HW&Co. Industry Reader Template

WINTER UPDATE

EUROPEAN UPDATE │ FEBRUARY 2015

www.harriswilliams.com www.harriswilliams.de Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze, authorised and regulated by the Financial Conduct Authority. HarrisWilliams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handels register) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB96687, having its business address at An der Welle 4, 60322 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr.JefferyH.Perkins. WINTER UPDATE EUROPEAN UPDATE │ FEBRUARY 2015

HARRIS WILLIAMS & CO.

CONTACTS CONTENTS Thierry Monjauze Managing Director QUARTERLY QUICK READ 63 Brook Street London W1K 4HS United Kingdom EUROPEAN ECONOMIC CLIMATE Phone: +44 20 7518 8901 [email protected]

EUROPEAN M&A ENVIRONMENT Julien Darmon Managing Director 63 Brook Street London W1K 4HS EUROPEAN INBOUND M&A ENVIRONMENT United Kingdom Phone: +44 20 7518 8905 [email protected] AEROSPACE, DEFENCE & GOVERNMENT SERVICES

Red Norrie BUSINESS SERVICES Managing Director 63 Brook Street London W1K 4HS United Kingdom CONSUMER Phone: +44 20 7518 8906 [email protected] ENERGY & POWER Jeffery Perkins Managing Director HEALTHCARE & LIFE SCIENCES Bockenheimer Landstr. 33-35 60325 Frankfurt Germany Phone: +49 69 3550638 00 INDUSTRIALS [email protected]

LONDON OFFICE TECHNOLOGY, MEDIA & TELECOM 63 Brook Street London W1K 4HS United Kingdom TRANSPORTATION & LOGISTICS Phone: +44 20 7518 8900

FRANKFURT OFFICE FEATURED THEME Bockenheimer Landstrasse 33-35 FEATURED THEME – REVIEW OF 2014 EUROPEAN MIDDLE MARKET M&A1 60325 Frankfurt am Main Germany . With 4,027 deals, European middle market M&A grew 23% by volume in 2014, a stronger Phone: +49 69 3650638 00 increase than the 16% growth seen globally

5,000 4,027 deals

4,000 3,287 deals ADG

Energy & Power

3,000 Transportation & Logistics

Healthcare

2,000 Business Services

Industrials

Number of Transactions of Number 1,000 Consumer

TMT

0 2013 2014

Source: S&P Capital IQ www.harriswilliams.com 1. Includes closed M&A transactions of majority stakes only, where deal value was undisclosed or between €25m – www.harriswilliams.de €650m, within the United Kingdom, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, the Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland) PAGE | 1 WINTER UPDATE EUROPEAN UPDATE │ FEBRUARY 2015

QUARTERLY QUICK READ

MANUFACTURING CONSUMER GDP2 CONSUMER PRICES3 CONFIDENCE3 CONFIDENCE3 EUROPEAN ECONOMIC +0.3% (3.3%) +0.5 pts (0.1%) ENVIRONMENT1 BUSINESS ENERGY & HEALTHCARE & ADG4 CONSUMER INDUSTRIALS5 TMT6 T&L7 SERVICES POWER LIFE SCIENCES EUROPEAN Last Quarter (3.0%) (6.2%) (4.4%) (0.4%) (1.4%) (8.5%) (2.6%) (3.9%) EQUITY Last Year 4.8% 0.6% 3.8% (8.7%) 17.7% 2.8% 10.8% 5.4% 8 MARKET Last 3 Years 61.2% 52.5% 34.2% (7.3%) (1.4%) 41.9% 40.1% 47.2% EUROPEAN M&A DEAL VOLUME (54.5%) (21.7%) (37.6%) (12.5%) (36.7%) (25.5%) (12.4%) (22.8%) ACTIVITY9 INBOUND M&A DEAL VOLUME (87.5%) 21.4% (7.1%) 75.0% (34.6%) (46.7%) (22.2%) (80.0%) TO EUROPE9 Sources: Eurostat, Bloomberg, Markit Economics, S&P Capital IQ . International inbound M&A volume into Europe in Q4 2014 increased by 27.6% Y-o-Y with 148 closed M&A transactions, despite a 25.5% Q-o-Q decline in Q4 2014 ENVIRONMENT . TMT and Consumer were the two most active sectors in Q4 2014, accounting for approximately 56% of total deal volume . Boeing set a new industry record for the highest number of commercial airplanes delivered in a year with 723 in 2014, compared to 629 for Airbus ADG . B/E Aerospace has completed the spin-off of its consumables management division, KLX, which began trading on NASDAQ in mid-December 2014 . According to Markit Index, growth in Business Services in the Euro area continued for the seventeenth consecutive month, although momentum slowed in late 2014 BUSINESS . Global professional services firms are investing in European IT and data consultancy capabilities. SERVICES Acquisitions made in Q4 2014 include Deloitte’s acquisition of Hervé Schauer Consultants and KPMG’s acquisition of p³ Consulting . United Biscuits was acquired by the Turkish food group Yıldız Holding for an estimated £2bn. This marked the CONSUMER exit by Blackstone and PAI Partners from an asset acquired in 2006 . Cheaper fuel and lower energy prices brought UK inflation to a record-equaling low in December 2014

. The oil price continued to fall during Q4 2014, to trade below $60 bbl at the year end, as result of sustained OPEC production levels and increased US output ENERGY & POWER . The European oilfield service and equipment M&A market exhibited lower deal volumes in Q4 2014, with notable acquisitions by US acquirers, including The Riverstone Holdings and Graco . Several EU governments have reduced healthcare services funding to help balance budgets, requiring HEALTHCARE & many patients to meet increasing shares of healthcare costs themselves LIFE SCIENCES . 51% of European healthcare executives predict that technology platforms will have the biggest impact on their business models, with 71% believing that their organisations need to change faster for the future

