CEE M&A Roundup: Q1 2013

Overview CEE M&A Trend Based on Target Country

 CEE M&A activity in Q1 2013 saw 110 deals worth € 19.7bn. It represented a 96.2% increase on Q1 2012’s € 10.1bn. Deal value was 69.8% less than in Q4 2012 (€ 65.4bn) but that quarter was highly influenced by the TNK-BP deals’ combined value at € 45.6bn  Energy, Mining & Utilities was upheld as the most active sector in CEE during Q1 2013 by contributing 50.7% (€ 10bn) to the total deal value – an increase from 42.9% (€ 4.3bn) recorded in the same period last year  The CEE’s 11 outbound deals totalled € 6.1bn - the highest result since Q2 2007’s € 7.2bn. The outbound activity was mostly driven by the € 5bn acquisition of ’s Orascom Telecom by Russia’s Altimo  Inbound investment was valued at € 3.5bn matched the € 3.4bn obtained from foreign investors in Q1 2012. There was however a significant decrease compared to Q4 2012, down 62.4% to € 3.5bn from € 9.4bn  Q1 2013 showed some positive signs in its deal value breakdown with a 415.1% increase in deals valued above € 1,001m and a simultaneous 45.4% decrease in deals valued below € 500m, by deal value  JPMorgan led the CEE Financial Advisor League Table by both deal value and deal count with four deals worth € 8.2bn. It moved from 13th position by deal value and 20th by deal count in the same period last year  White & Case topped the Legal Advisor League Table by deal value and volume. The company advanced from 25th position by deal value in Q1 2012 for eight deals valued at € 7bn

Financial Advisor League Table by Value – Q1 2013 Financial Advisor League Table by Deal Count – Q1 2013 Rank Q1 Deal % Value Rank Q1 Deal Count 2012 2013 House Value (€m) count change 2012 2013 House Value (€m) count change 13 1 JPMorgan 8,227 4 3,313.7% 20 1 JPMorgan 8,227 4 3 - 2 EFG-Hermes Holding 4,982 1 - 10 2 4,300 4 2 8 3 Morgan Stanley 4,300 4 658.4% - 3 Citi 1,429 3 - 11 4 VTB Capital 4,122 2 1,084.5% 1 4 Rothschild 239 3 -5 25 5 Societe Generale 2,776 2 8,312.1% 9 5 Deloitte 161 3 0 - 6= Barclays 1,600 1 - 3 6 UniCredit Group 148 3 -2 22 6= KPMG 1,600 1 3,100.0% - 7 Grant Thornton Corporate Finance 28 3 - - 8 Citi 1,429 3 - 7 8 VTB Capital 4,122 2 -1 14 9 Deutsche 1,380 2 658.2% 28 9 Societe Generale 2,776 2 1 2 10 1,366 2 -24.9% 11 10 1,380 2 0 - 11= BMO Capital Markets 1,141 1 - 6 11 Goldman Sachs 1,366 2 -1 - 11= Canaccord Genuity 1,141 1 - - 12 Bank Zachodni WBK 220 2 - - 11= GMP Securities 1,141 1 - 4 13 Ernst & Young 35 2 -2 - 14 870 1 - 26 14 Raiffeisen Centrobank - 2 1 1 15 Rothschild 239 3 -88.2% - 15 EFG-Hermes Holding 4,982 1 -

Legal Advisor League Table by Value – Q1 2013 Legal Advisor League Table by Deal Count – Q1 2013 Rank Q1 Deal % Value Rank Q1 Deal Count 2012 2013 House Value (€m) count change 2012 2013 House Value (€m) count change 25 1 White & Case 7,046 8 18,442% 8 1 White & Case 7,046 8 4 - 2 Zulficar & Partners 4,982 1 - 3 2 Allen & Overy 1,403 7 1 38 3 Linklaters 4,341 3 54,162% 4 3 CMS 255 7 2 - 4= Davis Polk & Wardwell 2,780 1 - 7 4 Hogan Lovells 1,217 4 0 - 4= Mannheimer Swartling 2,780 1 - 21 5 Weil Gotshal & Manges 200 4 2 63 6 Herbert Smith Freehills 2,741 1 - 77 6 Weinhold Legal 15 4 3 60 7 Freshfields Bruckhaus Deringer 2,700 3 - 2 7 Linklaters 4,341 3 -4 - 8 De Brauw Blackstone Westbroek 2,666 3 - 60 8 Freshfields Bruckhaus Deringer 2,700 3 2 11 9 Baker & McKenzie 2,600 1 510.3% - 9 De Brauw Blackstone Westbroek 2,666 3 - 30 10 Kinstellar 1,628 2 6,412% 10 10 Raidla Lejins & Norcous 782 3 -1 7 11 Allen & Overy 1,403 7 78.0% 16 11 Kinstellar 1,628 2 -1 - 12= Bonelli Erede Pappalardo 1,366 2 - - 12= Bonelli Erede Pappalardo 1,366 2 - Skadden Arps Slate Meagher & Skadden Arps Slate Meagher & 15 12= Flom 1,366 2 753.8% 22 12= Flom 1,366 2 0 - 14 Clyde & Co 1,342 1 - 31 14 Liniya Prava 517 2 1 - 15 Bredin Prat 1,300 1 - 11 15 Clifford Chance 220 2 -2

