Monthly M&A Insider

A mergermarket report on global M&A activity EDITION Monthly M&A Insider APRIL 2012 CONTENTS

GLOBAL OVERVIEW 01 AMERICAS: L A TIN AMERICA 09 N ORTH AMERICA 18 ASIA-PACIFIC 30 EUROPE 41 MIDDLE EAST & AFRICA 52 ABOUT MERRILL CORPORATION 62

MERGERMARKET MONTHLY M&A INSIDER

Part of The Mergermarket Group www.mergermarket.com

80 Strand 11 West 19th Street Suite 2401-3 London, WC2R 0RL 2nd ﬂ. Grand Millennium Plaza United Kingdom New York, NY 10011 181 Queen’s Road, Central USA Hong Kong t: +44 (0)20 7059 6100 t: +1 212 686-5606 t: +852 2158 9700 f: +44 (0)20 7059 6101 f: +1 212 686-2664 f: +852 2158 9701 [email protected] [email protected] [email protected] GLOBAL OVERVIEW

THE FIRST QUARTER OF 2012 SAW GLOBAL M&A DEAL VOLUME TOTAL 2,587 TRANSACTIONS GLOB COLLECTIVELY VALUED AT US$421BN, REPRESENTING YEAR-ON-YEAR FALLS OF 20% AND 30% IN

A ACTIVITY AND VALUE TERMS. A SIMILAR TREND IS REFLECTED IN THE PRIVATE EQUITY SPHERE, L OVERVIE WHERE THE SAME COMPARISON SHOWS VOLUME FALLING BY 20% AND VALUE BY 34%. W Behind these trends are macroeconomic concerns and investment into China’s financial sector by western banks, ongoing volatility, both of which are damaging confidence and with UBS and Standard Chartered joining two Chinese inhibiting dealmaking. In Europe, volatility will likely persist investors to acquire a 16.5% stake in China Cinda Asset through the year as sovereign debt problems are unlikely to Management Corporation for US$1.6bn. be resolved quickly. This will have an impact on valuations Away from defensive stocks and ongoing consolidation and add to M&A risk. among financial services companies, perhaps one of the Nevertheless, compared with Q4 2011, Europe saw an most talked about deal announcements of late was the increase in the total value of M&A in the first quarter, buoyed US$1bn acquisition of mobile photography app Instagram by the announced US$61bn merger of Glencore with Xstrata. by Facebook. The deal is one amongst a stream of start-up Furthermore, companies from Asia continue to show good acquisitions, including direct marketer Tagtile and webcam appetite for European assets, with bidders from the region eye-tracking software GazeHawk, demonstrating a keen seeing the present market situation as an opportunity to desire to refresh the product offering and maintain innovation acquire market share and expertise. In particular, Chinese at Facebook ahead of its flotation on the Nasdaq in May. companies are increasingly interested in overseas assets, In the US, TMT M&A will continue to be a bright spot, and as a way to diversify and mitigate the impact of falling profit there are also signs that niche cross-border pockets are margins in their home territory. setting up for a strong 2012, such as deal making between the US and Israel. Globally, the Media subsector has been Fears that growth in China may be slowing originate largely one of the most resilient, with volume only 3% below Q1 2011 from suppressed profits amongst Industrials & Chemicals levels in Q1 2012. Of note is Cisco’s US$5bn acquisition of companies. These concerns could be assuaged however broadcast software provider NDS Group from News Corp, if the recovery in the US is sustained and exports pick up. which is intended to assist with the development of their video Furthermore, although foreign investors are cooling on China, platform and expansion into China and India. a number of foreign businesses remain keen to establish themselves in the country, attracted by the tremendous Taking stock of the global M&A situation, a number of opportunities that still exist. regional and sector niche opportunities mean that there are good reasons to stay upbeat about deal making in 2012. In January, American Express purchased a stake in Chinese Crucially, the underlying factors influencing the downturn mobile payments provider LianLian Pay, for US$125m. This appear to be sentimentally rather than fundamentally move, which will allow American Express to offer digital driven, so that those lucrative opportunities that do exist will wallet services in the region, is a well considered attempt continue to be pursued, so long as financing can be obtained to increase exposure to the fast growing consumer market and investors persuaded. in Asia. The first quarter of 2012 also marked a landmark

Head of Research: Elias Latsis Global overview: Rob Imonikhe Editor: Felicity James Latin America: Urna Chakraborty For advertising opportunities contact: North America: Ashley Klepach Erik Wickman Asia-Paciﬁc: Timothy Phillips Tel: + (1) 212 6863329 Europe: Peter Kruk and Kirsty Wilson [email protected] Middle East & Africa: Silvia Paparello, Marie-Laure Keyrouz and Beatrice Bragho

Monthly M&A Insider 01 LEAGUE TABLES

TOP 20 FINANCIAL ADVISERS – GLOBAL GLOB VALUE A

L OVERVIE Ranking Q1 2012 Q1 2011 Q1 2012 Q1 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 2 Goldman Sachs 125,364 56 143,280 -12.5% W 2 8 Citigroup 111,578 34 81,479 36.9% 3 10 Deutsche Bank 107,651 41 68,435 57.3% 4 3 Morgan Stanley 107,200 54 126,915 -15.5% 5 1 JPMorgan 106,521 48 152,680 -30.2% 6 6 Barclays 95,618 33 89,937 6.3% 7 7 Credit Suisse 79,315 31 82,732 -4.1% 8 16 Nomura Holdings 68,971 27 20,609 234.7% 9 5 Bank of America Merrill Lynch 61,069 39 97,137 -37.1% 10 18 BNP Paribas 55,785 4 20,230 175.8% 11 11 Rothschild 29,524 36 27,690 6.6% 12 26 RBC Capital Markets 28,044 28 12,612 122.4% 13 4 Lazard 24,709 34 101,791 -75.7% 14 9 UBS Investment Bank 23,398 33 71,062 -67.1% 15 20 Evercore Partners 15,493 19 18,177 -14.8% 16 82 TD Securities 14,757 9 1,999 638.2% 17 92 Greenhill & Co 13,580 6 1,618 739.3% 18 25 Jefferies & Company 12,677 20 13,729 -7.7% 19 32 BMO Capital Markets 12,002 13 8,217 46.1% 20 15 HSBC 11,875 20 21,310 -44.3% Source: mergermarket

TOP 20 FINANCIAL ADVISERS – GLOBAL VOLUME

Ranking Q1 2012 Q1 2011 Q1 2012 Q1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 1 Goldman Sachs 125,364 56 78 -22 2 3 Morgan Stanley 107,200 54 64 -10 3 4 JPMorgan 106,521 48 60 -12 4 10 Deutsche Bank 107,651 41 53 -12 5 7 Bank of America Merrill Lynch 61,069 39 58 -19 6 5 PwC 4,017 39 60 -21 7 9 Deloitte 2,387 38 57 -19 8 13 Rothschild 29,524 36 42 -6 9 12 Citigroup 111,578 34 44 -10 10 14 Lazard 24,709 34 35 -1 11 16 Barclays 95,618 33 29 4 12 6 UBS Investment Bank 23,398 33 59 -26 13 8 Credit Suisse 79,315 31 57 -26 14 20 RBC Capital Markets 28,044 28 24 4 15 18 Nomura Holdings 68,971 27 26 1 16 2 KPMG 1,928 24 78 -54 17 11 Ernst & Young 3,061 23 51 -28 18 31 Houlihan Lokey 1,687 22 15 7 19 15 Jefferies & Company 12,677 20 34 -14 20 26 HSBC 11,875 20 17 3 Source: mergermarket

The ﬁnancial adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Global. Monthly M&A Insider 02 LEAGUE TABLES

TOP 20 LEGAL ADVISERS – GLOBAL GLOB VALUE A

L OVERVIE Ranking Q1 2012 Q1 2011 Q1 2012 Q1 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 8 Freshﬁelds Bruckhaus Deringer 84,656 39 78,791 7.4% W 2 7 Linklaters 77,639 48 79,340 -2.1% 3 125 King & Wood Mallesons 62,034 10 2,947 2,005.0% 4 4 Sullivan & Cromwell 40,606 32 97,309 -58.3% 5 6 Skadden Arps Slate Meagher & Flom 28,466 30 82,892 -65.7% 6 53 Kirkland & Ellis 27,200 48 11,099 145.1% 7 10 Allen & Overy 24,245 38 71,958 -66.3% 8 13 Dewey & LeBoeuf 23,301 23 62,875 -62.9% 9 29 Jones Day 23,011 56 22,205 3.6% 10 16 Clifford Chance 22,385 39 49,830 -55.1% 11 105 Paul Weiss Rifkind Wharton & Garrison 19,567 16 4,527 332.2% 12 12 Davis Polk & Wardwell 19,453 19 65,164 -70.1% 13 3 Latham & Watkins 18,465 44 97,784 -81.1% 14 36 Vinson & Elkins 17,175 21 15,963 7.6% 15 18 Weil Gotshal & Manges 16,538 30 44,552 -62.9% 16 34 Gibson Dunn & Crutcher 16,388 20 16,818 -2.6% 17 127 Stikeman Elliott 16,237 25 2,859 467.9% 18 11 Shearman & Sterling 15,231 17 69,153 -78.0% 19 195 Bennett Jones 14,245 6 1,020 1,296.6% 20 2 Simpson Thacher & Bartlett 13,853 12 121,560 -88.6% Source: mergermarket

TOP 20 LEGAL ADVISERS – GLOBAL VOLUME

Ranking Q1 2012 Q1 2011 Q1 2012 Q1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 4 Jones Day 23,011 56 71 -15 2 7 Linklaters 77,639 48 62 -14 3 9 Kirkland & Ellis 27,200 48 61 -13 4 1 DLA Piper 7,360 48 87 -39 5 2 Latham & Watkins 18,465 44 76 -32 6 6 Freshﬁelds Bruckhaus Deringer 84,656 39 63 -24 7 3 Clifford Chance 22,385 39 73 -34 8 5 Allen & Overy 24,245 38 67 -29 9 12 CMS 1,417 35 50 -15 10 11 Hogan Lovells 5,108 34 50 -16 11 14 Sullivan & Cromwell 40,606 32 46 -14 12 10 Skadden Arps Slate Meagher & Flom 28,466 30 56 -26 13 13 Weil Gotshal & Manges 16,538 30 48 -18 14 27 Blake, Cassels & Graydon 13,685 26 28 -2 15 8 Baker & McKenzie 2,827 26 62 -36 16 49 Stikeman Elliott 16,237 25 19 6 17 17 White & Case 6,832 25 35 -10 18 23 Dewey & LeBoeuf 23,301 23 30 -7 19 21 Wilson Sonsini Goodrich & Rosati P.C. 3,203 23 31 -8 20 35 Mayer Brown 1,970 23 22 1 Source: mergermarket

The legal adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and include lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Global. Monthly M&A Insider 03 LEAGUE TABLES

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON GLOBAL BUYOUTS GLOB VALUE VOLUME A

L OVERVIE Rank Rank Q1 2012 Company name Value Deal Q1 2012 Company name Deal Value (US$m) count count (US$m) 1 Apollo Global Management 7,915 3 1 The Riverside Company - 7

W 2= Access Industries 7,150 1 2 Lloyds TSB Development Capital 278 4 2= Riverstone Holdings 7,150 1 3= Grey Mountain Partners - 4 4 GS Capital Partners 3,578 2 3= mutares - 4 5 Advent International 3,178 1 5 Apollo Global Management 7,915 3 6 CITIC Capital Partners 2,500 3 6 CITIC Capital Partners 2,500 3 7 CVC Capital Partners 2,423 3 7 CVC Capital Partners 2,423 3 8 Vista Equity Partners 2,251 3 8 Vista Equity Partners 2,251 3 9 Cinven 1,467 1 9 General Atlantic 415 3 10 Blackstone Group 1,430 1 10 The Carlyle Group 352 3 11 Insight Venture Partners 1,326 2 11 Wynnchurch Capital 99 3 12 China Africa Development Fund 1,250 1 12 H.I.G. Capital 47 3 13 TPG Capital 871 2 13= Arsenal Capital Partners 30 3 14 Novo 708 1 13= Platinum Equity 30 3 15 Strategic Value Partners 663 1 15= Ciclad - 3 Source: mergermarket 15= Levine Leichtman Capital Partners - 3 15= Naxicap Partners - 3 Source: mergermarket

The private equity buyout activity tables by value and volume are based on private equity ﬁrms advising the bidder on buyout deals where the dominant geography of the target company is Global. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON GLOBAL EXITS VALUE VOLUME Rank Rank Q1 2012 Company name Value Deal Q1 2012 Company name Deal Value (US$m) count count (US$m) 1 Permira 5,000 1 1 Sun Capital Partners 98 6 2 Madison Dearborn Partners 3,178 1 2 Intel Capital 490 4 3 GS Capital Partners 3,028 2 3 Audax Private Equity Group 124 4 4 EnCap Investments 2,850 1 4 The Carlyle Group 2,293 3 5 Cinven 2,398 1 5 Atlas Venture 1,002 3 6 The Carlyle Group 2,293 3 6 TA Associates 588 3 7 Riverstone Holdings 2,123 2 7 Platinum Equity 362 3 8 Mid Europa Partners 1,801 2 8 Scottish Equity Partners 208 3 9 Electra Partners 1,666 2 9 Benchmark Capital 195 3 10 Intermediate Capital Group 1,467 1 10 Softbank Capital Partners 180 3 11 Arle Capital Partners 1,260 1 11 American Capital 144 3 12 Atlas Venture 1,002 3 12 SV Angel 50 3 13= Teachers Private Capital 1,000 1 13 H.I.G. Capital - 3 13= Thoma Bravo 1,000 1 14 GS Capital Partners 3,028 2 13= Vestar Capital Partners 1,000 1 15 Riverstone Holdings 2,123 2 Source: mergermarket Source: mergermarket

The private equity exit activity tables by value and volume are based on private equity ﬁrms advising the vendor on exit deals where the dominant geography of the target company is Global. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.

Monthly M&A Insider 04 TREND GRAPHS

GLOBAL M&A QUARTERLY TREND GLOBAL M&A QUARTERLY PRIVATE EQUITY TREND GLOB A 400 900 L OVERVIE 1,400 4,500

4,000 350 800 1,200

3,500 700 300 Number of deals Number of deals W 1,000 3,000 600 250

800 2,500 500 200 alue (US$bn) alue (US$bn) 400 2,000 V V 600 150 1,500 300 400 100 1,000 200

200 50 500 100

0 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

GLOBAL M&A ANNUAL TREND GLOBAL M&A ANNUAL PRIVATE EQUITY TREND

4,000 18,000 900 3,500

3,500 16,000 800 3,000

14,000 700 3,000 Number of deals 2,500 Number of deals 12,000 600 2,500

10,000 500 2,000 2,000 alue (US$bn) 8,000 alue (US$bn) 400 V V 1,500 1,500 6,000 300 1,000 1,000 4,000 200

500 500 2,000 100

0 0 0 0 2006 2007 2008 2009 2010 2011 YTD 2012* 2006 2007 2008 2009 2010 2011 YTD 2012*

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

Monthly M&A Insider 05 TREND GRAPHS

GLOBAL GEOGRAPHIC BREAKDOWN YTD 2012 GLOB

A VALUE VOLUME L OVERVIE

1.9% 4.5% 2.8% 4.4% 18.6% Asia-Pacific 17.4% Asia-Pacific W Europe Europe

North America North America

Middle East & Africa Middle East & Africa

35.5% Central & South America 34.3% Central & South America

41.1% 39.5%

GLOBAL M&A SECTOR BREAKDOWN YTD 2012

VALUE VOLUME

1.0% 2.2% 1.4% 0.9% 2.1% 0.3% 2.6% 3.7% 13.9% 3.2% 1.3% Industrials & Chemicals 3.4% Industrials & Chemicals 21.6% 1.7% Consumer 3.4% Consumer 4.5% 6.7% Business Services 3.8% Business Services

5.9% Technology Technology 7.5% 5.5% Energy, Mining & Utilities Energy, Mining & Utilities

Financial Services Financial Services 8.8% 6.4% Pharma, Medical & Biotech 13.7% Pharma, Medical & Biotech 8.1% Construction Construction

Media Media

Leisure 9.0% Leisure 11.1% Transportation Transportation 35.5% 10.9% Real Estate Real Estate

Agriculture Agriculture

Telecommunications Telecommunications

Defence

Monthly M&A Insider 06 TREND GRAPHS

GLOBAL M&A DEAL SIZE BREAKDOWN GLOB

A VALUE VOLUME L OVERVIE

0.7% 0.7% 0.6% 0.5% 0.4% 0.5% 0.4% 100 100 0.9% 1.0% 1.1% 1.1% 1.1% 1.2% 1.3%

W 90 98 27.3% 30.2% 29.0% 3.9% 3.8% 4.7% 4.7% 4.4% 80 39.8% 42.0% 40.6% 96 5.0% 42.3% 5.5%

70 94 3.9% 20.6% 4.6% 60 19.3% 20.8% 92 4.5% 4.9% 4.9% entage entage 4.7% 16.9% 16.5% rc rc 15.3% 5.1% 50 16.8% 90 Pe Pe

40 27.6% 88 25.8% 27.0% 23.0% 19.3% 20.5% 20.8% 30 86 90.9% 90.1% 89.1% 88.3% 89.2% 88.8% 20 8.9% 7.9% 9.5% 10.2% 84 87.4% 7.5% 7.9% 10.6%

10 82 12.6% 12.5% 14.5% 14.5% 14.9% 14.5% 12.5%

0 80 2006 2007 2008 2009 2010 2011 YTD 2012* 2006 2007 2008 2009 2010 2011 YTD 2012*

US$251m-US$500m US$251m-US$500m

US$501m-US$2,000m US$501m-US$2,000m

US$2,001m-US$5,000m US$2,001m-US$5,000m

>US$5,001m >US$5,001m

SECTOR ANALYSIS

GLOBAL SECTOR ANALYSIS

Sector Q1 2012 Q1 2011 % change Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count value volume Energy, Mining & Utilities 149,485 35.5% 232 163,572 27.1% 294 -9% -62 Industrials & Chemicals 58,444 13.9% 559 116,474 19.3% 639 -50% -80 Consumer 28,222 6.7% 354 53,388 8.8% 418 -47% -64 Financial Services 36,951 8.8% 210 61,424 10.2% 266 -40% -56 Pharma, Medical & Biotech 24,726 5.9% 194 32,445 5.4% 262 -24% -68 Technology 26,982 6.4% 281 28,455 4.7% 359 -5% -78 Business Services 23,247 5.5% 288 20,337 3.4% 439 14% -151 Media 7,361 1.7% 88 15,222 2.5% 91 -52% -3 Transportation 10,794 2.6% 83 19,070 3.2% 99 -43% -16 Real Estate 15,629 3.7% 54 41,980 6.9% 51 -63% 3 Leisure 5,642 1.3% 88 7,048 1.2% 107 -20% -19 Telecommunications 5,738 1.4% 24 24,907 4.1% 44 -77% -20 Defence 9 0.0% 7 5,520 0.9% 12 -100% -5 Construction 19,079 4.5% 99 12,333 2.0% 119 55% -20 Agriculture 9,070 2.2% 26 1,900 0.3% 46 377% -20 Total 421,379 2,587 604,075 3,246 -30% -659