. Against a backdrop of acute political uncertainty, Markit's final December Eurozone Composite PMI missed INDUSTRIALS an earlier flash reading of 51.7, coming in at 51.4 . John Laing, the UK infrastructure and construction group, announced plans for a c.£1bn IPO

. NJJ Capital has agreed to acquire Orange Communications, the Switzerland-based provider of mobile communication services, from Apax Partners, for CHF 2,800m TMT . Mobile ad spending in Western Europe increased by 118% during 2014 and is set to continue growing over the next three years at an average annual growth rate of 43%, according to eMarketer

. An investor consortium including Allianz Group, Hastings and Alberta Investments acquired Porterbrook Rail TRANSPORT & Finance Limited, one of the three major UK rolling stock leasing companies LOGISTICS . The European T&L M&A market exhibited a reduction in deal volume in Q4 2014, the first time since Q4 2013

Source: S&P Capital IQ For the purposes of this Quarterly Update, Europe is defined as: United Kingdom, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, The Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland); Evolution calculation based on the quarter finishing 31 December, 2014; 1. For the countries based in the EU28; 2. Year-on-year GDP growth for Q3 2014; 3. PMI, CCI and CPI quarterly growth shown for September 2014 to December 2014; 4. Aerospace, Defence & Government Services; 5. Also includes Building Products and Paper & Packaging; 6. Telecom, Media & Technology; 7. Transportation & Logistics; Also includes Speciality Distribution; 8. For all listed companies based in the countries mentioned above and with a market cap greater than €50m; 9. Change from Q3 2014 to Q4 2014 PAGE | 2 WINTER UPDATE EUROPEAN UPDATE │ FEBRUARY 2015

EUROPEAN ECONOMIC CLIMATE

. EU GDP as a whole grew by 0.3% in Q3 2014, while the Eurozone’s GDP increased by a seasonally-adjusted 0.2% over Q2. The reading came above market expectations of a 0.1% increase . In November 2014, the HICP inflation flash estimate for the euro area was 0.3% Y-o-Y: a slight decrease from 0.4% in October 2014 . FocusEconomics Consensus Forecast panelists expect the Eurozone economy to have expanded by 0.8% in 2014, which is unchanged from last month’s forecast

QUARTERLY REAL GDP GROWTH (% Y-O-Y FOR EU-28)1

% Y-O-Y GROWTH 6% KEY COUNTRIES Q3 14A Q3 15E UK +2.6% +2.6% 4% Germany +1.2% +1.5% Sweden +2.1% +1.8% 2% Spain +1.7% +2.1% France +0.4% +1.0% 0% Netherlands +1.1% +1.4% Italy (0.5)% +0.3% (2%)

(4%)

(6%) Q1 10 Q3 10 Q1 11 Q3 11 Q1 12 Q3 12 Q1 13 Q3 13 Q1 14 Q3 14 Q1 15E Q3 15E Q1 16E Q3 16E Q1 17E

. Industrial Production in the Euro Area increased 0.4% in November 2014 compared to the same month in the previous year . The retail sales index increased by 1.4% in the euro area and by 2.0% in the EU28 in October 2014 compared with October 2013 . Data on EU28 long-term interest rates shows a decreasing pattern from 3.03% in December 2013 to 1.78% in October 2014. Rates are now at their lowest level over the last decade . The Euro Area (EA18) seasonally-adjusted unemployment rate was 11.5% in October 2014, stable compared with September 2014, but down from 11.9% in October 2013 . The Business Climate Indicator (BCI) for the Euro Area increased slightly by 0.12 points to +0.18 in November 2014. Managers’ evaluation of overall order books, past production and export order books improved markedly. Also their appraisal of the stocks of finished products brightened somewhat. By contrast, production expectations remained broadly unchanged . European Union annual inflation was 0.5% in October 2014, up from 0.4% in September. A year earlier the rate was 0.9% . The Eurogrowth Indicator expects a slightly increasing growth of 0.3% for both Q4 2014 and Q1 2015

EUROPEAN MANUFACTURING CONFIDENCE EUROPEAN CONSUMER CONFIDENCE

20 10% 10% 60

10 5% M)

- 5% 55

o 0 0% -

(10) (5%) 0% 50

(20) (10%) PMI Index Value IndexPMI

(5%) 45 (%) IndexPrice Consumer Change in PMI (MPMI in Change

Consumer Confidence Indicator Confidence Consumer (30) (15%)

(10%) 40 (40) (20%) Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14

2 3 4 Change (M-o-M %) Eurozone PMI CCI CPI Y-o-Y %

Sources: Bloomberg, Markit Economics, Eurostat, S&P Capital IQ 1. Historic figures are for the Eurozone and forecast figures are for the European Union; 2. Purchasing Managers’ Index – Figure above 50 indicates economic growth, and below 50 indicates decline; 3. European Commission Consumer Confidence Index Eurozone; 4. Consumer Price Index PAGE | 3 WINTER UPDATE EUROPEAN UPDATE │ FEBRUARY 2015

EUROPEAN M&A ENVIRONMENT

MARKET OBSERVATIONS

. European middle market M&A activity decreased by 25.5% in Q4 2014, compared to Q3 2014 with overall transaction volumes up 15.8% Y-o-Y . TMT and Consumer continue to be the two most active sectors, accounting for approximately 33.5% and 22.2% of total deal volume, respectively . Strategic buyers continued to be active and represented 89% of the buyers in Q4 2014, compared to 88% in Q3 2014

MIDDLE MARKET M&A ACTIVITY – BY SECTOR

1,500 Q4 - 14 CHANGE OF SECTOR Q4 - 14 OVER BREAKDOWN Q4- 13

1,200 ADG 0.6% 0.0%

Energy & Power 2.0% 23.5%

900 Transportation & Logistics 4.9% 10.0%

Healthcare 8.4% 4.1%

600

Business Services 13.1% 0.8% Number Number ofTransactions

Consumer 22.2% 16.2% 300 TMT 33.5% 26.7%

Industrials 15.1% 17.1% 0 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Total 100.0% 14.9%

