155 96 88

Education health 88 86 78

Gas water electricity 65 41 57

Food beverages tobacco 81 69 42

Metals amp metal products 54 45 35

Post and telecommunications 35 31 33

Hotels amp restaurants 48 38 33

Textiles wearing apparel leather 28 25 26

Construction 47 32 26

Transport 44 24 24

Primary sector 34 30 17

Banks 25 22 15

Insurance companies 23 16 13

Wood cork paper 18 15 11

Public administration and defence 3 4 1

Target sectors by value - global private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 67935 62263 51391

Machinery equipment furniture recycling 9397 14883 18685

Publishing printing 32337 8634 17013

Transport 2940 12668 10164

Gas water electricity 3773 11359 9588

Primary sector 2757 11015 5454

Hotels amp restaurants 1222 2566 4005

Wholesale amp retail trade 19299 2630 3468

Chemicals rubber plastics 6869 4579 2729

Post and telecommunications 18644 883 2538

Education health 2097 4184 2176

Construction 4489 5058 1013

Textiles wearing apparel leather 105 2177 935

Metals amp metal products 907 4097 636

Food beverages tobacco 1689 969 478

Banks 188 1036 213

Wood cork paper 80 659 82

Insurance companies 2602 563 64

Public administration and defence 2 0 1

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 14 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 financial advisors global deals

Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Credit Suisse 41 37 304164 8221

2 Morgan Stanley 42 35 292111 8346

3 Bank of America Corporation 40 34 263138 7739

4 JP Morgan 69 61 231123 3789

5 Goldman Sachs Group Inc 38 37 229878 6213

6 Barclays plc 32 27 215054 7965

7 Lazard 21 17 192304 11312

8 Robey Warshaw LLP 2 2 164282 82141

9 Deutsche Bank AG 23 19 155336 8176

10 BNP Paribas SA 14 12 139996 11666

11 Perella Weinberg Partners LP 7 7 139073 19868

12 Rothschild amp Co 55 40 87441 2186

13 Citigroup Inc 51 47 85698 1823

14 UBS 24 19 69913 3680

15 Ducera Partners LLC 1 1 66000 66000

16 RBC Capital Markets Corporation 18 15 53261 3551

17 Evercore Partners Inc 26 16 44190 2762

18 The Raine Group LLC 4 3 40764 13588

19 Mizuho Securities Co Ltd 4 4 36308 9077

20 BMO Capital Markets Corporation 4 4 30824 7706

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 15 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 legal advisors global deals

Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Sullivan amp Cromwell 16 12 238427 19869

2 Freshfields Bruckhaus Deringer 14 12 192836 16070

3 Latham amp Watkins LLP 67 48 180215 3754

4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073

5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644

6 Macfarlanes LLP 5 4 140076 35019

7 Linklaters 12 10 138697 13870

8 AZB amp Partners 26 16 138672 8667

9 Cravath Swaine amp Moore LLP 8 7 138213 19745

10 Hogan Lovells 22 17 135990 7999

11 Clifford Chance LLP 23 16 135303 8456

12 Allen amp Overy 25 18 99217 5512

13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615

14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228

15 Davis Polk amp Wardwell LLP 23 19 52189 2747

16 Kirkland amp Ellis LLP 60 22 46546 2116

17 Jones Day 63 34 44983 1323

18 Morrison amp Foerster LLP 19 14 41820 2987

19 Weil Gotshal amp Manges LLP 31 23 39837 1732

20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 16 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 private equity firms global deals

Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 CVC Capital Partners Ltd 7 7 15038 2148

2 TPG Capital Advisors LLC 14 11 12271 1116

3 Global Infrastructure Management LLC 2 2 11509 5755

4 KKR amp Co LP 11 11 10889 990

5 The Blackstone Group LP 9 9 9623 1069

6 Permira Advisers LLP 4 4 9374 2343

7 NVP Associates LLC 15 14 8897 636

8 Apollo Global Management LLC 5 3 8200 2733

9 Carlyle Group LP 9 4 6917 1729

10 Goldman Sachs amp Co 11 10 6668 667

11 Silver Lake Technology Management LLC 3 3 6650 2217

12 Sequoia Capital Operations LLC 28 24 6409 267

13 Apax Partners LLP 8 5 5127 1025

14 New Enterprise Associates Inc 21 20 4666 233

15 Accel Management Company LLC 21 17 4566 269

16 Yunfeng Capital Ltd 2 2 4500 2250

17 Hony Capital Co Ltd 3 2 4463 2231

18 Searchlight Capital Partners LP 1 1 4300 4300

19 General Catalyst Group Management LLC 10 8 4167 521

20 Platinum Equity LLC 3 2 4111 2056

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe MampA value improves in Q3

The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015

In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016

A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015

One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value

Western Europe deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5878 357618

Q2 2016 6888 278269

Q1 2016 6483 221194

Q4 2015 7036 290844

Q3 2015 6764 346230

Q2 2015 6910 390423

Q1 2015 6204 337022

Q4 2014 5989 279844

Q3 2014 5328 237498

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

0

50000

100000

150000

200000

250000

300000

350000

400000

450000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

AB InBevSABMiller deal largest by value

Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe

Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016

There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million

While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec

UK one of the regionrsquos most important targets

Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)

In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)

By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively

PE bucks trend and declines in Q3

PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016

On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)

Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016

7 3690 Capital Increase 11 Air Liquide SA FR 13092016

8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016

9 3203 Minority stake 1 Nestle SA CH 18072016

10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016

11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016

12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016

13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016

14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016

15 2100 Capital Increase 90 Melrose Industries plc GB 06072016

16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation

CA CH CN 05072016

17 2000 Capital Increase Standard Chartered plc GB 12082016

18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016

19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016

20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 1883 1590 1542

Germany 873 1089 847

France 751 751 663

Spain 820 863 606

Italy 311 494 460

Netherlands 534 530 449

Sweden 342 483 370

Switzerland 240 315 318

Finland 254 156 122

Belgium 147 131 112

Austria 65 85 74

Norway 113 70 72

Denmark 76 74 62

Ireland 85 62 57

Turkey 111 78 39

Portugal 58 39 37

Luxembourg 66 70 33

Cyprus 24 22 16

Greece 11 9 13

Malta 14 7 7

Target country by value - Western Europe deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

UK 71353 70656 209812

France 32684 46225 25188

Netherlands 27995 28910 21690

Spain 24387 28023 19680

Italy 49351 28175 16220

Germany 32223 38887 16047

Switzerland 10909 10878 15290

Sweden 1966 10469 7498

Austria 1478 5503 6165

Portugal 3417 2045 4944

Luxembourg 70973 10145 3430

Ireland 4991 1247 3291

Denmark 1408 2340 3268

Norway 2444 3312 2611

Greece 1588 201 2536

Belgium 4094 2397 1692

Finland 1909 10289 748

Cyprus 573 457 407

Turkey 8068 1908 360

Malta 881 1445 242

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Western Europe deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2671 2557 2186

Machinery equipment furniture recycling 830 863 689

Wholesale amp retail trade 515 538 465

Chemicals rubber plastics 355 371 362

Publishing printing 397 374 337

Banks 117 254 226

Metals amp metal products 294 271 211

Transport 217 214 207

Construction 271 270 199

Primary sector 151 186 172

Food beverages tobacco 222 183 154

Post and telecommunications 124 132 115

Insurance companies 117 106 114

Hotels amp restaurants 129 129 107

Gas water electricity 153 135 102

Education health 114 98 78

Textiles wearing apparel leather 71 85 76

Wood cork paper 65 56 33

Public administration and defence 5 2 5

Target sector by value - Western Europe deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Food beverages tobacco 9538 8051 138671

Other services 67735 88951 56378

Machinery equipment furniture recycling 25998 35386 56146

Chemicals rubber plastics 25873 20570 16199

Banks 22214 18660 13567

Publishing printing 4485 14186 9586

Wholesale amp retail trade 20438 17602 9283

Primary sector 6324 12362 8190

Metals amp metal products 7397 9383 7207

Gas water electricity 21318 12572 7196

Education health 2409 266 7084

Insurance companies 11724 6951 6530

Post and telecommunications 99805 6300 6497

Transport 13270 7297 6374

Construction 7800 5854 5358

Hotels amp restaurants 3369 4027 1926

Textiles wearing apparel leather 457 3556 973

Wood cork paper 450 1604 325

Public administration and defence 24 0 2

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 11 copy Bureau van Dijk

Top 20 global private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company AU Global Infrastructure Management LLC 19092016

2 5190 Acquisition 90 Nova Transportadora do Sudeste SA BR Brookfield Infrastructure Partners LP 23092016

3 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

4 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

5 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

6 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

7 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

8 3550 IBO 100 Thomson Reuters Corporations Intellectual Property and Science business unit

Onex Corporation Baring Private Equity Partners Asia Onex Corporation 11072016

9 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

10 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

11 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

12 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

13 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

14 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

15 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

16 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

17 2000 Minority stake Worldwide Structured Finance LLC US 02092016

18 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

19 1700 IBO majority stake Keter Holdings Ltd IL BC Partners Ltd Public Sector Pension Investment Board 28072016

20 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 12 copy Bureau van Dijk

Target country by volume - global private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

US 4021 3198 2991

China 644 311 264

India 278 239 192

UK 270 221 189

Canada 150 156 130

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Japan 49 38 52

Israel 46 44 45

Italy 58 56 39

South Korea 39 35 39

Netherlands 62 57 38

Australia 25 15 34

Russia 25 60 25

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Brazil 21 15 19

Target country by value - global private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

US 108899 67978 77425

Australia 372 9310 9399

China 13192 16862 8710

Spain 6622 3117 6335

Brazil 3359 103 5595

France 5660 5475 3114

India 5449 2103 2559

Germany 6851 8156 2439

UK 8787 5578 2293

Israel 681 888 2180

Italy 559 6787 2092

Netherlands 6026 7493 1713

Canada 1451 1841 1612

South Korea 8995 1340 1435

Cayman Islands 7101 330 1163

Indonesia 4 34 760

Portugal 437 556 736

Austria 285 409 686

Japan 212 451 667

Luxembourg 167 352 655

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 13 copy Bureau van Dijk

Target sectors by volume - global private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3024 2408 2069

Publishing printing 756 469 409

Machinery equipment furniture recycling 490 328 311

Wholesale amp retail trade 163 130 94

Chemicals rubber plastics 155 96 88

Education health 88 86 78

Gas water electricity 65 41 57

Food beverages tobacco 81 69 42

Metals amp metal products 54 45 35

Post and telecommunications 35 31 33

Hotels amp restaurants 48 38 33

Textiles wearing apparel leather 28 25 26

Construction 47 32 26

Transport 44 24 24

Primary sector 34 30 17

Banks 25 22 15

Insurance companies 23 16 13

Wood cork paper 18 15 11

Public administration and defence 3 4 1

Target sectors by value - global private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 67935 62263 51391

Machinery equipment furniture recycling 9397 14883 18685

Publishing printing 32337 8634 17013

Transport 2940 12668 10164

Gas water electricity 3773 11359 9588

Primary sector 2757 11015 5454

Hotels amp restaurants 1222 2566 4005

Wholesale amp retail trade 19299 2630 3468

Chemicals rubber plastics 6869 4579 2729

Post and telecommunications 18644 883 2538

Education health 2097 4184 2176

Construction 4489 5058 1013

Textiles wearing apparel leather 105 2177 935

Metals amp metal products 907 4097 636

Food beverages tobacco 1689 969 478

Banks 188 1036 213

Wood cork paper 80 659 82

Insurance companies 2602 563 64

Public administration and defence 2 0 1

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 14 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 financial advisors global deals

Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Credit Suisse 41 37 304164 8221

2 Morgan Stanley 42 35 292111 8346

3 Bank of America Corporation 40 34 263138 7739

4 JP Morgan 69 61 231123 3789

5 Goldman Sachs Group Inc 38 37 229878 6213

6 Barclays plc 32 27 215054 7965

7 Lazard 21 17 192304 11312

8 Robey Warshaw LLP 2 2 164282 82141

9 Deutsche Bank AG 23 19 155336 8176

10 BNP Paribas SA 14 12 139996 11666

11 Perella Weinberg Partners LP 7 7 139073 19868

12 Rothschild amp Co 55 40 87441 2186

13 Citigroup Inc 51 47 85698 1823

14 UBS 24 19 69913 3680

15 Ducera Partners LLC 1 1 66000 66000

16 RBC Capital Markets Corporation 18 15 53261 3551

17 Evercore Partners Inc 26 16 44190 2762

18 The Raine Group LLC 4 3 40764 13588

19 Mizuho Securities Co Ltd 4 4 36308 9077

20 BMO Capital Markets Corporation 4 4 30824 7706

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 15 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 legal advisors global deals

Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Sullivan amp Cromwell 16 12 238427 19869

2 Freshfields Bruckhaus Deringer 14 12 192836 16070

3 Latham amp Watkins LLP 67 48 180215 3754

4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073

5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644

6 Macfarlanes LLP 5 4 140076 35019

7 Linklaters 12 10 138697 13870

8 AZB amp Partners 26 16 138672 8667

9 Cravath Swaine amp Moore LLP 8 7 138213 19745

10 Hogan Lovells 22 17 135990 7999

11 Clifford Chance LLP 23 16 135303 8456

12 Allen amp Overy 25 18 99217 5512

13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615

14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228

15 Davis Polk amp Wardwell LLP 23 19 52189 2747

16 Kirkland amp Ellis LLP 60 22 46546 2116

17 Jones Day 63 34 44983 1323

18 Morrison amp Foerster LLP 19 14 41820 2987

19 Weil Gotshal amp Manges LLP 31 23 39837 1732

20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 16 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 private equity firms global deals

Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 CVC Capital Partners Ltd 7 7 15038 2148

2 TPG Capital Advisors LLC 14 11 12271 1116

3 Global Infrastructure Management LLC 2 2 11509 5755

4 KKR amp Co LP 11 11 10889 990

5 The Blackstone Group LP 9 9 9623 1069

6 Permira Advisers LLP 4 4 9374 2343

7 NVP Associates LLC 15 14 8897 636

8 Apollo Global Management LLC 5 3 8200 2733

9 Carlyle Group LP 9 4 6917 1729

10 Goldman Sachs amp Co 11 10 6668 667

11 Silver Lake Technology Management LLC 3 3 6650 2217

12 Sequoia Capital Operations LLC 28 24 6409 267

13 Apax Partners LLP 8 5 5127 1025

14 New Enterprise Associates Inc 21 20 4666 233

15 Accel Management Company LLC 21 17 4566 269

16 Yunfeng Capital Ltd 2 2 4500 2250

17 Hony Capital Co Ltd 3 2 4463 2231

18 Searchlight Capital Partners LP 1 1 4300 4300

19 General Catalyst Group Management LLC 10 8 4167 521

20 Platinum Equity LLC 3 2 4111 2056

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe MampA value improves in Q3

The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015

In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016

A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015

One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value

Western Europe deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5878 357618

Q2 2016 6888 278269

Q1 2016 6483 221194

Q4 2015 7036 290844

Q3 2015 6764 346230

Q2 2015 6910 390423

Q1 2015 6204 337022

Q4 2014 5989 279844

Q3 2014 5328 237498

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

0

50000

100000

150000

200000

250000

300000

350000

400000

450000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

AB InBevSABMiller deal largest by value

Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe

Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016

There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million

While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec

UK one of the regionrsquos most important targets

Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)

In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)

By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively

PE bucks trend and declines in Q3

PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016

On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)

Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016

7 3690 Capital Increase 11 Air Liquide SA FR 13092016

8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016

9 3203 Minority stake 1 Nestle SA CH 18072016

10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016

11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016

12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016

13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016

14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016

15 2100 Capital Increase 90 Melrose Industries plc GB 06072016

16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation

CA CH CN 05072016

17 2000 Capital Increase Standard Chartered plc GB 12082016

18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016

19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016

20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 1883 1590 1542

Germany 873 1089 847

France 751 751 663

Spain 820 863 606

Italy 311 494 460

Netherlands 534 530 449

Sweden 342 483 370

Switzerland 240 315 318

Finland 254 156 122

Belgium 147 131 112

Austria 65 85 74

Norway 113 70 72

Denmark 76 74 62

Ireland 85 62 57

Turkey 111 78 39

Portugal 58 39 37

Luxembourg 66 70 33

Cyprus 24 22 16

Greece 11 9 13

Malta 14 7 7

Target country by value - Western Europe deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