Monthly M&A Insider 07 !%'%-&'%-& %!%'%-&'%-& % (%-% &-, "' (%-% &-, "' *% "" "-Focused # *% "" "- %' ,-"(&'%+ "on your # %) -# (' #"& %' ,-"(&'%+ " #","' business - #!$ "' %) -# &'%' & (' #"&

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Advogados with 13 deals worth US$974m and Machado Machado and US$974m worth deals 13 with Advogados Sendacz e Meyer US$2.5bn. worth deals nine The lead Latin American financial adviser by value and and value by adviser financial American Latin lead The last from spots nine up one, number at Citigroup is volume second In US$15.5bn. worth deals five on advised having year, with 2011, Q1 from spots five up BBA, Itau Banco is place legal American Latin top The US$9.6bn. worth deals five Jr Marrey Filho, Veiga Filho, Mattos is value by firm advisory followed US$8.9bn worth deals five with Advogados Quiroga e By US$2.7bn. worth deals four with Advogados Lefosse by volume, the top Latin American legal firm is WO FIRST F

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Q1 2012 L G MER O Q1 O N credit card payment processing services. payment processing card credit Redecard SA. Announced on 07-Feb-12, it is valued at US$6.9m. US$6.9m. at valued is it 07-Feb-12, on Announced SA. banking Redecard investment and commercial of provider a of Unibanco, provider Itau a Redecard, in stake 50.01% a owns already services, a whopping US$1bn, comprising 5.3% of deals by value. value. by deals of 5.3% comprising US$1bn, whopping a Unibanco Itau Brazil-based is quarter the of deal top The Brazil-based in stake 49.99% a of acquisition SA’s Holding active in M&A for the ﬁrst quarter, with Mexico and Colombia Colombia and Mexico with quarter, ﬁrst the for M&A in two active has only Rica Costa US$1.1bn. at valued at deals 10 valued at both collectively are they but quarter the for deals reported Meanwhile, Mexico, Colombia and Costa Rica have also been been also have Rica Costa and Colombia Mexico, Meanwhile, HI IN VALUE I T

A LATIN AMERICA LATIN

LATIN AMERICA DEAL OF THE QUARTER

Deal summary LATIN AMERICA

Announced: 07-Feb-12 Deal Value: US$6,864m

Itau Unibanco Holding SA has agreed to acquire a 49.99% POST-DEAL DETAILS: stake in Redecard SA. • Once the transaction is completed, Redecard will be Itau Unibanco, the listed Brazil-based company delisted from BM&F Bovespa. headquartered in Sao Paulo, is a provider of commercial and investment banking services. Redecard, the listed Brazil- CONDITIONS: based company headquartered in Barueri, is a provider of credit card payment processing services. • Redecard shareholder approval • Regulatory approvals

TERMS: • Customary closing conditions • R$35 (US$20.46) in cash per each Redecard share. BACKGROUND: • Itau Unibanco will acquire 336,390,251 shares in • Itau Unibanco already owns a 50.01% stake in Redecard. Redecard, which corresponds to a 49.99% in the target company.

• Based on 672,970,705 Redecard shares outstanding, the implied equity value of the transaction is R$23,553.975m (US$13,732m).

• The offer provides a premium of 9.5% over Redecard’s closing share price of R$32.04 (US$18.68) on 06-Feb-12, one day prior to the announcement of the transaction;

• and a premium of 29.1% based on Redecard’s closing share price of R$28.95 (US$15.84) on 06-Jan-12, the last trading day one month prior to the announcement of the transaction.

Advisers Target Bidder Financial BR Partners Financial Banco Itau BBA Citigroup Rothschild (Luiz Muniz) Legal Legal Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados

Monthly M&A Insider 10 DEAL OF THE QUARTER

Bidder LATIN AMERICA Itau Unibanco Holding SA Headquarters: 100 Praca Alfredo Egydio De Souza Aranha Parque Jabaquara, Sao Paulo 04344-902 Brazil Sector: Financial Services

Description: Brazil-based provider of commercial and investment banking services

Target Anglo American Sur S.A. Headquarters: 939 Avenida Marcos Penteado de Ulhoa Rodrigues Barueri, Sao Paulo 06460-040 Brazil Sector: Business Services

Description: Brazil-based provider of credit card payment processing services

Monthly M&A Insider 11 TOP DEALS

TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF Q1 2012 LATIN AMERICA

Announced Bidder company Target company Target dominant Seller company Exit multiples (x) Bid premia Deal sector Revenue EBITDA P/E 1-day value before (US$m) 07-Feb-12 Itau Unibanco Holding SA Redecard SA Business Services 7.6 12.3 18.2 9.5% 6,864 (49.99% stake) 26-Mar-12 Mubadala Development Grupo EBX (5.63% stake) Energy, Mining & - 2,000 Company PJSC Utilities 30-Jan-12 Atlantia-Bertin Group JV Atlantia SpA (concession Construction Atlantia SpA; - 1,132 motorway assets); and and Bertin SA Bertin SA (concession motorway assets) 24-Jan-12 Banco Davivienda SA HSBC Costa Rica; HSBC Financial Services HSBC Bank n/a n/a - 801 El Salvador; and HSBC (Panama) SA Honduras SA 24-Feb-12 CPFL Energias Renovaveis SA Bons Ventos Geradora de Energy, Mining & Fundo de - 620 Energia SA Utilities Investimento em Participacoes Brasil Energia; Servtec Investimentos e Participacoes Ltda; and FIP Progresso 08-Feb-12 BTG Pactual SA Celﬁn Capital Financial Services - 600 21-Feb-12 Cosan SA Industria e America Latina Logistica Transportation 4.9 13.1 69.6 109.6% 524 Comercio (5.67% stake) 07-Mar-12 AXA SA HSBC Holdings plc Financial Services HSBC Holdings n/a n/a - 494 (property and casualty plc businesses in Hong Kong, Singapore and Mexico) 15-Mar-12 Transmissora Alianca de Abengoa Participacoes Energy, Mining & Abengoa SA - 492 Energia Eletrica SA Holding SA (50.00% stake) Utilities 07-Mar-12 Prosegur Compania de Transbank; and Nordeste Business Services 1.0 - 472 Seguridad SA Seguranca Based on announced deals, including lapsed and withdrawn bids Source: mergermarket Based on dominant geography of target company being Latin America Data correct as of 10-Apr-12

Monthly M&A Insider 12 LEAGUE TABLES

TOP 20 FINANCIAL ADVISERS – LATIN AMERICA LATIN AMERICA VALUE

Ranking Q1 2012 Q1 2011 Q1 2012 Q1 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 10 Citigroup 15,525 5 5,596 177% 2 7 Banco Itau BBA 9,566 5 7,327 30.6% 3 31 BR Partners 7,121 2 75 9395% 4 13 Rothschild 6,864 2 5,240 31.0% 5 2 Goldman Sachs 4,335 5 13,305 -67.4% 6 15 Credit Suisse 2,272 2 4,011 -43.4% 7 4 HSBC 1,715 3 8,376 -79.5% 8 9 Morgan Stanley 1,132 1 6,033 -81.2% 9 20 UBS Investment Bank 1,055 3 442 139% 10 1 BTG Pactual 974 3 14,435 -93.3% 11 14 Bank of America Merrill Lynch 753 2 5,233 -85.6% 12= 25 Barclays 693 1 201 245% 12= - ING 693 1 - - 13 - Stephens 656 2 - - 14 - Wells Fargo Securities 656 1 - - 15 - Standard Chartered 438 1 - - 16 6 Banco Bradesco BBI 352 1 7,738 -95.5% 17= - Daewoo Securities Co 308 1 - - 17= 16 Deutsche Bank 308 1 2,188 -85.9% 17= - Samsung Securities Co 308 1 - - Source: mergermarket

TOP 20 FINANCIAL ADVISERS – LATIN AMERICA VOLUME

Ranking Q1 2012 Q1 2011 Q1 2012 Q1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 4 Citigroup 15,525 5 8 -3 2 1 Banco Itau BBA 9,566 5 11 -6 3 3 Goldman Sachs 4,335 5 9 -4 4 16 HSBC 1,715 3 2 1 5 28 UBS Investment Bank 1,055 3 1 2 6 2 BTG Pactual 974 3 10 -7 7 14 BR Partners 7,121 2 3 -1 8 9 Rothschild 6,864 2 4 -2 9 5 Credit Suisse 2,272 2 8 -6 10 13 Bank of America Merrill Lynch 753 2 3 -1 11 - Stephens 656 2 - - 12 11 Banco Bradesco BBI 352 2 3 -1 13 7 Morgan Stanley 1,132 1 4 -3 14= 31 Barclays 693 1 1 0 14= - ING 693 1 - - 15 - Wells Fargo Securities 656 1 - - 16 - Standard Chartered 438 1 - - 17= - Daewoo Securities Co 308 1 - - 17= 19 Deutsche Bank 308 1 2 -1 17= - Samsung Securities Co 308 1 - - Source: mergermarket

TOP 20 LEGAL ADVISERS – LATIN AMERICA LATIN AMERICA VALUE

Ranking Q1 2012 Q1 2011 Q1 2012 Q1 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 18 Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados 8,966 5 1,676 435% 2 19 Lefosse Advogados 2,702 4 1,386 94.9% 3 5 Machado Meyer Sendacz e Opice 2,518 9 10,840 -76.8% 4 6 Souza, Cescon, Barrieu & Flesch Advogados 2,296 6 9,446 -75.7% 5= 12 Davis Polk & Wardwell 2,000 1 6,404 -68.8% 5= 37 Shearman & Sterling 2,000 1 370 441% 6 7 Skadden Arps Slate Meagher & Flom 1,732 2 8,669 -80.0% 7 4 Clifford Chance 1,352 3 12,306 -89.0% 8 89 Linklaters 1,295 3 17 7518% 9 2 Barbosa, Mussnich & Aragao 1,124 2 15,562 -92.8% 10 - Kim & Chang 1,016 2 - - 11 1 Pinheiro Neto Advogados 974 13 18,724 -94.8% 12= - Addleshaw Goddard 801 1 - - 12= - Arias, Fabrega & Fabrega 801 1 - - 12= - Berdeja y Asociados 801 1 - - 12= 97 Consortium Centro America Abogados 801 1 0 - 12= - Dudley & Asociados 801 1 - - 12= - F.A. Arias & Munoz 801 1 - - 12= - Hughes Hubbard & Reed 801 1 - - 12= - Lopez Rodezno & Asociados 801 1 - - 12= - Morgan & Morgan 801 1 - - Source: mergermarket TOP 20 LEGAL ADVISERS – LATIN AMERICA VOLUME

Ranking Q1 2012 Q1 2011 Q1 2012 Q1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 2 Pinheiro Neto Advogados 974 13 10 3 2 1 Machado Meyer Sendacz e Opice 2,518 9 12 -3 3 3 Souza, Cescon, Barrieu & Flesch Advogados 2,296 6 10 -4 4 7 Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados 8,966 5 8 -3 5 11 Lefosse Advogados 2,702 4 4 0 6 13 Tozzini Freire Teixeira e Silva Advogados 89 4 4 0 7 5 Clifford Chance 1,352 3 9 -6 8 92 Linklaters 1,295 3 1 2 9 - Azevedo Sette Advogados 515 3 - - 10 8 Lobo & de Rizzo Advogados 472 3 6 -3 11 28 Gomez-Pinzon Zuleta 438 3 3 0 12 27 Jones Day 390 3 3 0 13 110 White & Case 299 3 1 2 14 - Brigard & Urrutia 46 3 - - 15 18 Skadden Arps Slate Meagher & Flom 1,732 2 3 -1 16 4 Barbosa, Mussnich & Aragao 1,124 2 9 -7 17 - Kim & Chang 1,016 2 - - 18 - Alston & Bird 705 2 - - 19 - Mundie e Advogados 649 2 - - 20 67 Philippi, Yrarrazaval, Pulido & Brunner 637 2 1 1 Source: mergermarket

LATIN AMERICAN M&A QUARTERLY TREND LATIN AMERICAN M&A QUARTERLY PRIVATE LATIN AMERICA EQUITY TREND

70 180 4,500 18

160 4,000 16 60

140 3,500 14 Number of deals 50 Number of deals 120 3,000 12

40 100 2,500 10 alue (US$m) alue (US$bn)

80 V 2,000 8 V 30

60 1,500 6 20 40 1,000 4

10 20 500 2

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

LATIN AMERICAN M&A ANNUAL TREND LATIN AMERICAN M&A ANNUAL PRIVATE EQUITY TREND

180 700 8,000 50

45 160 7,000 600 40 140 6,000 Number of deals Number of deals 500 35 120 5,000 30 100 400 4,000 25 alue (US$m) alue (US$bn)

80 V V 300 20 3,000 60 200 15 2,000 40 10 100 1,000 20 5

0 0 0 0 2006 2007 2008 2009 2010 2011 YTD 2012* 2006 2007 2008 2009 2010 2011 YTD 2012*

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

Monthly M&A Insider 15 TREND GRAPHS

LATIN AMERICAN M&A GEOGRAPHIC BREAKDOWN YTD 2012 LATIN AMERICA

VALUE VOLUME

0.1% 0.3% 2.6% 6.9% 5.8% Brazil 0.9% Brazil 5.2% 5.3% Chile Chile

5.6% Colombia 8.6% Colombia Costa Rica Costa Rica

4.9% Mexico 1.7% Mexico

Peru Peru 8.6% Uruguay Uruguay 56.0% Argentina Argentina

12.1% 75.4%

LATIN AMERICAN M&A SECTOR BREAKDOWN YTD 2012

VALUE VOLUME

0.1% 1.7% 0.1% 1.5% 2.6% 0.9% 2.4% 6.1% 3.4% Industrials & Chemicals 18.1% Industrials & Chemicals 4.2% 3.4% 1.1% Energy, Mining & Utilities Energy, Mining & Utilities 0.7% 24.4% 3.4%

Consumer 3.4% Consumer Business Services Business Services 12.9% 6.0% Financial Services Financial Services

Technology 17.2% Technology Leisure Leisure 11.2% Transportation Transportation

Construction Construction

Real Estate Real Estate

Pharma, Medical & Biotech 12.1% 16.4% Pharma, Medical & Biotech 39.3% Media Agriculture

Media

Monthly M&A Insider 16 TREND GRAPHS

LATIN AMERICAN M&A DEAL SIZE BREAKDOWN LATIN AMERICA

VALUE VOLUME

1.0% 0.2% 0.6% 0.3% 1.2% 0.8% 0.9% 1.0% 0.7% 1.2% 1.8% 2.0% 1.1% 100 100 5.3% 9.2% 5.4% 4.7% 5.2% 16.2% 6.9% 6.0% 8.2% 90 6.3% 5.3% 30.5% 28.9% 90 7.4% 5.4% 6.0% 9.5% 35.9% 6.3% 80 10.8% 39.6% 46.9% 29.3% 80 70 18.4% 20.3% 70 60 31.3% entage entage 19.2% rc rc 50 8.3% 29.7% 60 Pe Pe 36.6% 88.2% 86.0% 85.1% 87.5% 85.7% 84.5% 40 27.3% 82.2% 24.5% 50 21.8% 16.2% 30 24.9% 21.3% 40 10.0% 20 10.3% 10.1% 11.1% 25.5% 6.9% 30 10 12.7% 14.7% 14.8% 14.4% 13.1% 9.4% 0 20 2006 2007 2008 2009 2010 2011 YTD 2012* 2006 2007 2008 2009 2010 2011 YTD 2012*

US$251m-US$500m US$251m-US$500m

US$501m-US$2,000m US$501m-US$2,000m

US$2,001m-US$5,000m US$2,001m-US$5,000m

>US$5,001m >US$5,001m

SECTOR ANALYSIS

LATIN AMERICAN SECTOR ANALYSIS

Sector Q1 2012 Q1 2011 % change Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count Value Volume Energy, Mining & Utilities 4,673 24.4% 20 11,100 28.0% 31 -58% -35% Industrials & Chemicals 434 2.3% 21 1,149 2.9% 21 -62% 0% Consumer 1,384 7.2% 19 4,601 11.6% 29 -70% -34% Financial Services 2,464 12.9% 13 517 1.3% 8 377% 63% Pharma, Medical & Biotech 24 0.1% 3 161 0.4% 5 -85% -40% Technology 139 0.7% 7 56 0.1% 5 148% 40% Business Services 7,525 39.3% 14 965 2.4% 16 680% -13% Media 292 1.5% 1 40 0.1% 3 0% -67% Transportation 797 4.2% 4 8,008 20.2% 9 -90% -56% Real Estate 28 0.1% 4 1,094 2.8% 2 -97% 100% Leisure 211 1.1% 4 48 0.1% 4 340% 0% Telecommunications 0 0.0% 0 11,385 28.7% 4 0% 100% Defence 0 0.0% 0 0 0.0% 1 100% 0% Construction 1,167 6.1% 4 194 0.5% 10 100% -60% Agriculture 5 0.0% 2 331 0.8% 9 -98% -78% Total 19,143 116 39,649 157 -52% -26%