Note: Includes closed M&A transactions of majority stakes only, where deal value was undisclosed or between €25m – €650m, within United Kingdom, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, the Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland)

BUYER SEGMENTATION Q4 20141 TRANSACTIONS BY TARGET COUNTRY2

100% 4% 4% 7% 9% 6% Italy 11% 7% 80% 11% 3 10% Benelux

15% 60% 16% Spain

18% 4 16% Scandinavia 40% France

5 89% 20% 40% 38% DACH

UK & Eire

Strategics Financials 0% Q3-14 Q4-14

Source: S&P Capital IQ 1. Strategic buyers may include portfolio companies of private equity groups; 2. By volume; 3. Benelux defined as Belgium, the Netherlands and Luxembourg; 4. Scandinavia defined as Denmark, Norway, Sweden and Finland; 5. DACH defined as Germany, Austria, Switzerland PAGE | 4 WINTER UPDATE EUROPEAN UPDATE │ FEBRUARY 2015

EUROPEAN INBOUND M&A ENVIRONMENT

MARKET OBSERVATIONS

. International inbound M&A volume into Europe increased by 27.6% Y-o-Y with 148 closed transactions . The Energy & Power and Healthcare sectors attracted the highest relative level of international inbound M&A investment, with international acquirers accounting for 33% and 22% of completed transactions in the quarter, respectively . The ADG and Transportation and Logistics sectors recorded the greatest Q-o-Q decreases in inbound M&A volume . North American groups accounted for 81% of transactions completed with non-European buyers, closing 120 transactions in the quarter. Asian groups, excluding China and India, were the second most active buyers, closing 15 transactions in the quarter

ACQUISITIONS BY NON-EUROPEAN BUYERS1,2

200 10,000

8,000

150 m)

6,000 € 100 4,000

50 ( Value Deal

2,000 Number of Transactions of Number

0 0 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14

International Activity by Number International Activity by Value

NON-EUROPEAN BUYERS BY COUNTRY Q4 141,2

Africa & Middle East Asia (excl. China & India) 6% 10% India 1% China 0%

South America 2%

North America, 81%

NON-EUROPEAN BUYERS AS A PERCENTAGE OF SECTOR DEAL VOLUME1,2,3

% of Total Deal Volume Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 ADG 50% 13% 30% 40% 60% 33% 73% 20% Business Services 10% 15% 11% 16% 11% 10% 9% 14% Consumer 8% 8% 8% 11% 5% 7% 9% 13% Industrials 11% 12% 10% 12% 10% 12% 16% 12% Energy & Power 18% 36% 16% 0% 31% 19% 17% 33% Healthcare 9% 11% 20% 14% 23% 13% 22% 22% TMT 20% 17% 24% 20% 19% 23% 23% 21% Transportation & Logistics 0% 9% 6% 10% 20% 9% 9% 2%

Source: S&P Capital IQ 1. Includes closed M&A transactions of majority stakes only, where deal value was undisclosed or between €25m – €650m, within United Kingdom, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, the Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland); 2. International buyer defined as from outside Europe; 3. By volume PAGE | 5 WINTER UPDATE EUROPEAN UPDATE │ FEBRUARY 2015

AEROSPACE, DEFENCE & GOVERNMENT SERVICES

EUROPEAN ADG EQUITY MARKETS1 UK and Eire France DACH Spain Italy Benelux Scandinavia Price Change since last quarter 6.5% 2.5% 2.9% NA 0.4% (5.1%) 11.2% Cash on Balance Sheet (€ bn) 7.5 4.0 0.4 NA 0.6 6.7 0.1 Net Debt / LTM EBITDA Multiple 1.3x 1.4x 1.7x NA NM NM NM LTM EBITDA Multiple 9.4x 12.3x 7.8x NA 9.9x 6.0x 11.0x Change since last quarter (0.3x) 0.4x (1.0x) NA (1.7x) (3.0x) 1.7x LTM EBITDA Margin 13.1% 10.7% 8.2% NA 6.9% 13.8% 6.8% Consensus 2Yr Fwd Revenue Growth (p.a.) 2.3% 2.5% 3.4% NA (7.0%) 2.6% 12.6%

EUROPEAN ADG MIDDLE MARKET M&A ACTIVITY

M&A DEALS BY COUNTRY OF TARGET2 ACQUISITIONS BY NON-EUROPEAN BUYERS2

14 10

12 8 10

8 6

6 4 4 2

Number Number ofTransactions Number Number ofTransactions 0 0 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 North America Asia (excl. China & India) China UK & Eire Scandinavia DACH France Benelux Spain Italy India South America Africa & Middle East SELECTED MIDDLE MARKET EUROPEAN ADG M&A

Target Country Acquirer Country Sub Sector EV (€m) Surv itec Onex Partners Defence 586

Defence Support Group Babcock International Defence 183

Diehl Defence (Land Systems) Krauss-Maffei Wegmann Defence NA

REMOS Priv ate Indiv idual Aviation Serv ices NA

MARKET OBSERVATIONS

. Boeing have set a new industry record for the most number of commercial airplanes delivered in a year with 723 in 2014. A new record for new net orders was also achieved with 1,432 net orders, valued at $232.7bn. The Company’s 2015 focus will be on the first 737 MAX delivery and a firm configuration for the 777X . Airbus exceeded its aircraft delivery targets achieving a new company record of 629 aircraft delivered for 89 customers in 2014. Net orders reached 1,456 from 67 customers and Airbus recorded an industry record backlog of 6,386 aircraft, valued at $919.3bn . Boeing has announced plans to initiate a $12.0bn share repurchase programme, which is due to be completed over the period of 2 to 3 years . B/E Aerospace has completed the spin-off of its consumables management division, KLX, which began trading on NASDAQ in mid-December 2014 . Cyprus Airways has suspended operations and is to liquidate its holdings after the European Commission rejected a €102 million bailout package, while demanding the airline repay all previous public funding . John Rishton, CEO of Rolls-Royce, has pledged greater transparency with investors in an effort to regain investor confidence after a series of profit warnings resulting in the share price diving to 862.45p in October 2014, the lowest since 2012 . Management moves3: QinetiQ Group, Rolls-Royce, Safran, Senior and Thales

