The Brief mergermarket’s Weekly Round-Up

4 December 2009 | Issue 41

Editorial 1 The Noticeboard 2 Private Equity Opportunities 3 Deals of the Week 9 Pipeline 16 Statistics 19 League & Activity Tables 22 Top Deals 31 Investor Profile: Blackstone Group Holdings LLC 34 Notes & Contacts 36

The Week That Was..... The last seven days: private equity in review

Over the past seven days, global private equity deal Mongolia-based Gobi Coal and Energy from En+ Group making was steady but somewhat unspectacular with for US$25m. Although the value of the deal falls firmly 15 transactions coming to the market, worth a collective in the lower end of the market, it is the largest private US$2.57bn. The top deal of the week was seen in Italy equity-related deal announced in Mongolia this decade. where Bridgepoint Capital and AXA Private Equity moved to acquire the gaming business of Snai, the company Deal flow over the second half of 2009 has certainly engaged in the design, construction and provision of suggested that private equity houses are becoming technology and services in the gambling industry, for a increasingly willing to return to the market after the total consideration of US$898m. global financial crisis. However, this week there was a sharp reminder to the asset class that the effects of The deal could prove to be an astute investment by the the economic downturn will be felt for some time yet buyout houses with Italy’s gaming market the second with beleaguered buyout firm Candover announcing largest in Europe and tipped to see annual growth of that it has agreed with investors to terminate the €3bn around 4-6% over the next five years. The offer will also fund it raised last year. Not so long ago Candover was help Snai reduce its overall net debt of approximately part of consortiums that bought out Expro International US$410m. Significantly, the company also operates (US$3.88bn) and Coral Eurobet (US$3.8bn), how the Milan’s San Siro gallops and racetracks although these mighty have fallen. assets are not part of the acquisition. By Tom Coughlan, Remark The US$898m buyout currently stands as the second largest private equity-related deal announced in Italy this year, only surpassed by the US$2.43bn acquisition of gas distribution company Enel Rete Gas in May. Remarkably, AXA Private Equity was also involved on the buy-side of this deal, teaming up with Italian investment fund F2i to acquire an 80% stake in the company.

Elsewhere, one of the more noteworthy deals of the week saw a consortium of investors comprising Origo Sino India, Origo Resource Partners and China Commodities Absolute Return acquire a 31% stake in The Noticeboard

People moves

Date Title Story snapshot Source

3-Dec-09 Brown Brothers US-based investment bank Brown Brothers Harriman has appointed Douglas www.privateequityonline.com hires former Maine as a senior advisor to its M&A advisory and private equity unit, BBH Capital IBM executive Partners, which closed its third and latest fund on US$200m in 2007. Maine is the former CFO of IBM and also the former CFO of MCI Communication, where he worked for 20 years.

3-Dec-09 Capital Barclays Capital has appointed Jacqueline Tan to the position of Managing Director, www.barcap.com appoints head of Head of Risk Solutions Group, Southeast Asia. Based in Singapore, Jacqueline Risk Solutions will oversee the delivery of risk solutions to the firm’s Southeast Asian clients. Group Jacqueline formerly served as Head of Corporate Risk Solution Sales in Asia for ABN Amro in Singapore.

1-Dec-09 Coller executive Coller Capital executive Pinal Nicum will end an eight-year career with the firm www.privateequityonline.com joins Adams to become a partner at Adams Street Partners, where he will focus on the firm’s Street as secondaries operations in Europe alongside four other partners. Adams Street partner raised its first dedicated secondaries fund in 1988 and has since closed over 100 secondary deals. It has US$3.4bn of secondary assets under management.

1-Dec-09 Head of International private equity firm Kohlberg Kravis Roberts (KKR) has witnessed the www.privateequityonline.com European departure of Christina Pamberg, head of European investor relations and capital investor raising activities since 2005. KKR recently hired Alex Fletcher, the former head of relations leaves Asset Management EMEA sales, to lead its European client and KKR partner group.