UK 71353 70656 209812

France 32684 46225 25188

Netherlands 27995 28910 21690

Spain 24387 28023 19680

Italy 49351 28175 16220

Germany 32223 38887 16047

Switzerland 10909 10878 15290

Sweden 1966 10469 7498

Austria 1478 5503 6165

Portugal 3417 2045 4944

Luxembourg 70973 10145 3430

Ireland 4991 1247 3291

Denmark 1408 2340 3268

Norway 2444 3312 2611

Greece 1588 201 2536

Belgium 4094 2397 1692

Finland 1909 10289 748

Cyprus 573 457 407

Turkey 8068 1908 360

Malta 881 1445 242

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Western Europe deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2671 2557 2186

Machinery equipment furniture recycling 830 863 689

Wholesale amp retail trade 515 538 465

Chemicals rubber plastics 355 371 362

Publishing printing 397 374 337

Banks 117 254 226

Metals amp metal products 294 271 211

Transport 217 214 207

Construction 271 270 199

Primary sector 151 186 172

Food beverages tobacco 222 183 154

Post and telecommunications 124 132 115

Insurance companies 117 106 114

Hotels amp restaurants 129 129 107

Gas water electricity 153 135 102

Education health 114 98 78

Textiles wearing apparel leather 71 85 76

Wood cork paper 65 56 33

Public administration and defence 5 2 5

Target sector by value - Western Europe deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Food beverages tobacco 9538 8051 138671

Other services 67735 88951 56378

Machinery equipment furniture recycling 25998 35386 56146

Chemicals rubber plastics 25873 20570 16199

Banks 22214 18660 13567

Publishing printing 4485 14186 9586

Wholesale amp retail trade 20438 17602 9283

Primary sector 6324 12362 8190

Metals amp metal products 7397 9383 7207

Gas water electricity 21318 12572 7196

Education health 2409 266 7084

Insurance companies 11724 6951 6530

Post and telecommunications 99805 6300 6497

Transport 13270 7297 6374

Construction 7800 5854 5358

Hotels amp restaurants 3369 4027 1926

Textiles wearing apparel leather 457 3556 973

Wood cork paper 450 1604 325

Public administration and defence 24 0 2

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 12 copy Bureau van Dijk

Target country by volume - global private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

US 4021 3198 2991

China 644 311 264

India 278 239 192

UK 270 221 189

Canada 150 156 130

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Japan 49 38 52

Israel 46 44 45

Italy 58 56 39

South Korea 39 35 39

Netherlands 62 57 38

Australia 25 15 34

Russia 25 60 25

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Brazil 21 15 19

Target country by value - global private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

US 108899 67978 77425

Australia 372 9310 9399

China 13192 16862 8710

Spain 6622 3117 6335

Brazil 3359 103 5595

France 5660 5475 3114

India 5449 2103 2559

Germany 6851 8156 2439

UK 8787 5578 2293

Israel 681 888 2180

Italy 559 6787 2092

Netherlands 6026 7493 1713

Canada 1451 1841 1612

South Korea 8995 1340 1435

Cayman Islands 7101 330 1163

Indonesia 4 34 760

Portugal 437 556 736

Austria 285 409 686

Japan 212 451 667

Luxembourg 167 352 655

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 13 copy Bureau van Dijk

Target sectors by volume - global private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3024 2408 2069

Publishing printing 756 469 409

Machinery equipment furniture recycling 490 328 311

Wholesale amp retail trade 163 130 94

Chemicals rubber plastics 155 96 88

Education health 88 86 78

Gas water electricity 65 41 57

Food beverages tobacco 81 69 42

Metals amp metal products 54 45 35

Post and telecommunications 35 31 33

Hotels amp restaurants 48 38 33

Textiles wearing apparel leather 28 25 26

Construction 47 32 26

Transport 44 24 24

Primary sector 34 30 17

Banks 25 22 15

Insurance companies 23 16 13

Wood cork paper 18 15 11

Public administration and defence 3 4 1

Target sectors by value - global private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 67935 62263 51391

Machinery equipment furniture recycling 9397 14883 18685

Publishing printing 32337 8634 17013

Transport 2940 12668 10164

Gas water electricity 3773 11359 9588

Primary sector 2757 11015 5454

Hotels amp restaurants 1222 2566 4005

Wholesale amp retail trade 19299 2630 3468

Chemicals rubber plastics 6869 4579 2729

Post and telecommunications 18644 883 2538

Education health 2097 4184 2176

Construction 4489 5058 1013

Textiles wearing apparel leather 105 2177 935

Metals amp metal products 907 4097 636

Food beverages tobacco 1689 969 478

Banks 188 1036 213

Wood cork paper 80 659 82

Insurance companies 2602 563 64

Public administration and defence 2 0 1

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 14 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 financial advisors global deals

Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Credit Suisse 41 37 304164 8221

2 Morgan Stanley 42 35 292111 8346

3 Bank of America Corporation 40 34 263138 7739

4 JP Morgan 69 61 231123 3789

5 Goldman Sachs Group Inc 38 37 229878 6213

6 Barclays plc 32 27 215054 7965

7 Lazard 21 17 192304 11312

8 Robey Warshaw LLP 2 2 164282 82141

9 Deutsche Bank AG 23 19 155336 8176

10 BNP Paribas SA 14 12 139996 11666

11 Perella Weinberg Partners LP 7 7 139073 19868

12 Rothschild amp Co 55 40 87441 2186

13 Citigroup Inc 51 47 85698 1823

14 UBS 24 19 69913 3680

15 Ducera Partners LLC 1 1 66000 66000

16 RBC Capital Markets Corporation 18 15 53261 3551

17 Evercore Partners Inc 26 16 44190 2762

18 The Raine Group LLC 4 3 40764 13588

19 Mizuho Securities Co Ltd 4 4 36308 9077

20 BMO Capital Markets Corporation 4 4 30824 7706

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 15 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 legal advisors global deals

Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Sullivan amp Cromwell 16 12 238427 19869

2 Freshfields Bruckhaus Deringer 14 12 192836 16070

3 Latham amp Watkins LLP 67 48 180215 3754

4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073

5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644

6 Macfarlanes LLP 5 4 140076 35019

7 Linklaters 12 10 138697 13870

8 AZB amp Partners 26 16 138672 8667

9 Cravath Swaine amp Moore LLP 8 7 138213 19745

10 Hogan Lovells 22 17 135990 7999

11 Clifford Chance LLP 23 16 135303 8456

12 Allen amp Overy 25 18 99217 5512

13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615

14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228

15 Davis Polk amp Wardwell LLP 23 19 52189 2747

16 Kirkland amp Ellis LLP 60 22 46546 2116

17 Jones Day 63 34 44983 1323

18 Morrison amp Foerster LLP 19 14 41820 2987

19 Weil Gotshal amp Manges LLP 31 23 39837 1732

20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 16 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 private equity firms global deals

Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 CVC Capital Partners Ltd 7 7 15038 2148

2 TPG Capital Advisors LLC 14 11 12271 1116

3 Global Infrastructure Management LLC 2 2 11509 5755

4 KKR amp Co LP 11 11 10889 990

5 The Blackstone Group LP 9 9 9623 1069

6 Permira Advisers LLP 4 4 9374 2343

7 NVP Associates LLC 15 14 8897 636

8 Apollo Global Management LLC 5 3 8200 2733

9 Carlyle Group LP 9 4 6917 1729

10 Goldman Sachs amp Co 11 10 6668 667

11 Silver Lake Technology Management LLC 3 3 6650 2217

12 Sequoia Capital Operations LLC 28 24 6409 267

13 Apax Partners LLP 8 5 5127 1025

14 New Enterprise Associates Inc 21 20 4666 233

15 Accel Management Company LLC 21 17 4566 269

16 Yunfeng Capital Ltd 2 2 4500 2250

17 Hony Capital Co Ltd 3 2 4463 2231

18 Searchlight Capital Partners LP 1 1 4300 4300

19 General Catalyst Group Management LLC 10 8 4167 521

20 Platinum Equity LLC 3 2 4111 2056

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe MampA value improves in Q3

The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015

In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016

A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015

One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value

Western Europe deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5878 357618

Q2 2016 6888 278269

Q1 2016 6483 221194

Q4 2015 7036 290844

Q3 2015 6764 346230

Q2 2015 6910 390423

Q1 2015 6204 337022

Q4 2014 5989 279844

Q3 2014 5328 237498

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

0

50000

100000

150000

200000

250000

300000

350000

400000

450000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

AB InBevSABMiller deal largest by value

Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe

Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016

There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million

While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec

UK one of the regionrsquos most important targets

Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)

In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)

By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively

PE bucks trend and declines in Q3

PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016

On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)

Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016

7 3690 Capital Increase 11 Air Liquide SA FR 13092016

8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016

9 3203 Minority stake 1 Nestle SA CH 18072016

10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016

11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016

12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016

13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016

14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016

15 2100 Capital Increase 90 Melrose Industries plc GB 06072016

16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation

CA CH CN 05072016

17 2000 Capital Increase Standard Chartered plc GB 12082016

18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016

19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016

20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 1883 1590 1542

Germany 873 1089 847

France 751 751 663

Spain 820 863 606

Italy 311 494 460

Netherlands 534 530 449

Sweden 342 483 370

Switzerland 240 315 318

Finland 254 156 122

Belgium 147 131 112

Austria 65 85 74

Norway 113 70 72

Denmark 76 74 62

Ireland 85 62 57

Turkey 111 78 39

Portugal 58 39 37

Luxembourg 66 70 33

Cyprus 24 22 16

Greece 11 9 13

Malta 14 7 7

Target country by value - Western Europe deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

UK 71353 70656 209812

France 32684 46225 25188

Netherlands 27995 28910 21690

Spain 24387 28023 19680

Italy 49351 28175 16220

Germany 32223 38887 16047

Switzerland 10909 10878 15290

Sweden 1966 10469 7498

Austria 1478 5503 6165

Portugal 3417 2045 4944

Luxembourg 70973 10145 3430

Ireland 4991 1247 3291

Denmark 1408 2340 3268

Norway 2444 3312 2611

Greece 1588 201 2536

Belgium 4094 2397 1692

Finland 1909 10289 748

Cyprus 573 457 407

Turkey 8068 1908 360

Malta 881 1445 242

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Western Europe deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2671 2557 2186

Machinery equipment furniture recycling 830 863 689

Wholesale amp retail trade 515 538 465

Chemicals rubber plastics 355 371 362

Publishing printing 397 374 337

Banks 117 254 226

Metals amp metal products 294 271 211

Transport 217 214 207

Construction 271 270 199

Primary sector 151 186 172

Food beverages tobacco 222 183 154

Post and telecommunications 124 132 115

Insurance companies 117 106 114

Hotels amp restaurants 129 129 107

Gas water electricity 153 135 102

Education health 114 98 78

Textiles wearing apparel leather 71 85 76

Wood cork paper 65 56 33

Public administration and defence 5 2 5

Target sector by value - Western Europe deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Food beverages tobacco 9538 8051 138671

Other services 67735 88951 56378

Machinery equipment furniture recycling 25998 35386 56146

Chemicals rubber plastics 25873 20570 16199

Banks 22214 18660 13567

Publishing printing 4485 14186 9586

Wholesale amp retail trade 20438 17602 9283

Primary sector 6324 12362 8190

Metals amp metal products 7397 9383 7207

Gas water electricity 21318 12572 7196

Education health 2409 266 7084

Insurance companies 11724 6951 6530

Post and telecommunications 99805 6300 6497

Transport 13270 7297 6374

Construction 7800 5854 5358

Hotels amp restaurants 3369 4027 1926

Textiles wearing apparel leather 457 3556 973

Wood cork paper 450 1604 325

Public administration and defence 24 0 2

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Quarterly MampA Activity ReportGlobal Q3 2016

Page 13 copy Bureau van Dijk

Target sectors by volume - global private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3024 2408 2069

Publishing printing 756 469 409

Machinery equipment furniture recycling 490 328 311

Wholesale amp retail trade 163 130 94

Chemicals rubber plastics 155 96 88

Education health 88 86 78

Gas water electricity 65 41 57

Food beverages tobacco 81 69 42

Metals amp metal products 54 45 35

Post and telecommunications 35 31 33

Hotels amp restaurants 48 38 33

Textiles wearing apparel leather 28 25 26

Construction 47 32 26

Transport 44 24 24

Primary sector 34 30 17

Banks 25 22 15

Insurance companies 23 16 13

Wood cork paper 18 15 11

Public administration and defence 3 4 1

Target sectors by value - global private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 67935 62263 51391

Machinery equipment furniture recycling 9397 14883 18685

Publishing printing 32337 8634 17013

Transport 2940 12668 10164

Gas water electricity 3773 11359 9588

Primary sector 2757 11015 5454

Hotels amp restaurants 1222 2566 4005

Wholesale amp retail trade 19299 2630 3468

Chemicals rubber plastics 6869 4579 2729

Post and telecommunications 18644 883 2538

Education health 2097 4184 2176

Construction 4489 5058 1013

Textiles wearing apparel leather 105 2177 935

Metals amp metal products 907 4097 636

Food beverages tobacco 1689 969 478

Banks 188 1036 213

Wood cork paper 80 659 82

Insurance companies 2602 563 64

Public administration and defence 2 0 1

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 14 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 financial advisors global deals

Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Credit Suisse 41 37 304164 8221

2 Morgan Stanley 42 35 292111 8346

3 Bank of America Corporation 40 34 263138 7739

4 JP Morgan 69 61 231123 3789

5 Goldman Sachs Group Inc 38 37 229878 6213

6 Barclays plc 32 27 215054 7965

7 Lazard 21 17 192304 11312

8 Robey Warshaw LLP 2 2 164282 82141

9 Deutsche Bank AG 23 19 155336 8176

10 BNP Paribas SA 14 12 139996 11666

11 Perella Weinberg Partners LP 7 7 139073 19868

12 Rothschild amp Co 55 40 87441 2186

13 Citigroup Inc 51 47 85698 1823

14 UBS 24 19 69913 3680

15 Ducera Partners LLC 1 1 66000 66000

16 RBC Capital Markets Corporation 18 15 53261 3551

17 Evercore Partners Inc 26 16 44190 2762

18 The Raine Group LLC 4 3 40764 13588

19 Mizuho Securities Co Ltd 4 4 36308 9077

20 BMO Capital Markets Corporation 4 4 30824 7706

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 15 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 legal advisors global deals

Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Sullivan amp Cromwell 16 12 238427 19869

2 Freshfields Bruckhaus Deringer 14 12 192836 16070

3 Latham amp Watkins LLP 67 48 180215 3754

4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073

5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644

6 Macfarlanes LLP 5 4 140076 35019

7 Linklaters 12 10 138697 13870

8 AZB amp Partners 26 16 138672 8667

9 Cravath Swaine amp Moore LLP 8 7 138213 19745

10 Hogan Lovells 22 17 135990 7999

11 Clifford Chance LLP 23 16 135303 8456

12 Allen amp Overy 25 18 99217 5512

13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615

14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228

15 Davis Polk amp Wardwell LLP 23 19 52189 2747

16 Kirkland amp Ellis LLP 60 22 46546 2116

17 Jones Day 63 34 44983 1323

18 Morrison amp Foerster LLP 19 14 41820 2987

19 Weil Gotshal amp Manges LLP 31 23 39837 1732

20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 16 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 private equity firms global deals

Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 CVC Capital Partners Ltd 7 7 15038 2148

2 TPG Capital Advisors LLC 14 11 12271 1116

3 Global Infrastructure Management LLC 2 2 11509 5755

4 KKR amp Co LP 11 11 10889 990

5 The Blackstone Group LP 9 9 9623 1069

6 Permira Advisers LLP 4 4 9374 2343

7 NVP Associates LLC 15 14 8897 636

8 Apollo Global Management LLC 5 3 8200 2733

9 Carlyle Group LP 9 4 6917 1729

10 Goldman Sachs amp Co 11 10 6668 667

11 Silver Lake Technology Management LLC 3 3 6650 2217

12 Sequoia Capital Operations LLC 28 24 6409 267

13 Apax Partners LLP 8 5 5127 1025

14 New Enterprise Associates Inc 21 20 4666 233

15 Accel Management Company LLC 21 17 4566 269

16 Yunfeng Capital Ltd 2 2 4500 2250

17 Hony Capital Co Ltd 3 2 4463 2231

18 Searchlight Capital Partners LP 1 1 4300 4300

19 General Catalyst Group Management LLC 10 8 4167 521

20 Platinum Equity LLC 3 2 4111 2056

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe MampA value improves in Q3

The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015

In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016

A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015

One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value

Western Europe deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5878 357618

