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CONTROL PREMIUM STUDY

3RD QUARTER 2016

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editorial comment should contact Kenneth Woo at (650) 287-4824. Mergerstat gathers its data from sources it considers

reliable; however, it does not guarantee the accuracy or completeness of the information provided within this publication.

Mergerstat Control Premium Study

3rd Quarter 2016

Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. i

Table of Contents

Page

About the Control Premium Study ......................................................................................... ii

Control Premium Analytics ...................................................................................................... 1

Control Premium Comparative Results .................................................................................. 2

12-Month Median Premiums by Industry .............................................................................. 3

Premiums vs. S&P 500 Index ................................................................................................... 4

3rd Quarter 2016 Summary Statistics ..................................................................................... 5

12-Month Summary Figures .................................................................................................... 5

Control Premiums by Industry ................................................................................................ 6

Transaction Information

Target Name and SIC Number (Domestic) ........................................................................... 24

Target Name and SIC Number (International) .................................................................... 27

Announce & Closing Dates, Total Deal Value (Domestic) ................................................. 30

Announce & Closing Dates, Total Deal Value (International) ............................................ 33

Purchase Price/Share – Mergerstat Unaffected Price (Domestic) ......................................... 36

Purchase Price/Share – Mergerstat Unaffected Price (International) .................................. 39

Mergerstat Unaffected Control Premium (Domestic) ........................................................... 42

Mergerstat Unaffected Control Premium (International) ..................................................... 45

Target Financials (Domestic) ................................................................................................ 48

Target Financials (International) ........................................................................................... 51

Target Multiples (Domestic) ................................................................................................. 54

Target Multiples (International) ............................................................................................ 57

Target Demographics (Domestic) ........................................................................................ 60

Target Demographics (International) ................................................................................... 63

Company Descriptions Domestic .............................................................................................................................. 67

International ......................................................................................................................... 71

Standard Industry Classification (SIC) Summary ................................................................ 76

Description of Terms ................................................................................................................ 78


3rd Quarter 2016

Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. ii

About The Control Premium Study

A control premium is defined as the additional consideration that an investor would pay over a marketable minority

equity value (i.e., current, publicly traded stock prices) in order to own a controlling interest in the common stock

of a company. In this study, the premium is expressed as a percentage of the unaffected marketable minority price

per share or the “Mergerstat™ Unaffected Price.” This is the price just prior to the point of change in the

representative normal pricing of a given security.

Mergerstat examines transactions whereby 50.01 percent or more of a company was acquired. A controlling interest

is considered to have greater value than a minority interest because of the purchaser’s ability to effect changes in

the overall business structure and to influence business policies. Control premiums can vary greatly. Factors

affecting the magnitude of a given control premium include:

The nature and magnitude of nonoperating assets.

The nature and magnitude of discretionary expenses.

The perceived quality of existing management.

The nature and magnitude of business opportunities which are not currently being exploited.

The ability to integrate the acquiree into the acquirer’s business or distribution channels.

In order to obtain unbiased and accurate pricing information, the scope of this study has been narrowed to completed

transactions where the target company was publicly traded. For domestic transactions, Premiums ranged from -

89.5% for Linn Energy LLC to 236.7% for Axiall Corp.. For international transactions, Premiums ranged from -

98.8% for Yageo Corp. (Luminous Town Electric Co., Ltd.) to 428.0% for Dominion Citrus Income Fund.

Mergerstat does not include negative premiums in calculating average and median statistics. If negative premiums

had been included in the calculations for the 3rd Quarter 2016, the results would have been as follows:

Including Negative Premiums Excluding Negative Premiums

# of Deals Premium # of Deals Premium

Domestic Average 79 44.8% 77 47.1%

Domestic Median 79 35.3% 77 37.3%

International Average 85 28.9% 66 47.4%

International Median 85 16.6% 66 24.7%

Overall Average 164 36.6% 143 47.3%

Overall Median 164 29.0% 143 32.8%

Throughout the Control Premium Study, negative premiums are indicated by an “*” for your reference.

Tayo Olatoyan

Senior Content Manager

(212) 849-4189

[email protected]


3rd Quarter 2016

Copyright © 2016, FactSet Mergerstat, LLC. All rights reserved. 1

Control Premium Analytics *

Overall

Domestic International

3Q16 Latest Twelve Months

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

40

80

120

160

200

240

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

# of Deals Average MedianDealsPremium

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

10

20

30

40

50

60

70

80

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

# of Deals Average Median

DealsPremium

0%

15%

30%

45%

60%

75%

0

20

40

60

80

100

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

# of Deals Average Median

DealsPremium

Domestic

48%

International

52%

Domestic

46%

International

54%

* Average and median calculations exclude negative premiums


3rd Quarter 2016


Control Premium Study Results *

MERGERSTAT


COMPARATIVE RESULTS

Percentages are rounded.

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

12-Month Median 33% 32% 31% 29% 29% 27% 28% 28% 28% 32% 30% 32% 32%

3-Month Median 33% 32% 26% 26% 29% 26% 31% 27% 29% 37% 27% 32% 33%

Transactions 108 132 119 96 129 145 141 127 127 146 116 120 164

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

Control

Premium

12-Month Median 3-Month Median

* Median calculations excludes negative premiums


3rd Quarter 2016


12-Month Median Premiums by Industry*

MERGERSTAT


12-MONTH MEDIAN PREMIUMS BY INDUSTRY

For the 12 months ended Sept. 31, 2016.

2016 2015 2014

Quarter

3-Month

Median Premium

No. of Trans.

12-Month

Median Premium

3-Month

Median Premium

No. of Trans.

12-Month

Median Premium

3-Month

Median Premium

No. of Trans.

12-Month

Median Premium

First 27.2% 116 30.4% 31.0% 141 28.2% 26.3% 119 30.9%

Second 31.6% 120 31.6% 27.0% 127 28.2% 26.4% 96 29.1%

Third 32.8% 164 32.3% 28.5% 127 28.1% 29.0% 129 28.6%

Fourth 36.6% 146 31.8% 26.3% 145 27.2%

The 12-month median premiums were gathered from transactions occurring within a trailing 12-month period, whereas the 3-month median premiums represent similar analyses for a 3-month period.

Agri Mining Const Mfg Trans CommElec &

GasWhsle Retail Fin Svs Services

Median Premium 44% 47% 11% 37% 44% 40% 26% 78% 27% 29% 32%

No. of Transactions 3 34 8 172 11 12 18 12 27 150 98

0%

10%

20%

30%

40%

50%

* Median calculations excludes negative premiums.


3rd Quarter 2016


Premiums vs. S&P 500 Index *

MERGERSTAT


PREMIUMS VS. S&P 500 INDEX

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

S&P 500 Index 1681.6 1848.4 1872.3 1960.2 1972.3 2058.9 2067.9 2063.1 1920.0 2043.9 2059.7 2098.9 2168.3

12-Month Median 33% 32% 31% 29% 29% 27% 28% 28% 28% 32% 30% 32% 32%

25%

30%

35%

1,500

1,600

1,700

1,800

1,900

2,000

2,100

2,200

Con

trol

Pre

miu

ms

S&

P 5

00

In

dex

S&P 500 Index 12-Month Median

* Excludes negative premiums.


3rd Quarter 2016


Summary Statistics

3RD QUARTER 2016

Domestic Transactions

Number of Transactions 79

Range -89.5% to 236.7%

Median* 37.3%

Average* 47.1%

International Transactions


Range -98.8% to 428.0%

Median* 24.7%

Average* 47.4%

Domestic and International Transactions


Range -98.8% to 428.0%

Median* 32.8%

Average* 47.3%

12-MONTH SUMMARY FIGURES (10/01/15 TO 09/30/16)


Range -98.8% to 498.8%

Median* 32.3%

Average* 46.7%

* Excludes negative premiums.


3rd Quarter 2016

* Not used in range, average and median calculations.


Control Premiums by Industry – Trailing 12 Months

SIC Target Closing Mergerstat Unaffected

Code Category Date Target Name Control Premium

01-09 Agriculture and Forestry

Range = 6.4% to 81.3% Median = 43.9% Average = 43.9%

0721 08/01/16 Ceres, Inc. 81.3%

0811 02/19/16 Plum Creek Timber Co., Inc. -5.3% *

0912 08/31/16 Aker ASA (Havfisk ASA) 6.4%

10-14 Mining


10 Metal Mining


1021 08/03/16 Hindalco Industries Ltd. (Aditya Birla Minerals

Ltd.)

169.4%

1041 04/01/16 Lake Shore Gold Corp. 31.4%

1041 01/26/16 St. Andrew Goldfields Ltd. 17.2%

1041 01/06/16 Phoenix Gold Ltd. 56.1%

1041 12/21/15 Mangazeya Mining Ltd. -77.8% *

1041 12/18/15 Atherton Resources Ltd. 48.1%

1041 11/17/15 Polyus Gold International Ltd. 2.0%

1044 10/01/15 SilverCrest Mines, Inc. 23.1%

1099 04/27/16 VMS Ventures, Inc. 135.7%

1099 03/24/16 Aquarius Platinum Ltd. 83.3%

12 Coal Mining

1222 10/22/15 Lubelski Wegiel Bogdanka SA 28.8%

13 Oil and Gas Extraction


1311 09/16/16 Range Resources - Louisiana, Inc. 9.8%

1311 08/01/16 Linn Energy LLC -89.5% *

1311 07/21/16 Rock Energy, Inc. 8.7%

1311 07/14/16 Hawk Exploration Ltd. 166.7%

1311 06/29/16 Long Run Exploration Ltd. 215.2%


3rd Quarter 2016


13 Oil and Gas Extraction (continued)

1311 05/18/16 Lynden Energy Corp. 44.0%

1311 03/24/16 Marsa Energy, Inc. 25.2%

1311 03/21/16 Canadian Oil Sands Ltd. 62.3%

1311 12/31/15 FX Energy, Inc. 7.5%

1311 12/01/15 Kicking Horse Energy, Inc. 46.6%

1321 08/05/16 Gas Natural SDG SA (Gasco SA) 23.7%

1381 09/07/16 Yoho Resources, Inc. 102.1%

1381 04/13/16 Boulder Energy Ltd. 62.9%

1381 03/18/16 Caspian Energy, Inc. -62.5% *

1381 10/05/15 LRR Energy LP -41.9% *

1382 09/29/16 Bankers Petroleum Ltd. 98.2%

1382 08/19/16 Raimount Energy, Inc. 25.8%

1382 07/27/16 Striker Exploration Corp. 1.3%

1382 03/24/16 Mart Resources, Inc. 194.1%

1382 01/13/16 Petroamerica Oil Corp. 36.0%

1389 12/04/15 MarkWest Energy Partners LP -30.1% *

14 Mining and Quarrying of Nonmetallic Minerals, Except Fuels

1474 10/26/15 OCI Co., Ltd. (Ciner Resources LP) 138.0%

1479 09/06/16 Migao Corp. 89.9%

15-17 Construction


15 Building Construction


1521 07/01/16 Sala House Co., Ltd. 7.6%

1531 02/22/16 PT Puradelta Lestari Tbk -1.9% *

1542 01/15/16 Starland Holdings Ltd. 38.8%

1542 01/14/16 Gazit-Globe Ltd. (U. Dori Group Ltd.) -89.8% *

1542 12/18/15 Camus Engineering & Construction, Inc. 0.0%

1542 10/19/15 Nergeco SA 79.7%

17 Construction - Special Trade Contractors

1771 06/30/16 Tysan Holdings Ltd. 13.5%

1799 12/30/15 GraceKennedy Ltd. (Hardware & Lumber Ltd.) 2.8%


3rd Quarter 2016


20-39 Manufacturing


20 Food and Kindred Products


2013 04/01/16 Mitsubishi Corp. (Yonekyu Corp.) 20.4%

2021 01/15/16 Boulder Brands, Inc. 9.2%

2026 06/01/16 China Dairy Group Ltd. 77.3%

2041 10/05/15 Zito d.d. 38.5%

2046 01/04/16 Samyang Genex Corp. 27.4%

2051 09/30/16 Golden Enterprises, Inc. 60.0%

2051 07/27/16 Krispy Kreme Doughnuts, Inc. 24.6%

2068 02/29/16 Diamond Foods, Inc. 14.4%

2082 10/15/15 Pivovarna Lasko dd 11.6%

2085 07/14/16 Société des Produits Marnier Lapostolle SA 60.4%

2086 05/28/16 Coca-Cola Enterprises, Inc. 14.4%

2095 03/03/16 Keurig Green Mountain, Inc. 77.9%

2098 10/01/15 Thai Wah Food Products Public Co. Ltd. -14.3% *

2099 07/14/16 Agalawatte Plantations PLC 0.0%

22 Textile Mill Products


2231 03/17/16 Royal Ten Cate NV 34.0%

2258 07/29/16 Grand Concord International Holdings Ltd. 4.7%

2281 08/05/16 Industria Textil Piura SA -92.3% *

2297 08/01/16 Lentex SA (Novita SA) -11.7% *

2299 09/23/16 Takson Holdings Ltd. 31.4%

23 Apparel

2341 03/18/16 Brilliance Worldwide Holdings Ltd. -4.7% *

2371 08/25/16 China Smarter Energy Group Holdings Ltd. -35.3% *

2389 06/06/16 Voir Holdings Bhd. -32.4% *

24-26 Lumber, Furniture and Paper


2411 05/13/16 Jemi Fibre Corp. 60.0%

2435 06/22/16 Steed Oriental (Holdings) Co., Ltd. 9.9%

2499 12/01/15 Talsu Mezrupnieciba AS -66.7% *

2531 09/02/16 Johnson Controls, Inc. -2.0% *

2621 01/21/16 Wausau Paper Corp. 40.6%


3rd Quarter 2016


24-26 Lumber, Furniture and Paper (continued)

2652 12/29/15 Young Poong Paper Manufacturing Co., Ltd. 94.7%

2671 09/29/16 Toyo Seikan Group Holdings Ltd. (Malaysia

Packaging Industry Bhd.)

-63.1% *

27 Printing, Publishing and Allied Industries


2711 04/08/16 Journal Media Group, Inc. 52.5%

2721 12/04/15 Martha Stewart Living Omnimedia, Inc. 20.6%

2721 11/17/15 Talentum Oyj 21.4%

2741 10/15/15 Vantage Equities, Inc. (Yehey! Corp.) -12.4% *

28 Chemicals and Allied Products


2812 08/31/16 Axiall Corp. 236.7%

2812 01/04/16 Hindalco Industries Ltd. (Aditya Birla Chemicals

(India) Ltd.)

7.1%

2819 11/18/15 Sigma-Aldrich Corp. 36.8%

2819 10/28/15 OM Group, Inc. 28.1%

2821 12/09/15 Cytec Industries, Inc. 28.9%

2834 09/28/16 Medivation, Inc. 41.0%

2834 09/01/16 Relypsa, Inc. 43.4%

2834 08/29/16 Sagent Pharmaceuticals, Inc. 35.3%

2834 07/01/16 XenoPort, Inc. 59.8%

2834 06/24/16 Anacor Pharmaceuticals, Inc. 55.0%

2834 06/21/16 Alexza Pharmaceuticals, Inc. 227.2%

2834 05/25/16 Rui Kang Pharmaceutical Group Investments Ltd. 5.0%

2834 04/28/16 Biotie Therapies Oyj 95.4%

2834 02/10/16 Ocata Therapeutics, Inc. 78.9%

2834 02/05/16 Tribute Pharmaceuticals Canada, Inc. -3.1% *

2834 01/22/16 Dyax Corp. 50.0%

2834 12/04/15 DARA BioSciences, Inc. 34.2%

2834 11/19/15 Shasun Pharmaceuticals Ltd. 114.0%

2834 11/02/15 InSite Vision, Inc. 150.0%

2834 10/21/15 Genera dd 42.5%

2834 10/13/15 R-Tech Ueno, Ltd. 62.4%

2836 06/03/16 Baxalta, Inc. 40.5%

2836 05/30/16 Gene Techno Science Co., Ltd. 8.5%

2836 04/08/16 Allenex AB 16.6%

2837 05/06/16 VBI Vaccines, Inc. /Old/ 8.0%

2873 04/01/16 Rentech, Inc. (Rentech Nitrogen Partners LP) 9.4%

2873 10/01/15 CO-OP Chemical Co., Ltd. -35.8% *

2879 09/09/16 Excel Crop Care Ltd. 3.1%


3rd Quarter 2016


28 Chemicals and Allied Products (continued)

2879 12/08/15 Astec LifeSciences Ltd. 2.4%

2891 01/13/16 CEMEDINE Co., Ltd. 14.7%

29 Petroleum Refining

2911 06/23/16 Northern Tier Energy LP -14.2% *

30 Rubber and Miscellaneous Plastics Products


3011 11/06/15 Pirelli & C. SpA -1.5% *

3021 09/30/16 Alpargatas SA 17.2%

3089 10/09/15 Thai Plaspac PCL 2.6%

31 Leather and Leather Products


3161 08/01/16 Tumi Holdings, Inc. 35.1%

3171 06/03/16 Lee & Man Handbags Holding Ltd. -20.3% *

3199 11/02/15 Chanco International Group Ltd. 20.1%

32-33 Stone, Concrete Products and Primary Metals


3251 04/11/16 ML Global Bhd. -8.2% *

3291 06/24/16 Nihon Kenshi Co., Ltd. 10.2%

3291 04/06/16 SunOpta, Inc. (Opta Minerals, Inc.) -30.7% *

3296 09/15/16 Superglass Holdings PLC 113.3%

3312 11/23/15 KT ROLL Co., Ltd. -43.0% *

3316 03/17/16 Tokyo Kohtetsu Co., Ltd. 55.9%

3324 01/29/16 Precision Castparts Corp. 21.2%

3353 09/30/16 Aluminium Co. of Malaysia Bhd. -23.3% *

3354 02/25/16 Montupet SA 16.1%

3357 10/01/15 Torrent Cables Ltd. 91.7%

34-35 Fabricated Metal Products, Industrial Machinery and Computers


3465 02/04/16 Fuji Technica & Miyazu, Inc. 2.6%

3469 06/07/16 Interplex Holdings Ltd. 15.5%

3511 06/22/16 China Ming Yang Wind Power Group Ltd. 13.1%

3533 04/01/16 Cameron International Corp. 58.3%

3553 04/12/16 Blount International, Inc. 85.9%


3rd Quarter 2016


34-35 Fabricated Metal Products, Industrial Machinery and Computers

(continued)

3561 12/04/15 Sulzer AG 0.0%

3569 10/23/15 Adept Technology, Inc. 63.0%

3571 10/22/15 Bematech SA 57.0%

3572 09/08/16 Glory Mark Hi-Tech (Holdings) Ltd. 103.7%

3572 09/07/16 EMC Corp. 23.5%

3572 08/16/16 QLogic Corp. 17.7%

3572 05/12/16 SanDisk Corp. 45.9%

3572 02/23/16 EZchip Semiconductor Ltd. 16.0%

3572 11/03/15 Promethean World PLC 51.7%

3577 09/14/16 SMART Technologies, Inc. -9.1% *

3577 05/27/16 Ruckus Wireless, Inc. 28.9%

3581 09/27/16 Outerwall, Inc. 51.2%

3585 12/23/15 DeLclima SpA 88.6%

36 Electrical and Electronic Machinery and Equipment


3612 04/18/16 Jinpan International Ltd. 65.8%

3629 05/09/16 PowerSecure International, Inc. 79.8%

3631 04/15/16 Jarden Corp. 22.3%

3634 08/31/16 Nortek, Inc. 37.6%

3641 10/09/15 Phoenix Lamps Ltd. -15.7% *

3648 05/25/16 CCS, Inc. (Japan) 20.7%

3651 08/04/16 Yuhua Energy Holdings Ltd. -8.8% *

3652 03/16/16 Loen Entertainment, Inc. 24.4%

3663 07/06/16 RR Media Ltd. 52.8%

3663 04/14/16 Teleeye Holdings Ltd. 22.2%

3663 10/07/15 Telefield International (Holdings) Ltd. 12.2%

3669 05/13/16 Checkpoint Systems, Inc. 28.6%

3669 03/18/16 LoJack Corp. 85.6%

3672 07/27/16 United Engineers Ltd. (Multi-Fineline Electronix,

Inc.)

40.8%

3674 09/19/16 Fairchild Semiconductor International, Inc. 41.4%

3674 06/06/16 Alliance Fiber Optic Products, Inc. 24.0%

3674 05/11/16 Mattson Technology, Inc. 27.5%

3674 04/22/16 API Technologies Corp. 98.0%

3674 04/04/16 Atmel Corp. -0.4% *

3674 03/14/16 ANADIGICS, Inc. 254.2%

3674 03/07/16 Micronas Semiconductor Holding AG 63.0%

3674 02/01/16 Broadcom Corp. 20.1%

3674 01/28/16 OmniVision Technologies, Inc. 20.9%

3674 01/15/16 PMC-Sierra, Inc. 57.1%

3674 12/28/15 Altera Corp. 21.6%

3674 12/18/15 Vimicro International Corp. -72.6% *

3674 12/07/15 Freescale Semiconductor Ltd. 5.0%


3rd Quarter 2016


36 Electrical and Electronic Machinery and Equipment (continued)

3674 12/07/15 Integrated Silicon Solution, Inc. 38.8%

3674 11/24/15 Pericom Semiconductor Corp. 45.7%

3675 09/29/16 Yageo Corp. (Luminous Town Electric Co., Ltd.) -98.8% *

3677 08/02/16 QTC Energy PCL -30.2% *

3679 06/01/16 SL Industries, Inc. 4.8%

3679 02/29/16 Ta Yang Group Holdings Ltd. -1.9% *

3679 01/15/16 Topsearch International Ltd. -51.3% *

3679 11/27/15 Planar Systems, Inc. 40.0%

3679 10/29/15 Daiwa Associate Holdings Ltd. -74.4% *

3691 08/12/16 Saft Groupe SA 38.3%

37 Transportation Equipment


3711 05/31/16 Pininfarina SpA -73.0% *

3713 06/06/16 Blue Bird Corp. -2.1% *

3714 09/21/16 Daesung Fine Tech Co. Ltd. 288.7%

3714 06/01/16 Fuel Systems Solutions, Inc. -22.3% *

3714 12/23/15 Automotive Components Europe SA 36.5%

3714 11/10/15 Remy International, Inc. 43.7%

3715 10/07/15 Manac, Inc. (Canada) 5.8%

3724 07/22/16 Kreisler Manufacturing Corp. 62.5%

3728 01/04/16 Breeze-Eastern Corp. -6.6% *

3769 02/04/16 COM DEV International Ltd. -3.0% *

38 Controlling Instruments; Photographic, Medical and Optical Goods; and Clocks


3812 07/07/16 Orolia SA 21.2%

3823 09/09/16 China Automation Group Ltd. 11.1%

3823 10/15/15 Temasek Holdings (Pte) Ltd. (STATS ChipPAC

Ltd.)