New funds

Date Title Story snapshot Source

3-Dec-09 Corsair Capital Corsair Capital, the US-based private equity firm investing in the Financial Services www.altassets.com sets US$2bn sector, will target US$2bn for its fourth fund, Corsair IV Financial Services Capital target for fourth Partners. The firm enlisted a placement agent to raise public funds for Corsair IV fund and has argued against a ban on placement agents by the SEC as a ban would hinder the fundraising efforts of smaller funds.

3-Dec-09 Alternative Alternative Investment Capital, the Japan-based in which Mitsubishi www.altassets.com Investment owns a majority stake, will launch its third Asia-focused fund, The AIC Japan III Capital to raise Fund. AIC has a total of US$2.7bn total assets under management and since third Asia- its formation in 2002 is thought to have committed US$634m to private equity focused fund through a series of funds internationally.

1-Dec-09 Cordiant Capital Canada-based emerging markets private equity investor Cordiant Capital has www.cordiantcap.com to oversee been selected to manage the newly created Infrastructure Crisis Facility Debt infrastructure Pool, which was launched at the annual World Bank Group meeting this year. The fund ICF will oversee development and address financing concerns of infrastructure projects in emerging markets.

2 The Brief: 4 December 2009 | Issue 41 Private Equity Opportunities - Asia-Pacific

Adishwar India could sell a minority stake once annual revenues pass INR2bn, MD says

Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description

26-Nov-09 10 US$ Stake size Consumer: Retail ING Vysya Bank; Adishwar India Confirmed India Limited

Adishwar India, a private Bangalore, India-based consumer goods retailer, could sell a minority stake for INR500m (US$10m) in FY 2011/2012 when revenues are expected to touch INR 2.25bn, Managing Director Paras Jain said. Revenues for year ended March 2009 were INR1.47bn, Jain said. FY 09/10 revenues are estimated at INR1.75bn. Expansion plans will be finalized after the current financial year, at which point the company would be willing to hear from advisors and financial investors. It is very unlikely to sell a stake to a strategic player since it has the expertise required to run its operations, he said. The fund raised would be used to open more stores. At present, the company is not in a hurry to open too many because of the recent retail slump so it does not require funds immediately. It expects to fetch a better valuation once its revenues cross the INR2bn threshold, he said. The company is wholly owned by Jain and his family. It has 421 employees. Total debt as on March 2009 was INR200m. ING Vysya Bank was the debt provider, he added. It will raise the equity only if the present retail space shows signs of improvement and there is scope to increase annual revenues to around the INR 7bn level with the INR 500m raised. If it fails to get the right valuation it could consider debt but would prefer equity to avoid the burden of interest payments, he said. The company has no listing plans since its revenues are too small but it could consider that in the future, he said. Adishwar has 21 stores in Bangalore and one store each in Mysore, Mangalore and Belgaum. It plans to add four to six more stores by March 2010. Going forward it will explore other cities such as Chennai, Goa, Hyderabad and Pune. All of its stores have been profitable since the first year of operations, he said. This news service reported in April 2008 that Adishwar India might consider private equity bids of over US$25m within 2 years. Jain said that the company had changed its plans due to the recent economic slowdown.

CliniRX to offer minority stake to private equity funds; proceeds to be used for buys in Central and Eastern Europe, source says

Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description

27-Nov-09 10 US$ Revenue of Medical: Pharmaceuticals JK Organisation; CliniRX India Strong evidence ClinRXr Research Services Pvt Ltd

CliniRX, the India-based clinical research company that is part of diversified company JK Organisation, could seek private equity funding, said a company source. The company would offer a minority stake to the potential investor. CliniRX is looking to acquire clinical research firms in Central and Eastern Europe and would raise the funds to finance acquisitions, he said. The company is seeking targets of between US$5m and US$10m in size, and would seek funding of around US$5m. CliniRX has operations in the US and is now looking to enter Eastern Europe, he said. CliniRX was started three years ago and has revenue close to INR500m (US$10m). JK Organisation, is an India-based conglomerate with interests in tyres, paper, sugar, agriculture and clinical research. It had annual sales of about US$2.6bn, according to a group press release.