Q2 2016 6888 278269

Q1 2016 6483 221194

Q4 2015 7036 290844

Q3 2015 6764 346230

Q2 2015 6910 390423

Q1 2015 6204 337022

Q4 2014 5989 279844

Q3 2014 5328 237498

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

0

50000

100000

150000

200000

250000

300000

350000

400000

450000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

AB InBevSABMiller deal largest by value

Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe

Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016

There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million

While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec

UK one of the regionrsquos most important targets

Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)

In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)

By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively

PE bucks trend and declines in Q3

PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016

On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)

Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016

7 3690 Capital Increase 11 Air Liquide SA FR 13092016

8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016

9 3203 Minority stake 1 Nestle SA CH 18072016

10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016

11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016

12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016

13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016

14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016

15 2100 Capital Increase 90 Melrose Industries plc GB 06072016

16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation

CA CH CN 05072016

17 2000 Capital Increase Standard Chartered plc GB 12082016

18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016

19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016

20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 1883 1590 1542

Germany 873 1089 847

France 751 751 663

Spain 820 863 606

Italy 311 494 460

Netherlands 534 530 449

Sweden 342 483 370

Switzerland 240 315 318

Finland 254 156 122

Belgium 147 131 112

Austria 65 85 74

Norway 113 70 72

Denmark 76 74 62

Ireland 85 62 57

Turkey 111 78 39

Portugal 58 39 37

Luxembourg 66 70 33

Cyprus 24 22 16

Greece 11 9 13

Malta 14 7 7

Target country by value - Western Europe deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

UK 71353 70656 209812

France 32684 46225 25188

Netherlands 27995 28910 21690

Spain 24387 28023 19680

Italy 49351 28175 16220

Germany 32223 38887 16047

Switzerland 10909 10878 15290

Sweden 1966 10469 7498

Austria 1478 5503 6165

Portugal 3417 2045 4944

Luxembourg 70973 10145 3430

Ireland 4991 1247 3291

Denmark 1408 2340 3268

Norway 2444 3312 2611

Greece 1588 201 2536

Belgium 4094 2397 1692

Finland 1909 10289 748

Cyprus 573 457 407

Turkey 8068 1908 360

Malta 881 1445 242

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Western Europe deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2671 2557 2186

Machinery equipment furniture recycling 830 863 689

Wholesale amp retail trade 515 538 465

Chemicals rubber plastics 355 371 362

Publishing printing 397 374 337

Banks 117 254 226

Metals amp metal products 294 271 211

Transport 217 214 207

Construction 271 270 199

Primary sector 151 186 172

Food beverages tobacco 222 183 154

Post and telecommunications 124 132 115

Insurance companies 117 106 114

Hotels amp restaurants 129 129 107

Gas water electricity 153 135 102

Education health 114 98 78

Textiles wearing apparel leather 71 85 76

Wood cork paper 65 56 33

Public administration and defence 5 2 5

Target sector by value - Western Europe deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Food beverages tobacco 9538 8051 138671

Other services 67735 88951 56378

Machinery equipment furniture recycling 25998 35386 56146

Chemicals rubber plastics 25873 20570 16199

Banks 22214 18660 13567

Publishing printing 4485 14186 9586

Wholesale amp retail trade 20438 17602 9283

Primary sector 6324 12362 8190

Metals amp metal products 7397 9383 7207

Gas water electricity 21318 12572 7196

Education health 2409 266 7084

Insurance companies 11724 6951 6530

Post and telecommunications 99805 6300 6497

Transport 13270 7297 6374

Construction 7800 5854 5358

Hotels amp restaurants 3369 4027 1926

Textiles wearing apparel leather 457 3556 973

Wood cork paper 450 1604 325

Public administration and defence 24 0 2

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 14 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 financial advisors global deals

Financial advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Credit Suisse 41 37 304164 8221

2 Morgan Stanley 42 35 292111 8346

3 Bank of America Corporation 40 34 263138 7739

4 JP Morgan 69 61 231123 3789

5 Goldman Sachs Group Inc 38 37 229878 6213

6 Barclays plc 32 27 215054 7965

7 Lazard 21 17 192304 11312

8 Robey Warshaw LLP 2 2 164282 82141

9 Deutsche Bank AG 23 19 155336 8176

10 BNP Paribas SA 14 12 139996 11666

11 Perella Weinberg Partners LP 7 7 139073 19868

12 Rothschild amp Co 55 40 87441 2186

13 Citigroup Inc 51 47 85698 1823

14 UBS 24 19 69913 3680

15 Ducera Partners LLC 1 1 66000 66000

16 RBC Capital Markets Corporation 18 15 53261 3551

17 Evercore Partners Inc 26 16 44190 2762

18 The Raine Group LLC 4 3 40764 13588

19 Mizuho Securities Co Ltd 4 4 36308 9077

20 BMO Capital Markets Corporation 4 4 30824 7706

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 15 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 legal advisors global deals

Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Sullivan amp Cromwell 16 12 238427 19869

2 Freshfields Bruckhaus Deringer 14 12 192836 16070

3 Latham amp Watkins LLP 67 48 180215 3754

4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073

5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644

6 Macfarlanes LLP 5 4 140076 35019

7 Linklaters 12 10 138697 13870

8 AZB amp Partners 26 16 138672 8667

9 Cravath Swaine amp Moore LLP 8 7 138213 19745

10 Hogan Lovells 22 17 135990 7999

11 Clifford Chance LLP 23 16 135303 8456

12 Allen amp Overy 25 18 99217 5512

13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615

14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228

15 Davis Polk amp Wardwell LLP 23 19 52189 2747

16 Kirkland amp Ellis LLP 60 22 46546 2116

17 Jones Day 63 34 44983 1323

18 Morrison amp Foerster LLP 19 14 41820 2987

19 Weil Gotshal amp Manges LLP 31 23 39837 1732

20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 16 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 private equity firms global deals

Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 CVC Capital Partners Ltd 7 7 15038 2148

2 TPG Capital Advisors LLC 14 11 12271 1116

3 Global Infrastructure Management LLC 2 2 11509 5755

4 KKR amp Co LP 11 11 10889 990

5 The Blackstone Group LP 9 9 9623 1069

6 Permira Advisers LLP 4 4 9374 2343

7 NVP Associates LLC 15 14 8897 636

8 Apollo Global Management LLC 5 3 8200 2733

9 Carlyle Group LP 9 4 6917 1729

10 Goldman Sachs amp Co 11 10 6668 667

11 Silver Lake Technology Management LLC 3 3 6650 2217

12 Sequoia Capital Operations LLC 28 24 6409 267

13 Apax Partners LLP 8 5 5127 1025

14 New Enterprise Associates Inc 21 20 4666 233

15 Accel Management Company LLC 21 17 4566 269

16 Yunfeng Capital Ltd 2 2 4500 2250

17 Hony Capital Co Ltd 3 2 4463 2231

18 Searchlight Capital Partners LP 1 1 4300 4300

19 General Catalyst Group Management LLC 10 8 4167 521

20 Platinum Equity LLC 3 2 4111 2056

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe MampA value improves in Q3

The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015

In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016

A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015

One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value

Western Europe deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5878 357618

Q2 2016 6888 278269

Q1 2016 6483 221194

Q4 2015 7036 290844

Q3 2015 6764 346230

Q2 2015 6910 390423

Q1 2015 6204 337022

Q4 2014 5989 279844

Q3 2014 5328 237498

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

0

50000

100000

150000

200000

250000

300000

350000

400000

450000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

AB InBevSABMiller deal largest by value

Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe

Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016

There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million

While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec

UK one of the regionrsquos most important targets

Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)

In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)

By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively

PE bucks trend and declines in Q3

PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016

On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)

Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016

7 3690 Capital Increase 11 Air Liquide SA FR 13092016

8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016

9 3203 Minority stake 1 Nestle SA CH 18072016

10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016

11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016

12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016

13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016

14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016

15 2100 Capital Increase 90 Melrose Industries plc GB 06072016

16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation

CA CH CN 05072016

17 2000 Capital Increase Standard Chartered plc GB 12082016

18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016

19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016

20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 1883 1590 1542

Germany 873 1089 847

France 751 751 663

Spain 820 863 606

Italy 311 494 460

Netherlands 534 530 449

Sweden 342 483 370

Switzerland 240 315 318

Finland 254 156 122

Belgium 147 131 112

Austria 65 85 74

Norway 113 70 72

Denmark 76 74 62

Ireland 85 62 57

Turkey 111 78 39

Portugal 58 39 37

Luxembourg 66 70 33

Cyprus 24 22 16

Greece 11 9 13

Malta 14 7 7

Target country by value - Western Europe deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

UK 71353 70656 209812

France 32684 46225 25188

Netherlands 27995 28910 21690

Spain 24387 28023 19680

Italy 49351 28175 16220

Germany 32223 38887 16047

Switzerland 10909 10878 15290

Sweden 1966 10469 7498

Austria 1478 5503 6165

Portugal 3417 2045 4944

Luxembourg 70973 10145 3430

Ireland 4991 1247 3291

Denmark 1408 2340 3268

Norway 2444 3312 2611

Greece 1588 201 2536

Belgium 4094 2397 1692

Finland 1909 10289 748

Cyprus 573 457 407

Turkey 8068 1908 360

Malta 881 1445 242

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Western Europe deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2671 2557 2186

Machinery equipment furniture recycling 830 863 689

Wholesale amp retail trade 515 538 465

Chemicals rubber plastics 355 371 362

Publishing printing 397 374 337

Banks 117 254 226

Metals amp metal products 294 271 211

Transport 217 214 207

Construction 271 270 199

Primary sector 151 186 172

Food beverages tobacco 222 183 154

Post and telecommunications 124 132 115

Insurance companies 117 106 114

Hotels amp restaurants 129 129 107

Gas water electricity 153 135 102

Education health 114 98 78

Textiles wearing apparel leather 71 85 76

Wood cork paper 65 56 33

Public administration and defence 5 2 5

Target sector by value - Western Europe deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Food beverages tobacco 9538 8051 138671

Other services 67735 88951 56378

Machinery equipment furniture recycling 25998 35386 56146

Chemicals rubber plastics 25873 20570 16199

Banks 22214 18660 13567

Publishing printing 4485 14186 9586

Wholesale amp retail trade 20438 17602 9283

Primary sector 6324 12362 8190

Metals amp metal products 7397 9383 7207

Gas water electricity 21318 12572 7196

Education health 2409 266 7084

Insurance companies 11724 6951 6530

Post and telecommunications 99805 6300 6497

Transport 13270 7297 6374

Construction 7800 5854 5358

Hotels amp restaurants 3369 4027 1926

Textiles wearing apparel leather 457 3556 973

Wood cork paper 450 1604 325

Public administration and defence 24 0 2

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 15 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 legal advisors global deals

Legal advisor Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Sullivan amp Cromwell 16 12 238427 19869

2 Freshfields Bruckhaus Deringer 14 12 192836 16070

3 Latham amp Watkins LLP 67 48 180215 3754

4 Wachtell Lipton Rosen amp Katz LLP 13 13 156955 12073

5 Simpson Thacher amp Bartlett LLP 27 17 146944 8644

6 Macfarlanes LLP 5 4 140076 35019

7 Linklaters 12 10 138697 13870

8 AZB amp Partners 26 16 138672 8667

9 Cravath Swaine amp Moore LLP 8 7 138213 19745

10 Hogan Lovells 22 17 135990 7999

11 Clifford Chance LLP 23 16 135303 8456

12 Allen amp Overy 25 18 99217 5512

13 Paul Weiss Rifkind Wharton amp Garrison LLP 20 13 98993 7615

14 Skadden Arps Slate Meagher amp Flom LLP 43 35 77992 2228

15 Davis Polk amp Wardwell LLP 23 19 52189 2747

16 Kirkland amp Ellis LLP 60 22 46546 2116

17 Jones Day 63 34 44983 1323

18 Morrison amp Foerster LLP 19 14 41820 2987

19 Weil Gotshal amp Manges LLP 31 23 39837 1732

20 Wilson Sonsini Goodrich amp Rosati 22 13 36347 2796

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 16 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 private equity firms global deals

Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 CVC Capital Partners Ltd 7 7 15038 2148

2 TPG Capital Advisors LLC 14 11 12271 1116

3 Global Infrastructure Management LLC 2 2 11509 5755

4 KKR amp Co LP 11 11 10889 990

5 The Blackstone Group LP 9 9 9623 1069

6 Permira Advisers LLP 4 4 9374 2343

7 NVP Associates LLC 15 14 8897 636

8 Apollo Global Management LLC 5 3 8200 2733

9 Carlyle Group LP 9 4 6917 1729

10 Goldman Sachs amp Co 11 10 6668 667

11 Silver Lake Technology Management LLC 3 3 6650 2217

12 Sequoia Capital Operations LLC 28 24 6409 267

13 Apax Partners LLP 8 5 5127 1025

14 New Enterprise Associates Inc 21 20 4666 233

15 Accel Management Company LLC 21 17 4566 269

16 Yunfeng Capital Ltd 2 2 4500 2250

17 Hony Capital Co Ltd 3 2 4463 2231

18 Searchlight Capital Partners LP 1 1 4300 4300

19 General Catalyst Group Management LLC 10 8 4167 521

20 Platinum Equity LLC 3 2 4111 2056

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe MampA value improves in Q3

The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015

In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016

A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015

One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value

Western Europe deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5878 357618

Q2 2016 6888 278269

Q1 2016 6483 221194

Q4 2015 7036 290844

Q3 2015 6764 346230

Q2 2015 6910 390423

Q1 2015 6204 337022

Q4 2014 5989 279844

Q3 2014 5328 237498

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

0

50000

100000

150000

200000

250000

300000

350000

400000

450000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

AB InBevSABMiller deal largest by value

Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe

Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016

There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million

While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec

UK one of the regionrsquos most important targets

Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)

In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)

By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively

PE bucks trend and declines in Q3

PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016

On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)

Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016

7 3690 Capital Increase 11 Air Liquide SA FR 13092016

8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016

9 3203 Minority stake 1 Nestle SA CH 18072016

10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016

11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016

12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016

13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016

14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016

15 2100 Capital Increase 90 Melrose Industries plc GB 06072016

16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation

CA CH CN 05072016

17 2000 Capital Increase Standard Chartered plc GB 12082016

18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016

19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016

20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 1883 1590 1542

Germany 873 1089 847

France 751 751 663

Spain 820 863 606

Italy 311 494 460

Netherlands 534 530 449

Sweden 342 483 370

Switzerland 240 315 318

Finland 254 156 122

Belgium 147 131 112

Austria 65 85 74

Norway 113 70 72

Denmark 76 74 62

Ireland 85 62 57

Turkey 111 78 39

Portugal 58 39 37

Luxembourg 66 70 33

Cyprus 24 22 16

Greece 11 9 13

Malta 14 7 7

Target country by value - Western Europe deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

UK 71353 70656 209812

France 32684 46225 25188

Netherlands 27995 28910 21690

Spain 24387 28023 19680

Italy 49351 28175 16220

Germany 32223 38887 16047

Switzerland 10909 10878 15290

Sweden 1966 10469 7498

Austria 1478 5503 6165

Portugal 3417 2045 4944

Luxembourg 70973 10145 3430

Ireland 4991 1247 3291

Denmark 1408 2340 3268

Norway 2444 3312 2611

Greece 1588 201 2536

Belgium 4094 2397 1692

Finland 1909 10289 748

Cyprus 573 457 407

Turkey 8068 1908 360

Malta 881 1445 242

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Western Europe deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2671 2557 2186

Machinery equipment furniture recycling 830 863 689

Wholesale amp retail trade 515 538 465

Chemicals rubber plastics 355 371 362

Publishing printing 397 374 337

Banks 117 254 226

Metals amp metal products 294 271 211

Transport 217 214 207

Construction 271 270 199

Primary sector 151 186 172

Food beverages tobacco 222 183 154

Post and telecommunications 124 132 115

Insurance companies 117 106 114

Hotels amp restaurants 129 129 107

Gas water electricity 153 135 102

Education health 114 98 78

Textiles wearing apparel leather 71 85 76

Wood cork paper 65 56 33

Public administration and defence 5 2 5

Target sector by value - Western Europe deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Food beverages tobacco 9538 8051 138671