35.1%

3825 06/24/16 Cascade Microtech, Inc. 43.6%

3826 09/19/16 FEI Co. 13.7%

3826 04/29/16 Newport Corp. 52.9%

3826 03/31/16 Affymetrix, Inc. 49.9%

3829 07/18/16 Medtech SAS 61.8%

3841 09/28/16 ETView Medical Ltd. 11.3%

3841 09/07/16 Sequenom, Inc. 182.1%

3841 08/31/16 Prism Medical Ltd. 47.4%

3841 08/23/16 HeartWare International, Inc. 93.5%

3841 07/14/16 Vivoline Medical AB 61.8%

3841 07/13/16 LDR Holding Corp. 63.9%

3841 07/01/16 Symmetry Surgical, Inc. 26.1%

3841 06/30/16 Nanosphere, Inc. 117.9%


3rd Quarter 2016


38 Controlling Instruments; Photographic, Medical and Optical Goods; and

Clocks (continued)

3841 03/03/16 Mindray Medical International Ltd. 1.9%

3841 02/03/16 Trivascular Technologies, Inc. -3.6% *

3841 10/15/15 Synergetics USA, Inc. 70.8%

3842 07/27/16 Hansen Medical, Inc. 39.9%

3844 09/09/16 American Science & Engineering, Inc. 14.4%

3845 10/19/15 Sorin SpA 32.1%

3845 10/12/15 Lumenis Ltd. 15.9%

3845 10/08/15 Thoratec Corp. 30.1%

39 Miscellaneous Manufacturing


3944 04/07/16 WiZ Co., Ltd. -64.6% *

3944 04/04/16 LeapFrog Enterprises, Inc. 76.7%

3999 10/14/15 Blyth, Inc. 105.5%

40-47 Transportation


40 Railroad Transportation

4011 12/30/15 Bangkok Metro Public Co. Ltd. -1.9% *

42 Motor Freight Transportation


4213 10/30/15 Con-way, Inc. 31.6%

4215 07/04/16 TNT Express NV 33.5%

4225 12/11/15 Less Mess Storage, Inc. 55.5%

44 Water Transportation


4412 09/02/16 Neptune Orient Lines Ltd. 32.7%

4412 11/30/15 Frontline 2012 Ltd. 49.5%

4482 09/03/16 Mols-Linien A/S 23.1%

4491 02/23/16 Integrax Bhd. 43.8%


3rd Quarter 2016


47 Transportation Services


4724 09/21/16 Imperial dd 43.7%

4724 05/19/16 Kuoni Reisen Holding AG 58.8%

4731 01/22/16 UTi Worldwide, Inc. 50.4%

48 Communications


4812 09/06/16 Alcatel-Lucent SA -1.8% *

4812 12/15/15 Platinum Communications Corp. 100.0%

4813 09/27/16 Polycom, Inc. 15.1%

4813 05/06/16 NTELOS Holdings Corp. 25.3%

4832 09/26/16 Wireless Group PLC 70.3%

4832 12/04/15 NextRadioTV SA 1.5%

4841 09/07/16 TiVo Solutions, Inc. 47.6%

4841 06/21/16 Cablevision Systems Corp. 40.4%

4841 05/18/16 Time Warner Cable, Inc. 49.0%

4899 08/19/16 Xura, Inc. 19.2%

4899 01/31/16 Kuwait Telecommunications Co. 8.7%

4899 11/09/15 Acropolis Telecom SA 97.1%

49 Electric, Gas, and Sanitary Services


4911 07/01/16 TECO Energy, Inc. 48.3%

4911 04/13/16 Cleco Corporate Holdings LLC 14.7%

4911 03/23/16 Pepco Holdings, Inc. 24.7%

4911 01/22/16 ISAGEN SA 50.5%

4911 12/16/15 UIL Holdings Corp. 10.1%

4922 07/19/16 Niska Gas Storage Partners LLC 222.5%

4922 07/01/16 Columbia Pipeline Group, Inc. 29.1%

4922 02/17/16 Targa Resources Partners LP -64.9% *

4923 09/16/16 Dominion Questar Corp. 22.6%

4924 07/01/16 Southern Company Gas 37.9%

4924 04/08/16 Grupa Duon SA 13.2%

4925 07/01/16 Chubu Gas Co., Ltd. 12.7%

4931 08/08/16 Fersa Energías Renovables SA 20.5%

4931 03/01/16 APR Energy PLC 87.7%

4931 01/06/16 Alkane Energy Ltd. 44.0%

4952 09/16/16 Ovivo, Inc. 28.2%

4953 06/01/16 Progressive Waste Solutions Ltd. -39.1% *

4953 02/29/16 Integrated Waste Solutions Group Holdings Ltd. 0.0%


3rd Quarter 2016


50-51 Wholesale Trade


50 Durable goods


5013 02/04/16 The Pep Boys-Manny Moe & Jack 100.0%

5023 09/01/16 Daiyu Eight Co., Ltd. -19.5% *

5047 12/04/15 Pani Teresa Medica SA -11.0% *

5051 10/05/15 Novo Group Ltd. 162.8%

5063 12/21/15 Oman Cables Industry SAOG 78.0%

5072 06/24/16 Royal Reesink NV 29.4%

5072 05/20/16 RONA, Inc. 103.9%

51 Nondurable Goods


5122 08/05/16 Meda AB 97.4%

5139 01/14/16 Walker Group Holdings Ltd. 27.1%

5146 08/31/16 Norway Seafoods Group AS -47.4% *

5146 07/22/16 Mareterram Ltd. 9.4%

5169 05/23/16 Airgas, Inc. 34.7%

52-59 Retail Trade


53 General Merchandise Stores


5311 03/21/16 Finatis SA (Big C Supercenter Public Co., Ltd.) 27.1%

5311 02/23/16 Starmalls, Inc. -44.9% *

5311 12/10/15 Belk, Inc. 37.4%

5331 04/08/16 Franchise Bancorp, Inc. 12.1%

54 Food Stores


5411 09/01/16 UNY Group Holdings Co., Ltd. 54.5%

5411 04/27/16 The Fresh Market, Inc. 53.4%

5411 12/18/15 Roundy's Inc. 65.1%

5421 04/05/16 North Asia Strategic Holdings Ltd. -27.9% *


3rd Quarter 2016


55 Automotive Dealers and Gasoline Service Stations

5511 07/01/16 Greenland Financial Overseas Investment Group

Co. Ltd. (China Greenland Rundong Auto

Group Ltd.)

48.6%

5511 10/06/15 Johan Holdings Bhd. (Jacks International Ltd.) 90.5%

56 Apparel Stores


5611 12/10/15 STYLEPIT A/S -9.1% *

5641 09/23/16 FNG Group NV 19.1%

5661 06/15/16 HIMIKO Co., Ltd. 126.3%

5699 12/25/15 Urai Co., Ltd. 67.7%

57 Furniture and Equipment Stores

5712 09/16/16 Mattress Firm Holding Corp. 115.2%

58 Eating and Drinking Places


5812 09/15/16 U Banquet Group Holding Ltd. 2.4%

5812 04/14/16 Nordic Service Partners Holding AB 24.3%

5812 12/01/15 Ichibanya Co., Ltd. 11.7%

5813 09/14/16 Epicurean & Co. Ltd. 7.1%

59 Miscellaneous Retail


5912 03/31/16 Aisei Pharmacy Co., Ltd. 21.0%

5961 09/20/16 E-Commerce China Dangdang, Inc. 10.6%

5961 07/15/16 Qihoo 360 Technology Co., Ltd. 16.6%

5961 10/01/15 zulily, Inc. 39.2%

5999 09/07/16 Aayush Food & Herbs Ltd. -61.4% *

5999 09/07/16 Elizabeth Arden, Inc. 50.1%

5999 01/21/16 Liberator Medical Holdings, Inc. 25.9%

5999 12/09/15 Steiner Leisure Ltd. 15.0%


3rd Quarter 2016


60-67 Finance, Insurance, and Real Estate


60-61 Banking and Credit Agencies


6021 09/27/16 General Electric Co. (Bank BPH SA) 0.7%

6021 08/16/16 FirstMerit Corp. 34.6%

6021 08/02/16 Prime Pacific Financial Services, Inc. 32.0%

6021 07/29/16 First Niagara Financial Group, Inc. 14.1%

6021 07/08/16 Coast Bancorp (San Luis Obispo, California) 29.0%

6021 07/01/16 1st Century Bancshares, Inc. (California) 40.3%

6021 07/01/16 Harmony Bank Jackson NJ 38.8%

6021 06/15/16 National Bank of Greece SA (Finansbank AS) 5.3%

6021 05/13/16 Fraternity Community Bancorp, Inc. 14.6%

6021 04/01/16 National Penn Bancshares, Inc. 3.8%

6021 04/01/16 The Higashi-Nippon Bank, Ltd. 0.8%

6021 02/19/16 TFC Holding Co. 54.2%

6021 01/08/16 Eureka Financial Corp. 29.5%

6021 11/30/15 FNBPA Bancorp, Inc. 40.3%

6021 11/01/15 Hudson City Bancorp, Inc. 56.4%

6021 10/01/15 The Kagoshima Bank, Ltd. 52.2%

6021 10/01/15 Tri-State 1st Banc, Inc. 36.4%

6022 08/31/16 Cordia Bancorp, Inc. 31.4%

6022 08/31/16 Talmer Bancorp, Inc. 48.8%

6022 07/29/16 Xenith Bankshares, Inc. /Old/ 29.4%

6022 07/21/16 C1 Financial, Inc. 14.0%

6022 07/15/16 Bremen Bancorp, Inc. 32.8%

6022 07/01/16 Cardinal Bankshares Corp. 103.6%

6022 07/01/16 Fox Chase Bancorp, Inc. 12.5%

6022 07/01/16 Tidelands Bancshares, Inc. 103.9%

6022 06/24/16 Monarch Financial Holdings, Inc. 54.0%

6022 06/17/16 Southcoast Financial Corp. 47.5%

6022 06/11/16 Congaree Bancshares, Inc. 31.3%

6022 05/02/16 Cape Bancorp, Inc. 18.7%

6022 04/29/16 Baylake Corp. 39.7%

6022 03/01/16 NewBridge Bancorp 22.0%

6022 03/01/16 River Valley Bancorp (Indiana) 54.0%

6022 02/29/16 County Commerce Bank (California) 27.2%

6022 02/01/16 Orange County Business Bank 26.5%

6022 01/31/16 Security California Bancorp 50.3%

6022 01/29/16 First Mountain Bank (Big Bear Lake, California) 40.4%

6022 01/29/16 Heritage Bankshares, Inc. (Virginia) 27.6%

6022 01/08/16 Hopewell Valley Community Bank 62.3%

6022 01/07/16 Pascack Bancorp, Inc. 51.7%

6022 12/31/15 Pan Pacific Bank 53.2%

6022 12/23/15 Mother Lode Bank 83.3%


3rd Quarter 2016


60-61 Banking and Credit Agencies (continued)

6022 12/11/15 Sutter Community Bank 41.0%

6022 12/04/15 Regal Bancorp, Inc. 498.8%

6022 11/30/15 Premier Valley Bank 10.3%

6022 11/30/15 State Investors Bancorp, Inc. 36.1%

6029 08/31/16 Treasure State Bank 56.2%

6029 03/11/16 Jacksonville Bancorp, Inc. /Florida/ 16.2%

6029 03/01/16 Community Bank of South Florida 64.3%

6035 09/08/16 First Clover Leaf Financial Corp. 31.2%

6035 07/18/16 LaPorte Bancorp, Inc. 15.6%

6035 04/30/16 Pulaski Financial Corp. -3.7% *

6035 12/31/15 Ameriana Bancorp 49.9%

6036 04/30/16 United-American Savings Bank 85.5%

6099 04/22/16 Heartland Payment Systems, Inc. 32.3%

6099 11/12/15 Xoom Corp. 18.7%

6141 01/28/16 Samsung Card Co., Ltd. 12.0%

6141 12/21/15 Neo Oracle Holdings, Inc. (Prime Media

Holdings, Inc.)

-67.3% *

6197 07/21/16 Hwang Capital (Malaysia) Bhd. 19.9%

62 Security and Commodity Brokers and Related Services


6211 02/16/16 Aroma Enterprises (India) Ltd. 52.2%

6211 12/04/15 Cie Marocaine SA 171.1%

6282 09/09/16 National Holdings Corp. 43.8%

6282 06/13/16 Talanx Asset Management GmbH (C-QUADRAT

Investment AG)

-2.1% *

6282 05/31/16 ECM Libra Financial Group Bhd. 12.1%

6289 09/23/16 BMT Investment Holdings Pte Ltd. (British &

Malayan Trustees Ltd.)

-61.9% *

63-64 Insurance Companies and Agents


6311 06/20/16 Phoenix Cos., Inc. 187.8%

6311 02/01/16 Symetra Financial Corp. 19.5%

6324 03/24/16 Health Net, Inc. 3.4%

6324 11/09/15 Tempo Participações SA 11.6%

6331 06/03/16 Hanwha General Insurance Co., Ltd. -1.2% *

6351 03/18/16 PartnerRe Ltd. 23.1%

6399 09/21/16 Wema Bank PLC (Great Nigerian Insurance PLC) 126.0%

6399 03/07/16 StanCorp Financial Group, Inc. 48.1%

6399 01/14/16 The Chubb Corp. 35.8%

6399 10/27/15 HCC Insurance Holdings, Inc. 37.6%


3rd Quarter 2016


65 Real Estate


6512 05/11/16 BR Properties SA 33.0%

6512 11/05/15 Commerzbank AG (CeGeREAL SA) 30.2%

6513 03/02/16 Campus Crest Communities, Inc. 24.2%

6513 12/17/15 Amica Mature Lifestyles, Inc. 113.3%

6519 07/21/16 Land & Leisure A/S 12.0%

6519 02/22/16 Tribona AB 18.3%

6531 09/27/16 Dalian Wanda Commercial Properties Co., Ltd. 44.5%

6531 09/16/16 ISARIA Wohnbau AG 21.6%

6531 09/08/16 Resource America, Inc. 51.4%

6531 08/12/16 E-House (China) Holdings Ltd. 2.1%

6531 07/06/16 Rouse Properties, Inc. 35.3%

6531 06/20/16 Sacyr SA (Testa Inmuebles en Renta SA) 48.7%

6531 06/15/16 Great China Holdings Ltd. 171.2%

6531 10/27/15 Oaktree Capital Group LLC (DO Deutsche Office

AG)

23.6%

6552 08/02/16 China Calxon Group Co., Ltd. -17.2% *

67 Holding Companies and Other Investment Offices


6712 09/09/16 Your Community Bankshares, Inc. 15.9%

6712 09/06/16 Foundation Bancorp, Inc. (Washington) 27.8%

6712 07/31/16 Delaware Bancshares, Inc. 28.2%

6712 07/01/16 Avenue Financial Holdings, Inc. 51.8%

6712 05/20/16 Cheviot Financial Corp. 3.7%

6712 05/16/16 HF Financial Corp. 24.3%

6712 05/01/16 Anchor BanCorp Wisconsin, Inc. 12.7%

6712 02/13/16 Metro Bancorp, Inc. (Pennsylvania) 13.6%

6712 01/15/16 First National Bankshares Corp. (West Virginia) 92.8%

6712 01/15/16 Naugatuck Valley Financial Corp. 18.8%

6712 01/01/16 First Capital Bancorp, Inc. (Virginia) 17.8%

6712 12/31/15 Citizens National Bank of Meyersdale 131.5%

6712 12/11/15 The First National Bank of Fredericksburg

(Pennsylvania)

174.7%

6712 12/04/15 Oneida Financial Corp. 74.0%

6712 12/01/15 CNLBancshares, Inc. 84.8%

6712 11/02/15 City National Corp. 20.4%

6712 10/31/15 First Security Group, Inc. 2.2%

6712 10/09/15 Alliance Bancorp, Inc. of Pennsylvania 38.3%

6712 10/06/15 Square 1 Financial, Inc. -5.2% *

6719 08/25/16 Select Group Ltd. 23.5%

6719 08/22/16 Halcyon Agri Corp. Ltd. 2.7%

6719 04/21/16 African & Overseas Enterprises Ltd. -4.1% *

6719 01/04/16 KFM Kingdom Holdings Ltd. 7.1%


3rd Quarter 2016


67 Holding Companies and Other Investment Offices (continued)

6719 12/21/15 Alteva, Inc. 31.3%

6719 12/15/15 Berlin IV A/S 37.1%

6719 12/01/15 NCB Holdings Bhd. 0.0%

6726 07/29/16 Dominion Citrus Income Fund 428.0%

6726 06/22/16 Indiabulls Properties Investment Trust 25.6%

6726 06/16/16 Ethane Pipeline Income Fund 27.9%

6726 05/09/16 Nuveen Quality Preferred Income Fund 4.9%

6726 04/25/16 Henderson Global Trust PLC 397.7%

6726 01/15/16 Central GoldTrust 13.2%

6771 08/31/16 Apollo Residential Mortgage, Inc. 34.8%

6771 04/29/16 Capstone Infrastructure Corp. 44.1%

6771 03/18/16 BHF Kleinwort Benson Group SA 20.7%

6792 01/27/16 Maple Leaf Royalties Corp. -33.9% *

6798 09/01/16 Daiwa House REIT Investment Corp. /Old/ 29.3%

6798 09/01/16 Top REIT, Inc. 2.0%

6798 08/19/16 InnVest Real Estate Investment Trust 32.5%

6798 07/12/16 Hatteras Financial Corp. 14.5%

6798 04/06/16 JAVELIN Mortgage Investment Corp. 19.7%

6798 02/29/16 American Residential Properties, Inc. -7.8% *

6798 02/24/16 OUE Commercial Real Estate Investment Trust 26.7%

6798 01/27/16 BioMed Realty Trust, Inc. 20.7%

6798 12/29/15 Aedes SpA (Nova Re SpA) -52.9% *

6798 12/21/15 Fair Value REIT AG 16.1%

6798 12/11/15 Strategic Hotels & Resorts, Inc. 9.3%

6798 11/18/15 Quintain Estates & Development PLC 31.8%

6798 10/30/15 True North Apartment Real Estate Investment

Trust

-5.3% *

6798 10/07/15 Home Properties, Inc. 9.2%

6799 08/23/16 Wong Engineering Corp. Bhd. -7.1% *

6799 08/22/16 First Marblehead Corp. 43.9%

6799 07/26/16 City Developments Ltd. (City e-Solutions Ltd.) 2.9%

6799 06/23/16 Bank Leumi Le-Israel Ltd. (Kenon Holdings Ltd.) 4.3%

6799 06/03/16 Magellan SA 17.3%

6799 04/27/16 DTP SA 16.9%

6799 01/11/16 Fittec International Group Ltd. -26.0% *

6799 01/08/16 Mastercraft International Holdings Ltd. 4.9%

6799 12/18/15 Global Tech Holdings Ltd. -7.2% *

6799 11/13/15 Dual Real Estate Investment SA 5.0%

6799 10/23/15 Home Loan Servicing Solutions Ltd. 20.9%


3rd Quarter 2016


70-99 Services and Other


70 Hotels and Lodging Places


7011 09/23/16 Starwood Hotels & Resorts Worldwide LLC 21.0%

7011 09/02/16 Diamond Resorts International, Inc. 58.3%

7011 07/29/16 Shun Cheong Holdings Ltd. -71.6% *

7011 06/09/16 Bahrain Tourism Co. 24.8%

7011 04/01/16 Homeinns Hotel Group 18.7%

7011 02/08/16 Howard Hotels Ltd. -21.4% *

7011 12/15/15 HomeAway, Inc. 12.8%

73-78 Business Services


7311 08/09/16 ReachLocal, Inc. 187.5%

7311 08/03/16 Antevenio SA 13.0%

7319 09/27/16 Sizmek, Inc. 46.6%

7331 02/09/16 Constant Contact, Inc. 22.6%

7352 10/28/15 Hasco Medical, Inc. -5.2% *

7359 08/10/16 Electro Rent Corp. 46.9%

7361 07/22/16 USG People NV 30.6%

7361 02/19/16 Proffice AB 25.6%

7371 08/15/16 Wincor Nixdorf AG 28.3%

7371 11/30/15 Industrial & Financial Systems AB 0.3%

7371 11/23/15 Glintt-Global Intelligent Technologies SGPS SA 32.4%

7371 10/27/15 Envivio, Inc. 115.8%

7372 09/30/16 EPIQ Systems, Inc. 45.0%

7372 09/07/16 iDreamSky Technology Ltd. -3.8% *

7372 09/01/16 Hewlett Packard Enterprise Co. (Mphasis Ltd.) -6.2% *

7372 08/22/16 Qlik Technologies, Inc. 26.1%

7372 08/16/16 Marketo, Inc. 9.5%

7372 07/28/16 SciQuest, Inc. 33.8%

7372 07/11/16 Demandware, Inc. 56.3%

7372 07/01/16 Engineering Ingegneria Informatica SpA 14.2%

7372 06/15/16 Gameloft SE 48.1%

7372 06/15/16 International Datacasting Corp. 40.0%

7372 06/14/16 Opower, Inc. 30.4%

7372 05/04/16 Cricket Media Group Ltd. 53.3%

7372 04/27/16 Eighting Co., Ltd. -48.6% *

7372 04/14/16 Diligent Corp. 25.0%

7372 03/22/16 RealD, Inc. 4.1%

7372 03/04/16 Jagged Peak, Inc. 32.0%

7372 03/03/16 Polaris Consulting & Services Ltd. 8.7%


3rd Quarter 2016


73-78 Business Services (continued)

7372 03/03/16 Solera Holdings, Inc. 53.5%

7372 02/23/16 TeleCommunication Systems, Inc. 13.9%

7372 02/05/16 SolarWinds, Inc. 43.5%

7372 01/18/16 NedSense Enterprises NV -20.0% *

7372 12/09/15 ifa systems AG 30.6%

7372 12/08/15 Premiere Global Services, Inc. 25.9%

7372 12/08/15 SE Holdings & Incubations Co., Ltd. (System

Technology-i Co., Ltd.)

0.5%

7372 12/07/15 CTI Group (Holdings), Inc. 85.2%

7372 11/23/15 Daegis, Inc. 102.5%

7372 11/20/15 EXINI Diagnostics AB 93.3%

7372 11/19/15 Yodlee, Inc. 39.6%

7372 10/23/15 Millennial Media, Inc. 20.7%

7372 10/15/15 Medworxx Solutions, Inc. 15.5%

7372 10/12/15 OTCO International Ltd. -70.9% *

7372 10/06/15 Dot Hill Systems Corp. 79.2%

7373 07/29/16 Axia NetMedia Corp. 49.1%

7373 01/11/16 Datacentrix Holdings Ltd. -71.9% *

7373 10/13/15 Merge Healthcare, Inc. 31.8%

7373 10/01/15 Dealertrack Technologies, Inc. 58.7%

7374 01/27/16 MedAssets, Inc. 32.4%

7374 12/03/15 Bit-isle, Inc. 126.5%

7374 11/04/15 WANTED Technologies Corp. 56.3%

7375 07/01/16 United Online, Inc. 6.6%

7375 06/10/16 Textura Corp. 30.7%

7375 05/13/16 Jiayuan.com International Ltd. 66.3%

7375 04/05/16 Youku Tudou, Inc. 35.1%

7375 02/04/16 Domain Extremes, Inc. -96.2% *

7379 06/22/16 GFI Informatique SA 31.6%

7379 05/21/16 Blue Star Infotech Ltd. -1.0% *

7382 05/02/16 The ADT Corp. 56.3%

7389 09/16/16 Imprivata, Inc. 32.8%

7389 08/04/16 Higher One Holdings, Inc. 37.3%

7389 06/22/16 Taomee Holdings Ltd. 26.0%

7389 02/22/16 Spriza, Inc. -87.5% *

7389 01/08/16 Avolon Holdings Ltd. 28.7%

7521 02/19/16 Parking Management Organization, Ltd. 28.4%

7812 08/22/16 DreamWorks Animation SKG, Inc. 51.0%

7822 01/29/16 Rentrak Corp. 1.1%

79 Amusement and Recreation Services

7999 12/08/15 Betting Promotion Sweden AB -17.1% *

7999 11/19/15 Dolphin Cove Ltd. 1.5%


3rd Quarter 2016


80-82 Health Services


8011 11/23/15 IPC Healthcare, Inc. 37.3%

8042 10/21/15 Vision Eye Institute Ltd. 19.6%

8051 02/29/16 Message Co., Ltd. 48.7%

8052 10/26/15 Regal Lifestyle Communities, Inc. 27.1%

8071 07/27/16 ExamWorks Group, Inc. 4.4%

8082 09/30/16 USMD Holdings, Inc. 9.3%

8082 02/15/16 Al Noor Hospitals Group PLC 88.9%

8099 03/29/16 Alliance HealthCare Services, Inc. 12.7%

8099 02/02/16 StemLife Bhd. 8.4%

8299 06/03/16 Xueda Education Group 95.0%

8299 12/22/15 SmartPros Ltd. 40.0%

87 Engineering , Accounting, Research and Management


8711 09/08/16 Ellipsiz Ltd. 5.6%

8711 02/29/16 Furmanite Corp. -24.6% *

8711 02/24/16 Coffey International Ltd. 136.1%

8711 12/07/15 Nga Chun Holdings Co., Ltd. 9.9%

8711 11/30/15 Ballast Nedam NV -75.0% *

8711 10/13/15 Grontmij NV 29.5%

8731 06/22/16 Exiqon A/S 41.7%

8741 09/07/16 Sweett Group PLC 82.6%

8742 05/09/16 Tangent Communications PLC 190.9%

8747 06/27/16 Broadspectrum Ltd. 76.5%

8748 05/11/16 VirtualScopics, Inc. -9.6% *


3rd Quarter 2016


Target Name and SIC Number (Domestic)

Target Name

Target

SIC Acquirer Name

Acquirer

SIC

1st Century Bancshares, Inc. (California) 6021 Midland Financial Co. 6035

American Science & Engineering, Inc. 3844 OSI Systems, Inc. 3674

Apollo Residential Mortgage, Inc. 6771 Apollo Commercial Real Estate Finance, Inc. 6798

Avenue Financial Holdings, Inc. 6712 Pinnacle Financial Partners, Inc. 6022

Axiall Corp. 2812 Westlake Chemical Corp. 2869

Bremen Bancorp, Inc. 6022 Stupp Bros. Inc. (Midwest BankCentre, Inc.) 3441

C1 Financial, Inc. 6022 Bank of the Ozarks, Inc. 6022

Cardinal Bankshares Corp. 6022 Grayson Bankshares, Inc. 6021

Ceres, Inc. 0721 Land O'Lakes, Inc. 5143

Coast Bancorp (San Luis Obispo, California) 6021 Sierra Bancorp 6712

Columbia Pipeline Group, Inc. 4922 TransCanada Corp. 4923

Cordia Bancorp, Inc. 6022 First Citizens BancShares, Inc. (North Carolina)

(First-Citizens Bank & Trust Co. (Raleigh,

North Carolina))

6712

Delaware Bancshares, Inc. 6712 Norwood Financial Corp. 6712

Demandware, Inc. 7372 salesforce.com, inc. 7372

Diamond Resorts International, Inc. 7011 Apollo Global Management LLC (Private Equity) 6771

Dominion Questar Corp. 4923 Dominion Resources, Inc. 4911

DreamWorks Animation SKG, Inc. 7812 Comcast Corp. (NBCUniversal Media LLC) 4841

Electro Rent Corp. 7359 Platinum Equity LLC 6771

Elizabeth Arden, Inc. 5999 Revlon, Inc. 2844

EMC Corp. 3572 EMC Corp. /Dell Private Group/ 6799

EPIQ Systems, Inc. 7372 Document Technologies LLC 7338

ExamWorks Group, Inc. 8071 LGP Management, Inc. (Leonard Green &

Partners LP)

6722

Fairchild Semiconductor International, Inc. 3674 ON Semiconductor Corp. 3674

FEI Co. 3826 Thermo Fisher Scientific, Inc. 3826

First Clover Leaf Financial Corp. 6035 First Mid-Illinois Bancshares, Inc. 6712

First Marblehead Corp. 6799 Lobster Point Properties Ltd. (FP Resources USA,

Inc.)