3 The Brief: 4 December 2009 | Issue 41 Private Equity Opportunities - Asia-Pacific

Greenko will seek private equity investors in six to 12 months, source says

Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description

30-Nov-09 50 US$ Minimum Energy Global Environment Fund; India Strong evidence deal size Greenko Group Plc

Greenko, an Indian renewable energy firm, will begin stake sale talks with private equity investors in the next six to 12 months, a company source said. It will also entertain advisor approaches. A stake sale would be for a minority stake at the entity level and would finance its plans to ramp up its installed capacity. On a potential deal or stake size, the source said the company had not yet finalized those details at this stage but a transaction would definitely be upwards of US$50m. Recently, it sold an undisclosed minority stake to private equity fund GEF for US$46m. For its expansion plan, Greenko would also raise debt, but at the project level, he said. Talks are already underway with select Indian private banks, the source said. The source said Greenko already has US$101 MW (mega watt) of installed capacity which is worth over INR6bn (US$120m). Two entrepreneurs own and control Greenko, while other private equity investors include Aloe Environment Funds, the source said. He said the company has long-term commitments from its existing private equity investors and that they would not look to exit the firm in the near future. AIM-listed Greenko owns, develops and operates hydro and biomass-fired power plants in India. It has plans to add another 100 MW in the next 12-24 months.

Shenhua Flour looking to raise CNY80m via majority stake sale, source says

Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description

27-Nov-09 51 US$ Asking price Consumer: Foods Shenhua Flour China Strong evidence

Shenhua Flour [Shen Hua Mian Ye], a privately-owned Chinese flour maker, is looking to raise CNY80m (US$12m) by selling a majority stake, a company source said. The company has not appointed a financial advisor for the deal. Shenhua had total assets of CNY86m in 2008. The source said Shenhua would entertain offers from both strategic investors and private equity groups, as long as the asking price is met. The proceeds from the investor introduction would be used to upgrade Shenhua’s equipment and expand its workshop. Shenhua is engaged in making bakery flour, but such products have a low profit margin, according to the source. The company wanted to upgrade its equipment so as to be able to manufacture high-end flour, like food coating pre-mix products. “We are using a very advanced product line. So we want to be able to manufacture products with a higher profit margin.” According to the source, Shenhua generated revenue of CNY80m and net profits of CNY5m in 2008. After any potential transaction, Shenhua’s revenue could reach CNY150m, and its net profit CNY8m. The company has 3% of the domestic market share. Founder and general manager Bo Liu is the majority shareholder in the company, the source said while declining to elaborate further.

4 The Brief: 4 December 2009 | Issue 41 Private Equity Opportunities - Europe

Nederlandse Beleggingsmaatschappij voor Zeeschepen (NBZ) pursuing stake sale to financial players to grow ship financing activities

Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description

27-Nov-09 100 US$ Total size of Financial Services, Loyens & Loeff, Mazars LLP, Netherlands Confirmed investment Industrial products and Gannet Shipping B.V. , Diederik sought services, Services (other), Tjeenk Willink , Nederlandse Transportation Beleggingsmaatschappij voor Zeeschepen BV , CP Legal

Nederlandse Beleggingsmaatschappij voor Zeeschepen (NBZ), the Dutch shipping investment fund, would consider a stake sale of up to 30% to financial investors, managing director Diederink Tjeenk Willink said. Tjeenk Willink said NBZ seeks a total investment of up to US$100m, possibly from several investors. NBZ has US$93m of assets under management, Tjeenk Willink said. NBZ finances ships through leasing and mezzanine finance arrangements. A stake sale would serve to stimulate NBZ’s ship financing activities, with investors also being invited to provide co-financing of up to 80% in various sale and leaseback projects, Tjeenk Willink said. Tjeenk Willink said NBZ has discussed a stake sale with both pension funds and family-linked private wealth funds. He said suitors could be drawn from either category but noted that family-linked funds are “more entrepreneurial” and may be more inclined to pursue a transaction. The stake sale may also allow NBZ to pursue larger financing investments, Tjeenk Willink said. At present, NZB provides up to US$3m within financing arrangements whose maximum overall value is around US$5m. Following a stake sale, arrangements with an overall value of US$10m would be considered. “We would then put in US$2m, they would put in US$8m,” Tjeenk Willink said. Tjeenk Willink said NBZ offers investors a stake in a fund which has consistently outperformed the AEX benchmark index, as well as an attractive return on investment through its sale and leaseback and mezzanine financing activities, Tjeenk Willink said. NZB’s supervisory board members would guide a search for an investor, Tjeenk Willink said. CP Legal is NZB’s retained legal advisor, while Loyens & Loeff provides notary services and Mazars serves as an accountant. NBZ is run by Tjeenk Willink though his wholly-owned management vehicle NBZ Management. 58 year-old Tjeenk Willink is also managing director and minority shareholder of Gannet Shipping, a privately-held Dutch shipping group.