Sources: S&P Capital IQ, Aviation Week, AIN Online, Flightglobal, Financial Times, Company websites 1. Based on HW&Co. indices including the most relevant Aerospace, Defence, & Government Services companies for each country; 2. Includes transactions with a deal value between €25m and €650m and all non disclosed value deals with target based in the UK, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, The Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland) PAGE | 6 WINTER UPDATE EUROPEAN UPDATE │ FEBRUARY 2015

BUSINESS SERVICES

EUROPEAN BUSINESS SERVICES EQUITY MARKETS1 UK and Eire France DACH Spain Italy Benelux Scandinavia Price Change since last quarter (3.9%) 4.7% 3.7% NM (6.2%) (0.8%) 3.9% Cash on Balance Sheet (€ bn) 4.5 7.1 4.1 0.3 0.0 1.0 NM Net Debt / LTM EBITDA Multiple 1.5x 2.5x 0.9x 2.3x 3.8x 2.1x 2.0x LTM EBITDA Multiple 10.3x 7.8x 10.3x NM 7.3x 11.8x 10.8x Change since last quarter 0.1x 0.1x 1.2x NM 0.8x 1.2x 0.2x LTM EBITDA Margin 10.9% 8.3% 5.2% 8.3% 10.9% 5.6% 6.5% Consensus 2Yr Fwd Revenue Growth (p.a.) 5.5% 4.9% 3.2% 0.7% 6.0% 5.7% 4.4%

EUROPEAN BUSINESS SERVICES MIDDLE MARKET M&A ACTIVITY

M&A DEALS BY COUNTRY OF TARGET2 ACQUISITIONS BY NON-EUROPEAN BUYERS2

200 20

150 15

100 10

50 5

SELECTED MIDDLE MARKET EUROPEAN BUSINESS SERVICES M&A

Target Country Acquirer Country Sub Sector EV (€m) CAP Automotiv e Solera Testing Serv ices 400 Geotea Gruppo Waste Italia Waste Management 60 esg Interserv e Human Resource Management 33 Cintas Document Management Restore Document Management 31 Maplecroft.NET Verisk Analytics Professional Serv ices 26 Source8 Mitie Inv estments Professional Serv ices NA Anesco CBPE Capital Professional Serv ices NA Mintra Trainingportal The Riv erside Company Human Resource Management NA Dart Consulting Verisk Analytics Professional Serv ices NA

MARKET OBSERVATIONS

. Business Services in the Euro area grew for the seventeenth consecutive month. Momentum slowed at the end of 2014 with the Markit Services Business Activity Index reaching 51.6 in December, compared to 51.1 in November and 52.3 in October. The rate of expansion remained close to its weakest level over the past eighteen months. Activity growth in Germany and France slowed notably in December . The UK services sector experienced the slowest growth in the last nineteen months to December 2014, with the Markit Index falling to 55.8 in December, compared to 58.6 in November. However, the UK services sector remains in growth territory with rising sector employment and a bullish 2015 outlook . Global professional services firms are investing in European IT and data consultancy capabilities. Acquisitions made in Q4 2014 include Deloitte’s acquisition of Hervé Schauer Consultants, a France-based information systems security consultancy firm, and KPMG’s acquisition of p³ Consulting, a German cyber-security services firm . Management moves3: Aggreko, Assystem, Bilfinger, Det Østasiatiske Kompagni, gategroup, Impellam Group, Serco, Sweett Group

Source: S&P Capital IQ, Markit Economics 1. Based on HW&Co. indices including the most relevant Business Services companies for each country; 2. Includes transactions with a deal value between €25m and €650m and all non disclosed value deals with target based in the UK, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, The Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland); 3. Resignation or appointment of CEO, CFO or Chairman PAGE | 7 WINTER UPDATE EUROPEAN UPDATE │ FEBRUARY 2015

CONSUMER

EUROPEAN CONSUMER EQUITY MARKETS1

UK and Eire France DACH Spain Italy Benelux Scandinavia Price Change since last quarter 1.9% (0.5%) 1.8% 2.1% (3.7%) 1.6% 7.4% Cash on Balance Sheet (€ bn) 28.2 38.1 25.2 4.0 5.2 NM NM Net Debt / LTM EBITDA Multiple 1.7x 2.4x 1.3x 2.0x 2.2x 1.5x 1.6x LTM EBITDA Multiple 10.0x 8.5x 9.3x 11.1x 7.9x 9.0x 10.4x Change since last quarter (0.4x) 0.1x 0.3x 0.8x (1.2x) 0.0x 0.3x LTM EBITDA Margin 12.8% 8.6% 9.9% 16.3% 13.7% 10.5% 9.9% Consensus 2Yr Fwd Revenue Growth (p.a.) 4.3% 3.7% 4.4% 2.8% 5.7% 3.8% 4.9%

EUROPEAN CONSUMER MIDDLE MARKET M&A ACTIVITY

M&A DEALS BY COUNTRY OF TARGET2 ACQUISITIONS BY NON-EUROPEAN BUYERS2 350 30

300 25

250 20 200 15 150 10 100 5

50 Number ofTransactions Number Number ofTransactions

0 0 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 North America Asia (excl. China & India) China UK & Eire Scandinavia DACH France Benelux Spain Italy India South America Africa & Middle East

SELECTED MIDDLE MARKET EUROPEAN CONSUMER M&A DEALS

Target Country Acquirer Country Sub Sector EV (€m) De Vere Village Urban Resorts KSL Capital Partners Hotels and Resorts 634