6799

First Niagara Financial Group, Inc. 6021 KeyCorp 6021

FirstMerit Corp. 6021 Huntington Bancshares, Inc. 6021

Foundation Bancorp, Inc. (Washington) 6712 Pacific Continental Corp. 6712

Fox Chase Bancorp, Inc. 6022 Univest Corp. of Pennsylvania 6021

Golden Enterprises, Inc. 2051 UTZ Quality Foods, Inc. 2096

Hansen Medical, Inc. 3842 Auris Surgical Robotics, Inc. 3829


3rd Quarter 2016


Target Name

Target

SIC Acquirer Name

Acquirer

SIC

Harmony Bank Jackson NJ 6021 Lakeland Bancorp, Inc. 6022

Hatteras Financial Corp. 6798 Annaly Capital Management, Inc. 6798

HeartWare International, Inc. 3841 Medtronic PLC 3845

Higher One Holdings, Inc. 7389 Blackboard, Inc. 7372

Imprivata, Inc. 7389 Thoma Bravo LLC 6771

Johnson Controls, Inc. 2531 Tyco International PLC 7382

Kreisler Manufacturing Corp. 3724 United Flexible, Inc. 8711

Krispy Kreme Doughnuts, Inc. 2051 JAB Holding Co. SARL (JAB Beech, Inc.) 6719

LaPorte Bancorp, Inc. 6035 Horizon Bancorp (Indiana) 6712

LDR Holding Corp. 3841 Zimmer Biomet Holdings, Inc. 3841

Linn Energy LLC 1311 LinnCo. LLC 1311

Marketo, Inc. 7372 Vista Equity Partners Management LLC 6771

Mattress Firm Holding Corp. 5712 Steinhoff International Holdings NV 5712

Medivation, Inc. 2834 Pfizer Inc. 2834

National Holdings Corp. 6282 Fortress Biotech, Inc. 2834

Niska Gas Storage Partners LLC 4922 Brookfield Infrastructure Partners LP 4939

Nortek, Inc. 3634 Melrose Industries PLC 6799

Outerwall, Inc. 3581 Apollo Global Management LLC (Apollo Global

Management LLC (Private Equity))

6282

Polycom, Inc. 4813 SIRIS Capital Group LLC 6771

Prime Pacific Financial Services, Inc. 6021 Cascade Bancorp 6022

Qlik Technologies, Inc. 7372 Thoma Bravo LLC 6771

QLogic Corp. 3572 Cavium, Inc. 3674

Range Resources - Louisiana, Inc. 1311 Range Resources Corp. 1311

ReachLocal, Inc. 7311 Gannett Co., Inc. 2711

Relypsa, Inc. 2834 Galenica AG 2834

Resource America, Inc. 6531 Island Capital Group LLC (C-III Capital Partners

LLC)

6771

Rouse Properties, Inc. 6531 Brookfield Asset Management, Inc. 6282

Sagent Pharmaceuticals, Inc. 2834 Nichi-Iko Pharmaceutical Co., Ltd. (Shepard

Vision, Inc.)

2834

SciQuest, Inc. 7372 Accel Partners LLC / Kohlberg Kravis Roberts &

Co. LP (Accel-KKR LLC)

6771

Sequenom, Inc. 3841 Laboratory Corp. of America Holdings 8071

Sizmek, Inc. 7319 Vector Capital Management LP 6771

Southern Company Gas 4924 The Southern Co. 4911

Starwood Hotels & Resorts Worldwide LLC 7011 Marriott International, Inc. 7011


3rd Quarter 2016


Target Name

Target

SIC Acquirer Name

Acquirer

SIC

Symmetry Surgical, Inc. 3841 Roundtable Healthcare Management, Inc. 6771

Talmer Bancorp, Inc. 6022 Chemical Financial Corp. 6022

TECO Energy, Inc. 4911 Emera, Inc. 4911

Tidelands Bancshares, Inc. 6022 United Community Banks, Inc. 6022

TiVo Solutions, Inc. 4841 Rovi Corp. 6794

Treasure State Bank 6029 Glacier Bancorp, Inc. 6029

Tumi Holdings, Inc. 3161 Samsonite International SA 3161

United Engineers Ltd. (Multi-Fineline Electronix, Inc.) 3672 Suzhou Dongshan Precision Manufacturing Co.

Ltd.

3444

United Online, Inc. 7375 B. Riley Financial, Inc. (B. Riley & Co. LLC) 6211

USMD Holdings, Inc. 8082 UnitedHealth Group, Inc. (WellMed Medical

Management, Inc.)

6324

Xenith Bankshares, Inc. /Old/ 6022 Xenith Bankshares, Inc. 6022

XenoPort, Inc. 2834 Arbor Pharmaceuticals LLC 2834

Xura, Inc. 4899 SIRIS Capital Group LLC 6771

Your Community Bankshares, Inc. 6712 WesBanco, Inc. 6022


3rd Quarter 2016


Target Name and SIC Number (International)

Target Name

Target

SIC Acquirer Name

Acquirer

SIC

Aayush Food & Herbs Ltd. 5999 Aayush Food & Herbs Ltd. /Mittal/ 6799

Agalawatte Plantations PLC 2099 Browns Capital PLC (Browns Power Holdings (Pvt)

Ltd.)

6799

Aker ASA (Havfisk ASA) 0912 Lerøy Seafood Group ASA 0273

Alcatel-Lucent SA 4812 Nokia Oyj 3663

Alpargatas SA 3021 J&F Investimentos SA 5147

Aluminium Co. of Malaysia Bhd. 3353 Towerpack Sdn. Bhd. 6799

Antevenio SA 7311 Inversiones y Servicios Publicitarios SL 8742

Axia NetMedia Corp. 7373 Partners Group (Private Equity) 6771

Bankers Petroleum Ltd. 1382 Geo-Jade Petroleum Corp. 1311

BMT Investment Holdings Pte Ltd. (British &


6289 The Nyalas Rubber Estates Ltd. (Emerald-Hill

Investments Pte Ltd.)

6799

China Automation Group Ltd. 3823 Araco Investment Ltd 6282

China Calxon Group Co., Ltd. 6552 China Evergrande Group (Hengda Real Estate Group

Co. Ltd.)

6552

China Smarter Energy Group Holdings Ltd. 2371 Gorgeous Investment Group Holding Co., Ltd. 6799

Chubu Gas Co., Ltd. 4925 Sala Corp. 5984

City Developments Ltd. (City e-Solutions Ltd.) 6799 Ningxia Tianyuan Manganese Industry Co., Ltd.

(China Tian Yuan Manganese Ltd.)

3399

Daesung Fine Tech Co. Ltd. 3714 Daesung Fine Tech Co,. Ltd. /Private Group/ 6799

Daiwa House REIT Investment Corp. /Old/ 6798 Daiwa House REIT Investment Corp. 6798

Daiyu Eight Co., Ltd. 5023 LIC Co., Ltd. 5211

Dalian Wanda Commercial Properties Co., Ltd. 6531 Dalian Hexing Investment Co. Ltd. (Dalian Wanda

Group Co., Ltd.)

6799

Dominion Citrus Income Fund 6726 Dominion Citrus Income Fund /Scarafile/ 6799

E-Commerce China Dangdang, Inc. 5961 E-Commerce China Dangdang, Inc. /Management/ 6799

E-House (China) Holdings Ltd. 6531 E-House (China) Holdings Ltd. /Private Group/ 6799

Ellipsiz Ltd. 8711 Bevrian Pte Ltd. 6799

Engineering Ingegneria Informatica SpA 7372 Apax Partners LLP / Neuberger Berman Group LLC 6282

Epicurean & Co. Ltd. 5813 Win Union Investment Ltd. 6799

ETView Medical Ltd. 3841 Ambu A/S 3841

Excel Crop Care Ltd. 2879 Sumitomo Chemical Co., Ltd. (Sumitomo Chemical

India Pvt Ltd.)

2869

Fersa Energías Renovables SA 4931 Excelsior Times SL (Audax Energía SA) 7322


3rd Quarter 2016


Target Name

Target

SIC Acquirer Name

Acquirer

SIC

FNG Group NV 5641 R&S Retail Group NV 5621

Gas Natural SDG SA (Gasco SA) 1321 Gasco SA /Private Group/ 6799

General Electric Co. (Bank BPH SA) 6021 Alior Bank SA 6021

Glory Mark Hi-Tech (Holdings) Ltd. 3572 Wise Thinker Holdings Ltd. (PT Design Group

Holdings Ltd.)

6799

Grand Concord International Holdings Ltd. 2258 Wintime Technology Investment Co. Ltd. (Junfun

Investment Ltd.)

6282

Greenland Financial Overseas Investment Group Co.

Ltd. (China Greenland Rundong Auto Group Ltd.)

5511 Rundong Fortune Investment Ltd. 6799

Halcyon Agri Corp. Ltd. 6719 Sinochem International Corp. (Sinochem International

(Overseas) Pte Ltd.)

5191

Hawk Exploration Ltd. 1311 Kaisen Energy Corp. 7389

Hewlett Packard Enterprise Co. (Mphasis Ltd.) 7372 The Blackstone Group LP 6282

Hindalco Industries Ltd. (Aditya Birla Minerals Ltd.) 1021 Metals X Ltd. 1099

Hwang Capital (Malaysia) Bhd. 6197 Hwang Capital (Malaysia) Bhd. /Private Group/ 6799

iDreamSky Technology Ltd. 7372 iDreamSky Technology Ltd. /Private Group/ 6799

Imperial dd 4724 Imperial dd /Private Group/ 6799

Industria Textil Piura SA 2281 Axxion Asset Management SAC 6719

InnVest Real Estate Investment Trust 6798 Bluesky Hotels & Resorts, Inc. 7011

ISARIA Wohnbau AG 6531 Lone Star Global Acquisitions Ltd. (LSREF4 ARIA

Beteiligungs GmbH & Co. KG)

6282

Land & Leisure A/S 6519 Axel Springer SE (@Leisure Holding BV) 2711

Lentex SA (Novita SA) 2297 Vaporjet Ltd. 2297

Mareterram Ltd. 5146 Brimstone Investment Corp. Ltd. (Sea Harvest

Holdings Pty Ltd.)

6799

Meda AB 5122 Mylan NV 2834

Medtech SAS 3829 Zimmer Biomet Holdings, Inc. 3841

Migao Corp. 1479 2521416 Ontario, Inc. 6282

Mols-Linien A/S 4482 Polaris Management A/S 6771

Neptune Orient Lines Ltd. 4412 CMA CGM SA 4491

Norway Seafoods Group AS 5146 Austevoll Seafood ASA (Lerøy Seafood Group ASA) 0912

Orolia SA 3812 Eurazeo SA (Eurazeo PME SA) 6771

Ovivo, Inc. 4952 The Caisse de dépôt et placement du Québec / SKion

GmbH

6719

Prism Medical Ltd. 3841 Handicare Group AB 3841


3rd Quarter 2016


Target Name

Target

SIC Acquirer Name

Acquirer

SIC

Qihoo 360 Technology Co., Ltd. 5961 Qihoo 360 Technology Co. Ltd. /Private Group/ 6799

QTC Energy PCL 3677 QTC Energy PCL /Private Group/ 6799

Raimount Energy, Inc. 1382 Manitok Energy, Inc. (1977746 Alberta, Inc.) 1311

Rock Energy, Inc. 1311 Raging River Exploration, Inc. 1311

RR Media Ltd. 3663 SES SA 4813

Saft Groupe SA 3691 Total SA 1311

Sala House Co., Ltd. 1521 Sala Corp. 5984

Select Group Ltd. 6719 International Culinary Management Ltd. 6799

Shun Cheong Holdings Ltd. 7011 Titan Gas Holdings Ltd (Titan Gas Technology Investment

Ltd.)

6719

SMART Technologies, Inc. 3577 Hon Hai Precision Industry Co., Ltd. (Foxconn Singapore

Pte Ltd.)

3678

Société des Produits Marnier Lapostolle SA 2085 Davide Campari-Milano SpA 2085

Striker Exploration Corp. 1382 Gear Energy Ltd. 1382

Superglass Holdings PLC 3296 Inflection Management Corp. Ltd. 6799

Sweett Group PLC 8741 Dar AL Handasah Consultants Shair & Partners

(Currie & Brown Holdings Ltd.)

8742

Takson Holdings Ltd. 2299 Shanghai Guoming Equity Investment Fund Management

Co. Ltd. (State Energy HK Ltd.)

6799

TNT Express NV 4215 FedEx Corp. 4215

Top REIT, Inc. 6798 Nomura Real Estate Master Fund, Inc. /3462/ 6798

Toyo Seikan Group Holdings Ltd. (Malaysia Packaging Industry Bhd.)

2671 Taisei Lamick Co., Ltd. 2671

U Banquet Group Holding Ltd. 5812 U Banquet Group Holding Ltd. /Private Group/ 6799

UNY Group Holdings Co., Ltd. 5411 FamilyMart Co., Ltd. /Old/ 5411

USG People NV 7361 Recruit Holdings Co., Ltd. 7361

Vivoline Medical AB 3841 Xvivo Perfusion AB 3841

Wema Bank PLC (Great Nigerian Insurance PLC) 6399 Insurance Resourcery Consultancy Services Ltd. 6411

Wincor Nixdorf AG 7371 Diebold, Inc. 3578

Wireless Group PLC 4832 News Corp. (News Corp. UK & Ireland Ltd.) 2711

Wong Engineering Corp. Bhd. 6799 Wong Engineering Corp. Bhd. /Private Group/ 3469

Yageo Corp. (Luminous Town Electric Co., Ltd.) 3675 Man Yue Technology Holdings Ltd. (High Merit Group

Ltd.)

3679

Yoho Resources, Inc. 1381 One Stone Partners LLC 6282

Yuhua Energy Holdings Ltd. 3651 Yuhua Energy Holdings Ltd. /Caihuo/ 6799


3rd Quarter 2016


Announce & Closing Dates, Total Deal Value (Domestic)

Target Name

Announce

Date Close Date

Target

Market Value

of Equity

($Mil)

Currency

Exchange

Rate

Pctg. of

Common

Previously

Held by Acq.

Pctg. Of

Common

Held by Acq.

After Trans.

1st Century Bancshares, Inc. (California) 03/10/16 07/01/16 116.0 1.00 0.0 100.0

American Science & Engineering, Inc. 06/21/16 09/09/16 264.1 1.00 0.0 100.0

Apollo Residential Mortgage, Inc. 02/26/16 08/31/16 435.9 1.00 0.0 100.0

Avenue Financial Holdings, Inc. 01/28/16 07/01/16 204.1 1.00 0.0 100.0

Axiall Corp. 01/29/16 08/31/16 2,334.2 1.00 0.0 100.0

Bremen Bancorp, Inc. 03/14/16 07/15/16 13.0 1.00 0.0 100.0

C1 Financial, Inc. 11/09/15 07/21/16 379.9 1.00 0.0 100.0

Cardinal Bankshares Corp. 11/08/15 07/01/16 27.5 1.00 0.0 100.0

Ceres, Inc. 06/17/16 08/01/16 11.1 1.00 0.0 100.0

Coast Bancorp (San Luis Obispo, California) 01/04/16 07/08/16 12.3 1.00 0.0 100.0

Columbia Pipeline Group, Inc. 03/17/16 07/01/16 10,210.4 1.00 0.0 100.0

Cordia Bancorp, Inc. 05/20/16 08/31/16 35.0 1.00 0.0 100.0

Delaware Bancshares, Inc. 03/10/16 07/31/16 15.9 1.00 0.0 100.0

Demandware, Inc. 06/01/16 07/11/16 2,865.6 1.00 0.0 100.0

Diamond Resorts International, Inc. 06/29/16 09/02/16 2,110.5 1.00 0.0 100.0

Dominion Questar Corp. 02/01/16 09/16/16 4,386.0 1.00 0.0 100.0

DreamWorks Animation SKG, Inc. 04/28/16 08/22/16 3,554.9 1.00 0.0 100.0

Electro Rent Corp. 05/31/16 08/10/16 375.1 1.00 0.0 100.0

Elizabeth Arden, Inc. 06/16/16 09/07/16 421.6 1.00 0.0 100.0

EMC Corp. 10/12/15 09/07/16 64,869.3 1.00 0.0 100.0

EPIQ Systems, Inc. 07/27/16 09/30/16 629.1 1.00 0.0 100.0

ExamWorks Group, Inc. 04/27/16 07/27/16 1,463.4 1.00 0.0 100.0

Fairchild Semiconductor International, Inc. 11/18/15 09/19/16 2,292.9 1.00 0.0 100.0

FEI Co. 05/27/16 09/19/16 4,409.2 1.00 0.0 100.0

First Clover Leaf Financial Corp. 04/26/16 09/08/16 88.3 1.00 0.0 100.0

First Marblehead Corp. 03/25/16 08/22/16 50.3 1.00 14.9 100.0

First Niagara Financial Group, Inc. 10/30/15 07/29/16 3,639.6 1.00 0.0 100.0

FirstMerit Corp. 01/26/16 08/16/16 3,604.5 1.00 0.0 100.0

Foundation Bancorp, Inc. (Washington) 04/26/16 09/06/16 46.4 1.00 0.0 100.0

Fox Chase Bancorp, Inc. 12/08/15 07/01/16 243.3 1.00 0.0 100.0

Golden Enterprises, Inc. 07/19/16 09/30/16 135.5 1.00 0.0 100.0

Hansen Medical, Inc. 04/20/16 07/27/16 76.0 1.00 0.0 100.0

Harmony Bank Jackson NJ 02/18/16 07/01/16 34.3 1.00 0.0 100.0


3rd Quarter 2016


Target Name

Announce

Date Close Date

Target

Market Value

of Equity

($Mil)

Currency

Exchange

Rate

Pctg. of

Common

Previously

Held by Acq.

Pctg. Of

Common

Held by Acq.

After Trans.

Hatteras Financial Corp. 04/11/16 07/12/16 1,543.1 1.00 0.0 100.0

HeartWare International, Inc. 06/27/16 08/23/16 1,018.6 1.00 0.0 100.0

Higher One Holdings, Inc. 06/30/16 08/04/16 250.7 1.00 0.0 100.0

Imprivata, Inc. 07/13/16 09/16/16 489.1 1.00 0.0 100.0

Johnson Controls, Inc. 01/25/16 09/02/16 22,244.6 1.00 0.0 100.0

Kreisler Manufacturing Corp. 05/23/16 07/22/16 34.0 1.00 0.0 100.0

Krispy Kreme Doughnuts, Inc. 05/09/16 07/27/16 1,281.3 1.00 0.0 100.0

LaPorte Bancorp, Inc. 03/10/16 07/18/16 94.2 1.00 0.0 100.0

LDR Holding Corp. 06/07/16 07/13/16 1,084.7 1.00 0.0 100.0

Linn Energy LLC 03/22/16 08/01/16 7.8 1.00 36.9 71.8

Marketo, Inc. 05/31/16 08/16/16 1,590.7 1.00 0.0 100.0

Mattress Firm Holding Corp. 08/07/16 09/16/16 2,382.6 1.00 0.0 100.0

Medivation, Inc. 08/22/16 09/28/16 13,527.5 1.00 0.0 100.0

National Holdings Corp. 04/28/16 09/09/16 21.9 1.00 0.0 54.0

Niska Gas Storage Partners LLC 06/14/15 07/19/16 160.5 1.00 0.0 100.0

Nortek, Inc. 07/06/16 08/31/16 1,376.7 1.00 0.0 100.0

Outerwall, Inc. 07/25/16 09/27/16 895.2 1.00 0.0 100.0

Polycom, Inc. 07/08/16 09/27/16 1,697.6 1.00 0.0 100.0

Prime Pacific Financial Services, Inc. 04/26/16 08/02/16 16.5 1.00 0.0 100.0

Qlik Technologies, Inc. 06/02/16 08/22/16 2,894.9 1.00 0.0 100.0

QLogic Corp. 06/15/16 08/16/16 1,362.0 1.00 0.0 100.0

Range Resources - Louisiana, Inc. 05/16/16 09/16/16 3,041.8 1.00 0.0 100.0

ReachLocal, Inc. 06/27/16 08/09/16 138.5 1.00 0.0 100.0

Relypsa, Inc. 07/21/16 09/01/16 1,436.2 1.00 0.0 100.0

Resource America, Inc. 05/23/16 09/08/16 203.3 1.00 0.0 100.0

Rouse Properties, Inc. 01/19/16 07/06/16 703.6 1.00 33.4 100.0

Sagent Pharmaceuticals, Inc. 07/11/16 08/29/16 715.8 1.00 0.0 100.0

SciQuest, Inc. 05/31/16 07/28/16 469.1 1.00 4.9 100.0

Sequenom, Inc. 07/27/16 09/07/16 286.2 1.00 0.0 100.0

Sizmek, Inc. 08/03/16 09/27/16 113.6 1.00 0.0 100.0

Southern Company Gas 08/24/15 07/01/16 7,964.9 1.00 0.0 100.0

Starwood Hotels & Resorts Worldwide LLC 11/16/15 09/23/16 13,021.4 1.00 0.0 100.0

Symmetry Surgical, Inc. 05/02/16 07/01/16 140.7 1.00 0.0 100.0

Talmer Bancorp, Inc. 01/26/16 08/31/16 1,599.9 1.00 0.0 100.0


3rd Quarter 2016


Target Name

Announce

Date Close Date

Target

Market Value

of Equity

($Mil)

Currency

Exchange

Rate

Pctg. of

Common

Previously

Held by Acq.

Pctg. Of

Common

Held by Acq.

After Trans.

TECO Energy, Inc. 09/04/15 07/01/16 6,489.4 1.00 0.0 100.0

Tidelands Bancshares, Inc. 04/04/16 07/01/16 2.2 1.00 0.0 100.0

TiVo Solutions, Inc. 04/29/16 09/07/16 1,138.8 1.00 0.0 100.0

Treasure State Bank 04/20/16 08/31/16 14.3 1.00 0.0 100.0

Tumi Holdings, Inc. 03/03/16 08/01/16 1,809.9 1.00 0.0 100.0

United Engineers Ltd. (Multi-Fineline

Electronix, Inc.)

02/04/16 07/27/16 590.0 1.00 0.0 100.0

United Online, Inc. 11/16/15 07/01/16 147.4 1.00 10.6 100.0

USMD Holdings, Inc. 08/29/16 09/30/16 254.5 1.00 0.0 100.0

Xenith Bankshares, Inc. /Old/ 02/10/16 07/29/16 114.2 1.00 0.0 100.0

XenoPort, Inc. 05/23/16 07/01/16 448.9 1.00 0.0 100.0

Xura, Inc. 05/23/16 08/19/16 628.5 1.00 0.0 100.0

Your Community Bankshares, Inc. 05/03/16 09/09/16 251.4 1.00 0.0 100.0


3rd Quarter 2016

* Values are in U.S. Dollars, see page 63-66 for currency denomination of exchange rates.


