Monthly M&A Insider

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

GLOBAL OVERVIEW 01 AMERICAS: L A TIN AMERICA 09 N ORTH AMERICA 18 ASIA-PACIFIC 29 EUROPE 40 MIDDLE EAST & AFRICA 52 ABOUT MERRILL CORPORATION 63

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

Half way through 2012: Where we can use the term increase glob As we hit the midpoint of 2012, we take the opportunity to look back over the past six a months to analyze M&A activity as a whole instead of individual months which can peak l overvie and trough and lack an overall picture of M&A activity. Compared to H1 2011, which saw 6,849 deals globally with a total deal value of US$1.2 trillion, H1 2012 numbers were

w down with 5,747 deals worth a total value of US$981.6bn. Explanations abound from the global economic instability to the uncertainty in the eurozone. But we take this time to highlight the regions and sectors that have grown, either by value or volume of M&A.

Latin America Japan was one of the few countries to see an increase in deal volume as well as deal value when comparing H1 2011 While overall deal volume in the region decreased slightly (179 deals worth US$28.7bn) to H1 2012 (191 deals worth in H1 2012 (301 deals versus 320 in H1 2011) deal value US$38.1bn). The country has witnessed several bulge bracket increased from US$57.5bn in H1 2011 to US$66.1bn for the deals including the US$12.6bn acquisition of Nuclear Damage first half of this year. Indeed the Latin America region is Compensation Facilitation Corporation by Tokyo Electric the only region to post an increase in comparisons of that Power Company Inc. This capital injection will enable TEPCO timeframe. The largest deal year-to-date in Latin America, as to develop the Fukushima nuclear plant which underwent a well as the main reason for the increase in value, is attributed series of equipment failures, nuclear meltdowns, and releases to the 49.7% stake in the Mexican brewer Grupo Modelo by of radioactive materials following the Tohoku earthquake and Anheuser-Busch InBev for US$20.1bn. This consumer deal, tsunami in March of 2011. announced in June 2012, expects the amalgamation to yield annual cost-savings of at least US$600m through combined China saw an increase in overall deal value, however, its purchasing opportunities, sharing best practices and overall number of deals are down. H1 2011 saw 321 deals efficiencies in overhead and systems costs, while claiming the worth US$51.3bn while H1 2012 saw only 272 deals but was largest beer deal since 2008 when InBev acquired Anheuser- worth US$52.3bn. In terms of the largest deal size, the Busch for US$52bn. biggest deal for China in H1 2011 totaled US$4.4bn while H1 2012 saw an even larger deal totaling US$7.1bn. This deal All eyes are on the Latin American consumer sector which involved Alibaba Group Holding Limited entering a definitive accounted for 40% of the total activity in terms of value worth agreement to repurchase a 20% stake in itself from Yahoo! Inc. US$26bn, a significant increase from H1 2011 total deal value worth US$2.5bn. A growing middle class with increasing purchasing power has made the region ripe for domestic and Outlook foreign acquirers looking to tap into the lucrative market. After steady M&A activity in North America in 2011, H1 2012 experienced a decrease in M&A activity seeing only 1,830 Asia-Pacific deals worth a combined US$342.7bn. This represents a 14.5% decrease in volume, and a 28.3% decrease in value from M&A activity in Asia-Pacific remained strong amidst troubling H1 2011 which had 2,140 deals worth US$477.8bn. Despite markets during H1 2012, however M&A activity still decreased this muted activity, Q1 to Q2 of this year showed an increase in deal size and total deal value from H1 2011 to H1 2012. H1 in deal value from US$147.2bn to US$195.5bn respectively 2011 saw a total of 1,279 deals worth US$193.7bn while H1 presenting possible signs of a rebound. 2012 only saw 1,078 deals worth US$181.7bn. Success stories of the region include Japan’s increase in deal value and volume and China’s increase in value.

Head of Research: Elias Latsis Global overview: Laura Resetar Editor: Gwen Ceton Latin America: Fabio Lopes and Jennifer Ruiz For advertising opportunities contact: North America: Ashley Klepach and Urna Chakraborty Erik Wickman Asia-Pacific:Sophie Kim Tel: + (1) 212 6863329 Europe: Darragh Riordan [email protected] Middle East & Africa: K irsty Wilson and Yannis Papacostas

Monthly M&A Insider 01 LEAGUE TABLES

Top 20 financial advisers – global glob value a l overvie Ranking H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 2 Morgan Stanley 247,484 122 235,474 5.1% w 2 1 Goldman Sachs 222,708 140 298,600 -25.4% 3 7 Deutsche Bank 207,217 95 152,480 35.9% 4 3 JPMorgan 198,161 108 221,529 -10.5% 5 6 Barclays 185,550 91 165,810 11.9% 6 9 Citigroup 159,267 74 137,550 15.8% 7 4 Credit Suisse 155,576 88 209,193 -25.6% 8 5 Bank of America Merrill Lynch 115,443 77 171,070 -32.5% 9 13 Nomura Holdings 110,888 61 58,161 90.7% 10 11 Rothschild 104,629 105 73,055 43.2% 11 8 Lazard 99,259 86 151,503 -34.5% 12 16 BNP Paribas 83,093 24 43,443 91.3% 13 10 UBS Investment Bank 63,806 69 109,013 -41.5% 14 17 RBC Capital Markets 50,238 71 31,843 57.8% 15 12 HSBC 34,198 33 63,055 -45.8% 16 29 Centerview Partners 27,024 11 17,887 51.1% 17 18 Jefferies & Company 23,134 50 31,182 -25.8% 18 15 Evercore Partners 23,034 42 47,223 -51.2% 19 47 Banco Itau BBA 22,432 23 9,399 138.7% 20 31 BMO Capital Markets 21,593 26 17,591 22.8% Source: mergermarket

Top 20 financial advisers – global volume

Ranking H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 1 Goldman Sachs 222,708 140 172 -32 2 3 Morgan Stanley 247,085 122 132 -10 3 10 JPMorgan 198,161 108 113 -5 4 7 Rothschild 104,629 105 116 -11 5 12 Deutsche Bank 207,217 95 97 -2 6 16 Barclays 185,550 91 69 22 7 6 Credit Suisse 155,576 88 118 -30 8 13 Lazard 99,259 86 85 1 9 4 PwC 8,039 78 132 -54 10 5 Bank of America Merrill Lynch 115,443 77 126 -49 11 8 Deloitte 5,495 76 114 -38 12 14 Citigroup 159,267 74 85 -11 13 2 KPMG 7,908 72 155 -83 14 18 RBC Capital Markets 50,238 71 56 15 15 11 UBS Investment Bank 63,806 69 113 -44 16 17 Nomura Holdings 110,888 61 61 0 17 15 Jefferies & Company 23,134 50 71 -21 18 23 Houlihan Lokey 4,499 50 43 7 19 9 Ernst & Young 8,219 45 114 -69 20 19 M&A International 1,179 44 53 -9 Source: mergermarket

The financial adviser league tables by value and volume have been run from 01-Jan-12 to 30-Jun-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 H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 17 Clifford Chance 162,169 103 73,855 119.6% w 2 5 FreshfieldsB ruckhaus Deringer 141,694 85 161,783 -12.4% 3 7 Skadden Arps Slate Meagher & Flom 132,388 91 142,405 -7.0% 4 3 Linklaters 118,176 111 167,978 -29.6% 5 1 Sullivan & Cromwell 84,464 63 212,672 -60.3% 6 82 King & Wood Mallesons 81,998 39 13,291 516.9% 7 4 Latham & Watkins 62,780 109 163,700 -61.6% 8 21 Kirkland & Ellis 61,896 104 53,371 16.0% 9 10 Allen & Overy 61,706 89 126,073 -51.1% 10 18 Jones Day 59,622 124 64,286 -7.3% 11 13 Weil Gotshal & Manges 58,751 73 101,131 -41.9% 12 11 Cleary Gottlieb Steen & Hamilton 55,433 50 115,262 -51.9% 13 2 Simpson Thacher & Bartlett 53,478 44 190,783 -72.0% 14 6 Wachtell, Lipton, Rosen & Katz 49,453 22 156,351 -68.4% 15 14 Davis Polk & Wardwell 47,428 44 95,592 -50.4% 16 16 Blake, Cassels & Graydon 40,074 56 75,180 -46.7% 17 24 White & Case 39,712 70 46,688 -14.9% 18 22 Baker & McKenzie 38,426 95 51,133 -24.9% 19 39 Gibson Dunn & Crutcher 35,423 41 29,748 19.1% 20 33 Vinson & Elkins 33,651 49 32,481 3.6% Source: mergermarket

Top 20 LEGAL advisers – global volume

Ranking H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 4 Jones Day 59,622 124 147 -23 2 2 DLA Piper 27,462 118 160 -42 3 3 Linklaters 118,176 111 147 -36 4 1 Latham & Watkins 62,780 109 162 -53 5 9 Kirkland & Ellis 61,896 104 127 -23 6 7 Clifford Chance 162,169 103 137 -34 7 5 Baker & McKenzie 38,426 95 144 -49 8 10 Skadden Arps Slate Meagher & Flom 132,388 91 118 -27 9 8 Allen & Overy 61,706 89 127 -38 10 6 FreshfieldsB ruckhaus Deringer 141,694 85 142 -57 11 13 Weil Gotshal & Manges 58,751 73 96 -23 12 12 Hogan Lovells 22,666 71 101 -30 13 16 White & Case 39,712 70 77 -7 14 15 Sullivan & Cromwell 84,464 63 85 -22 15 11 CMS 3,383 60 113 -53 16 26 Blake, Cassels & Graydon 40,074 56 59 -3 17 25 Mayer Brown 17,803 51 60 -9 18 22 Cleary Gottlieb Steen & Hamilton 55,433 50 65 -15 19 59 Vinson & Elkins 33,651 49 36 13 20 29 Morgan Lewis & Bockius 3,463 48 55 -7 Source: mergermarket

The legal adviser league tables by value and volume have been run from 01-Jan-12 to 30-Jun-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 H1 2012 Company name Value Deal H1 2012 Company name Deal Value (US$m) count count (US$m) 1 Apollo Global Management 7,924 3 1 The Riverside Company 0 8

W 2 Access Industries 7,482 2 2 CVC Capital Partners 4,174 6 3 Riverstone Holdings 7,150 1 3 Vista Equity Partners 2,501 6 4 Arcus Infrastructure Partners 5,633 1 4 Warburg Pincus 1,438 6 5 Blackstone Group 5,600 5 5 Lloyds TSB Development Capital 333 6 6 Global Infrastructure Partners 4,489 3 6 Blackstone Group 5,600 5 7 Macquarie Group 4,321 2 7 Bain Capital 2,499 5 8 CVC Capital Partners 4,174 6 8 The Carlyle Group 832 5 9 GS Capital Partners 3,630 3 9 AXA Private Equity 478 5 10 Advent International 3,283 2 10 Oaktree Capital Group 346 5 11 Thomas H Lee Partners 3,090 2 11 Wynnchurch Capital 169 5 12 EQT Partners 3,009 4 12 Arsenal Capital Partners 161 5 13 Vista Equity Partners 2,501 6 13 H.I.G. Capital 47 5 14 CITIC Capital Partners 2,500 4 14 EQT Partners 3,009 4 15 Bain Capital 2,499 5 15 CITIC Capital Partners 2,500 4 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 Global. The tables by value and volume have been run from 01-Jan-12 to 30-Jun-12 and exclude lapsed and withdrawn deals.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON GLOBAL EXITS VALUE VOLUME Rank Rank H1 2012 Company name Value Deal H1 2012 Company name Deal Value (US$m) count count (US$m) 1 Apollo Global Management 7,924 3 1 Intel Capital 1,070 9 2 Access Industries 7,482 2 2 Battery Ventures 830 7 3 Riverstone Holdings 7,150 1 3 3i Group 750 7 4 Arcus Infrastructure Partners 5,633 1 4 Sun Capital Partners 98 7 5 Blackstone Group 5,600 5 5 The Carlyle Group 5,940 6 6 Global Infrastructure Partners 4,489 3 6 Benchmark Capital 1,619 6 7 Macquarie Group 4,321 2 7 Draper Fisher Jurvetson 1,711 5 8 CVC Capital Partners 4,174 6 8 Atlas Venture 1,565 5 9 GS Capital Partners 3,630 3 9 TA Associates 738 5 10 Advent International 3,283 2 10 American Capital 144 5 11 Thomas H Lee Partners 3,090 2 11 Audax Private Equity Group 124 5 12 EQT Partners 3,009 4 12 The Riverside Company 70 5 13 Vista Equity Partners 2,501 6 13 Bain Capital 3,412 4 14 CITIC Capital Partners 2,500 4 14 Advent International 3,251 4 15 Bain Capital 2,499 5 15 Polaris Venture Partners 1,514 4 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 30-Jun-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 Q2 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 Q2 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 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 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 H1 2012 2006 2007 2008 2009 2010 2011 H1 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 Q2 2012 glob

a value volume l overvie

7.9% 2.5% 6.0% 2.6% 18.2% Asia-Pacific 20.4% Asia-Pacific w Europe Europe

North America North America

Middle East & Africa Middle East & Africa

Central & South America Central & South America 31.5%

39.3%

32.0%

39.5%

GLOBAL M&A Sector Breakdown Q2 2012

value volume

1.3% 0.9% 0.2% 2.3% 2.9% 0.4% 0.9% 4.6% 9.4% 3.0% 2.2% Industrials & Chemicals 3.3% 20.0% Industrials & Chemicals 1.4% 3.3% Consumer 3.0% Consumer 3.7% 16.0% Technology Technology Business Services Business Services 9.9% 6.6% Energy, Mining & Utilities Energy, Mining & Utilities

Financial Services Financial Services 13.2% 7.4% Pharma, Medical & Biotech Pharma, Medical & Biotech 9.1% 11.0% Leisure Leisure

Media Media 5.5% Transportation Transportation 10.1% 11.5% Construction Construction 25.6% 11.3% Real Estate Real Estate

Telecommunications Telecommunications

Agriculture Agriculture

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% 0.5% 100 100 0.9% 1.0% 1.1% 1.1% 1.1% 1.2% 1.3% w 90 98 27.3% 29.8% 28.5% 3.9% 3.8% 4.7% 4.7% 5.0% 80 39.8% 42.0% 40.6% 96 5.0% 42.3% 5.5%

70 94 3.9% 20.6% 4.6% 19.3% 19.3% 60 92 4.5% 4.8% entage entage 4.7% 5.3% 16.9% 16.5% rc rc 15.3% 5.1% 50 16.8% 90 Pe Pe

40 88 27.6% 26.2% 28.0% 23.0% 19.3% 20.5% 20.8% 30 86 90.9% 90.1% 88.3% 89.2% 88.8% 88.1% 20 8.9% 7.9% 9.5% 10.2% 10.8% 84 87.4% 7.5% 7.9%

10 82 12.6% 12.5% 14.5% 14.5% 14.9% 14.5% 13.5%

0 80 2006 2007 2008 2009 2010 2011 H1 2012 2006 2007 2008 2009 2010 2011 H1 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 Q2 2012 Q2 2011 % change Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count value volume Energy, Mining & Utilities 136,733 25.6% 278 134,452 23.3% 329 2% -51 Industrials & Chemicals 50,281 9.4% 552 86,237 14.9% 654 -42% -102 Consumer 85,764 16.0% 366 39,661 6.9% 459 116% -93 Financial Services 58,759 11.0% 252 68,786 11.9% 317 -15% -65 Pharma, Medical & Biotech 52,837 9.9% 182 71,713 12.4% 277 -26% -95 Technology 39,689 7.4% 318 48,615 8.4% 372 -18% -54 Business Services 29,536 5.5% 313 31,344 5.4% 431 -6% -118 Media 7,526 1.4% 92 12,942 2.2% 104 -42% -12 Transportation 11,522 2.2% 92 8,027 1.4% 123 44% -31 Real Estate 15,255 2.9% 63 25,045 4.3% 57 -39% 6 Leisure 15,911 3.0% 102 18,828 3.3% 144 -15% -42 Telecommunications 24,654 4.6% 36 22,503 3.9% 39 10% -3 Defence 518 0.1% 10 314 0.1% 9 65% 1 Construction 4,852 0.9% 82 6,412 1.1% 141 -24% -59 Agriculture 889 0.2% 26 2,636 0.5% 36 -66% -10 Total 534,726 2,764 577,515 3,492 -7% -728

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

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MERRILL DATASITE

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A v LATIN AMERICA LATIN

LATIN AMERICA DEAL OF THE QUARTER

Deal summary LATIN AMERICA

Announced: 22-Jun-12 Deal Value: US$20,100m

Anheuser-Busch InBev (Euronext: ABI)(NYSE: BUD) and Terms: Grupo Modelo SAB de CV (BMV: GMODELOC) entered into • US$9.15 per share in cash. Transaction valued at an agreement under which Anheuser-Busch InBev will US$20.1bn or MXN278bn. acquire the remaining stake in Grupo Modelo that it does not already own. • As part of these transactions, Diblo, SA de CV, the holding company for Grupo Modelo’s operating subsidiaries, and Dirección de Fábricas (DIFA), SA de CV, rationale: a leading glass bottle manufacturer in Mexico with output • The combined company would lead the global beer largely dedicated to Grupo Modelo, will merge into parent industry with roughly 400 million hectoliters of beer Grupo Modelo for newly issued Grupo Modelo shares. volume annually and 2012 estimated revenues of US$47 Immediately after the mergers of Diblo and DIFA. billion. Its operations would span 24 countries with • AB InBev will commence an all-cash tender offer for all enhanced opportunities for 150,000 employees across of the outstanding shares of Grupo Modelo that it will not the globe. own at that time for a total consideration of US$20.1bn or • The combination would create a significant growth US$9.15 per share. opportunity worldwide from combining two leading brand • The tender price represents a premium of approximately portfolios and distribution networks. 30% to the closing price of Grupo Modelo series C shares on June 22, 2012.