Cross-Border M&A Deal Value Breakdown – Q1 2013

Change Deal Deal Size (€) Value (€m) Deal count % Value count 5m - 500m (*) 2,573 99 -45.4% -58 501m - 1,000m 3,133 4 19.3% 1 1,001m - 5,000m 14,022 7 415.1% 5 5,000m and over - 0 - - Total 19,728 110 96.1% -52

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CEE M&A Roundup: Q1 2013

Industry Analysis by Value – Q1 2013 Industry Analysis by Deal Count – Q1 2013

Top Announced Deals – Q1 2013 Deal Value Ann. Date Bidder company Target Company Seller company Buy-side Advisory Sell-side Advisory (€m) 31-Mar-13 Altimo Orascom Telecom Holding VimpelCom Ltd FA: EFG-Hermes Holding FA: - 4,982 SAE LA: Zulficar & Partners LA: - 27-Mar-13 Tele2 Russia Telecom VTB Bank OAO Tele2 AB FA: VTB Capital FA: Morgan Stanley 2,780 LA: White & Case LA: Davis Polk & Wardwell; Mannheimer Swartling 22-Feb-13 Polyus Gold International Gavril Yushvaev (private Onexim Group FA: VTB Capital FA: JPMorgan; Societe 2,741 Ltd (37.75% Stake) investor); and Zelimkhan LA: Clifford Chance Generale Mutsoev (Private investor) (Advising FA); Clyde & Co; LA: Linklaters; Herbert Freshfields Bruckhaus Smith Freehills Deringer 15-Jan-13 Slovensky Plynarensky Energeticky a Prumyslovy GDF Suez SA; and E.ON FA: JPMorgan FA: Citi; Deutsche Bank; 2,600 Priemysel AS (49% Stake) Holding as Ruhrgas AG LA: Baker & McKenzie Morgan Stanley LA: White & Case; Bredin Prat; De Brauw Blackstone Westbroek; Freshfields Bruckhaus Deringer 01-Feb-13 U.A. Inter Media Group Group DF Limited Valery Khoroshkovsky FA: - FA: - 1,833 Limited (Private Investor) LA: - LA: -

Notes All data is based on announced transactions over US$ 5m. Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded include property transactions and restructurings where the ultimate shareholders’ interests are not changed. All data excludes minority stake deals (10% - 30%) where the dominant target geography is Asia-Pacific and the deal value is less than US$ 100m.

 M&A Trend: Based on the dominant geography of the target company being CEE. Excludes lapsed and withdrawn bids;  League Tables: Based on the dominant geography of the target, bidder or seller company being CEE. The Financial Advisor Tables exclude lapsed and withdrawn bids and the Legal Advisor Tables include lapsed and withdrawn bids. Data was run from 1 January to 31 March 2013. Previous period changes refer to the time period of 2012;  Cross-Border M&A: Inbound refers to cross border M&A where the dominant geography of the target company is CEE. Outbound refers to cross border M&A where the dominant geography of the bidder company is CEE. Excludes lapsed and withdrawn bids;  Deal Value Breakdown: Based on the dominant geography of the target company being CEE. Excludes lapsed and withdrawn bids. Previous period changes refer to the time period of 2012. The $5m-500m range includes undisclosed deals(*);  Industry Analysis: Based on the dominant geography of the target company being CEE. Industry sectors represent the primary industry sector of the target company only. Excludes lapsed and withdrawn bids;  Top Announced Deals: Based on the dominant geography of the target, bidder or seller company being CEE. Excludes lapsed and withdrawn bids. FA refers to Financial Advisor and LA refers to Legal Advisor.  CEE region includes Armenia, Azerbaijan, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, FYROM, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, and Ukraine. Criteria: http://www.mergermarket.com/pdf/deal_criteria.pdf All data correct as of 10 April 2013

Contacts PR: Flora Wilke [email protected] Tel: +44 207 010 6348

Deal Submissions: Nancy Costantinopoli [email protected] Tel: +44 207 010 6227

Sales: [email protected] Tel: +44 20 7010 6100

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