Atlantik resort complex up for sale again, co-owner says

Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description

30-Nov-09 10 US$ Asset value Leisure Atlantik Ukraine Strong evidence

The owners of Atlantik, a privately-held resort complex located in Autonomous Republic of Crimea in Ukraine, have decided to offer the company for sale again, said Igor Bodishtyanu, a co-owner. He and his counterpart were considering a sale or a stake sale two and a half years ago, but decided against it. However, now they have agreed to exit the business, and have no preference whether to sell the complex to financial investors or a trade buyer. Bodishtyanu valued Atlantik at US$9.5m and said it is the largest and the most developed hotel complex in the resort city of Feodosia on the Black Sea. Bodishtyanu noted that the complex has expanded during the last two years and now has an SPA center and a heated outdoor swimming pool, various saunas, a fitness center, a playground for children, a restaurant and a bar. The hotel building size exceeds 3,000 square meters, it consists of 74 rooms and can host up to 200 people simultaneously. Atlantik was built three year ago, he said.

5 The Brief: 4 December 2009 | Issue 41 Private Equity Opportunities - Europe

BioModics looking for €5m funding to launch its product; revenue can grow up to US$1bn in a couple years, CEO says

Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description

3-Dec-09 5 € Requested Biotechnology Coloplast A/S, SurModics Inc, Denmark Confirmed money Kane Biotech, BioModics, Peter Thomsen

BioModics is looking to raise €5m to finalize its production set up and to launch its product, nanoporous catheters for the prevention of infections, on the market, Chief Executive Officer Peter Thomsen said. BioModics, the privately-held Danish company, provides solutions for diagnostics, labware and health care devices. The main focus at the moment is on a nanoporous catheter to prevent infections. An investor bringing €5m will receive a minority stake in the company, Thomsen said, and expressed a preference for international financial investors such as San Francisco, California-based financial Burill & Company. He added that the money would fund BioModics for a couple of years. BioModics could generate sales of up to US$1bn (€660m) very quickly, possibly within a couple of years from the launch of the product, the CEO said. He explained that the value of the catheter market that they address was estimated to be at US$19.4bn in 2012, and said that with less than a 10% market share, they could generate revenue of around US$1bn. BioModics is also interested in partnerships both for the out-licensing of its main product, the nanoporous catheter, and the development of other applications such as other blood infections and lower respiratory treatment, the CEO explained. As attractive partners, he mentioned biopharmaceutical companies as well as instrument, software and service providers. A trade sale or an initial public offering would both be considered as exit options after the market entry, Thomsen said, adding that potential buyers could also be the current or future partners of BioModics. He added that he is the company’s sole owner. According to a company presentation, BioModics’ valuation is currently around €6.7m. BioModics proposes the use of its impregnated catheters made from polymer silicone interpenetrating networks to prevent nosocomial infections. Thomsen cited statistics by the National Institute of Health in the US, which estimates that biofilms are responsible for 80% of all human infections. He added that the cost to treat each infection was approximately US$56,000. BioModics’ main competitors are Coloplast, Kane Biotech and SurModics.