Exit multiples – Y/E 30-Nov-11 Premium analysis Multiples Value (US$m) Offer price per share (US$) 9.15

Revenue 4.1 x 6553 4.33% EBITDA 13.6 x 1970 33.38% EBIT 15.6 x 1713 - Earnings 34.5 x 858 29.24%

Advisers Target/Seller Bidder Financial Morgan Stanley Financial Bank of America Merrill Lynch; Barclays; Deutsche Bank; JPMorgan; Lazard Legal Cravath Swaine & Moore; Creel, Garcia-Cuellar, Aiza y Legal Alston & Bird (Advising: Barclays); Clifford Chance; Enriquez; Greenberg Traurig (Advising: Morgan Stanley) Freshfields Bruckhaus Deringer; Mijares, Angoitia, Cortes y Fuentes; Skadden Arps Slate Meagher & Flom; Sullivan & Cromwell PR - Brunswick Group

Monthly M&A Insider 10 DEAL OF THE QUARTER

mergermarket/dealReporter Intelligence LATIN AMERICA 11-Jul-12 Anheuser-Busch InBev announces pricing of US$7.5bn aggregate principal amount of bonds; proceeds to be used for Grupo Modelo acquisition. 30-Jun-12 AB Inbev to focus on organic growth after Modelo acquisition, but will study opportunities.

Bidder Anheuser-Busch InBev NV Headquarters: Brouwerijplein 1 Leuven Flemish Brabant Belgium Sector: Consumer: other

Description: Belgian based brewer

Target Grupo Modelo SAB de CV Headquarters: Javier Barros Sierra 555 Piso 3 Zedec Santa Fe Mexico City Mexico Sector: Consumer: other

Description: Mexico based company engaged in the production, distribution, and marketing of beer

Monthly M&A Insider 11 TOP DEALS

TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF Q2 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) 29-Jun-12 Anheuser-Busch InBev NV Grupo Modelo SAB de CV Consumer 4.1 13.6 34.5 4.3% 20,100 (49.70% stake) 28-May-12 Cosan SA Industria e Cia de Gas de Sao Paulo Energy, Mining BG Group Plc 1.6 9.3 22.8 6.9% 2,654 Comercio (60.10% stake) & Utilities 26-Jun-12 Primav Construcoes e Ecorodovias Infraestrutura e Transportation Impregilo SpA 5.6 10.8 24.1 14.7% 1,480 Comercio S/A Logistica SA (19.00% stake) 16-Apr-12 Ambev Brasil Bebidas Ltda Cerveceria Nacional Dominicana Consumer Grupo Leon - - - - 1,000 C por A (41.76% stake) Jimenes 24-May-12 General Mills Inc Yoki Alimentos SA Consumer 1.6 - - - 954 28-May-12 State Grid Corporation of ACS Actividades de Construccion y Energy, Mining ACS Actividades - - - - 942 China Servicios SA (seven electric power & Utilities de Construccion transmission lines in Brazil) y Servicios SA 19-Jun-12 Air Products and Indura SA (67.00% stake) Industrials & Inversiones y 2.8 - - - 884 Chemicals Inc Chemicals Desarrollo SA 17-May-12 Transmissora Alianca de Empresa Catarinense de Energy, Mining Companhia - - - - 869 Energia Eletrica SA Transmissao de Energia SA & Utilities Energetica de (19.90% stake); Empresa Minas Gerais Amazonense de Transmissao de Energia SA (49.98% stake); Empresa Regional de Transmissao de Energia SA (49.99% stake); Empresa Norte de Transmissao de Energia SA (49.99% stake); Empresa Paranaense de Transmissao de Energia SA (49.98% stake); and Empresa Brasileira de Transmissao de Energia SA (74.49% stake) 18-Apr-12 Tenaris SA Confab Industrial SA Industrials & 1.6 - 9.7 26.9% 785 (59.39% stake) Chemicals 14-Jun-12 Costco Wholesale Costco de Mexico SA de CV Business Controladora - - - - 759 Corporation (50.00% stake) Services Comercial Mexicana SAB de CV 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-Jul-12

Monthly M&A Insider 12 LEAGUE TABLES

TOP 20 FINANCIAL ADVISERS – LATIN AMERICA LATIN AMERICA VALUE

Ranking H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 12 Lazard 29,398 9 6,295 367% 2 16 Deutsche Bank 26,782 8 3,222 731.2% 3 21 Barclays 26,604 4 1,292 1959% 4 6 JPMorgan 25,866 6 9,310 177.8% 5 10 Bank of America Merrill Lynch 23,670 8 6,757 250.3% 6 13 Morgan Stanley 22,569 5 6,248 261.2% 7 5 Banco Itau BBA 22,540 24 9,399 139.8% 8 14 Citigroup 16,126 8 5,596 188.2% 9 4 Banco Bradesco BBI 13,877 14 9,955 39% 10 1 Banco BTG Pactual 12,493 22 15,884 -21.3% 11 11 Rothschild 12,129 11 6,438 88.4% 12 8 Credit Suisse 11,969 15 8,514 41% 13 2 Goldman Sachs 8,718 9 14,562 -40.1% 14 33 BR Partners 7,380 6 337 2089.9% 15 3 Santander Global Banking and Markets 5,822 5 13,549 -57.0% 16 9 Banco Espirito Santo de Investimento 5,738 4 7,192 -20.2% 17 - ABN AMRO Bank 3,456 1 - - 18 7 HSBC 2,115 4 8,576 -75.3% 19 17 UBS Investment Bank 1,348 5 2,147 -37.2% 20 - ATRIA Capital 1,200 1 - - Source: mergermarket

TOP 20 FINANCIAL ADVISERS – LATIN AMERICA VOLUME

Ranking H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 1 Banco Itau BBA 22,540 24 17 7 2 4 Banco BTG Pactual 12,493 22 14 8 3 3 Credit Suisse 11,969 15 15 0 4 7 Banco Bradesco BBI 13,877 14 8 6 5 9 Rothschild 12,129 11 8 3 6 16 Lazard 29,398 9 4 5 7 2 Goldman Sachs 8,718 9 15 -6 8 23 Deutsche Bank 26,782 8 3 5 9 15 Bank of America Merrill Lynch 23,670 8 4 4 10 10 Citigroup 16,126 8 8 0 11 12 JPMorgan 25,866 6 6 0 12 6 BR Partners 7,380 6 9 -3 13 19 Vinci Partners 153 6 4 2 14 13 Morgan Stanley 22,569 5 6 -1 15 5 Santander Global Banking and Markets 5,822 5 11 -6 16 18 UBS Investment Bank 1,348 5 4 1 17 24 Barclays 26,604 4 3 1 18 8 Banco Espirito Santo de Investimento 5,738 4 8 -4 19 22 HSBC 2,115 4 3 1 20 35 Global M&A 343 3 2 1 Source: mergermarket

The ﬁnancial adviser league tables by value and volume have been run from 01-Jan-12 to 30-Jun-12. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Latin American. Monthly M&A Insider 13 LEAGUE TABLES

TOP 20 LEGAL ADVISERS – LATIN AMERICA LATIN AMERICA VALUE

Ranking H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 6 Skadden Arps Slate Meagher & Flom 25,781 7 10,873 137% 2 3 Clifford Chance 24,956 6 13,674 82.5% 3 4 Sullivan & Cromwell 22,982 5 13,599 69.0% 4 39 Freshﬁelds Bruckhaus Deringer 22,754 2 836 2621.8% 5 - Alston & Bird 20,805 3 - - 6 121 Greenberg Traurig 20,120 3 30 66967% 7 - Mijares, Angoitia, Cortes y Fuentes 20,100 2 - - 8= 125 Cravath Swaine & Moore 20,100 1 28 71685.7% 8= - Creel, Garcia-Cuellar, Aiza y Enriquez 20,100 1 - - 9 20 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 12,730 14 2,235 469.6% 10 1 Pinheiro Neto Advogados 7,510 23 21,959 -65.8% 11 134 Jones Day 7,463 8 15 49653.3% 12 26 Uria Menendez 5,571 3 1,414 294.0% 13= - Bredin Prat 5,427 1 - - 13= - PLMJ - Sociedade de Advogados 5,427 1 - - 14 16 Cleary Gottlieb Steen & Hamilton 5,322 4 3,312 60.7% 15 5 Machado Meyer Sendacz e Opice 5,285 27 12,403 -57.4% 16 35 Allen & Overy 4,533 3 1,024 342.7% 17 23 Lefosse Advogados 3,546 7 1,744 103.3% 18 - Robles Miaja Abogados 3,456 1 - - Source: mergermarket

TOP 20 LEGAL ADVISERS – LATIN AMERICA VOLUME

Ranking H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 2 Machado Meyer Sendacz e Opice 5,285 27 20 7 2 1 Pinheiro Neto Advogados 7,510 23 25 -2 3 4 Souza, Cescon, Barrieu & Flesch Advogados 3,357 17 16 1 4 3 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 12,730 14 20 -6 5 6 Barbosa, Mussnich & Aragao 2,680 14 13 1 6 13 Gomez-Pinzon Zuleta 1,055 11 8 3 7 7 Tozzini Freire Teixeira e Silva Advogados 859 11 13 -2 8 20 Estudio Muniz, Ramirez, Perez-Taiman & Olaya Abogados 1,099 10 7 3 9 31 Jones Day 7,463 8 4 4 10 136 Linklaters 2,792 8 1 7 11 12 Lobo & de Rizzo Advogados 861 8 9 -1 12 22 Veirano Advogados 378 8 6 2 13 16 Skadden Arps Slate Meagher & Flom 25,781 7 7 0 14 19 Lefosse Advogados 3,546 7 7 0 15 25 Azevedo Sette Advogados 1,222 7 5 2 16 8 Clifford Chance 24,956 6 12 -6 17 5 Baker & McKenzie 1,599 6 14 -8 18 21 Prieto & Carrizosa 691 6 7 -1 19 14 Rodrigo Elias & Medrano 666 6 8 -2 20 10 Sullivan & Cromwell 22,982 5 9 -4 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 H1 2012 2006 2007 2008 2009 2010 2011 H1 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 Q2 2012 LATIN AMERICA

vueal volume

0.1% 2.5% 1.7% 1.2% 0.6% 1.1% 1.5% 7.9% 6.1% Argentina 0.6% Argentina

Brazil 7.3% Brazil Chile 0.6% Chile 33.9% 0.6% Colombia 0.6% Colombia Costa Rica 7.9% Costa Rica

Dominican Republic Dominican Republic

50.1% Mexico Ecuador 6.1% Panama Mexico

Peru Panama 3.3% Uruguay 60.4% Peru 3.2% Venezuela Uruguay 0.3% 2.3% Venezuela

LATIN American M&A Sector Breakdown Q2 2012

vueal volume

0.6% 0.4% 0.5% 0.3% 0.9% 2.0% 4.8% 6.2% 4.3% 2.6% Industrials & Chemicals 2.6% 17.7% Industrials & Chemicals 2.4% Energy, Mining & Utilities 6.6% Financial Services 2.7% 20.2% Consumer Business Services 4.3% Business Services Consumer 3.0% Pharma, Medical & Biotech 0.7% 10.2% Energy, Mining & Utilities Financial Services 1.3% Technology 4.6% Transportation Media

Leisure Telecommunications 10.8% Technology Leisure 16.4% Construction Transportation

Real Estate Pharma, Medical & Biotech 58.3% 15.4% Agriculture Construction

Real Estate

Agriculture

Monthly M&A Insider 16 Trend graphs

LATIN American M&A deal size breakdown LATIN AMERICA

vueal volume

1.0% 0.2% 0.6% 0.3% 1.2% 0.8% 0.3% 1.0% 0.7% 1.2% 1.8% 2.0% 1.1% 0.7% 100 100 9.2% 5.3% 5.4% 4.7% 6.9% 6.0% 6.6% 16.2% 8.2% 90 6.3% 5.3% 30.5% 28.9% 90 7.4% 5.4% 6.0% 9.2% 6.3% 80 10.8% 39.6% 40.8% 46.9% 29.3% 80 70

18.4% 20.3% 70 60 31.3% 4.0% entage entage 19.2% rc 50 8.3% rc 60 Pe 36.6% Pe 88.2% 86.0% 26.6% 85.1% 87.5% 85.7% 83.3% 40 27.3% 82.2% 24.5% 50 21.8% 16.2% 30 24.9% 40 10.0% 15.5% 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 H1 2012 2006 2007 2008 2009 2010 2011 H1 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 Q2 2012 Q2 2011 % change Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count Value Volume Energy, Mining & Utilities 8,673 20.2% 27 7,371 41.5% 25 18% 8% Industrials & Chemicals 2,654 6.2% 29 1,268 7.1% 24 109% 21% Consumer 25,020 58.3% 26 2,485 14.0% 27 907% -4% Financial Services 1,096 2.6% 13 3,643 20.5% 18 -70% -28% Pharma, Medical & Biotech 1,011 2.4% 16 314 1.8% 10 222% 60% Technology 384 0.9% 4 394 2.2% 6 -3% -33% Business Services 1,180 2.7% 19 966 5.4% 22 22% -14% Media 57 0.1% 3 10 0.1% 5 0% -40% Transportation 2,076 4.8% 9 493 2.8% 5 321% 80% Real Estate 159 0.4% 4 8 0.0% 1 1888% 300% Leisure 211 0.5% 5 221 1.2% 3 -5% 67% Telecommunications 0 0.0% 2 235 1.3% 2 0% 100% Defence 0 0.0% 0 37 0.2% 2 100% 0% Construction 269 0.6% 4 18 0.1% 1 100% 300% Agriculture 144 0.3% 3 318 1.8% 9 -55% -67% Total 42,934 164 17,781 160 141% 2%

Monthly M&A Insider 17 18

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2012 in t NORT

NORTH AMERICA DEAL OF THE QUARTER

Dmergermarket/dealeal summary Reporter Intelligence NORTH AMERICA 04-Apr-12 ConocoPhillips’ board of directors approves spin-off of Phillips 66 Announced: 04-Apr-12 Deal Value: US$20,918m

Plan of Arrangement: Terms: •o Conoc Phillips Company will spin off its downstream • 1 share of Phillips 66 for every 2 shares of ConocoPhillips businesses known as Phillips 66. to be distributed.

