Event Driven Morning Comments: EU & NA

MAKOR EVENT DRIVEN MORNING COMMENTS th June 8 2015 Stocks in the News: Europe EUROPE Lafarge Shareholder meeting nd SYNN/MON SYNN unmoved by Monsanto 2 letter SGO: Disposal of Verallia to Appolo Alliance Trust Actelion Shire: Potential Target NR AMRS: potential Higher Cash offer NORTH AMERICA ISSI: Update ODP: Shareholders complaints update BAX: Baxalta spin-off USA BRLI/OPK BRLI 2Q FY15 EPS - $0.44E ($0.40-$0.46, 3 analysts) a/o 6/4; CC @ 10:30am ET - www.bioreference.com, (Actual) CRRC/RRD Close Date (Expected) KRFT/H.J. Heinz HSR EXPIRES (Expected) Company POM/EXC POM dividend (Actual) VTR/Care Capital Properties, Inc. VTR dividend (Actual) OUR VIEW TODAY: Limited comments and quite a bit of catching up after coming back…. Clearly SYNN / MON is one of the main news today, and although people might see this as a commitment from Monsanto, I continue to beddlieve that the deal is extremely risky from a regulatory point of view and I would remain extremely careful. More comments tomorrow. Europe Spread % Spread Ann % BG GROUP PLC DOMINO PRINTING PIRELLI & C. TNT EXPRESS NV WORLD DUTY FREE SPA North-America BAKER HUGHES INC DRESSER RAND GROUP INC INFORMATICA CORP LORILLARD / REYNOLDS NORCRAFT / FORTUNE BRANDS PARTNER RE / EXOR April 15, 2015 1