Forte Village Resort Progetto Esmeralda Hotels and Resorts 180

Hurtigruten TDR Capital Tourism 169

Pa.fi.al. Group La Doria SpA Food 65

T.G.I. Friday's UK Electra Priv ate Equity Restaurants NA

Unlimited Footwear Group Equistone Partners Retail NA

Musti ja Mirri EQT Partners AB Pet Food NA

MARKET OBSERVATIONS

. United Biscuits was sold by Blackstone and PAI Partners to the Turkish food group Yıldız Holding for an estimated £2bn. Yildiz said it would look to drive United Biscuits' growth using its own global distribution network . Japanese conglomerate Mitsubishi acquired Norway-based Cermaq for €1.5bn, strengthening its foothold in the European fish industry . Bayer AG acquired the consumer care business of Merck & Co., Inc, for a cash consideration of €12.6bn. The acquisition enhances Bayer's over-the-counter (OTC) business . Carrefour SA acquired DIA France, the French discount retailer for an enterprise value of €666m. The acquisition allows Carrefour to reinforce its presence across France . Dubai Parks and Resorts, a complex of five theme parks, completed an initial public offering. The total offer size of approximately Dhs2.5bn (€0.6bn), valuating the business at Dhs5.9bn (€1.3bn) . Cheaper fuel and lower energy prices brought the rate of UK inflation to a record-equalling low in December. Inflation as measured by the Consumer Price Index, dropped to 0.5% in December, from 1% in November . In the UK, retail sales volumes for November 2014 were up 1.6% month-on-month, and up 6.4% Y-o-Y according to British Chambers of Commerce . Management moves3: Tesco, Johnson & Johnson, PepsiCo and Danone

Source: S&P Capital IQ, Bloomberg, Retail Gazette, Food and Drink Europe, Kantar Worldpanel, Company press releases 1. Based on HW&Co. indices including the most relevant Consumer companies for each country; 2. Includes transactions with a deal value between €25m and €650m and all non disclosed value deals with target based in the UK, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, The Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland); 3. Resignation or appointment of CEO, CFO or Chairman PAGE | 8 WINTER UPDATE EUROPEAN UPDATE │ FEBRUARY 2015

ENERGY & POWER

EUROPEAN ENERGY & POWER EQUITY MARKETS1

UK and Eire France DACH Spain Italy Benelux Scandinavia Price Change since last quarter (31.6%) (14.2%) (7.0%) (12.1%) (11.7%) (7.6%) (19.6%) Cash on Balance Sheet (€ bn) 40.3 41.8 11.4 15.9 17.3 22.0 16.1 Net Debt / LTM EBITDA Multiple 1.1x 2.0x 2.4x 2.6x 4.6x 5.4x 4.4x LTM EBITDA Multiple 5.7x 4.6x 7.7x 9.7x 8.0x 11.0x 9.4x Change since last quarter (0.0x) (0.3x) (0.8x) 0.1x 0.0x 0.8x 1.6x LTM EBITDA Margin 21.4% 15.6% 10.1% 20.2% 14.9% 32.3% 32.2% Consensus 2Yr Fwd Revenue Growth (p.a.) 1.9% 0.4% 1.6% 0.1% (0.6%) (4.4%) 6.1%

EUROPEAN ENERGY & POWER MIDDLE MARKET M&A ACTIVITY

M&A DEALS BY COUNTRY OF TARGET2 ACQUISITIONS BY NON-EUROPEAN BUYERS2

30 8 7 25 6 20 5 15 4 3 10 2 5

1 -

Number Number ofTransactions Number ofTransactions 0 0 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 North America Asia (excl. China & India) China UK & Eire Scandinavia DACH France Benelux Spai n Ita ly Indi a South America Afri ca & Middle East

SELECTED MIDDLE MARKET EUROPEAN ENERGY & POWER M&A3

Target Country Acquirer Country Sub Sector EV (€m) Alco Valv es Graco Inc. Process Control 93 2TD Drilling Nabors Industries Oilfield Equipment 63 Petrotec REG European Holdings Exploration and Production 26 Proserv Group Riv erstone Holdings Oilfield Serv ices NA Mintra Trainingportal The Riv erside Company Staff Training Serv ices NA Villa & Bonaldi Xenon Priv ate Equity Oil and Gas Infrastructure NA Q-Star Energy All NRG Group Oilfield Serv ices NA SAS Offshore Royal IHC Offshore Equipment NA Subsea Fluid Technologies MacDermid Oilfield Equipment NA

MARKET OBSERVATIONS . The oil price continued to fall during Q4 2014, to trade below $60 bbl at the year end, as result of sustained OPEC production levels and increased US output . The European oilfield service and equipment M&A market showed decreased activity in Q4 2014 with some notable acquisitions by North American investors. Riverstone Holdings acquired Proserv Group, the UK-headquartered production and drilling equipment services provider and Graco acquired Alco Valves, the UK-based manufacturer of valves . European Union Heads of State have agreed ambitious targets for member states to reduce greenhouse gas emission by at least 40% by 2030, compared to 1990. The policy framework also sets an indicative target to achieve 27% in energy savings and a binding target to source at least 27% of EU energy consumption from renewables (Current level: 14%) . Management moves4: Endesa, OMV, Statoil, BG Group, TOTAL, Trap Oil Group, Circle Oil, Norwegian Energy Company, Électricité de France, AFC Energy, Fortum, Panoro Energy, C.A.T. Oil, John Wood Group, Enel, Alpiq Holding, Regal Petroleum, Sevan Marine

Source: S&P Capital IQ, WSJ, European Commission 1. Based on HW&Co. indices including the most relevant Energy & Power companies for each country 2. Includes transactions with a deal value between €25m and €650m and all non disclosed value deals with target based in the UK, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, The Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland); 3. Includes acquisitions of majority stakes only 4. Resignation or appointment of CEO or CFO PAGE | 9 WINTER UPDATE EUROPEAN UPDATE │ FEBRUARY 2015