• phillips 66, the US based downstream energy company • fractional shares of Phillips 66 will not be distributed, engaged in refining, marketing, midstream and instead will be sold on behalf of shareholders and a cash chemicals businesses. payment will be done in respect to such sold shares.

• ConocoPhillips Company, the US based integrated energy • phillips 66 will be an independent, publicly traded company that explores, produces, transports and markets company, following the distribution of the shares crude oil, natural gas, natural gas liquids and bitumen. • phillips 66 will be listed on New York Stock Exchange • Conocophillips company (shareholders), the US based under the symbol PSX. downstream energy company engaged in refining, marketing, midstream and chemicals businesses. UPDATE 12-Apr-12: Phillips 66 has listed on the New York Stock Exchange under the ticker PSX, at the opening price Rationale: of US$33.25. • the transaction will help to create two new publicly listed companies with the distribution of shares. This will allow the companies to focus on their upstream businesses and concentrate more on their core businesses with a purpose of expansion and growth.

Exit multiples – Y/E 31-Nov-11 Premium analysis Multiples Value (US$m) Offer price per share (US$) 0.33

Revenue - - 1 day before n/a EBITDA - - 1 month before n/a EBIT - - 1 day after -2.21% Earnings - - Pre-rumor n/a

Advisers Target/Seller Bidder Financial Credit Suisse; Financial - JPMorgan Legal Bracewell & Giuliani Legal -

PR - PR -

mergermarket/dealReporter Intelligence 04-Apr-12 ConocoPhillips’ board of directors approves spin-off of Phillips 66

Monthly M&A Insider 19 DEAL OF THE QUARTER

Bidder NORTH AMERICA ConocoPhillips Company (shareholders) Headquarters: Texas (TX) USA Sector: Energy

Description: US based downstream energy company engaged in reﬁning, marketing, midstream and chemicals businesses

Target Phillips 66 Headquarters: 600 North Dairy Ashford Road Mclean 1146 Houston Texas (TX) USA Sector: Energy

Description: US based downstream energy company engaged in reﬁning, marketing, midstream and chemicals businesses

Seller ConocoPhillips Company Headquarters: 600 North Dairy Ashford Road Mclean 1146 Houston Texas (TX) USA Sector: Energy

Description: US based integrated energy company that explores, produces, transports and markets crude oil, natural gas, natural gas liquids and bitumen

Monthly M&A Insider 20 Top deals & Expected deals

Top 10 NORTH AMERICAN announced deals of Q2 2012 NORTH AMERICA

Announced Bidder company Target company Target dominant Seller company Exit multiples (x) Bid premia Deal value sector Revenue EBITDA P/E 1-day (US$m) before 04-Apr-12 ConocoPhillips Company Phillips 66 Energy, Mining & ConocoPhillips ---- 20,918 (shareholders) Utilities Company 23-Apr-12 Nestle SA PfizerN utrition Consumer Pfizer Inc 5.6 --- 11,850 30-Apr-12 Energy Transfer Partners Sunoco Inc Energy, Mining & 0.1 -- 25.4% 6,959 LP Utilities 29-Jun-12 Bristol-Myers Squibb Amylin Pharmaceuticals Pharma, Medical 10.2 -- 9.9% 6,349 Company Inc & Biotech 29-May-12 Marubeni Corporation Gavilon LLC Business General Atlantic 0.3 --- 5,300 Services LLC; Soros Fund Management LLC; and Ospraie Management LLC 28-Jun-12 Petroliam Nasional Progress Energy Energy, Mining & 12.5 12.6 31.3 77.5% 5,055 Berhad Resources Corp Utilities 20-May-12 DaVita Inc HealthCare Partners Pharma, Medical 1.8 8.4 10.8 - 4,418 LLC & Biotech 22-May-12 SAP AG Ariba Inc Technology 9.7 229.6 - 19.6% 4,311 18-Apr-12 SXC Health Solutions Catalyst Health Solutions Pharma, Medical 0.8 27.8 60.8 27.5% 4,292 Corp Inc & Biotech 30-Apr-12 Hologic Inc Gen-Probe Incorporated Pharma, Medical 6.2 20.8 74.8 20.4% 3,599 & Biotech 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 09-Jul-12

Monthly M&A Insider 21 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 RailAmerica Inc Transportation Undisclosed Deutsche Bank 1,284 On 22-May-12, RailAmerica Inc, the bidder Securities (T) listed US based operator of short line and regional railroads, announced that its Board of Directors has started the process to explore strategic alternatives for the company. Expected Deal Monster Worldwide Technology Undisclosed Stone Key Partners 986 On 01-Mar-12, Monster Worldwide Inc bidder (T); Bank of Inc, the listed US based provider of American Merrill employment services, announced Lynch (T) that the Board of Directors is reviewing strategic alternatives for the company. Monster Worldwide has retained Stone Key Partners and Bank of America Merrill Lynch as ﬁnancial advisors for the review. Expected Deal DigitalGlobe Inc Industrials & GeoEye Inc Goldman Sachs 716 On 04-May-12, GeoEye Inc, the listed Chemicals (B); Convergence US based provider of earth imagery Advisors (B) products and services, made an unsolicited proposal to acquire DigitalGlobe Inc, the listed US based provider of geospatial information, at an offer price of US$17.00 per share. As per the terms of the proposal, US$8.50 and 0.3537 GeoEye shareswill be exchanged for each DigitalGlobe share. The implied equity value of the transaction is approximately US$732.32m. Expected Deal La Mancha Energy, Mining Undisclosed BMO Nesbitt Burns Compagnie 334 On 14-Mar-12, La Mancha Resources Resources Inc & Utilities bidder (T) Francaise Inc, the listed Canada based gold de Mines et mining company, established a special Metaux committee to conduct an auction process for the sale of the company. The process was requested by one of the company's shareholders, Compagnie Francaise de Mines et Metaux, a subsidiary of AREVA SA, the listed France based mining company. Expected Deal AMAG Pharma, MSMB Capital Jefferies & Co (T) 286 On 03-Aug-11, AMAG Pharmaceuticals, Pharmaceuticals Inc Medical & MA the listed US based biopharmaceutical Biotech company, 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 22 LEAGUE TABLES

TOP 20 FINANCIAL ADVISERS – NORTH AMERICA NORTH AMERICA VALUE

Ranking H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 2 Goldman Sachs 119,159 90 187,886 -36.6% 2 3 Morgan Stanley 90,100 61 161,290 -44.1% 3 1 JPMorgan 89,753 67 190,897 -53.0% 4 9 Deutsche Bank 84,472 50 80,038 5.5% 5 4 Credit Suisse 79,126 48 138,082 -42.7% 6 5 Bank of America Merrill Lynch 67,881 53 129,695 -47.7% 7 6 Barclays 64,444 60 125,356 -48.6% 8 8 Citigroup 60,717 38 83,065 -26.9% 9 12 RBC Capital Markets 41,024 61 29,223 40.4% 10 10 UBS Investment Bank 35,542 34 78,495 -54.7% 11 7 Lazard 35,477 50 108,334 -67.3% 12 18 Rothschild 29,275 27 17,745 65.0% 13 11 Evercore Partners 28,094 38 51,916 -45.9% 14 17 Centerview Partners 27,024 11 17,887 51.1% 15 13 Jefferies & Company 24,878 43 28,744 -13.4% 16 19 BMO Capital Markets 20,980 24 17,591 19.3% 17 20 TD Securities 19,040 13 17,503 8.8% 18 26 Scotia Capital 17,402 10 10,770 61.6% 19 15 Moelis & Company 16,390 27 20,956 -21.8% 20 16 Wells Fargo Securities 16,254 22 19,703 -17.5% Source: mergermarket

TOP 20 FINANCIAL ADVISERS – NORTH AMERICA VOLUME

Ranking H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 1 Goldman Sachs 119,159 90 109 -19 2 4 JPMorgan 89,753 67 78 -11 3 3 Morgan Stanley 90,100 61 82 -21 4 11 RBC Capital Markets 41,024 61 48 13 5 9 Barclays 64,444 60 54 6 6 2 Bank of America Merrill Lynch 67,881 53 89 -36 7 10 Deutsche Bank 84,472 50 48 2 8 12 Lazard 35,477 50 44 6 9 6 Credit Suisse 79,126 48 65 -17 10 13 Houlihan Lokey 2,456 45 41 4 11 7 Jefferies & Company 24,878 43 61 -18 12 8 Citigroup 60,717 38 59 -21 13 20 Evercore Partners 28,094 38 25 13 14 5 UBS Investment Bank 35,542 34 66 -32 15 14 Rothschild 29,275 27 37 -10 16 23 Moelis & Company 16,390 27 22 5 17 19 Robert W. Baird & Co 3,478 25 26 -1 18 30 Harris Williams & Co 1,139 25 17 8 19 18 BMO Capital Markets 20,980 24 26 -2 20 28 Sandler O'Neill & Partners 3,697 24 21 3 Source: mergermarket

The ﬁnancial adviser league tables by value and volume have been run from 01-Jan-12 to 30-Jun-12. The tables cover all sectors and are based on the geography of either the target, bidder or seller being US or Canadian. Monthly M&A Insider 23 LEAGUE TABLES

TOP 20 LEGAL ADVISERS – NORTH AMERICA NORTH AMERICA VALUE

Ranking H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 7 Skadden Arps Slate Meagher & Flom 88,824 69 115,283 -23.0% 2 20 Kirkland & Ellis 58,587 100 49,541 18.3% 3 1 Sullivan & Cromwell 57,940 54 181,584 -68.1% 4 4 Latham & Watkins 50,169 91 131,978 -62.0% 5 2 Simpson Thacher & Bartlett 49,681 40 178,911 -72.2% 6 3 Wachtell, Lipton, Rosen & Katz 48,510 21 156,351 -69.0% 7 12 Davis Polk & Wardwell 43,955 36 75,350 -41.7% 8 19 Jones Day 42,484 105 58,209 -27.0% 9 10 Weil Gotshal & Manges 42,376 57 89,044 -52.4% 10 44 Clifford Chance 41,061 24 21,116 94.5% 11 117 Bracewell & Giuliani 38,271 22 3,598 964% 12 9 Cleary Gottlieb Steen & Hamilton 37,458 29 104,675 -64.2% 13 15 Blake, Cassels & Graydon 36,609 52 61,351 -40.3% 14 28 Gibson Dunn & Crutcher 35,201 32 28,223 24.7% 15 16 Freshﬁelds Bruckhaus Deringer 33,747 30 61,106 -44.8% 16 33 Vinson & Elkins 33,651 49 25,269 33.2% 17 6 Shearman & Sterling 32,935 25 117,439 -72.0% 18 17 Allen & Overy 25,681 28 59,177 -56.6% 19 25 Stikeman Elliott 25,670 44 29,699 -13.6% 20 35 White & Case 24,641 36 24,688 -0.2% Source: mergermarket

TOP 20 LEGAL ADVISERS – NORTH AMERICA VOLUME

Ranking H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 3 Jones Day 42,484 105 104 1 2 2 Kirkland & Ellis 58,587 100 119 -19 3 1 Latham & Watkins 50,169 91 122 -31 4 5 DLA Piper 20,779 78 83 -5 5 4 Skadden Arps Slate Meagher & Flom 88,824 69 85 -16 6 8 Weil Gotshal & Manges 42,376 57 69 -12 7 7 Sullivan & Cromwell 57,940 54 69 -15 8 12 Blake, Cassels & Graydon 36,609 52 57 -5 9 41 Vinson & Elkins 33,651 49 33 16 10 21 Morgan Lewis & Bockius 3,424 47 45 2 11 17 Stikeman Elliott 25,670 44 50 -6 12 9 Wilson Sonsini Goodrich & Rosati 7,430 44 65 -21 13 19 Baker & McKenzie 21,258 42 46 -4 14 6 Simpson Thacher & Bartlett 49,681 40 79 -39 15 42 Morrison & Foerster 13,237 40 32 8 16 43 Paul Weiss Rifkind Wharton & Garrison 23,344 37 32 5 17 61 Gowling Laﬂeur Henderson 3,816 37 22 15 18 13 Davis Polk & Wardwell 43,955 36 53 -17 19 60 White & Case 24,641 36 23 13 20 40 Mayer Brown 16,569 36 33 3 Source: mergermarket

Activity table of private equity firms on North American buyouts NORTH AMERICA value volume Rank Rank H1 2012 Company name Value Deal H1 2012 Company name Deal Value (US$m) count count (US$m) 1 Apollo Global Management 7,924 2 1 The Riverside Company 0 8 2= Access Industries 7,150 1 2 Wynnchurch Capital 169 5 2= Riverstone Holdings 7,150 1 3 Blackstone Group 3,700 4 3 Blackstone Group 3,700 4 4 Warburg Pincus 1,270 4 4 GS Capital Partners 3,578 2 5 Platinum Equity 780 4 5 Global Infrastructure Partners 3,188 1 6 ComVest Investment Partners 200 4 6 Advent International 3,178 1 7 H.I.G. Capital 47 4 7 Thomas H Lee Partners 3,090 2 8 Arsenal Capital Partners 30 4 8 Golden Gate Capital 2,102 2 9 Levine Leichtman Capital Partners 14 4 9 TPG Capital 1,907 3 10 Grey Mountain Partners 0 4 10 Blum Capital Partners 1,748 1 11 TPG Capital 1,907 3 11 Leonard Green & Partners 1,600 3 12 Leonard Green & Partners 1,600 3 12 Pershing Square Capital Management 1,400 1 13 The Jordan Company 1,224 3 13 Madison Dearborn Partners 1,363 2 14 Kelso & Company 1,125 3 14 New Mountain Capital 1,300 1 15 Birch Hill Equity Partners Management 138 3 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 30-Jun-12 and exclude lapsed and withdrawn deals.

Activity table of private equity firms on North American exits value volume Rank Rank H1 2012 Company name Value Deal H1 2012 Company name Deal Value (US$m) count count (US$m) 1 General Atlantic 5,300 1 1 Sun Capital Partners 98 7 2 Weston Presidio Capital 5,290 2 2 Benchmark Capital 1,619 6 3 The Carlyle Group 4,920 4 3 Draper Fisher Jurvetson 1,711 5 4 EnCap Investments 3,850 2 4 Intel Capital 580 5 5 Berkshire Partners 3,440 2 5 American Capital 144 5 6 Bain Capital 3,412 4 6 Audax Private Equity Group 124 5 7 Apollo Global Management 3,358 3 7 Battery Ventures 10 5 8 Madison Dearborn Partners 3,178 1 8 The Carlyle Group 4,920 4 9 Advent International 2,690 2 9 Bain Capital 3,412 4 10 CCMP Capital Advisors 2,600 2 10 Polaris Venture Partners 1,514 4 11= JPMorgan 2,600 1 11 TA Associates 738 4 11= Spectrum Equity Investors 2,600 1 12 General Catalyst Partners 300 4 12 Riverstone Holdings 2,273 2 13 Apollo Global Management 3,358 3 13 Avista Capital Partners 2,247 3 14 Avista Capital Partners 2,247 3 14 Draper Fisher Jurvetson 1,711 5 15 Freeman Spogli & Co 1,647 3 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 30-Jun-12 and exclude lapsed and withdrawn deals.