Announce & Closing Dates, Total Deal Value (International) *

Target Name

Announce

Date Close Date

Target

Market Value

of Equity

($Mil)

Currency

Exchange

Rate

Pctg. Of

Common

Previously

Held by Acq.

Pctg. Of

Common

Held by Acq.

After Trans.

Aayush Food & Herbs Ltd. 03/17/16 09/07/16 0.1 0.02 46.2 62.1

Agalawatte Plantations PLC 07/14/16 07/14/16 2.1 0.007 0.0 60.8

Aker ASA (Havfisk ASA) 06/02/16 08/31/16 238.6 0.12 0.0 64.4

Alcatel-Lucent SA 04/14/15 09/06/16 10,636.2 1.12 0.0 95.3

Alpargatas SA 12/23/15 09/30/16 153.7 0.31 44.1 54.2

Aluminium Co. of Malaysia Bhd. 08/18/16 09/30/16 11.5 0.24 0.0 59.2

Antevenio SA 08/03/16 08/03/16 3.4 1.12 38.9 50.7

Axia NetMedia Corp. 03/09/16 07/29/16 208.2 0.77 0.0 100.0

Bankers Petroleum Ltd. 03/20/16 09/29/16 439.3 0.76 0.0 100.0



05/13/16 09/23/16 6.5 0.74 19.9 62.9

China Automation Group Ltd. 06/24/16 09/09/16 46.6 0.15 44.7 74.5

China Calxon Group Co., Ltd. 04/24/16 08/02/16 543.6 0.15 0.0 52.8

China Smarter Energy Group Holdings Ltd. 08/19/16 08/25/16 172.0 0.13 0.0 51.7

Chubu Gas Co., Ltd. 04/06/16 07/01/16 118.7 0.010 0.1 100.0

City Developments Ltd. (City e-Solutions

Ltd.)

07/22/16 07/26/16 73.0 0.13 0.0 52.5

Daesung Fine Tech Co. Ltd. 08/03/16 09/21/16 44.6 0.0009 0.0 61.9

Daiwa House REIT Investment Corp. /Old/ 04/15/16 09/01/16 2,181.4 0.010 0.0 100.0

Daiyu Eight Co., Ltd. 01/21/16 09/01/16 56.6 0.010 0.0 100.0

Dalian Wanda Commercial Properties Co.,

Ltd.

03/30/16 09/27/16 4,294.9 0.15 43.7 58.0

Dominion Citrus Income Fund 01/12/16 07/29/16 8.3 0.77 0.0 100.0

E-Commerce China Dangdang, Inc. 07/09/15 09/20/16 326.9 0.15 36.3 100.0

E-House (China) Holdings Ltd. 06/09/15 08/12/16 508.1 0.15 44.9 100.0

Ellipsiz Ltd. 07/07/16 09/08/16 28.1 0.74 34.1 93.6

Engineering Ingegneria Informatica SpA 12/02/15 07/01/16 511.5 1.11 44.3 100.0

Epicurean & Co. Ltd. 09/14/16 09/14/16 21.9 0.13 0.0 50.5

ETView Medical Ltd. 06/22/16 09/28/16 13.9 0.27 0.0 100.0

Excel Crop Care Ltd. 06/05/16 09/09/16 41.5 0.01 45.0 65.0

Fersa Energías Renovables SA 05/19/16 08/08/16 54.9 1.11 0.0 70.9


3rd Quarter 2016



Target Name

Announce

Date Close Date

Target

Market Value

of Equity

($Mil)

Currency

Exchange

Rate

Pctg. Of

Common

Previously

Held by Acq.

Pctg. Of

Common

Held by Acq.

After Trans.

FNG Group NV 03/25/16 09/23/16 157.4 1.12 0.0 100.0

Gas Natural SDG SA (Gasco SA) 12/18/15 08/05/16 309.7 0.002 22.2 94.1

General Electric Co. (Bank BPH SA) 07/11/16 09/27/16 413.1 0.26 0.0 66.0

Glory Mark Hi-Tech (Holdings) Ltd. 07/22/15 09/08/16 31.7 0.13 0.0 53.4

Grand Concord International Holdings Ltd. 07/27/16 07/29/16 49.6 0.13 0.0 58.7

Greenland Financial Overseas Investment

Group Co. Ltd. (China Greenland

Rundong Auto Group Ltd.)

07/01/16 07/01/16 177.4 0.15 30.0 60.0

Halcyon Agri Corp. Ltd. 03/28/16 08/22/16 118.9 0.74 30.1 65.7

Hawk Exploration Ltd. 06/01/16 07/14/16 2.8 0.77 0.0 100.0

Hewlett Packard Enterprise Co. (Mphasis

Ltd.)

04/04/16 09/01/16 815.8 0.01 0.0 60.5

Hindalco Industries Ltd. (Aditya Birla

Minerals Ltd.)

10/15/15 08/03/16 108.7 0.76 0.0 100.0

Hwang Capital (Malaysia) Bhd. 05/23/16 07/21/16 56.4 0.25 30.6 64.3

iDreamSky Technology Ltd. 06/15/15 09/07/16 590.8 0.15 22.1 100.0

Imperial dd 07/05/16 09/21/16 38.7 0.15 0.0 50.8

Industria Textil Piura SA 07/01/16 08/05/16 0.2 0.30 0.0 69.2

InnVest Real Estate Investment Trust 05/11/16 08/19/16 756.8 0.78 0.0 100.0

ISARIA Wohnbau AG 06/17/16 09/16/16 110.3 1.12 0.0 92.4

Land & Leisure A/S 05/25/16 07/21/16 51.6 0.15 0.0 76.0

Lentex SA (Novita SA) 06/07/16 08/01/16 21.4 0.26 0.0 63.2

Mareterram Ltd. 04/08/16 07/22/16 12.6 0.74 19.9 55.9

Meda AB 02/10/16 08/05/16 6,991.2 0.12 0.0 100.0

Medtech SAS 07/18/16 07/18/16 77.8 1.11 0.0 58.8

Migao Corp. 06/07/16 09/06/16 20.2 0.78 34.2 100.0

Mols-Linien A/S 07/03/15 09/03/16 51.1 0.15 30.0 90.0

Neptune Orient Lines Ltd. 11/07/15 09/02/16 2,488.8 0.74 0.0 100.0

Norway Seafoods Group AS 06/02/16 08/31/16 7.5 0.12 0.0 73.6

Orolia SA 02/11/16 07/07/16 78.0 1.11 0.0 93.8

Ovivo, Inc. 07/13/16 09/16/16 108.5 0.76 18.7 100.0

Prism Medical Ltd. 06/27/16 08/31/16 52.7 0.76 0.0 100.0

Qihoo 360 Technology Co., Ltd. 06/17/15 07/15/16 6,951.8 0.15 26.8 100.0

QTC Energy PCL 06/21/16 08/02/16 22.3 0.03 25.9 63.0


3rd Quarter 2016



Target Name

Announce

Date Close Date

Target

Market Value

of Equity

($Mil)

Currency

Exchange

Rate

Pctg. Of

Common

Previously

Held by Acq.

Pctg. Of

Common

Held by Acq.

After Trans.

Raimount Energy, Inc. 06/29/16 08/19/16 4.2 0.78 0.0 100.0

Rock Energy, Inc. 05/31/16 07/21/16 31.3 0.77 0.0 100.0

RR Media Ltd. 02/26/16 07/06/16 234.6 0.26 0.0 100.0

Saft Groupe SA 05/09/16 08/12/16 1,059.4 1.12 0.0 100.0

Sala House Co., Ltd. 04/06/16 07/01/16 37.8 0.010 0.0 100.0

Select Group Ltd. 03/23/16 08/25/16 24.4 0.74 34.9 79.1

Shun Cheong Holdings Ltd. 07/09/15 07/29/16 15.1 0.13 0.0 50.4

SMART Technologies, Inc. 05/26/16 09/14/16 54.7 0.76 0.0 100.0

Société des Produits Marnier Lapostolle SA 03/15/16 07/14/16 402.0 1.11 47.1 100.0

Striker Exploration Corp. 06/07/16 07/27/16 34.6 0.76 0.0 100.0

Superglass Holdings PLC 07/22/16 09/15/16 11.5 1.32 0.0 100.0

Sweett Group PLC 06/24/16 09/07/16 38.5 1.33 0.0 100.0

Takson Holdings Ltd. 09/23/16 09/23/16 62.8 0.13 0.0 66.4

TNT Express NV 04/07/15 07/04/16 4,890.7 1.11 0.0 100.0

Top REIT, Inc. 05/26/16 09/01/16 762.7 0.010 0.0 100.0

Toyo Seikan Group Holdings Ltd. (Malaysia


07/29/16 09/29/16 0.9 0.24 0.0 55.0

U Banquet Group Holding Ltd. 09/15/16 09/15/16 48.1 0.13 0.0 62.2

UNY Group Holdings Co., Ltd. 03/10/15 09/01/16 2,272.5 0.010 0.0 100.0

USG People NV 12/22/15 07/22/16 1,558.3 1.10 0.0 100.0

Vivoline Medical AB 04/18/16 07/14/16 17.3 0.12 0.0 100.0

Wema Bank PLC (Great Nigerian Insurance

PLC)

08/22/16 09/21/16 10.3 0.003 0.0 75.0

Wincor Nixdorf AG 10/17/15 08/15/16 1,666.5 1.12 0.0 100.0

Wireless Group PLC 06/30/16 09/26/16 280.6 1.30 0.0 100.0

Wong Engineering Corp. Bhd. 08/23/16 08/23/16 6.4 0.25 10.5 53.6

Yageo Corp. (Luminous Town Electric Co.,

Ltd.)

06/07/16 09/29/16 3.4 0.03 43.2 58.9

Yoho Resources, Inc. 07/19/16 09/07/16 22.5 0.78 0.0 100.0

Yuhua Energy Holdings Ltd. 05/23/16 08/04/16 26.3 0.13 30.5 58.9


3rd Quarter 2016

* All stock prices are in U.S. Dollars..

www.mergerstat.com 36

Purchase Price/Share – Mergerstat Unaffected Price (Domestic) *

Target Name

Purchase

Price Per

Share

Mergerstat

Unaffected

Price

Price

1 Day

Price

1 Week

Price

1 Month

Price

2 Months

1st Century Bancshares, Inc. (California) 11.22 8.00 8.00 8.00 8.96 7.38

American Science & Engineering, Inc. 37.00 32.34 32.34 31.82 30.05 28.53

Apollo Residential Mortgage, Inc. 13.67 10.14 10.14 9.93 10.47 12.87

Avenue Financial Holdings, Inc. 20.03 13.20 13.20 13.26 14.12 13.98

Axiall Corp. 33.00 9.80 9.80 9.60 15.44 20.76

Bremen Bancorp, Inc. 93.93 70.75 70.75 70.75 70.75 70.75

C1 Financial, Inc. 23.59 20.70 20.70 20.92 19.75 18.54

Cardinal Bankshares Corp. 17.94 8.81 8.81 9.00 8.98 9.20

Ceres, Inc. 0.40 0.22 0.22 0.25 0.19 0.23

Coast Bancorp (San Luis Obispo, California) 2.19 1.70 1.70 1.70 1.70 1.95

Columbia Pipeline Group, Inc. 25.50 19.75 23.00 21.43 17.46 17.10

Cordia Bancorp, Inc. 5.15 3.92 3.92 3.87 3.93 4.10

Delaware Bancshares, Inc. 17.22 13.43 13.43 13.43 13.10 13.03

Demandware, Inc. 75.00 47.99 47.99 45.07 46.08 38.00

Diamond Resorts International, Inc. 30.25 19.11 24.07 24.59 23.34 21.21

Dominion Questar Corp. 25.00 20.39 20.39 18.95 19.48 19.07

DreamWorks Animation SKG, Inc. 41.00 27.15 32.20 27.01 24.73 24.90

Electro Rent Corp. 15.50 10.55 10.55 10.54 10.01 9.26

Elizabeth Arden, Inc. 14.00 9.33 9.33 9.54 9.65 9.79

EMC Corp. 33.15 26.85 27.86 25.31 24.60 26.38

EPIQ Systems, Inc. 16.50 11.38 14.42 14.80 14.07 14.78

ExamWorks Group, Inc. 35.05 33.57 33.57 33.47 27.98 29.24

Fairchild Semiconductor International, Inc. 20.00 14.14 17.88 17.71 16.55 13.73

FEI Co. 107.50 94.58 94.58 88.31 90.90 86.55

First Clover Leaf Financial Corp. 12.60 9.60 9.60 9.70 9.33 9.40

First Marblehead Corp. 5.05 3.51 3.56 3.56 3.25 3.97

First Niagara Financial Group, Inc. 10.22 8.96 10.38 10.64 10.21 9.16

FirstMerit Corp. 21.65 16.08 15.37 16.11 19.02 20.34

Foundation Bancorp, Inc. (Washington) 12.98 10.15 10.15 9.95 9.55 9.55

Fox Chase Bancorp, Inc. 20.67 18.38 18.38 18.39 17.65 17.89

Golden Enterprises, Inc. 12.00 7.50 7.50 7.39 6.71 5.65


3rd Quarter 2016



Target Name

Purchase

Price Per

Share

Mergerstat

Unaffected

Price

Price

1 Day

Price

1 Week

Price

1 Month

Price

2 Months

Hansen Medical, Inc. 4.00 2.86 2.86 3.05 2.65 2.61

Harmony Bank Jackson NJ 14.23 10.25 10.25 10.25 10.25 10.00

Hatteras Financial Corp. 16.33 14.26 14.26 14.25 14.19 11.87

HeartWare International, Inc. 58.00 29.98 29.98 32.09 29.08 34.30

Higher One Holdings, Inc. 5.15 3.75 3.75 3.73 3.78 3.79

Imprivata, Inc. 19.25 14.50 14.50 13.96 14.00 12.50

Johnson Controls, Inc. 34.88 35.60 35.60 34.71 40.50 45.47

Kreisler Manufacturing Corp. 18.00 11.08 11.08 10.89 10.70 9.73

Krispy Kreme Doughnuts, Inc. 21.00 16.86 16.86 17.34 15.95 15.13

LaPorte Bancorp, Inc. 16.88 14.60 14.60 14.45 14.55 15.29

LDR Holding Corp. 37.00 22.58 22.58 21.03 26.14 26.51

Linn Energy LLC 0.06 0.60 0.60 0.68 0.51 1.28

Marketo, Inc. 35.25 32.20 32.20 28.74 21.99 19.57

Mattress Firm Holding Corp. 64.00 29.74 29.31 29.84 31.32 34.04

Medivation, Inc. 81.50 57.80 67.16 65.30 62.63 58.89

National Holdings Corp. 3.25 2.26 2.26 2.30 2.50 2.48

Niska Gas Storage Partners LLC 4.23 1.31 1.40 1.54 2.00 2.20

Nortek, Inc. 86.00 62.49 62.49 55.17 49.39 46.90

Outerwall, Inc. 52.00 34.39 46.91 45.83 43.40 40.17

Polycom, Inc. 12.50 10.86 10.87 11.17 12.08 11.44

Prime Pacific Financial Services, Inc. 1.72 1.31 1.31 1.29 1.29 1.33

Qlik Technologies, Inc. 30.50 24.19 28.97 31.61 31.46 28.95

QLogic Corp. 16.09 13.67 13.67 13.82 13.13 13.35

Range Resources - Louisiana, Inc. 14.76 13.45 13.45 11.86 12.77 9.85

ReachLocal, Inc. 4.60 1.60 1.60 1.74 1.62 1.84

Relypsa, Inc. 32.00 22.32 20.10 19.93 17.00 14.96

Resource America, Inc. 9.78 6.46 6.46 6.11 6.48 5.51

Rouse Properties, Inc. 18.25 13.49 13.49 14.11 14.81 16.30

Sagent Pharmaceuticals, Inc. 21.75 16.08 15.50 15.13 14.05 11.25

SciQuest, Inc. 17.75 13.27 13.27 13.23 13.82 13.88

Sequenom, Inc. 2.40 0.85 0.85 0.89 0.95 1.03

Sizmek, Inc. 3.90 2.66 2.66 2.76 2.31 2.45

Southern Company Gas 66.00 47.86 47.86 49.82 47.28 47.13


3rd Quarter 2016



Target Name

Purchase

Price Per

Share

Mergerstat

Unaffected

Price

Price

1 Day

Price

1 Week

Price

1 Month

Price

2 Months

Starwood Hotels & Resorts Worldwide LLC 76.80 63.45 69.41 71.21 62.46 68.62

Symmetry Surgical, Inc. 13.10 10.39 10.39 10.17 10.35 10.20

Talmer Bancorp, Inc. 23.81 16.00 16.00 16.63 17.73 17.92

TECO Energy, Inc. 27.55 18.58 21.06 21.23 21.77 18.10

Tidelands Bancshares, Inc. 0.52 0.26 0.26 0.26 0.25 0.18

TiVo Solutions, Inc. 11.30 7.66 9.42 9.38 9.70 8.39

Treasure State Bank 8.05 5.15 5.15 5.15 4.88 4.72

Tumi Holdings, Inc. 26.75 19.80 20.13 19.09 17.96 16.63

United Engineers Ltd. (Multi-Fineline Electronix, Inc.) 23.95 17.01 17.01 15.66 19.53 24.11

United Online, Inc. 11.00 10.32 10.32 10.39 11.23 11.10

USMD Holdings, Inc. 22.34 20.44 20.44 20.00 20.59 18.33

Xenith Bankshares, Inc. /Old/ 8.67 6.70 6.70 6.90 7.20 6.86

XenoPort, Inc. 7.03 4.40 4.40 4.39 4.92 4.32

Xura, Inc. 25.00 20.98 20.98 21.61 21.88 18.91

Your Community Bankshares, Inc. 39.05 33.68 33.68 32.99 31.48 32.58


3rd Quarter 2016

* All stock prices are in home currency, See page 63-66 for currency denomination of stock prices.


Purchase Price/Share – Mergerstat Unaffected Price (International) *

Target Name

Purchase

Price Per

Share

Mergerstat

Unaffected

Price

Price

1 Day

Price

1 Week

Price

1 Month

Price

2 Months

Aayush Food & Herbs Ltd. 15.10 39.10 39.10 39.90 38.60 24.55

Agalawatte Plantations PLC 20.00 20.00 20.00 22.20 21.50 22.80

Aker ASA (Havfisk ASA) 36.50 34.30 34.30 32.00 31.30 33.00

Alcatel-Lucent SA 2.81 2.86 3.86 3.63 3.72 3.43

Alpargatas SA 11.02 9.40 9.40 9.50 10.06 8.87

Aluminium Co. of Malaysia Bhd. 0.61 0.80 0.80 0.80 0.81 0.78

Antevenio SA 6.00 5.31 5.31 5.15 5.10 5.00

Axia NetMedia Corp. 4.25 2.85 2.85 2.81 2.85 2.95

Bankers Petroleum Ltd. 2.20 1.11 1.15 1.12 0.91 0.69

BMT Investment Holdings Pte Ltd. (British & Malayan

Trustees Ltd.)

2.36 6.20 6.20 6.20 6.20 6.20

China Automation Group Ltd. 1.02 0.92 0.92 0.90 0.94 0.90

China Calxon Group Co., Ltd. 3.79 4.58 4.58 4.58 4.58 4.75

China Smarter Energy Group Holdings Ltd. 0.33 0.51 0.51 0.54 0.57 0.57

Chubu Gas Co., Ltd. 274.95 244.00 244.00 247.00 243.00 245.00

City Developments Ltd. (City e-Solutions Ltd.) 2.82 2.74 2.68 2.75 2.55 2.59

Daesung Fine Tech Co. Ltd. 15,547.00 4,000.00 4,000.00 3,030.00 1,816.00 1,390.00

Daiwa House REIT Investment Corp. /Old/ 641,960.00 496,500.00 496,500.00 505,000.00 489,000.00 439,500.00

Daiyu Eight Co., Ltd. 632.70 786.00 786.00 819.00 866.00 825.00

Dalian Wanda Commercial Properties Co., Ltd. 44.32 30.68 30.68 31.34 26.86 31.40

Dominion Citrus Income Fund 0.53 0.10 0.27 0.32 0.16 0.14

E-Commerce China Dangdang, Inc. 44.69 40.42 40.42 52.00 53.62 57.62

E-House (China) Holdings Ltd. 42.51 41.64 41.64 36.07 42.10 39.10

Ellipsiz Ltd. 0.38 0.36 0.36 0.36 0.35 0.35

Engineering Ingegneria Informatica SpA 66.00 57.80 57.80 57.55 56.00 51.90

Epicurean & Co. Ltd. 0.12 0.11 0.11 0.11 0.12 0.13

ETView Medical Ltd. 2.89 2.60 2.62 2.56 2.59 2.35

Excel Crop Care Ltd. 1,259.36 1,221.05 1,184.55 1,146.85 1,154.25 1,138.00

Fersa Energías Renovables SA 0.50 0.42 0.44 0.48 0.41 0.39

FNG Group NV 23.22 19.50 19.50 19.50 20.10 20.57

Gas Natural SDG SA (Gasco SA) 1,684.00 1,361.84 1,361.84 1,361.50 1,499.52 1,584.72

General Electric Co. (Bank BPH SA) 31.19 30.96 30.96 31.00 30.95 30.65

Glory Mark Hi-Tech (Holdings) Ltd. 0.72 0.35 0.35 0.34 0.48 0.39


3rd Quarter 2016



Target Name

Purchase

Price Per

Share

Mergerstat

Unaffected

Price

Price

1 Day

Price

1 Week

Price

1 Month

Price

2 Months

Grand Concord International Holdings Ltd. 1.59 1.52 1.52 1.45 1.33 1.28



4.16 2.80 2.80 2.79 2.72 2.38

Halcyon Agri Corp. Ltd. 0.75 0.73 0.73 0.70 0.68 0.68

Hawk Exploration Ltd. 0.08 0.03 0.03 0.03 0.05 0.04

Hewlett Packard Enterprise Co. (Mphasis Ltd.) 430.00 458.25 467.40 495.90 430.20 450.75

Hindalco Industries Ltd. (Aditya Birla Minerals Ltd.) 0.46 0.17 0.17 0.17 0.17 0.17

Hwang Capital (Malaysia) Bhd. 2.65 2.21 2.21 2.18 2.18 2.24

iDreamSky Technology Ltd. 86.91 90.39 90.39 65.16 51.95 60.62

Imperial dd 819.00 570.00 570.00 570.07 570.01 591.02

Industria Textil Piura SA 0.02 0.26 0.26 0.26 0.26 0.26

InnVest Real Estate Investment Trust 7.25 5.47 5.47 5.45 5.24 5.30

ISARIA Wohnbau AG 4.50 3.70 3.70 3.80 3.40 3.51

Land & Leisure A/S 6.05 5.40 5.40 5.50 5.50 5.00

Lentex SA (Novita SA) 53.00 60.00 60.00 59.50 52.31 51.70

Mareterram Ltd. 0.35 0.32 0.32 0.33 0.28 0.28

Meda AB 163.90 83.05 83.05 88.05 98.35 103.40

Medtech SAS 50.00 30.90 30.90 31.04 29.50 30.25

Migao Corp. 0.75 0.40 0.40 0.38 0.46 0.36

Mols-Linien A/S 40.00 32.50 32.40 32.00 29.20 29.50

Neptune Orient Lines Ltd. 1.30 0.98 0.98 1.00 1.00 0.84

Norway Seafoods Group AS 1.00 1.90 1.90 1.40 0.85 0.85

Orolia SA 20.00 16.50 16.50 17.43 17.95 16.62

Ovivo, Inc. 4.00 3.12 3.12 2.88 2.94 2.06

Prism Medical Ltd. 14.00 9.50 9.50 9.25 9.19 9.27

Qihoo 360 Technology Co., Ltd. 478.05 410.06 410.06 391.85 361.20 365.92

QTC Energy PCL 7.75 11.10 11.10 10.60 10.00 7.70

Raimount Energy, Inc. 0.78 0.62 0.62 0.59 0.71 0.50

Rock Energy, Inc. 0.86 0.79 0.79 0.90 1.30 1.35

RR Media Ltd. 51.93 33.99 33.99 32.98 33.23 34.93

Saft Groupe SA 36.50 26.40 26.40 26.49 26.10 27.21

Sala House Co., Ltd. 760.50 707.00 707.00 699.00 700.00 678.00

Select Group Ltd. 0.53 0.43 0.43 0.43 0.36 0.36

Shun Cheong Holdings Ltd. 0.67 2.36 5.90 5.90 4.08 1.55


3rd Quarter 2016



Target Name

Purchase

Price Per

Share

Mergerstat

Unaffected

Price

Price

1 Day

Price

1 Week

Price

1 Month

Price

2 Months

SMART Technologies, Inc. 5.89 6.48 6.48 6.24 5.56 4.96

Société des Produits Marnier Lapostolle SA 8,050.00 5,020.00 5,020.00 4,950.00 4,900.00 4,750.00

Striker Exploration Corp. 1.42 1.40 1.40 1.39 1.38 1.54

Superglass Holdings PLC 0.06 0.03 0.03 0.03 0.03 0.04

Sweett Group PLC 0.42 0.23 0.35 0.35 0.23 0.19

Takson Holdings Ltd. 0.95 0.72 0.72 0.67 0.54 0.50

TNT Express NV 8.00 5.99 5.95 5.92 5.51 5.99

Top REIT, Inc. 447,234.00 438,500.00 455,000.00 438,500.00 415,500.00 441,000.00

Toyo Seikan Group Holdings Ltd. (Malaysia Packaging

Industry Bhd.)