HEALTHCARE & LIFE SCIENCES

EUROPEAN HEALTHCARE & LIFE SCIENCES EQUITY MARKETS1

UK and Eire France DACH Spain Italy Benelux Scandinavia Price Change since last quarter 2.1% 2.3% 0.9% (2.3%) 5.0% 1.6% 5.8% Cash on Balance Sheet (€ bn) 12.7 2.7 23.3 1.1 0.6 1.5 NM Net Debt / LTM EBITDA Multiple 1.4x 1.4x 1.4x 1.3x 0.6x 2.2x 1.7x LTM EBITDA Multiple 15.1x 10.9x 12.1x 14.0x 10.3x 15.6x 14.3x Change since last quarter 1.7x (1.3x) (0.2x) 0.7x 0.1x (0.5x) 0.5x LTM EBITDA Margin 14.9% 11.9% 14.9% 14.7% 15.3% 7.8% 16.8% Consensus 2Yr Fwd Revenue Growth (p.a.) 8.0% 9.1% 6.0% 5.8% 6.3% 5.5% 9.9%

EUROPEAN HEALTHCARE & LIFE SCIENCES MIDDLE MARKET M&A ACTIVITY

M&A DEALS BY COUNTRY OF TARGET2 ACQUISITIONS BY NON-EUROPEAN BUYERS2

140 30

120 25 100 20 80 15 60 10 40

20 5

SELECTED MIDDLE MARKET EUROPEAN HEALTHCARE & LIFE SCIENCES M&A

Target Country Acquirer Country CountrySub Sector EV (€m) NHP HR Europe Healthcare Facilities 629

Oncoethix Merck & Co. Biotechnology 328

Brabant Pharma Zogenix Europe Pharmaceuticals 114

Woodleigh Community Care Care Aspirations Dev elopments Healthcare Serv ices 83 hameln pharmaceuticals Duke Street Partners Pharmaceuticals 60

SAS LILIAL Naxicap Partners Healthcare Serv ices NA

Nottingham Rehab H2 Equity Partners Healthcare Serv ices NA

MARKET OBSERVATIONS

. The European healthcare market saw a decrease in M&A activity during Q4 following strong activity in Q3 . According to the Economic Intelligence Unit, 51% of European healthcare executives predict that over the next three years technology platforms will have the biggest impact on their business models. However, their greatest concerns relate to technology itself and its impact on R&D. The majority, 71%, believe their organisations need to change faster over the next three years if they are to be ready for the future and 78% are feeling the pressure to change . As a result of the ongoing budgetary pressures, many EU governments have reduced funding for healthcare services. Patients are being required to pay larger shares of their healthcare costs, and availability of healthcare services has been reduced . The European Commission announced eight research projects into Ebola, with total funding of €215 million. These projects will develop vaccines and rapid diagnostics tests, in response to the current Ebola crisis . Management moves3: Care UK Limited, Aqua Gen AS, Hansa Medical AB, CellaVision AB, Esperite N.V.

Source: S&P Capital IQ, Ricoh Europe, European Commission 1. Based on HW&Co. indices including the most relevant Healthcare & Life Sciences companies for each country; 2. Includes transactions with a deal value between €25m and €650m and all non disclosed value deals with target based in the UK, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, The Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland); 3. Resignation or appointment of CEO, CFO or Chairman PAGE | 10 WINTER UPDATE EUROPEAN UPDATE │ FEBRUARY 2015

INDUSTRIALS

EUROPEAN INDUSTRIALS EQUITY MARKETS1

UK and Eire France DACH Spain Italy Benelux Scandinavia Price Change since last quarter 1.8% (2.8%) 0.4% (11.0%) (3.6%) 1.7% 3.7% Cash on Balance Sheet (€ bn) 13.3 26.9 37.0 12.1 5.1 6.6 NM Net Debt / LTM EBITDA Multiple 1.3x 2.2x 1.5x 6.0x 2.8x 2.2x 1.8x LTM EBITDA Multiple 10.0x 7.3x 8.4x 9.5x 9.1x 8.5x 11.4x Change since last quarter (0.1x) (0.4x) (0.7x) (0.7x) 1.1x (0.4x) 0.4x LTM EBITDA Margin 11.6% 9.9% 8.7% 11.2% 9.2% 9.4% 9.6% Consensus 2Yr Fwd Revenue Growth (p.a.) 5.6% 2.8% 3.9% 0.8% 4.7% 6.1% 5.9%

EUROPEAN INDUSTRIALS MIDDLE MARKET M&A ACTIVITY

M&A DEALS BY COUNTRY OF TARGET2 ACQUISITIONS BY NON-EUROPEAN BUYERS2

200 30

25 150 20

100 15

10 50

5 Number Number ofTransactions 0 Number ofTransactions 0 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 North America Asia (excl. China & India) China UK & Eire Scandinavia DACH France Benelux Spai n Ita ly Indi a South America Afri ca & Middle East

SELECTED MIDDLE MARKET EUROPEAN INDUSTRIALS M&A

Target Country Acquirer Country Sub Sector EV (€m) CRH Clay & Concrete Div isions Bain Capital Construction Materials

Bridon Teachers' Priv ate Capital Electrical Equipment

SIHI Group Flowserv e Industrial Machinery

Waterlogic Castik Capital Partners Specialty Manufacturing

Bopp & Reuther IMI Industrial Machinery

Ev ac IK Inv estment Partners Specialty Manufacturing

Warwick International Group Limited The Lubrizol Corporation Specialty Chemicals

MARKET OBSERVATIONS

. The euro zone economy ended 2014 with its worst quarter for over a year, according to surveys of activity that highlighted continuing downturns in France and Italy and stuttering German economic activity . The IMF cut its growth forecasts for the Euro area from 1.2% to 1.0% for 2015 . Against a backdrop of acute political uncertainty, Markit's final December Eurozone Composite PMI missed an earlier flash reading of 51.7, coming in at 51.4 . The Markit/CIPS UK Services PMI suffered its biggest decline in more than three years in December, falling to 55.8 from 58.6 in November, its lowest level since May 2013 . John Laing, the UK infrastructure and construction group, announced plans for a £1 billion IPO . Management moves3: GEA Group, Osram Licht, Homag Group, Kendrion, Morgan Advanced Materials, Componenta Corp., Hewden Stuart, Kier Group