Other services 67735 88951 56378

Machinery equipment furniture recycling 25998 35386 56146

Chemicals rubber plastics 25873 20570 16199

Banks 22214 18660 13567

Publishing printing 4485 14186 9586

Wholesale amp retail trade 20438 17602 9283

Primary sector 6324 12362 8190

Metals amp metal products 7397 9383 7207

Gas water electricity 21318 12572 7196

Education health 2409 266 7084

Insurance companies 11724 6951 6530

Post and telecommunications 99805 6300 6497

Transport 13270 7297 6374

Construction 7800 5854 5358

Hotels amp restaurants 3369 4027 1926

Textiles wearing apparel leather 457 3556 973

Wood cork paper 450 1604 325

Public administration and defence 24 0 2

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

Page 16 copy Bureau van Dijk

Quarterly MampA Activity ReportGlobal League Tables Q3 2016

Top 20 private equity firms global deals

Private equity firm Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 CVC Capital Partners Ltd 7 7 15038 2148

2 TPG Capital Advisors LLC 14 11 12271 1116

3 Global Infrastructure Management LLC 2 2 11509 5755

4 KKR amp Co LP 11 11 10889 990

5 The Blackstone Group LP 9 9 9623 1069

6 Permira Advisers LLP 4 4 9374 2343

7 NVP Associates LLC 15 14 8897 636

8 Apollo Global Management LLC 5 3 8200 2733

9 Carlyle Group LP 9 4 6917 1729

10 Goldman Sachs amp Co 11 10 6668 667

11 Silver Lake Technology Management LLC 3 3 6650 2217

12 Sequoia Capital Operations LLC 28 24 6409 267

13 Apax Partners LLP 8 5 5127 1025

14 New Enterprise Associates Inc 21 20 4666 233

15 Accel Management Company LLC 21 17 4566 269

16 Yunfeng Capital Ltd 2 2 4500 2250

17 Hony Capital Co Ltd 3 2 4463 2231

18 Searchlight Capital Partners LP 1 1 4300 4300

19 General Catalyst Group Management LLC 10 8 4167 521

20 Platinum Equity LLC 3 2 4111 2056

These advisor rankings have been introduced to the Global Q3 report based on the most current data available at the time of writing If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at advisorszephusbvdinfocom

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe MampA value improves in Q3

The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015

In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016

A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015

One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value

Western Europe deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5878 357618

Q2 2016 6888 278269

Q1 2016 6483 221194

Q4 2015 7036 290844

Q3 2015 6764 346230

Q2 2015 6910 390423

Q1 2015 6204 337022

Q4 2014 5989 279844

Q3 2014 5328 237498

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

0

50000

100000

150000

200000

250000

300000

350000

400000

450000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

AB InBevSABMiller deal largest by value

Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe

Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016

There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million

While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec

UK one of the regionrsquos most important targets

Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)

In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)

By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively

PE bucks trend and declines in Q3

PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016

On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)

Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016

7 3690 Capital Increase 11 Air Liquide SA FR 13092016

8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016

9 3203 Minority stake 1 Nestle SA CH 18072016

10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016

11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016

12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016

13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016

14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016

15 2100 Capital Increase 90 Melrose Industries plc GB 06072016

16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation

CA CH CN 05072016

17 2000 Capital Increase Standard Chartered plc GB 12082016

18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016

19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016

20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 1883 1590 1542

Germany 873 1089 847

France 751 751 663

Spain 820 863 606

Italy 311 494 460

Netherlands 534 530 449

Sweden 342 483 370

Switzerland 240 315 318

Finland 254 156 122

Belgium 147 131 112

Austria 65 85 74

Norway 113 70 72

Denmark 76 74 62

Ireland 85 62 57

Turkey 111 78 39

Portugal 58 39 37

Luxembourg 66 70 33

Cyprus 24 22 16

Greece 11 9 13

Malta 14 7 7

Target country by value - Western Europe deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

UK 71353 70656 209812

France 32684 46225 25188

Netherlands 27995 28910 21690

Spain 24387 28023 19680

Italy 49351 28175 16220

Germany 32223 38887 16047

Switzerland 10909 10878 15290

Sweden 1966 10469 7498

Austria 1478 5503 6165

Portugal 3417 2045 4944

Luxembourg 70973 10145 3430

Ireland 4991 1247 3291

Denmark 1408 2340 3268

Norway 2444 3312 2611

Greece 1588 201 2536

Belgium 4094 2397 1692

Finland 1909 10289 748

Cyprus 573 457 407

Turkey 8068 1908 360

Malta 881 1445 242

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Western Europe deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2671 2557 2186

Machinery equipment furniture recycling 830 863 689

Wholesale amp retail trade 515 538 465

Chemicals rubber plastics 355 371 362

Publishing printing 397 374 337

Banks 117 254 226

Metals amp metal products 294 271 211

Transport 217 214 207

Construction 271 270 199

Primary sector 151 186 172

Food beverages tobacco 222 183 154

Post and telecommunications 124 132 115

Insurance companies 117 106 114

Hotels amp restaurants 129 129 107

Gas water electricity 153 135 102

Education health 114 98 78

Textiles wearing apparel leather 71 85 76

Wood cork paper 65 56 33

Public administration and defence 5 2 5

Target sector by value - Western Europe deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Food beverages tobacco 9538 8051 138671

Other services 67735 88951 56378

Machinery equipment furniture recycling 25998 35386 56146

Chemicals rubber plastics 25873 20570 16199

Banks 22214 18660 13567

Publishing printing 4485 14186 9586

Wholesale amp retail trade 20438 17602 9283

Primary sector 6324 12362 8190

Metals amp metal products 7397 9383 7207

Gas water electricity 21318 12572 7196

Education health 2409 266 7084

Insurance companies 11724 6951 6530

Post and telecommunications 99805 6300 6497

Transport 13270 7297 6374

Construction 7800 5854 5358

Hotels amp restaurants 3369 4027 1926

Textiles wearing apparel leather 457 3556 973

Wood cork paper 450 1604 325

Public administration and defence 24 0 2

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 17 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe MampA value improves in Q3

The value of MampA targeting Western European companies advanced in Q3 2016 compared to the previous quarter as well as on the corresponding three months of 2015

In total there were 5878 deals worth a combined USD 357618 million announced in Q3 2016 representing a 15 per cent decrease by volume and an increase of 29 per cent by value on 6888 deals worth USD 278269 million in Q2 2016

A similar result was seen year-on-year as volume fell from 6764 deals while value was up on the USD 346230 million recorded in Q3 2015

One transaction was significantly larger than the other deals announced in Q3 2016 and represented 37 per cent of total MampA value

Western Europe deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5878 357618

Q2 2016 6888 278269

Q1 2016 6483 221194

Q4 2015 7036 290844

Q3 2015 6764 346230

Q2 2015 6910 390423

Q1 2015 6204 337022

Q4 2014 5989 279844

Q3 2014 5328 237498

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

0

50000

100000

150000

200000

250000

300000

350000

400000

450000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

AB InBevSABMiller deal largest by value

Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe

Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016

There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million

While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec

UK one of the regionrsquos most important targets

Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)

In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)

By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively

PE bucks trend and declines in Q3

PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016

On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)

Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016

7 3690 Capital Increase 11 Air Liquide SA FR 13092016

8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016

9 3203 Minority stake 1 Nestle SA CH 18072016

10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016

11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016

12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016

13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016

14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016

15 2100 Capital Increase 90 Melrose Industries plc GB 06072016

16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation

CA CH CN 05072016

17 2000 Capital Increase Standard Chartered plc GB 12082016

18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016

19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016

20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 1883 1590 1542

Germany 873 1089 847

France 751 751 663

Spain 820 863 606

Italy 311 494 460

Netherlands 534 530 449

Sweden 342 483 370

Switzerland 240 315 318

Finland 254 156 122

Belgium 147 131 112

Austria 65 85 74

Norway 113 70 72

Denmark 76 74 62

Ireland 85 62 57

Turkey 111 78 39

Portugal 58 39 37

Luxembourg 66 70 33

Cyprus 24 22 16

Greece 11 9 13

Malta 14 7 7

Target country by value - Western Europe deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

UK 71353 70656 209812

France 32684 46225 25188

Netherlands 27995 28910 21690

Spain 24387 28023 19680

Italy 49351 28175 16220

Germany 32223 38887 16047

Switzerland 10909 10878 15290

Sweden 1966 10469 7498

Austria 1478 5503 6165

Portugal 3417 2045 4944

Luxembourg 70973 10145 3430

Ireland 4991 1247 3291

Denmark 1408 2340 3268

Norway 2444 3312 2611

Greece 1588 201 2536

Belgium 4094 2397 1692

Finland 1909 10289 748

Cyprus 573 457 407

Turkey 8068 1908 360

Malta 881 1445 242

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Western Europe deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2671 2557 2186

Machinery equipment furniture recycling 830 863 689

Wholesale amp retail trade 515 538 465

Chemicals rubber plastics 355 371 362

Publishing printing 397 374 337

Banks 117 254 226

Metals amp metal products 294 271 211

Transport 217 214 207

Construction 271 270 199

Primary sector 151 186 172

Food beverages tobacco 222 183 154

Post and telecommunications 124 132 115

Insurance companies 117 106 114

Hotels amp restaurants 129 129 107

Gas water electricity 153 135 102

Education health 114 98 78

Textiles wearing apparel leather 71 85 76

Wood cork paper 65 56 33

Public administration and defence 5 2 5

Target sector by value - Western Europe deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Food beverages tobacco 9538 8051 138671

Other services 67735 88951 56378

Machinery equipment furniture recycling 25998 35386 56146

Chemicals rubber plastics 25873 20570 16199

Banks 22214 18660 13567

Publishing printing 4485 14186 9586

Wholesale amp retail trade 20438 17602 9283

Primary sector 6324 12362 8190

Metals amp metal products 7397 9383 7207

Gas water electricity 21318 12572 7196

Education health 2409 266 7084

Insurance companies 11724 6951 6530

Post and telecommunications 99805 6300 6497

Transport 13270 7297 6374

Construction 7800 5854 5358

Hotels amp restaurants 3369 4027 1926

Textiles wearing apparel leather 457 3556 973

Wood cork paper 450 1604 325

Public administration and defence 24 0 2

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 18 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

0

50000

100000

150000

200000

250000

300000

350000

400000

450000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

AB InBevSABMiller deal largest by value

Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe

Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016

There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million

While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec

UK one of the regionrsquos most important targets

Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)

In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)

By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively

PE bucks trend and declines in Q3

PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016

On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)

Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016

7 3690 Capital Increase 11 Air Liquide SA FR 13092016

8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016

9 3203 Minority stake 1 Nestle SA CH 18072016

10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016

11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016

12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016

13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016

14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016

15 2100 Capital Increase 90 Melrose Industries plc GB 06072016

16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation

CA CH CN 05072016

17 2000 Capital Increase Standard Chartered plc GB 12082016

18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016

19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016

20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 1883 1590 1542

Germany 873 1089 847

France 751 751 663

Spain 820 863 606

Italy 311 494 460

Netherlands 534 530 449

Sweden 342 483 370

Switzerland 240 315 318

Finland 254 156 122

Belgium 147 131 112

Austria 65 85 74

Norway 113 70 72

Denmark 76 74 62

Ireland 85 62 57

Turkey 111 78 39

Portugal 58 39 37

Luxembourg 66 70 33

Cyprus 24 22 16

Greece 11 9 13

Malta 14 7 7

Target country by value - Western Europe deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

UK 71353 70656 209812

France 32684 46225 25188

Netherlands 27995 28910 21690

Spain 24387 28023 19680

Italy 49351 28175 16220

Germany 32223 38887 16047

Switzerland 10909 10878 15290

Sweden 1966 10469 7498

Austria 1478 5503 6165

Portugal 3417 2045 4944

Luxembourg 70973 10145 3430

Ireland 4991 1247 3291

Denmark 1408 2340 3268

Norway 2444 3312 2611

Greece 1588 201 2536

Belgium 4094 2397 1692

Finland 1909 10289 748

Cyprus 573 457 407

Turkey 8068 1908 360

Malta 881 1445 242

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Western Europe deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2671 2557 2186

Machinery equipment furniture recycling 830 863 689

Wholesale amp retail trade 515 538 465

Chemicals rubber plastics 355 371 362

Publishing printing 397 374 337

Banks 117 254 226

Metals amp metal products 294 271 211

Transport 217 214 207

Construction 271 270 199

Primary sector 151 186 172

Food beverages tobacco 222 183 154

Post and telecommunications 124 132 115

Insurance companies 117 106 114

Hotels amp restaurants 129 129 107

Gas water electricity 153 135 102

Education health 114 98 78

Textiles wearing apparel leather 71 85 76

Wood cork paper 65 56 33

Public administration and defence 5 2 5

Target sector by value - Western Europe deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Food beverages tobacco 9538 8051 138671

Other services 67735 88951 56378

Machinery equipment furniture recycling 25998 35386 56146

Chemicals rubber plastics 25873 20570 16199

Banks 22214 18660 13567

Publishing printing 4485 14186 9586

Wholesale amp retail trade 20438 17602 9283

Primary sector 6324 12362 8190

Metals amp metal products 7397 9383 7207

Gas water electricity 21318 12572 7196

Education health 2409 266 7084

Insurance companies 11724 6951 6530

Post and telecommunications 99805 6300 6497

Transport 13270 7297 6374

Construction 7800 5854 5358

Hotels amp restaurants 3369 4027 1926

Textiles wearing apparel leather 457 3556 973

Wood cork paper 450 1604 325

Public administration and defence 24 0 2

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 19 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

AB InBevSABMiller deal largest by value

Anheuser-Busch InBev (AB InBev) via a Newco increased its offer to acquire UK-based beer manufacturer SABMiller to USD 131918 million in the largest transaction to ever take place in the brewing industry The deal represents the regionrsquos largest by value in the quarter under review as well as the number one deal globally during the timeframe

Softbank took over UK computer microprocessors maker ARM Holdings for USD 32364 million in the second largest deal announced in Western Europe during Q3 2016

There was some distance between this and the number three deal during the quarter under review which involved Liberty Media through its Liberty GR Cayman Acquisition Company agreeing to acquire the remaining 81 per cent stake in Delta Topco the parent company of UK motorsport racing operator Formula 1 for USD 6504 million

While the majority of dealmaking was domestic with other Western European companies buying into the region a number of foreign acquirors were also involved in deals including Softbank of Japan US-based Emerson Electric and Canadarsquos La Caisse de depot et placement du Quebec

UK one of the regionrsquos most important targets

Having been targeted in the top three deals announced in Western Europe during Q3 2016 it is unsurprising that the UK topped both the volume and value charts with 1542 deals worth USD 209812 million By value this represented a significant increase on the USD 70656 million recorded in Q2 2016 and was significantly larger than second-placed France with USD 25188 million However it is worth noting that 63 per cent of total Western European value for Q3 2016 can be attributed to the AB InBevSABMiller deal (USD 131918 million)

In terms of value the Netherlands came third with USD 21690 million followed by Spain (USD 19680 million) and Italy (USD 16220 million)

By volume Germany placed second with 847 deals and France was third with 663 deals while companies based Spain Italy and the Netherlands also performed well recording 606 460 and 449 deals respectively

PE bucks trend and declines in Q3

PE investment in Western European companies declined quarter-on-quarter to 774 deals worth USD 21637 million in Q3 2016 representing a 17 per cent decrease by volume and a 52 per cent decline by value on the USD 45077 million invested across 928 deals in Q2 2016

On a 12-month comparison volume fell 26 per cent against a 37 per cent drop by value (Q3 2015 1052 deals worth USD 34585 million)

Four PE deals were worth in excess of USD 1000 million during the quarter under review the largest of which involved Criteria Caixa and Repsol selling a 20 per cent stake in Spain-based Gas Natural to GIP III Canary a fund managed by Global Infrastructure Management for USD 4241 million Other targets included France-based Foncia Groupe Polyconcept Investments of the Netherlands and Italyrsquos RCS MediaGroup

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016

7 3690 Capital Increase 11 Air Liquide SA FR 13092016

8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016

9 3203 Minority stake 1 Nestle SA CH 18072016

10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016

11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016

12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016

13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016

14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016

15 2100 Capital Increase 90 Melrose Industries plc GB 06072016

16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation

CA CH CN 05072016

17 2000 Capital Increase Standard Chartered plc GB 12082016

18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016

19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016

20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 1883 1590 1542

Germany 873 1089 847

France 751 751 663

Spain 820 863 606

Italy 311 494 460

Netherlands 534 530 449

Sweden 342 483 370

Switzerland 240 315 318

Finland 254 156 122

Belgium 147 131 112

Austria 65 85 74

Norway 113 70 72

Denmark 76 74 62

Ireland 85 62 57

Turkey 111 78 39

Portugal 58 39 37

Luxembourg 66 70 33

Cyprus 24 22 16

Greece 11 9 13

Malta 14 7 7

Target country by value - Western Europe deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