Monthly M&A Insider 17 18

S ICA N N I I

THI N he he

nergy nergy H T SE E T SE

I E ONLY ONLY E ICA AMER A A H H EP RE RE C C $ 21.3M. Monthly M&A Insider Monthly ORT he transaction is is transaction he AMER T $7.347bn. N US H iverstone Holdings, Holdings, iverstone R US T LL A A N Q1 2012, W ORT TS WERE T I I N 26.2% DE 43.37% DE A tilities did have the second second the have did tilities A LUED U LE lencore International plc plc International lencore NED TY EX A I I G ND E OVER L U anagement, A H C WHI Q M LS V T R. ining & A H A aso Corporation for a deal value for aso Corporation T M I TE E P lobal TY DE A I l G V V E I I T ST YE OUNTED FOR OUNTED FOR nergy, nergy, NE W N VOLUME N VOLUME A I I E AC iterra Inc. for a deal value of a deal value Inc. for iterra ACC N N L V SE I ON, PR I ME L A I ICA NG FOR 138 DE NG FOR $7.150bn. $7.150bn. I RE YED C REG A US ME T A of still pending. investors, of consortium A 2012. Q1 for deal announced largest made up of Apollo acquire to Inc, has agreed Industries and Access from Corporation Agriculture was the sector with the largest announced announced largest the with sector the was Agriculture Q1 2012, with for transaction acquiring previous the on based premium 1.7% a represented offer per share. of CA$15.98 price share closing ICA AMER OUNT R, Q1 2012 H E S A VE ST H his his ACC 9.9% DE HA T ORT A AMER ST YE N H A NG $250m. $250m. I ORT eal values values eal US D N ME L TY FROM T I I he sector with with sector he ICA N 2011, E $26.572bn. V I T I H T $23.924m, $23.924m, TY BUYOUTS TY BUYOUTS US I DY ME T $0m to $0m to DY 2011 U AC A US A A Q SED FROM 2011, E Q4 2011. US . IN T N orth America, the the America, orth A I C E S N N H ICA I RE TE E tilities sector dominated in in dominated sector tilities SE A U C A V I ELD STE $46.026m, which represents a represents which $46.026m, N MER I RE H $149M, REPRESENT FTER STE US D C AMER A TY N H I US I HA ining, & RED TO T RED TO V I T A M T T SED, PR A his represents a 51% decrease in value value in decrease 51% a represents his &A REPORT ON REPORT &A ORT &A deal size breakdown reveals a reveals breakdown size deal &A NG 35.95% S A T I M HA AC M N H A S OMP 10.8% RE A &A activity trend in &A activity trend N nergy, nergy, C I A C $500m remained steady when compared to the the to compared when steady remained $500m M $5bn, with 4 deals valued at $5bn, with 4 deals valued &A LUED E N Q1 2012 I RE N RKET RKET A I M TY US ONS T

US A C I EN I he V T T H I VE T LS V WH AC A

HA AC OUG $250 to $250 to NS H

TS A I LUE. US &A nergy, Mining & Utilities dominate deal activity activity deal dominate Utilities & Mining nergy, ike the overall the overall ike A his breakdown decreased 32.77% from Q1 2011. 32.77% from decreased his breakdown TREND, DE TR REPRESENTS EX 873 DE V M decrease in deal volume. decrease & Chemicals, with a 16.1% market share. Industrials & Industrials share. market 16.1% a with Chemicals, & 164 deals worth for accounted Chemicals 10% a and values deal in decrease 57% a for accounted which 30.9% market share. share. 30.9% market by volume. Q1 2011 and a 15% decreased from Industrials was 2012 Q1 in share market largest second the drastically declined from the year prior, with a 43% decrease in in decrease 43% a with prior, year the from declined drastically deal value. at 2012, with 92 deals valued in 2012 L have sectors individual the for 2012 Q1 in share market E T of 2011. in period same represents an 80.15% decrease from Q1 2011. Another area area Another 2011. Q1 from decrease 80.15% an represents small-cap was 2012 in trend downward the with consistent between with a deal value transactions, A closer look at the look A closer value deal a with transactions large-cap in decrease dramatic than greater M&A DOWN M&A DOWN ALT

A MERGERM NORT

NORTH AMERICA DEAL OF THE QUARTER

Deal summary NORTH AMERICA

Announced: 20-Mar-12 Deal Value: US$7,347m

PLAN OF ARRANGEMENT: CONDITIONS:

• Viterra Inc.(TSX:VT), a Canada corporation, has signed • ICA (Canada) a deﬁnitive agreement to be acquired by Glencore International plc (LON: GLEN), a Switzerland corporation. • CA (Canada) The boards of directors of both companies have approved • HSR (USA) the merger. • FIRB Approval (Australia) • Viterra Inc., a Canadian company headquartered at • ACCC Approval (Australia) Regina, SK, is a vertically integrated global agri-business company that provides premium quality ingredients to • EU Merger Regulation leading global food manufacturers. • MOFCOM (China) • Glencore International , a Switzerland-based company • JFTC (Japan) headquartered in Baarermattstrasse, BAAR is a holding company operating within the commodity sector. • KFTC (South Korea) • Competition Tribunal (South Africa)

RATIONALE: • AMC (Ukraine) • The ﬁrm stated that the acquisition of Viterra is consistent • Competition Board (Turkey) with Glencore’s strategy of strengthening its position as one of the global leaders in grain and oilseeds markets. • Overseas Investment Act (New Zealand) They further stated that Viterra’s Tier 1 portfolio of assets • VT EGM (66 2/3% afﬁrmative vote required to approve) in Canada and Australia will allow Glencore to build upon its position as one of the world’s largest commodity suppliers and provides the opportunity to leverage FINANCING: Glencore’s extensive global networks, expertise and best • The transaction will be funded out of Glencore’s existing practices in order to create additional value across its cash resources and available credit facilities. agricultural businesses. POST DEAL DETAILS:

TERMS: • Glencore has entered into agreements with each of Agrium and Richardson International which provide for • C$16.25 per VT share the sale of certain assets. Agrium will acquire the majority • The offer provides a premium of 1.7% based on VT’s closing of Viterra’s retail agri-products business including its 34% share price on 19-Mar-12 of C$15.97 or 48% over VT’s interest in Canadian Fertilizer Limited (“CFL”) for which closing share price on 08-Mar-12 of C$10.98, a day prior to Agrium will pay C$1.8bn. Richardson International will public announcement of expression of interest in VT. acquire 23% of Viterra’s Canadian grain handling assets, certain agri-centres and certain processing assets in • The implied equity value of the transaction is North America for C$0.8bn. approx. C$6.1bn. • Regina, Canada will be the head ofﬁce of North American • If a superior offer were to emerge for VT, the company would Agriculture business. be required to give GLEN at least 5 business days to make adjustments to its current offer before VT’s board of directors could effect a change of recommendation of the deal.

Monthly M&A Insider 19 DEAL OF THE QUARTER

EXPECTED CLOSE: BACKGROUND OF THE MERGER: NORTH AMERICA • The transaction is expected to close in the second quarter • There were rumors in the media that the firm might of 2012. have received expression of interest from several parties. On 09-Mar-12, the company acknowledged that it has TERMINATION DATE: received expressions of interest from third-parties but there can be no assurance that a transaction will result. • The termination date for the transaction is 15-Oct-12 but On 15-March-12, the firm acknowledged that, in response it can be extended under certain circumstances. to expressions of interest from third parties to acquire the company, a process has been established by the Board TERMINATION FEE: of Directors of Viterra, which includes confidentiality agreements being entered into and the provision of due • C$185m, or 3.03% based on the implied equity value of diligence. Following this announcement, on 20-Mar- the deal. The per-share increase required to cover this 12, the firm announced that it has signed a definitive fee in a superior offer would be C$0.49. Under certain agreement pursuant to which Glencore has agreed to circumstances, there would be a reverse termination fee acquire shares of Viterra for C$16.25 per share. and the parent would owe the company C$50m.

IRREVOCABLES: • Senior Ofﬁcers and Alberta Investment Management Corp, the largest shareholder of Viterra have entered into agreements with Glencore supporting the transaction.

Exit multiples – Y/E 31-Nov-11 Premium analysis Multiples Value (US$m) Offer price per share (US$) 16.09

Revenue - - 1 day before 1.71% EBITDA 10.4x 704.37 1 month before 58.84% EBIT 15.0x 490.41 1 day after 1.9% Earnings 22.6x 266.34 Pre-rumor 47.34%

Advisers Target/Seller Bidder Financial Canaccord Genuity Limited; Financial Bank of America Merrill Lynch; TD Securities Inc. RBC Capital Markets; Legal Ashurst; Legal Bennett Jones; Fasken Martineau Dumoulin; Curtis, Mallet-Prevost, Colt, & Mosle; Sidley Austin; King & Wood Mallesons; Stikeman Elliott; Linklaters Torys PR PR Hill + Knowlton Strategies; Hinton & Associates; RLM Finsbury

Monthly M&A Insider 20 DEAL OF THE QUARTER

mergermarket/dealReporter Intelligence NORTH AMERICA 11-Mar-11 Glencore is behind £3.5bn offer for Viterra – report 12-Mar-11 Viterra: Glencore, ADm said to have indicated highest bid for Bunge chasing 12-Mar-11 Glencore CEO conﬁrms interest in Gavilon 13-Mar-11 Viterra could see foreign suitors ﬁnd Canadian partners before launching bids – report

Bidder Glencore International plc Headquarters: Baarermattstrasse 3 Baar, Zug Switzerland Sector: Mining

Description: Switzerland-based producer and marketer of mineral, metal, energy, and agricultural commodities

Target Viterra Inc. Headquarters: 2625 Victoria Avenue Regina, Saskatchewan Canada Sector: Consumer

Description: Canada-based vertically integrated global agri-business company

Monthly M&A Insider 21 TOP DEALS & EXPECTED DEALS

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF Q1 2012 NORTH AMERICA

Announced Bidder company Target company Target dominated Seller company Exit multiples (x) Bid premia Deal value sector Revenue EBITDA P/E 1-day (US$m) before 20-Mar-12 Glencore International plc Viterra Inc Agriculture 0.6 7.9 22.6 1.7% 7,347 24-Feb-12 Apollo Global EP Energy Corporation Energy, Mining & El Paso Corporation - 7,150 Management LLC; Utilities Riverstone Holdings LLC; and Access Industries Inc 25-Jan-12 Roche Holding Ltd Illumina Inc Pharma, Medical 6.5 25.6 82.3 35.3% 6,846 & Biotech 28-Mar-12 Tyco Flow Control Pentair Inc Industrials & 1.5 18.9 118.4 - 5,230 Chemicals 27-Jan-12 Eastman Chemical Solutia Inc Industrials & 2.2 8.7 12.8 41.7% 4,600 Company Chemicals 30-Jan-12 ABB Ltd Thomas & Betts Industrials & 1.6 10.1 20.0 24.2% 3,770 Corporation Chemicals 16-Jan-12 Pembina Pipeline Corp Provident Energy Ltd Energy, Mining & 25.3% 3,681 Utilities 15-Feb-12 Kellogg Company Procter & Gamble Consumer Procter & Gamble 2.4 14.6 - 3,545 Company (Pringles Company snack business) 16-Mar-12 BCE Inc Astral Media Inc Media 3.3 10.6 15.2 38.0% 3,208 17-Feb-12 Advent International TransUnion Corp Business Madison Dearborn 3.1 9.4 34.5 - 3,178 Corporation; and GS Services Partners LLC; and Capital Partners Pritzker family Based on announced deals, including lapsed and withdrawn bids Source: mergermarket Based on dominant geography of target company being North America (US + Canada) Data correct as of 11-Apr-12

Monthly M&A Insider 22 TOP DEALS & EXPECTED DEALS

PIPELINE OF NORTH AMERICAN EXPECTED DEALS NORTH AMERICA Situation Target company Sector Potential bidder Financial adviser to Seller Market cap/ Comments company bidder (B); target (T); company est. value seller (S) (US$m) Expected Deal Georgia Gulf Industrials & Westlake Deutsche Bank (B); 1,198 On 13-Jan-12, Georgia Gulf Corp, the Corporation Chemicals Chemical Morgan Stanley (B) US-based manufacturer of chlorvinyl Corporation and aromatics chemicals, received an unsolicited, US$35 per share offer from Westlake Chemical Corporaiton, the US-based manufacturer of basic chemicals, vinyls, polymers, and polyvinyl. On 01-Feb-12, Westlake raised the offer price and stated that it would be willing to pay part of the consideration in its own shares. The company also decided against nominating directors to the Georgia Gulf Board of Directors. In the meantime, Georgia Gulf Board of Directors has deemed the price as not appropriate and has not accepted the offer. Expected Deal Monster Worldwide Technology Undisclosed Stone Key Partners 986 On 01-Mar-12, Monster Worldwide Inc, the Inc bidder (T); Bank of US-based provider of employment services, American Merrill announced that the Board of Directors is Lynch (T) reviewing strategic alternatives for the company. They have retained Stone Key Partners and Bank of American Merrill Lynch as financial advisers for the review. Expected Deal Jakks Pacific Inc Consumer Oaktree Capital Rothschild (T) 492 On 13-Sep-11, Jakks Pacific Inc, the listed US-based manufacturer of toy products, received a public unsolicited offer from Oaktree Capital to buy the target at US$20 per share. The bidder already owns a 4.99% stake in Jakks. This offer was unanimously rejected by the target’s Board of Directors on 05-Oct-11. Expected Deal LHC Group Inc Pharma, Undisclosed JPMorgan (T) 360 On 14-Feb-12, LHC Group Inc, the US-based Medical & bidder provider of healthcare services to Medicare Biotech beneficiaries, has announced that the Board of Directors is exploring strategic alternatives for the company. Expected Deal AMAG Pharma, MSMB Capital 286 On 03-Aug-11, AMAG Pharmaceuticals, the Pharmaceuticals Inc Medical & MA listed US-based biopharmaceutical company, Biotech received an unsolicited proposal from MSMB Capital Management to acquire the company at US$18 per share in cash. AMAG Board of Directors has unanimously opposed the proposal and urged stockholders to take no action on the offer. One of the reasons why the Board of Directors might not support the acquisition is that MSMB is proposing to remove six of the seven current members of AMAG’s Board and to replace them with its own nominees. Expected deals based on confirmed announcements by companies involved

Monthly M&A Insider 23 LEAGUE TABLES

TOP 20 FINANCIAL ADVISERS – NORTH AMERICA NORTH AMERICA VALUE

Ranking Q1 2012 Q1 2011 Q1 2012 Q1 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 3 Goldman Sachs 47,800 37 82,724 -42.2% 2 6 Bank of America Merrill Lynch 39,102 26 70,175 -44.3% 3 10 Deutsche Bank 34,620 24 46,055 -24.8% 4 5 Barclays 31,808 25 73,118 -56.5% 5 9 Citigroup 31,187 19 51,228 -39.1% 6 16 RBC Capital Markets 29,459 30 12,103 143% 7 1 JPMorgan 26,943 28 131,317 -79.5% 8 4 Morgan Stanley 26,358 26 74,943 -64.8% 9 2 Lazard 17,114 26 83,200 -79.4% 10 7 Credit Suisse 16,288 16 62,470 -73.9% 11 13 Evercore Partners 15,403 18 14,866 3.6% 12 44 TD Securities 14,757 9 1,999 638% 13 8 UBS Investment Bank 14,478 15 54,154 -73.3% 14 79 Greenhill & Co 12,862 4 546 2256% 15 14 Jefferies & Company 12,233 19 14,460 -15.4% 16 19 BMO Capital Markets 12,002 13 8,217 46.1% 17 15 Moelis & Company 10,306 15 14,333 -28.1% 18 51 Tudor, Pickering, Holt & Co 10,000 3 1,427 601% 19 25 Scotia Capital 8,474 7 5,452 55.4% 20 47 Canaccord Genuity 8,406 9 1,632 415% Source: mergermarket

TOP 20 FINANCIAL ADVISERS – NORTH AMERICA VOLUME

Ranking Q1 2012 Q1 2011 Q1 2012 Q1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 1 Goldman Sachs 47,800 37 51 -14 2 11 RBC Capital Markets 29,459 30 21 9 3 3 JPMorgan 26,943 28 39 -11 4 2 Bank of America Merrill Lynch 39,102 26 41 -15 5 6 Morgan Stanley 26,358 26 31 -5 6 13 Lazard 17,114 26 17 9 7 10 Barclays 31,808 25 23 2 8 9 Deutsche Bank 34,620 24 29 -5 9 17 Houlihan Lokey 736 21 13 8 10 8 Citigroup Inc 31,187 19 29 -10 11 7 Jefferies & Company 12,233 19 30 -11 12 31 Evercore Partners 15,403 18 8 10 13 5 Credit Suisse 16,288 16 35 -19 14 4 UBS Investment Bank 14,478 15 37 -22 15 22 Moelis & Company 10,306 15 11 4 16 18 Robert W. Baird & Co 425 14 13 1 17 27 BMO Capital Markets 12,002 13 10 3 18 30 Sandler O'Neill & Partners 3,192 13 9 4 19 26 Wells Fargo Securities 5,446 12 10 2 20 25 Lincoln International 517 11 11 0 Source: mergermarket

TOP 20 LEGAL ADVISERS – NORTH AMERICA NORTH AMERICA VALUE

Ranking Q1 2012 Q1 2011 Q1 2012 Q1 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 3 Sullivan & Cromwell 35,248 27 83,317 -57.7% 2 42 Kirkland & Ellis 26,190 48 10,159 158% 3 8 Skadden Arps Slate Meagher & Flom 22,564 23 64,850 -65.2% 4 22 Jones Day 21,069 46 20,262 4.0% 5 9 Dewey & LeBoeuf 20,794 18 60,339 -65.5% 6 12 Davis Polk & Wardwell 17,453 17 51,140 -65.9% 7 52 Vinson & Elkins 17,175 21 8,763 96.0% 8 28 Gibson Dunn & Crutcher 16,288 17 15,806 3.0% 9 26 Freshﬁelds Bruckhaus Deringer 16,114 11 17,848 -9.7% 10 90 Stikeman Elliott 15,984 23 2,859 459% 11 79 Paul Weiss Rifkind Wharton & Garrison 15,905 13 4,527 251% 12 16 Weil Gotshal & Manges 15,409 24 34,901 -55.8% 13 167 Bennett Jones 14,245 6 505 2721% 14 2 Simpson Thacher & Bartlett 13,223 11 114,460 -88.4% 15 4 Latham & Watkins 12,644 38 80,613 -84.3% 16 18 Linklaters 11,861 14 30,458 -61.1% 17 1 Wachtell, Lipton, Rosen & Katz 11,297 10 135,577 -91.7% 18 7 Shearman & Sterling 10,915 10 67,589 -83.9% 19 41 Willkie Farr & Gallagher 10,844 8 10,428 4.0% 20 33 Blake, Cassels & Graydon 10,566 25 14,733 -28.3% Source: mergermarket

TOP 20 LEGAL ADVISERS – NORTH AMERICA VOLUME

Ranking Q1 2012 Q1 2011 Q1 2012 Q1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 1 Kirkland & Ellis 26,190 48 57 -9 2 4 Jones Day 21,069 46 45 1 3 2 Latham & Watkins 12,644 38 53 -15 4 3 DLA Piper 2,329 33 46 -13 5 5 Sullivan & Cromwell 35,248 27 37 -10 6 12 Blake, Cassels & Graydon 10,566 25 27 -2 7 8 Weil Gotshal & Manges 15,409 24 32 -8 8 6 Skadden Arps Slate Meagher & Flom 22,564 23 36 -13 9 31 Stikeman Elliott 15,984 23 18 5 10 11 Wilson Sonsini Goodrich & Rosati 3,003 22 30 -8 11 30 Vinson & Elkins 17,175 21 18 3 12 20 Morgan Lewis & Bockius 1,911 21 24 -3 13 46 Morrison & Foerster 2,564 19 14 5 14 75 Gowling Laﬂeur Henderson 1,575 19 7 12 15 15 Dewey & LeBoeuf 20,794 18 25 -7 16 24 Davis Polk & Wardwell 17,453 17 21 -4 17 40 Gibson Dunn & Crutcher 16,288 17 15 2 18 45 Mayer Brown 1,140 17 14 3 19 21 McDermott Will & Emery 5,423 16 23 -7 20 36 Linklaters 11,861 14 16 -2 Source: mergermarket