Monthly M&A Insider 25 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

1800 6,000 500 1,200

1600 450 5,000 1,000 400 1400 Number of deals Number of deals 350 1200 4,000 800 300 1000 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 H1 2012 2006 2007 2008 2009 2010 2011 H1 2012

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

Monthly M&A Insider 26 TREND GRAPHS

NORTH AMERICAN M&A SECTOR BREAKDOWN Q2 2012 NORTH AMERICA VALUE VOLUME

0.4% 0.1% 0.5% 1.5% 0.1% 0.2% 2.3% 1.5% 3.3% 0.8% 4.2% 2.3% 4.6% 9.7% Industrials & Chemicals 3.7% 17.2% Industrials & Chemicals 1.4% Technology 3.7% Technology

Consumer Consumer 8.3% 15.8% Energy, Mining & Utilities Energy, Mining & Utilities 14.0% Business Services Business Services 16.2% Financial Services Financial Services 9.0% Pharma, Medical & Biotech Pharma, Medical & Biotech

6.8% Media Media

Leisure Leisure 10.0% 6.6% Transportation Transportation 11.9% 30.8% Construction Construction 11.9% Real Estate Real Estate

Defence Defence

Telecommunications Telecommunications

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% 0.9% 1.0% 1.1% 1.4% 1.2% 1.5% 1.8% 90 22.2% 3.7% 3.4% 32.0% 5.6% 4.9% 6.6% 80 43.5% 37.0% 95 5.3% 6.2% 52.8% 49.1% 4.1% 3.8% 70 58.8% 20.3%

5.3% 60 18.0% 90 5.3% 5.3% 5.5% entage entage 21.5% 5.3% rc rc 50 18.8% Pe Pe 14.0% 40 14.7% 34.6% 85 13.3% 27.7% 20.9% 90.6% 91.0% 30 21.5% 17.4% 87.4% 87.6% 86.3% 16.8% 86.9% 13.2% 85.6% 20 10.1% 80 7.3% 9.7% 8.9% 6.2% 6.5% 5.5% 10 12.2% 12.6% 12.8% 9.5% 9.6% 9.2% 11.8% 0 75 2006 2007 2008 2009 2010 2011 H1 2012 2006 2007 2008 2009 2010 2011 H1 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 27 SECTOR ANALYSIS

NORTH AMERICAN SECTOR ANALYSIS NORTH AMERICA

Sector Q2 2012 Q2 2011 % change Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count Value Volume Energy, Mining & Utilities 60,660 30.8% 102 68,305 31.8% 108 -11% -6% Industrials & Chemicals 8,204 4.2% 147 26,552 12.4% 168 -69% -13% Consumer 27,584 14.0% 102 10,233 4.8% 108 170% -6% Financial Services 13,505 6.8% 77 29,338 13.7% 110 -54% -30% Pharma, Medical & Biotech 31,235 15.8% 71 18,750 8.7% 130 67% -45% Technology 19,170 9.7% 138 27,041 12.6% 149 -29% -7% Business Services 13,049 6.6% 85 16,083 7.5% 145 -19% -41% Media 2,690 1.4% 32 4,913 2.3% 32 -45% 0% Transportation 1,608 0.8% 20 598 0.3% 22 169% -9% Real Estate 6,530 3.3% 13 805 0.4% 12 711% 8% Leisure 9,167 4.6% 32 8,575 4.0% 50 7% -36% Telecommunications 2,947 1.5% 4 357 0.2% 10 725% -60% Defence 192 0.1% 6 228 0.1% 4 -16% 50% Construction 388 0.2% 20 1,914 0.9% 31 -80% -35% Agriculture 280 0.1% 5 1,031 0.5% 8 -73% -38% Total 197,209 854 214,723 1,087 -8% -21%

Monthly M&A Insider 28 29

. S D TO TO D NE RE I RTER RTER TE hemicals, hemicals, SU C ECL QUA

D QUA D &A, boosting boosting &A, Monthly M&A Insider Monthly RK EN M N E A B NCE Q4 2010 2010 Q4 NCE ECON SI RTERLY RTERLY S R M A E &A H lom as it worked on deals deals on worked it as lom QUA F M OLL T N T D N I H

&A to an impressive 27.2% in in 27.2% impressive an to &A G S M SIA ON AI I L OF US$100.5 A eagher & TR LL RKET M S BI A L OF A VE A M I &A TOT PLE- US I M O ining & Utilities dominated Asian ining & Utilities dominated T TOT NG F U S M SI E TR E LT H H RTER U G M n the private equity front, buyouts in Q2 picked up slightly slightly up picked Q2 in buyouts front, equity private the n redit Suisse took top spot in the financial adviser’s league league adviser’s financial the in spot top took Suisse redit nergy, nergy, inancial Services came in second, making up 17.6% of total total of 17.6% up making second, in came Services inancial HI U O second-lowest the still was US$6.1bn, at but, low Q1 its from after enough, Ironically (US$4.1bn). 2010 Q2 since quarter increased exits (US$2.1), low Q1 its off come also having second-lowest their at also were but (US$3bn) Q2 in slightly level since Q2 2010 (US$2.5bn). C the in deals of worth US$39.5bn on advising value, by table to went honours the world legal the In 2012. of half first Skadden Arps Slate 2012. H1 in US$20.4bn combined a worth E of Q2 2011 its 9.7% share deals. in US$27.3bn with year, this of quarter second the F & Q2 2012. Industrials for in the region deal value most the as slipped Asia, throughout popular ubiquitously up making third in came still but 2011 Q2 in sector dominant in Q2 2012. deal value 15.5% of total - QUA

D D T OVER T T OVER N Q2, REVER I CE OF T ECON ECON JUS A S S CK I E E E F NG

H I H PT H T U T TT I N T AS N I

A T D E N). H W SIA B hina and Japan Japan and hina C &A in the second second the in &A &A during Q2 2012, 2012, Q2 during &A BUS SA C I ISH M M N A I N

I RO LLY LLY D F D I CE UA NE CT AI DU RTER F C A A QUA &A

&A REPORT ON REPORT &A M D M REPRO ining & Utilities. Deals in the sector sector the in Deals Utilities. & ining L &A REM M &A scene, making up over 50% of deal deal of 50% over up making scene, &A M AS BA M RKET RKET C ECON I N). &A scene, perhaps hit by falling commodity commodity falling by hit perhaps scene, &A A MP ON Q1 2012 (US$81.3 &A total of US$13.3bn was up 19.8% on the first first the on 19.8% up was US$13.3bn of total &A LO S F B I M M nergy, nergy, G E JU C E H hina notched up US$28.4bn in hina notched PA C FORM W FORM - T T 23.6% SIA HA he quarter threw up no real surprises. up no real threw he quarter (US$137.5 THIS A T OF 2012. A quarter, no doubt in large part to the Bank Danamon Danamon Bank the to part large in doubt no quarter, DBS banking heavyweight acquisition by Singaporean for US$7.3bn. Indonesia showed its increasing influence on the region as as region the on influence increasing its showed Indonesia Asia – US$7.8bn of Southeast it topped 2012 this dropped to US$6.2bn. However, the higher Q2 2012 2012 Q2 higher the However, US$6.2bn. to dropped this 2012 Australian (US$11.1bn). 2012 of quarter prices, suffered a downturn in interest in their mainstay mainstay their in interest in downturn a suffered prices, of sector Q2 in whereas 2012 Q1 in deals of US$7.1bn for accounted easing; a dismal quarterly total of US$2.6bn also meant a meant also US$2.6bn of total quarterly dismal a easing; US$49m. of size deal average subdued relatively Australia’s followed by Japan which ended the quarter with US$25.8bn US$25.8bn with quarter the ended which Japan by followed the as downwards turn sharp a took India deals. of worth of signs no showed country the gripping paralysis political T the dominated value. A MERGERM ASIA-P

ASIA-PACIFIC DEAL OF THE quarter

Deal summary ASIA-PA

Announced: 21-May-12 Deal value: US$12.6bn C I F I C Nuclear Damage Compensation Facilitation Corporation, RATIONALE: the Japan based principal financing company engaged in • the capital injection will enable TEPCO to develop the provision of funds for nuclear operators to compensate for Fukushima nuclear plant which underwent a series of damages, has agreed to acquire subscription for newly issued equipment failures, nuclear meltdowns, and releases of shares of Tokyo Electric Power Co Inc (TEPCO), the listed radioactive materials following the Tohoku earthquake Japan based electric utility company, by a way of a third party and tsunami on 11 March 2011. Post deal details: On allotment for a consideration of JPY1,000bn (US$12.6bn). conversion of these preferred shares into equity, Nuclear Damage Compensation Facilitation Corporation will TERMS: become the majority owner of TEPCO. • 1,600m TEPCO convertible class A preferred shares valued at JPY200 per share and 340m TPECO class B CONDITIONS: preferred shares valued at JPY2,000 per share will be • Subject to approval of resolution for increasing issued to Nuclear Damage Compensation Facilitation the total number of authorized shares from the Corporation for a consideration of JPY1,000bn TEPCO shareholders. (US$12.6bn).

• class A shares can be partially or fully convertible to BACKGROUND: common shares at any time on the day or after the • prior to the transaction, TEPCO applied for financial consideration is paid. Class A shares carry voting rights support including subscription for shares from Nuclear at GMS and pay out dividend based on the share price Damage Compensation Facilitation Corporation on March multiplied by the 12-month TIBOR plus 0.25%. 29 2012. • class B shares can be partially or fully convertible to • on 09 May 2012, Nuclear Damage Compensation Class A preferred shares or common shares at any time Facilitation Corporation decided to provide financial on the day or after the consideration is paid. Class B support to TEPCO, as Comprehensive Special Business shares do not carry voting rights at GMS and pay out Plan was approved by the minister in charge. dividend based on the share price multiplied by the 12-month TIBOR plus 0.5%. UPDATE: • Shareholders will have an option to exercise Class A shares and Class B shares to be converted to common • Awaits update. shares, whereas the minimum exercise price is JPY30 per share when converting into common shares. This requires a minimum of approximately 35bn authorized shares.

• the implied equity value of the transaction is JPY1,321.004bn. The convertible preferred share, after the offering, will represent a 50.11% voting rights in TEPCO.

• After full conversion of class A and B preferred shares into common shares, on the basis of maximum dilution, Nuclear Damage Compensation Facilitation Corporation will own 95.44% of voting rights.

Monthly M&A Insider 30 DEAL OF THE QUARTER

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

Revenue 1.56 5,349,445 1 day before - C I

F EBITDA 20.19 414,042 1 month before - I C EBIT - -272,513 1 day after - Earnings - -781,641 Pre-rumour -

Advisers Target/Seller Bidder Financial Mizuho Financial Group; Morgan Stanley; Sumitomo Financial JPMorgan; Nomura Holdings Mitsui Financial Group Legal Nagashima Ohno & Tsunematsu Legal Nishimura & Asahi PR - PR -

mergermarket/dealReporter Intelligence 26-Jan-12 TEPCO to accept JPY1tn from government-backed fund, aims for return to proﬁtability in ﬁscal 2014; restart issuing of bonds

15-Mar-12 TEPCO: NDLFF considering special shares that confer voting rights in planned capital injection

17-Mar-12 TEPCO likely to request additional funding in excess of JPY700bn from NDLFF in accordance with new guidelines for compensation claims

27-Mar-12 TEPCO to request capital injection of JPY1tn and JPY800bn in additional assistance from government as early as this week

27-Mar-12 TEPCO receives JPY105bn in ﬁnancial support from Nuclear Damage Compensation Facilitation Corporation

23-Apr-12 TEPCO receives JPY218.6bn ﬁnancial support from Nuclear Damage Compensation Facilitation Corporation

27-Apr-12 TEPCO applies to relevant authorities for approval of changes to special business plan

10-May-12 TEPCO: government approves special business plan

21-May-12 TEPCO to raise US$12.56bn through preferred share sale to Nuclear Damage Liability Facilitation Fund to compensate disaster victims

22-May-12 TEPCO receives JPY46.6bn in ﬁnancial support from Nuclear Damage Compensation Facilitation Corp

29-Jun-12 TEPCO receives JPY80.9bn in ﬁnancial support from Nuclear Damage Compensation Facilitation Fund

Bidder SAIC Motor Corporation Limited Headquarters: Kyodo Tsusin Kaikan, 2-2-5, Toranomon, Minato-ku Tokyo, Japan Sector: Financial Services

Description: Japan based principal ﬁnancing company that provides funds necessary for nuclear operators to compensate for damages

Target Tokyo Electric Power Co Inc Headquarters: 1-1-3 Uchisaiwai-cho, Chiyoda-ku Tokyo, Japan Sector: Energy

Description: Japan based company engaged in electric utility, power generation operations, and construction

Monthly M&A Insider 31 Top deals & Expected deals

Top 10 Asia-Pacific announced deals of Q2 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 21- May-12 P Tokyo Electric Power Co Business Nuclear Damage 1.6 20.2 (loss) - 12,600 I F

I Inc (75.70% stake) Services Compensation C Facilitation Corporation 02-Apr-12 P PT Bank Danamon Financial DBS Group Holdings n/a n/a 18.3 52.5% 7,338 Indonesia Tbk Services Ltd 20- May-12 P Alibaba Group Holding Ltd Technology Alibaba Group Holding Yahoo! Inc 14.9 - 130.6 - 7,100 (20.00% stake) Ltd 18- May-12 P Hebei Shougang Qian'an Industrials & Beijing Shougang Shougang Group 0.9 - 23.5 - 4,180 Iron and Steel Co Ltd Chemicals Co Ltd Corporation 22- Jun-12 P MStar Semiconductor Inc Technology MediaTek Inc 2.5 11.3 18.9 19.8% 2,950 10- May-12 P JFE Shoji Holdings Inc Industrials & JFE Holdings Inc 0.1 8.7 7.1 -3.2% 2,417 (61.44% stake) Chemicals 16- Apr-12 P Industrial and Commercial Financial Temasek Holdings Goldman Sachs n/a n/a 7.1 3.2% 2,384 Bank of China Limited Services Pte Ltd (1.02% stake) 10- May-12 P Sydney Desalination Plant Energy, Mining Ontario Teachers' Sydney Water ---- 2,326 Pty Limited & Utilities Pension Plan; and Corporation Hastings Funds Management Limited 01- May-12 P Woodside Petroleum Energy, Mining Mitsubishi Woodside ---- 2,000 (Western Australian & Utilities Corporation; and Petroleum assets) (14.70% stake) Mitsui & Co Ltd Limited 05- Apr-12 P KGI Securities Co Ltd Financial China Development 3.4 12.9 25.1 29.6% 1,722 Services Financial Holdings 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-Jul-12

Monthly M&A Insider 32 Top deals & Expected deals

Pipeline of Asia Pacific expected deals ASIA-PA 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) C

I Expected deal Whitehaven Coal Energy, Mining Tinkler Group Pty Barclays (B), BKK 4,140 Whitehaven Coal Limited received F I

C Limited (WHC) & Utilities Ltd Partners (B), an indicative offer from Tinkler JPMorgan (B), Group according to announcement UBS (B) from Whitehaven in June 2012. Terms are not disclosed yet but are estimated to AU$5 per share. Expected deal STX OSV Holdings Industrial The Carlyle Group JP Morgan STX 1,422 STX Corporation received an offer Limited products and LLC; and Fincantieri (S), Standard Corporation from the consortium of Carlyle services Cantieri Navali Chartered (S) Group and Fincantieri estimated to Italiani Spa SG$1.6 per share in June 2012. Expected deal WestSide Energy, Mining LiquefiedN atural Moelis & Company 120 WestSide Corporation received an Corporation Limited & Utilities Gas Limited (T), Allens Arthur indicative proposal from Liquefied Robinson (T) Natural Gas Limited in February 2012 and the due diligence is currently being conducted as of June 2012. Expected deals based on confirmed announcements by companies involved