UK 71353 70656 209812

France 32684 46225 25188

Netherlands 27995 28910 21690

Spain 24387 28023 19680

Italy 49351 28175 16220

Germany 32223 38887 16047

Switzerland 10909 10878 15290

Sweden 1966 10469 7498

Austria 1478 5503 6165

Portugal 3417 2045 4944

Luxembourg 70973 10145 3430

Ireland 4991 1247 3291

Denmark 1408 2340 3268

Norway 2444 3312 2611

Greece 1588 201 2536

Belgium 4094 2397 1692

Finland 1909 10289 748

Cyprus 573 457 407

Turkey 8068 1908 360

Malta 881 1445 242

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Western Europe deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2671 2557 2186

Machinery equipment furniture recycling 830 863 689

Wholesale amp retail trade 515 538 465

Chemicals rubber plastics 355 371 362

Publishing printing 397 374 337

Banks 117 254 226

Metals amp metal products 294 271 211

Transport 217 214 207

Construction 271 270 199

Primary sector 151 186 172

Food beverages tobacco 222 183 154

Post and telecommunications 124 132 115

Insurance companies 117 106 114

Hotels amp restaurants 129 129 107

Gas water electricity 153 135 102

Education health 114 98 78

Textiles wearing apparel leather 71 85 76

Wood cork paper 65 56 33

Public administration and defence 5 2 5

Target sector by value - Western Europe deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Food beverages tobacco 9538 8051 138671

Other services 67735 88951 56378

Machinery equipment furniture recycling 25998 35386 56146

Chemicals rubber plastics 25873 20570 16199

Banks 22214 18660 13567

Publishing printing 4485 14186 9586

Wholesale amp retail trade 20438 17602 9283

Primary sector 6324 12362 8190

Metals amp metal products 7397 9383 7207

Gas water electricity 21318 12572 7196

Education health 2409 266 7084

Insurance companies 11724 6951 6530

Post and telecommunications 99805 6300 6497

Transport 13270 7297 6374

Construction 7800 5854 5358

Hotels amp restaurants 3369 4027 1926

Textiles wearing apparel leather 457 3556 973

Wood cork paper 450 1604 325

Public administration and defence 24 0 2

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 20 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 131918 Acquisition 100 bid 2 - increased bid SABMiller plc GB Newco formed by Anheuser-Busch InBev NV BE 26072016

2 32364 Acquisition 100 ARM Holdings plc GB Softbank Group Corporation JP 18072016

3 6504 Acquisition 19 to 100 Delta Topco Ltd GB Liberty GR Cayman Acquisition Company KY 07092016

4 6426 Acquisition 100 IDCSalud Holding SL ES Helios Kliniken GmbH DE 05092016

5 6074 Minority stake 18 NXP Semiconductors NV NL Undisclosed acquirors 29072016

6 4241 Minority stake 20 Gas Natural SDG SA ES Investors GIP III Canary 1 Sarl 12092016

7 3690 Capital Increase 11 Air Liquide SA FR 13092016

8 3236 Acquisition 100 conwert Immobilien Invest SE AT Vonovia SE DE 05092016

9 3203 Minority stake 1 Nestle SA CH 18072016

10 3150 Acquisition 100 Pentair plcs valves and controls business CH Emerson Electric Company US 18082016

11 3057 Acquisition increased to 100 Caixa Geral de Depositos SA PT Government of Portugal PT 23082016

12 2678 Acquisition 78 to 100 SFR Group SA FR Altice NV NL 05092016

13 2375 Minority stake 9 LafargeHolcim Ltd CH Eliott Capital Sarl LU 09072016

14 2369 Acquisition 100 Fleetmatics Group plc IE Verizon Business International Holdings BV NL 01082016

15 2100 Capital Increase 90 Melrose Industries plc GB 06072016

16 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Management Partners Group AG CIC Capital Corporation

CA CH CN 05072016

17 2000 Capital Increase Standard Chartered plc GB 12082016

18 1665 Acquisition 20 to 100 Asset Italy SpA IT Tamburi Investment Partners SpA IT 14072016

19 1659 Acquisition 60 Aeroports de la Cote drsquoAzur SA FR Caisse des Depots et Consignations Vinci SA Credit Agricole Assurances SA FR FR FR 28072016

20 1617 Acquisition 33 to 100 Topdanmark AS DK Sampo Oyj FI 07092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 1883 1590 1542

Germany 873 1089 847

France 751 751 663

Spain 820 863 606

Italy 311 494 460

Netherlands 534 530 449

Sweden 342 483 370

Switzerland 240 315 318

Finland 254 156 122

Belgium 147 131 112

Austria 65 85 74

Norway 113 70 72

Denmark 76 74 62

Ireland 85 62 57

Turkey 111 78 39

Portugal 58 39 37

Luxembourg 66 70 33

Cyprus 24 22 16

Greece 11 9 13

Malta 14 7 7

Target country by value - Western Europe deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

UK 71353 70656 209812

France 32684 46225 25188

Netherlands 27995 28910 21690

Spain 24387 28023 19680

Italy 49351 28175 16220

Germany 32223 38887 16047

Switzerland 10909 10878 15290

Sweden 1966 10469 7498

Austria 1478 5503 6165

Portugal 3417 2045 4944

Luxembourg 70973 10145 3430

Ireland 4991 1247 3291

Denmark 1408 2340 3268

Norway 2444 3312 2611

Greece 1588 201 2536

Belgium 4094 2397 1692

Finland 1909 10289 748

Cyprus 573 457 407

Turkey 8068 1908 360

Malta 881 1445 242

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Western Europe deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2671 2557 2186

Machinery equipment furniture recycling 830 863 689

Wholesale amp retail trade 515 538 465

Chemicals rubber plastics 355 371 362

Publishing printing 397 374 337

Banks 117 254 226

Metals amp metal products 294 271 211

Transport 217 214 207

Construction 271 270 199

Primary sector 151 186 172

Food beverages tobacco 222 183 154

Post and telecommunications 124 132 115

Insurance companies 117 106 114

Hotels amp restaurants 129 129 107

Gas water electricity 153 135 102

Education health 114 98 78

Textiles wearing apparel leather 71 85 76

Wood cork paper 65 56 33

Public administration and defence 5 2 5

Target sector by value - Western Europe deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Food beverages tobacco 9538 8051 138671

Other services 67735 88951 56378

Machinery equipment furniture recycling 25998 35386 56146

Chemicals rubber plastics 25873 20570 16199

Banks 22214 18660 13567

Publishing printing 4485 14186 9586

Wholesale amp retail trade 20438 17602 9283

Primary sector 6324 12362 8190

Metals amp metal products 7397 9383 7207

Gas water electricity 21318 12572 7196

Education health 2409 266 7084

Insurance companies 11724 6951 6530

Post and telecommunications 99805 6300 6497

Transport 13270 7297 6374

Construction 7800 5854 5358

Hotels amp restaurants 3369 4027 1926

Textiles wearing apparel leather 457 3556 973

Wood cork paper 450 1604 325

Public administration and defence 24 0 2

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 21 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 1883 1590 1542

Germany 873 1089 847

France 751 751 663

Spain 820 863 606

Italy 311 494 460

Netherlands 534 530 449

Sweden 342 483 370

Switzerland 240 315 318

Finland 254 156 122

Belgium 147 131 112

Austria 65 85 74

Norway 113 70 72

Denmark 76 74 62

Ireland 85 62 57

Turkey 111 78 39

Portugal 58 39 37

Luxembourg 66 70 33

Cyprus 24 22 16

Greece 11 9 13

Malta 14 7 7

Target country by value - Western Europe deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

UK 71353 70656 209812

France 32684 46225 25188

Netherlands 27995 28910 21690

Spain 24387 28023 19680

Italy 49351 28175 16220

Germany 32223 38887 16047

Switzerland 10909 10878 15290

Sweden 1966 10469 7498

Austria 1478 5503 6165

Portugal 3417 2045 4944

Luxembourg 70973 10145 3430

Ireland 4991 1247 3291

Denmark 1408 2340 3268

Norway 2444 3312 2611

Greece 1588 201 2536

Belgium 4094 2397 1692

Finland 1909 10289 748

Cyprus 573 457 407

Turkey 8068 1908 360

Malta 881 1445 242

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Western Europe deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2671 2557 2186

Machinery equipment furniture recycling 830 863 689

Wholesale amp retail trade 515 538 465

Chemicals rubber plastics 355 371 362

Publishing printing 397 374 337

Banks 117 254 226

Metals amp metal products 294 271 211

Transport 217 214 207

Construction 271 270 199

Primary sector 151 186 172

Food beverages tobacco 222 183 154

Post and telecommunications 124 132 115

Insurance companies 117 106 114

Hotels amp restaurants 129 129 107

Gas water electricity 153 135 102

Education health 114 98 78

Textiles wearing apparel leather 71 85 76

Wood cork paper 65 56 33

Public administration and defence 5 2 5

Target sector by value - Western Europe deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Food beverages tobacco 9538 8051 138671

Other services 67735 88951 56378

Machinery equipment furniture recycling 25998 35386 56146

Chemicals rubber plastics 25873 20570 16199

Banks 22214 18660 13567

Publishing printing 4485 14186 9586

Wholesale amp retail trade 20438 17602 9283

Primary sector 6324 12362 8190

Metals amp metal products 7397 9383 7207

Gas water electricity 21318 12572 7196

Education health 2409 266 7084

Insurance companies 11724 6951 6530

Post and telecommunications 99805 6300 6497

Transport 13270 7297 6374

Construction 7800 5854 5358

Hotels amp restaurants 3369 4027 1926

Textiles wearing apparel leather 457 3556 973

Wood cork paper 450 1604 325

Public administration and defence 24 0 2

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 22 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Western Europe deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2671 2557 2186

Machinery equipment furniture recycling 830 863 689

Wholesale amp retail trade 515 538 465

Chemicals rubber plastics 355 371 362

Publishing printing 397 374 337

Banks 117 254 226

Metals amp metal products 294 271 211

Transport 217 214 207

Construction 271 270 199

Primary sector 151 186 172

Food beverages tobacco 222 183 154

Post and telecommunications 124 132 115

Insurance companies 117 106 114

Hotels amp restaurants 129 129 107

Gas water electricity 153 135 102

Education health 114 98 78

Textiles wearing apparel leather 71 85 76

Wood cork paper 65 56 33

Public administration and defence 5 2 5

Target sector by value - Western Europe deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Food beverages tobacco 9538 8051 138671

Other services 67735 88951 56378

Machinery equipment furniture recycling 25998 35386 56146

Chemicals rubber plastics 25873 20570 16199

Banks 22214 18660 13567

Publishing printing 4485 14186 9586

Wholesale amp retail trade 20438 17602 9283

Primary sector 6324 12362 8190

Metals amp metal products 7397 9383 7207

Gas water electricity 21318 12572 7196

Education health 2409 266 7084

Insurance companies 11724 6951 6530

Post and telecommunications 99805 6300 6497

Transport 13270 7297 6374

Construction 7800 5854 5358

Hotels amp restaurants 3369 4027 1926

Textiles wearing apparel leather 457 3556 973

Wood cork paper 450 1604 325

Public administration and defence 24 0 2

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 23 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 774 21637

Q2 2016 928 45077

Q1 2016 810 18924

Q4 2015 919 46417

Q3 2015 1052 34585

Q2 2015 889 33026

Q1 2015 1004 32500

Q4 2014 1026 54594

Q3 2014 896 31272

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 24 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Western Europe private equity deals by volume and value

0

200

400

600

800

1000

1200

0

10000

20000

30000

40000

50000

60000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 25 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Western Europe private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4241 Minority stake 20 Gas Natural SDG SA ES Global Infrastructure Management LLC 12092016

2 2006 IBO 100 Foncia Groupe SA FR La Caisse de depot et placement du Quebec Partners Group AG 05072016

3 1300 IBO 100 Polyconcept Investments BV NL Charlesbank Capital Partners LLC 18072016

4 1050 Bid 3 - Increased RCS MediaGroup SpA IT Bi-Invest Holdings SA 08072016

5 900 IBO majority stake PampI Personal amp Informatik AG DE Permira Advisers LLP 19092016

6 733 IBO 100 Ascendi Costa de Prata - Auto estradas da Costa de Prata SA Ascendi Beiras Litoral e Alta - Auto Estradas Beiras Litoral e Alta SA Ascendi Grande Porto Auto-Estradas do Grande Porto SA Autovia de los Vinedos SA Concesionaria de la Junta de Comunidades de Castilla-La Mancha Ascendi Group SGPS SAs motorway concessions operation and maintenance service companies Ascendi Norte Auto-Estradas do Norte SA Ascendi Grande Lisboa Auto Estradas da Grande Lisboa SA Ascendi Pinhal Interior Estradas do Pinhal Interior SA Ascendi Douro Estradas do Douro Interior SA

PT PT PT ES PT PT PT PT PT

Ardian France 03082016

7 726 Acquisition 50 Abengoa SA ES Oaktree Capital Management LP Canyon Capital Advisors LLC Abrams Capital LLC Centerbridge Partners LP

08082016

8 672 Minority stake 49 Gas Connect Austria GmbH AT Allianz Capital Partners GmbH 22092016

9 600 IBO 100 Opera Software ASAs consumer business NO Golden Brick Capital Management Ltd 18072016

10 440 Acquisition 100 Ledvance GmbH DE IDG Capital Partners Beijing Co Ltd 26072016

11 429 IBO 100 United Initiators GmbH amp CoKG DE Equistone Partners Europe Ltd 17082016

12 415 IBO 100 Vemedia Pharma NV BE Charterhouse Capital Partners LLP 28072016

13 388 IBO 100 Sirti SpA IT KKR amp Co LP 02082016

14 364 Minority stake Global Fashion Group SA LU Rocket Internet SE Kinnevik AB 22072016

15 333 IBO 100 Roompot Recreatie Beheer BV NL PAI Partners SAS 10082016

16 300 IBO 100 Stroili Oro SpA IT Qualium Investissement SAS Apax Partners LLP Bridgepoint Advisers Ltd Altamir SCA 15072016

17 275 Minority stake Roofoods Ltd GB General Catalyst Group Management LLC Bridgepoint Advisers Ltd Digital Sky Technologies Greenoaks Capital Management LLC

05082016

18 274 Minority stake 36 Macquarie Strategic Storage Facilities Holdings Sarl LU Macquarie Group Ltd 05072016

19 271 Minority stake 32 D Carnegie amp Co AB SE The Blackstone Group LP 15072016

20 258 IBO 72 Powerflute Oyj FI Madison Dearborn Partners LLC 15092016

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 26 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Western Europe private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

UK 270 221 189

France 225 186 128

Germany 132 122 109

Sweden 44 72 71

Spain 100 63 66

Italy 58 56 39

Netherlands 61 57 38

Finland 46 31 24

Denmark 19 17 22

Switzerland 21 26 19

Belgium 25 19 17

Ireland 14 12 17

Norway 7 7 14

Austria 8 14 12

Portugal 11 10 6

Luxembourg 5 5 4

Iceland 0 2 2

Turkey 5 6 1

Target country by value - Western Europe private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Spain 6622 3117 6335

France 5660 5475 3114

Germany 6851 8156 2439

UK 8787 5578 2293

Italy 559 6787 2092

Netherlands 6022 7493 1713

Portugal 437 556 736

Austria 285 409 686

Luxembourg 167 352 655

Norway 262 180 613

Sweden 346 1634 554

Belgium 343 481 488

Finland 73 61 390

Switzerland 375 1231 152

Ireland 82 645 117

Denmark 669 1404 19

Iceland 0 2 1

Turkey 191 454 1

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportWestern Europe Q3 2016

Page 27 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Western Europe private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 506 469 376

Publishing printing 142 111 114

Machinery equipment furniture recycling 112 111 99

Wholesale amp retail trade 69 57 39

Chemicals rubber plastics 46 27 29

Education health 11 18 14

Post and telecommunications 6 11 13

Food beverages tobacco 28 24 13

Metals amp metal products 12 14 13

Construction 19 11 12

Textiles wearing apparel leather 12 8 10

Gas water electricity 20 8 10

Hotels amp restaurants 19 15 9

Transport 18 12 8

Insurance companies 9 7 4

Wood cork paper 9 10 4

Primary sector 10 4 2

Banks 1 6 0

Public administration and defence 0 1 0

Target sectors by value - Western Europe private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 12794 18772 7835