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON NORTH AMERICAN BUYOUTS NORTH AMERICA VALUE VOLUME Rank Rank Q1 2012 Company name Value Deal Q1 2012 Company name Deal Value (US$m) count count (US$m) 1 Apollo Global Management 7,915 2 1 The Riverside Company 0 7 2 Access Industries 7,150 1 2 Grey Mountain Partners 0 4 3 Riverstone Holdings 7,150 1 3 Wynnchurch Capital 99 3 4 GS Capital Partners 3,578 2 4 Platinum Equity 30 3 5 Advent International 3,178 1 5 Levine Leichtman Capital Partners 0 3 6 Blackstone Group 1,430 1 6 Apollo Global Management 7,915 2 7 Insight Venture Partners 1,326 2 7 GS Capital Partners 3,578 2 8 Trilantic Capital Partners 464 1 8 Insight Venture Partners 1,326 2 9 Golden Gate Capital 354 1 9 Insight Equity 192 2 10 Prospect Capital 266 1 10 Z Capital Partners 177 2 11 GI Partners 250 1 11 Birch Hill Equity Partners Management 138 2 12 Bain Capital 238 1 12 The Stephens Group 83 2 13 Insight Equity 192 2 13 Versa Capital Management 62 2 14 Arlon Capital Partners 188 1 14 HIG Capital 47 2 15 Z Capital Partners 177 2 15 Arsenal Capital Partners 30 2 Source: mergermarket Source: mergermarket

The private equity buyout activity tables by value and volume are based on private equity ﬁrms advising the bidder on buyout deals where the dominant geography of the target company is US or Canadian. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON NORTH AMERICAN EXITS VALUE VOLUME Rank Rank Q1 2012 Company name Value Deal Q1 2012 Company name Deal Value (US$m) count count (US$m) 1 Madison Dearborn Partners 3,178 1 1 Sun Capital Partners 98 6 2 EnCap Investments 2,850 1 2 Audax Private Equity Group 124 4 3 Riverstone Holdings 1,273 1 3 TA Associates 588 3 4 The Carlyle Group 1,273 1 4 Benchmark Capital 195 3 5 Teachers Private Capital 1,000 1 5 American Capital 144 3 6 Thoma Bravo 1,000 1 6 SV Angel 50 3 7 Vestar Capital Partners 1,000 1 7 Avista Capital Partners 722 2 8 Abingworth Management 925 1 8 Angelo, Gordon & Co 351 2 9 Advent Venture Partners 925 1 9 Rho Capital Partners 180 2 10 Atlas Venture 925 1 10 Softbank Capital Partners 180 2 11 Novartis Venture Funds 925 1 11 Morgenthaler Ventures 62 2 12 Polaris Venture Partners 925 1 12 General Catalyst Partners 0 2 13 Berkshire Partners 750 1 13 HIG Capital 0 2 14 Greenbriar Equity Group 750 1 14 Macquarie Group 0 2 15 Avista Capital Partners 722 2 15 Panorama Capital 0 2 Source: mergermarket Source: mergermarket

The private equity exit activity tables by value and volume are based on private equity ﬁrms advising the vendor on exit deals where the dominant geography of the target company is US or Canadian. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.

Monthly M&A Insider 26 TREND GRAPHS

NORTH AMERICAN M&A QUARTERLY TREND NORTH AMERICAN M&A QUARTERLY PRIVATE NORTH AMERICA EQUITY TREND

600 1,600 250 350

1,400 300 500 200 1,200 Number of deals 250 Number of deals 400 1,000 150 200

300 800 alue (US$bn) alue (US$bn) V V 150 100 600 200 100 400 50 100 50 200

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

NORTH AMERICAN M&A ANNUAL TREND NORTH AMERICAN M&A ANNUAL PRIVATE EQUITY TREND

1,800 6,000 500 1,200

1,600 450 5,000 1,000 400 1,400 Number of deals Number of deals 350 1,200 4,000 800 300 1,000 3,000 250 600

alue (US$bn) 800 alue (US$bn) V V 200 600 2,000 400 150

400 100 1,000 200 200 50

0 0 0 0 2006 2007 2008 2009 2010 2011 YTD 2012* 2006 2007 2008 2009 2010 2011 YTD 2012*

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

Monthly M&A Insider 27 TREND GRAPHS

NORTH AMERICAN M&A SECTOR BREAKDOWN YTD 2012 NORTH AMERICA VALUE VOLUME

0.5% 1.3% 0.4% 1.5% 1.6% 0.1% 5.7% 3.7% 2.2% 16.1% 0.4% Industrials & Chemicals 3.2% 18.8% Industrials & Chemicals 0.5% 3.6% 2.9% Technology Technology 2.4% Pharma, Medical & Biotech 8.9% Pharma, Medical & Biotech

4.5% 7.7% Business Services Business Services

Consumer Consumer

Energy, Mining & Utilities Energy, Mining & Utilities 10.5% 16.0% Financial Services Financial Services 12.3% Leisure Leisure

Media Media 30.9% 10.5% 5.0% Construction Construction 11.3% Transportation Transportation 6.6% 10.7% Real Estate Real Estate

Telecommunications Telecommunications

Agriculture Defence

Agriculture

NORTH AMERICAN M&A DEAL SIZE BREAKDOWN

VALUE VOLUME

0.7% 0.7% 0.6% 0.7% 0.5%

100 100 1.1% 1.1% 0.8% 1.0% 1.1% 1.4% 1.5% 17.8% 1.5% 1.8% 90 3.7% 3.5% 32.1% 5.6% 4.9% 5.5% 80 43.5% 37.6% 95 5.3% 6.2% 52.8% 49.3% 58.8% 4.2% 3.8% 70 26.3%

5.2% 5.4% 5.4% 60 18.0% 90 5.3% entage entage 5.3% rc rc 21.4% 50 18.8% Pe Pe 13.8% 40 14.7% 33.0% 85 13.3% 27.7% 20.5% 90.6% 91.0% 30 21.6% 17.5% 87.4% 87.6% 87.2% 16.8% 86.8% 13.2% 85.6% 20 80 7.3% 9.7% 8.8% 11.0% 6.2% 6.5% 5.4% 10 12.2% 12.5% 9.5% 9.6% 9.3% 11.7% 11.9% 0 75 2006 2007 2008 2009 2010 2011 YTD 2012* 2006 2007 2008 2009 2010 2011 YTD 2012*

US$251m-US$500m US$251m-US$500m

US$501m-US$2,000m US$501m-US$2,000m

US$2,001m-US$5,000m US$2,001m-US$5,000m

>US$5,001m >US$5,001m

Monthly M&A Insider 28 SECTOR ANALYSIS

NORTH AMERICAN SECTOR ANALYSIS NORTH AMERICA

Sector Q1 2012 Q1 2011 % change Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count Value Volume Energy, Mining & Utilities 46,026 30.9% 92 93,422 35.5% 108 -51% -15% Industrials & Chemicals 23,924 16.1% 164 56,192 21.4% 183 -57% -10% Consumer 9,774 6.6% 92 5,683 2.2% 93 72% -1% Financial Services 6,706 4.5% 78 6,123 2.3% 96 10% -19% Pharma, Medical & Biotech 18,277 12.3% 99 23,523 8.9% 128 -22% -23% Technology 11,444 7.7% 140 20,497 7.8% 168 -44% -17% Business Services 7,503 5.0% 93 9,535 3.6% 140 -21% -34% Media 4,252 2.9% 28 5,906 2.2% 33 -28% -15% Transportation 578 0.4% 14 1,044 0.4% 18 -45% -22% Real Estate 5,460 3.7% 11 33,759 12.8% 13 -84% -15% Leisure 3,525 2.4% 31 784 0.3% 20 350% 55% Telecommunications 2,263 1.5% 5 160 0.1% 5 1314% 0% Defence 9 0.0% 4 4,978 1.9% 7 -100% -43% Construction 750 0.5% 19 1,437 0.5% 33 -48% -42% Agriculture 8,507 5.7% 3 43 0.0% 7 19684% -57% Total 148,998 873 263,086 1,052 -43% -17%

Monthly M&A Insider 29 30 NT NT A C I edical edical THE THE F (Q1 (Q1 I M hese were were hese NE NE T AS I TO THE THE TO GN ISIS D SI T W

N THE THE N onsumer and and onsumer I ECL harma A C A TE Monthly M&A Insider Monthly

P D L CR

LT, A AS IA IBU SU NC NG I hina and India, as well as as well as India, and hina A T C RE state and N onsumer sector saw its total total its saw sector onsumer S A I E

C RTER W S hemicals as the other major major other the as hemicals L F E CONTR eal he xpect C T R E N PO I QUA AV

BA T D 14.5% LOWER TH 14.5% LOWER S Y H A R AS I Y 21.4%. A M B E W IS inancial Services saw its total deal value fall by by fall value deal total its saw Services inancial F U L &A nearly halve from 12.6% in Q1 2011 to just 6.8% 6.8% just to 2011 Q1 in 12.6% from halve nearly &A N THE F OWN ining & Utilities, ining & Utilities, already the most popular sector in in sector popular most the already Utilities, & ining I VA

M D M M

ER, TH S L V L A T FROM THE GLO T OF THE WORL AS A E hemicals accounted for 24.2% of total deal value in Asia, Asia, in value deal total of 24.2% for accounted hemicals S U E C D n a value percentage increase, however, only three sectors sectors three only however, increase, percentage value a n erhaps having fallen out with the Asian consumer boom boom consumer Asian the with out fallen having erhaps nergy, nergy, nergy, nergy, inancial Services sectors, which saw significant declines in in declines significant saw which sectors, Services inancial D OWE T W L up from 20.9% in Q1 2011. up from heavily more feature to Australia, and Japan Asia, Southeast quarters. upcoming the in sectors these in O on Q1 2011. upwards a move register managed to E 36.1%, and 89.2% 89.2%, by up all were which Biotech & respectively on the first quarter of 2011. P story, bidders ostensibly retreated from the F and count. both deal value of share the over 57.6% down was value deal its whereas 2012, Q1 in same period. over fears eurozone that indication an perhaps 50%, over just players. Asian affecting also are banks Top two sectors pull furtherE ahead (US$25.7bn), value deal total of third a with 2012 Q1 in Asia & was joined by Industrials Industrials share. market its increase significantly to sector & I

H LLO A . A D E THE RE RTER OF US$175M. BASIS SS AS

HE TOT R T ER OF 441 QUA A . TH B hinese hinese TNE S T A I C L S M FTER THE F A R U I A E nergy, a nergy, ME P D L N E R-ON-YE N A SA I GHT A I N C N THE F YE B I I T Q4 2011 W anjong A aking up nearly half of of half nearly up aking A T alaysian state-owned state-owned alaysian M ZE NCE R F M CH THE TH SI SI I U S L L L LE ON A M oa, the Indian-listed diversiﬁed diversiﬁed Indian-listed the oa, ME, THE TOT I A A alaysian state-owned strategic strategic state-owned alaysian G E C D U E ining & Utilities sector in Asia, the the Asia, in sector Utilities & ining M D TH US$77.2 D I hina, the OL M C V A hina and India, stamped their mark mark their stamped India, and hina GE &A REPORT ON REPORT &A C A M s, OF nergy, nergy, C RTER, WH ER I S E R RTERLY TOT RTERLY AV &A scene in Q1 2012. &A scene RKET RKET

C FOLLOWE ining & Utilities sector. India was home to this this to home was India sector. Utilities & ining I M A QUA D erhaps like erhaps like

F M I E P QUA N Q1 2012, W I C US T AS NE ON THE 574 O S I acific’s total deal value, the two giants surged ahead in in ahead surged giants two the value, deal total acific’s PA &A - P nergy, nergy, VI hina, four of the region’s top ten deals involved a deals involved ten top of the region’s hina, four E M alaysia Development, a alaysia Development, C ECL alaysia-based electrical power generating company, for for company, generating power electrical alaysia-based alaysia was also featured in the top ten deals when when deals ten top the in featured also was alaysia SIA esources in a share swap agreement that values the deal that values agreement swap in a share esources he two Asian B he two M NCRE N D I 2009). IN TERM LOWE PRE I A US$2.8bn. as security energy long-term of strategy federal its cited firm the acquisition. for the prime motive 1 buy to agreed company, development M US$4.1bn bid for the stainless steel business unit of Baoshan Baoshan of unit business steel stainless the for bid US$4.1bn & Steel. Iron M and Australia with 62. In another possible harbinger of the the of harbinger possible another In 62. with Australia and popularity of the Steel’s Stainless Baosteel Shanghai was deal third-largest In 101 up racking volume, deal by way the led also It target. 81 with Japan by followed 2012, of quarter first the in deals R at US$10.3bn. quarter’s biggest deal. Sesa biggest quarter’s its Industries, Sterlite acquire to agreed company, mining Vedanta of umbrella the under affiliate, domestic-listed on the Asian Asia- the Chindia dominate deal landscape Chindia dominate T A MERGERM ASIA-P

ASIA-PACIFIC DEAL OF THE QUARTER

Deal summary ASIA-PA

Announced: 25-Feb- 11 Deal value: US$10,289m C I F I C Sesa Goa, the India listed diversiﬁed mining company, has FINANCING: agreed to acquire Sterlite Industries India Ltd, its domestic • Sesa Goa will issue 2016.42m shares for Sterlite merger listed afﬁliate under the umbrella of Vedanta Resources PLC. representing 69.9% dilution.

• For the whole transaction, Sesa Goa will issue a total of STRUCTURE: 2167.42m shares representing 71.3% dilution. • The transaction will be conducted via a share exchange Scheme of Arrangement. RATIONALE AND POST DEAL: • To consolidate the diversiﬁed mining business and create TERMS: INR10bn (US$200m) synergy. • 0.6 Sesa Goa share per Sterlite. • Vedanta will transfer its 38.8% stake in Cairn India and the • The exchange ratio valued Sterlie at INR136.41 per share, US$5.9bn debt to Sesa Sterlite. based on Sesa Goa’s prior closing price of INR227.35. • Sesa Sterlite, the post-deal entity, will own 58.9% in Cairn • It valued the entire share capital of Sterlite at INR458bn India and will be listed on BSE, NSE and NYSE. (US$9.26bn, using the exchange rate of US$ : 49.5137 INR). • The offer term represents a 15% premium over CONDITIONS: INR118.65, the Sterlite’s prior closing price. • Approval from Foreign Investment Promotion Board India (FIPB)

SIMULTANEOUS MERGER: • Approval from Competition Commission of India (CCI) • Along with Sterlite merger, Sesa Goa will issue 72.3m • Approval from BSE and 78.7m shares to acquire its 70.5%-owned Vedanta Aluminum Ltd (VAL) and The Madras Aluminum Co Ltd • Approval from NSE (MALCO) respectively. • Approval from the High Courts at Mumbai and Madras • The transactions valued VAL at INR22.3bn (US$471m) and • Approval from the Supreme Court of Mauritius MALCO at INR17.9bn (US$363m) based on Sesa Goa’s prior closing price of INR227.35. • Approval from Sterlite shareholders and creditors at EGM (min 75% votes req) • Both VAL and MALCO are part of Vedanta Resources. • Approval from Sesa Goa shareholders and creditors at EGM (min 75% votes req) SUBSTANTIAL SHAREHOLDERS: • Approval from Vedanta shareholders at EGM (min 75% • Twinstar Holdings Ltd, a Vedanta Resources subsidiary, votes req) owns 49.72% in Sterlite. • Approval from VAL shareholders and creditors • Citibank N.A. New York owns 12.75% in Sterlite • Approval from MALCO shareholders and creditors • Finsider International Co, another Vedanta Resources subsidiary, owns 46.2% in Sesa Goa. • Completion of mergers with Sterlite, VAL and MALCO are inter-conditional • Franklin Templeton Investments own in aggregate 12.2% in Sesa Goa.

Monthly M&A Insider 31 DEAL OF THE QUARTER

Exit multiples – Y/E 31-Mar-11 Premium analysis ASIA-PA Multiples Value (US$m) Offer price per share (US$) 20.89

Revenue 17.9x 413.5 1 day before 97.1% C I

F EBITDA 29.8x 249.1 1 month before 102.48% I C EBIT 39.5x 188.1 1 day after 83.4% Earnings 22.3x 142.2 Pre-rumour -

Advisers Target/Seller Bidder Financial Bank of America Merrill Lynch; JPMorgan; Financial Citigroup Morgan Stanley Legal Amarchand & Mangaldas & Suresh A Shroff & Co Legal Luthra & Luthra Law Ofﬁces (Advising: Citigroup) PR RLM Finsbury PR -

mergermarket/dealReporter Intelligence 22-Feb-12 Vedanta Resources plans to merge Sesa Goa with Sterlite Industries – report 23-Feb-12 Vedanta Resources plans to ofﬂoad holding in three India-based companies to Sterlite Industries – report 25-Feb-12 Vedanta to merge Sterlite with Sesa Goa

Bidder Shoei Co Ltd Headquarters: Sesa Ghor 20 EDC Complex Patto, Panaji Goa, India 403 001 Sector: Energy, Mining & Utilities

Description: India-based company engaged in the business of prospecting, mining, processing and exporting iron ore

Target Sterlite Industries (India) Limited Headquarters: SIPCOT Industrial Complex Madurai By Pass Road T V Puram P.O. Tuticorin Tamil Nadu India 628 002 Sector: Energy, Mining & Utilities

Description: India-based non-ferrous metals and mining company involved in smelting, mining and reﬁning of copper, zinc and aluminum

Monthly M&A Insider 32 TOP DEALS & EXPECTED DEALS

TOP 10 ASIA-PACIFIC ANNOUNCED DEALS OF Q1 2012 ASIA-PA Announced Status Bidder company Target company Target dominant sector Seller company Exit multiples (x) Bid premia Deal Revenue EBITDA P/E 1-day before value (US$m)

C 25-Feb-12 P Sterlite Industries (India) Energy, Mining Sesa Goa Limited 3.3 21.9 35.8 15.0% 10,289 I F