Monthly M&A Insider 33 league tables

Top 20 financial advisers – asia-pacific ASIA-PA VAlue

C Ranking H1 2012 H1 2011 I F H1 2012 H1 2011 Company name Value Deal count Value Value change I C (US$m) (US$m) (%) 1 8 Credit Suisse 39,520 18 16,927 133.5% 2 4 Citigroup 32,179 19 22,464 43.2% 3 2 Morgan Stanley 31,743 23 24,618 28.9% 4 1 Goldman Sachs 29,581 24 37,146 -20.4% 5 3 UBS Investment Bank 22,788 16 22,864 -0.3% 6 9 Deutsche Bank 22,617 15 16,045 41.0% 7 6 Bank of America Merrill Lynch 20,388 8 20,096 1.5% 8 5 JPMorgan 19,714 16 22,019 -10.5% 9 11 HSBC 13,900 12 14,368 -3.3% 10 48 Rothschild 13,024 17 2,006 549.3% 11 39 CITIC Securities 11,962 8 2,525 373.7% 12 45 RBC Capital Markets 8,423 9 2,115 298.3% 13 43 DBS Bank 8,261 7 2,197 276.0% 14 60 Allen & Company 8,110 2 1,375 489.8% 15 46 ING 7,361 4 2,092 251.9% 16 26 Macquarie Group 7,267 13 5,270 37.9% 17 7 Barclays 6,937 11 17,283 -59.9% 18 28 Standard Chartered 5,740 7 5,028 14.2% 19 63 BMO Capital Markets 5,451 4 1,260 332.6% 20 29 Scotia Capital 5,055 1 4,914 2.9% Source: mergermarket

Top 20 financial advisers – asia-pacific volume

Ranking H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 1 Goldman Sachs 29,581 24 37 -13 2 7 Morgan Stanley 31,743 23 25 -2 3 9 Citigroup 32,179 19 22 -3 4 8 Credit Suisse 39,520 18 23 -5 5 3 KPMG 3,938 18 34 -16 6 4 Deloitte 691 18 32 -14 7 21 Rothschild 13,024 17 10 7 8 5 PwC 1,731 17 31 -14 9 6 UBS Investment Bank 22,788 16 29 -13 10 16 JPMorgan 19,714 16 13 3 11 12 Deutsche Bank 22,617 15 17 -2 12 2 Ernst & Young 4,223 15 35 -20 13 11 Macquarie Group 7,267 13 20 -7 14 14 HSBC 13,900 12 16 -4 15 18 Barclays 6,937 11 10 1 16 13 CIMB Group 1,715 10 17 -7 17 49 RBC Capital Markets 8,423 9 4 5 18 23 Lazard 2,988 9 8 1 19 10 Bank of America Merrill Lynch 20,388 8 20 -12 20 19 CITIC Securities 11,962 8 10 -2 Source: mergermarket

The financial adviser league tables by value and volume have been run from 01-Jan-12 to 30-Jun-12 and exclude lapsed and withdrawn deals.T he 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 34 LEAGUE TABLES

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

C Ranking H1 2012 H1 2011 I F H1 2012 H1 2011 Company name Value Deal count Value Value change I C (US$m) (US$m) (%) 1 7 Skadden Arps Slate Meagher & Flom 20,359 11 19,337 5.3% 2 9 Freshﬁelds Bruckhaus Deringer 13,960 9 15,972 -12.6% 3 6 Baker & McKenzie 13,614 30 21,952 -38.0% 4 57 Amarchand & Mangaldas & Suresh A Shroff & Co 13,408 20 3,005 346.2% 5 30 Weil Gotshal & Manges 12,741 13 6,363 100.2% 6 95 Jingtian & Gongcheng 12,415 13 1,341 825.8% 7 4 Linklaters 10,482 18 23,021 -54.5% 8 271 Luthra & Luthra Law Ofﬁces 10,404 5 57 18152.6% 9 1 Freehills 9,933 25 25,978 -61.8% 10 - King & Wood Mallesons 9,231 35 - - 11 84 White & Case 9,024 9 1,915 371.2% 12 213 Makes & Partners 8,716 3 170 5027.1% 13 63 Fangda Partners 8,646 5 2,767 212.5% 14 60 Shook Lin & Bok Singapore 8,468 8 2,873 194.7% 15 55 WongPartnership 8,338 12 3,151 164.6% 16 32 Clifford Chance 7,690 24 6,102 26.0% 17 301 Fenwick & West 7,421 2 22 33631.8% 18 25 Norton Rose 7,274 15 7,279 -0.1% 19 133 O'Melveny & Myers 7,266 3 727 899.4% 20= - Munger Tolles & Olson 7,100 1 - - 20= 27 Wachtell, Lipton, Rosen & Katz 7,100 1 6,820 4.1% Source: mergermarket TOP 20 LEGAL ADVISERS – ASIA-PACIFIC VOLUME

Ranking H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 - King & Wood Mallesons 9,231 35 - 35 2 1 Baker & McKenzie 13,614 30 51 -21 3 3 Freehills 9,933 25 37 -12 4 6 Clifford Chance 7,690 24 28 -4 5 5 Kim & Chang 3,879 23 30 -7 6 11 Allen & Overy 6,828 21 25 -4 7 32 Amarchand & Mangaldas & Suresh A Shroff & Co 13,408 20 12 8 8 25 Gilbert + Tobin 6,276 19 14 5 9 14 Linklaters 10,482 18 24 -6 10 23 Khaitan & Co 821 18 18 - 11 2 Minter Ellison 1,792 17 45 -28 12 10 Lee & Ko 1,587 17 26 -9 13 7 Desai & Diwanji 609 16 28 -12 14 21 Norton Rose 7,274 15 20 -5 15 16 AZB & Partners 2,605 15 23 -8 16 9 Allen & Gledhill 6,844 14 27 -13 17 39 Weil Gotshal & Manges 12,741 13 9 4 18 134 Jingtian & Gongcheng 12,415 13 2 11 19 27 WongPartnership 8,338 12 14 -2 20 22 Clayton Utz 3,724 12 18 -6 Source: mergermarket

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

I H1 2012 Company name Value Deal F H1 2012 Company name Deal Value

I (US$m) count C count (US$m) 1 CITIC Capital Partners 1,839 2 1 CVC Capital Partners 751 3 2 Bain Capital 1,402 2 2 Jacob Ballas Capital India Private 103 3 3 China Africa Development Fund 1,250 2 3 CITIC Capital Partners 1,839 2 4 Paciﬁc Equity Partners 1,021 2 4 Bain Capital 1,402 2 5 KOFC IBKS KStone Private Equity Fund 819 1 5 China Africa Development Fund 1,250 2 6 CVC Capital Partners 751 3 6 Paciﬁc Equity Partners 1,021 2 7 Kohlberg Kravis Roberts & Co 597 2 7 Kohlberg Kravis Roberts & Co 597 2 8 Gaw Capital Partners 305 1 8 Advantage Partners 254 2 9 Morgan Stanley Private Equity 300 1 9 Warburg Pincus 168 2 10 Advantage Partners 254 2 10 Unitas Capital 164 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 Asia-Paciﬁc. The tables by value and volume have been run from 01-Jan-12 to 30-Jun-12 and exclude lapsed and withdrawn deals

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON ASIA-PACIFIC EXITS VALUE VOLUME Rank Rank H1 2012 Company name Value Deal H1 2012 Company name Deal Value (US$m) count count (US$m) 1 Hony Capital 1,158 1 1 MBK Partners 388 3 2 Advent Private Capital 545 1 2 Catalyst Investment Managers 404 2 3 Catalyst Investment Managers 404 2 3 Mizuho Capital Partners 206 2 4 MBK Partners 388 3 4 Hony Capital 1,158 1 5 The Longreach Group 300 1 5 Advent Private Capital 545 1 6 Hopu Investment Management 275 1 6 The Longreach Group 300 1 7 Vogo Investment 257 1 7 Hopu Investment Management 275 1 8 Mizuho Capital Partners 206 2 8 Vogo Investment 257 1 9 Millennium Technology Ventures 175 1 9 Millennium Technology Ventures 175 1 10 MUL Principal Investments Company 139 1 10 MUL Principal Investments Company 139 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 30-Jun-12 and exclude lapsed and withdrawn deals

Monthly M&A Insider 36 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 H1 2012 2006 2007 2008 2009 2010 2011 H1 2012

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

Monthly M&A Insider 37 TREND GRAPHS

ASIA-PACIFIC M&A GEOGRAPHIC BREAKDOWN Q2 2012 ASIA-PA VALUE VOLUME C I F I

C 1.0% 1.0% 5.0% 5.0% 13.0% Australia 16.0% Australia 6.0% 10.0% 2.0% China China 2.0% Hong Kong Hong Kong 2.0% 5.0% India India

Indonesia 3.0% Indonesia

Japan 2.0% Japan 28.0% Malaysia Malaysia 26.0% 26.0% Philippines Philippines

Singapore 16.0% Singapore

South Korea South Korea

4.0% Taiwan 2.0% 4.0% Taiwan 8.0% 3.0% 10.0% Other Other

ASIA-PACIFIC M&A SECTOR BREAKDOWN Q2 2012

VALUE VOLUME

2.0% 2.0% 1.0% 1.1% 0.1% 2.3% 3.5% 0.7% 4.7% 11.0% 3.0% Energy, Mining & Utilities Energy, Mining & Utilities 2.7% 3.0% 27.0% Financial Services Financial Services 4.0% 4.0% 9.0% Industrials & Chemicals Industrials & Chemicals

4.0% Technology 6.0% Technology

Consumer Consumer 6.0% Business Services 5.0% Business Services

Real Estate Real Estate 22.0% Pharma, Medical & Biotech Pharma, Medical & Biotech 13.0% 12.0% 18.0% Construction Construction

Media Media

Telecommunication 9.0% Telecommunication 15.0% 9.0% Leisure Leisure

Transportation Transportation

Agriculture Agriculture

Monthly M&A Insider 38 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% 0.4% I C 100 100 1.2% 0.9% 0.9% 1.0% 1.5% 0.8% 1.1% 15.6% 13.5% 17.6% 90 19.8% 20.5% 24.3% 4.8% 5.1% 4.5% 4.6% 29.5% 5.5% 4.4% 5.4% 80 95 17.0% 22.8% 17.0% 27.3% 70 13.8% 20.9% 5.8% 4.9% 5.4% 5.2% 5.9% 15.8% 5.4% 6.1% 60 90 entage entage 30.5% rc rc 50 30.6% 30.1% 26.4% Pe Pe 27.3% 22.2% 26.4% 40 85

12.5% 30 88.9% 11.2% 12.0% 11.2% 11.1% 11.9% 88.4% 88.4% 88.6% 87.9% 12.3% 87.8% 87.2% 20 80 24.5% 21.0% 20.4% 21.4% 21.6% 10 19.6% 20.2%

0 75 2006 2007 2008 2009 2010 2011 H1 2012 2006 2007 2008 2009 2010 2011 H1 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 Q2 2012 Q2 2011 % change Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count Value Volume Financial Services 17,690 17.6% 47 15,663 16.4% 65 12.9% -18 Business Services 16,995 16.9% 66 3,118 3.3% 73 445.1% -7 Industrials & Chemicals 15,523 15.5% 121 17,085 17.9% 135 -9.1% -14 Energy, Mining & Utilities 14,718 14.7% 62 9,240 9.7% 52 59.3% 10 Technology 13,065 13.0% 52 6,380 6.7% 75 104.8% -23 Consumer 6,049 6.0% 52 7,510 7.9% 96 -19.5% -44 Real Estate 3,543 3.5% 25 13,548 14.2% 15 -73.8% 10 Pharma, Medical & Biotech 3,260 3.2% 33 6,898 7.2% 40 -52.7% -7 Construction 2,537 2.5% 22 3,086 3.2% 29 -17.8% -7 Media 2,304 2.3% 15 3,642 3.8% 17 -36.7% -2 Telecom 1,995 2.0% 4 1,089 1.1% 6 83.2% -2 Leisure 1,779 1.8% 26 5,126 5.4% 26 -65.3% 0 Transport 854 0.9% 19 2,371 2.5% 32 -64.0% -13 Agriculture 138 0.1% 6 783 0.8% 5 -82.4% 1 Defence 0 - 1 0 - 0 - - Total 100,450 100.0% 551 95,539 100.0% 666 5.1% -115

Monthly M&A Insider 39 A mergermarket M&A report on EUROPE

With Q2 in the books, it has become clear that the widespread forecasts of lower European europe M&A activity in 2012 have materialised.

June saw 355 deals worth €41.02bn, a decrease of 30% by Inbound activity in Germany will be determined by currency volume and 8% by value on June 2011. This brings Q2 to concerns within the eurozone. The most alarming example a total of 1,071 deals for €141.19bn, down 28% and 16% of the downturn was the third pulled IPO of Evonik in June, respectively on the same period last year. For the first six which was set to be the largest German listing in more than months of the year the contrast continued, with drops of 9% a decade. Leveraged buyouts are taking longer to complete by value and 19% by volume in H1 2011. However, Q2 saw an as banks seek extra time to arrange funding, a trend being increase in deals by value of 8% over Q1, although deal count seen throughout Europe. German Industrial firms are was again down for the fourth consecutive quarter. sitting on large amounts of cash, but are hesitant to make any acquisitions of companies with direct exposure to the The outlook for H2 2012 in Europe is largely cautious, sovereign crisis. As a result, deal-making is likely to see a according to various mergermarket intelligence pieces, and high proportion of distressed and insolvency situations on the is likely to continue in this vein whilst the sovereign crisis domestic front. continues to loom ominously over the continent. In Poland, despite a sharp decrease in the volume of deals The Spanish M&A landscape will be dominated by its banks in H1, H2 should be more positive, deal-makers have said. rescue plans, advisers have said. The slow pace and lack Manufacturing, FMCG and Financial Services have been of detail surrounding reforms in the financial sector have highlighted as areas which should see a solid amount of created uncertainty as to when the M&A pipeline will become activity, whereas Telecoms will see a more difficult year, unblocked. Q2 saw restructuring deals involving Banco de in the opinion of Tom Ruhan, the head of M&A at the listed Valencia and Bankia, and the formal request for a bailout telecoms company Netia. Regulatory changes within the which could reach €100bn. What domestic deals there healthcare market could spark acceleration in activity, with are, are likely to be driven by banks shedding their stakes Bupa possibly looking at entering the Polish market, an M&A in industrial businesses. Some recourse could be found lawyer said. Indeed, one of the largest deals in the pipeline with the government’s announcement of a privatisation for H2 is the auction of Poland’s biggest private health care programme, anticipated in early Q3. Loterias y Apuestas del provider Lux-Med, backed by Mid Europa Partners. Estado is thought to be one of the businesses which could be sold in a scheme which, if carried out aggressively, could Elsewhere, the rash of Ukrainian IPOs in Warsaw seen in raise up to €30bn. 2011 has calmed, and is not expected to pick up again until after the summer. However, the energy sector is an area Foreign exits are unsurprisingly taking the headlines in of promise, with Shell, Chevron and Eni selected by the Greece. Carrefour’s divestment of its stake in the Carrefour government as partners to develop two potentially large Marinopoulos Group has set a precedent which is likely to be shale gas fields. In France, major telecoms companies followed. Credit Agricole has indicated its intention to sell its Orange, SFR and Bouygues Telecom, under pressure local subsidiary Emporiki, whilst Banco Comercial Portugues from high network upgrade costs and the emergence of is hoping to do likewise with Millennium Bank Greece. Free as the fourth licence operator, are looking to share Despite these developments, large multinationals such as GE infrastructure as has been the trend elsewhere in Europe. and DHL have indicated their willingness to remain in Greece, Arrangements could develop into formal tie-ups, sector even though the former has seen revenues in its healthcare bankers have said, although that would come under scrutiny division halve in the last couple of years. Additionally, from the regulatory bodies. privatisations within Energy and Infrastructure could see a pickup in activity, with Japanese firmM itsubishi, amongst others, thought to be monitoring the situation closely.

Monthly M&A Insider 40 DEAL OF THE quarter

Deal summmary: EUROPE

Announced: 30-May-12 Deal Value: €3,517m

Cassa depositi e prestiti Spa has agreed to acquire a 30% stake Post Deal Details: in Snam SpA from Eni SpA. • post acquisition, CDP and the Economy Ministry will jointly own more than 30% of ENI.

Terms: • Following completion, Eni has to sell its remaining stake • offer price of €3.47 for each Snam share. in Snam to the market and institutional investors through • enI will sell a total of 1.01bn Snam shares valued at transparent and non-discriminatory sale processes, as €3.52bn. required in the Decree.

