Q1 2012 Deals and Exits

April 2012 Page 1 of 2

Fig. 1: - Number and Aggregate Value of Deals Globally: 354 valued at $25.3bn were completed in North America in Q1 Q1 2006 - Q1 2012 Fig. 2: - Aggregate Deal Value By Region: Q1 2008 - Q1 2012 ($bn) 2012, a 17% decrease from the $30.4bn recorded in the region during Q4 2011,

1000 300.0 45.0 European deal values in Q1 2012 hit a two-year low. $12.7bn in deals 900 40.0 250.0 were completed during the quarter, a near 50% drop in activity when 800 35.0 700 compared to the quarterly average of $24bn seen in the region through- 200.0 30.0 600 out 2011. 25.0 500 150.0 400 20.0 Deal values in Asia and Rest of World fell back to $8.3bn in Q1 2012, 100.0 15.0 No. of Deals 300 from $11.4bn in the fourth quarter of 2011. 200 50.0 10.0

100 ($) Aggregate Deal Value 5.0 Aggregate Deal Value ($bn) Aggregate Deal Value Leveraged buyouts accounted for the majority of deals globally in terms 0 0.0 0.0 of number and value in Q1 2012, with 44% of all deals, and 62% of the aggregate value of deals, invested in LBOs. Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2012 No. Of Deals Aggregate Deal Value ($bn) North America Europe Asia & ROW Add-on deal activity remains at elevated levels globally, with 35% of all Fig. 3: Global Number of PE-backed Exits by Type and Aggregate Fig. 4: Breakdown of Number and Aggregate Value of PE-Backed deals in Q1 2012 falling into this bolt-on category, maintaining the levels of add-on activity witnessed in Q4 2011, Exit Value: Q1 2006 - Q1 2012 Deals in Q1 2012 by Type 82% of deals in the fi rst quarter of 2012 were small-cap deals valued at 400 140.0 100% 6% less than $250mn. This represents a four percentage point increase in 90% 17% 350 120.0 15% the proportion of the total number in comparison to Q4 2011. 80% 300 13% 100.0 70% 8% 23% of all deals were completed in the industrials sector, making it the 250 60% 35% 80.0 most prominent area of buyout activity in relation to volume of deals 200 50% once again. 60.0 40% No. of Exits 150 30% 62% 40.0 26% of deal value was contributed by those deals completed within the 100 20% 44% energy and utilities sector

20.0 ($bn) Aggregate Exit Value 50 10%

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 No. of Deals Aggregate Deal Value ($bn) 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 Buyout Add-on Public To Private IPO Restructuring Sale to GP Trade Sale Aggregate Exit Value ($bn) Fig. 5: Breakdown of Number and Aggregate Value of PE-Backed Fig. 6: Breakdown of Number and Aggregate Value of PE-Backed Deals in Q1 2012 by Value Band Deals in Q1 2012 by Industry

100% 4% 30% 4% 26% 90% 10% 25% 23% 80% 20% 20% 52% 17% 70% 20% 15% 15% 13% 11% 12% 60% 10% 10% 10% 50% 7% 7% 7% 6% 5% 5% 5% 12% 5% 40% 2%

30% 62% 14% 0%

20% 13% Other

10% Retail Industrials Healthcare Technology Information Information 9% & Consumer 0% Business Services No. of Deals Aggregate Deal Value ($bn) & Utilities Energy Telecoms & Media Food & & Food Agriculture Less than $100mn $100-249mn $250-499mn $500-999mn $1bn or More No. of Deals Aggregate Deal Value Q1 2012 Private Equity Deals and Exits

April 2012 Page 2 of 2

Fig. 7: 10 Largest Buyout Deals Globally Q1 2012

Deal Size Name Date Type Currency Buyers Sellers Industry Location (mn) El Paso Corporation Oil And Natural Gas Access Industries, , Korea National Oil Feb-12 Buyout 7,150 USD El Paso Corporation Oil & Gas US Exploration And Production Assets Corporation, Riverstone Holdings Madison Dearborn Partners, TransUnion Feb-12 Buyout 3,000 USD Advent International, Goldman Sachs Merchant Banking Division Financial Services US The Pritzker Group Reliance Communications Reliance Infratel Limited Feb-12 Buyout 150,000 INR Blackstone Group, Carlyle Group Telecoms India Limited Cinven, Goldman Sachs Ahlsell Feb-12 Buyout 1,800 EUR CVC Capital Partners Distribution Sweden Merchant Banking Division Cheniere Energy, Inc. Feb-12 Growth Capital 2,000 USD Blackstone Group - Oil & Gas US Quest Software Inc. Mar-12 Public To Private 2,000 USD Insight Venture Partners - Software US Misys plc Mar-12 Public To Private 1,267 GBP Vista Equity Partners - Financial Services UK CPA Global Jan-12 Buyout 950 GBP Cinven Intermediate Capital Group Outsourcing Jersey Florida East Coast Industries Inc. Jan-12 Buyout 1,200 USD TPG Fortress Investment Group Property US Pep Boys Jan-12 Public To Private 804 USD Gores Group - Retail US

Fig. 8: Notable PE-backed Exits in Q1 2012

Investment Date Deal Size Exit Value Primary Firm Investors (Entry) Currency Exit Type Exit Date Acquiror (Exit) Currency Location (Entry) (mn) (mn) Industry NDS Group Limited Jun-08 News Corporation, Permira 2,461 EUR Trade Sale Mar-12 Cisco 5,000 USD Media UK Advent International, Goldman Financial TransUnion Apr-10 Madison Dearborn Partners 1,020 USD Sale to GP Feb-12 Sachs Merchant Banking 3,000 USD US Services Division Cinven, Goldman Sachs Merchant Banking Ahlsell Nov-05 1,200 EUR Sale to GP Feb-12 CVC Capital Partners 1,800 EUR Distribution Sweden Division Orange Austria Jun-07 France Telecom, Mid Europa Partners 1,400 EUR Trade Sale Feb-12 Hutchison Whampoa 1,300 EUR Telecoms Austria Casema, Cinven, Essent Kabelcom, Ziggo Jan-07 - - IPO Mar-12 - 804 EUR Telecoms Netherlands Multikabel,

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