I Limited & Utilities C 06-Mar-12 P Industrial Bank Co Ltd Financial China Tobacco n/a n/a 5.4 -11.0% 4,181 (16.10% stake) Services Corporation; PICC Asset Management Company Limited; Beijing Infrastructure Investment Co Ltd; and Shanghai Zheng Yang International Trade Co Ltd 29-Feb-12 P Baoshan Iron & Steel Industrials & Shanghai Baosteel Baoshan Iron & 1.0 22.8 - 4,073 Co Ltd (Stainless Steel Chemicals Stainless Steel Co Ltd Steel Co Ltd Business Unit) 29-Jan-12 P ExxonMobil Yugen Kaisha Industrials & TonenGeneral Sekiyu ExxonMobil - 3,926 Chemicals K.K Corporation 30-Mar-12 P Roy Hill Holdings Pty Ltd Energy, Mining Marubeni Corporation; Hancock - 3,655 (30.00% stake) & Utilities POSCO; and STX Prospecting Pty Corporation Co Ltd Ltd 07-Mar-12 P Tanjong Energy Holdings Energy, Mining 1Malaysia Tanjong Public - 2,816 Sdn Bhd & Utilities Development Limited Company 29-Feb-12 P Baoyin Special Steel Pipe Industrials & Baosteel Special Steel Baoshan Iron & n/a n/a n/a - 2,697 Co Ltd (58.50% stake); Chemicals Co Ltd Steel Co Ltd Baoshan Iron & Steel Co Ltd (Special steel assets); Shanghai Baosteel Special Metal Materials Co Ltd; Shanghai Wugang Gas Co Ltd (94.50% stake); and Zhonghang Special Materials Industry (9.71% stake) 21-Feb-12 P Alibaba.com Limited Technology Alibaba Group Holding 8.2 27.2 32.4 0.5 2,355 (27.03% stake) Ltd 31-Jan-12 C UAE Exchange & Business Centurion Investment Bavaguthu - 2,000 Financial Services Ltd Services Company Raghuram Shetty (40.00% stake) (Private Investor) 16-Mar-12 C China Cinda Asset Financial UBS AG; Standard Ministry of n/a n/a - 1,639 Management Corporation Services Chartered Plc; Finance China (16.54% stake) National Council for Social Security Fund; and CITIC Capital Partners Limited C = Completed; P = Pending; L = Lapsed Source: mergermarket Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Asia-Paciﬁc Data correct as of 10-Apr-12

Monthly M&A Insider 33 TOP DEALS & EXPECTED DEALS

PIPELINE OF ASIA PACIFIC EXPECTED DEALS ASIA-PA Situation Target company Sector Potential bidder Financial adviser Seller company Market cap/ Comments company to bidder (B); est. value target (T); seller (US$m)

C (S) I F I

C Expected deal QSR Brands Bhd Leisure Johor Corporation; Kulim 650 QSR Brands received offer from Johor CVC Capital (Malaysia) Corp and CVC Capital Partners in Partners; Malay Berhad December at MYR6.80 per share, and Chamber of from Malay Chamber of Commerce Commerce Malaysia in January at MYR6.90. The Malaysia; vendor has recected the latter. Expected deal Pacific Brands Consumer Kohlberg Kravis Macquarie 600 Pacific Brands has received an unsolicited Limited Roberts & Co. Group (B), approach from KKR regarding a possible Flagstaff full acquisition in January 2012. An update Partners (T) is expected when Pacific Brands reports its annual results in late February. Expected deal Cockatoo Coal Energy, SK Networks Macquarie 400 Cockatoo has received binding commitment Limited Mining & Company Ltd Group (B) for AU$150m loan on 12-Mar-12, which is Utilities one of conditions for an extension of the exclusivity period up to 30-Apr-12.

Expected deal Norton Gold Energy, Zijin Mining Group Bank of 200 Norton Fields confirms it has received an Fields Limited Mining & Co Ltd America indicative, non-binding and conditional Utilities Merrill Lynch proposal from Zijin Mining Group Co., Ltd (T) (Zijin) regarding a potential change of control transaction for Norton on 04-Apr-12. Expected deal WestSide Energy, Liquefied Natural Moelis & 120 WestSide Corporation received an indicative Corporation Mining & Gas Limited Company (T), proposal from Liquefied Natural Gas Limited Limited Utilities Allens Arthur as part of 2-for-5 non-renounceable pro rata Robinson (T) entitlement offer of new ordinary shares by WestSide to raise AU$25.4m. Significant Samsung Technology IPO Samsung - Samsung Electronics announced that it M&A Electronics Electronics decided to spin off its LCD business unit by (LCD business) Co Ltd 01-Apr-12. The new division will have an initial capital of KRW750bn.

Expected deals based on conﬁrmed announcements by companies involved

Monthly M&A Insider 34 LEAGUE TABLES

TOP 20 FINANCIAL ADVISERS – ASIA-PACIFIC ASIA-PA VALUE

C Ranking 2011 2010 I F Q1 2012 Q1 2011 Company name Value Deal count Value Value change I C (US$m) (US$m) (%) 1 2 Morgan Stanley 13,717 10 15,810 -1323.8% 2 10 Bank of America Merrill Lynch 13,606 4 9,615 4150.8% 3 7 Citigroup 12,609 6 12,290 259.6% 4 4 JPMorgan 12,389 6 14,938 -1706.4% 5 89 Rothschild 7,618 7 190 390947.4% 6 20 Credit Suisse 7,568 7 4,807 5743.7% 7 50 CITIC Securities 7,225 4 864 73622.7% 8 1 Goldman Sachs 6,625 7 23,437 -7173.3% 9 32 HSBC 6,173 8 2,299 16850.8% 10 5 Deutsche Bank 5,174 7 13,153 -6066.3% 11 28 Standard Chartered 3,632 3 3,561 199.4% 12 55 Somerley 2,355 1 675 24888.9% 13 6 UBS Investment Bank 2,320 6 12,536 -8149.3% 14 3 Barclays 1,609 4 15,481 -8960.7% 15 33 Macquarie Group 1,586 3 2,194 -2771.2% 16 74 Southwest Securities 1,322 2 352 27556.8% 17 39 Maybank Investment Bank 1,286 3 1,646 -2187.1% 18 41 RBC Capital Markets 1,271 2 1,427 -1093.2% 19 19 Ernst & Young 1,268 7 5,283 -7599.8% 20 63 OSK Investment Bank 1,267 3 503 15188.9% Source: mergermarket

TOP 20 FINANCIAL ADVISERS – ASIA-PACIFIC VOLUME

Ranking 2011 2010 Q1 2012 Q1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 5 Morgan Stanley 13,717 10 13 -3 2 28 HSBC 6,173 8 4 4 3 102 Rothschild 7,618 7 1 6 4 8 Credit Suisse 7,568 7 10 -3 5 2 Goldman Sachs 6,625 7 14 -7 6 9 Deutsche Bank 5,174 7 9 -2 7 6 Ernst & Young 1,268 7 12 -5 8 10 Citigroup 12,609 6 9 -3 9 14 JPMorgan 12,389 6 6 0 10 7 UBS Investment Bank 2,320 6 11 -5 11 4 PwC 478 6 14 -8 12 1 KPMG 150 5 16 -11 13 11 Bank of America Merrill Lynch 13,606 4 9 -5 14 30 CITIC Securities 7,225 4 4 0 15 19 Barclays 1,609 4 5 -1 16 13 Gresham Advisory Partners 106 4 7 -3 17 3 Deloitte 75 4 14 -10 18 18 Standard Chartered 3,632 3 6 -3 19 12 Macquarie Group 1,586 3 9 -6 20 35 Maybank Investment Bank 1,286 3 3 0 Source: mergermarket

The ﬁnancial adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Asia-Pacifc excluding Japan. Monthly M&A Insider 35 LEAGUE TABLES

TOP 20 LEGAL ADVISERS – ASIA-PACIFIC ASIA-PA VALUE

C Ranking 2011 2010 I F Q1 2012 Q1 2011 Company name Value Deal count Value Value change I C (US$m) (US$m) (%) 1 42 Amarchand & Mangaldas & Suresh A Shroff & Co 11,646 10 2,723 32769.0% 2 - Luthra & Luthra Law Offices 10,289 1 - - 3 66 Jingtian & Gongcheng 9,796 10 1,315 64494.3% 4 5 Freehills 7,633 14 12,735 -4006.3% 5 78 Latham & Watkins 5,822 4 929 52669.5% 6 168 Jipyong & Jisung 3,655 1 79 452658.2% 7 14 Vinson & Elkins 2,896 3 9,320 -6892.7% 8 21 Freshfields Bruckhaus Deringer 2,645 3 5,333 -5040.3% 9 4 Allens Arthur Robinson 2,547 3 14,773 -8275.9% 10 - Fulbright and Jaworski 2,500 1 - - 11 117 Slaughter and May 2,355 1 369 53821.1% 12 11 Gilbert + Tobin 2,337 8 9,683 -7586.5% 13 8 AZB & Partners 2,196 8 10,726 -7952.6% 14 6 Baker & McKenzie 2,173 9 11,927 -8178.1% 15 25 Sullivan & Cromwell 2,103 2 4,735 -5558.6% 16 9 Linklaters 1,747 7 9,946 -8243.5% 17 32 Clifford Chance 1,719 10 4,068 -5774.3% 18 41 Jun He Law Offices 1,639 1 2,740 -4018.2% 19 19 Kim & Chang 1,636 9 5,991 -7269.2% 20 55 Kirkland & Ellis 1,580 4 2,153 -2661.4% Source: mergermarket

TOP 20 LEGAL ADVISERS – ASIA-PACIFIC VOLUME

Ranking 2011 2010 Q1 2012 Q1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 5 Freehills 7,633 14 15 -1 2 7 Desai & Diwanji 287 13 15 -2 3 28 Amarchand & Mangaldas & Suresh A Shroff & Co 11,646 10 7 3 4 125 Jingtian & Gongcheng 9,796 10 1 9 5 6 Clifford Chance 1,719 10 15 -5 6 4 Baker & McKenzie 2,173 9 16 -7 7 8 Kim & Chang 1,636 9 14 -5 8 41 Gilbert + Tobin 2,337 8 4 4 9 10 AZB & Partners 2,196 8 13 -5 10 - King & Wood Mallesons 1,222 8 - - 11 2 Allen & Overy 1,190 8 17 -9 12 11 Linklaters 1,747 7 12 -5 13 29 WongPartnership 717 7 7 0 14 3 Minter Ellison 1,484 6 17 -11 15 13 Norton Rose 639 6 12 -6 16 15 Khaitan & Co 558 6 12 -6 17 18 Lee & Ko 557 6 10 -4 18 63 Rajah & Tann 405 5 3 2 19 20 Allen & Gledhill 302 5 10 -5 20 68 White & Case 108 5 3 2 Source: mergermarket

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON ASIA-PACIFIC BUYOUTS ASIA-PA VALUE VOLUME Rank Rank C

I Q1 2012 Company name Value Deal F Q1 2012 Company name Deal Value

I (US$m) count C count (US$m) 1 CITIC Capital Partners 1,839 2 1 CITIC Capital Partners 1,839 2 2 China Africa Development Fund 1,250 1 2 Advantage Partners 254 2 3 Morgan Stanley Private Equity 300 1 3 Lunar Capital Management 150 2 4 Advantage Partners 254 2 4 General Atlantic 104 2 5= Consus Partners 228 1 5 China Africa Development Fund 1,250 1 5= Industrial Bank of Korea 228 1 6 Morgan Stanley Private Equity 300 1 5= Mirae Asset Financial Group 228 1 7= Consus Partners 228 1 8 L Capital Asia 200 1 7= Industrial Bank of Korea 228 1 9= Bain Capital 152 1 7= Mirae Asset Financial Group 228 1 9= Crescent Capital Partners 152 1 10 L Capital Asia 200 1 9= WestLB 152 1 Source: mergermarket Source: mergermarket

The Private Equity buyout activity tables by value and volume are based on private equity ﬁrms advising the bidder on buyout deals where the dominant geography of the target company is Asia-Paciﬁc. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON ASIA-PACIFIC EXITS VALUE VOLUME Rank Rank Q1 2012 Company name Value Deal Q1 2012 Company name Deal Value (US$m) count count (US$m) 1 Catalyst Investment Managers 404 2 1 Catalyst Investment Managers 404 2 2 The Longreach Group 300 1 2 The Longreach Group 300 1 3 Vogo Investment 257 1 3 Vogo Investment 257 1 4 Mizuho Capital Partners 185 1 4 Mizuho Capital Partners 185 1 5 Millennium Technology Ventures 175 1 5 Millennium Technology Ventures 175 1 6 Japan Industrial Partners 130 1 6 Japan Industrial Partners 130 1 7= Ant Capital Partners 117 1 7= Ant Capital Partners 117 1 7= SBI Holdings 117 1 7= SBI Holdings 117 1 9= Consus KC 113 1 9= Consus KC 113 1 9= Eugene Asset Management 113 1 9= Eugene Asset Management 113 1 Source: mergermarket Source: mergermarket

The Private Equity exit activity tables by value and volume are based on private equity ﬁrms advising the vendor on exit deals where the dominant geography of the target company is Asia-Paciﬁc. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals

Monthly M&A Insider 37 TREND GRAPHS

ASIA-PACIFIC M&A QUARTERLY TREND ASIA-PACIFIC M&A QUARTERLY PRIVATE ASIA-PA EQUITY TREND C 180 900 25 100 I F I C 160 800 90

20 80 140 700 Number of deals Number of deals 70 120 600

15 60 100 500 50 alue (US$bn) 80 400 alue (US$bn) V V 10 40 60 300 30

40 200 5 20

20 100 10

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

ASIA-PACIFIC M&A ANNUAL TREND ASIA PACIFIC M&A ANNUAL PRIVATE EQUITY TREND

500 3,000 70 350

450 60 300 2,500 400 Number of deals Number of deals 350 50 250 2,000 300 40 200

250 1,500 alue (US$bn) alue (US$bn) V V 30 150 200 1,000 150 20 100

100 500 10 50 50

0 0 0 0 2006 2007 2008 2009 2010 2011 YTD 2012* 2006 2007 2008 2009 2010 2011 YTD 2012*

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

Monthly M&A Insider 38 TREND GRAPHS

ASIA-PACIFIC M&A GEOGRAPHIC BREAKDOWN YTD 2012 ASIA-PA VALUE VOLUME C I F I C

14.0% 14.0% 16.0% Australia Australia 24.0% China China

Hong Kong Hong Kong

India 14.0% India Indonesia Indonesia

Japan 23.0% Japan

Other Other 3.0% 28.0%

19.0%

5.0% 21.0% 4.0% 4.0% 11.0%

ASIA-PACIFIC M&A SECTOR BREAKDOWN YTD 2012

VALUE VOLUME

1.1% 1.0% 1.0% 1.7% 0.1% 4.8% 1.1% 2.0% 10.0% 3.0% Energy, Mining & Utilities 5.0% Energy, Mining & Utilities

5.0% Industrials & Chemicals 3.2% Industrials & Chemicals 33.0% 1.6% Financial Services Financial Services 5.0% 5.0% Consumer Consumer 23.0% 6.0% Business Services 5.0% Business Services Technology Technology

Real Estate 4.0% Real Estate 7.0% Pharma, Medical & Biotech Pharma, Medical & Biotech 8.0% Construction Construction 8.0% 10.0% Telecommunications Telecommunications

Media 11.0% Media 24.0% 10.0% Transportation Transportation

Leisure Leisure

Agriculture Agriculture

Monthly M&A Insider 39 TREND GRAPHS

ASIA-PACIFIC M&A DEAL SIZE BREAKDOWN ASIA-PA

VALUE VOLUME C I F 0.3% 0.3% 0.4% 0.4% 0.3% 0.4% 0.2% I C 100 100 1.2% 0.9% 0.9% 1.0% 1.5% 0.9% 1.6% 15.6% 13.6% 13.3% 17.6% 90 19.8% 24.4% 4.8% 5.1% 4.5% 3.9% 29.5% 5.5% 4.5% 5.3% 80 95 17.1% 16.9% 27.4% 30.7% 70 22.8% 13.8% 5.8% 4.9% 5.4% 5.0% 5.7% 15.8% 5.3% 6.2% 60 90 entage entage 30.4% rc rc 50 30.7% 29.7% 26.5% Pe Pe 27.4% 22.3% 25.5% 40 85

12.5% 30 11.2% 10.9% 88.8% 88.7% 11.3% 12.0% 12.5% 11.2% 88.4% 88.4% 87.8% 88.7% 87.2% 20 80 24.5% 20.9% 20.4% 21.3% 19.6% 19.3% 10 21.6%

0 75 2006 2007 2008 2009 2010 2011 YTD 2012* 2006 2007 2008 2009 2010 2011 YTD 2012*

US$251m-US$500m US$251m-US$500m

US$501m-US$2,000m US$501m-US$2,000m

US$2,001m-US$5,000m US$2,001m-US$5,000m

>US$5,001m >US$5,001m

SECTOR ANALYSIS

ASIA-PACIFIC SECTOR ANALYSIS

Sector Q1 2012 Q1 2011 % change Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count Value Volume Energy, Mining & Utilities 25,714 33.3% 45 13,594 13.8% 53 89.2% -8 Industrials & Chemicals 18,710 24.2% 102 20,573 20.9% 139 -9.1% -37 Financial Services 7,508 9.7% 33 15,544 15.8% 52 -51.7% -19 Consumer 5,249 6.8% 45 12,386 12.6% 68 -57.6% -23 Business Services 4,605 6.0% 50 5,077 5.2% 67 -9.3% -17 Technology 4,189 5.4% 36 4,531 4.6% 76 -7.5% -40 Real Estate 3,626 4.7% 17 1,916 2.0% 16 89.2% 1 Pharma, Medical & Biotech 2,482 3.2% 24 1,824 1.9% 38 36.1% -14 Construction 1,547 2.0% 20 6,210 6.3% 24 -75.1% -4 Telecom 1,305 1.7% 7 2,819 2.9% 9 -53.7% -2 Media 819 1.1% 14 7,400 7.5% 16 -88.9% -2 Transport 751 1.0% 22 3,397 3.5% 21 -77.9% 1 Leisure 645 0.8% 21 1,942 2.0% 21 -66.8% 0 Agriculture 96 0.1% 5 1,009 1.0% 14 -90.5% -9 Defence ------Total 77,246 100.0% 441 98,222 100.0% 614 -21.4% -173

Monthly M&A Insider 40 A MERGERMARKET M&A REPORT ON EUROPE

LOW GLOBAL M&A ACTIVITY FOR THE FIRST QUARTER OF 2012 IS REFLECTED IN THE EUROPEAN M&A FIGURES EUROPE BUT RUMOURS ARE SUPPORTED BY ONLY SMALL DIPS. OVERALL DEAL VALUE TOTALLING €126.6BN FOR Q1 2012 IS DOWN 3.9% COMPARED TO Q1 2011. DEAL VOLUME IS SIGNIFICANTLY LOWER HOWEVER, WITH A 19% DECREASE FROM 1,322 DEALS IN Q1 2011 COMPARED TO 1,068 DEALS IN Q1 2012.

