Announced Deal Spreads EUROPE TERMS Spread Spread Expected Closing TARGET BIDDER Shares Cash % Annualized ANITE PLC KEYSIGHT TECHNOLOGIES IN 0 126.00 0.00% 0.00% 31 October 2015 ALCATEL-LUCENT NOKIA OYJ 0.55 0.00 2.49% 3.18% 15 April 2016 ANSALDO STS SPA HITACHI LTD 0 9.65 2.39% 5.10% 31 December 2015 BG GROUP PLC ROYAL DUTCH SHELL PLC-B SHS 0.4454 383.00 9.7% 12.47% 15 April 2016 CSR PLC QUALCOMM INC 0 900.00 2.74% 20.83% 30 August 2015 DELHAIZE GROUP KONINKLIJKE AHOLD NV 4.75 0.00 5.81% 5.31% 15 June 2016 DELHAIZE GROUP KONINKLIJKE AHOLD NV 5.073 0.00 12.99% 2.31% 15 June 2016 DRAGON OIL PLC ENOC 0 750.00 3.09% 14.29% 30 September 2015 NORBERT DENTRESSANGLE XPO LOGISTICS INC 0 217.50 -0.02% -4.19% 15 July 2015 EURASIA DRILLIN-GDR REGS SCHLUMBERGER LTD 0 22.00 29.56% nm 15 September 2015 JAZZTEL PLC ORANGE 0 13.00 0.08% 0.87% 25 July 2015 PACE PLC ARRIS GROUP INC 0.1455 132.50 13.97% 29.94% 31 December 2015 PLUS500 LTD PLAYTECH PLC 0 400.00 2.56% 11.85% 30 September 2015 PIRELLI & C. CHEMCHINA 0 15.00 -1.70% -3.64% 31 December 2015 REXAM PLC BALL CORP 0.04568 407.00 8.98% 8.87% 15 June 2016 SYNERGY HEALTH PLC STERIS CORP 0.4308 439.00 28.28% nm 30 June 2015 TNT EXPRESS NV FEDEX CORP 0 8.00 3.53% 5.24% 15 March 2016 WORLD DUTY FREE SPA DUFRY AG-REG 0 10.25 0.69% 3.69% 15 September 2015 Last week our PDF notes We wrote on Dragon Oil’s upside CVR (PDF on request) Official rejections to the deal now account for at least 10.3pct, which means that ENOC is now more likely to need a bump to convince the large minorities to accept the offer or risk failing again. We estimated the upside value of a potential CVR bump. Our simple calculation may mean that Baillie Gifford wants a CVR bump of 50p per Cheleken second field and since there are at least four fields, the total CVR value could be 150p. The share price upside to the 750p offer in case a CVR is agreed could be at least 50p.The offer is schedule for its first close 30 July 2015. The offer period likely will be extended. The document indicates however that the offer must be declared unconditional to acceptances no later than 3pm on the 30 August 2015. (This is day 60).Unless extended, ENOC has until day 46 or 16 August to amend its offer. 2 | P a g e Event-Driven Research Europe Alex Olvera [email protected]