0.17 0.45 0.45 0.46 0.51 0.46

U Banquet Group Holding Ltd. 1.29 1.26 1.26 1.27 1.18 0.98

UNY Group Holdings Co., Ltd. 1,022.58 662.00 731.00 668.00 708.00 633.00

USG People NV 17.50 13.40 13.40 13.44 14.43 13.21

Vivoline Medical AB 12.87 7.95 7.95 7.05 4.17 4.40

Wema Bank PLC (Great Nigerian Insurance PLC) 1.13 0.50 0.50 0.50 0.50 0.50

Wincor Nixdorf AG 49.92 38.90 38.71 38.52 37.12 37.67

Wireless Group PLC 3.15 1.85 1.85 1.89 1.71 1.81

Wong Engineering Corp. Bhd. 0.65 0.70 0.70 0.67 0.57 0.59

Yageo Corp. (Luminous Town Electric Co., Ltd.) 10.00 830.27 830.27 833.36 836.65 651.69

Yoho Resources, Inc. 0.48 0.24 0.24 0.26 0.26 0.25

Yuhua Energy Holdings Ltd. 0.93 1.02 1.02 0.98 1.05 0.96


3rd Quarter 2016

* Not used in average or median calculations.


Mergerstat Unaffected Control Premium (Domestic)

Target Name

Mergerstat

Unaffected

Control

Premium

Premium

1 Day

Premium

1 Week

Premium

1 Month

Premium

2 Months

1st Century Bancshares, Inc. (California) 40.3% 40.3% 40.3% 25.2% 52.1%

American Science & Engineering, Inc. 14.4% 14.4% 16.3% 23.1% 29.7%

Apollo Residential Mortgage, Inc. 34.8% 34.8% 37.6% 30.5% 6.2%

Avenue Financial Holdings, Inc. 51.8% 51.8% 51.1% 41.9% 43.3%

Axiall Corp. 236.7% 236.7% 243.8% 113.7% 59.0%

Bremen Bancorp, Inc. 32.8% 32.8% 32.8% 32.8% 32.8%

C1 Financial, Inc. 14.0% 14.0% 12.8% 19.5% 27.3%

Cardinal Bankshares Corp. 103.6% 103.6% 99.3% 99.9% 95.0%

Ceres, Inc. 81.3% 81.3% 60.3% 113.6% 73.2%

Coast Bancorp (San Luis Obispo, California) 29.0% 29.0% 29.0% 29.0% 12.4%

Columbia Pipeline Group, Inc. 29.1% 10.9% 19.0% 46.0% 49.1%

Cordia Bancorp, Inc. 31.4% 31.4% 33.1% 31.0% 25.6%

Delaware Bancshares, Inc. 28.2% 28.2% 28.2% 31.4% 32.2%

Demandware, Inc. 56.3% 56.3% 66.4% 62.8% 97.4%

Diamond Resorts International, Inc. 58.3% 25.7% 23.0% 29.6% 42.6%

Dominion Questar Corp. 22.6% 22.6% 31.9% 28.3% 31.1%

DreamWorks Animation SKG, Inc. 51.0% 27.3% 51.8% 65.8% 64.7%

Electro Rent Corp. 46.9% 46.9% 47.1% 54.8% 67.4%

Elizabeth Arden, Inc. 50.1% 50.1% 46.8% 45.1% 43.0%

EMC Corp. 23.5% 19.0% 31.0% 34.8% 25.7%

EPIQ Systems, Inc. 45.0% 14.4% 11.5% 17.3% 11.6%

ExamWorks Group, Inc. 4.4% 4.4% 4.7% 25.3% 19.9%

Fairchild Semiconductor International, Inc. 41.4% 11.9% 12.9% 20.8% 45.7%

FEI Co. 13.7% 13.7% 21.7% 18.3% 24.2%

First Clover Leaf Financial Corp. 31.2% 31.2% 29.9% 35.1% 34.0%

First Marblehead Corp. 43.9% 41.9% 41.9% 55.4% 27.2%

First Niagara Financial Group, Inc. 14.1% -1.5% -3.9% 0.1% 11.7%

FirstMerit Corp. 34.6% 40.9% 34.4% 13.8% 6.4%

Foundation Bancorp, Inc. (Washington) 27.8% 27.8% 30.4% 35.9% 35.9%

Fox Chase Bancorp, Inc. 12.5% 12.5% 12.4% 17.1% 15.6%

Golden Enterprises, Inc. 60.0% 60.0% 62.4% 78.8% 112.4%

Hansen Medical, Inc. 39.9% 39.9% 31.1% 50.9% 53.3%


3rd Quarter 2016



Target Name

Mergerstat

Unaffected

Control

Premium

Premium

1 Day

Premium

1 Week

Premium

1 Month

Premium

2 Months

Harmony Bank Jackson NJ 38.8% 38.8% 38.8% 38.8% 42.3%

Hatteras Financial Corp. 14.5% 14.5% 14.6% 15.0% 37.5%

HeartWare International, Inc. 93.5% 93.5% 80.7% 99.4% 69.1%

Higher One Holdings, Inc. 37.3% 37.3% 38.1% 36.2% 35.9%

Imprivata, Inc. 32.8% 32.8% 37.9% 37.5% 54.0%

Johnson Controls, Inc. -2.0% * -2.0% 0.5% -13.9% -23.3%

Kreisler Manufacturing Corp. 62.5% 62.5% 65.3% 68.2% 85.0%

Krispy Kreme Doughnuts, Inc. 24.6% 24.6% 21.1% 31.7% 38.8%

LaPorte Bancorp, Inc. 15.6% 15.6% 16.8% 16.0% 10.4%

LDR Holding Corp. 63.9% 63.9% 75.9% 41.5% 39.6%

Linn Energy LLC -89.5% * -89.5% -90.7% -87.6% -95.1%

Marketo, Inc. 9.5% 9.5% 22.7% 60.3% 80.1%

Mattress Firm Holding Corp. 115.2% 118.4% 114.5% 104.3% 88.0%

Medivation, Inc. 41.0% 21.4% 24.8% 30.1% 38.4%

National Holdings Corp. 43.8% 43.8% 41.3% 30.0% 31.0%

Niska Gas Storage Partners LLC 222.5% 201.8% 174.4% 111.3% 92.0%

Nortek, Inc. 37.6% 37.6% 55.9% 74.1% 83.4%

Outerwall, Inc. 51.2% 10.9% 13.5% 19.8% 29.4%

Polycom, Inc. 15.1% 15.0% 11.9% 3.5% 9.3%

Prime Pacific Financial Services, Inc. 32.0% 32.0% 33.6% 33.6% 29.5%

Qlik Technologies, Inc. 26.1% 5.3% -3.5% -3.1% 5.4%

QLogic Corp. 17.7% 17.7% 16.5% 22.6% 20.6%

Range Resources - Louisiana, Inc. 9.8% 9.8% 24.5% 15.6% 49.9%

ReachLocal, Inc. 187.5% 187.5% 164.4% 184.0% 150.0%

Relypsa, Inc. 43.4% 59.2% 60.6% 88.2% 113.9%

Resource America, Inc. 51.4% 51.4% 60.1% 50.9% 77.5%

Rouse Properties, Inc. 35.3% 35.3% 29.3% 23.2% 12.0%

Sagent Pharmaceuticals, Inc. 35.3% 40.3% 43.8% 54.8% 93.3%

SciQuest, Inc. 33.8% 33.8% 34.2% 28.4% 27.9%

Sequenom, Inc. 182.1% 182.1% 171.1% 152.6% 133.0%

Sizmek, Inc. 46.6% 46.6% 41.3% 68.8% 59.2%

Southern Company Gas 37.9% 37.9% 32.5% 39.6% 40.0%

Starwood Hotels & Resorts Worldwide LLC 21.0% 10.6% 7.9% 23.0% 11.9%


3rd Quarter 2016



Target Name

Mergerstat

Unaffected

Control

Premium

Premium

1 Day

Premium

1 Week

Premium

1 Month

Premium

2 Months

Symmetry Surgical, Inc. 26.1% 26.1% 28.8% 26.6% 28.4%

Talmer Bancorp, Inc. 48.8% 48.8% 43.2% 34.3% 32.9%

TECO Energy, Inc. 48.3% 30.8% 29.8% 26.6% 52.2%

Tidelands Bancshares, Inc. 103.9% 103.9% 103.9% 108.0% 197.1%

TiVo Solutions, Inc. 47.6% 20.0% 20.5% 16.5% 34.7%

Treasure State Bank 56.2% 56.2% 56.2% 65.0% 70.4%

Tumi Holdings, Inc. 35.1% 32.9% 40.1% 48.9% 60.9%

United Engineers Ltd. (Multi-Fineline Electronix,

Inc.)

40.8% 40.8% 52.9% 22.6% -0.7%

United Online, Inc. 6.6% 6.6% 5.9% -2.0% -0.9%

USMD Holdings, Inc. 9.3% 9.3% 11.7% 8.5% 21.9%

Xenith Bankshares, Inc. /Old/ 29.4% 29.4% 25.6% 20.4% 26.3%

XenoPort, Inc. 59.8% 59.8% 60.1% 42.9% 62.7%

Xura, Inc. 19.2% 19.2% 15.7% 14.3% 32.2%

Your Community Bankshares, Inc. 15.9% 15.9% 18.4% 24.0% 19.9%

Range: High 236.7% 236.7% 243.8% 184.0% 197.1%

Low -89.5% -89.5% -90.7% -87.6% -95.1%

Median: 37.3% 32.0% 32.5% 31.7% 35.9%

Average: 47.1% 41.2% 41.5% 41.6% 44.5%


3rd Quarter 2016



Mergerstat Unaffected Control Premium (International)

Target Name

Mergerstat

Unaffected

Control

Premium

Premium

1 Day

Premium

1 Week

Premium

1 Month

Premium

2 Months

Aayush Food & Herbs Ltd. -61.4% * -61.4% -62.2% -60.9% -38.5%

Agalawatte Plantations PLC 0.0% 0.0% -9.9% -7.0% -12.3%

Aker ASA (Havfisk ASA) 6.4% 6.4% 14.1% 16.6% 10.6%

Alcatel-Lucent SA -1.8% * -27.4% -22.7% -24.5% -18.2%

Alpargatas SA 17.2% 17.2% 16.0% 9.5% 24.2%

Aluminium Co. of Malaysia Bhd. -23.3% * -23.3% -23.3% -24.2% -21.8%

Antevenio SA 13.0% 13.0% 16.5% 17.6% 20.0%

Axia NetMedia Corp. 49.1% 49.1% 51.2% 49.1% 44.1%

Bankers Petroleum Ltd. 98.2% 91.3% 96.4% 141.8% 218.8%



-61.9% * -61.9% -61.9% -61.9% -61.9%

China Automation Group Ltd. 11.1% 11.1% 13.1% 8.7% 13.7%

China Calxon Group Co., Ltd. -17.2% * -17.2% -17.2% -17.2% -20.2%

China Smarter Energy Group Holdings Ltd. -35.3% * -35.3% -38.9% -42.1% -42.1%

Chubu Gas Co., Ltd. 12.7% 12.7% 11.3% 13.1% 12.2%

City Developments Ltd. (City e-Solutions Ltd.) 2.9% 5.2% 2.5% 10.6% 8.9%

Daesung Fine Tech Co. Ltd. 288.7% 288.7% 413.1% 756.1% 1,018.5%

Daiwa House REIT Investment Corp. /Old/ 29.3% 29.3% 27.1% 31.3% 46.1%

Daiyu Eight Co., Ltd. -19.5% * -19.5% -22.7% -26.9% -23.3%

Dalian Wanda Commercial Properties Co., Ltd. 44.5% 44.5% 41.4% 65.0% 41.1%

Dominion Citrus Income Fund 428.0% 95.6% 66.0% 230.0% 291.1%

E-Commerce China Dangdang, Inc. 10.6% 10.6% -14.0% -16.6% -22.4%

E-House (China) Holdings Ltd. 2.1% 2.1% 17.8% 1.0% 8.7%

Ellipsiz Ltd. 5.6% 5.6% 7.0% 8.6% 10.1%

Engineering Ingegneria Informatica SpA 14.2% 14.2% 14.7% 17.9% 27.2%

Epicurean & Co. Ltd. 7.1% 7.1% 7.1% 0.0% -9.7%

ETView Medical Ltd. 11.3% 10.4% 13.1% 11.7% 23.1%

Excel Crop Care Ltd. 3.1% 6.3% 9.8% 9.1% 10.7%

Fersa Energías Renovables SA 20.5% 14.9% 5.3% 23.5% 28.2%

FNG Group NV 19.1% 19.1% 19.1% 15.5% 12.9%

Gas Natural SDG SA (Gasco SA) 23.7% 23.7% 23.7% 12.3% 6.3%

General Electric Co. (Bank BPH SA) 0.7% 0.7% 0.6% 0.8% 1.8%

Glory Mark Hi-Tech (Holdings) Ltd. 103.7% 103.7% 109.0% 50.9% 85.2%


3rd Quarter 2016



Target Name

Mergerstat

Unaffected

Control

Premium

Premium

1 Day

Premium

1 Week

Premium

1 Month

Premium

2 Months

Grand Concord International Holdings Ltd. 4.7% 4.7% 9.8% 19.7% 24.4%


Ltd. (China Greenland Rundong Auto Group

Ltd.)

48.6% 48.6% 49.3% 53.0% 74.7%

Halcyon Agri Corp. Ltd. 2.7% 2.7% 7.1% 11.1% 11.1%

Hawk Exploration Ltd. 166.7% 166.7% 166.7% 77.8% 110.5%

Hewlett Packard Enterprise Co. (Mphasis Ltd.) -6.2% * -8.0% -13.3% 0.0% -4.6%

Hindalco Industries Ltd. (Aditya Birla Minerals Ltd.) 169.4% 169.4% 177.6% 169.4% 169.4%

Hwang Capital (Malaysia) Bhd. 19.9% 19.9% 21.6% 21.6% 18.3%

iDreamSky Technology Ltd. -3.8% * -3.8% 33.4% 67.3% 43.4%

Imperial dd 43.7% 43.7% 43.7% 43.7% 38.6%

Industria Textil Piura SA -92.3% * -92.3% -92.3% -92.3% -92.3%

InnVest Real Estate Investment Trust 32.5% 32.5% 33.0% 38.4% 36.8%

ISARIA Wohnbau AG 21.6% 21.6% 18.4% 32.4% 28.1%

Land & Leisure A/S 12.0% 12.0% 10.0% 10.0% 21.0%

Lentex SA (Novita SA) -11.7% * -11.7% -10.9% 1.3% 2.5%

Mareterram Ltd. 9.4% 9.4% 7.7% 25.0% 25.0%

Meda AB 97.4% 97.4% 86.1% 66.7% 58.5%

Medtech SAS 61.8% 61.8% 61.1% 69.5% 65.3%

Migao Corp. 89.9% 89.9% 97.4% 63.0% 108.3%

Mols-Linien A/S 23.1% 23.5% 25.0% 37.0% 35.6%

Neptune Orient Lines Ltd. 32.7% 32.7% 30.7% 30.0% 55.7%

Norway Seafoods Group AS -47.4% * -47.4% -28.6% 17.6% 17.6%

Orolia SA 21.2% 21.2% 14.7% 11.4% 20.3%

Ovivo, Inc. 28.2% 28.2% 38.9% 36.1% 94.2%

Prism Medical Ltd. 47.4% 47.4% 51.4% 52.3% 51.0%

Qihoo 360 Technology Co., Ltd. 16.6% 16.6% 22.0% 32.4% 30.6%

QTC Energy PCL -30.2% * -30.2% -26.9% -22.5% 0.6%

Raimount Energy, Inc. 25.8% 25.8% 33.3% 10.6% 56.0%

Rock Energy, Inc. 8.7% 8.7% -4.6% -33.9% -36.4%

RR Media Ltd. 52.8% 52.8% 57.4% 56.3% 48.7%

Saft Groupe SA 38.3% 38.3% 37.8% 39.8% 34.1%

Sala House Co., Ltd. 7.6% 7.6% 8.8% 8.6% 12.2%

Select Group Ltd. 23.5% 23.5% 22.1% 45.8% 45.8%


3rd Quarter 2016



Target Name

Mergerstat

Unaffected

Control

Premium

Premium

1 Day

Premium

1 Week

Premium

1 Month

Premium

2 Months

Shun Cheong Holdings Ltd. -71.6% * -88.6% -88.6% -83.6% -56.8%

SMART Technologies, Inc. -9.1% * -9.1% -5.7% 6.0% 18.6%

Société des Produits Marnier Lapostolle SA 60.4% 60.4% 62.6% 64.3% 69.5%

Striker Exploration Corp. 1.3% 1.3% 2.0% 2.8% -7.9%

Superglass Holdings PLC 113.3% 113.3% 113.3% 103.6% 54.5%

Sweett Group PLC 82.6% 21.7% 21.7% 82.6% 121.1%

Takson Holdings Ltd. 31.4% 31.4% 41.2% 75.2% 89.2%

TNT Express NV 33.5% 34.6% 35.1% 45.2% 33.7%

Top REIT, Inc. 2.0% -1.7% 2.0% 7.6% 1.4%



-63.1% * -63.1% -63.9% -67.5% -63.5%

U Banquet Group Holding Ltd. 2.4% 2.4% 1.6% 9.3% 31.6%

UNY Group Holdings Co., Ltd. 54.5% 39.9% 53.1% 44.4% 61.5%

USG People NV 30.6% 30.6% 30.2% 21.3% 32.5%

Vivoline Medical AB 61.8% 61.8% 82.5% 208.5% 192.4%

Wema Bank PLC (Great Nigerian Insurance PLC) 126.0% 126.0% 126.0% 126.0% 126.0%

Wincor Nixdorf AG 28.3% 28.9% 29.6% 34.5% 32.5%

Wireless Group PLC 70.3% 70.3% 66.7% 84.8% 74.0%

Wong Engineering Corp. Bhd. -7.1% * -7.1% -2.3% 14.0% 10.2%

Yageo Corp. (Luminous Town Electric Co., Ltd.) -98.8% * -98.8% -98.8% -98.8% -98.5%

Yoho Resources, Inc. 102.1% 102.1% 82.7% 82.7% 93.9%

Yuhua Energy Holdings Ltd. -8.8% * -8.8% -5.1% -11.4% -3.1%

Range: High 428.0% 288.7% 413.1% 756.1% 1,018.5%

Low -98.8% -98.8% -98.8% -98.8% -98.5%

Median: 24.7% 14.9% 16.5% 17.6% 24.4%

Average: 47.4% 23.5% 25.9% 34.9% 43.7%


3rd Quarter 2016


Target Financials (Domestic) ($ in Millions)

Target Name

Target

TIC

Target

Sales

Target

Income

Target

Book Value

Target

EBIT

Target

EBITDA

1st Century Bancshares, Inc. (California) 173.2 24.3 2.6 64.9 4.7 5.3

American Science & Engineering, Inc. 264.8 103.0 -3.2 131.1 -5.5 -1.9

Apollo Residential Mortgage, Inc. 3,466.2 161.2 2.9 714.7 35.1 67.0

Avenue Financial Holdings, Inc. 293.8 44.9 7.0 91.4 12.4 13.5

Axiall Corp. 3,775.8 3,361.1 -828.4 -287.5 -814.9 -566.4

Bremen Bancorp, Inc. 27.0 6.6 1.6 15.6 2.8 2.8

C1 Financial, Inc. 621.9 80.9 14.3 198.8 27.5 31.1

Cardinal Bankshares Corp. 41.5 11.0 -0.6 21.1 -0.5 -0.5

Ceres, Inc. 7.9 3.6 -14.2 1.2 -14.1 -13.7

Coast Bancorp (San Luis Obispo, California) 14.8 5.4 6.8 10.3 3.0 3.1

Columbia Pipeline Group, Inc. 12,957.2 1,334.9 267.6 2,081.1 557.4 697.3

Cordia Bancorp, Inc. 65.0 11.7 -1.9 347.8 0.6 1.9

Delaware Bancshares, Inc. 20.4 13.1 1.2 38.1 2.8 2.8

Demandware, Inc. 2,742.6 254.1 -43.1 205.9 -42.4 -28.7

Diamond Resorts International, Inc. 3,292.5 990.3 157.9 -63.0 316.5 352.9

Dominion Questar Corp. 6,088.1 1,133.5 208.7 1,305.3 381.7 605.2

DreamWorks Animation SKG, Inc. 3,938.7 939.8 13.8 800.5 50.4 94.2

Electro Rent Corp. 375.0 175.3 4.8 217.8 8.1 65.3

Elizabeth Arden, Inc. 941.8 945.0 -156.7 -177.6 -122.7 -79.1

EMC Corp. 71,556.1 24,768.0 2,365.0 1,122.0 3,446.0 5,381.0

EPIQ Systems, Inc. 1,069.6 574.4 -16.1 -233.1 32.0 89.4

ExamWorks Group, Inc. 2,006.2 849.8 6.8 -323.5 44.5 102.0

Fairchild Semiconductor International, Inc. 2,490.0 1,389.6 -50.7 858.0 4.5 144.7

FEI Co. 4,392.5 938.0 118.9 712.7 143.0 180.6

First Clover Leaf Financial Corp. 88.3 22.6 4.2 70.0 5.8 6.6

First Marblehead Corp. 59.0 50.4 -30.6 53.9 -29.4 -23.9

First Niagara Financial Group, Inc. 10,138.9 1,520.0 247.0 2,401.0 392.0 486.0

FirstMerit Corp. 5,911.6 1,081.2 227.6 2,019.2 347.3 425.3

Foundation Bancorp, Inc. (Washington) 46.4 17.2 -2.0 46.8 -3.2 -3.2

Fox Chase Bancorp, Inc. 425.7 42.4 9.9 175.9 17.0 17.6

Golden Enterprises, Inc. 141.9 135.9 3.2 23.6 5.0 8.9

Hansen Medical, Inc. 109.6 13.3 -79.5 -7.7 -38.2 -37.1

Harmony Bank Jackson NJ 50.3 12.1 1.5 27.5 4.5 4.5

Hatteras Financial Corp. 13,648.5 358.5 15.0 1,450.9 83.2 83.2


3rd Quarter 2016

($ in Millions)