Source: S&P Capital IQ, Reuters, Markit Economics, Business Report 1. Based on HW&Co. indices including the most relevant Industrials companies for each country; 2. Includes transactions with a deal value between €25m and €650m and all non disclosed value deals with target based in the UK, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, The Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland); 3. Resignation or appointment of CEO, CFO or Chairman PAGE | 11 WINTER UPDATE EUROPEAN UPDATE │ FEBRUARY 2015

TECHNOLOGY, MEDIA & TELECOM

EUROPEAN TECHNOLOGY, MEDIA & TELECOM EQUITY MARKETS1

UK and Eire France DACH Spain Italy Benelux Scandinavia Price Change since last quarter 2.5% 1.9% 1.5% (4.8%) (5.3%) 3.5% 3.3% Cash on Balance Sheet (€ bn) 23.5 21.6 27.9 12.5 5.8 15.5 NM Net Debt / LTM EBITDA Multiple 1.5x 1.2x 1.3x 3.6x 2.4x 1.9x 1.3x LTM EBITDA Multiple 11.9x 9.0x 11.1x 12.2x 9.2x 10.1x 9.8x Change since last quarter 0.2x 0.4x 0.2x (1.0x) 0.5x 0.4x 0.7x LTM EBITDA Margin 16.1% 10.0% 10.4% 7.1% 12.7% 18.4% 11.4% Consensus 2Yr Fwd Revenue Growth (p.a.) 7.8% 5.1% 6.8% 3.1% 5.9% 2.6% 6.1%

EUROPEAN TECHNOLOGY, MEDIA & TELECOM MIDDLE MARKET M&A ACTIVITY

M&A DEALS BY COUNTRY OF TARGET2 ACQUISITIONS BY NON-EUROPEAN BUYERS2

400 100 350 80 300

250 60 200 150 40 100 20

50 Number ofTransactions 0 Number ofTransactions 0 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 North America Asia (excl. China & India) China UK & Eire Scandinavia DACH France Benelux Spain Italy India South America Africa & Middle East

SELECTED MIDDLE MARKET EUROPEAN TECHNOLOGY, MEDIA & TELECOM M&A

Target Country Acquirer Country CountrySub Sector EV (€m)

Fotolia Adobe Systems Photography Software 578 Nimbuzz New Call Telecom Telecoms Application s 494 intergenia Host Europe Managed Serv ices 298 MetrixLab Macromill Online Market Research 185 Lorien Resourcing Impellam Group Recruitment Software 175 DST Global Solutions SS&C Technologies Application Software 66

MARKET OBSERVATIONS . Thoma Bravo and Ontario Teachers' Pension Plan have agreed to acquire Riverbed Technology, the US-based provider of application performance infrastructure solutions, valuing the business at $3.6bn . NJJ Capital has agreed to acquire Orange Communications, the Switzerland-based provider of mobile communication services, from Apax Partners, for CHF 2,800m . Alliance Data Systems has acquired Conversant, the US-based provider of digital marketing services, valuing the business at $2.3bn . Apax Partners has made an offer to acquire Evry, the Norway-based provider of software solutions and computer operating services, valuing the business at NOK 7.3bn . Hutchison Whampoa, the owner of the Three network has agreed to acquire O2, the UK-based mobile business of Telefónica, for £10.3bn creating the UK’s largest mobile group . KKR has acquired Thetrainline.com, Britain’s largest online rail-bookings company, from Exponent for an undisclosed amount . Sophos, the UK-based data-protection and security software company, has announced plans for an IPO on the LSE . According to Gartner’s latest Mobile Services Worldwide update, revenue from mobile services will grow to $1.2 trillion by 2018, and the number of mobile connections will reach 8.5 billion . More than 1 billion people worldwide will use a tablet in 2015, according to new figures from eMarketer. This represents nearly 15% of the global population, and more than double the number three years ago. The number of global tablet users is expected to reach 1.4 bn by 2018 . Mobile ad spending in Western Europe increased by 118% during 2014 and is set to continue with a forecast CAGR of 43% over the next three years, according to eMarketer . Management moves3: Gocompare.com; Trig Social Media, Sage, AMS and Atos Source: S&P Capital IQ, Company Press Releases, Merger Market, Gartner, eMarketer 1. Based on HW&Co. indices including the most relevant Technology, Media & Telecom companies for each country; 2. Includes transactions with a deal value between €25m and €650m and all non disclosed value deals with target based in the UK, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, The Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland); 3. Resignation or appointment of CEO, CFO or Chairman PAGE | 12 WINTER UPDATE EUROPEAN UPDATE │ FEBRUARY 2015

TRANSPORTATION & LOGISTICS

EUROPEAN TRANSPORTATION & LOGISTICS EQUITY MARKETS1

UK and Eire France DACH Spain Italy Benelux Scandinavia Price Change since last quarter 2.8% (1.0%) 6.4% 5.1% (2.9%) 0.8% 1.6% Cash on Balance Sheet (€ bn) 4.6 32.5 55.8 7.9 4.6 1.5 6.8 Net Debt / LTM EBITDA Multiple 1.5x 2.6x 2.1x 4.2x 2.7x 2.1x 4.1x LTM EBITDA Multiple 7.6x 8.9x 8.7x 8.7x 11.3x 7.8x 7.4x Change since last quarter (0.3x) (0.5x) (0.1x) (1.5x) (0.7x) (1.4x) (2.6x) LTM EBITDA Margin 9.8% 9.5% 14.5% 34.5% 22.2% 6.0% 10.0% Consensus 2Yr Fwd Revenue Growth (p.a.) 6.2% 2.8% 2.9% 5.3% 3.8% 1.4% 4.0%