Agrosoyuz interested in private equity investor for Kashira-Agro, director says

Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description

2-Dec-09 53 US$ Kashira- Agriculture, Consumer: AGroSoyuz, Kashira-Agro Russia Confirmed Agro’s Foods chartered capital

Agrosoyuz, a large privately-held Russian agro holding company, is interested in attracting a private equity investor for its company Kashira-Agro, said Alexander Shinov, technology director and shareholder. Kashira-Agro is involved in animal husbandry and pork production, and has a chartered capital of RUB1.55bn (US$53m). Kashira-Agro has already purchased the “mother pigs” and plans to start full-cycle meat production. Shinov said the exact size of the stake for sale would be discussed with potentially interested parties, and it could be either a minority stake (under 30%) or below a controlling interest (under 50%). According to Shinov, Agrosoyuz believes that the business could be expanded quickly and the investment fund would have an opportunity to exit in three to four years through a trade sale or a listing should economic conditions be right. Shinov did not provide information on exactly how much the company would like to attract into the business. However, according to the Russian Ministry of Agriculture’s website, Kashira-Agro was interested in obtaining loans of RUB350m, and the ministry provided the recommendations for it. Kashira-Agro is located in the Moscow region. Agrosoyuz owns various agricultural companies, including meat and milk production, in the regions of Moscow, Voronezh and Nizhniy Novgorod.

6 The Brief: 4 December 2009 | Issue 41 Private Equity Opportunities - North America

Plum Market looking to sell minority stake, seeks capital for expansion, source says

Date Value (M) Currency Value Sectors Companies Countries Intelligence grade description

30-Nov-09 175 US$ Number of Consumer: Retail Chicago Growth Partners LP; USA Confirmed employees at Plum Market newest store

Plum Market, the three-store Michigan-based upscale supermarket, is looking to sell a minority sake, according to a source familiar with the situation. Plum Market is being advised by William Blair on the transaction, the source noted. The supermarket wants to use equity capital to fund an expansion, the source said. Brothers Marc and Matthew Jonna started Plum Market in 2007. The Jonnas sold a previous start-up chain, Merchants of Vino, to Whole Foods, according to news reports. The founders didn’t return phone calls seeking comment.

ESET an attractive target after Cisco-ScanSafe deal - industry sources

Date Value (M) Currency Value Sectors Companies Countries Intelligence grade description

30-Nov-09 250 US$ ESET Computer software Cisco Systems Inc.; Norman USA Rumored possible ASA; Webroot Software Inc.; revenues ScanSaf Inc; ESET

ESET, a security software maker, is an attractive target after Cisco Systems’ US$183m purchase of ScanSafe last month, an industry banker and executive said. The San Diego, California-based company could receive interest from Colorado-based Webroot for its endpoint technology, the executive said, although ESET’s rapid growth may make it too expensive, he noted. ESET has US$200m - US$250m in revenues this year, up from US$120m last year, he estimated. The executive said multiples in the industry are around 4x-6x revenues. ESET did not return calls for comment. One banker said any security company with sales of US$25m or more has enough scale to attract buyers. The Cisco-ScanSafe deal was rumored to be a multiple of between 6x and 9x annual sales. Many in the antimalware space may evaluate options near-term because of the potential for improved pricing at this time, a second banker and the executive said. The first banker called ESET a similar company to Norway-based Norman which had annual sales of roughly€ 50m and was recapitalized in August. He said average multiples in the sector were 2.8x annual sales until recently, when AVG recapitalized at 4x-5x annual sales and Cisco announced its acquisition of ScanSafe. The second banker thought it “plausible” that ESET could attract a private equity buyer because it has strong cash flow. The second banker called a recapitalization “likely.” ESET has production facilities in Slovakia. The company makes security software that integrates antivirus, antispyware, antispam, and firewalls for personal or business applications.

7 The Brief: 4 December 2009 | Issue 41 Private Equity Opportunities - North America

AAON receives acquisition interest from competitors; would consider offers of around US$30 a share, source says

Date Value (M) Currency Value Sectors Companies Countries Intelligence grade description

30-Nov-09 326 US$ AAON Industrial products and Johnson Controls Inc.; Trane USA Strong evidence market services Inc.; Honeywell International capitalization Inc; Lennox International Inc; AAON, Inc.; Bank of Oklahoma

