2018 ACGU Committee

Brian Doerner ACG University 2018 Report Card Ballard Spahr LLP (Co-Chair ACGU) Forty-five of our region's up and coming dealmakers were accepted into ACG University 2018 from a pool Bill Eginton of 90 applicants. AMETEK, Inc. (Co-Chair ACGU) The 7-week executive education initiative immersed these young deal professionals into the life cycle of a transaction using panel, presentation and case study method for teaching the key elements of sourcing, Sasank Aleti valuing, diligencing, financing, negotiating, structuring and closing a deal. Our goal is to create well LLR Partners rounded deal professionals who are conversant in all aspects of an M&A or minority transaction and to "seed" their deal network to benefit you and them. Nina Fairchild Citi Commercial Bank Each class was taught by a team of our region's most experienced dealmakers and included pre-reading, expert level instruction, practitioner panel discussions designed to offer real world experiences and team- Adrian Ironside based case work to allow for varied view points to be understood. Guardian Capital Partners

Who Was the Class of 2018? 90 applied | 45 accepted Joe Kadlec Pepper Hamilton

Brian Kerr Orix Mezzanine & Private Equity

Erin Lizotte Berwind Corporation

Brian McDaid Spring Capital Partners

Lisa Millhauser Eureka Growth Capital

Melissa Pang White and Williams

Dave Stienes LLR Partners

James Tidwell AMETEK, Inc. Who Participated? AMETEK, Inc. Fairmount Partners Adam VeVerka Aramark Flaster Greenberg P.C. NewSpring Capital Argosy Private Equity Griffin Financial Group Baker Tilly Capital, LLC Hamilton Lane Baker Tilly Virchow Krause, LLP Inverness Graham Investments PNC Business Credit Ballard Spahr Janney PwC Blank Rome LLP Klehr Harrison QVC Boathouse Capital KPMG, LLP Recovery Centers of America CBIZ MHM, LLC LBC Credit Partners RSM US LLP Citizens Commercial Banking LLR Partners South Jersey Industries Corporate Advisory Solutions M&T Bank SSG Capital Advisors Day & Zimmermann Milestone Partners Stradley Ronon Drinker Biddle & Reath NewSpring Capital TD Bank Duane Morris LLP Pepper Hamilton LLP Wells Fargo Eureka Growth Capital Phoenix Capital Resources WSFS Bank EY Pine Hill Group, LLC The Value… 99% rated all seven sessions “Excellent” or “Very Good” 100% would recommend ACGU to other young M&A Dealmakers 97% said the information was “Informative” or “Very Informative” ACGU graduates joined 267 alumni as part of the Young Dealmakers Initiative KEY ELEMENTS TAUGHT & CLASS PANELISTS

Class 1: Sourcing Deals & Building Your Acquisition Strategy Class 1 Teaching Team: • Adam VeVerka, NewSpring Capital Dan Ryan, Milestone Partners • Understanding acquirer’s investment strategy and criteria. • Chris Miller, Eureka Growth Capital • How exit strategy plays into sourcing • Brian McDaid, Spring Capital • Strategies for sourcing opportunities • Brad Segal, Comcast • Evaluating/diligencing the deal • Seth Goldblum, CMF • The investment process/proposal/investment committee • • Sheena Discher, JP Morgan Class 2: Due Diligence Class 2 Teaching Team: • Relationship & interdependence of diligence work streams • Sasank Aleti, LLR Partners • Quantifying risks/deficiencies; developing mitigation strategies • Kristen Chang, LLR Partners • Due Diligence methodologies: Financial & Accounting; • Thao Le, Pepper Hamilton LLP Operations; IT; Human Capital; Market; Legal; Insurance; Real • David Strauss, EY Estate/Environment

Class 3: Valuation – Methodologies and Approaches • Discounted cash flow Class 3 Teaching Team: • Publicly traded comparable company analysis • Adrian Ironside, Guardian Capital Partners • Comparable transaction analysis • Bharat Ramprasad, Stifel • Leverage buyout analysis • Lisa Millhauser, Eureka Growth Capital • The investment process/proposal/investment committee • Taylor Rosanova, Marcum LLP • Andrew Greenberg, GF Data Class 4: Acquisition/Debt Financing Class 4 Teaching Team: • Understanding the use of leverage & structuring Transactions • Nina Fairchild, Citi Commerical Bank • Pricing & matching debt capital to the deal • Brian Kerr, Orix Mezzanine & Private Equity • Financing alternatives • Bill Murphy, TriState Capital Bank • Historical metrics of leverage • Jon Alt, Cornerstone Capital • Calculating levered returns • Michael Mufson, Mufson Howe Class 5: Minority Investments/Growth Equity Financings Class 5 Teaching Team: • Dave Stienes, LLR Partners • Comparing financing options to growth stage • Matt Meyers, Drinker Biddle & Reath • Factors in matching financing to growth stage • Craig Palmer, Golub Capital • Valuation methodologies for earlier stage companies, focus on • Martin Angert, Susquehanna Growth Equity software and technology • Understanding the terms and structuring a term sheet Class 6: Negotiating Purchase Agreement & Closing Class 6 Teaching Team: • Letter of intent considerations • Erin Lizotte, Berwind • Overview of purchase agreement, nuances, structure, timing, • Brian Doerner, Ballard Spahr goals • Jonathan Chou, Eureka Growth Capital • Current trends in deal metrics, ABA Deal Points Study • Patrick Dolan, Delancey Street • Understanding fact patterns and key terms/issues • Kathleen King, Day & Zimmerman • Negotiations Key Issues – Teams split into buyer & seller teams and had to negotiate various issues with each other Class 7: Integration Essentials Class 7 Teaching Team: • M&A Integration challenges • James Tidwell, AMETEK • Plan & structure Integration Management Office (IMO) • Skip Maner, NewSpring Capital • Synergy program management • Jeanne Quirk, TE Connectivity • Communication planning priorities • Rick Gettlin, S. Walter Packaging • Common mistakes & why deals fail