EUROPEAN TRANSPORTATION & LOGISTICS MIDDLE MARKET M&A ACTIVITY

M&A DEALS BY COUNTRY OF TARGET2 ACQUISITIONS BY NON-EUROPEAN BUYERS2

80 10 70 8 60

50 6 40 4 30

20 2

Number Number ofTransactions Number Number ofTransactions 0 0 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 North America Asi a (excl. China & India) China India South America Africa & Middle East UK & Eire Scandinavia DACH France Benelux Spain Italy

SELECTED MIDDLE MARKET EUROPEAN TRANSPORT & LOGISTICS M&A3

Target Country Acquirer Country Sub Sector EV (€m) The Big Green Parcel Holding Company Smiths News Holdings Parcel Distribution 129 NATCO Trans Global Projects Freight Forwarding NA

OPDR GmbH & Co. CMA CGM Maritime Logistics NA Heav yweight Sweden European Cargo Serv ices Cargo Serv ices NA Vos Logistics Scheybeeck Inv estments Transport Logistics NA Neele Groep VAT Logistics Transport Logistics NA O.W. Tankers Alba Tankers Maritime Logistics NA Far East Land Bridge OJSC RZD Logistics Transport Logistics NA

MARKET OBSERVATIONS

. The European T&L M&A market showed a decrease in transaction activity in Q4 2014 for the first time since Q4 2013. The majority of transactions were completed by European buyers, non-European buyers had less activity compared to previous quarters . An investor consortium including Allianz Group, Hastings, and Alberta Investments acquired Porterbrook Rail Finance Limited, one of the three major rolling stock leasing companies in the UK for € 2,540 billion. Porterbrook owns and manages a modern fleet of approximately 5,900 passenger and freight vehicles . The International Air Transport Association (“IATA”) forecasts global air cargo demand to increase by 4.1% (CAGR) over the next five years. Emerging economies, particularly the Middle East and Africa, will be the fastest growing markets. For 2015, the association expects demand to increase by 4.5% . As a first step towards cutting emissions from cargo ship transport, the European Commission has proposed that owners of large ships using EU ports must report their verified emissions from 2018. To become law, the proposal requires approval by the European Parliament and Council

Sources: S&P Capital IQ, Company Press Releases, IATA, European Commission 1. Based on HW&Co. indices including the most relevant Transport & Logistics companies for each country 2. Includes transactions with a deal value between €25m and €650m and all non disclosed value deals with target based in the UK, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, The Netherlands, PAGE | 13 Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland); 3. Includes acquisitions of majority stakes only WINTER UPDATE EUROPEAN UPDATE │ FEBRUARY 2015

FEATURED THEME

“REVIEW OF 2014 EUROPEAN MIDDLE MARKET M&A”

. HW&Co. transactions in 2014 represented 11 countries, including Australia, Canada, France, Germany, Greece, India, Japan, Sweden, Switzerland, UK and US . Our momentum continues in 2015, with a significant deal pipeline suggesting a positive outlook for middle market M&A activity in 2015 . With 4,027 deals, up from 3,287 in 2013, European middle market M&A grew 23% by volume in 2014, a steeper increase than the 16% growth seen globally ‒ Europe represented 31% of global middle market M&A in 2014 against 29% in 2013 ‒ North America maintained its share of the global market at 55% . A closer look at the sector breakdown demonstrates that deal activity increased across all the sectors in 2014. TMT, Consumer and Industrials were the most active sectors . European inbound M&A remained strong overall in 2014, representing 15% of total deals compared to 14% in 2013. Inbound activity continued to be dominated by North America which accounted for 83% of acquisitions in Europe in 2014, in line with 2013 level . Continuous cautiousness in the financing markets in 2014 resulted in private equity activity accounting for 11% of European transactions in 2014, down from 13% in 2013

EUROPEAN MIDDLE MARKET DEALS BY SECTOR1 GLOBAL MIDDLE MARKET DEALS BY REGION1,2

3,287 deals 4,027 deals 11,349 deals 13,168 deals

5,000 14,000 1% 2% 3% 2% 12,000 1% 1% 7% 4,000 2% ADG 1% 5% 3% 2% India 1% 9% Energy & Power 10,000 8% 2% 31% China 13% 3,000 6% Transportation & Logistics 8% 8,000 29% Africa & Middle East 14% 15% Healthcare 6,000 South-America 2,000 15% Business Services 24% Industrials Asia (excl. China & India)

23% 4,000 55% Number of Transactions of Number Number of Transactions of Number 55% 1,000 Consumer Europe 2,000 32% 30% TMT North-America 0 0 2013 2014 2013 2014

SELECTED HW&CO. 2014 TRANSACTIONS

a portfolio company of a portfolio company of a portfolio company of a business unit of a portfolio company of has received a has been acquired by has merged with a portfolio company has been acquired by significant investment of from has been acquired by has been acquired by has been acquired by a portfolio company of has been acquired by

a portfolio company of a portfolio company of a portfolio company of a portfolio company of a portfolio company of a portfolio company of has been has been acquired by recapitalised by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by

Source: S&P Capital IQ 1. Includes closed M&A transactions of majority stakes only, where deal value was undisclosed or between €25m – €650m, within the United Kingdom, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, the Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland); 2. Note: Also includes North-America, South-America, Asia and Africa & Middle East PAGE | 14 WINTER UPDATE EUROPEAN UPDATE │ FEBRUARY 2015

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PAGE | 15 WINTER UPDATE EUROPEAN UPDATE │ FEBRUARY 2015

HARRIS WILLIAMS & CO.

SOURCES

Business report IATA eMarketer Kantar Worldpanel European Commission Markit Economics Eurostat Merger Market Financial Times Retail Gazette Flightglobal Ricoh Europe Food and Drink Europe S&P Capital IQ Gartner Company Press Releases

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