AAON (NASDAQ:AAON), an air-conditioning and heating equipment company, receives acquisition interest from competitors, said a company source. The Tulsa, Oklahoma-based company is not receiving the price it wants, he said, although it is not actively looking to sell. For AAON to sell, it would look for an offer in the region of US$30 a share, the source said. AAON shares closed Monday at US$18.94 and they have traded between US$14.54 and US$22.32 in the last year. The company has a US$326m market capitalization. AAON was previously pegged as a target for companies such as Milwaukee, Wisconsin-based Johnson Controls; Piscataway, New Jersey-based Trane; Richardson, Texas-based Lennox; and Morristown, New Jersey-based Honeywell, but the source did not want to speculate on potential buyers. AAON has a relationship with the Bank of Oklahoma, the source said. The company had US$280m in revenues for 2008, up around 7% from the year before when it had US$262m in sales. The company had US$28.6m in net profit for 2008, up 23% from US$23.2m the year before. Cash and cash equivalents stood at about US$18m at the end of September.

Infinity Gold Mining plans to raise US$15m to aid acquisitions in Canada, source says

Date Value (M) Currency Value Sectors Companies Countries Intelligence grade description

27-Nov-09 15 US$ Funds to be Mining Merit Mining Corporation; Canada; Strong evidence raised Evans & Evans; Infinity Gold China; United Mining Inc Kingdom; Hong Kong

Infinity Gold Mining, the Canada-based privately-held miner, is looking to raise US$15m in China, said a source familiar with the situation. It could sell a majority stake to investors, and both private equity and strategic approaches were welcomed. The funds raised would be used to aid its acquisition of Merit Mining, the Canada-listed gold mining company. Earlier this month, Infinity Gold Mining announced a proposal to acquire between 3.62% and all of the shares of Merit Mining and its approximate US$3m convertible debenture. Merit Mining has appointed Evans & Evans, Inc. as its financial advisor, according to a company announcement. Infinity Gold Mining has already hired an advisor to aid its fundraising in Chin, and has started active talks with potential Chinese bidders, the source said. Infinity Gold Mining owns 80% of the gold mining resources in Susong, the Anhui Province. Its Canadian business includes four existing gold mining projects with a production rate of 72,000 tons per year, and it is exploring properties in British Columbia in Canada, according to company documents. As previously announced, it is also planning an initial public offering in late 2010 or early 2011, possibly in Toronto, London’s AIM or the Hong Kong Exchange. The source declined to disclose more details about the IPO. It expects a net profit of US$5m in 2010 when it starts producing cash flow, the source said. According company documents, Infinity Gold Mining will continue to seek property acquisitions in Canada, and aims to reach 200 tons of production per day by third quarter 2010.

8 The Brief: 4 December 2009 | Issue 41 Top Deals of the Week - Asia-Pacific

Deal one: Lenovo Mobile Deal two: Gobi Coal and Energy Ltd (31.00% stake)

Announced date 27-Nov-09 Announced date 27-Nov-09

Deal type Exit Deal type MBO

Deal value (US$m) 200 Deal value (US$m) 25

Target information Target information

Company Lenovo Mobile Company Gobi Coal and Energy Ltd (31.00% stake)

Description China-based handset business of Lenovo Description Mongolia-based coal mining company Group

Financial advisor NA

Financial advisor NA Legal advisor NA

Legal advisor NA

Bidder information Bidder information

Company Lenovo Group Limited Company Origo Resource Partners Limited; Origo Sino India Plc Description US-based manufacturer of desktop computers, notebook computers, mobile handsets, servers and peripherals Description China-based private equity investment and consult- ing firm; UK-based private equity investor

Financial advisor NA

Legal advisor NA Financial advisor M&A International Inc; Westhouse Securities LLP

Legal advisor NA

Seller information Seller information

Company Ample Growth Enterprises Limited; Jade Company En+ Group Ltd Ahead Limited; LEV Ventures; Super Pioneer International Limited Debt provider NA

Debt provider NA Equity provider Management Vehicle (n/a, 100.0%), Origo Sino India Plc (n/a, 100.0%), Origo Resource Partners Limited (n/a, Equity provider NA 100.0%)

Deal description Deal description

Lenovo Group Limited has agreed to acquire Lenovo Mobile from Jade Origo Sino India Plc (OSI), along with Origo Resource Partners Limited Ahead Limited, Ample Growth Enterprises Limited, LEV Ventures and Super (ORP), has agreed to acquire a 31% stake in Gobi Coal and Energy Ltd, Pioneer International Limited, for a cash consideration of US$200m. in a management buyout transaction, from En+ Group Ltd, for a total consideration of US$25m.