Primary sector 1212 3952 4241

Publishing printing 1134 3225 2745

Chemicals rubber plastics 3539 2501 1085

Transport 1050 2075 1074

Gas water electricity 2364 4728 1011

Machinery equipment furniture recycling 831 5516 930

Wholesale amp retail trade 6072 1393 919

Hotels amp restaurants 748 323 491

Textiles wearing apparel leather 31 1785 288

Post and telecommunications 742 546 268

Education health 814 65 201

Food beverages tobacco 1245 720 47

Metals amp metal products 26 1209 40

Construction 1837 451 28

Wood cork paper 57 618 1

Banks 0 521 0

Public administration and defence 0 0 0

Insurance companies 2 395 0

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportNorth America Q3 2016

Page 28 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America MampA value rises

The value of MampA deals targeting companies in North America increased in Q3 2016 following three consecutive quarterly declines

In all deals worth a combined USD 453922 million were announced between July and September 2016 representing a 20 per cent increase on USD 377164 million in Q2 2016 However value was down 26 per cent from USD 612682 million in Q3 2015

Volume declined 18 per cent to 5202 deals in Q3 2016 from 6330 transactions in Q2 2016 against a 33 per cent decrease from 7709 deals in Q3 2015

MampA activity in the US followed a similar pattern There were 4321 deals worth a combined USD 415886 million recorded in Q3 2016 compared to 5027 transactions valued at USD 348930 million in Q2 2016 The volume of deals targeting Canadian firms in Q3 declined to 885 from 1305 in Q2 2016 while value rose 32 per cent to USD 38339 million quarter-on-quarter the highest value recorded since Q2 2015 when deals worth USD 54854 million were announced

North America deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5202 453922

Q2 2016 6330 377164

Q1 2016 7719 401023

Q4 2015 7239 550639

Q3 2015 7709 612682

Q2 2015 7586 520128

Q1 2015 7279 467556

Q4 2014 7587 461745

Q3 2014 8140 565787

Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals This expansion has resulted in increased deal volumes and aggregated deal values across the North American data

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportNorth America Q3 2016

Page 29 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

US deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 4321 415886

Q2 2016 5027 348930

Q1 2016 6715 370224

Q4 2015 6187 526703

Q3 2015 6748 595681

Q2 2015 6398 465038

Q1 2015 6200 418112

Q4 2014 6378 425193

Q3 2014 6947 504517

Canada deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 885 38339

Q2 2016 1305 29073

Q1 2016 1002 30779

Q4 2015 1052 24265

Q3 2015 964 17826

Q2 2015 1186 54854

Q1 2015 1080 49447

Q4 2014 1207 36856

Q3 2014 1195 63166

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportNorth America Q3 2016

Page 30 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America deals by volume and value

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportNorth America Q3 2016

Page 31 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Seven deals exceed USD 10000 million

Seven of the top 20 North American MampA deals in Q3 were valued at over USD 10000 million All of them featured in the top 20 global deals by value and together they accounted for more than a third of the regionrsquos total USD 453922 million for the quarter

North Americarsquos largest deal was Bayerrsquos USD 66000 million agreement to acquire Missouri-based pesticides manufacturer Monsanto Company by the end of 2017 subject to the approval of shareholders and regulatory bodies

While the US dominated the regionrsquos top 20 two Canadian deals featured and were valued at a combined USD 17113 million representing 45 per cent of total investment in the country in Q3 2016 Potash Corporation of Saskatchewan via a vehicle is buying Agrium for USD 13213 million and Exxon Mobil is acquiring InterOil for USD 3900 million

North American PE and VC value advances

The value of PE and VC investment in North America increased to USD 79038 million in Q3 2016 up from USD 69820 million in Q2 2016 However volume declined for the fourth consecutive quarter after slipping slightly from 3355 deals to 3121 over the three months

A similar pattern was evident in terms of US dealmaking as volume declined against an increase in value USD 77425 million was invested across 2991 deals compared to 3198 deals worth USD 67978 million in Q2

PE and VC investment targeting Canada declined by both volume and value to USD 1612 million across 130 transactions in Q3

The most valuable PE and VC deal signed off over the three months involved the USD 4400 million purchase of a newly formed subsidiary of Caesars Entertainment known as New CIE by a consortium known as Alpha Frontier which includes Giant Investment and China Oceanwide Holdings and is backed by Hony Capital and Yunfeng Capital

Chemicals rubber and plastics companies lead the way in terms of value

Companies operating in the chemicals rubber and plastics sector topped the North American sector value rankings in Q3 with dealmaking totalling USD 94835 million

Machinery equipment furniture and recycling placed second with investment of USD 57706 million over the three-month period

Volume weakened across the majority of sectors with the exception of companies within the gas water and electricity industry for which MampA increased from 53 deals to 68 quarter-on-quarter as well as those in textiles wearing apparel and leather as dealmaking rose from 19 deals to 24 over the same timeframe

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportNorth America Q3 2016

Page 32 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 North America deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 66000 Acquisition 100 Monsanto Company US Bayer AG DE 14092016

2 28000 Acquisition 100 Spectra Energy Corporation US Enbridge Inc CA 06092016

3 18400 Acquisition 100 Energy Future Holdings Corporation US EFH Merger Company LLC US 29072016

4 14800 Acquisition 100 Linear Technology Corporation US Analog Devices Inc US 26072016

5 14000 Acquisition 100 Medivation Inc US Pfizer Inc US 22082016

6 13213 Acquisition 100 Agrium Inc CA NewCo formed by Potash Corporation of Saskatchewan Inc CA 12092016

7 12500 Acquisition 100 The WhiteWave Foods Company US Danone SA FR 07072016

8 9300 Acquisition 100 NetSuite Inc US Oracle Corporation US 28072016

9 8800 Acquisition 100 Seattle SpinCo Inc US Micro Focus International plc GB 07092016

10 7200 Capital Increase 35 Plains All American Pipeline LP US Plains AAP LLP US 11072016

11 4826 Acquisition 100 Yahoo Holdings Inc US Verizon Communications Inc US 25072016

12 4400 Acquisition 100 New CIE US Alpha Frontier Ltd KY 30072016

13 4400 Acquisition 100 CST Brands Inc US Alimentation Couche-Tard Inc CA 22082016

14 4325 Acquisition 100 Abbott Medical Optics Inc US Chace LLC US 16092016

15 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC US 26082016

16 4098 Minority stake 5 Lockheed Martin Corporation US Millennium Management LLC US 12082016

17 4000 Acquisition 100 Cepheid US Danaher Corporation US 06092016

18 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP Silver Lake Technology Management LLC IMG Worldwide Inc US US US 11072016

19 4000 IBO majority stake Emerson Network Power US Cortes NP Acquisition Corporation 02082016

20 3900 Acquisition 100 InterOil Corporation CA Exxon Mobil Corporation US 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportNorth America Q3 2016

Page 33 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - North America deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 3039 2352 1940

Metals amp metal products 412 626 390

Publishing printing 539 448 336

Machinery equipment furniture recycling 626 387 324

Chemicals rubber plastics 305 188 164

Primary sector 196 241 142

Wholesale amp retail trade 254 165 124

Education health 165 119 88

Gas water electricity 113 53 68

Insurance companies 122 91 64

Food beverages tobacco 121 67 52

Banks 126 62 46

Transport 90 39 35

Hotels amp restaurants 60 29 27

Textiles wearing apparel leather 34 19 24

Post and telecommunications 53 34 24

Construction 56 53 23

Wood cork paper 21 17 7

Public administration and defence 5 5 4

Target sector by value - North America deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 126731 157225 97694

Chemicals rubber plastics 44002 24620 94835

Machinery equipment furniture recycling 92551 59872 57706

Gas water electricity 34605 23473 51362

Wholesale amp retail trade 19645 5234 32151

Publishing printing 33470 14604 26294

Primary sector 37826 32384 25515

Food beverages tobacco 11976 2431 16056

Transport 12461 7732 14461

Metals amp metal products 7093 11756 6830

Banks 7187 8258 6653

Hotels amp restaurants 1769 5479 5276

Construction 2398 1426 4475

Insurance companies 132988 790 3887

Textiles wearing apparel leather 3110 371 2806

Post and telecommunications 22878 5682 2548

Education health 11789 4935 636

Wood cork paper 652 2596 525

Public administration and defence 622 35 283

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportNorth America Q3 2016

Page 34 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 3121 79038

Q2 2016 3355 69820

Q1 2016 3778 56609

Q4 2015 3943 155055

Q3 2015 4171 110350

Q2 2015 4169 87851

Q1 2015 4162 98196

Q4 2014 4394 81424

Q3 2014 4719 61946

US private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 2991 77425

Q2 2016 3198 67978

Q1 2016 3655 54715

Q4 2015 3795 153616

Q3 2015 4021 108899

Q2 2015 3987 81468

Q1 2015 3977 95864

Q4 2014 4192 79031

Q3 2014 4496 59743

Canada private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 130 1612

Q2 2016 156 1841

Q1 2016 121 1886

Q4 2015 147 1439

Q3 2015 150 1451

Q2 2015 181 6383

Q1 2015 183 2256

Q4 2014 200 2392

Q3 2014 219 2203

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportNorth America Q3 2016

Page 35 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

North America private equity deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportNorth America Q3 2016

Page 36 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 North America private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 4400 Acquisition 100 New CIE US Hony Capital Co Ltd Yunfeng Capital Ltd 30072016

2 4300 IBO 100 Rackspace Hosting Inc US Apollo Global Management LLC Searchlight Capital Partners LP 26082016

3 4000 IBO majority stake Ultimate Fighting Championship US KKR amp Co LP MSD Capital LP Silver Lake Technology Management LLC 11072016

4 4000 IBO majority stake Emerson Network Power US Platinum Equity LLC 02082016

5 3300 IBO 100 Epicor Software Corporation US KKR amp Co LP 05072016

6 2810 IBO 100 Nortek Inc US Melrose Industries plc 06072016

7 2350 IBO 100 Press Ganey Holdings Inc US EQT Partners AB 09082016

8 2300 IBO majority stake Jimmy Johns Franchise LLC US Roark Capital Management LLC 08092016

9 2142 IBO 51 Intel Security Inc US TPG Capital Advisors LLC 07092016

10 2100 IBO 100 American Electric Power Company Incs Lawrenceburg Generating Station American Electric Power Company Incs Gen James M Gavin Plant American Electric Power Company Incs Waterford Energy Center American Electric Power Company Incs Darby Generating Station

US US US US

The Blackstone Group LP ArcLight Capital Holdings LLC 14092016

11 2000 Minority stake Worldwide Structured Finance LLC US 02092016

12 2000 IBO 100 Polycom Inc US Siris Capital Group LLC 08072016

13 1900 IBO 50 inVentiv Health Inc US Advent International Corporation 01082016

14 1600 IBO 100 RCN Telecom Services LLC US TPG Capital Advisors LLC 15082016

15 1600 IBO 100 Outerwall Inc US Apollo Global Management LLC 25072016

16 1600 IBO 100 Infoblox Inc US Vista Equity Partners Management LLC 19092016

17 1400 IBO 100 BioClinica Inc US Cinven Ltd 22082016

18 1216 IBO 100 Trader Corporation CA Thoma Bravo LLC 01072016

19 1000 IBO 100 EPIQ Systems Inc US Harvest Partners LLC OMERS Private Equity Inc 27072016

20 900 Minority stake Genesys Telecommunications Laboratories Inc US Hellman amp Friedman LLC 21072016

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportNorth America Q3 2016

Page 37 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target sectors by volume - North America private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 1765 1360 1209

Publishing printing 359 216 184

Machinery equipment furniture recycling 270 155 150

Gas water electricity 32 28 40

Chemicals rubber plastics 78 41 40

Education health 54 44 40

Wholesale amp retail trade 51 42 24

Food beverages tobacco 37 29 21

Post and telecommunications 21 14 16

Metals amp metal products 25 21 14

Banks 22 12 14

Textiles wearing apparel leather 11 9 12

Primary sector 17 19 11

Hotels amp restaurants 12 10 11

Transport 17 4 8

Construction 10 13 7

Insurance companies 11 6 7

Wood cork paper 7 3 3

Public administration and defence 3 2 1

Target sectors by value - North America private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 38488 31472 32806

Machinery equipment furniture recycling 6322 5926 12704

Publishing printing 24436 4854 12006

Gas water electricity 706 5941 3056

Hotels amp restaurants 196 2111 2601

Post and telecommunications 17788 71 2269

Wholesale amp retail trade 5923 350 1714

Transport 1142 1265 895

Chemicals rubber plastics 1233 702 797

Primary sector 1409 3268 709

Education health 483 3952 568

Construction 1484 82 563

Textiles wearing apparel leather 12 73 442

Food beverages tobacco 306 91 166

Banks 174 93 113

Insurance companies 1214 34 50

Metals amp metal products 223 2763 36

Wood cork paper 0 9 1

Public administration and defence 2 0 1

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 38 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia Pacific MampA slips

MampA targeting companies based in the Asia-Pacific region declined in Q3 2016 as volume and value fell back to levels not recorded since Q1 2013 and Q1 2014 respectively There were 5845 deals worth a combined USD 286999 million during the three months under review compared to 7392 totalling USD 371937 million in Q2 2016 representing a decline of 21 per cent by volume and 23 per cent by value While volume weakened for the fifth consecutive quarter value continued to form a series of peaks and troughs that first emerged in Q2 2015 and dealmaking in the region accounted for 30 per cent and 24 per cent respectively of Q3 2016 total global MampA which amounted to 19416 deals worth USD 1194007 million

Only one deal broke the USD 10000 million-barrier in Q3 2016 and in total only five were worth more than USD 5000 million and together they accounted for 13 per cent of the regionrsquos overall value for the three months

The regionrsquos largest MampA deal by value in Q3 2016 involved China National Petroleum Corporation announcing plans to inject financial business assets comprising China National Petroleum Corporation Capital into Shenzhen-listed subsidiary Jinan Diesel Engine as part of a USD 11310 million-backdoor listing for the division that owns stakes in Bank of Kunlun Kunlun Financial Leasing and Kunlun Trust While Chinese companies dominated the top 20 in Q3 an Australian and an Indian target accounted for the quarterrsquos second and third largest deals respectively

Asia and Asia Pacific deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 5845 286999

Q2 2016 7392 371937

Q1 2016 7429 339533

Q4 2015 8827 577876

Q3 2015 9099 402845

Q2 2015 9692 542731

Q1 2015 7611 389364

Q4 2014 8349 355586

Q3 2014 8100 318338

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 39 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific deals by volume and value

0

2000

4000

6000

8000

10000

12000

0

100000

200000

300000

400000

500000

600000

700000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 40 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Chinese companies are the most prolific targets in Q3

Chinese companies dominated the top 20 deals by value in Q3 and were the main targets of MampA despite dealmaking slipping from 3041 deals worth USD 242873 million in Q3 2015 to 2399 deals valued at USD 171559 million in Q3 2016

While Australian companies were the second-most prolific by volume after signing off on 732 deals (Q2 2016 929 Q3 2015 1075) worth USD 22189 million (Q2 2016 USD 36191 million Q3 2015 USD 30315 million) they were edged out by Indian targets in monetary terms MampA in the country was supported by two blockbuster deals each worth more than USD 5000 million and which together accounted for 44 per cent of the total value of USD 30336 million

An increase in the value of deals targeting companies based in India Hong Kong Singapore Thailand and Vietnam among others between Q3 2015 and Q3 2016 came at the expense of those in Japan South Korea New Zealand and the Philippines

Australian PE and VC-backed deal leads the top 20

Global Infrastructure Management backed the quarterrsquos largest PE and VC deal which was also the second-largest MampA deal by value for Q3 2016 It involved QIC Borealis Infrastructure Management Global Infrastructure Management and Future Fund Board of Guardians reaching an agreement to acquire the Government of Victoriarsquos Port of Melbourne operating project company for USD 7268 million It was one of five top PE and VC deals by value which targeted an Australian company in Q3 2016 and it helped make targets in the country the most prolific in monetary terms with total investment of USD 9399 million

China accounted for 10 of the quarterrsquos top 20 PE and VC deals by value and Leshi Intelligent Car represented Asia Pacificrsquos second largest deal after Shenzhen Capital Group and Shenzhen Qianhai Hongzhao Fund Management among others took part in a USD 1080 million fundraiser which pipped smart car maker WM Motor Technology to the post as Chinarsquos biggest PE and VC deal for the quarter

PE and VC value supported by Australian deal

PE and VC followed in the footsteps of MampA in Q3 2016 as volume and value slipped quarter-on-quarter and from Q3 2015 to 634 deals totalling USD 23961 million However on a positive note while value declined by more than a fifth over the three months from USD 30737 million in Q2 2016 growth was not wholly stripped away as PE and VC levels remained above those recorded for Q1 2016 (USD 21406 million) and Q4 2015 (USD 20674 million) on the back of one blockbuster deal which accounted for 30 per cent of the regionrsquos total PE and VC value