• the enterprise value of the company is €22,666.3bn. B ackground: • the transaction follows the Decree of the President of Rationale: the Council of Ministers on 25 May 2012, according to • the transaction provides ENI with important financial which CDP has been identified as the appropriate entity to resources to fund the organic growth of its core business. continue to provide stability to Snam’s shareholder base • CDP, as a majority shareholder of Snam, will now be through the purchase of at least a 25.1% stake in able to implement and further develop Snam’s additional the company. operations in Italy and Europe. • CDP is a related party to Eni as it holds a stake in Eni. • enI is selling this stake in Snam as per a government decree aimed at enabling ENI to exit the gas network.

Sources of funding

Equity provider Amount (€m) Stake Debt provider Terms n/a n/a n/a Citigroup other n/a n/a n/a UBS Investment Bank other n/a n/a n/a BNP Paribas other n/a n/a n/a Bank of America Merrill Lynch other n/a n/a n/a JPMorgan other n/a n/a n/a Mediobanca other n/a n/a n/a Société Générale other n/a n/a n/a Morgan Stanley other n/a n/a n/a HSBC Holdings other n/a n/a n/a UniCredit Group other n/a n/a n/a Banca IMI/Intesa Sanpaolo other

Exit multiples – Y/E 31-Dec-11 Exit multiples – Y/E 31-Dec-11

Multiples Value (€m) Multiples Value (€m) Revenue 6.4x 3,539 Revenue 6.5x 3,475 EBITDA 8.7x 2,612 EBITDA 8.9x 2,540 EBIT 11.6x 1,958 EBIT 12.2x 1,862 Earnings 15.1x 790 Earnings 10.5x 1,106

Monthly M&A Insider 41 DEAL OF THE QUARTER

Advisers EUROPE Target/Seller Bidder Financial NCTM Studio Legale Associato; Mediobanca; Morgan Financial Goldman Sachs Stanley; Rothschild (Luca Cicchetti, Ilaria Romagnoli) Legal d'Urso Gatti e Bianchi – Studio Legale Associato Legal Allen & Overy (Elia Clarizia, Nick Clarke, Gian Luca Coggiola, Frederic Demeulenaere, Francesco Guelﬁ, Stenafo Sennhauser, Thomas Wilkinson); Gianni, Origoni, Grippo, Cappelli & Partners (Andrea Aiello, Gabriella Covino, piero Fattori, Francesco Gianni, Antonio Lirosi, Matteo Padellaro, Dario Pozzi)

mergermarket/dealReporter Intelligence 24-Feb-12 Eni open to reducing Snam stake 20-Mar-12 Snam: FSI will not bid for stake 28-Mar-12 Snam mandates BNP, JP Morgan, Intesa and Unicredit for bond leg of its reﬁnancing – sources 05-May-12 Snam: CdP launches beauty contest for advisor – report 15-May-12 Snam: CdP appoints Goldman Sachs as advisor – report 30-May-12 Eni sells 30% less one share stake in Snam to Cassa Depositi e Prestiti

Target Snam SpA Headquarters: Piazza Santa Barbara 7 San Donato Milanese 20097 Italy Sector: Energy, Utilities

Description: Italy based natural gas supplier

Bidder Cassa depositi e prestiti Spa Headquarters: Via Goito, 4 Rome 00185 Italy Sector: Financial Services

Description: Italy based company engaged in the provision of ﬁnancing services for public sector investments

Seller Eni Spa Headquarters: Piazzale Enrico Mattei, n.1 Rome 00144 Italy Sector: Energy, Industrials & Chemicals

Description: Italy based engaged in the oil and gas exploration and production, gas marketing operations, management of gas infrastructures, power generation, petrochemicals, oil ﬁeld services and engineering industries

Monthly M&A Insider 42 TOP DEALS & EXPECTED DEALS

TOP 10 EUROPEAN ANNOUNCED DEALS OF Q2 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) 21-May-12 Eaton Corporation Cooper Industries Plc Industrials & 2.2 15.5 14.2 28.9% 9,342 Chemicals 16-Apr-12 GDF Suez SA International Power Plc Energy, Mining - 9.2 - - 8,301 (30.23% stake) & Utilities 06-May-12 Electricite de France SA Edison International SpA Energy, Mining 0.8 9.7 - 6.0% 5,795 & Utilities 19-Jun-12 Walgreen Company Alliance Boots GmbH Consumer Kohlberg Kravis 0.7 11.1 17.2 - 5,270 (45.00% stake) Roberts & Co LP; and Stefano Pessina 27-Jun-12 Fondo de Reestructuracion Bankia SA Financial n/a n/a - - 4,456 Ordenada Bancaria (45.50% stake) Services 25-Apr-12 Watson Pharmaceuticals Actavis Group hf Pharma, 2.4 14.3 - - 4,400 Inc Medical & Biotech 30-May-12 Cassa depositi e prestiti spa Snam SpA Energy, Mining Eni SpA 6.4 8.7 15.1 9.6% 3,517 (30.00% stake) & Utilities 31-May-12 Sara Lee Corporation DE MASTER BLENDERS Consumer Sara Lee Corporation 1.2 7.6 17.2 - 3,160 (Shareholders) 1753 BV 16-May-12 Macquarie Group Limited; Open Grid Europe GmbH Energy, Mining E.ON AG 2.4 7.2 - - 2,900 Abu Dhabi Investment & Utilities Authority; Meag Munich Ergo AssetManagement GmbH; and British Columbia Investment Management Corporation 18-Apr-12 Alimentation Couche-Tard Statoil Fuel & Retail ASA Consumer 0.3 7.3 15.1 52.8% 2,841 Inc Based on announced deals, including lapsed and withdrawn bids Source: mergermarket Based on dominant geography of target company being Europe Data correct as of 09-Jul-12

Monthly M&A Insider 43 TOP DEALS & EXPECTED DEALS

EUROPE PIPELINE OF EUROPEAN EXPECTED DEALS

Situation Target company Sector Potential bidder Financial adviser Seller company Market cap/ Comments company to bidder (B); est. value target (T); seller (€m) (S) Rumoured Chevreux Financial Kepler Capital Crédit Agricole 2,000 Crédit Agricole is reported to be Takeover Services Markets SA in negotiatons about a sell of its brokerage unit Chevreux. Kepler Capital Markets is among the potential buyers. The expected deal value might be over €2bn. Auction WMF Wuerttembergische Consumer CVC Capital Macquarie, Andreas 1,000 Andreas Weissenbacher, the Metallwarenfabrik AG Partners Limited, Commerzbank Weissenbacher Austrian owner of 37% in the Kohlberg Kravis listed German kitchenware group Roberts & Co. LP, WMF, at the weekend confirmed Bain Capital LLC he will not sell his WMF shares to financial investor KKR, Financial Times Deutschland reported. The report said KKR recently paid €238m for the 52% held by Swiss investor Capvis. Weissenbacher holds his WMF package via the Fiba investment company. Rumoured Valentino Fashion Group Consumer Qatari royal family Perella Permira 550 The Qatari royal family has entered Takeover SpA Weinberg into advanced negotiations to Partners acquire the Italian fashion design house from the UK PE firm Permira for around £550m, Sky News reported, citing sources close to the situation. The sources said that the two parties could announce the deal in the coming days although there is a possibility that the talks could still waver, the report noted. Auction GEFCO SA Automotive CVC Capital Credit Suisse, 450 The sale of Peugeot’s unit Gefco Partners Limited, Crédit Agricole is edging forward with four to five PAI Partners, The CIB bidders invited into the second Gores Group, LLC round of the auction. Private equity firms CVC Capital Partners, The Gores Group and PAI Partners as well as Indian conglomerate Tata Group are through to the next phase of the sale process for the French logistics group, said sources familiar with the situation. Tata owns TKM Global Logistics, a logistics and supply chain service provider. Up to two other bidders could still be involved at this stage. Private equity firms KKR and CD&R, which had submitted bids in the first round, dropped out of the process. Auction IPH Industrial CVC Capital Rothschild Investcorp 402 IPH Group, the France-based Partners Limited, distributor of industrial supplies, PAI Partners, LBO is said to have received offers France, Descours from the private equity firms PAI et Cabaud S.A. Partners, CVC Capital Partners and LBO France, Capital Finance said, citing several undisclosed sources. IPH Group has been put up for sale by its 80% owner Investcorp, which is advised by Rothschild. According to previous reports by this news service, the sale could draw €500m.

Monthly M&A Insider 44 TOP DEALS & EXPECTED DEALS

EUROPE PIPELINE OF EUROPEAN EXPECTED DEALS

Situation Target company Sector Potential bidder Financial adviser Seller company Market cap/ Comments company to bidder (B); est. value target (T); seller (€m) (S) Rumoured SPL Powerlines GmbH & Industrial unknown Rothschild Gilde Buy 200 Gilde Buy Out Partners has takeover Co KG Out Partners; mandated Rothschild to sell INVEST EQUITY Australian electical components Management assets of company SPL Powerlines Consulting GmbH. The seller plans to advertise GmbH the company via a road-show over the summer. It’s reported Powerline generated €200m revenues.

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 H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Value Value change (€m) (€m) (%) 1 4 Morgan Stanley 132.3 63 71.4 85.3% 2 1 Goldman Sachs 120.9 68 111.6 8.3% 3 3 Deutsche Bank 118.1 55 78.6 50.3% 4 5 Barclays 102.2 42 51.2 99.6% 5 7 JPMorgan 97.4 51 50.6 92.7% 6 8 Rothschild 72.7 92 48.6 49.5% 7 10 Lazard 66.3 51 37.0 79.1% 8 6 Citigroup 64.6 27 50.9 27.0% 9 13 BNP Paribas 61.6 21 29.4 109.5% 10 2 Credit Suisse 61.5 32 79.5 -22.7% 11 9 Bank of America Merrill Lynch 59.4 37 40.1 47.9% 12 16 Nomura Holdings 57.7 21 19.4 198.0% 13 15 UBS Investment Bank 27.6 36 21.2 30.2% 14 11 HSBC 21.7 22 36.6 -40.7% 15 27 Centerview Partners 18.1 3 6.7 171.8% 16 43 Rabobank 15.1 18 3.5 330.4% 17 38 RBC Capital Markets 14.0 14 3.8 267.7% 18 12 SG 13.0 23 33.7 -61.4% 19 36 Leonardo & Co 11.7 17 4.3 171.9% 20 26 Sberbank 9.9 16 8.3 20.4% Source: mergermarket

TOP 20 FINANCIAL ADVISERS – EUROPEAN VOLUME

Ranking H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Deal count Deal count (€m) change 1 2 Rothschild 72.7 92 101 -9 2 6 Goldman Sachs 120.9 68 72 -4 3 9 Morgan Stanley 132.3 63 54 9 4 1 KPMG 3.0 59 109 -50 5 3 PwC 3.3 56 92 -36 6 7 Deutsche Bank 118.1 55 57 -2 7 5 Deloitte 2.6 55 73 -18 8 13 JPMorgan 97.4 51 49 2 9 10 Lazard 66.3 51 52 -1 10 20 Barclays 102.2 42 32 10 11 11 Bank of America Merrill Lynch 59.4 37 51 -14 12 12 UBS Investment Bank 27.6 36 50 -14 13 8 Credit Suisse 61.5 32 55 -23 14 4 Ernst & Young 2.1 31 74 -43 15 15 Citigroup 64.6 27 39 -12 16 17 M&A International 0.5 27 36 -9 17 21 DC Advisory Partners 2.3 24 29 -5 18 18 SG 13.0 23 35 -12 19 22 HSBC 21.7 22 28 -6 20 37 Investec 2.3 22 16 6 Source: mergermarket

TOP 20 LEGAL ADVISERS – EUROPEAN EUROPE VALUE

Ranking H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Value Value change (€m) (€m) (%) 1 9 Clifford Chance 119.3 91 44.5 167.8% 2 1 Freshﬁelds Bruckhaus Deringer 95.9 76 108.1 -11.2% 3 2 Linklaters 86.5 99 103.9 -16.7% 4 20 Skadden Arps Slate Meagher & Flom 55.8 33 23.6 136.3% 5 175 King & Wood Mallesons 55.5 6 0.7 7468.2% 6 4 Allen & Overy 43.1 68 60.3 -28.5% 7 8 Cleary Gottlieb Steen & Hamilton 35.9 30 49.5 -27.6% 8 3 Sullivan & Cromwell 34.2 18 83.1 -58.9% 9 73 A&L Goodbody 25.2 12 5.2 382.2% 10 45 Kirkland & Ellis 25.0 18 10.3 141.9% 11 29 Davis Polk & Wardwell 24.3 14 15.9 53.1% 12 6 Simpson Thacher & Bartlett 23.9 14 53.6 -55.5% 13 7 Wachtell, Lipton, Rosen & Katz 18.6 7 51.6 -63.9% 14 89 Gibson Dunn & Crutcher 18.6 13 3.6 412.1% 15 14 Weil Gotshal & Manges 18.4 26 30.0 -38.8% 16 35 DLA Piper 17.1 62 14.5 17.4% 17 11 Blake, Cassels & Graydon 17.0 18 33.6 -49.4% 18 18 Hengeler Mueller 16.8 28 27.9 -39.7% 19 5 Shearman & Sterling 16.2 17 58.5 -72.4% 20 24 Baker & McKenzie 16.2 51 20.5 -21.3% Source: mergermarket

TOP 20 LEGAL ADVISERS – EUROPEAN VOLUME

Ranking H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Deal count Deal count (€m) change 1 2 Linklaters 86.5 99 126 -27 2 4 Clifford Chance 119.3 91 112 -21 3 1 Freshﬁelds Bruckhaus Deringer 95.9 76 129 -53 4 5 Allen & Overy 43.1 68 99 -31 5 6 DLA Piper 17.1 62 93 -31 6 3 CMS 2.2 59 113 -54 7 7 Baker & McKenzie 16.2 51 84 -33 8 8 Hogan Lovells 11.8 49 66 -17 9 10 White & Case 15.3 45 59 -14 10 11 Jones Day 13.31 44 56 -12 11 13 Eversheds 8.9 37 52 -15 12 9 Latham & Watkins 11.7 34 62 -28 13 19 Skadden Arps Slate Meagher & Flom 55.8 33 41 -8 14 18 Pinsent Masons 2.4 33 42 -9 15 29 Cleary Gottlieb Steen & Hamilton 35.9 30 29 1 16 17 SJ Berwin 2.0 29 43 -14 17 - Mannheimer Swartling 0.80 29 - - 18 25 Hengeler Mueller 0.0 28 33 -5 19 22 Mayer Brown 11.2 28 36 -8 20 15 Loyens & Loeff 9.9 28 47 -19 Source: mergermarket

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON EUROPEAN BUYOUTS EUROPE VALUE VOLUME Rank Rank H1 2012 Company name Value Deal H1 2012 Company name Deal Value (US$m) count count (US$m) 1 Arcus Infrastructure Partners 4,196 1 1 Lloyds TSB Development Capital 256 6 2 Macquarie Group 3,370 2 2 AXA Private Equity 370 5 3 EQT Partners 2,327 3 3 Nordic Capital 262 4 4 CVC Capital Partners 1,800 1 4 Naxicap Partners 176 4 5 Vista Equity Partners 1,700 2 5 mutares - 4 6 Infracapital Partners 1,546 1 6 Polaris Management - 4 7 Blackstone Group 1,492 1 7 EQT Partners 2,327 3 8 Cinven 1,440 3 8 Cinven 1,440 3 9 Terra Firma Capital Partners 1,342 2 9 Clessidra 985 3 10 Partners Group Holding 1,100 2 10 Montagu Private Equity 458 3 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 30-Jun-12 and exclude lapsed and withdrawn deals.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON EUROPEAN EXITS VALUE VOLUME Rank Rank H1 2012 Company name Value Deal H1 2012 Company name Deal Value (US$m) count count (US$m) 1 Kohlberg Kravis Roberts & Co 5,270 1 1 3i Group 569 6 2 CVC Capital Partners 4,302 3 2 CVC Capital Partners 4,302 3 3 Permira 3,823 1 3 EQT Partners 1,730 3 4 Cinven 1,800 1 4 Electra Partners 1,375 3 5 GS Capital Partners 1,800 1 5 AAC Capital Partners 346 3 6 Montagu Private Equity 1,800 1 6 Gimv 176 3 7 EQT Partners 1,730 3 7 Scottish Equity Partners 160 3 8 Electra Partners 1,375 3 8 Foresight Group 121 3 9 Mid Europa Partners 1,370 2 9 XAnge Capital 116 3 10 Equistone Partners Europe 1,210 2 10 Caird Capital 104 3 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 30-Jun-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 Q2 12 REN Q1 T 11 Q4