9 The Brief: 4 December 2009 | Issue 41 Top Deals of the Week - Europe

Deal one: Snai (core horse race betting Deal two: Associated Dental Practices activities) Limited

Announced date 26-Nov-09 Announced date 1-Dec-09

Deal type IBO Deal type MBO

Deal value (€m) 600 Deal value (€m) 149

Target information Target information

Company Snai (core horse race betting activities) Company Associated Dental Practices Limited

Description Italy-based core horse race and betting Description UK-based operator of a chain of general practice activities dental surgeries engaged in providing dental care services

Financial adviser NA Financial adviser NA

Legal adviser Gianni Origoni Grippo & Partners Legal adviser Dundas & Wilson; Pinsent Masons

Bidder information Bidder information

Company AXA Private Equity; and Bridgepoint Capital Company AlpInvest Partners NV; Lloyds TSB Development Limited Capital Ltd; AIP; and Palamon Capi- tal Partners LP

Description France-based private equity firm Description Netherlands-based private equity firm; UK-based mid-market private equity firm; UK-based private equity firm Financial adviser

Legal adviser Pavia e Ansaldo Financial adviser NA

Legal adviser Slaughter and May

Seller information Seller information

Company SNAI SpA Company NA

Debt provider NA Debt provider Royal Bank of Scotland Group Plc, Lloyds TSB Corpo- rate Acquisition Finance Equity provider Bridgepoint Capital Limited, AXA Private Equity

Equity provider Lloyds TSB Development Capital Ltd, Palamon Capital Partners LP, AlpInvest Partners NV, Management Vehicle, Morgan Stanley Private Equity

Deal description Deal description

Bridgepoint Capital Limited and AXA Private Equity have made a binding The management team of Associated Dental Practices Limited (ADP) has offer to acquire the gaming business of Snai SpA for a total consideration of acquired the company in a management buyout transaction backed by €600m. Palamon Capital Partners LP and Lloyds TSB Development Capital Ltd (LDC), AlpInvest Partners NV and Morgan Stanley AIP, valued at £136m.

10 The Brief: 4 December 2009 | Issue 41 Top Deals of the Week - Europe

Deal three: Basefarm AS (72% stake) Deal four: Hall Fuels Limited

Announced date 27-Nov-09 Announced date 30-Nov-09

Deal type IBI Deal type Exit

Deal value (€m) 24 Deal value (€m) NA

Target information Target information

Company Basefarm AS (72% stake) Company Hall Fuels Limited

Description Norway-based internet software developer and Description UK-based supplier of fuels and lubricants for Esso service provider Brands

Financial adviser Procorp Financial adviser IBI Corporate Finance

Legal adviser BAHR Legal adviser NA

Bidder information Bidder information

Company Reiten & Co Capital Partners VII LP Company Watson Fuels Limited

Description Norway-based fund of Reiten & Co. private Description UK-based company engaged in distribution of oil, equity fuel storage equipment, lubricants and various oil products

Financial adviser Ernst & Young Financial adviser NA

Legal adviser Thommessen Legal adviser NA

Seller information Seller information

Company Schibsted ASA Company ICC Equity Partners Limited; and Isabeau Limited

Debt provider NA Debt provider NA

Equity provider Reiten & Co Equity provider NA

Deal description Deal description

Reiten & Co Capital Partners VII LP has agreed to acquire a 72% stake Watson Fuels Limited has acquired Hall Fuels Limited from Isabeau Limited in Basefarm AS from Schibsted ASA for a consideration of NOK134.87m and ICC Equity Partners Limited, for an undisclosed consideration. (US$16.03m).

11 The Brief: 4 December 2009 | Issue 41 Top Deals of the Week - North America

Deal one: Ascent Healthcare Solutions Inc. Deal two: Guardium Inc.