Volume did not fare as well as value over the period as PE and VC dealmaking declined for the fifth consecutive quarter and reached a low not recorded since Q3 2014 when just 600 deals were signed off Volume slipped 9 per cent quarter-on-quarter (Q2 2016 696) and was down 42 per cent from 1096 in Q3 2015

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 41 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 11310 Acquisition 100 China National Petroleum Corporation Capital Co Ltd CN Jinan Diesel Engine Co Ltd CN 06092016

2 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU QIC Ltd Borealis Infrastructure Management Inc Global Infrastructure Management LLC Future Fund Board of Guardians

AU CAUS AU

19092016

3 7147 Capital Increase Vodafone India Ltd IN Vodafone Group plc GB 22092016

4 6100 Acquisition 60 Lanco Infratech Ltd IN Lenders 20072016

5 6006 Capital Increase China CITIC Bank Corporation Ltd CN 26082016

6 3916 Capital Increase 8 Industrial Bank Co Ltd CN China National Tobacco Corporation China National Tobacco Corporation Guangdong Company Fujian Investment amp Development Group Co Ltd Fujian Provincial Department of Finance China National Tobacco Corporation Fujian Company Yangguang Holding Co Ltd

CN CN CN CN CN CN

30072016

7 3756 Acquisition 100 China Petroleum Engineering amp Construction Corporation China Huanqiu Contracting amp Engineering Corporation China Kunlun Contracting amp Engineering Corporation China Petroleum Pipeline Bureau Engineering Co Ltd China Petroleum Engineering Co Ltd

CN CN CN CN CN CN

Xinjiang Dushanzi Tianli High amp New Tech Co Ltd CN 10092016

8 3415 Acquisition 100 TonenGeneral Sekiyu KK JP JX Holdings Inc JP 31082016

9 2862 Acquisition increased to 100

Yatai Huanyu Investment Co Ltd CN China Oceanwide Holdings Group Co Ltd Wuhan CBD Investment amp Development Co Ltd Oceanwide Capital Investment Management Group Co Ltd

CN CN CN 16082016

10 2846 Capital Increase 19 Jinan Diesel Engine Co Ltd CN Investors CITIC Securities Co Ltd Beijing Gas Group Co Ltd Taikang Asset Management Co Ltd Aisino Corporation CCT Capital Holdings Co Ltd China Aerospace Engine Group Co Ltd China State-owned Capital Venture Capital Fund Co Ltd Straits Energy Industry Funds Management (Xiamen) Co Ltd

CN CN CN CN CN CN CN CN

06092016

11 2839 Acquisition 100 Aditya Birla Nuvo Ltd IN Grasim Industries Ltd IN 11082016

12 2695 Capital Increase 70 Blackcow Food Co Ltd CN Investors Tibet Zhihe Capital Management Co Ltd Kunshan Guochuang Investment Group Co Ltd

CN CN 14092016

13 2670 Acquisition increased to 100

Shanghai Yunda Express Co Ltd CN Ningbo Xinhai Electric Co Ltd CN 20082016

14 2517 Minority stake 11 Recruit Holdings Co Ltd JP 24082016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 42 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

15 2098 Acquisition increased to 100

Chengdu Zhongdian Panda Display Technology Co Ltd CN Chengdu Advanced Manufacturing Industry Investment Co Ltd Nanjing Huadong Electronics Information amp Technology Co Ltd Chengdu Xihang Port Industry Development Investment Co Ltd

CN CN CN

25082016

16 2044 Acquisition Beijing Kanrong Real Estate Development Co Ltd Beijing Rongzhi Chuangtou Investment Management Co Ltd Beijing Rongkan Real Estate Development Co Ltd Yunnan Raycom Technology Industrial Investment Co Ltd Raycom (Tianjin) Real Estate Investment Co Ltd Anhui Raycom Real Estate Development Co Ltd Diyi Taiping Raycom Property Management (Beijing) Co Ltd Wuhan Raycom Real Estate Development Co Ltd Hefei Raycom Real Estate Co Ltd Beijing Raycom Yangguang Real Estate Development Co Ltd Beijing Donghuan Wangjing Real Estate Co Ltd Wuhan Donggu Real Estate Co Ltd Beijing Wangdu Land Co Ltd Starwish International Co Ltd Shenzhen Raycom Investment Co Ltd Daqing Raycom Qihang Investment Co Ltd Changsha Raycom Real Estate Co Ltd Daqing Raycom Shengtuo Real Estate Development Co Ltd Daqing Raycom Information Industrial Investment Co Ltd Yantai Raycom Real Estate Development Co Ltd Daqing Raycom Shengshi Real Estate Development Co Ltd Jiangsu Raycom Real Estate Development Co Ltd Raycom (Daqing) Cloud Computing Co Ltd Daqing Raycom Jingxiang Real Estate Development Co Ltd Zhejiang Raycom Real Estate Development Co Ltd Daqing Raycom Jiye Investment Co Ltd Dalian Weilaicheng Development Co Ltd Daqing Raycom Chuangye Investment Co Ltd Wuxi Raycom Real Estate Development Co Ltd Beijing Raycom Jingyuan Real Estate Development Co Ltd Tianjin Tuanpohu Jiari Construction Co Ltd Jingdezhen Raycom Real Estate Development Co Ltd Yixing Raycom Real Estate Development Co Ltd Beijing Raycom Zhuoyue Real Estate Development Co Ltd Daqing Raycom Tiancheng Real Estate Development Co Ltd Yunnan Raycom Real Estate Development Co Ltd Beijing Rongzhi Ruifeng Investment Co Ltd Beijing Rongzhi Guofeng Investment Co Ltd Raycom (Daqing) Investment Co Ltd Raycom Xindibiao (Beijing) Consulting Services Company Development Co Ltd

CN Sunac Real Estate Group Co Ltd CN 16092016

17 1963 Acquisition 100 Zhuhai Yinlong New Energy Co Ltd CN Gree Electric Appliances Inc of Zhuhai CN 19082016

18 1800 Acquisition to 100 CMOC Ltd HK China Molybdenum Co Ltd CN 06082016

19 1510 Capital Increase 9 Gree Electric Appliances Inc of Zhuhai CN Investors Zhuhai Gree Group Corporation Employee Stock Ownership Plan CN 19082016

20 1421 Acquisition to 100 Dongxu New Energy Investment Co Ltd CN Baoan Hongji Real Estate Group Co Ltd CN 02072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 43 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Target country by volume - Asia and Asia Pacific deals

Target country Q3 2015 Q2 2016 Q3 2016

China 3041 2580 2399

Australia 1075 929 732

Japan 973 646 529

South Korea 977 661 524

India 941 551 437

Malaysia 315 299 206

Vietnam 291 268 180

Singapore 200 215 177

Taiwan 552 574 136

Hong Kong 123 138 125

Indonesia 105 116 97

Thailand 150 94 95

New Zealand 127 90 55

Kazakhstan 51 64 35

Sri Lanka 25 18 27

Philippines 52 42 26

Uzbekistan 40 59 22

Kyrgyzstan 13 12 13

Samoa 10 6 10

Pakistan 11 5 8

Target country by value - Asia and Asia Pacific deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

China 242873 214598 171559

India 20308 13762 30336

Australia 30315 36191 22189

Japan 30262 26822 15854

South Korea 28460 19159 13685

Singapore 5614 4009 11297

Hong Kong 6384 9242 8980

Taiwan 19545 18765 3661

Malaysia 3623 4322 3067

Indonesia 3218 4456 2877

Thailand 1677 5198 2697

Vietnam 829 2622 1373

New Zealand 3176 6340 1039

Philippines 3524 4222 784

Marshall Islands 278 618 662

Sri Lanka 138 52 489

Uzbekistan 384 343 244

Cambodia 6 143 221

Samoa 512 185 208

Georgia 30 8 157

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 44 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - Asia and Asia Pacific deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 2856 2548 2113

Machinery equipment furniture recycling 1543 1223 864

Chemicals rubber plastics 792 609 425

Metals amp metal products 564 533 398

Wholesale amp retail trade 641 466 394

Publishing printing 551 427 343

Construction 523 362 294

Primary sector 274 206 192

Education health 120 108 124

Food beverages tobacco 248 155 117

Transport 177 140 108

Gas water electricity 191 136 105

Textiles wearing apparel leather 136 80 75

Hotels amp restaurants 111 91 61

Banks 124 88 59

Wood cork paper 66 48 42

Post and telecommunications 104 58 31

Insurance companies 70 54 31

Public administration and defence 5 5 1

Target sector by value - Asia and Asia Pacific deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 93144 117701 95903

Machinery equipment furniture recycling 56623 61513 44446

Construction 47781 28553 25277

Chemicals rubber plastics 40117 29104 23843

Transport 11969 22082 15790

Wholesale amp retail trade 29010 16348 13836

Banks 33353 24222 13325

Metals amp metal products 16457 20680 13167

Gas water electricity 22188 11436 9631

Post and telecommunications 4168 6452 9554

Publishing printing 7348 6558 9270

Food beverages tobacco 15254 7018 8443

Primary sector 10178 7279 4536

Education health 3372 1466 4015

Insurance companies 8873 3572 2123

Textiles wearing apparel leather 4112 2433 1851

Hotels amp restaurants 2148 1978 1673

Wood cork paper 1624 1373 888

Public administration and defence 27 7 0

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 45 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 634 23961

Q2 2016 696 30737

Q1 2016 820 21406

Q4 2015 967 20674

Q3 2015 1096 29536

Q2 2015 1120 35943

Q1 2015 814 19353

Q4 2014 729 21415

Q3 2014 600 33711

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 46 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Asia and Asia Pacific private equity deals by volume and value

0

200

400

600

800

1000

1200

0

5000

10000

15000

20000

25000

30000

35000

40000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mi l USD) Number of deals

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 47 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 Asia and Asia Pacific private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 7268 Acquisition 100 Government of Victoriarsquos Port of Melbourne operating project company

AU Global Infrastructure Management LLC 19092016

2 1080 Capital Increase Leshi Intelligent Car (China) Co Ltd CN Shenzhen Capital Group Co Ltd Shenzhen Qianhai Hongzhao Fund Management Co Ltd 20092016

3 1000 Minority stake WM Motor Technology Co Ltd CN 02082016

4 939 Acquisition 74 Genesis Care Ltd AU Macquarie Capital Group Ltd 21072016

5 760 Minority stake Best Logistics Technologies Ltd CN The International Finance Corporation Fosun International Ltd CITIC Private Equity Funds Management Co Ltd Goldman Sachs amp Co China Development Bank International Investment Ltd Cainiao Smart Logistics Network Ltd CDH Investment Advisory Pte Ltd

07092016

6 550 Minority stake Go-Jek Indonesia PT ID The Capital Group Companies Inc Sequoia Capital Operations LLC Farallon Capital Management LLC Mailru Group Ltd KKR amp Co LP Warburg Pincus LLC F8 Asia Growth Partners LLC Northstar Advisors Pte Ltd Rakuten Ventures NSI Ventures

04082016

7 460 Minority stake Yum Brands Incs Yum China business CN Primavera Capital Management Ltd Zhejiang Ant Small and Micro Financial Services Group Co Ltd 02092016

8 448 Minority stake Qufenqi Inc CN Hangzhou Liaison Interactive Information Technology Co Ltd Beijing Fenghuang Fortune Innovation Investment Co Ltd

07072016

9 386 IBO 96 Carver Korea Co Ltd KR Goldman Sachs amp Co Bain Capital LP 18072016

10 350 Capital Increase One97 Communications Ltd IN SAIF Advisors Ltd 29082016

11 320 Capital Increase 19 Guangdong Nanyang Cable Group Holding Co Ltd CN Guangfa Xinde Investment Management Co Ltd Cybernaut Investment Group Co Ltd Shenzhen Qianhai Luojia Fangyuan Asset Management Co Ltd

03082016

12 310 Minority stake Hangzhou Enniu Network Technology Co Ltd CN Xinhu Zhongbao Co Ltd Shenzhen Tiantu Capital Co Ltd Shenzhen Qianhe Capital Management Co Ltd Beijing Hongtai Tongchuang Investment Management Co Ltd HampS Equity Investment Fund Management Co Ltd HG Capital Co Ltd Hangzhou Funcity Technology Co Ltd

20092016

13 307 IBO 100 Logen Co Ltd KR CVC Capital Partners Ltd 13092016

14 302 Minority stake 41 Zhuhai Yinlong New Energy Co Ltd CN Orient Bangxin Capital Co Ltd 26072016

15 300 Minority stake 42 Zhuhai Huajun Real Estate Development Co Ltd CN Ruiyuan Capital Management Co Ltd 01072016

16 228 Acquisition 87 WorldMark Group Holdings Pty Ltd AU Quadrant Private Equity Pty Ltd 25082016

17 226 Minority stake Wuhan Douyu Internet Technology Co Ltd CN Tencent Holdings LtdShenzhen Capital Group Co Ltd The National Fund For Small and Medium Enterprise Development Phoenix Capital Asset Management Group Co Ltd

15082016

18 225 IBO 100 St Ives Care Pty Ltd AU Quadrant Private Equity Pty Ltd 28072016

19 200 IBO 100 Ardent Leisure Groups health clubs division AU Quadrant Private Equity Pty Ltd 19082016

20 196 Acquisition 100 Yuko Yuko Corporation JP Unison Capital Inc Fukuoka Capital Partners Co Ltd 27072016

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 48 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - Asia and Asia Pacific private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

China 644 311 264

India 278 239 192

Japan 49 38 52

South Korea 39 35 39

Australia 25 15 34

Singapore 21 12 13

Indonesia 11 5 12

Malaysia 7 11 7

Hong Kong 6 1 6

Vietnam 2 9 6

Thailand 1 2 4

Georgia 4 0 4

Taiwan 1 5 3

Pakistan 2 0 2

Philippines 1 8 1

Target country by value - Asia and Asia Pacific private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Australia 372 9310 9399

China 13192 16862 8710

India 5449 2103 2559

South Korea 8995 1340 1435

Indonesia 4 34 760

Japan 212 451 667

Singapore 765 293 235

Thailand 0 0 200

Hong Kong 73 5 142

Vietnam 0 55 58

Taiwan 12 54 36

Malaysia 7 86 33

Georgia 30 0 22

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportAsia and Asia Pacific Q3 2016

Page 49 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - Asia and Asia Pacific private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 624 429 386

Publishing printing 218 115 91

Machinery equipment furniture recycling 86 48 47

Wholesale amp retail trade 39 20 19

Education health 13 18 19

Chemicals rubber plastics 27 13 16

Hotels amp restaurants 15 10 11

Metals amp metal products 13 4 8

Food beverages tobacco 7 12 7

Transport 8 4 6

Construction 12 6 5

Primary sector 4 0 2

Textiles wearing apparel leather 5 5 2

Wood cork paper 1 2 2

Gas water electricity 8 3 2

Insurance companies 1 2 1

Post and telecommunications 5 1 1

Banks 0 1 0

Public administration and defence 0 0 0

Target sectors by value - Asia and Asia Pacific private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Transport 743 9328 8153

Other services 11796 10997 6486

Publishing printing 2843 493 2174

Machinery equipment furniture recycling 2016 2728 2115

Education health 652 167 1408

Chemicals rubber plastics 1993 831 829

Wholesale amp retail trade 7304 870 679

Metals amp metal products 157 77 560

Hotels amp restaurants 246 43 532

Construction 1164 4505 382

Food beverages tobacco 114 158 265

Gas water electricity 169 80 175

Textiles wearing apparel leather 62 256 142

Wood cork paper 23 32 61

Primary sector 137 0 40

Public administration and defence 0 0 0

Banks 0 0 0

Insurance companies 8 134 0

Post and telecommunications 63 22 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 50 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

CEE falls to two-year low

The value of MampA targeting companies based in Central and Eastern Europe (CEE) decreased to USD 12144 million in Q3 2016 down 47 per cent on USD 23055 million in Q2 2016 and 75 per cent lower than USD 48235 million recorded in the corresponding quarter of 2015

Volume also fell to 1521 deals in the quarter under review a 33 per cent decline on 2284 deals in Q2 2016 and 27 per cent on 2093 deals in Q3 2015 This represents the lowest recorded result of the last two years under review

Two deals worth more than USD 1000 million each were announced in the region during Q3 2016 and together represented 37 per cent of total MampA value