H1 2012 Exit volume Exit volume 11 Q3 ITY 11 Q2

U 11 Q1 2011 E Q Monthly M&A Insider Monthly 10 Q4 10 Q3 E E 10 Q2 IVAT Buyout volume Buyout volume R 10 Q1 2010 P 09

Q4 IVAT Y R 09 Q3 P 09 Q2 L 2009 Exit value Exit value 09 Q1 ERL A T 08 Q4 R 08 Q3 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 REN 06 Q4 A A T

06 Q3 E E 2006 P P 06 Q2 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 Q2 12 Q1 et volume et volume 11 Q4 H1 2012 11 Q3 11 Q2 HS Mid-mark Mid-mark 11 Q1 2011 D 10 Q4 P 10 Q3 D 10 Q2 REN A 10 Q1 2010 T tal volume tal volume

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

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

To To A A 06 Q4 E E 06 Q3

P P 2006 06 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 x e e s y, Mining & Utilities ce ommunic dic c rg y enc E an le ansportation echnol UK CE Iberia Fr Nor Germany Benelu Ital Switzerlan Other Agricultur Def Construction Real Estate Te Industrials & Chemic Consumer Busines T Financial Servic Ene Pharma, Medic Media Tr Leisur Monthly M&A Insider Monthly 9.1% 16.3% 4.7% 23.9% 22.0% 10.4% 12.7% 0.3% 1.0% 1.7% 9.5% 13.9% 2.9% 1.9% 10.6% 3.3% 3.4% ME ME 3.5% 5.5% 8.2% LU LU 3.5% 10.8% O O 8.8% 5.4% 6.7% V V s al es es al & Biotech ations d e s Servic ogy x e y, Mining & Utilities s ommunic ce OWN Q2 2012 c rg dic y E le an ansportation D echnol Agricultur Financial Servic Ene Pharma, Medic Media Tr Leisur Construction Real Estate Te Industrials & Chemic Consumer Busines T Germany Benelu Ital Switzerlan Other UK CE Iberia Fr Nor K A OWN Q2 2012 D K BRE 4.5% 10.3% 14.6% A C 3.3% 24.8% 6.1% APHI HS 12.7% 3.6% OR BRE P T 13.0% A EC S GEOGR 0.2% 11.4% GR 7.2% 11.5% D

N M&A N M&A A A 2.8% 8.9% E E 23.1%

E E P P 2.6% 5.1% 1.2% 3.4%

7.2%

2.3% REN URO URO 9.1% 11.3% VALU E

E VALU T

EUROPE 51 e 0.3% 0.8% 3.0% 3.4% 92.5% osed valu H1 2012 5,000m € 500m 2,000m € € - - 2011 0.7% 3.1% 3.0% 0.2% 93.0% 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% 0.2% 2009 0.6% 2.1% 2.3% 94.8% 2008 0.6% 2.7% 3.2% 0.4% 93.1% 2007 0.9% 4.0% 3.9% 0.4% 90.8% 2006 0.4% 0.9% 3.8% 3.5% ME 91.4% LU

88 98 96 94 92 90

100

entage rc O Pe V e 29.4% 21.2% 25.0% 10.3% 14.1% osed valu H1 2012 5,000m € 500m 2,000m € € - - 2011 30.8% 11.4% 18.8% 17.2% 21.8% 250m or undiscl 5,001m OWN 251m 501m 2,001m- <€ € € € >€ D K A 2010 9.3% 29.7% 17.6% 22.6% 20.8% RE B 2009 9.2% 24.1% 20.3% 26.4% 20.0% ZE I HS P L S A 2008 9.1% A 14.8% 20.2% 17.1% 38.8% E D GR 2007 8.4% 13.7% 16.4% 22.3% 39.2%

D N M&A A E

2006

8.4% 15.9% 17.6% 23.5% 34.6% E P

10 40 30 20 60 50 90 80 70

REN 100

entage rc Pe VALU

EURO T

EUROPE A mergermarket M&A report on THE MIDDLE EAST & AFRICA

It has been a struggle for THE Middle East & Africa’s (ME&A) M&A activity to revive itself after Middle political upheaval last spring. However, Q2 2012 figures show a significant improvement and give a hint of optimism for the second half of the year. Deal value surged by 68.7% from

E US$8.6bn in Q1 2012 to US$14.5bn in Q2 2012 for 69 deals - making this quarter the strongest in ast & the past year. This quarter generated the largest deal value the region has seen since the

A highest quarterly value on mergermarket record in Q1 2011 (US$19.7bn) and also the highest Q2 frica deal value on record seen in 2006 (US$19.7bn).

Egypt was the most lucrative region for Q2 with a 24.39% Private equity market share deal value at a total value of US$3.5bn for only Private equity buyouts were more common than exits for Q2 two deals. This was closely followed by Israel (US$3.3bn, with nine buyouts worth US$502m compared to four exits 18 deals). The highest deal volume was South Africa with worth US$430m. Buyouts followed the trend since 2009 where 19 deals valuing US$1.3bn. Q2 is generally slower for buyouts than Q1. There was a 66.9% drop in Q2 (US$502m) from Q1( US$1.5bn). There has been TMT take over a similar theme for exits since 2010 and this time it resulted Technology, Media and Telecommunications (TMT) was by far in a 48.9% difference from Q1 (US$842m) to Q2 (US$430m). the most dynamic sector this quarter taking a 49% market If private equity deals develop in the same way as done in share with a deal value of US$7.1bn (11 deals). Consolidation previous years then the third quarter will produce a definite in this sector is one of the main reasons for the boost which increase in deals, supported by the average deal value for both comes as networks compete for customers across the region. buyouts and exits currently being half way to what values were in 2011. The sector experienced the highest deal value since two peak Advising activity values on mergermarket record for this region. TMT also HSBC moved fifteen places to the top of the financial adviser surpassed all other sectors for its average deal size in charts in Q2 2012 with a deal value of US$6.5m for five deals Q2 2012 (US$644m). which created a 151.3% increase on the same period last year Technology improvements are encouraging people to turn to where deals they advised totalled US$2.6m. mobile phone banking as well which teams with the financial The top spot for legal advisers is taken by Allen & Overy services sector that incidentally was the second largest sector advising on eleven deals worth US$3.5bn even though the for deal value in Q2 (US$3.8bn, 17 deals). The growth can change in value is - 24.1% on H1 2011s results (US$4.7bn.) partly be put down to the growing younger population in Africa who are more aware of the technologies available and the steadily growing salaries in some areas making the regions readily accessible for investors.

Top Deal Five out of the top ten deals for Q2 2012 were TMT related whilst two of these were in June alone. Qatar Telecom, a listed Qatari telecommunications service, increased its stake in Asiacell, an Iraqi mobile telecommunications company, to 60% separated into two deals for a cash consideration of US$1.47bn. MerchantBridge & Co, a UK investment firm, divested from the company by selling its remaining 19%. Faruk Group Holding, an Iraq-based investment company, sold 11% and now owns 40% after the transaction. The deal fits with Qatar Telecom’s aims to finalise Asiacell’sPO I on the Iraqi exchange later this year.

Monthly M&A Insider 52 deal of the quarter

Deal summary Middle

Announced: 12-Apr-12 Deal Value: US$3,281m E ast &

A France Telecom-Orange, the France based POST-DEAL DETAILS: frica telecommunications firms, has made an obligatory • The Board of Directors of ECMS (as is the case today) will tender offer to acquire ECMS-Mobinil, the Egypt based consist of 13 directors, 7 appointed by France Telecom- telecommunications firm. Orange and 6 Egyptian citizens including 3 appointed by OTMT and 3 independent directors.

DEAL TERMS: • The parties have agreed to limit OTMT’s put option for its • offer Price of EGP202.5 (US$32.90) per EMOB share for 5% remaining direct stake in ECMS to 1.67% per annum the 63.64% not already owned. over a three-year period from 2015 to 2017, with accreting • The deal values the fully diluted issued share capital of share prices ranging from EGP268.5 in 2015 to EGP296 in EMOB at EGP20,250m (US$3,291m). 2017 per ECMS share.

• The offer represents a premium of approximately 14.44% • The parties have also agreed to provide FT with a call to the Closing Price of US$28.75, on the last Business Day option to acquire all ECMS shares during a January- prior to the announcement. February exercise period in each year from 2013 to 2017, at prices accreting at a rate similar to that of the • The offer represents a premium of approximately put option granted to OTMT, ranging from EGP243.5 to 11.83% to Closing Price of US$29.88, one month prior EGP296 per ECMS share. to the announcement. • oTMT has also granted FT a right of first refusal over any sale by OTMT of its stake in ECMS. RATIONALE: • FT intends to allow up to 15% of ECMS’ shares will be • The transaction is in line FT’s strategy of investing in high- held by the Egyptian shareholders. growth potential assets in Northern Africa.

• The company expects to benefit from ECMS’ future BACKGROUND: development opportunities in the growing Egyptian market. • FT and OTMT have signed a non-binding memorandum of understanding on terms of the share transfer agreement IRREVOCABLE UNDERTAKINGS: on 13 February 2012. • FT has reached an agreement with the second major • FT was continuously increasing its stake in ECMS in the shareholder of ECMS - Orascom Teleco Media and transaction that took place throughout the year 2009. Technology Holding (OTMT), the company will decrease its shareholding in ECMS from the current 35.67% to 5%, post • In 2010, ECMS generated revenues of EGP10,580m the transaction (retaining almost 30% of the voting rights). approximately.

CONDITIONS: • EFSA approval.

Monthly M&A Insider 53 DEAL OF THE QUARTER

Exit multiples – Y/E 31-Mar-11 Premium analysis MIDDLE Multiples Value (US$m) Offer price per share (US$) 32.91

Revenue 2.6 x 1,691 1 day before 14.44%

E EBITDA 8.1 x 541.3 1 month before 10.14% AST & EBIT 31.2 x 141.2 1 day after 11.83% Earnings - -42 Pre-rumor -2.95% A FRICA

Advisers Target/Seller Bidder Financial - Financial HSBC Lazard SG Legal Cleary Gottlieb Steen & Hamilton LLP Legal Dechert LLP

PR - PR Euro RSCG C&O (AMO)

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

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 France Telecom SA Headquarters: Paris, France

Sector: TMT

Description: France based provider of telecommunication, publishing and internet services

Target Egyptian Company for Mobile Services Headquarters: Cairo, Egypt

Sector: TMT

Description: Egypt based mobile network operator

Monthly M&A Insider 54 Top deals & Expected deals

Tddleop 10 Mi Eastern & African announced deals of Q2 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 12-Apr-12 France Telecom SA Egyptian Company for Mobile TMT Orascom Telecom 2.6 8.1 - 14.4% 3,281 ast & Services (63.64% stake) Media and Technology Holding SAE

A 19-Jun-12 National Bank of Boubyan Bank of Kuwait Financial -- 0.1 1.6% 2,071 frica Kuwait SAK Services 05-Jun-12 Hutchison Whampoa Scailex Corporation Ltd TMT Suny Electronic Inc 0.7 6.2 - 224.5% 1,392 Limited; and Li Ka (75.00% stake) Ltd Shing Foundation Limited 05-Jun-12 Qatar Telecom (QTel) Asia Cell Telecommunication TMT MerchantBridge & ---- 931 QSC Company Ltd (19.00% stake) Co Ltd 18-Apr-12 Oman International HSBC Bank Middle East Financial HSBC Bank Middle n/a n/a -- 733 Bank Limited (Oman based Services East Limited operations) (49.00% stake) 27-Jun-12 Danone SA Centrale Laitiere Consumer Societe Nationale 2.4 14.3 34.9 31.1% 686 (37.80% stake) D'Investissement SA 16-Apr-12 Stratasys Inc Objet Limited TMT 4.8 29.2 42.9 - 630 05-Jun-12 Qatar Telecom (QTel) Asia Cell Telecommunication TMT Faruk Group Holding -- 539 QSC Company Ltd (11.00% stake) 21-May-12 Aker Solutions ASA NPS Energy Energy, Mining National Petroleum 4.0 11.4 -- 460 & Utilities Services 24-Apr-12 Industrial Scaw South Africa (Pty) Ltd Industrials & Anglo American Plc ---- 438 Development (74.00% stake) Chemicals Corporation; and Black Economic Empowerment 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 09-Jul-12

Monthly M&A Insider 55 Top deals & Expected deals

Pipeline of Middle Eastern & African expected deals Middle Situation Target company Sector Potential bidder Financial adviser to Seller company Market cap/ Comments company bidder (B); target (T); est. value seller (S) (US$m)

E P otential La Mancha Energy, Mining BMO Nesbitt Burns AREVA SA 1,284 The gold mining company with ast & Takeover Resources Inc & Utilities (T) operations in Africa and Australia, Target has received at least three first- round bids of around US$400m, said

A tow sources close to the situation. frica Bidders were mainly gold miners including offers from Australia, China and Canada, said the first source, declining to reveal buyers’ names. Rumoured Magnolia Silver Consumer Dolce & Gabbana Markstone Capital 986 According to industry sources, Takeover Jewelry Spa; Hellenic Duty Partners LLC Markstone is looking to sell Magnolia, Free Shops SA; the Israel based fashion jewelry Swarovski AG; chain, as it is one of Markstone’s DKSH Holding Ltd; more valuable holdings. and Pandora AS Potential ConocoPhillips Energy, Mining Seplat Petroleum BNP Paribas SA (B) ConocoPhillips 716 Seplat Petroleum, a private Nigeria Takeover (Nigerian & Utilities Company Company based oil company will be bidding Target assets) for ConocoPhilips onshore assets in Nigeria, according to its Chairman Dr ABC Orjiako. A final valuation of the assets will be given in August with first-round bids due in September, and a consortium of local and international banks has been hired for the bid, the chairman said. This acquisitive mood is favoured by the pending Petroleum Industrial Bill (PIB), which should encourage indigenous companies to buy divested international assets, Orjiako explained. Expected deals based on confirmed announcements by companies involved

Monthly M&A Insider 56 LEAGUE TABLES

TOP 20 FINANCIAL ADVISERS – MIDDLE EAST & AFRICA MIDDLE VALUE

Ranking H1 2012 H1 2011 E

AST & H1 2012 H1 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 15 HSBC 6,540.0 5 2,602 1.5

A 2 1 Goldman Sachs 6,211.0 7 14,990 -0.6 FRICA 3 27 Lazard 5,359.0 4 1,000 4.4 4 2 Bank of America Merrill Lynch 3,388.0 5 11,770 -0.7 5 - SG 3,281.0 1 - - 6 - Nomura Holdings 3,264.0 2 - - 7 29 UBS Investment Bank 3,046.0 4 924 2.3 8 - Credit Suisse 2,931.0 2 - - 9 10 Citigroup 2,356.0 2 4,428 -0.5 10 12 Rothschild 2,301.0 4 3,273 -0.3 11 4 Deutsche Bank 2,273.0 1 9,269 -0.8 12 34 PwC 2,165.0 6 254 7.5 13 38 RBC Capital Markets 2,096.0 5 206 9.2 14 - Banco Itau BBA 2,000.0 1 - - 15 7 JPMorgan 1,565.0 5 6,337 -0.8 16 21 Jefferies & Company 1,475.0 4 1,632 -0.1 17 - BMO Capital Markets 1,250.0 1 - - 18 - EFG-Hermes Holding 1,241.0 2 - - 19 - UniCredit Group 1,119.0 1 n/a n/a 20 17 Rand Merchant Bank 1,051.0 5 2,417 -0.6 Source: mergermarket

