Transaction Reports

China Cinda Asset Management Co. Ltd

China Cinda Asset

Management Co. Ltd. $1.5 billion bond offering on the Hong Kong Stock Exchange

Legal advisor to China Cinda Asset Management Co., Ltd:

China Cinda Asset Management US$1.5 billion Bond Offering

Leading International Financial Centre law firm, Walkers, recently acted as British Virgin Islands counsel to China Cinda Finance (2014) Limited in relation to the US$1 billion 4.00% Guaranteed Senior Notes due 2019 and US$500 million 5.625% Guaranteed Senior Notes due 2024, both unconditionally and irrevocably guaranteed by Well Kent International Investment Company Limited.

British Virgin Islands Counsel to China Cinda Asset Management Co., Ltd:

In a discussion of the recent increase in high value bond deals in Asia, Walkers expressed that “Against the backdrop of the opening Chinese economy, many of China’s state-owned enterprises, banks and corporates have looked to the bond market for more

efficient funding options, resulting in a significant increase in bond deals in Asia this year.”

China Cinda Asset Management Corporation was established on 20 April 1999. As the first financial institution in China engaged in management and disposal of non-performing assets, the accumulated book value of non-performing assets acquired and dealt with exceeded RMB1300 billion. The offices of China Cinda are located in 30 major cities of the PRC. The subsidiaries of China Cinda include Well Kent International Investment Limited, Cinda Investment Corporation, Zhongrun Economic Development Company, among others.

Sascar

Michelin Announces Intention to acquire Sascar

Legal advisor to the purchaser: Michelin to acquire Sascar

Michelin, the leading tire company, has announced that it intends to acquire all outstanding shares of Sascar, the leading Brazilian digital fleet management and freight security company.

Legal advisor to the sellers of Sascar Participações S.A.

The São Paulo-based company, which has 870 employees, generated revenue of BRL 280 million (around EUR 91 million) in 2013 and has enjoyed robust average growth of 16% over the past three years, with solid and consistent performances (EBITDA of 37% in 2013). The innovative and dynamic company has developed a strong presence in the independent trucker and small truck fleet segment in Brazil, which underpins the country’s land transportation market.

“Michelin will benefit from the client base and technical and marketing skills built up by Sascar in the rapidly expanding telematics market for professional truck fleets and thereby accelerate the development of services for its customers worldwide”, explains Jean-Dominique Senard, Chief Executive Officer of the Michelin Group. “This will help us strengthen an important area of growth for the Group.”

This acquisition will enable Michelin to expand its service offering for truckers and to speed the growth of its truck tire business in Brazil. By joining the Michelin Group, Sascar will gain access to its major customers in South America.

FINANCEMONTHLY

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