Target Name

Target

TIC

Target

Sales

Target

Income

Target

Book Value

Target

EBIT

Target

EBITDA

HeartWare International, Inc. 1,396.2 261.9 -75.7 90.5 -60.2 -51.6

Higher One Holdings, Inc. 277.1 87.9 -39.3 60.1 -53.6 -37.3

Imprivata, Inc. 487.7 131.1 -23.8 21.6 -23.4 -19.4

Johnson Controls, Inc. 29,745.8 35,442.0 1,382.0 2,005.0 2,411.0 3,273.0

Kreisler Manufacturing Corp. 34.5 36.2 3.2 11.9 4.3 5.1

Krispy Kreme Doughnuts, Inc. 1,357.7 522.7 31.1 197.7 51.8 68.1

LaPorte Bancorp, Inc. 154.3 21.6 4.6 77.0 7.0 7.7

LDR Holding Corp. 1,102.4 167.7 -20.3 174.2 -28.1 -21.6

Linn Energy LLC 9,067.1 2,883.3 -4,759.8 -268.9 -4,219.8 -3,414.1

Marketo, Inc. 1,567.1 226.1 -71.8 54.1 -68.3 -53.2

Mattress Firm Holding Corp. 3,737.5 3,144.9 -84.2 -1,130.4 -65.9 19.8

Medivation, Inc. 13,403.5 996.6 252.7 237.3 401.0 408.9

National Holdings Corp. 40.4 160.6 -0.4 31.7 -0.6 0.6

Niska Gas Storage Partners LLC 939.9 92.6 -344.3 143.8 -331.0 -213.7

Nortek, Inc. 2,743.7 2,572.4 10.5 -1,046.3 124.7 244.4

Outerwall, Inc. 1,595.5 2,093.2 129.2 -487.0 251.4 419.5

Polycom, Inc. 1,928.8 1,192.4 22.5 504.3 45.4 106.7

Prime Pacific Financial Services, Inc. 16.5 10.7 1.4 13.8 2.7 2.7

Qlik Technologies, Inc. 2,865.2 630.5 -33.2 298.0 -20.2 -4.0

QLogic Corp. 1,337.3 458.9 46.5 517.1 50.7 90.2

Range Resources - Louisiana, Inc. 6,102.4 694.3 54.9 809.6 -5.2 400.4

ReachLocal, Inc. 169.2 361.7 -54.9 -50.1 -50.4 -31.4

Relypsa, Inc. 1,591.2 36.2 -248.2 110.9 -243.1 -241.5

Resource America, Inc. 371.4 76.2 8.9 135.9 0.5 2.6

Rouse Properties, Inc. 2,763.9 311.2 6.9 422.6 78.0 192.6

Sagent Pharmaceuticals, Inc. 720.6 297.8 -25.2 169.5 -54.4 -42.4

SciQuest, Inc. 494.3 106.3 3.2 111.9 4.6 16.7

Sequenom, Inc. 414.0 114.6 -41.4 -71.0 -32.9 -25.1

Sizmek, Inc. 113.6 176.6 -129.1 92.6 -134.7 -113.3

Southern Company Gas 11,961.4 4,280.0 455.0 2,009.0 851.0 1,238.0

Starwood Hotels & Resorts Worldwide LLC 15,263.4 5,828.0 568.0 -643.0 799.0 1,083.0

Symmetry Surgical, Inc. 127.5 85.0 0.7 60.1 0.9 7.4

Talmer Bancorp, Inc. 2,387.3 321.3 60.1 650.8 104.2 114.1

TECO Energy, Inc. 10,356.5 2,529.6 225.6 2,144.9 567.5 886.2

Tidelands Bancshares, Inc. 69.6 18.4 -1.9 -12.9 -1.2 0.0


3rd Quarter 2016

($ in Millions)


Target Name

Target

TIC

Target

Sales

Target

Income

Target

Book Value

Target

EBIT

Target

EBITDA

TiVo Solutions, Inc. 1,747.9 489.6 21.7 178.6 57.9 75.3

Treasure State Bank 14.3 3.5 0.5 9.5 1.1 1.1

Tumi Holdings, Inc. 1,802.8 547.7 63.0 207.7 97.8 119.3

United Engineers Ltd. (Multi-Fineline Electronix, Inc.) 584.3 636.6 45.1 357.9 49.2 94.8

United Online, Inc. 162.5 165.4 8.2 87.4 7.1 16.9

USMD Holdings, Inc. 311.4 329.5 -1.5 41.7 8.5 18.1

Xenith Bankshares, Inc. /Old/ 149.5 38.4 4.2 87.0 7.0 8.1

XenoPort, Inc. 558.1 48.2 -76.5 7.9 -72.5 -71.8

Xura, Inc. 776.0 299.7 -36.9 -273.8 -63.8 -21.7

Your Community Bankshares, Inc. 383.8 70.9 15.0 123.3 20.1 20.1


3rd Quarter 2016


Target Financials (International) ($ in Millions)

Target Name

Target

TIC

Target

Sales

Target

Income

Target

Book Value

Target

EBIT

Target

EBITDA

Aayush Food & Herbs Ltd. 0.7 0.0 0.0 0.6 0.0 0.0

Agalawatte Plantations PLC 17.2 10.7 -1.6 2.7 0.2 1.0

Aker ASA (Havfisk ASA) 512.1 137.0 21.3 30.7 34.9 49.6

Alcatel-Lucent SA 15,331.8 15,116.5 -42.7 -2,826.6 198.9 828.3

Alpargatas SA 1,725.1 1,278.2 95.2 382.0 117.7 149.1

Aluminium Co. of Malaysia Bhd. 19.5 69.5 0.4 39.2 0.7 3.6

Antevenio SA 29.5 23.6 1.7 6.0 1.9 2.3

Axia NetMedia Corp. 222.1 48,837.9 3,613.4 80.2 6,905.4 12,827.7

Bankers Petroleum Ltd. 582.2 240.8 -3.5 762.8 -11.7 106.4


Trustees Ltd.)

15.2 2.2 -1.8 10.2 -1.8 -1.7

China Automation Group Ltd. 315.0 245.7 -54.4 251.8 -38.4 -1.4

China Calxon Group Co., Ltd. 3,996.7 416.9 -367.1 244.1 -294.9 -283.0

China Smarter Energy Group Holdings Ltd. 513.7 32.8 -12.4 92.1 7.3 17.9

Chubu Gas Co., Ltd. 444.4 403.0 9.2 216.1 15.4 59.3

City Developments Ltd. (City e-Solutions Ltd.) 142.9 12.5 -8.3 59.2 -8.5 -7.6

Daesung Fine Tech Co. Ltd. 381.3 41.5 3.9 33.7 5.3 6.8

Daiwa House REIT Investment Corp. /Old/ 3,169.6 128.3 61.6 1,054.5 71.0 98.6

Daiyu Eight Co., Ltd. 176.5 466.4 9.1 63.5 17.4 27.9

Dalian Wanda Commercial Properties Co., Ltd. 58,070.7 19,422.1 4,643.4 26,166.0 8,747.4 9,050.8

Dominion Citrus Income Fund 10.4 53.3 2.1 3.7 2.9 3.2

E-Commerce China Dangdang, Inc. 541.6 1,317.8 -3.6 90.1 -3.6 6.1

E-House (China) Holdings Ltd. 943.3 849.4 7.8 782.7 31.0 31.0

Ellipsiz Ltd. 50.0 88.1 7.1 64.2 7.5 10.4

Engineering Ingegneria Informatica SpA 957.3 923.3 53.5 378.9 93.8 108.4

Epicurean & Co. Ltd. 51.7 57.1 -5.0 -9.8 -3.7 0.6

ETView Medical Ltd. 12.9 2.3 -2.5 0.6 -2.5 -2.5

Excel Crop Care Ltd. 212.0 129.7 9.2 57.3 12.9 15.6

Fersa Energías Renovables SA 234.9 31.2 -13.5 54.9 -7.8 3.5

FNG Group NV 291.5 272.1 6.7 -32.1 17.1 30.4

Gas Natural SDG SA (Gasco SA) 1,160.7 1,345.2 71.9 799.7 210.4 298.2

General Electric Co. (Bank BPH SA) 4,404.7 221.1 -331.0 930.8 -314.2 -301.8

Glory Mark Hi-Tech (Holdings) Ltd. 59.3 38.3 -0.7 21.4 -0.5 0.4


3rd Quarter 2016

($ in Millions)


Target Name

Target

TIC

Target

Sales

Target

Income

Target

Book Value

Target

EBIT

Target

EBITDA

Grand Concord International Holdings Ltd. 99.0 62.1 1.4 44.5 3.2 7.2



1,894.3 2,393.1 32.0 309.9 117.2 161.6

Halcyon Agri Corp. Ltd. 755.0 1,013.6 8.6 -103.1 37.1 46.5

Hawk Exploration Ltd. 10.5 5.3 -6.0 12.0 -5.2 -2.3

Hewlett Packard Enterprise Co. (Mphasis Ltd.) 1,417.9 908.7 99.9 584.4 143.8 154.9

Hindalco Industries Ltd. (Aditya Birla Minerals Ltd.) 127.8 110.1 -89.5 139.3 -63.5 -43.2

Hwang Capital (Malaysia) Bhd. 167.3 16.5 9.0 205.2 10.9 11.2

iDreamSky Technology Ltd. 583.4 177.3 -1.8 163.6 2.7 2.7

Imperial dd 103.9 18.2 2.3 47.6 3.6 7.5

Industria Textil Piura SA 39.3 25.2 -9.6 26.0 -8.9 -8.9

InnVest Real Estate Investment Trust 1,645.6 430.8 -15.2 139.3 32.3 101.8

ISARIA Wohnbau AG 226.8 92.1 1.4 19.2 25.0 26.5

Land & Leisure A/S 82.5 43.0 3.7 11.5 5.2 5.8

Lentex SA (Novita SA) 34.8 22.0 3.2 20.5 4.0 5.4

Mareterram Ltd. 38.8 0.5 -0.8 15.5 -1.1 -0.2

Meda AB 10,158.3 2,293.2 137.3 -3,095.1 287.6 670.9

Medtech SAS 148.0 9.7 -5.0 11.1 -5.2 -4.9

Migao Corp. 333.9 408.0 -20.2 222.6 -10.1 -4.5

Mols-Linien A/S 199.7 95.6 8.8 12.3 16.7 24.6

Neptune Orient Lines Ltd. 5,489.8 6,347.7 -227.7 2,495.0 -69.2 -69.2

Norway Seafoods Group AS 64.7 247.0 -5.3 5.5 -0.8 2.3

Orolia SA 138.9 108.7 6.6 -5.2 9.2 9.2

Ovivo, Inc. 152.4 254.2 5.7 49.4 9.2 13.8

Prism Medical Ltd. 64.8 46.1 0.2 5.7 0.9 3.4

Qihoo 360 Technology Co., Ltd. 10,438.2 1,394.0 209.3 606.2 304.9 392.3

QTC Energy PCL 52.4 33.1 3.0 13.7 4.0 5.2

Raimount Energy, Inc. 3.3 0.2 -0.8 6.1 -1.0 -0.9

Rock Energy, Inc. 74.4 35.0 -4.4 84.3 -1.8 17.1

RR Media Ltd. 245.6 140.0 7.8 45.5 9.3 19.4

Saft Groupe SA 1,351.8 848.9 15.4 175.4 33.0 119.3

Sala House Co., Ltd. 117.5 282.5 2.4 67.7 5.3 6.6

Select Group Ltd. 90.2 118.0 5.3 14.1 6.7 12.5


3rd Quarter 2016

($ in Millions)


Target Name

Target

TIC

Target

Sales

Target

Income

Target

Book Value

Target

EBIT

Target

EBITDA

Shun Cheong Holdings Ltd. 88.2 18.5 -30.3 -13.5 -27.3 -22.2

SMART Technologies, Inc. 212.1 341.8 -59.7 -60.1 -26.1 -14.0

Société des Produits Marnier Lapostolle SA 786.7 147.0 12.3 157.2 23.5 31.4

Striker Exploration Corp. 40.7 21.2 -22.9 67.2 -22.9 -8.0

Superglass Holdings PLC 13.6 27.8 -10.0 16.4 -10.9 -7.3

Sweett Group PLC 43.0 79.2 -7.0 1.5 -6.5 -5.3

Takson Holdings Ltd. 106.4 20.4 -3.3 5.1 -2.7 -2.5

TNT Express NV 5,086.1 7,219.3 -239.5 1,116.0 -120.3 69.1

Top REIT, Inc. 1,649.5 104.5 18.4 849.4 -7.6 15.5


Industry Bhd.)

13.2 21.1 -1.8 5.0 -1.5 -0.3

U Banquet Group Holding Ltd. 76.5 53.9 3.4 10.0 4.2 6.3

UNY Group Holdings Co., Ltd. 4,511.1 9,872.7 -23.3 2,575.5 44.5 421.5

USG People NV 1,811.1 2,720.8 43.5 -264.0 78.1 104.7

Vivoline Medical AB 17.3 0.5 -2.4 2.2 -2.4 -2.2

Wema Bank PLC (Great Nigerian Insurance PLC) 13.8 8.4 -0.6 17.5 -1.0 -0.5

Wincor Nixdorf AG 1,865.6 2,717.6 7.2 37.2 26.0 82.0

Wireless Group PLC 286.7 71.4 27.9 -50.0 29.1 30.4

Wong Engineering Corp. Bhd. 15.5 8.3 -0.1 13.3 0.0 1.2

Yageo Corp. (Luminous Town Electric Co., Ltd.) 25.2 29.4 -0.1 21.0 0.2 1.0

Yoho Resources, Inc. 22.5 5.5 -46.8 38.5 -57.4 -53.9

Yuhua Energy Holdings Ltd. 110.5 610.5 -1.3 45.5 1.3 1.3


3rd Quarter 2016

(1) EBIT and EBITDA multiples are not meaningful for financial institutions.

* Not used in range, average or median calculations.

NA = Not available NMF = Not meaningful


Target Multiples (Domestic)

Target Name

Target

P/Sales

Target

P/Income

Target

P/Book Value

Target

TIC/EBIT(1)

Target

TIC/EBITDA(1)

1st Century Bancshares, Inc. (California) 4.5 42.4 * 1.7 NMF * NMF *

American Science & Engineering, Inc. 2.6 -82.3 * 2.0 -48.1 * -140.3 *

Apollo Residential Mortgage, Inc. 2.7 149.9 * 0.6 NMF * NMF *

Avenue Financial Holdings, Inc. 4.5 29.1 2.2 NMF * NMF *

Axiall Corp. 0.7 -2.8 * -8.1 * -4.6 * -6.7 *

Bremen Bancorp, Inc. 2.0 8.3 0.8 NMF * NMF *

C1 Financial, Inc. 4.7 26.6 1.9 NMF * NMF *

Cardinal Bankshares Corp. 2.5 -48.9 * 1.3 NMF * NMF *

Ceres, Inc. 2.2 -0.6 * 6.4 -0.6 * -0.6 *

Coast Bancorp (San Luis Obispo, California) 2.3 1.8 1.2 NMF * NMF *

Columbia Pipeline Group, Inc. 7.6 38.1 4.9 23.2 18.6

Cordia Bancorp, Inc. 3.0 -18.9 * 0.1 NMF * NMF *

Delaware Bancshares, Inc. 1.2 13.7 0.4 NMF * NMF *

Demandware, Inc. 10.8 * -63.6 * 13.3 * -64.7 * -95.5 *

Diamond Resorts International, Inc. 2.1 13.4 -33.5 * 10.4 9.3

Dominion Questar Corp. 3.9 21.0 3.4 15.9 10.1

DreamWorks Animation SKG, Inc. 3.8 256.6 * 4.4 78.1 * 41.8 *

Electro Rent Corp. 2.1 78.4 * 1.7 46.2 * 5.7

Elizabeth Arden, Inc. 0.4 -2.7 * -2.4 * -7.7 * -11.9 *

EMC Corp. 2.6 27.1 57.1 * 20.8 13.3

EPIQ Systems, Inc. 1.2 -41.9 * -2.9 * 33.5 12.0

ExamWorks Group, Inc. 1.7 209.5 * -4.4 * 45.0 * 19.7

Fairchild Semiconductor International, Inc. 1.6 -45.2 * 2.7 553.3 * 17.2

FEI Co. 4.7 36.9 6.2 30.7 24.3

First Clover Leaf Financial Corp. 3.9 21.1 1.3 NMF * NMF *

First Marblehead Corp. 1.2 -1.9 * 1.1 NMF * NMF *

First Niagara Financial Group, Inc. 2.4 14.5 1.5 NMF * NMF *

FirstMerit Corp. 3.3 15.8 1.8 NMF * NMF *

Foundation Bancorp, Inc. (Washington) 2.7 -22.7 * 1.0 NMF * NMF *

Fox Chase Bancorp, Inc. 5.3 22.9 1.3 NMF * NMF *

Golden Enterprises, Inc. 1.0 42.5 * 5.7 28.2 15.9

Hansen Medical, Inc. 5.7 -1.0 * -9.8 * -2.9 * -3.0 *


3rd Quarter 2016





Target Name

Target

P/Sales

Target

P/Income

Target

P/Book Value

Target

TIC/EBIT(1)

Target

TIC/EBITDA(1)

Harmony Bank Jackson NJ 2.8 22.6 1.2 NMF * NMF *

Hatteras Financial Corp. 4.3 103.3 * 1.1 NMF * NMF *

HeartWare International, Inc. 3.9 -13.4 * 11.2 * -23.2 * -27.1 *

Higher One Holdings, Inc. 2.8 -6.3 * 4.2 -5.2 * -7.4 *

Imprivata, Inc. 3.7 -20.4 * 22.6 * -20.8 * -25.2 *

Johnson Controls, Inc. 0.6 16.3 11.3 * 12.3 9.1

Kreisler Manufacturing Corp. 0.9 10.8 2.9 8.0 6.8

Krispy Kreme Doughnuts, Inc. 2.6 43.2 * 6.8 26.2 19.9

LaPorte Bancorp, Inc. 4.4 20.6 1.2 NMF * NMF *

LDR Holding Corp. 6.5 -53.9 * 6.3 -39.2 * -50.9 *

Linn Energy LLC 0.008 -0.005 * -0.08 * -2.1 * -2.7 *

Marketo, Inc. 6.9 -21.8 * 28.9 * -23.0 * -29.4 *

Mattress Firm Holding Corp. 0.8 -28.3 * -2.1 * -56.7 * 189.0 *

Medivation, Inc. 13.4 * 53.0 * 56.4 * 33.4 32.8 *

National Holdings Corp. 0.3 -94.5 * 1.3 NMF * NMF *

Niska Gas Storage Partners LLC 1.7 -0.5 * 1.1 -2.8 * -4.4 *

Nortek, Inc. 0.5 131.1 * -1.3 * 22.0 11.2

Outerwall, Inc. 0.4 6.5 -1.7 * 6.3 3.8

Polycom, Inc. 1.4 75.5 * 3.4 42.5 * 18.1

Prime Pacific Financial Services, Inc. 1.5 11.9 1.2 NMF * NMF *

Qlik Technologies, Inc. 4.5 -86.3 * 9.6 -141.8 * -716.1 *

QLogic Corp. 2.9 28.8 2.6 26.4 14.8

Range Resources - Louisiana, Inc. 4.4 55.2 * 3.7 -1,169.9 * 15.2

ReachLocal, Inc. 0.4 -2.5 * -2.8 * -3.4 * -5.4 *

Relypsa, Inc. 39.6 * -5.8 * 12.9 * -6.5 * -6.6 *

Resource America, Inc. 4.6 39.5 2.6 NMF * NMF *

Rouse Properties, Inc. 3.4 153.2 * 2.5 NMF * NMF *

Sagent Pharmaceuticals, Inc. 2.4 -28.3 * 4.2 -13.3 * -17.0 *

SciQuest, Inc. 4.6 154.0 * 4.4 107.5 * 29.6 *

Sequenom, Inc. 2.5 -6.9 * -4.0 * -12.6 * -16.5 *

Sizmek, Inc. 0.6 -0.9 * 1.2 -0.8 * -1.0 *

Southern Company Gas 1.9 17.4 3.9 14.1 9.7

Starwood Hotels & Resorts Worldwide LLC 2.2 22.7 -20.1 * 19.1 14.1


3rd Quarter 2016





Target Name

Target

P/Sales

Target

P/Income

Target

P/Book Value

Target

TIC/EBIT(1)

Target

TIC/EBITDA(1)

Symmetry Surgical, Inc. 1.5 177.6 * 2.1 135.5 * 17.3

Talmer Bancorp, Inc. 4.9 26.2 2.4 NMF * NMF *

TECO Energy, Inc. 2.5 28.5 3.0 18.2 11.7

Tidelands Bancshares, Inc. 0.1 -1.2 * -0.2 * NMF * NMF *

TiVo Solutions, Inc. 2.3 51.2 * 6.2 30.2 23.2

Treasure State Bank 4.1 31.7 1.5 NMF * NMF *

Tumi Holdings, Inc. 3.3 28.6 8.7 18.4 15.1

United Engineers Ltd. (Multi-Fineline Electronix, Inc.) 0.9 13.0 1.6 11.9 6.2

United Online, Inc. 1.0 19.9 1.9 23.0 9.6

USMD Holdings, Inc. 0.8 -167.8 * 6.1 36.5 * 17.2

Xenith Bankshares, Inc. /Old/ 2.9 26.9 1.3 NMF * NMF *

XenoPort, Inc. 9.3 -5.8 * 56.5 * -7.7 * -7.8 *

Xura, Inc. 2.1 -17.0 * -2.3 * -12.2 * -35.8 *

Your Community Bankshares, Inc. 3.0 14.2 1.7 NMF * NMF *

Range High 9.3 39.5 9.6 33.5 24.3

Low 0.008 1.8 0.1 6.3 3.8

Median: 2.5 21.0 2.0 20.8 14.1

Average: 2.8 21.1 2.9 20.6 13.7


3rd Quarter 2016





Target Multiples (International)

Target Name

Target

P/Sales

Target

P/Income

Target

P/Book Value

Target

TIC/EBIT(1)

Target

TIC/EBITDA(1)

Aayush Food & Herbs Ltd. 60.2 * -270.7 * 1.2 -205.0 * -365.7 *

Agalawatte Plantations PLC 0.3 -2.2 * 1.3 88.9 * 17.1

Aker ASA (Havfisk ASA) 2.7 17.3 12.1 * 14.7 10.3

Alcatel-Lucent SA 0.6 -205.4 * -3.1 * 77.1 * 18.5

Alpargatas SA 1.2 16.4 4.1 14.7 11.6

Aluminium Co. of Malaysia Bhd. 0.3 44.5 * 0.5 28.2 5.5

Antevenio SA 1.1 15.8 4.5 15.7 13.0

Axia NetMedia Corp. 0.004 0.06 2.6 0.03 0.02

Bankers Petroleum Ltd. 1.8 -124.4 * 0.6 -49.9 * 5.5


Trustees Ltd.)