Kasper Viio, Global Assistant Editor at mergermarket Prior forecast accuracy comments, “The confidence of most companies, investors The M&A Insider’s number one expected deal at the end and their financiers to engage in M&A is hinging on the of Q1 2011 was Eni selling Snam Rete Gas. The actual deal turnaround of the woes of European economies. The overall resulted in Eni (advised by Bank of America, Merrill Lynch value of transactions this year has started on a similar par to and DLA Piper) selling Interconnector Zeebrugge Terminal last year, and compares well against the first quarter of 2010. SCLR (51%), Interconnector UK (16.41%) and Huberator (10%) However, the overall transaction volumes are on par with Q1 for a total deal value worth €150m to Snam Rete (advised 2010. One conclusion could be that the mid-market is feeling by Morgan Stanley and Paul Hasting) and Fluxys (advised by a squeeze on the back of macroeconomic uncertainties. Leonardo & Co and Linklaters). The deal was completed in Also, private equity transactions reflect similar trends – while this quarter on 23rd February and was featured as one of our values are higher than two years ago, they are slightly behind ‘Deals of The Day’. last year’s figures at Q1, especially regarding exit value.”

Top Deal for Q1 Sector breakdown Sumitomo Mitsui Financial Group acquiring RBS Aviation Once again the consolidated sectors of Energy, Mining and Capital from the Royal Bank of Scotland plc on 17th Utilities took the top spot for highest deal value. Sixty-two January was the second largest deal of the quarter valuing deals totalling €59.6bn and 42.3% of the entire European at €5,732m and boosted the total value of the Financial value based market share. Record highs in this sector are Services sector (€14.2bn). Paul Francis-Grey, Assistant greatly inﬂuenced by the €40.3bn Glencore and Xstrata deal Editor at Mergermarket said, “Financial services deals are which also affected geography breakdowns. a continuation of EU-led disposal plans and is the case of Industrials & Chemicals were top performers this quarter the RBS sale.” It is reportedly the largest divestment since with 269 deals that produced a 25.2% market share based RBS was bailed out by the UK government in 2008 and is on volume. related to its strategy to strengthen the balance sheet by getting rid of Non-Core portfolio assets. The advantage of this acquisition for Sumitomo Mitsui Financial Group is that Geography breakdown it will be able to expand its leasing business in Asia and other Switzerland was the dominant country for M&A deal value after emerging markets. the Glencore and Xstrata deal pushed its market share based on deal value up to 32.5% worth €41.2bn. The emphasis on the inﬂuence this one deal has had is developed by only 3.0% of the volume market share, 33 deals, being in Switzerland.

Top performers in terms of overall volume of deals in Q1 include the UK, ranking ﬁrst with 228 deals worth €19.2bn, Germany, ranking second, with 156 deals, and thirdly, the Nordic region with 128 deals.

Monthly M&A Insider 41 DEAL OF THE QUARTER

Deal summmary: EUROPE

Announced: 09-Mar-12 Deal Value: €1,732m

The management of Iceland Foods Ltd led by Malcolm Walker, RATIONALE: has acquired the company in a management buyout transaction • The transaction is a part of Iceland’s debt backed by Brait SA, Landmark Group and Lord Kirkham. restructuring procedure.

• The acquisition will enable Iceland Foods’s to pursue its TERMS: growth strategy and expand its geographical footprint to • The bidders have agreed to pay a cash consideration restore company’s proﬁtability. of €1,851m. • Iceland’s enterprise value amounts to €1,732m. POST DEAL DETAILS: • Malcolm Walker, CEO of Iceland Foods will also assume FINANCING: the role of chairman of the company. • The transaction will be funded via a combination of £860m • The Iceland senior management team will own a 43.00% senior debt facility by Credit Suisse, Deutsche Bank, stake and the remaining 57.00% stake will be held by HSBC, Nomura and RBS, and a £250m vendor loan note. Landmark Group, Brait SA and Lord Kirkham. • The £860m all-senior debt package comprises a £300m six year senior secured term loan, a £200m seven year BACKGROUND: senior secured term loan, and a £360m seven year senior • The transaction is a result of Landsbanki Islands hf and secured term loan. Glitnir hf going insolvent. • Landmark Group, Brait SA and Lord Kirkham will co- • The deal has been conducted through Oswestry invest in the transaction and will also receive a stake in Acquico Limited, an acquisition vehicle created by the the target company. management of Iceland Foods and Brait SA, Landmark Group and Lord Kirkham.

• The Iceland management team comprises of Malcolm Walker, Tarsem Dhaliwal, Nigel Broadhurst and Nick Canning.

Sources of funding

Equity provider Amount (€m) Stake Debt provider Terms Management n/a 43.00% Royal Bank of Scotland Group Plc senior (Nigel Broadhurst; Nicholas Canning; Tarsem Singh Dhaliwal; Malcolm C Walker) Landmark Group n/a n/a Credit Suisse senior Brait SA n/a n/a Deutsche Bank AG senior Lord Graham Kirkham n/a n/a Nomura Holdings Inc senior (Private Investor)

Monthly M&A Insider 42 DEAL OF THE QUARTER

Exit multiples – Y/E 25-Mar-12 Exit multiples – Y/E 26-Mar-11 EUROPE Multiples Value (€m) Multiples Value (€m) Revenue 0.6x 2,719.63 Revenue 0.6x 2,505.68 EBITDA 7.7x 213.96 EBITDA 8.1x 197.71 EBIT 11.2x 147.86 EBIT 12.0x 134.58 Earnings 19.0x 93.07 Earnings 22.2x 77.46

Advisers Target/Seller Bidder Financial Bank of America Merrill Lynch; UBS Investment Bank Financial Deutsche Bank AG; HSBC; Nomura Holdings Inc; Rothschild (Majid Ishaq, Gregory Moreton) Legal Dewey & LeBoeuf LLP; Linklaters (Iain Fenn, Legal Allen & Overy LLP (Christopher Barron, Jonathan Aisling Zarraga) Brownson, George Knighton, Alexander Tilley, William Samengo Turner); Sullivan & Cromwell LLP (Nikolaos Andronikos, Tim Emmerson, Michael McGowan) PR The HeadLand Consultancy (Tessa Cumming-Bruce, PR Keithhann.com (Keith Hann) Tom Gough, Howard Lee, Chris Salt, Malcolm C Walker)

mergermarket/dealReporter Intelligence 12-Jan-12 Asda could team up with private equity to bid for parts of Iceland Foods 15-Jan-12 Asda withdrawal from Iceland Foods auction increases scepticism over sale to trade buyer; owners offer £200m debt facility to bidders 17-Jan-12 Wm Morrison losing interest in bidding for Iceland Foods 20-Jan-12 Iceland Foods execs seek equity from bank sponsors as financiers consider £800m+ all-cap markets deal 16-Feb-12 Iceland Foods CEO Malcolm Walker in exclusive talks with Landsbanki and Glitnir 16-Feb-12 Iceland Foods CEO confirms exclusive talks with owners over £1.55bn; Deutsche Bank, GSO, Bank of America and UBS providing debt financing 16-Feb-12 Iceland Foods CEO shores up financial backing for bid 09-Mar-12 Iceland acquisition by management for £1.5bn complete

Bidder Oswestry Acquico Limited Headquarters: Second Avenue Deeside Industrial Park Deeside Flintshire CH5 2NW United Kingdom Sector: Consumer, Business Services

Description: UK-based acquisition vehicle created and owned by members of the senior management team of Iceland Foods, Landmark Group, Brait SA and Lord Graham Kirkham for the acquisition of Iceland Foods Ltd

Target Iceland Foods Ltd Headquarters: Second Avenue Deeside Industrial Park Deeside Flintshire CH5 2NW United Kingdom Sector: Consumer, Business Services

Description: UK-based company engaged in the wholesale and retail of frozen food

Monthly M&A Insider 43 TOP DEALS & EXPECTED DEALS

TOP 10 EUROPEAN ANNOUNCED DEALS OF Q1 2012 EUROPE Announced Bidder company Target company Target dominated Seller company Exit multiples (x) Bid premia Deal sector Revenue EBITDA P/E 1-day value before (€m) 07-Feb-12 Glencore International Xstrata Plc Energy, Mining & 2.2 6.4 10.5 2.3% 40,319 plc (65.92% stake) Utilities 17-Jan-12 Sumitomo Mitsui RBS Aviation Capital Financial Services Royal Bank of n/a n/a - 5,732 Financial Group, Inc. Scotland Group Plc 19-Mar-12 United Parcel Service TNT Express NV Transportation 0.7 13.3 1.6% 5,167 Inc 30-Mar-12 Tagus Holdings Brisa-Auto Estradas Construction 7.6 13.7 13.4% 4,196 de Portugal SA (50.43% stake) 30-Mar-12 Camargo Correa SA Cimpor Cimentos de Construction 2.3 8.6 17.9 10.0% 4,103 Portugal SGPS SA (67.10% stake) 15-Mar-12 Cisco Systems Inc NDS Group Limited Technology News Corporation; - 3,823 and Permira 28-Feb-12 Deutsche Bank AG Deutsche Postbank AG Financial Services Deutsche Post AG n/a n/a - 2,411 (39.50% stake) 31-Jan-12 Outokumpu Oyj Inoxum Industrials & ThyssenKrupp AG 0.4 13.5 - 2,384 Chemicals 16-Feb-12 Delmi SpA Edipower SpA Energy, Mining & Edison International 1.6 9.7 - 1,904 (70.00% stake) Utilities SpA; and Alpiq Holding Ltd 29-Feb-12 CVC Capital Partners Ahlsell Sverige AB Construction Cinven Limited; and 0.8 9.5 - 1,800 Limited GS Capital Partners Based on announced deals, including lapsed and withdrawn bids Source: mergermarket Based on dominant geography of target company being Europe Data correct as of 10-Apr-12

Monthly M&A Insider 44 TOP DEALS & EXPECTED DEALS

EUROPE PIPELINE OF EUROPEAN EXPECTED DEALS

Situation Target company Sector Potential bidder Financial adviser to Seller company Market cap/ Comments company bidder (B); target (T); est. value seller (S) (€m) Rumoured Cable & Wireless Telecom France Telecom SA; 1,002 The European-based telecom takeover Communications Deutsche Telekom AG conglomerates are rumoured to Plc be interested in diversifying their activities on the UK market Rumoured Petrokemija Chemicals and Gazprom OAO Government of 266.8 The Government of Croatia is takeover Materials Croatia in talks to privatise its fertilizer Petrokemija. The Croatian economy minister is holding negotiations about the transaction in Moscow Rumoured Telekomunikacja Technology, Netia SA; MNI S.A.; Government of 101.8 The state owned railway telecom takeover Kolejowa Sp z oo Telecom GTS Central Europe Poland operator is undergoing a due Holdings BV; Zygmunt dilligence process as a part of the Solorz-Zak; Polpager; company's privatisation procedure. and Hawe SA The final bidders are expected to be specified soon Potential Banca Civica SA Financial La Caixa 231.9 CaixaBank is considering takeover Services requesting public aid from target Banco de Espana to finance the acquisition of Banca Civica

Note: Expected deals based on conﬁrmed announcements by companies involved Source: mergermarket

Monthly M&A Insider 45 LEAGUE TABLES

TOP 20 FINANCIAL ADVISERS – EUROPEAN EUROPE VALUE

Ranking Q1 2012 Q1 2011 Q1 2012 Q1 2011 Company name Value Deal count Value Value change (€m) (€m) (%) 1 1 Goldman Sachs 74.2 27 53.8 37.9% 2 2 Morgan Stanley 61.4 27 39.3 56.2% 3 6 JPMorgan 60.9 25 27.0 125.1% 4 3 Deutsche Bank 59.8 22 30.3 97.4% 5 5 Citigroup 55.5 13 28.4 95.7% 6 8 Barclays 52.2 15 20.8 150.3% 7 7 Credit Suisse 48.5 13 26.9 80.3% 8 23 Nomura Holdings 45.2 12 5.3 750.6% 9 12 BNP Paribas 42.1 4 13.4 214.4% 10 4 Bank of America Merrill Lynch 27.9 20 29.7 -6.0% 11 17 Lazard 13.4 21 9.4 42.3% 12 9 Rothschild 11.7 29 19.8 -40.9% 13 11 UBS Investment Bank 9.9 18 13.9 -28.7% 14 58 RBC Capital Markets 8.0 5 0.8 859.1% 15 15 Royal Bank of Scotland Group 6.7 4 10.8 -38.0% 16 69 TD Securities 6.5 3 0.5 1128.2% 17 67 Canaccord Genuity 5.7 3 0.6 901.2% 18 76 Greenhill & Co 5.6 2 0.4 1164.9% 19 18 HSBC 5.6 11 8.6 -35.2% 20 10 SG 5.0 11 15.6 -67.7% Source: mergermarket

TOP 20 FINANCIAL ADVISERS – EUROPEAN VOLUME

Ranking Q1 2012 Q1 2011 Q1 2012 Q1 2011 Company name Value Deal count Deal count Deal count (€m) change 1 2 PwC 2.7 35 41 -6 2 3 Rothschild 11.7 29 38 -9 3 4 Deloitte 1.2 28 36 -8 4 5 Goldman Sachs 74.2 27 33 -6 5 11 Morgan Stanley 61.4 27 24 3 6 7 JPMorgan 60.9 25 29 -4 7 10 Deutsche Bank 59.8 22 26 -4 8 15 Lazard 13.4 21 18 3 9 8 Bank of America Merrill Lynch 27.9 20 27 -7 10 1 KPMG 1.3 19 51 -32 11 9 UBS Investment Bank 9.9 18 27 -9 12 6 Ernst & Young 0.5 18 32 -14 13 23 Barclays 52.2 15 12 3 14 14 Citigroup 55.5 13 19 -6 15 12 Credit Suisse 48.5 13 23 -10 16 43 Nomura Holdings 45.2 12 5 7 17 19 DC Advisory Partners 1.8 12 16 -4 18 21 M&A International 0.3 12 15 -3 19 24 HSBC 5.6 11 12 -1 20 16 SG 5.0 11 17 -6 Source: mergermarket

TOP 20 LEGAL ADVISERS – EUROPEAN EUROPE VALUE

Ranking Q1 2012 Q1 2011 Q1 2012 Q1 2011 Company name Value Deal count Value Value change (€m) (€m) (%) 1 2 Linklaters 57.8 42 51.0 13.3% 2 1 Freshﬁelds Bruckhaus Deringer 57.5 35 55.3 3.8% 3 149 King & Wood Mallesons 46.3 3 0.4 12715.0% 4 9 Allen & Overy 16.9 29 33.3 -49.4% 5 10 Clifford Chance 15.5 32 28.4 -45.4% 6 6 Sullivan & Cromwell 13.4 10 39.8 -66.4% 7 77 Kirkland & Ellis 10.6 8 1.8 489.8% 8 32 Dewey & LeBoeuf 10.2 8 7.7 33.5% 9 19 Davis Polk & Wardwell 8.4 4 12.9 -34.7% 10 20 Skadden Arps Slate Meagher & Flom 7.8 10 12.3 -36.4% 11 22 Ashurst 7.2 12 12.2 -40.8% 12 171 Fasken Martineau Dumoulin 6.5 3 0.2 2681.7% 13 16 Hengeler Mueller 6.4 12 16.4 -60.9% 14 4 Cleary Gottlieb Steen & Hamilton 6.3 11 43.4 -85.4% 15 46 Bonelli Erede Pappalardo 6.1 9 4.3 43.4% 16 29 Milbank Tweed Hadley & McCloy 6.0 4 9.2 -35.2% 17 148 Bennett Jones 5.9 2 0.4 1518.5% 18 104 Travers Smith 5.8 10 0.8 638.6% 19 51 A&L Goodbody 5.7 5 3.6 60.1% 20 483 Nagashima Ohno & Tsunematsu 5.7 1 0.0 ????? Source: mergermarket

TOP 20 LEGAL ADVISERS – EUROPEAN VOLUME

Ranking Q1 2012 Q1 2011 Q1 2012 Q1 2011 Company name Value Deal count Deal count Deal count (€m) change 1 4 Linklaters 57.8 42 52 -10 2 2 Freshﬁelds Bruckhaus Deringer 57.5 35 55 -20 3 6 CMS 1.1 35 50 -15 4 1 Clifford Chance 15.5 32 57 -25 5 3 Allen & Overy 16.9 29 53 -24 6 5 DLA Piper 4.1 27 51 -24 7 8 Hogan Lovells 3.5 26 31 -5 8 10 Jones Day 5.1 19 30 -11 9 14 White & Case 3.5 18 24 -6 10 7 Baker & McKenzie 1.32 15 41 -26 11 13 Weil Gotshal & Manges 2.6 13 26 -13 12 19 SJ Berwin 0.7 13 18 -5 13 22 Pinsent Masons 0.3 13 17 -4 14 17 Ashurst 7.2 12 20 -8 15 28 Hengeler Mueller 6.4 12 14 -2 16 37 Cleary Gottlieb Steen & Hamilton 6.3 11 11 0 17 - Stibbe 2.56 11 - - 18 32 Vinge 0.0 11 13 -2 19 9 Eversheds 1.8 11 30 -19 20 12 Latham & Watkins 1.6 11 27 -16 Source: mergermarket

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON EUROPEAN BUYOUTS EUROPE VALUE VOLUME Rank Rank Q1 2012 Company name Value Deal Q1 2012 Company name Deal Value (US$m) count count (US$m) 1 CVC Capital Partners 1,800 1 1 Lloyds TSB Development Capital 212 4 2 Vista Equity Partners 1,700 2 2 mutares - 4 3 Cinven 1,140 1 3= Ciclad - 3 4 Novo 557 1 3= Naxicap Partners - 3 5 TPG Capital 544 1 5 Vista Equity Partners 1,700 2 6 Strategic Value Partners 519 1 6 Foresight Group 115 2 7 CITIC Capital Partners 500 1 7 Penta Investments 100 2 8= Macquarie Group 470 1 8 Verdane Capital 27 2 8= Renaissance Capital 470 1 9 NBGI Private Equity 24 2 10 Madison Dearborn Partners 383 1 10 WestBridge Capital 9 2 Source: mergermarket Source: mergermarket

The private equity buyout activity tables by value and volume are based on private equity ﬁrms advising the bidder on buyout deals where the dominant geography of the target company is European. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON EUROPEAN EXITS VALUE VOLUME Rank Rank Q1 2012 Company name Value Deal Q1 2012 Company name Deal Value (US$m) count count (US$m) 1 Permira 3,823 1 1 Scottish Equity Partners 159 3 2 GS Capital Partners 2,278 2 2 GS Capital Partners 2,278 2 3 Cinven 1,800 1 3 Mid Europa Partners 1,370 2 4 Mid Europa Partners 1,370 2 4 Electra Partners 1,290 2 5 Electra Partners 1,290 2 5 AlpInvest Partners 478 2 6 Intermediate Capital Group 1,140 1 6 AAC Capital Partners 346 2 7 Arle Capital Partners 956 1 7 Platinum Equity 275 2 8 The Carlyle Group 777 1 8 Foresight Group 121 2 9 Riverstone Holdings 642 1 9 Omnes Capital 103 2 10 FINPRO 602 1 10 Tempo Capital Partners 100 2 Source: mergermarket Source: mergermarket

The private equity exit activity tables by value and volume are based on private equity ﬁrms advising the vendor on exit deals where the dominant geography of the target company is European. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.