RussiaCEE deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 1521 12144

Q2 2016 2284 23055

Q1 2016 2470 20572

Q4 2015 2276 39577

Q3 2015 2093 48235

Q2 2015 2447 41038

Q1 2015 2320 18949

Q4 2014 3044 63300

Q3 2014 2963 54734

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 51 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE deals by volume and value

0

500

1000

1500

2000

2500

3000

3500

0

10000

20000

30000

40000

50000

60000

70000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 52 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Russia dominates top deals in Q3

Companies based in Russia were targeted in 9 of the top 20 CEE deals announced during Q3 2016 including the top 2 transactions

The largest of these deals involved Sergei Gordeev the president and majority shareholder of PIK Group acquiring residential building construction services provider Morton for USD 2922 million This was followed by Gruppa Oneksim selling a 20 per cent stake in Russia-based potash fertiliser manufacturer Uralkalii to Belarussian businessman Dmitrii Anatolyevich Lobyak for USD 1600 million

These deals were significantly larger than the third-placed transaction which involved Unicredit selling an almost 10 per cent interest in Bank Polska Opieki to unnamed institutional investors for USD 825 million

While Russia dominated the top CEE deals by value in Q3 2016 companies based in other countries including Poland Hungary Ukraine and Czech Republic also featured

Russia top by value Poland leads by volume

Companies based in Russia were the most valuable in the CEE region during Q3 2016 notching up USD 7671 million over the timeframe This represents a 40 per cent decline quarter-on-quarter and a 72 per cent fall on the corresponding period of last year (Q2 2016 USD 12687 million Q3 2015 USD 27058 million) However it is worth noting that 59 per cent of total value for the country can be attributed to the two largest deals announced in Q3

In terms of value companies based in Poland also performed well raising USD 2453 million in the quarter under review followed by Ukraine (USD 929 million) Hungary (USD 294 million) and Romania (USD 244 million)

By volume Poland led the way with 578 deals which represents a 13 per cent decrease on Q2 2016 but a 16 per cent increase on 499 deals in Q3 2015 Russia placed second with 312 deals while the Ukraine was third with 106 deals

Sharp fall in PE targeting Russia

There were 57 PE and VC investments worth USD 218 million in CEE companies in Q3 2016 compared to 111 worth a total USD 2648 million in Q2 which represents a decrease of 49 per cent by volume and a 92 per cent slump by value to USD 218 million being the lowest recorded since Q1 2015 (USD 170 million)

A similar result was seen year-on-year as volume slipped 45 per cent against a 75 per cent decline by value on 103 deals worth USD 883 million in Q3 2015

The decline can be attributable to the lack of high valued PE deals in the region as no single transaction was worth in excess of USD 50 million The largest deal involved WPEF VI Holding a fund controlled by Waterland Private Equity Investments picking up a 66 per cent stake in Kredyt Inkaso a Poland-based debt collector for USD 48 million This was followed by KH Logistyka agreeing to acquire Polish logistics group Pekaes for USD 42 million

While companies based in Russia led the way by volume with 25 deals the country placed fourth by value with USD 10 million behind Poland (USD 92 million) Slovenia (USD 77 million) and Estonia (USD 32 million)

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 53 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Top 20 RussiaCEE deals by value

Deal value (mil USD) Deal type Target Target

country Acquiror Acquiror country

Announced date

1 2922 Acquisition 100 Morton OOO RU Mr Sergei Eduardovich Gordeev RU 20092016

2 1600 Minority stake 20 Uralkalii PAO RU Mr Dmitrii Anatolyevich Lobyak BY 08072016

3 825 Minority stake 10 Bank Polska Kasa Opieki SA PL Institutional Investors 12072016

4 814 Minority stake 11 Aktsionernaya Kompaniya Alrosa PAO RU Undisclosed investors Upravlyayushchaya Kompaniya RFPI OOO RU 11072016

5 777 Acquisition 75 Aeroport Vnukovo OAO RU Mezhdunarodnyi Aeroport Vnukovo AO RU 15082016

6 483 Acquisition increased from 32 to 66 Bid 2 ndash Increased offer

AmRest Holdings SE PL Cullinan Sarl LU 08092016

7 381 Acquisition 61 Bid 2 ndash Increased offer Bank BPH SA PL Alior Bank SA PL 18072016

8 294 Capital Increase Yamal SPG OAO RU Novatek OAO RU 18072016

9 274 Acquisition increased to 100 Erste Bank Hungary Zrt HU Erste Group Bank AG AT 01072016

10 204 Capital Increase Ukrsotsbank PAT UA Unicredit SpA IT 01072016

11 190 Acquisition increased to 100 Alfa-Bank (Ukrayina) PAT UA ABH Ukraine Ltd CY 14092016

12 180 Capital Increase 51 Mosenergosbyt PAO RU Inter RAO Kapital AO MES-Razvitie OOO Inter RAO EES PAO RU RU RU 12092016

13 180 Acquisition 60 Naftohazvydobuvannya PrAT UA DTEK BV NL 11072016

14 155 Minority stake 49 Belaya Ptitsa-Kursk OOO RU Omega OOO Alyans OOO RU RU 24082016

15 151 Capital Increase 97 AT Tyutyunova Kompaniya VAT-Pryluky PrAT UA Precis (1814) Ltd GB 26072016

16 148 Capital Increase 51 Mizhnarodnyy Aeroport Simferopol TOV UA Private Investors 26082016

17 103 Acquisition 100 Karmelitska Hotel SRO CZ CEFC Group (Europe) Company AS CZ 31082016

18 97 Acquisition 100 Spolka Energetyczna Jastrzebie SA PL PGNiG Termika SA PL 11082016

19 92 Acquisition 50 SG-Trans AO RU Private Investors Mr Aleksandr Babakov RU 31082016

20 91 Acquisition 49 to 100 Bank Zenit PAO RU Tatneft Imeni VD Shashina PAO RU 25072016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 54 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE deals

Target country Q3 2015 Q2 2016 Q3 2016

Poland 499 661 578

Russia 482 495 312

Ukraine 160 210 106

Czech Republic 86 399 98

Romania 266 97 79

Latvia 87 58 74

Estonia 94 66 51

Bulgaria 75 49 31

Belarus 35 43 30

Lithuania 15 15 30

Bosnia and Herzegovina 61 25 29

Croatia 42 27 26

Moldova 31 41 25

Hungary 49 28 18

Serbia 72 27 13

Slovenia 31 23 13

Slovakia 10 14 9

Montenegro 8 4 2

Macedonia 1 3 1

Albania 0 1 1

Kosovo 0 0 0

Target country by value - RussiaCEE deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Russia 27058 12687 7671

Poland 4831 5647 2453

Ukraine 12109 429 929

Hungary 299 433 294

Romania 516 336 244

Czech Republic 297 400 125

Bosnia and Herzegovina 530 31 100

Croatia 429 1324 93

Slovenia 254 104 89

Estonia 38 288 86

Bulgaria 1344 195 47

Latvia 152 148 19

Lithuania 0 3 7

Serbia 341 90 4

Montenegro 256 912 2

Belarus 160 24 1

Moldova 1 9 0

Macedonia 0 1 0

Slovakia 123 2 0

Albania 0 0 0

Kosovo 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 55 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sector by volume - RussiaCEE deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 696 685 452

Wholesale amp retail trade 260 184 136

Machinery equipment furniture recycling 117 150 83

Banks 147 121 81

Construction 126 97 72

Chemicals rubber plastics 104 90 62

Food beverages tobacco 81 73 54

Gas water electricity 84 53 50

Primary sector 75 76 41

Transport 74 57 39

Hotels amp restaurants 61 48 36

Education health 30 33 36

Metals amp metal products 60 46 35

Publishing printing 67 46 27

Insurance companies 44 23 25

Post and telecommunications 18 23 18

Textiles wearing apparel leather 20 15 16

Wood cork paper 25 17 10

Public administration and defence 1 1 1

Target sector by value - RussiaCEE deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Construction 1221 199 2962

Banks 8815 2442 2054

Chemicals rubber plastics 6131 1242 1827

Primary sector 9729 7025 1398

Transport 10807 1600 1068

Hotels amp restaurants 486 50 707

Food beverages tobacco 211 73 504

Other services 3971 2274 439

Gas water electricity 2364 1812 431

Wholesale amp retail trade 526 143 231

Machinery equipment furniture recycling 3458 1401 227

Metals amp metal products 353 4331 122

Wood cork paper 39 156 57

Publishing printing 171 49 45

Education health 9 129 12

Insurance companies 465 1 8

Textiles wearing apparel leather 13 23 7

Post and telecommunications 74 463 7

Public administration and defence 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 56 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

Announced date No of deals Total deal value (mil USD)

Q3 2016 57 218

Q2 2016 111 2648

Q1 2016 102 675

Q4 2015 122 9559

Q3 2015 103 883

Q2 2015 136 1408

Q1 2015 132 170

Q4 2014 127 940

Q3 2014 145 652

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 57 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

RussiaCEE private equity deals by volume and value

0

20

40

60

80

100

120

140

160

0

2000

4000

6000

8000

10000

12000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Dea

l val

ue (m

il U

SD

)

Total deal value (mil USD) Number of deals

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 58 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by BvDrdquo

Top 20 RussiaCEE private equity deals by value

Deal value (mil USD) Deal type Target Target

country Fund ManagerGeneral Partner Announced date

1 48 IBO 66 Kredyt Inkaso SA PL Waterland Private Equity Investments BV 26072016

2 42 IBO 37 Pekaes SA PL Innova Capital Sp zoo 19082016

3 39 IBO 100 Intersport ISI doo SI Enterprise Investors Sp zoo 14092016

4 30 Minority stake Skeleton Technologies OU EE Harju Elekter AS UP Invest OU FirstFloor Capital Sdn Bhd 03082016

5 20 Minority stake Paloma Higienski Papirji dd SI Eco-Invest AS 26072016

6 19 IBO 62 Kovinoplastika Loz dd SI KJK Management SA 27072016

7 6 Minority stake Novaya Meditsina OOO RU Yandeks OOO Baring Vostok Capital Partners Ltd 06072016

8 5 Minority stake MyCash UA 06072016

9 2 Minority stake Scoro Software OU EE Inventure Oy Alchemist Accelerator LLC SmartCap AS 23082016

10 1 Minority stake Karfiks OOO RU 06072016

11 1 Minority stake Synerise SA PL 17082016

12 1 Minority stake Bigfud OOO RU Target Global 18072016

13 1 Minority stake Metakhaus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 12092016

14 0 Minority stake Feedink Sp zoo PL Cube Group SA Xevin Lab Sp zoo 01082016

15 0 Minority stake 34 VR Visio Group Sp zoo PL Erne Ventures SA 25082016

16 0 Minority stake Neoventa OOO RU 18072016

17 0 Minority stake Smetus OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 24082016

18 0 Minority stake Stafori OOO RU Avtonomnaya Nekommercheskaya Organizatsiya Agentstvo Strategicheskhikh Initsiativ po Prodvizheniyu Novykh Proektov 05092016

19 0 Minority stake Ril Taim Grup OOO RU The Untitled Venture Company 20072016

20 0 Minority stake Fragmentic SIA LV Imprimatur Capital Ltd 500 Startups Management Company LLC White Summers Caffee James LLP 02082016

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 59 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target country by volume - RussiaCEE private equity deals

Target country Q3 2015 Q2 2016 Q3 2016

Russia 25 60 25

Poland 23 25 8

Czech Republic 5 5 6

Ukraine 9 0 4

Latvia 4 3 4

Estonia 8 4 4

Slovenia 3 0 3

Lithuania 2 2 1

Belarus 0 0 1

Bulgaria 5 0 1

Slovakia 3 2 1

Romania 3 5 0

Macedonia 0 0 0

Serbia 1 1 0

Croatia 1 1 0

Bosnia and Herzegovina 0 0 0

Hungary 11 3 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Target country by value - RussiaCEE private equity deals

Target country Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Poland 565 66 92

Slovenia 12 0 77

Estonia 6 239 32

Russia 60 745 10

Ukraine 2 0 5

Latvia 12 0 0

Belarus 0 0 0

Bulgaria 1 0 0

Romania 9 2 0

Lithuania 0 1 0

Macedonia 0 0 0

Serbia 6 0 0

Slovakia 123 0 0

Croatia 0 1185 0

Czech Republic 67 0 0

Bosnia and Herzegovina 0 0 0

Hungary 20 409 0

Albania 0 0 0

Kosovo 0 0 0

Moldova 0 0 0

Montenegro 0 0 0

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Quarterly MampA Activity ReportRussiaCEE Q3 2016

Page 60 Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information from around the world wwwbvdinfocom

You are free to use any data or commentary from this report in your articles as long as the source is cited as ldquoZephyr published by Bureau van Dijkrdquo

+44 161 838 9554 bvdbvdinfocom

copy Bureau van Dijk

Target sectors by volume - RussiaCEE private equity deals

Target sector Q3 2015 Q2 2016 Q3 2016

Other services 59 72 35

Publishing printing 18 13 6

Machinery equipment furniture recycling 7 4 4

Wholesale amp retail trade 2 3 4

Post and telecommunications 0 3 2

Transport 0 2 1

Education health 2 2 1

Wood cork paper 0 0 1

Construction 2 1 1

Chemicals rubber plastics 1 1 1

Textiles wearing apparel leather 0 1 1

Insurance companies 0 0 0

Primary sector 0 2 0

Banks 1 2 0

Hotels amp restaurants 0 1 0

Gas water electricity 2 0 0

Food beverages tobacco 3 1 0

Metals amp metal products 3 1 0

Public administration and defence 0 0 0

Target sectors by value - RussiaCEE private equity deals

Target sector Q3 2015 (mil USD)

Q2 2016 (mil USD)

Q3 2016 (mil USD)

Other services 119 1260 65

Transport 0 0 42

Wholesale amp retail trade 6 0 39

Machinery equipment furniture recycling 8 600 30

Wood cork paper 0 0 20

Chemicals rubber plastics 0 0 19

Publishing printing 86 2 3

Textiles wearing apparel leather 0 0 0

Post and telecommunications 0 239 0

Education health 0 0 0

Insurance companies 0 0 0

Banks 9 409 0

Metals amp metal products 2 0 0

Food beverages tobacco 1 0 0

Primary sector 0 137 0

Hotels amp restaurants 0 0 0

Construction 0 0 0

Gas water electricity 529 0 0

Public administration and defence 0 0 0

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Zephyr Half Year MampA Report

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targetsrsquo activities as defined to be lsquoMajor Sectorsrsquo by Zephyr

The date range for Q3 2016 is deals announced between 01072016 - 25092016 inclusive

The Western Europe region covers target companies in Andorra Austria Belgium Cyprus Denmark Finland France Germany Gibraltar Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Netherlands Norway Portugal San Marino Spain Sweden Switzerland Turkey and the UK

The Asia and Asia Pacific region covers target companies based in the Far East Southeast Asia Central Asia and Oceania

The RussiaCEE region covers target companies in Albania Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Macedonia Moldova Montenegro Poland Romania Russia Serbia Slovakia Slovenia and Ukraine

Advisor league tables are based on advisors advising any party in the deal ie acquiror target or vendor

Where deals have multiple targets the sector and region of each target is represented in the data

All deal types are included except joint ventures IPOs planned IPOs and share buybacks

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst

Zephyr Half Year MampA Report

About Bureau van Dijk

Bureau van Dijk (BvD) is the leading provider of private company corporate ownership and deal information BvDrsquos product range combines data from

regulatory and other sources including 140 information partners with flexible software to allow users to manipulate data for a range of research needs

and applications Its Orbis database provides information on almost 200 million companies across the globe

In addition BvD addresses specific business challenges through its range of Catalysts including transfer pricing credit procurement KYC client on-

boarding MampA research and valuations while BvD custom delivers bespoke solutions httpwwwbvdinfocomcorporatefinance

About Zephyr

Zephyr is an information solution containing MampA IPO and venture capital deals and rumours with links to detailed financial company information Winner

of numerous recent MampA industry awards including Best MampA Data Publisher 2015 at the Acquisition International MampA Awards Zephyr is published by

Bureau van Dijk (BvD) The deals on Zephyr are linked to the company financials and peer reports on BvDrsquos product range Zephyr contains information

on over 14 million deals wwwzephyrdealdatacom

About MampA Research Catalyst

Drawing data from Orbis and Zephyr MampA Research Catalyst delivers clear and easy-to-interpret reports specifically created for MampA research They

combine information on companies comparable deals and valuations alongside an interface to help you identify targets or acquirers and value

companies MampA Research Catalyst provides you with MampA-tailored information in an easy-to-interpret report including financials earnings estimates

news and deals comparable companies and deals DCF valuation and valuation multiples wwwbvdinfocomma-catalyst