TOP 20 FINANCIAL ADVISERS – MIDDLE EAST & AFRICA VOLUME

Ranking H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 1 Goldman Sachs 6,211.0 7 11 -4 2 15 PwC 2,165.0 6 4 2 3 10 Ernst & Young 841.0 6 6 0 4 11 HSBC 6,540.0 5 5 0 5 5 Bank of America Merrill Lynch 3,388.0 5 7 -2 6 43 RBC Capital Markets 2,096.0 5 1 4 7 4 JPMorgan 1,565.0 5 8 -3 8 2 Rand Merchant Bank 1,051.0 5 10 -5 9 36 Lazard 5,359.0 4 1 3 10 21 UBS Investment Bank 3,046.0 4 3 1 11 19 Rothschild 2,301.0 4 3 1 12 14 Jefferies & Company 1,475.0 4 4 0 13 - Barclays 993.0 4 - - 14 8 Standard Bank Group 831.0 3 6 -3 15 9 Investec 776.0 3 6 -3 16 - BDO 77.0 3 - - 17 - Nomura Holdings 3,264.0 2 - - 18 6 Credit Suisse 2,931.0 2 7 -5 19 18 Citigroup 2,356.0 2 3 -1 20 - EFG-Hermes Holding 1,241.0 2 - - Source: mergermarket

The ﬁnancial adviser league tables by value and volume have been run from 01-Jan-12 to 30-Jun-12. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Middle East & Africa including Israel. Monthly M&A Insider 57 LEAGUE TABLES

TOP 20 LEGAL ADVISERS – MIDDLE EAST & AFRICA MIDDLE VALUE

Ranking H1 2012 H1 2011 E

AST & H1 2012 H1 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 9 Allen & Overy 3,529.0 11 4,652 -0.2

A 2 - Dechert 3,501.0 3 - - FRICA 3 56 Cleary Gottlieb Steen & Hamilton 3,281.0 1 504 5.5 4 1 Linklaters 3,049.0 7 12,620 -0.8 5 2 Freshﬁelds Bruckhaus Deringer 2,926.0 7 12,160 -0.8 6 5 Dewey & LeBoeuf 2,485.0 3 6,724 -0.6 7 29 Sullivan & Cromwell 2,273.0 1 1,504 0.5 8 46 Shearman & Sterling 2,027.0 4 736 1.8 9 - Davis Polk & Wardwell 2,000.0 1 - - 10 - Lefosse Advogados 2,000.0 1 - - 11 - Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 2,000.0 1 n/a n/a 12 - Souza, Cescon, Barrieu & Flesch Advogados 2,000.0 1 n/a n/a 13 16 Herzog, Fox and Neeman 1,878.0 9 2,690 -0.3 14 12 Clifford Chance 1,848.0 5 2,914 -0.4 15 38 Meitar Liquornik Geva & Leshem Brandwein 1,814.0 7 831 1.2 16 24 Fasken Martineau Dumoulin 1,806.0 4 1,831 0.0 17 110 Weil Gotshal & Manges 1,756.0 4 20 86.8 18 - Jones Day 1,750.0 3 - - 19 - Yigal Arnon & Co 1,528.0 2 - - 20 17 Edward Nathan Sonnenbergs 1,494.0 13 2,621 -0.4 Source: mergermarket

TOP 20 LEGAL ADVISERS – MIDDLE EAST & AFRICA VOLUME

Ranking H1 2012 H1 2011 H1 2012 H1 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 6 Edward Nathan Sonnenbergs 1,494.0 13 10 3 2 12 Allen & Overy 3,529.0 11 5 6 3 7 Herzog, Fox and Neeman 1,878.0 9 8 1 4 5 Linklaters 3,049.0 7 10 -3 5 8 Freshﬁelds Bruckhaus Deringer 2,926.0 7 6 1 6 11 Meitar Liquornik Geva & Leshem Brandwein 1,814.0 7 6 1 7 4 Bowman Gilﬁllan 313.0 7 11 -4 8 9 Clifford Chance 1,848.0 5 6 -1 9 43 Shearman & Sterling 2,027.0 4 2 2 10 37 Fasken Martineau Dumoulin 1,806.00 4 2 2 11 55 Weil Gotshal & Manges 1,756.0 4 2 2 12 3 Webber Wentzel 575.0 4 11 -7 13 2 Werksmans 541.0 4 16 -12 14 53 Mayer Brown 499.0 4 2 2 15 - Dechert 3,501.0 3 - - 16 24 Dewey & LeBoeuf 2,485.0 3 3 0 17 - Jones Day 1,750.00 3 - - 18 31 Ashurst 1,070.0 3 3 0 19 - Stikeman Elliott 511.0 3 - - 20 1 DLA Cliffe Dekker Hofmeyr 420.0 3 18 -15 Source: mergermarket

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

E H1 2012 Company name Value Deal H1 2012 Company name Deal Value AST & (US$m) count count (US$m) 1 EFG Hermes 991 1 1 Abraaj Capital Holdings Limited 127 3

A 2 Access Industries 332 1 2 Capitalworks 39 2 FRICA 3 Abraaj Capital Holdings Limited 127 3 3 Gulf Capital 27 2 4 Duet Group 118 1 4 EFG Hermes 991 1 5 Ethos Private Equity Ltd 109 1 5 Access Industries 332 1 6= Citi Venture Capital International 100 1 6 Duet Group 118 1 6= Levant Capital Limited 100 1 7 Ethos Private Equity Ltd 109 1 8 First Israel Mezzanine Investors Ltd 64 1 8= Citi Venture Capital International 100 1 9= Aureos Capital Limited 55 1 8= Levant Capital Limited 100 1 9= Swedfund International AB 55 1 9 First Israel Mezzanine Investors Ltd 64 1 9= Tuninvest 55 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 30-Jun-12 and exclude lapsed and withdrawn deals.

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON MIDDLE EASTERN & AFRICAN EXITS VALUE VOLUME Rank Rank H1 2012 Company name Value Deal H1 2012 Company name Deal Value (US$m) count count (US$m) 1 Battery Ventures 820 2 1 Battery Ventures 820 2 2= Giza Venture Capital 430 1 2= Giza Venture Capital 430 1 2= Jerusalem Venture Partners 430 1 2= Jerusalem Venture Partners 430 1 2= Lightspeed Venture Partners 430 1 2= Lightspeed Venture Partners 430 1 5= Intel Capital 390 1 5= Intel Capital 390 1 5= Pitango Venture Capital 390 1 5= Pitango Venture Capital 390 1 7 Citadel Capital SAE 148 1 7 Citadel Capital SAE 148 1 8 NBK Capital 140 1 8 NBK Capital 140 1 9= Bessemer Venture Partners 130 1 9= Bessemer Venture Partners 130 1 9= Shaked Ventures 130 1 9= Shaked Ventures 130 1 9= StageOne Ventures 130 1 9= StageOne Ventures 130 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 30-Jun-12 and exclude lapsed and withdrawn deals.

Monthly M&A Insider 59 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 H1 2012 2006 2007 2008 2009 2010 2011 H1 2012

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

Monthly M&A Insider 60 TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&A GEOGRAPHIC BREAKDOWN Q2 2012 MIDDLE

VALUE VOLUME E AST & 0.2% 9.0% 0.3% Israel Israel 23.0% A 4.7% Kuwait 27.5% 26.1% Kuwait FRICA

5.1% United Arab Emirates United Arab Emirates 0.6% Ghana Ghana 0.7% Kenya Kenya

10.2% Bahrain Bahrain

Egypt 5.8% Egypt 15.1% Iraq Iraq 1.4% each Nigeria 4.3% Nigeria 2.9% Qatar 4.3% Qatar 3.2% 24.4% 1.8% 4.3% Oman 2.9% 2.9% Botswana 2.9% 4.3% 1.0% 2.9% 0.8% Morocco Oman

Namibia Morocco

Saudi Arabia Namibia

South Africa Saudi Arabia

Lebanon

Libya

South Africa

MIDDLE EASTERN & AFRICAN M&A SECTOR BREAKDOWN Q2 2012

VALUE VOLUME

0.8% 0.1% 1.4% 1.2% 0.2% 2.3% 2.9% 3.1% 4.3% Financial Services Financial Services 5.7% 4.3% 26.2% 24.6% TMT TMT 4.3% 6.1% Industrials & Chemicals Industrials & Chemicals

Energy, Mining & Utilites 5.8% Energy, Mining & Utilites

5.2% Consumer Consumer

Business Services Business Services

Transportation 10.1% Transportation

Pharma, Medical & Biotech Pharma, Medical & Biotech 15.9% Construction Construction

Leisure 11.6% Leisure

Agriculture Agriculture 49.0% 14.5%

Monthly M&A Insider 61 TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&A DEAL SIZE BREAKDOWN MIDDLE

VALUE VOLUME E AST &

100 100 3.8% 3.4% 9.1% 7.2% 6.0% 7.2% 7.4% 5.7% 4.0% 5.7% 90 90 5.6% 6.0% A 6.2% 8.1% 13.1% FRICA 11.1% 10.2% 11.3% 80 80 14.5% 15.4% 12.1% 47.9% 53.3% 59.0% 70 57.4% 70 65.7% 67.0% 32.6% 68.0% 36.3% 33.7% 28.1% 60 60 28.2% 32.5% entage entage 33.9% rc 50 rc 50 Pe 19.1% Pe 40 13.2% 40 17.6% 19.6% 30 12.8% 30 11.3% 12.6% 47.5% 17.6% 19.2% 47.0% 44.4% 44.3% 39.3% 43.1% 20 14.6% 20 36.3% 12.7% 13.2% 9.4% 12.4% 10 13.7% 12.9% 10 7.8% 7.5% 8.9% 9.1% 8.1%

0 1.0% 0.9% 1.7% 1.6% 1.0% 1.3% 0.8% 0 2006 2007 2008 2009 2010 2011 H1 2012 2006 2007 2008 2009 2010 2011 H1 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 Q2 2012 Q2 2011 % change Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count Value Volume TMT 7,089 49.0% 11 987 14.9% 13 618% -15% Financial Services 3,790 26.2% 17 467 7.0% 9 712% 89% Energy, Mining & Utilities 878 6.1% 8 2,972 44.9% 14 -70% -43% Consumer 831 5.7% 7 700 10.6% 13 19% -46% Industrials & Chemicals 756 5.2% 10 623 9.4% 11 21% -9% Business Services 453 3.1% 4 421 6.4% 8 8% -50% Pharma, Medical & Biotech 334 2.3% 3 26 0.4% 6 1185% -50% Transportation 179 1.2% 3 14 0.2% 3 1179% 0% Construction 122 0.8% 3 156 2.4% 8 -22% -63% Agriculture 35 0.2% 1 0 0.0% 0 ? ? Leisure 13 0.1% 2 90 1.4% 2 -86% 0% Real Estate 0 0.0% 0 170 2.6% 2 -100% -100% Defence 0 0.0% 0 0 0.0% 0 - ? Total 14,480 69 6,626 89 119% -22%

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Monthly M&A Insider 63 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 64 ABOUT MERRILL CORPORATION

EXECUTIVE MANAGEMENT Vincent Lork Steve Piccone A

BOU Regional Director, South East Asia Vice President, New York Ed Bifulk Tel: +65 6248 4602 Tel: +1 212 229 6883 President T

M Tel: +1 212 229 6563 Chris Robilliard Paul Kleinkauf

ERRILL Regional Director, Australia & New Regional Director, Southeast Paul Hartzell Zealand Tel: +1 404 602 3251 Senior Vice President Tel: +612 8667 3064 Tel: +1 212 367 5950 Michail Sidorov

C Manuel Bentosinos Regional Director, Ohio & Michigan O

R Regional Director, Mexico, Columbia and Tel: +1 216-333-1274

PO Caribbean EXECUTIVE SALES Jessie Saini

RATI Tel: +52 55 9171 2237 Chris Beckmann Regional Director, Midwest Ana Paula Macêd Távora de Castro Tel: +1 312-386-2293 ON Regional Director, Germany, Switzerland Regional Director, South America and Poland Tel: +55 11 9908 0858 Scott Haugen Tel: +49 69 25617 110 Regional Director, Minnesota & Wisconsin Luis Felipe Salles Cunha Alex Gross Tel: +1 651 632 4375 Regional Director, Brazil Regional Director, Eastern Europe & Tel: +55 11 3568 2429 Anthony Crosby Middle East Regional Director, Chicago Tel: +49 69 7593 7148 Carlos Nogueira Tel: +1 312 674 6511 Regional Director, Brazil Michael Hinchliffe Tel: +55 11-3895-8572 Mark Plaehn Regional Director, U. K. Regional Director, Chicago Tel: +44 20 7422 6100 Brian Gilbreath Tel: +1 312 674 6527 Vice President, Midwest and Latin America Jonathan Hughes Tel: +1 404 934 8085 Kelly-Leigh Keefe, Account Manager, Northern Europe Regional Director, Chicago Tel: +44 20 7422 6100 Hank Gregory Tel: +1 312-386-2229 SVP, Western Canada & Paciﬁc Northwest Shashank Jain Tel: + 604 603 4360 Nicholas Renter Account Manager, United Arab Emirates Regional Director, Texas Ryan MacMillan Tel: +971 (0)50 252 3025 Tel: +1 214 754 2100 Regional Director, Canada Alvaro Ortega Tel: +1 416 214 2448 Andrew Buonincontro Regional Director, Southern Europe Regional Director, Bay Area Jason Hedges Tel: +44 20 7422 6100 Tel: +1 650 493 1400 Regional Director, Canada Adam Pang Tel: +1 416-878-3260 Erik Sandie Account Manager, Europe Michael Kennedy Regional Director, Bay Area Tel: +44 20 7422 6268 Tel: +1 650 493 1400 Regional Director, New England Merlin J. Piscitelli Tel: +1 207 829 4369 Jay Loyola Regional Director, Europe Ross Whittaker Regional Director, Bay Area Tel: +44 20 7422 6100 Regional Director, New England Tel: +1 949 622 0663 Jérôme Pottier Tel: +1 617.535.1516 Shelle Martin Regional Director, France Jon Lenihan Regional Director, Bay Area Tel: +33 (0) 1 40 06 13 12 Regional Director, Boston Tel: +1 415 357 4355 Colin Schopbach Tel: +1 617-535-1618 Dan Phelan Regional Director, U. K. Scott Rediker Regional Director, Los Angeles Tel: +44 20 7422 6100 Regional Director, Mid Atlantic Tel: +1 213 253 2139 Anna Scott Tel: +1 443-690-3122 Hans Schumann Regional Director, U. K. Forrest R. Doane Regional Director, San Diego Tel: +44 20 7422 6100 Regional Director, New York Tel: +1 760 635 0830 Hakema El-Hadad Tel: +1 212 229 6620 David Yeary Regional Director, Northern Africa Adam Kuritzky Vice President, DataSite Life Sciences Tel: +33 (0) 1 40 06 13 10 Regional Director, New York Tel: +1 415 307 4414 Mark Finnie Tel: +1 917 232 9569 James Snaza Regional Director, North Asia John McElrone Director of Life Sciences Tel: +852 2536 2534 Regional Director, New York Tel: +1 651 632 4585 Ari Lee Tel: +1 212 229 6656 Jon Blue Regional Director, North Asia Matthew Mezzancello Vice President, Clean Tech Tel: +852 9855 3758 Regional Director, NY, NJ & PA Tel: +1 206-696-9169 Tel: +1 212 229 6618

Monthly M&A Insider 65 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. • Q2 2012/ H1 2012 refer to the period 01-Jan-12 to 30-Jun-12.

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