Monthly M&A Insider 48 49 Number of deals Number of deals D 1,400 1,200 1,000 800 600 400 200 0 1,600 450 400 350 300 250 200 150 100 50 0 12 Q1 REN 11 Q4 T

11 Q3 Exit volume Exit volume YTD 2012* 11 Q2 ITY 11 Q1

U 10 Q4 2011 E Q Monthly M&A Insider Monthly 10 Q3 10 Q2 E E IVAT Buyout volume Buyout volume 10 Q1 R 2010 09 Q4 P

IVAT 09 Q3 Y R 09 Q2 P 09 Q1 L 2009 Exit value Exit value ERL 08 Q4 A T 08 Q3 R A 08 Q2 U 2008 08 Q1 Q 07 Q4 Buyout value Buyout value 07 Q3 D 07 Q2 2007 M&A M&A ANNU 07 Q1 N N 06 Q4 REN A A T 06 Q3

E E 06 2006 Q2 P P ITY 06 Q1 U 0 0

50 90 80 70 60 50 40 30 20 10

300 250 200 150 100 140 130 120 110 100 Q € € bn) ( alue V bn) ( alue V E EURO EURO

Number of deals Number of deals 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 12 Q1 11 Q4 et volume et volume 11 Q3 YTD 2012* 11 Q2 HS 11 Q1 Mid-mark Mid-mark 10 Q4 2011 D 10 Q3 P 10 Q2 D 10 Q1 REN A 2010 T tal volume tal volume 09 Q4

To To Y 09 Q3 REN 09 Q2 T e e L 09 ERL Q1 2009 A T 08 Q4 et valu et valu R GR 08 Q3 A 08 Q2 U NNU 2008 Mid-mark Mid-mark 08 Q Q1 D 07 Q4

e e 07 Q3 07 Q2 2007 tal valu tal valu 07 Q1 N M&A A N M&A

To To 06 A A Q4 E E 06 Q3

P P 06 2006 Q2 REN

06 Q1 0 0

500 200 400 800 600 100 200 400 300 € € alue alue V bn) ( alue alue V bn) ( EURO

EURO T 1,200 1,000

EUROPE 50 s al es es al & Biotech ations d e s Servic ogy e x e y, Mining & Utilities s ommunic ce c rg dic enc y E le ansportation an echnol Consumer Busines T Financial Servic Pharma, Medic Def Industrials & Chemic Ene Construction Media Tr Leisur Real Estate Agricultur Te UK CE Iberia Fr Nor Germany Benelu Ital Switzerlan Other Monthly M&A Insider Monthly 0.9% 1.3% 0.3% 2.0% 11.0% 2.8% 3.8% 5.5% 3.9% 25.2% 20.7% 4.9% 11.4% 5.8% 5.9% 8.9% 11.6% 6.8% 16.9% 3.0% ME ME 5.5% LU LU 8.5% 14.2% O O 8.2% 11.0% V V 2012 s al TD es es al & Biotech ations 2012 d e s Servic ogy TD x e y, Mining & Utilities s ommunic ce OWN Y c dic rg y E an le ansportation D echnol Germany Benelu Ital Switzerlan Other UK CE Iberia Fr Nor Industrials & Chemic Consumer Busines T Financial Servic Pharma, Medic Leisur Real Estate Agricultur Te Ene Construction Media Tr K A OWN Y D K 9.0% BRE A 8.0% 42.3% C 2.8% 5.1% APHI HS 15.1% R OR BRE P 9.3% G T 9.0% A EO 2.1% 1.2% 6.2% GR 7.6% 5.1%

N M&A SEC N M&A G 4.4% A A 11.2% E E 3.9%

0.6% E E P P

0.3% 6.4% 1.2% 9.3% REN 2.1% URO URO 5.3% 32.5% VALU E

E VALU T

EUROPE 51 e 0.3% 0.5% 3.0% 3.0% 93.3% osed valu YTD 2012* 1% -2% -4% -4% 56% 20% 18% 17% 21% -19% -50% -35% -29% -27% -27% -24% Volume 5,000m € 500m 2,000m € € - - 2011 0.2% 0.7% 3.1% 2.9% 93.1% 250m or undiscl 5,001m 251m 501m 2,001m- Monthly M&A Insider Monthly <€ € € € >€ 2010 0.7% 3.3% 2.7% 0.2% 93.1% % change 2% 0.2% 2009 0.6% 2.1% 2.3% -8% -1% 94.8% 37% 32% 21% 58% -50% -67% -90% -22% Value 289% 367% 260% -100% 1506% 2008 0.6% 2.7% 3.2% 0.4% 93.1% 9 6 35 26 54 35 46 14 86 77 82 122 178 100 222 2007 0.9% 4.0% 3.9% 0.4% 1,092 90.8% Deal count count Deal 2006 0.4% 0.9% 3.8% 3.5% ME 91.4% 1.3% 0.4% 4.4% 3.2% 0.7% 8.7% 0.9% 1.6% 0.5% 1.9% 9.3% 9.7% 28.4% 16.1% 12.8% Q1 2011 LU

Mrk share 88 98 96 94 92 90

100

entage rc O Pe V m) € 405 681 837 477 1,170 4,059 2,934 7,989 1,507 1,730 8,581 8,962 92,317 26,218 14,909 11,858 e Value ( 9.3% 40.5% 13.4% 24.7% 12.1% osed valu YTD 2012* 3 42 41 14 21 30 52 63 91 10 73 62 117 180 269 1,068 5,000m € 500m 2,000m Deal count count Deal € € - - 2011 30.9% 11.2% 18.8% 17.3% 21.9% 250m or undiscl 5,001m OWN 251m 501m 2,001m- <€ € € € >€ D K 1.2% 5.1% 0.3% 2.1% 3.9% 0.6% 9.0% 2.1% 6.4% 1.2% 0.0% 5.3% 9.3% A 11.2% 42.3% 2010 9.4% 29.7% 17.6% 22.5% 20.8% Q1 2012 Mrk share RE B SIS m) € YSIS 2009 9.2% 24.1% 20.3% 26.4% 20.0% Y 0 ZE L 342 766 HS 1,540 6,506 2,654 4,922 2,650 8,081 1,538 6,651 11,405 14,179 53,599 11,770 A SI 126,603 Value ( N P L AL A A 2008 9.1% A 14.8% 20.4% 17.0% 38.7% E N D OR T A EC GR 2007 8.4% 13.7% 16.4% 22.3% 39.2% S

D N M&A N A A edical & Biotech edical TOR E E

ining & Utilities

2006 8.4% M

15.9% 17.6% 23.5% 34.6% E M P P C state E

10 40 30 20 60 50 90 80 70

REN 100

edia eal entage rc Pe harma, nergy, nergy, URO ransportation elecommunications echnology Agriculture Total M T Leisure Construction R Business Services Business T Defence P T Financial Services E & Chemicals Industrials Consumer Sector

VALU SE

EURO T E

EUROPE A MERGERMARKET M&A REPORT ON THE MIDDLE EAST & AFRICA

POLITICAL INSTABILITY IN THE REGION CONTINUES TO SHAPE THE UP-AND-DOWN TREND OF M&A ACTIVITY IN MIDDLE THE MIDDLE EAST AND AFRICA (ME&A). DEAL ACTIVITY IN THE ME&A REGION IN Q1 2012 TOTALLED US$8BN, A DECREASE OF 52% COMPARED TO Q1 2011 (US$16.8BN), BUT UP 19.3% COMPARED TO Q4 2011 (US$6.7BN). E AST &

M&A activity in Q1 2012 was mainly driven by a series of ScanGroup, the Kenyan marketing services ﬁrm, may add A

FRICA large deals in the Consumer sector which accounted for the to M&A activity in the region with plans to acquire majority greatest percentage of deal value in the region with 28% of the stakes in marketing companies located in Nigeria, Angola market share. The top announced Consumer deals include and Mozambique. This would be driven by ScanGroup’s the acquisition of Damas International Limited by Mannai client requests for expansion into other Sub-Saharan African Corporation QSC for a consideration of US$991m, and the markets and would be valued at £8m. Israeli listed energy 17.7% stake acquisition of JD Group Limited by Steinhoff companies, Delek Drilling and Avner Oil Exploration, are International Holdings Ltd for US$487m. The Consumer expected to merge by the end of 2012 and list the merged sector in Africa is predicted to expand due to a growing company on an overseas stock exchange better suited for its middle class which ultimately should lead to more consumer gas and oil activities. This would be valued at approximately spending. The Energy, Mining & Utilities sector closely £1.5bn. Furthermore, it is rumoured that Africa Finance follows with total deal value of US$2.13bn, which includes the Corporation is planning to make an acquisition by the end of acquisition of First Quantum Minerals by Eurasian Natural Q1 2012 of a company or greenﬁeld project in Kenya, valued at Resources for US$1.3bn. approximately US$40m.

Within the ME&A region, Israel saw the most M&A activity with 20 deals worth US$27bn. South Africa closely follows with Challenges and Opportunities for M&A activity in a deal flow volume of 19 and a deal value of US$1.8bn. the ME&A region in 2012 Although M&A activity in the ME&A region during Q1 2012 The current increase in oil prices means increased liquidity got off to a slow start, compared to its rocketing performance for the Middle East and Africa. ME&A countries, especially peaks in Q1 2010 (with a deal value of US$25.3bn), a gradual Egypt, plan to use these strong oil prices in order to help fund increase in activity is expected throughout the rest of the year. M&A activity and expansion into other industries. Bankers This is not only due to the limited opportunity for companies to are saying that the post-revolution state, after revolts such as grow organically because of the unsteady economic outlook, those present in Libya last year, is also encouraging a positive but also because of the potential for these companies to outlook and potential in the M&A industry within the ME&A exploit their value and assets under a new parent company. region. M&A deal flow in the ME&A region, however, is still largely limited due to constraints and disapproval on foreign ownership. Furthermore, families and governments who Executed and Expected Acquisitions own the majority of control in many companies do not wish One of the largest acquisitions in Q1 2012 within the ME&A to give voting rights to shareholders or to sell their stakes. region was undertaken by Shlomo Eliahu, the Israel-based Regardless of this, there is evidence of the African government private investor. He acquired a 69.14% stake in Migdal showing effort to open the country’s economy. Privatisation is Insurance and Financial Holdings sold by Assicurazioni picking up, Ethiopia is attracting increasing investments and Generali SpA, the global insurance group. The value of the sectors that were previously stagnant, such as Nigeria’s power transaction is US$1.1bn. sector, are beginning to flourish.

Monthly M&A Insider 52 DEAL OF THE QUARTER

Deal summary MIDDLE

Announced: 28-Mar-12 Deal Value: US$991m E AST &

A Golden Investments Limited (“BidCo”), an investment FINANCING FRICA vehicle set up by Mannai Corporation QSC and EFG Hermes • The cash consideration payable by BidCo under the Capital Partners Management Limited, have reached terms of the Bid will be made available to BidCo by the agreement on the terms of a recommended cash bid for Consortium, directly or indirectly, through a series of the entire issued and to be issued share capital of Damas shareholder loans which will be fully or partly converted International Limited. to equity after the Bid becomes wholly unconditional.

• Deutsche Bank AG Dubai (DIFC) branch, which has DEAL TERMS: been appointed by BidCo as cash conﬁrmation bank in • For each DIL Share, DIL Shareholders will receive connection with the Bid, has conﬁrmed that resources are US$0.45 in cash. available to BidCo to satisfy full acceptance of the Bid. • The Bid values DIL’s entire issued share capital at approximately US$445m. IRREVOCABLE UNDERTAKINGS: • The offer represents a premium of approximately 45% • BidCo has received irrevocable undertakings from DIL to the Closing Price of US$0.31 on 09-Jan-12 (being the Shareholders to accept the Bid in respect of 769,539,677 last Business Day prior to the commencement of the DIL Shares, representing approximately 77.8% of DIL’s Bid Period). existing issued share capital. • The offer represents a premium of approximately 191% CONDITIONS to the average Closing Price of US$0.1547 in the three • 75% acceptances. month period ended on 09-Jan-12.

• The offer represents a premium of approximately 10% to the Closing Price of US$0.41 on 27-Mar-12 (being the last Business Day prior to the date of this announcement).

Exit multiples – Y/E 31-Mar-11 Premium analysis Multiples Value (US$m) Offer price per share (US$) 0.45

Revenue 1.2x 803.8 1 day before 9.8% EBITDA 13.9x 71.3 1 month before 18.4% EBIT 17.7x 56.1 1 day after - Earnings 30.6x 14.5 Pre-rumor 73.1%

Monthly M&A Insider 53 DEAL OF THE QUARTER

Advisers MIDDLE Target/Seller Bidder Financial Nomura Holdings Inc Financial EFG Hermes Holding SAE

Legal Allen & Overy LLP; Legal Clifford Chance LLP; E

AST & Ahurst Freshﬁelds Bruckhaus Deringer LLP PR - PR Brunswick Group A FRICA

mergermarket/dealReporter Intelligence 05-Apr-12 Damas International announces bid document publication; shareholder acceptance deadline 10-May-12

27-Mar-12 Damas suitor Mannai to make announcement this week on stake purchase

11-Jan-12 Mannai considers making US$0.45 per share offer for Damas

Bidder Mannai Corporation Headquarters: Doha, Qatar

Sector: Conglomerate

Description: Qatar-based conglomerate providing trade, services and solutions to the oil and gas sector, automotive distribution, information and communication technology, consumer products, travel services, logistics and representation

Target Damas International Limited Headquarters: Dubai, UAE

Sector: Consumer

Description: United Arab Emirates-based jeweler and watch retailer

Monthly M&A Insider 54 TOP DEALS

TOP 10 MIDDLE EASTERN & AFRICAN ANNOUNCED DEALS OF Q1 2012 MIDDLE

Announced Bidder company Target company Target dominated Seller company Exit multiples (x) Bid premia Deal value sector Revenue EBITDA P/E 1-day (US$m) before

E 05-Jan-12 Eurasian Natural First Quantum Minerals Energy, Mining & First Quantum 1,250 AST & Resources (Kolwezi Tailings project, Utilities Minerals Limited Corporation Plc Frontier and Lonshi mines and related A

FRICA exploration interests) 07-Mar-12 Shlomo Eliahu Migdal Insurance and Financial Services Assicurazioni Generali n/a n/a 12.7% 1,098 (private investor) Financial Holdings Ltd SpA (69.1% Stake) 28-Mar-12 Mannai Corporation Damas International Consumer 1.2 13.9 30.6 9.8% 991 QSC Limited 13-Feb-12 Steinhoff International JD Group Limited (17.7% Consumer Investec Asset 0.7 9.2 10.5 -10.0% 487 Holdings Ltd Stake) Management Holdings (Pty) Limited; and Public Investment Corporation Limited 27-Mar-12 Glencore International Optimum Coal Holdings Energy, Mining & 1.7 7.3 14.6 2.7% 414 plc Limited (32.23% Stake) Utilities 12-Jan-12 Apple Inc Anobit Technologies Ltd TMT Intel Capital; Battery 390 Ventures; and Pitango Venture Capital 10-Feb-12 Livnat Family Mashav Initiating and Construction Clal Industries and 356 Development Ltd (55% Investments Ltd Stake) 02-Mar-12 AngloGold Ashanti Mine Waste Solutions Industrials & First Uranium 335 Limited (Proprietary) Limited Chemicals Corporation 19-Mar-12 Covidien Plc superDimension Ltd Medical, Pharma & 10.0 300 Biotech 10-Jan-12 Diageo Plc Meta Abo Brewery Consumer Government of 225 Ethiopia Based on announced deals, including lapsed and withdrawn bids Source: mergermarket Based on dominant geography of target being Middle East or Africa Data correct as of 10-Apr-12

Monthly M&A Insider 55 LEAGUE TABLES

TOP 20 FINANCIAL ADVISERS – MIDDLE EAST & AFRICA MIDDLE VALUE

Ranking Q1 2012 Q1 2011 E

AST & Q1 2012 Q1 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1= - Nomura Holdings 3.3 2 - -

A 1= 2 Goldman Sachs 3.3 2 10.9 -70.1% FRICA 3 6 Bank of America Merrill Lynch 3.2 4 3.0 6.7% 4 25 UBS Investment Bank 2.6 3 0.2 991.2% 5 7 Rothschild 2.3 4 2.9 -21.6% 6 13 HSBC 2.3 2 2.2 3.0% 7 16 Deutsche Bank 2.3 1 2.0 14.4% 8= - Banco Itau BBA 2.0 1 - - 8= 12 Citigroup 2.0 1 2.2 -9.3% 8= 24 Credit Suisse 2.0 1 0.4 412.8% 11 26 RBC Capital Markets 1.8 3 0.2 776.7% 12 19 Jefferies & Company 1.4 2 1.3 9.9% 13= - BMO Capital Markets 1.3 1 - - 13= - Simmons & Company International 1.3 1 - - 15 - EFG-Hermes Holding 1.0 1 - - 16 11 Standard Bank Group 0.8 2 2.4 -66.2% 17 14 Investec 0.8 3 2.0 -61.4% 18 - PwC 0.7 3 - - 19 - Barclays 0.4 2 - - 20 44 Standard Chartered 0.4 1 0.0 - Source: mergermarket

TOP 20 FINANCIAL ADVISERS – MIDDLE EAST & AFRICA VOLUME

Ranking Q1 2012 Q1 2011 Q1 2012 Q1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 9 Bank of America Merrill Lynch 3.2 4 3 1 2 13 Rothschild 2.3 4 2 2 3 12 Ernst & Young 0.4 4 3 1 4 17 UBS Investment Bank 2.6 3 2 1 5 28 RBC Capital Markets Inc 1.8 3 1 2 6 4 Investec 0.8 3 5 -2 7 33 PwC 0.7 3 1 2 8 - BDO 0.1 3 - - 9= - Nomura Holdings 3.3 2 - - 9= 1 Goldman Sachs 3.3 2 6 -4 11 23 HSBC 2.3 2 1 1 12 10 Jefferies & Company 1.4 2 3 -1 13 15 Standard Bank Group 0.8 2 2 0 14 - Barclays 0.4 2 - - 15 5 Deutsche Bank 2.3 1 5 -4 16= - Banco Itau BBA 2.0 1 - - 16= 22 Citigroup 2.0 1 1 0 16= 11 Credit Suisse 2.0 1 3 -2 19= - BMO Capital Markets 1.3 1 - - 19= - Simmons & Company International 1.3 1 - - Source: mergermarket

TOP 20 LEGAL ADVISERS – MIDDLE EAST & AFRICA MIDDLE VALUE

Ranking Q1 2012 Q1 2011 E

AST & Q1 2012 Q1 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 5 Allen & Overy 3.3 7 4.6 -27.3%