6.8 -8.5 * 1.5 NMF * NMF *

China Automation Group Ltd. 0.6 -2.9 * 0.6 -8.2 * -219.2 *

China Calxon Group Co., Ltd. 2.5 -2.8 * 4.2 NMF * NMF *

China Smarter Energy Group Holdings Ltd. 10.1 * -26.7 * 3.6 70.0 * 28.7 *

Chubu Gas Co., Ltd. 0.3 12.9 0.6 28.9 7.5

City Developments Ltd. (City e-Solutions Ltd.) 11.1 * -16.7 * 2.3 NMF * NMF *

Daesung Fine Tech Co. Ltd. 8.8 94.1 * 10.8 * 71.7 * 55.9 *

Daiwa House REIT Investment Corp. /Old/ 17.0 * 35.4 2.1 NMF * NMF *

Daiyu Eight Co., Ltd. 0.1 6.2 0.9 10.2 6.3

Dalian Wanda Commercial Properties Co., Ltd. 1.5 6.5 1.2 NMF * NMF *

Dominion Citrus Income Fund 0.2 4.0 2.3 NMF * NMF *

E-Commerce China Dangdang, Inc. 0.4 -150.2 * 6.0 -150.2 * 88.8 *

E-House (China) Holdings Ltd. 1.1 116.7 * 1.2 NMF * NMF *

Ellipsiz Ltd. 0.5 6.6 0.7 6.7 4.8

Engineering Ingegneria Informatica SpA 1.0 16.7 2.4 10.2 8.8

Epicurean & Co. Ltd. 0.8 -8.7 * -4.4 * -14.1 * 87.0 *

ETView Medical Ltd. 5.5 -5.1 * 20.5 * -5.2 * -5.2 *

Excel Crop Care Ltd. 1.6 22.6 3.6 16.4 13.6

Fersa Energías Renovables SA 2.5 -5.8 * 1.4 -30.3 * 66.7 *

FNG Group NV 0.6 23.7 -4.9 * 17.0 9.6

Gas Natural SDG SA (Gasco SA) 0.3 6.0 0.5 5.5 3.9

General Electric Co. (Bank BPH SA) 2.8 -1.9 * 0.7 NMF * NMF *


3rd Quarter 2016





Target Name

Target

P/Sales

Target

P/Income

Target

P/Book Value

Target

TIC/EBIT(1)

Target

TIC/EBITDA(1)

Glory Mark Hi-Tech (Holdings) Ltd. 1.5 -79.6 * 2.8 -110.9 * 158.7 *

Grand Concord International Holdings Ltd. 1.4 59.0 * 1.9 30.9 13.8



0.2 18.5 1.9 16.2 11.7

Halcyon Agri Corp. Ltd. 0.3 31.0 -2.6 * NMF * NMF *

Hawk Exploration Ltd. 0.5 -0.5 * 0.2 -2.0 * -4.6 *

Hewlett Packard Enterprise Co. (Mphasis Ltd.) 1.5 13.5 2.3 9.9 9.2

Hindalco Industries Ltd. (Aditya Birla Minerals Ltd.) 1.0 -1.2 * 0.8 -2.0 * -3.0 *

Hwang Capital (Malaysia) Bhd. 10.2 * 18.5 0.8 NMF * NMF *

iDreamSky Technology Ltd. 3.2 -316.1 * 3.5 216.2 * NMF *

Imperial dd 4.3 32.9 1.6 28.5 13.8

Industria Textil Piura SA 0.02 -0.04 * 0.02 -4.4 * NMF *

InnVest Real Estate Investment Trust 1.7 -49.5 * 5.4 NMF * NMF *

ISARIA Wohnbau AG 1.3 85.0 * 6.2 NMF * NMF *

Land & Leisure A/S 1.6 18.1 5.8 NMF * NMF *

Lentex SA (Novita SA) 1.5 10.5 1.7 8.7 6.5

Mareterram Ltd. 76.5 * -45.1 * 2.3 -35.2 * -174.3 *

Meda AB 3.0 50.9 * -2.3 * 35.3 * 15.1

Medtech SAS 13.6 * -26.6 * 11.9 * -28.6 * -30.1 *

Migao Corp. 0.08 -1.5 * 0.1 -33.1 * -74.9 *

Mols-Linien A/S 0.9 9.5 6.8 12.0 8.1

Neptune Orient Lines Ltd. 0.4 -10.9 * 1.0 -79.4 * NMF *

Norway Seafoods Group AS 0.04 -1.9 * 1.8 -77.1 * 28.4 *

Orolia SA 0.8 12.5 -16.0 * 15.0 NMF *

Ovivo, Inc. 0.5 23.3 2.7 16.5 11.1

Prism Medical Ltd. 1.1 296.8 * 9.3 74.7 * 19.2

Qihoo 360 Technology Co., Ltd. 6.4 42.6 * 14.7 * 34.2 26.6 *

QTC Energy PCL 1.3 15.1 3.3 13.0 10.1

Raimount Energy, Inc. 21.5 * -4.3 * 0.5 -3.3 * -3.6 *

Rock Energy, Inc. 0.9 -7.2 * 0.4 -40.5 * 4.4

RR Media Ltd. 1.7 29.8 5.1 26.4 12.7

Saft Groupe SA 1.3 70.1 * 6.2 41.0 * 11.3

Sala House Co., Ltd. 0.1 15.7 0.6 22.2 17.9


3rd Quarter 2016





Target Name

Target

P/Sales

Target

P/Income

Target

P/Book Value

Target

TIC/EBIT(1)

Target

TIC/EBITDA(1)

Select Group Ltd. 0.5 10.4 3.9 NMF * NMF *

Shun Cheong Holdings Ltd. 1.6 -1.0 * -2.2 * -3.2 * -4.0 *

SMART Technologies, Inc. 0.2 -0.9 * -0.9 * -8.1 * -15.1 *

Société des Produits Marnier Lapostolle SA 5.2 61.9 * 4.8 33.5 25.0 *

Striker Exploration Corp. 1.6 -1.5 * 0.5 -1.8 * -5.1 *

Superglass Holdings PLC 0.4 -1.2 * 0.7 -1.2 * -1.9 *

Sweett Group PLC 0.5 -5.5 * 26.1 * -6.6 * -8.2 *

Takson Holdings Ltd. 4.6 -28.7 * 18.4 * -40.0 * -43.1 *

TNT Express NV 0.7 -20.4 * 4.4 -42.3 * 73.7 *

Top REIT, Inc. 7.4 42.1 * 0.9 NMF * NMF *


Industry Bhd.)

0.08 -0.9 * 0.3 -8.7 * -47.9 *

U Banquet Group Holding Ltd. 1.4 21.7 7.3 18.0 12.2

UNY Group Holdings Co., Ltd. 0.2 -97.7 * 0.9 101.4 * 10.7

USG People NV 0.6 35.9 -5.9 * 23.2 17.3

Vivoline Medical AB 35.5 * -7.1 * 7.8 -7.1 * -7.8 *

Wema Bank PLC (Great Nigerian Insurance PLC) 1.6 -22.4 * 0.8 NMF * NMF *

Wincor Nixdorf AG 0.6 230.2 * 44.8 * 71.8 * 22.8

Wireless Group PLC 3.9 10.0 -5.6 * 9.9 9.4

Wong Engineering Corp. Bhd. 1.8 -130.8 * 1.1 NMF * NMF *

Yageo Corp. (Luminous Town Electric Co., Ltd.) 0.7 -152.4 * 1.0 120.9 * 25.8 *

Yoho Resources, Inc. 4.1 -0.5 * 0.6 -0.4 * -0.4 *

Yuhua Energy Holdings Ltd. 0.2 -70.7 * 2.0 82.5 * NMF *

Range: High 8.8 35.9 9.3 34.2 22.8

Low 0.004 0.06 0.02 0.03 0.02

Median: 1.0 15.8 1.7 15.9 10.9

Average: 1.6 16.7 2.4 17.4 11.0


3rd Quarter 2016


Target Demographics (Domestic)

Target Name

Target

Ticker

Target

Exchange

Target

Country

Acquirer

Country

Consider-

ation Nature Currency

1st Century Bancshares, Inc. (California) FCTY NASDAQ United States United States C U.S. Dollar

American Science & Engineering, Inc. ASEI NASDAQ United States United States C U.S. Dollar

Apollo Residential Mortgage, Inc. AMTG NYSE United States United States C,S U.S. Dollar

Avenue Financial Holdings, Inc. AVNU NASDAQ United States United States C,S U.S. Dollar

Axiall Corp. AXLL NYSE United States United States C U.S. Dollar

Bremen Bancorp, Inc. BBIM OTC United States United States C U.S. Dollar

C1 Financial, Inc. BNK NYSE United States United States S U.S. Dollar

Cardinal Bankshares Corp. CDBK OTC United States United States S U.S. Dollar

Ceres, Inc. CERE NASDAQ United States United States C Friendly U.S. Dollar

Coast Bancorp (San Luis Obispo, California) CTBP OTC United States United States C,S U.S. Dollar

Columbia Pipeline Group, Inc. CPGX NYSE United States Canada C U.S. Dollar

Cordia Bancorp, Inc. BVA NASDAQ United States United States C U.S. Dollar

Delaware Bancshares, Inc. DBAI OTC United States United States C,S U.S. Dollar

Demandware, Inc. DWRE NYSE United States United States C Friendly U.S. Dollar

Diamond Resorts International, Inc. DRII NYSE United States United States C Friendly U.S. Dollar

Dominion Questar Corp. STR NYSE United States United States C U.S. Dollar

DreamWorks Animation SKG, Inc. DWA NASDAQ United States United States C U.S. Dollar

Electro Rent Corp. ELRC NASDAQ United States United States C U.S. Dollar

Elizabeth Arden, Inc. RDEN NASDAQ United States United States C U.S. Dollar

EMC Corp. EMC NYSE United States United States C,S U.S. Dollar

EPIQ Systems, Inc. EPIQ NASDAQ United States United States C U.S. Dollar

ExamWorks Group, Inc. EXAM NYSE United States United States C U.S. Dollar

Fairchild Semiconductor International, Inc. FCS NASDAQ United States United States C Friendly U.S. Dollar

FEI Co. FEIC NASDAQ United States United States C U.S. Dollar

First Clover Leaf Financial Corp. FCLF NASDAQ United States United States C,S U.S. Dollar

First Marblehead Corp. FMD NYSE United States Canada C U.S. Dollar

First Niagara Financial Group, Inc. FNFG NASDAQ United States United States C,S U.S. Dollar

FirstMerit Corp. FMER NASDAQ United States United States C,S U.S. Dollar

Foundation Bancorp, Inc. (Washington) FDNB OTC United States United States C,S U.S. Dollar

Fox Chase Bancorp, Inc. FXCB NASDAQ United States United States C,S U.S. Dollar

Golden Enterprises, Inc. GLDC NASDAQ United States United States C U.S. Dollar

Hansen Medical, Inc. HNSN NASDAQ United States United States C U.S. Dollar

Harmony Bank Jackson NJ HRMB OTC United States United States C,S U.S. Dollar

Hatteras Financial Corp. HTS OTC United States United States C,S Friendly U.S. Dollar

HeartWare International, Inc. HTWR NASDAQ United States Ireland C Friendly U.S. Dollar

Higher One Holdings, Inc. ONE NYSE United States United States C Friendly U.S. Dollar

Imprivata, Inc. IMPR NYSE United States United States C U.S. Dollar


3rd Quarter 2016


Target Name

Target

Ticker

Target

Exchange

Target

Country

Acquirer

Country

Consider-


Johnson Controls, Inc. JCI NYSE United States Ireland C,S U.S. Dollar

Kreisler Manufacturing Corp. KRSL OTC United States United States C U.S. Dollar

Krispy Kreme Doughnuts, Inc. KKD NYSE United States Luxembourg C U.S. Dollar

LaPorte Bancorp, Inc. LPSB NASDAQ United States United States C,S U.S. Dollar

LDR Holding Corp. LDRH NASDAQ United States United States C Friendly U.S. Dollar

Linn Energy LLC LINEQ OTC United States United States S Friendly U.S. Dollar

Marketo, Inc. MKTO NASDAQ United States United States C U.S. Dollar

Mattress Firm Holding Corp. MFRM NASDAQ United States Netherlands C Friendly U.S. Dollar

Medivation, Inc. MDVN NASDAQ United States United States C Friendly U.S. Dollar

National Holdings Corp. NHLD NASDAQ United States United States C Friendly U.S. Dollar

Niska Gas Storage Partners LLC NKA NYSE United States Bermuda C U.S. Dollar

Nortek, Inc. NTK NASDAQ United States

United

Kingdom C Friendly U.S. Dollar

Outerwall, Inc. OUTR NASDAQ United States United States C Friendly U.S. Dollar

Polycom, Inc. PLCM NASDAQ United States United States C U.S. Dollar

Prime Pacific Financial Services, Inc. PPFS OTC United States United States S U.S. Dollar

Qlik Technologies, Inc. QLIK NASDAQ United States United States C U.S. Dollar

QLogic Corp. QLGC NASDAQ United States United States C,S Friendly U.S. Dollar

Range Resources - Louisiana, Inc. MRD NASDAQ United States United States S U.S. Dollar

ReachLocal, Inc. RLOC NASDAQ United States United States C Friendly U.S. Dollar

Relypsa, Inc. RLYP NASDAQ United States Switzerland C Friendly U.S. Dollar

Resource America, Inc. REXI NASDAQ United States United States C U.S. Dollar

Rouse Properties, Inc. RSE NYSE United States Canada C U.S. Dollar

Sagent Pharmaceuticals, Inc. SGNT NASDAQ United States Japan C Friendly U.S. Dollar

SciQuest, Inc. SQI NASDAQ United States United States C U.S. Dollar

Sequenom, Inc. SQNM NASDAQ United States United States C Friendly U.S. Dollar

Sizmek, Inc. SZMK NASDAQ United States United States C Friendly U.S. Dollar

Southern Company Gas GAS NYSE United States United States C U.S. Dollar

Starwood Hotels & Resorts Worldwide LLC HOT NYSE United States United States C,S U.S. Dollar

Symmetry Surgical, Inc. SSRG NASDAQ United States United States C U.S. Dollar

Talmer Bancorp, Inc. TLMR NASDAQ United States United States C,S U.S. Dollar

TECO Energy, Inc. TE NYSE United States Canada C U.S. Dollar

Tidelands Bancshares, Inc. TDBK OTC United States United States C U.S. Dollar

TiVo Solutions, Inc. TIVO NASDAQ United States United States C,S U.S. Dollar

Treasure State Bank TRSU OTC United States United States C,S U.S. Dollar

Tumi Holdings, Inc. TUMI NYSE United States Luxembourg C U.S. Dollar

United Engineers Ltd. (Multi-Fineline Electronix, Inc.) MFLX NASDAQ United States China C U.S. Dollar

United Online, Inc. UNTD NASDAQ United States United States C U.S. Dollar


3rd Quarter 2016


Target Name

Target

Ticker

Target

Exchange

Target

Country

Acquirer

Country

Consider-


USMD Holdings, Inc. USMD NASDAQ United States United States C U.S. Dollar

Xenith Bankshares, Inc. /Old/ XBKS NASDAQ United States United States S U.S. Dollar

XenoPort, Inc. XNPT NASDAQ United States United States C Friendly U.S. Dollar

Xura, Inc. MESG NASDAQ United States United States C U.S. Dollar

Your Community Bankshares, Inc. YCB NASDAQ United States United States C,S U.S. Dollar


3rd Quarter 2016


Target Demographics (International)

Target Name

Target

Ticker

Target

Exchange

Target

Country

Acquirer

Country

Consider-


Aayush Food & Herbs Ltd. 539528 Bombay India India C Neutral Indian Rupee

Agalawatte Plantations PLC AGAL.N0000 Colombo Sri Lanka Sri Lanka C Sri Lankan Rupee

Aker ASA (Havfisk ASA) HFISK Oslo Bors Norway Norway C Norwegian Krone

Alcatel-Lucent SA ALU Euronext Paris France Finland S Friendly Euro

Alpargatas SA ALPA3 BM&F Bovespa

SA

Brazil Brazil C Neutral Brazilian Real

Aluminium Co. of Malaysia Bhd. 2674 Kuala Lumpur Malaysia Malaysia C Malaysian Ringgit

Antevenio SA ALANT Euronext Paris Spain Spain C Euro

Axia NetMedia Corp. AXX Toronto Canada Switzerland C Canadian Dollar

Bankers Petroleum Ltd. BNK Toronto Canada China C Canadian Dollar



B08 Singapore Singapore Singapore C Singapore Dollar

China Automation Group Ltd. 569 Hong Kong China British Virgin

Islands

C Friendly Chinese Yuan

Renminbi

China Calxon Group Co., Ltd. 000918 Shenzhen China China C Chinese Yuan

Renminbi

China Smarter Energy Group Holdings Ltd. 1004 Hong Kong Hong Kong British Virgin

Islands

C Hong Kong Dollar

Chubu Gas Co., Ltd. 9540 Nagoya Japan Japan S Japanese Yen

City Developments Ltd. (City e-Solutions Ltd.) 557 Hong Kong Hong Kong China C Hong Kong Dollar

Daesung Fine Tech Co. Ltd. 104040 Korea Stock

Exchange

South Korea South Korea C Korean Won

Daiwa House REIT Investment Corp. /Old/ 3263 Tokyo Japan Japan S Japanese Yen

Daiyu Eight Co., Ltd. 2662 Tokyo Japan Japan S Japanese Yen

Dalian Wanda Commercial Properties Co., Ltd. 3699 Hong Kong China China C Chinese Yuan Renminbi

Dominion Citrus Income Fund DOM.UT Toronto Canada Canada C Canadian Dollar

E-Commerce China Dangdang, Inc. DANG NYSE China China C Chinese Yuan

Renminbi

E-House (China) Holdings Ltd. EJ Not Traded China China C Chinese Yuan

Renminbi

Ellipsiz Ltd. BIX Singapore Singapore Singapore C Friendly Singapore Dollar

Engineering Ingegneria Informatica SpA ENG Borsa Italiana

SpA

Italy United Kingdom C Friendly Euro

Epicurean & Co. Ltd. 8213 Hong Kong Hong Kong British Virgin

Islands

C Hong Kong Dollar

ETView Medical Ltd. ETVW Tel Aviv Israel Denmark C Israeli New Shekel

Excel Crop Care Ltd. 532511 Bombay India Japan C Neutral Indian Rupee


3rd Quarter 2016


Target Name

Target

Ticker

Target

Exchange

Target

Country

Acquirer

Country

Consider-


Fersa Energías Renovables SA FRS Mercado Continuo Espanol

(SIBE)

Spain Spain C Friendly Euro

FNG Group NV FNG Euronext Brussels Belgium Netherlands S Euro

Gas Natural SDG SA (Gasco SA) GASCO Santiago Chile Chile C Friendly Chilean Peso

General Electric Co. (Bank BPH SA) BPH Warsaw Stock

Exchange

Poland Poland C Neutral Polish Zloty

Glory Mark Hi-Tech (Holdings) Ltd. 8159 Hong Kong Hong Kong Hong Kong C Hong Kong Dollar

Grand Concord International Holdings Ltd. 844 Hong Kong Hong Kong China C Hong Kong Dollar

Greenland Financial Overseas Investment Group

Co. Ltd. (China Greenland Rundong Auto Group Ltd.)

1365 Hong Kong China British Virgin

Islands

C Chinese Yuan

Renminbi

Halcyon Agri Corp. Ltd. 5VJ Singapore Singapore China C Friendly Singapore Dollar

Hawk Exploration Ltd. HWK.A TSX Venture

Exchange

Canada Canada C Canadian Dollar

Hewlett Packard Enterprise Co. (Mphasis Ltd.) 526299 Bombay India United States C Indian Rupee

Hindalco Industries Ltd. (Aditya Birla Minerals

Ltd.)

ABY Australian

Securities

Exchange

Australia Australia C,S Hostile Australian Dollar

Hwang Capital (Malaysia) Bhd. 6688 Kuala Lumpur Malaysia Malaysia C Friendly Malaysian Ringgit

iDreamSky Technology Ltd. DSKY NASDAQ China China C Chinese Yuan

Renminbi

Imperial dd HIMR.R.A Zagreb Croatia Croatia C Croatian Kuna

Industria Textil Piura SA PIURAC1.OPA Lima Peru Peru C Friendly Peruvian Nuevo Sol

InnVest Real Estate Investment Trust INN.UT Toronto Canada Canada C Canadian Dollar

ISARIA Wohnbau AG IWB Frankfurt Germany Bermuda C Friendly Euro

Land & Leisure A/S LL.A OMX Nordic

Copenhagen

Denmark Germany C Friendly Danish Krone

Lentex SA (Novita SA) NVT Warsaw Stock Exchange

Poland Israel C Polish Zloty

Mareterram Ltd. MTM Australian

Securities

Exchange

Australia South Africa C Friendly Australian Dollar

Meda AB MEDA.A NASDAQ OMX

Stockholm

Sweden United Kingdom C,S Friendly Swedish Krona

Medtech SAS ROSA Euronext Paris France United States C Euro

Migao Corp. MGO Toronto Canada Canada C Canadian Dollar

Mols-Linien A/S MOLS OMX Nordic

Copenhagen

Denmark Denmark C Friendly Danish Krone

Neptune Orient Lines Ltd. N03 Singapore Singapore France C Singapore Dollar

Norway Seafoods Group AS NWSF Norwegian OTC

Market

Norway Norway C Norwegian Krone

Orolia SA ALORO Euronext Paris France France C Euro


3rd Quarter 2016


Target Name

Target

Ticker

Target

Exchange

Target

Country

Acquirer

Country

Consider-


Ovivo, Inc. OVI.A Toronto Canada Germany C Canadian Dollar

Prism Medical Ltd. PM TSX Venture Exchange

Canada Sweden C Canadian Dollar

Qihoo 360 Technology Co., Ltd. QIHU Not Traded China China C Chinese Yuan

Renminbi

QTC Energy PCL QTC Stock Exchange

of Thailand

Thailand Thailand C Neutral Thai Baht

Raimount Energy, Inc. RMT TSX Venture

Exchange

Canada Canada S,X Canadian Dollar

Rock Energy, Inc. RE Toronto Canada Canada S Canadian Dollar

RR Media Ltd. RRM NASDAQ Israel Luxembourg C Israeli New Shekel

Saft Groupe SA SAFT Euronext Paris France France C Friendly Euro

Sala House Co., Ltd. 1405 Tokyo Japan Japan S Japanese Yen

Select Group Ltd. 5FQ Singapore Singapore Cayman Islands C Hostile Singapore Dollar

Shun Cheong Holdings Ltd. 650 Hong Kong Hong Kong British Virgin

Islands

C Hong Kong Dollar

SMART Technologies, Inc. SMT NASDAQ Canada Taiwan C Friendly Canadian Dollar

Société des Produits Marnier Lapostolle SA MALA Euronext Paris France Italy C Friendly Euro

Striker Exploration Corp. SKX TSX Venture

Exchange

Canada Canada S Canadian Dollar

Superglass Holdings PLC SPGH London Stock

Exchange

United

Kingdom

Cyprus C Friendly British Pound

Sweett Group PLC CSG London Stock

Exchange

United

Kingdom

Egypt C British Pound

Takson Holdings Ltd. 918 Hong Kong Hong Kong China C Hong Kong Dollar

TNT Express NV TNTEF OTC Netherlands United States C Friendly Euro

Top REIT, Inc. 8982 Tokyo Japan Japan S Japanese Yen



8905 Kuala Lumpur Malaysia Japan C Malaysian Ringgit

U Banquet Group Holding Ltd. 1483 Hong Kong Hong Kong Hong Kong C Hong Kong Dollar

UNY Group Holdings Co., Ltd. 8270 Tokyo Japan Japan S Japanese Yen

USG People NV USG Euronext

Amsterdam

Netherlands Japan C Friendly Euro

Vivoline Medical AB VIVO NASDAQ OMX

Stockholm

Sweden Sweden C,S Friendly Swedish Krona

Wema Bank PLC (Great Nigerian Insurance

PLC)

GNI Nigerian Stock

Exchange

Nigeria Nigeria C Nigerian Naira

Wincor Nixdorf AG WIN XETRA Germany United States C,S Friendly Euro

Wireless Group PLC WLG London Stock

Exchange

United

Kingdom

United States C Neutral British Pound

Wong Engineering Corp. Bhd. 7050 Kuala Lumpur Malaysia Malaysia C Malaysian Ringgit


3rd Quarter 2016


Target Name

Target

Ticker

Target

Exchange

Target

Country

Acquirer

Country

Consider-


Yageo Corp. (Luminous Town Electric Co., Ltd.)

8218 Gretai Securities Market

Taiwan Hong Kong C Taiwan Dollar

Yoho Resources, Inc. YO TSX Venture

Exchange

Canada United States C,S Canadian Dollar

Yuhua Energy Holdings Ltd. 2728 Hong Kong Hong Kong Hong Kong C Friendly Hong Kong Dollar


3rd Quarter 2016


Company Descriptions (Domestic)

Target Name Target Business Description Acquirer Business Description

1st Century Bancshares, Inc.

(California)

Operates as a bank holding company, which

through its subsidiary provides banking

services

Operates as a bank holding company

American Science & Engineering,

Inc.

Develops, manufactures, markets X-ray

inspection and other detection products for

homeland security

Designs and manufactures specialized

electronic systems and components for critical

applications

Apollo Residential Mortgage, Inc. Acts as Private Equity Fund Operates as a real estate investment trust

Avenue Financial Holdings, Inc. Operates as a bank holding company Operates as a bank holding company whose

subsidiary provides banking services

Axiall Corp. Engages in the manufacturing and marketing

of chemicals and building products

Manufactures and supplies petrochemicals and

fabricated products

Bremen Bancorp, Inc. State commercial bank Manufactures fabrication steel products and

operates as a bank holding company

C1 Financial, Inc. Provides banking services Operates as a bank holding company whose


Cardinal Bankshares Corp. Operates as a bank holding company Operates as a bank holding company

Ceres, Inc. Develops and markets low-carbon & non-food

grasses for advanced biofuels and biopower

Produces and distributes dairy products

Coast Bancorp (San Luis Obispo,

California)

Operates as a bank holding company Operates as a bank holding company

Columbia Pipeline Group, Inc. Provides gas transportation and storage

services

Provides natural gas transportation services

Cordia Bancorp, Inc. Provides banking and financial services Operates as a bank holding company

Delaware Bancshares, Inc. Operates commercial banks as a bank holding

company

Operates as a bank holding company with

Interest in providing banking services

Demandware, Inc. Provides cloud-based digital commerce

solutions for retailers and branded

manufacturers

Develops on-demand customer relationship

management software technology

Diamond Resorts International, Inc. Provides resort management services Acts as an alternative investment manager

Dominion Questar Corp. Distributes natural gas Produces and distributes electricity, natural

gas and related services

DreamWorks Animation SKG, Inc. Engages in the business of development,

production and exploitation of animated films

and their associated characters

Provides entertainment, information and

communications products and services

Electro Rent Corp. Engages in the rental, lease & sale of

electronic test & measurement and electrical

test equipment

Acts as an alternative investment manager

Elizabeth Arden, Inc. Manufactures and distributes prestige

fragrances and related cosmetic products

Manufactures and distributes hair and skincare

products

EMC Corp. Develops and provides information and

infrastructure technology and solutions

Private group led by Dell Inc, Michael S Dell,

founder, chairman and chief executive officer

of Dell, MSD Partners and Silver Lake

EPIQ Systems, Inc. Provides integrated technology solutions for

the legal profession

Provides legal support and document

discovery and outsourcing services


3rd Quarter 2016



ExamWorks Group, Inc. Provides independent medical examinations,

bill reviews and related services to insurance

parties

Provides investment fund management

services

Fairchild Semiconductor

International, Inc.