A 2 3 Linklaters 2.5 4 8.6 -70.9% FRICA 3 - Dewey & LeBoeuf 2.5 3 - - 4 - Sullivan & Cromwell 2.3 1 - - 5 1 Freshﬁelds Bruckhaus Deringer 2.2 3 10.5 -78.8% 6 89 Shearman & Sterling 2.0 2 0.0 - 7= - Davis Polk & Wardwell 2.0 1 - - 7= - Lefosse Advogados 2.0 1 - - 7= - Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 2.0 1 - - 7= - Souza, Cescon, Barrieu & Flesch Advogados 2.0 1 - - 11 - Fasken Martineau Dumoulin 1.8 3 - - 12 - Jones Day 1.3 1 - - 13 92 Weil Gotshal & Manges 1.1 2 0.0 - 14 18 Clifford Chance 1.1 3 1.3 -14.2% 15= - Epstein Rosenblum Maoz 1.1 1 - - 15= - Rosenram 1.1 1 - - 15= 56 Yigal Arnon & Co. 1.1 1 0.2 477.9% 18 69 Ashurst 1.0 1 0.1 1108.5% 19 - Edward Nathan Sonnenbergs 0.9 7 - - 20 - Eversheds 0.6 2 - - Source: mergermarket

TOP 20 LEGAL ADVISERS – MIDDLE EAST & AFRICA VOLUME

Ranking Q1 2012 Q1 2011 Q1 2012 Q1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 10 Allen & Overy 3.3 7 3 4 2 5 Edward Nathan Sonnenbergs 0.9 7 6 1 3 3 Herzog, Fox and Neeman 0.5 5 6 -1 4 7 Linklaters 2.5 4 4 0 5 - Dewey & LeBoeuf 2.5 3 - - 6 9 Freshﬁelds Bruckhaus Deringer 2.2 3 3 0 7 - Fasken Martineau Dumoulin 1.8 3 - - 8 12 Clifford Chance 1.1 3 3 0 9 15 Gibson Dunn & Crutcher 0.1 3 3 0 10 64 Baker & McKenzie 0.01 3 1 2 11 89 Shearman & Sterling 2.0 2 1 1 12 92 Weil Gotshal & Manges 1.1 2 1 1 13 - Eversheds 0.6 2 - - 14 6 Webber Wentzel 0.5 2 5 -3 15 77 Mayer Brown 0.3 2 1 1 16 - Garlicke & Bousﬁeld Inc 0.1 2 - - 17 17 King & Spalding 0.03 2 3 -1 18 86 Hogan Lovells 0.0 2 1 1 19 - Sullivan & Cromwell 2.3 1 - - 20 - Davis Polk & Wardwell 2.0 1 - - Source: mergermarket

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON MIDDLE EASTERN & AFRICAN BUYOUTS MIDDLE VALUE VOLUME Rank Rank

E Q1 2012 Company name Value Deal Q1 2012 Company name Deal Value AST & (US$m) count count (US$m) 1 Abraaj Capital Holdings 127 1 1 Abraaj Capital Holdings 127 1

A 2 Duet Group 118 1 2 Duet Group 118 1 FRICA 3 Ethos Private Equity 109 1 3 Ethos Private Equity 109 1 4= Citi Venture Capital International 100 1 4= Citi Venture Capital International 100 1 4= Levant Capital 100 1 4= Levant Capital 100 1 6 Compass Capital 7 1 6 Compass Capital 7 1 Source: mergermarket Source: mergermarket

The private equity buyout activity tables by value and volume are based on private equity ﬁrms advising the bidder on buyout deals where the dominant geography of the target company is Middle East & Africa including Israel. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON MIDDLE EASTERN & AFRICAN EXITS VALUE VOLUME Rank Rank Q1 2012 Company name Value Deal Q1 2012 Company name Deal Value (US$m) count count (US$m) 1= Battery Ventures 390 1 1= Battery Ventures 390 1 1= Intel Capital 390 1 1= Intel Capital 390 1 1= Pitango Venture Capital 390 1 1= Pitango Venture Capital 390 1 4 Citadel Capital 148 1 4 Citadel Capital 148 1 5= Bessemer Venture Partners 130 1 5= Bessemer Venture Partners 130 1 5= Shaked Ventures 130 1 5= Shaked Ventures 130 1 5= StageOne Ventures 130 1 5= StageOne Ventures 130 1 8 Xenia Venture Capital 15 1 8 Xenia Venture Capital 15 1 9 Chayton Capital 10 1 9 Chayton Capital 10 1 10= BRM Group 9 1 10= BRM Group 9 1 10= Challenge Fund – Etgar 9 1 10= Challenge Fund – Etgar 9 1 10= Eurofund 9 1 10= Eurofund 9 1 10= Gemini Israel Funds 9 1 10= Gemini Israel Funds 9 1 10= TL Ventures 9 1 10= TL Ventures 9 1 10= Walden Israel Venture Capital 9 1 10= Walden Israel Venture Capital 9 1 Source: mergermarket Source: mergermarket

The private equity exit activity tables by value and volume are based on private equity ﬁrms advising the vendor on exit deals where the dominant geography of the target company is Middle East & Africa including Israel. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.

Monthly M&A Insider 58 TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&A MIDDLE EASTERN & AFRICAN M&A QUARTERLY MIDDLE QUARTERLY TREND PRIVATE EQUITY TREND

E 40,000 160 7,000 25 AST &

35,000 140 6,000 20 A 30,000 120 Number of deals Number of deals FRICA 5,000

25,000 100 15 4,000

20,000 80 alue (US$m) alue (US$m) V V 3,000 10 15,000 60

2,000 10,000 40 5 1,000 5,000 20

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

MIDDLE EASTERN & AFRICAN M&A MIDDLE EASTERN & AFRICAN M&A ANNUAL ANNUAL TREND PRIVATE EQUITY TREND

100 500 14 70

90 450 12 60 80 400 Number of deals Number of deals 70 350 10 50

60 300 8 40

50 250 alue (US$bn) alue (US$bn)

V V 6 30 40 200

30 150 4 20

20 100 2 10 10 50

0 0 0 0 2006 2007 2008 2009 2010 2011 YTD 2012* 2006 2007 2008 2009 2010 2011 YTD 2012*

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

Monthly M&A Insider 59 TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&A GEOGRAPHIC BREAKDOWN YTD 2012 MIDDLE

VALUE VOLUME

E 1.6% 0.8% 1.4% AST & 1.7% 0.3% 1.4% 1.4% 1.9% 1.4% 0.2% 2.8% 1.4% 2.2% 1.4% Israel 1.4% Israel 3.3% A South Africa 1.4% 27.8% South Africa FRICA 4.3% 33.1% 2.8% Democratic Republic Democratic Republic of Congo of Congo 4.2% United Arab Emirates United Arab Emirates 12.3% Ethiopia Ethiopia 8.3% Saudi Arabia Saudi Arabia

Nigeria Nigeria 2.8% Egypt Egypt

15.7% Iraq Iraq 11.1% Morocco 26.4% Morocco 22.5% 2.8% Mozambique Mozambique

Mali Mali

Tanzania Tanzania

Zambia

Zimbabwe

Mauritius

Angola

MIDDLE EASTERN & AFRICAN M&A SECTOR BREAKDOWN YTD 2012

VALUE VOLUME

0.1% 2.8% 4.8% 5.0% 2.8% 5.6% 4.8% 0.8% Industrials & Chemicals 4.2% Industrials & Chemicals 2.8% Financial Services 13.9% Financial Services 18.3% 9.6% 1.4% Business Services Business Services

Consumer Consumer

Energy, Mining & Utilites 16.7% Energy, Mining & Utilites 1.8% TMT TMT 15.3% Transportation Leisure

Pharma, Medical & Biotech Transportation 26.5% Construction Pharma, Medical & Biotech

28.2% Agriculture 15.3% Construction

19.4% Agriculture

Monthly M&A Insider 60 TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&A DEAL SIZE BREAKDOWN MIDDLE

VALUE VOLUME E AST &

100 100 3.8% 3.4% 6.0% 4.2% 9.1% 7.2% 6.7% 5.7% 4.1% 5.7% 8.3% 90 90 5.6% 6.4% A 6.2% 13.2% FRICA 11.2% 10.2% 41.5% 11.0% 15.3% 80 80 15.4% 47.9% 14.5% 54.9% 53.3% 70 70 65.7% 67.0% 32.4% 68.0% 36.4% 33.7% 27.9% 19.4% 60 60 entage entage 32.5% 33.9% rc 50 rc 50 Pe 19.1% 28.3% Pe 40 13.2% 40 19.2%

30 12.8% 30 52.8% 11.3% 12.6% 47.9% 17.6% 19.2% 47.0% 44.4% 21.1% 42.9% 20 14.8% 20 36.3% 39.3% 12.7% 13.2% 9.4% 10 13.7% 12.7% 10 7.8% 7.5% 8.9% 9.7% 7.6%

0 1.0% 0.9% 1.7% 1.6% 1.0% 1.4% 1.5% 0 2006 2007 2008 2009 2010 2011 YTD 2012 2006 2007 2008 2009 2010 2011 YTD 2012*

US$15m-US$100m US$15m-US$100m

US$101m-US$250m US$101m-US$250m

US$251m-US$500m US$251m-US$500m

>US$501m >US$501m

SECTOR ANALYSIS

MIDDLE EASTERN & AFRICAN SECTOR ANALYSIS

Sector Q1 2012 Q1 2011 % change Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count Value Volume Agriculture 10 0.1% 2 13 0.1% 1 -23% 100% Business Services 144 1.8% 11 582 3.5% 7 -75% 57% Construction 388 4.8% 2 41 0.2% 1 846% 100% Consumer 2,271 28.2% 14 1,599 9.5% 12 42% 17% Defence 0 0.0% 0 68 0.4% 2 -100% -100% Energy, Mining & Utilities 2,130 26.4% 11 3,418 20.4% 9 -38% 22% Financial Services 1,473 18.3% 10 837 5.0% 10 76% 0% Industrials & Chemicals 405 5.0% 4 3,766 22.5% 13 -89% -69% Leisure 0 0.0% 1 0 0.0% 1 - 0% Pharma, Medical & Biotech 389 4.8% 3 1,237 7.4% 9 -69% -67% Real Estate 0 0.0% 0 3,647 21.8% 5 -100% -100% TMT 776 9.6% 12 1,558 9.3% 9 -50% 33% Transportation 68 0.8% 2 0 0.0% 3 - -33% Total 8,054 72 16,766 82 -52% -12%

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Monthly M&A Insider 62 ABOUT MERRILL DATASITE

NOW SMARTER, FASTER, EASIER! A BOU PLEASE VISIT OUR WEBSITE: WWW.DATASITE.COM T M ERRILL Merrill DataSite – built with the client in mind Track all activity accurately. Auditing and reporting tools provide a veriﬁable account of each individual’s time spent

DATASITE Merrill DataSite was created to meet its clients’ needs and viewing both documents and specific pages – information that built to their specifications. Since 2002 we have consistently adds negotiating leverage. leveraged the experiences of our clients to add leading-edge functionality to the available toolset. Merrill DataSite allows its Need to work remotely? users and administrators to: No problem. Whether you’re working in Beijing or New York, Examine documents immediately. Patented technology you can view your documents online without having to navigate ensures you never have to wait for a document to be through internal firewalls and email restrictions that often downloaded. Because the data resides on Merrill’s servers, you exist for outside company connections and which delay the due can simultaneously view an unlimited number of documents diligence process. in multiple windows without having to close out or save to your “temp” file. When faced with hundreds of documents to review, Security is our highest priority this feature saves significant time and expense. Merrill has been a trusted provider of secure information to Designate user permissions. Team administrators can control the financial and legal industries for more than 40 years. Our which users will be able to view, print or download specific employees execute letters of confidentiality and we are audited documents, folders or projects – simply and quickly. annually (internal and third-party) to make certain our IT infrastructure and processes remain sound. Search every word in every document. With large document collections, sophisticated search features are key to finding Merrill DataSite was the first virtual data room to receive the critical information and accelerating the due diligence process. ISO 27001 certification for its comprehensive Information Merrill DataSite performs Optical Character Recognition (OCR) Security Management System (ISMS). on each and every letter in each and every document. Our The ISO 27001 standard, developed by the International search capabilities allow users to search tens – if not hundreds Organisation for Standards to establish international – of thousands of pages to find what’s relevant to them. Merrill requirements for information security and certification of DataSite’s search capabilities ensure nothing is missed in any ISMS, is designed to ensure effective protection of information of the posted documents - regardless of where they may be assets in foreign markets, as well as across national and organised within the index (e.g. find every instance of “contract” regional boundaries. and “termination” within 5 words of each other, etc.). Search results are returned much faster and are unlimited in terms of The best tool in the industry document results and hits within a document. Merrill DataSite technology allows for the fastest conversion Using wildcard, fuzzy, proximity, boosting, Boolean and of soft and hard copy documents to the electronic viewing grouping modifiers, you can search and find exact matches and platform. As a result, designated administrators are able to near-matches, including misspelled words. Potential buyers review documents the moment they are available. will enjoy increased confidence knowing they’ve received and Through secure, simultaneous access, full text search seen all materials and documents that are relevant to their capabilities and robust reporting tools, both archival and decision-making. transactional due diligence processes are streamlined. As a Protect confidential information. ”View-only” documents result, Merrill DataSite gives you more insight and control, and are never downloaded. Merrill DataSite, not the computer’s dramatically reduces transaction time and costs. browser, controls the caching process providing unmatched As a leading provider of VDR solutions worldwide, Merrill security levels. Unlike other VDR providers, images are never DataSite has empowered nearly two million unique visitors to viewable on the PC’s cache after the conclusion of a session. perform electronic due diligence on thousands of transactions totalling trillions of dollars in asset value.

Monthly M&A Insider 63 ABOUT MERRILL CORPORATION

EXECUTIVE MANAGEMENT Chris Robilliard Steve Piccone A

BOU Ed Bifulk Regional Director, Australia & New Zealand Vice President, New York President Tel: +612 8667 3064 Tel: +1 212 229 6883

T Tel: +1 212 229 6563 M Manuel Bentosinos William Polese

ERRILL Paul Hartzell Regional Director, Mexico, Columbia and Regional Director, New York Senior Vice President Caribbean Tel: +1 212 229 6612 Tel: +52 55 9171 2237 Tel: +1 212 367 5950 Paul Kleinkauf

C Ana Paula Macêd Távora de Castro Regional Director, Southeast O Regional Director, South America Tel: +1 404 602 3251 R

PO EXECUTIVE SALES Tel: +55 11 9908 0858 Michail Sidorov RATI Chris Beckmann Luis Felipe Salles Cunha Regional Director, Ohio & Michigan Regional Director, Germany, Switzerland and Regional Director, Brazil Tel: +1 216-333-1274 ON Poland Tel: +55 11 3568 2429 Jessie Saini Tel: +49 69 25617 110 Carlos Nogueira Regional Director, Midwest Alex Gross Regional Director, Brazil Tel: +1 312-386-2293 Regional Director, Eastern Europe & Middle Tel: +55 11-3895-8572 Scott Haugen East Brian Gilbreath Regional Director, Minnesota & Wisconsin Tel: +49 69 7593 7148 Vice President, Midwest and Latin America Tel: +1 651 632 4375 Michael Hinchliffe Tel: +1 404 934 8085 Anthony Crosby Regional Director, U. K. Hank Gregory Regional Director, Chicago Tel: +44 20 7422 6100 SVP, Western Canada & Paciﬁc Northwest Tel: +1 312 674 6511 Jonathan Hughes Tel: + 604 603 4360 Mark Plaehn Account Manager, Northern Europe Ryan MacMillan Regional Director, Chicago Tel: +44 20 7422 6100 Regional Director, Canada Tel: +1 312 674 6527 Shashank Jain Tel: +1 416 214 2448 Kelly-Leigh Keefe, Account Manager, United Arab Emirates Jason Hedges Regional Director, Chicago Tel: +971 (0)50 252 3025 Regional Director, Canada Tel: +1 312-386-2229 Alvaro Ortega Tel: +1 416-878-3260 Nicholas Renter Regional Director, Southern Europe Michael Kennedy Regional Director, Texas Tel: +44 20 7422 6100 Regional Director, New England Tel: +1 214 754 2100 Adam Pang Tel: +1 207 829 4369 Andrew Buonincontro Account Manager, Europe Ross Whittaker Regional Director, Bay Area Tel: +44 20 7422 6268 Regional Director, New England Tel: +1 650 493 1400 Merlin J. Piscitelli Tel: +1 617.535.1516 Erik Sandie Regional Director, Europe Tel: +44 20 7422 Jon Lenihan Regional Director, Bay Area 6100 Jérôme Pottier Regional Director, Boston Tel: +1 650 493 1400 Tel: +1 617-535-1618 Regional Director, France Jay Loyola Tel: +33 (0) 1 40 06 13 12 Scott Rediker Regional Director, Bay Area Colin Schopbach Regional Director, Mid Atlantic Tel: +1 949 622 0663 Tel: +1 443-690-3122 Regional Director, U. K. Dan Phelan Tel: +44 20 7422 6100 Forrest R. Doane Regional Director, Los Angeles Anna Scott Regional Director, New York Tel: +1 213 253 2139 Tel: +1 212 229 6620 Regional Director, U. K. Hans Schumann Tel: +44 20 7422 6100 Adam Kuritzky Regional Director, San Diego Hakema El-Hadad Regional Director, New York Tel: +1 760 635 0830 Tel: +1 917 232 9569 Regional Director, Northern Africa David Yeary Tel: +33 (0) 1 40 06 13 10 Shelle Martin Vice President, DataSite Life Sciences Mark Finnie Regional Director, New York Tel: +1 415 307 4414 Tel: +1 212 229 6613 Regional Director, North Asia James Snaza Tel: +852 2536 2534 John McElrone Director of Life Sciences Ari Lee Regional Director, New York Tel: +1 651 632 4585 Tel: +1 212 229 6656 Regional Director, North Asia Jon Blue Tel: +852 9855 3758 Matthew Mezzancello Vice President, Clean Tech Vincent Lork Regional Director, NY, NJ & PA Tel: +1 206-696-9169 Tel: +1 212 229 6618 Regional Director, South East Asia Tel: +65 6248 4602

Monthly M&A Insider 64 The following notes pertain to data contained in this publication: • Deals are included where the deal value is greater than or equal to €5m. • Where no deal value has been disclosed, deals are included if the turnover of the target is greater than or equal to €10m. • Deals are included in the graphs and Top Deals in each section based on the dominant geography and dominant sector of the target company. Data underlying the League Tables are based on deals where the bidder, target or parent geography of either is that of the geography in focus. • Q1 2012 refers to the period 01-Jan-12 to 31-Mar-12. *YTD 2012 refers to the period 01-Jan-12 to 31-Mar-12.

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