Designs, develops and markets analog

discrete, logic, and non-volatile memory

semiconductors

Manufactures and develops semiconductors

FEI Co. Manufactures and distributes laboratory

analytical instruments

Develops, manufactures, and markets

analytical and environment monitoring

instruments

First Clover Leaf Financial Corp. Operates as a bank holding company, which

through its subsidiary provides banking

services


First Marblehead Corp. Operates an education finance company that

specializes in program engineering and asset

securitization.

Operates as an investment holding company

First Niagara Financial Group, Inc. Operates as a bank holding company Operates as a bank holding company whose


FirstMerit Corp. Operates as banks holding company Operates as a bank holding company

Foundation Bancorp, Inc.

(Washington)

Bank holding company Operates as a holding company

Fox Chase Bancorp, Inc. Operates as a bank holding company Provides banking, insurance and investment

services

Golden Enterprises, Inc. Manufactures and distributes bakery foods Manufactures potato chips and snacks

Hansen Medical, Inc. Develops medical robotics designed for

positioning, manipulation and stable control of

catheters and catheter-based technologies

Develops robotics technology for medical

applications

Harmony Bank Jackson NJ Provides banking services Operates as a bank holding company

Hatteras Financial Corp. Operates as a mortgage real estate investment

trust

Operates as real estate investment trust

HeartWare International, Inc. Develops and manufactures small implantable

heart pumps

Provides medical technology services

Higher One Holdings, Inc. Provides technology-based refund

disbursement, payment processing, and data

analytics services

Provides enterprise software applications and

related services to the education industry

Imprivata, Inc. Provides authentication and access

management technology solutions


Johnson Controls, Inc. Operates as a global diversified technology

and industrial business

Provides security products & services; fire

detection and suppression products & services;

and life safety products

Kreisler Manufacturing Corp. Engages in the manufacture of precision

components and pipe assemblies for use in

commercial aircraft engines and industrial gas

turbines

Provides engineered flexible liquid and gas

conveyance products and systems

Krispy Kreme Doughnuts, Inc. Operates as a retailer and wholesaler of

doughnuts and packaged sweets

Operates as a investment holding company

with interest in diversified sectors


3rd Quarter 2016



LaPorte Bancorp, Inc. Operates as bank holding company Operates as a bank holding company

LDR Holding Corp. Engages in designing and commercializing of

novel and proprietary surgical technologies for

the treatment of patients suffering from spine

disorders

Manufactures and distributes orthopedic

reconstructive implants

Linn Energy LLC Engages in exploration of crude petroleum and

natural gas

Operates as a development stage company

Marketo, Inc. Provides cloud-based marketing software

platform


Mattress Firm Holding Corp. Engages in the retailing of mattresses and

related products and accessories

Manufactures and retails furniture, household

goods and clothing

Medivation, Inc. Engages in the development of novel small

molecule drugs to treat serious diseases

Manufactures vaccines and injectable biologic

medicines

National Holdings Corp. Operates as a holding company with interests

in providing investment banking services

Develops novel immunotherapy biologic

agents

Niska Gas Storage Partners LLC Owns and operates natural gas storage assets Owns and operates utilities, transport, energy

and communications infrastructure assets

Nortek, Inc. Manufactures and distributes building

ventilation products for residential and

commercial applications

Specializes in the acquisition and performance

improvement of manufacturing and industrial

businesses

Outerwall, Inc. Provides automated retail solutions, coin

counting and other electronic services

Provides global alternative asset management

services

Polycom, Inc. Provides solutions for video, voice, data and

web communication


Prime Pacific Financial Services,

Inc.

Provides commercial banking services Operates as a bank holding company, which

through its subsidiaries engages in the

provision of banking and financial solutions

Qlik Technologies, Inc. Designs and develops business intelligence

software solutions


QLogic Corp. Designs and supplies server and storage

networking connectivity products

Manufactures and distributes semiconductor

hardware

Range Resources - Louisiana, Inc. Operates as a crude petroleum and natural gas Explores, acquires and develops oil and gas

properties

ReachLocal, Inc. Offers a comprehensive suite of online

marketing solutions, which assists small and

medium-sized businesses acquire, transact

with, and retain customers online

Provides print and digital publishing services

Relypsa, Inc. Discovers and develops non-absorbed

polymeric drugs for applications in

cardiovascular and renal diseases

Develops and markets pharmaceutical

products and provides logistical & database

services

Resource America, Inc. Operates as asset management company Acts as an alternative investment manager

Rouse Properties, Inc. Owns and operates retail properties Operates as alternative asset manager which

owns, manages and operates real estate,

financial and power generation related

businesses


3rd Quarter 2016



Sagent Pharmaceuticals, Inc. Develops, manufactures, and markets

pharmaceutical products

Manufactures and distributes pharmaceutical

drugs

SciQuest, Inc. Develops and wholesales procurement

software solutions


Sequenom, Inc. Provides genomic and genetic analysis

solutions

Provides medical testing services

Sizmek, Inc. Operates as a global ad campaign management

and distribution platform company


Southern Company Gas Operates as an energy services holding

company

Generates and supplies electricity

Starwood Hotels & Resorts

Worldwide LLC

Owns and operates hotels and resorts Operates and franchises hotels and related

lodging facilities

Symmetry Surgical, Inc. Manufactures comprehensive surgical

instruments for orthopedic and other medical

device disciplines


Talmer Bancorp, Inc. Operates as a bank holding company Operates as a bank holding company whose


TECO Energy, Inc. Operates as a holding company, which

provides retail electric utility services

Provides energy generation and transmission

services

Tidelands Bancshares, Inc. Operates as a bank holding company, through

its subsidiary provides banking services

Operates as a bank holding company with

interest in providing consumer and business

banking services

TiVo Solutions, Inc. Provides broadband television services and

products

Provides managing services for digital content

Treasure State Bank Provides banking services Operates as a bank holding company with

interest in providing commercial banking

services

Tumi Holdings, Inc. Manufactures and distributes travel and

business products as well as accessories

Manufactures and markets travel luggages

United Engineers Ltd. (Multi-

Fineline Electronix, Inc.)

Produces printed circuits and circuit

assemblies

Designs and manufactures sheet metal parts

United Online, Inc. Provides consumer products and services over

the internet

Operates as an independent investment bank

USMD Holdings, Inc. Provides healthcare services Provides hospital and medical service plans

Xenith Bankshares, Inc. /Old/ Operates as a bank holding company Provides banking and financial services

XenoPort, Inc. Operates as a biopharmaceutical company Develops pharmaceutical products which

focuses on cardiovascular, hospital and

pediatric markets

Xura, Inc. Provides digital communications solutions for

communication service providers


Your Community Bankshares, Inc. Operates as a holding company with interests

in provides banking services



3rd Quarter 2016


Company Descriptions (International)


Aayush Food & Herbs Ltd. Manufacturing and preparation of ayurvedic

and pharmaceutical products

A private group led by Mrs. Pallavi Mittal

Agalawatte Plantations PLC Cultivates and produces tea, rubber and oil

palm


with interests in plantation and power sector

Aker ASA (Havfisk ASA) Provides fishing services Farms and processes fish

Alcatel-Lucent SA Provides communications solutions to

telecommunications companies, Internet

service providers and voice, data and video

providers

Provides network infrastructure, technology

and software services

Alpargatas SA Manufactures and distributes industrial

textiles and sporting goods

Operates as a holding company with an

interest in animal protein processing,

footwear, clothing, dairy, household cleaning,

personal care, cellulose production, banking,

and agribusiness

Aluminium Co. of Malaysia Bhd. Manufactures and trades aluminum sheet &

foil products


Antevenio SA Provides online advertising and marketing

services

Provides marketing services

Axia NetMedia Corp. Provides high-speed Internet protocol network

services and interactive media software

applications


Bankers Petroleum Ltd. Explores for oil and natural gas Explores for petroleum

BMT Investment Holdings Pte Ltd.

(British & Malayan Trustees

Ltd.)

Provides trustee and advisory services Provides financial services

China Automation Group Ltd. Provides safety and critical control systems,

control valves, traction systems and related

products mainly for the petrochemical and

railway industries

Provides investment services

China Calxon Group Co., Ltd. Develops and manages real estate properties;

provides consultancy services

Develops and manages real estate properties

China Smarter Energy Group

Holdings Ltd.

Engages in trading in securities and fur skins,

manufacture and sale of fur garments and

business of mining natural resources


Chubu Gas Co., Ltd. Distributes gas and sells home-use gas

conditioning and cooling and heating

equipment

Operates as a holding company which

provides energy distribution and engineering

works through its subsidiaries

City Developments Ltd. (City e-

Solutions Ltd.)

Operates as an investment holding company,

which engages in the provision of consultancy

services

Manufactures electrolytic manganese metals

Daesung Fine Tech Co. Ltd. Manufactures fine blanking die components

for automobiles

Private group led by Eun-jung Lee, Kyung-ho

Cho, Jun-sam Lee, Dae-sik Lee, Moon-dong-

gun Seo, Jung-ja Jung, Suk-jin Choi and Ki-

hyun Jung


3rd Quarter 2016



Daiwa House REIT Investment

Corp. /Old/

Real Estate Investment Trust/REIT Operates as a real estate investment trust

company

Daiyu Eight Co., Ltd. Operates a chain of home improvement,

stationary and drug stores

Operates the home center and pet shop chain

Dalian Wanda Commercial

Properties Co., Ltd.

Engages in the real estate development and

investment


Dominion Citrus Income Fund Acts as Closed-End Investment

Fund/Investment Trust

A private group led by Paul Scarafile

E-Commerce China Dangdang, Inc. Provides business-to-consumer e-commerce

services

Private group led by the management of E-

Commerce China Dangdang Inc, Ms. Peggy

Yu, Chairwoman of the Board, and Mr.

Guoqing Li, director and CEO

E-House (China) Holdings Ltd. Investment holding company with interest in

real estate investment

A private group led by E-House (China)

Holdings Ltd Co-Chairman Mr. Xin Zhou,

board member Mr. Neil Nanpeng Shen, their

respective affiliates, and SINA Corp

Ellipsiz Ltd. Operates as an investment holding company,

which provides engineering and advanced

packaging solutions to the semiconductor

industry


Engineering Ingegneria Informatica

SpA

Provides software engineering and systems

integration services

Operates as a private equity advisory firm

Epicurean & Co. Ltd. Operates as an investment holding company,

which engages in food and beverage business


ETView Medical Ltd. Manufactures medical imaging devices Manufactures and markets diagnostic and life

supporting devices for hospitals

Excel Crop Care Ltd. Manufactures and markets agrochemicals Manufactures and distributes basic chemicals,

petrochemicals, fine and agrichemicals

Fersa Energías Renovables SA Generates renewable energy Provides collection services

FNG Group NV Designs, manufactures and distributes

clothing for children up to 14 years old

Operates retail clothing stores

Gas Natural SDG SA (Gasco SA) Produces and distributes natural and

petroleum gas products

Private group led by the PÃ©rez Cruz family

General Electric Co. (Bank BPH

SA)

Provides commercial banking services Provides commercial banking services

Glory Mark Hi-Tech (Holdings)

Ltd.


with interest in manufacturing and selling

computers and peripheral products


Grand Concord International

Holdings Ltd.


which engages in the manufacturing of knitted

fabrics and innerwear

Provides investment holding services

Greenland Financial Overseas

Investment Group Co. Ltd.

(China Greenland Rundong

Auto Group Ltd.)

Provides motor vehicles dealership services Operates as an investment holding company


3rd Quarter 2016



Halcyon Agri Corp. Ltd. Operates as an investment holding company,

which produces and markets technically

specified rubber

Distributes agricultural use chemical products

and provides logistics services

Hawk Exploration Ltd. Engages in the exploration, development and

production of conventional crude oil and

natural gas

Producer of oil & gas

Hewlett Packard Enterprise Co.

(Mphasis Ltd.)

Provides software and information technology

consulting services

Provides investment and fund management

services

Hindalco Industries Ltd. (Aditya

Birla Minerals Ltd.)

Explores and mines copper metal Explores, produces, develops, supplies and

markets minerals and metals

Hwang Capital (Malaysia) Bhd. Operates as an investment holding company

with interest in properties investment, money

lending, credit financing, and share financing

Private group led by Hwang Lip Teik and

Hwang Enterprises Sdn Bhd

iDreamSky Technology Ltd. Develops mobile games Private group led by Michael Xiangyu Chen

Imperial dd Owns and operates hotels A private group led by Valamar Riviera dd

and Allianz ZB doo with an interest in

traveling

Industria Textil Piura SA Manufactures, sells and exports cotton textiles Operates as an investment holding company

InnVest Real Estate Investment

Trust

Real Estate Investment Trust/REIT Manages hotels and real estate properties

ISARIA Wohnbau AG Engages in the project development for

residential real estate

Provides investment advice

Land & Leisure A/S Provides real estate services Publishes newspaper and magazines

Lentex SA (Novita SA) Engages in manufacturing and sales of

nonwovens

Manufactures floor coverings, nonwoven

furniture and fabrics

Mareterram Ltd. Operates agribusiness with commercial

fishing and food distribution


with interest in consumer goods and financial

services

Meda AB Supplies pharmaceuticals and medical

products

Manufactures pharmaceuticals

Medtech SAS Designs, develops and markets a new

generation of robotic assistance for the

express purpose of improved medical surgical

technique

Manufactures and distributes orthopedic

reconstructive implants

Migao Corp. Engages in the production and sale of

specialty potash fertilizers

Owns and operated by Liu Guocai

Mols-Linien A/S Engages in the operations of ferries which

includes vehicles and passengers

transportation services


Neptune Orient Lines Ltd. Operates as an investment holding company,

which provides shipping and transportation

services

Provides cargo transportation services

Norway Seafoods Group AS Provides seafood Produces fish meal and fish oil

Orolia SA Provides high-precision electronics equipment Alternative investment management


3rd Quarter 2016



Ovivo, Inc. Provides waste water treatment solutions Operates as an investment holding company

Prism Medical Ltd. Operates as a provider of durable medical

equipment and related services to the mobility

disadvantaged

Supplies technical aids for mobility

challenged individuals

Qihoo 360 Technology Co., Ltd. Provides search engine solutions through

Internet and mobile platforms

A private group led Mr. Hongyi Zhou, CITIC

Securities Co Ltd, Golden Brick Capital

Private Equity Fund I LP, China Renaissance

Holdings Ltd and Sequoia Capital China I LP

QTC Energy PCL Manufactures transformers A private group led by Mr. Sathit

Limpongpan, Mr. Chanthanome Phommany

and Mr. Thatnakhone Thammavong

Raimount Energy, Inc. Operates as a natural resource exploration

company

Explores for oil and natural gas

Rock Energy, Inc. Explores and develops crude oil and natural

gas resources

Operates as a junior oil and gas producer

RR Media Ltd. Provides television broadcasting and satellite

telecommunicating services

Provides satellite-based data transmission and

ancillary services

Saft Groupe SA Designs and manufactures technology

batteries for industrial and defense

applications

Explores, develops, produces and markets oil

and gas products

Sala House Co., Ltd. Engages in housing related business Operates as a holding company which

provides energy distribution and engineering

works through its subsidiaries

Select Group Ltd. Operates as an investment holding company,

which provides catering and food

management services

Operates as an holding company

Shun Cheong Holdings Ltd. Operates as an investment holding company

with interest in hotel and restaurant business

Operates as holding company

SMART Technologies, Inc. Designs, develops and sells interactive

technology products and solutions

Manufactures nanotechnology, heat transfer,

wireless connectivity and material sciences

Société des Produits Marnier

Lapostolle SA

Manufactures and distributes alcohol and

cocktails

Produces and distributes alcoholic beverages

Striker Exploration Corp. Engages in exploration and development of oil

and gas properties

Engages in the acquisition, exploitation, and

production of oil and gas properties

Superglass Holdings PLC Engages in the manufacturing and sale of

insulation materials

Operates as an investment holdings company

Sweett Group PLC Provides construction and property consulting

services

Provides management consultancy services

Takson Holdings Ltd. Operates as an investment holding company Operates as an investment holding company

TNT Express NV Provides parcel and freight courier services Provides a broad portfolio of transportation, e-

commerce and business services under the

FedEx brand

Top REIT, Inc. Real Estate Investment Trust/REIT Invests in real estate


3rd Quarter 2016



Toyo Seikan Group Holdings Ltd.

(Malaysia Packaging Industry

Bhd.)

Manufactures printed and laminated light

packaging materials

Manufactures and sells liquid and viscosity

automatic packaging films

U Banquet Group Holding Ltd. Engages in the operation of a chain of Chinese

restaurants and provision of wedding services

Private group led by Mr. Sang, Mr. Xu and

Mr. Cui

UNY Group Holdings Co., Ltd. Operates a chain of supermarkets and

convenience stores

Operates a chain of convenience stores

USG People NV Provides flexible employment, education and

training services

Engages in the business of recruitment

services

Vivoline Medical AB Manufactures medical equipment Is a medical technology company

Wema Bank PLC (Great Nigerian

Insurance PLC)

Provides general insurance services Provides insurance services

Wincor Nixdorf AG Provides information technology solutions and

services for retail banks and retail industry

Develops automatic teller machines and

transaction systems software solutions and

provides integrated security services

Wireless Group PLC Provides radio and news media broadcasting

services

Provides publishing services

Wong Engineering Corp. Bhd. Manufactures and sales of high-precision

metal stamped parts and turned metal

components

A private group led by Ong Yoong Nyock,

TNTT Realty Sdn Bhd, Yong Kwee Lian,

Yong Loy Huat, and Low Ah Lin

Yageo Corp. (Luminous Town

Electric Co., Ltd.)

Engages in electrolysis capacitor production

and trading


which manufactures and markets electronic

components

Yoho Resources, Inc. Engages in exploration and extraction of oil

and gas

Provides investment advice

Yuhua Energy Holdings Ltd. Operates as an investment holding company,

which manufactures electro-acoustic

peripherals

Private group led by Lin Caihuo


3rd Quarter 2016


Standard Industrial Classification (SIC) Summary

01-09 Agriculture and Forestry

10-14 Mining

10 Metal mining

12 Coal mining

13 Oil and gas extraction

14 Mining and quarrying of nonmetallic minerals, except fuels

15-17 Construction

15 Building construction

16 Heavy construction

17 Construction – special trade contractors

20-39 Manufacturing

20 Food and kindred products

21 Tobacco products

22 Textile mill products

23 Apparel

24-26 Lumber, furniture and paper

27 Printing, publishing and allied industries

28 Chemicals and allied products

29 Petroleum refining

30 Rubber and miscellaneous plastics products

31 Leather and leather products

32-33 Stone, concrete products and primary metals

34-35 Fabricated metal products, industrial machinery and computers

36 Electrical and electronic machinery and equipment

37 Transportation equipment

38 Controlling instruments; photographic, medical and optical goods; and clocks

39 Miscellaneous manufacturing

40-47 Transportation

40 Railroad transportation

41 Local and suburban transit

42 Motor freight transportation

43 U.S. Postal Service

44 Water transportation

45 Air transportation

46 Pipelines

47 Transportation services

48 Communications

49 Electric, Gas, and Sanitary Services

50-51 Wholesale Trade

50 Durable goods

51 Nondurable goods


3rd Quarter 2016


52-59 Retail Trade

52 Building materials and mobile home dealers

53 General merchandise stores

54 Food stores

55 Automotive dealers and gasoline service stations

56 Apparel stores

57 Furniture and equipment stores

58 Eating and drinking places

59 Miscellaneous retail

60-67 Finance, Insurance, and Real Estate

60-61 Banking and credit agencies

62 Security and commodity brokers and related services

63-64 Insurance companies and agents

65 Real estate

67 Holding companies and other investment offices

70-99 Services and Other

70 Hotels and lodging places

72 Personal services

73-78 Business services

79 Amusement and recreation services

80-82 Health services

83-84 Social services, museums and zoos

86 Membership organizations

87 Engineering, accounting, research and management

88-89 Private households and miscellaneous services

99 Nonclassifiable establishments


3rd Quarter 2016


Description of Terms

Consideration Codes C = Cash

D = Debt

L = Liabilities

S = Stock

X = Other (warrants, contingent payments, etc.)

Control Premium Mergerstat’s control premium is computed by comparing the per share total

consideration price for one share of the target company’s common stock to the

Mergerstat unaffected price. This pre-announcement price is selected by

Mergerstat and based on volume and price fluctuations during the period prior

to the acquisition announcement.

Guidelines for control premium calculation:

Determination of announcement data

Price and volume retrieval prior to announcement date

Analysis of data for significant fluctuations in price and volume

Selection of a price just prior to this point of change in representative

normal pricing activity

If no significant price and volume fluctuations occur, selection of the price

one day prior to the announcement date

Determination of the final price that the acquirer offers, per share, to

purchase the target company's common stock, per terms of a tender offer

Computation of the control premium using the following equation:

Purchase Price - Mergerstat Unaffected Price

Mergerstat Unaffected Price

Mergerstat Unaffected Price Target company’s common stock price per share unaffected by the acquisition

announcement. Selected by Mergerstat after analyzing each transaction (see

Transaction Information).

Percentage Common Held After Percent of the target company’s common shares held by the acquiring company

following the transaction.

Minority Discount Formula 1-(1/(1+Control Premium))

Percentage Common Previously Held Percent of the target company’s common shares owned by the acquiring

company prior to the transaction.

Premium 1 Day Premium computed by comparing the price ultimately paid to the common stock

price one day prior to the announcement date.

Premium 1 Week Premium computed by comparing the price ultimately paid to the common stock

price one week prior to the announcement date.

Premium 1 Month Premium computed by comparing the price ultimately paid to the common stock

price one month prior to the announcement date.

Premium 2 Months Premium computed by comparing the price ultimately paid to the common stock

price two months prior to the announcement date.


3rd Quarter 2016


Price 1 Day Target company’s common stock price per share one day prior to the acquisition

announcement date.

Price 1 Week Target company’s common stock price per share one week prior to the

acquisition announcement date.

Price 1 Month Target company’s common stock price per share one month prior to the


Price 2 Months Target company’s common stock price per share two months prior to the


Purchase Price Per Share The total consideration paid per share for the target company’s shares.

Target Book Value Target company’s book value, sometimes referred to as shareholder’s equity or

net tangible assets, is based on the latest reported period prior to the

transaction’s announcement date. Book value is reported in millions and

rounded.

Target EBIT Target company’s earnings before interest and taxes (“EBIT”) based on the

latest reported 12-month period prior to the transaction’s announcement date.

EBIT is reported in millions of dollars and rounded.

Target EBITDA Target company’s earnings before interest, taxes, depreciation and amortization

(“EBITDA”) based on the latest reported 12-month period prior to the

transaction’s announcement date. EBITDA is reported in millions of dollars and

rounded.

Target Income Target company’s net income (loss), excluding extraordinary items, based on

the latest reported 12-month period prior to the transaction’s announcement

date. Income is reported in millions of dollars and rounded.

Target Market Value of Equity Target market value of equity based on the purchase price per share times total

shares outstanding reported in the period prior to the transaction’s

announcement date. Market value of equity is reported in millions of dollars and

rounded.

Target Price/Book Value Ratio Purchase price-to-book value ratio for the target company based on the implied

market value of equity divided by book value of the target company.

Target Price/Earnings Ratio Purchase price-to-earnings ratio for the target company based on the implied

market value of equity divided by the latest reported 12-month net income prior

to the announcement date.

Target Price/Sales Ratio Purchase price-to-sales ratio for the target company based on the implied market

value equity divided by the latest reported 12-month sales prior to the

announcement date.


3rd Quarter 2016


Target Sales Target company’s sales based on the latest reported 12-month period prior to

the transaction’s announcement date. Sales are reported in millions of dollars

and rounded.

Target TIC Target company’s implied total invested capital (“TIC”) based on the sum of

implied market value of equity plus the face value of total interest bearing debt

and the book value of preferred stock outstanding prior to the announcement

date.

Target TIC/EBIT Ratio Target TIC-to-EBIT ratio based on the target TIC divided by the latest reported

12-month earnings before interest and taxes prior to the announcement date.

Target TIC/EBITDA Ratio Target TIC-to-EBITDA ratio based on the target TIC divided by the latest

reported 12-month earnings before interest, taxes, depreciation and amortization

prior to the announcement date.

Total Deal Value The aggregate purchase price given to shareholders of the target company’s

common stock by the acquiring company. Shown in millions of dollars and

rounded.

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