Announced date 30-Nov-09 Announced date 30-Nov-09

Deal type Exit Deal type Exit

Deal value (US$m) 525 Deal value (US$m) 225

Target information Target information

Company Ascent Healthcare Solutions Inc. Company Guardium Inc.

Description US-based company engaged in in the Description US-based provider of enterprise database monitoring reprocessing and remanufacturing of medical and protection solutions devices

Financial advisor NA Financial advisor Jefferies & Company

Legal advisor NA Legal advisor Cooley Godward Kronish

Bidder information Bidder information

Company Stryker Corporation Company IBM Corporation

Description US-based medical devices group with a range Description US-based information technology company of products including joint replacements, trauma, spine and micro implant systems, Financial advisor Internal orthobiologics, powered surgical instruments, surgical navigation systems and endoscopic products as well as patient handling and emer- Legal advisor Cravath, Swaine & Moore gency medical equipment

Financial advisor NA

Legal advisor Skadden Arps Slate Meagher & Flom

Seller information Seller information

Company RoundTable Healthcare Partners LP Company Ascent Venture Partners; Cedar Fund; Cisco Systems Inc; StageOne Ventures; Veritas Venture Partners Description US-based private equity firm focused on the healthcare industry Description US-based firm; US venture capital firm investing in companies developing technolo- gies in the networking, communications, enterprise Debt provider NA software and Internet infrastructure areas; US-based provider of networking solutions; Israel based Equity provider Not Applicable venture capital firm; Israel based venture capital firm investing primarily in technology-based companies

Debt provider NA

Equity provider Not Applicable

Deal description Deal description

Stryker Corporation has agreed to acquire Ascent Healthcare Solutions Inc. IBM Corporation has acquired Guardium Inc from a consortium of investors from RoundTable Healthcare Partners LP and other shareholders for a cash for a consideration of US$225m. Investors in Guardium Inc include Cisco consideration of US$525m. The transaction is in line with Stryker’s strategy Systems Inc. and several venture capital firms, namely Ascent Venture to enhance value proposition to hospitals and healthcare providers. Post Partners, Cedar Fund, StageOne Ventures, and Veritas Venture Partners. The acquisition, Ascent would become a division of Stryker operating under the acquisition will extend IBM’s business analytics strategy, while also enabling MedSurg group of businesses and will continue to be known as Ascent IBM’s clients to maintain trusted information infrastructures alongside Healthcare Solutions. Ascent currently has two reprocessing facilities in streamline compliance processes. IBM will integrate Guardium within its Phoenix and Lakeland. The board of directors of both firms and Ascent IBM’s Information Management Software portfolio. shareholders approved the transaction. The transaction is subject to the expiration or termination of all applicable waiting periods pursuant to the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. It is expected to be completed by the end of 2009.

12 The Brief: 4 December 2009 | Issue 41 Top Deals of the Week - North America

Deal three: Associated Dental Practices Deal four: Lenovo Mobile Limited

Announced date 1-Dec-09 Announced date 27-Nov-09

Deal type MBO Deal type Exit

Deal value (US$m) 224 Deal value (US$m) 200

Target information Target information

Company Associated Dental Practices Limited Company Lenovo Mobile

Description UK-based dental chain and provider of NHS Description China-based handset business of Lenovo Group dentistry services Financial advisor NA

Financial advisor NA Legal advisor NA

Legal advisor Dundas & Wilson; Pinsent Masons

Bidder information Bidder information

Company AlpInvest Partners NV; Lloyds TSB Develop- Company Lenovo Group Limited ment Capital Ltd; Morgan Stanley AIP; Pala- mon Capital Partners LP Description US-based manufacturer of desktop computers, notebook computers, mobile handsets, servers and peripherals Description Netherlands-based private equity firm; UK-based mid-market private equity firm; US-based private equity fund; UK-based Financial advisor NA private equity firm with interests in media and communications, financial services, leisure and entertainment, business services, IT and Legal advisor NA healthcare sector

Financial advisor Augusta & Co

Legal advisor Slaughter and May

Seller information Seller information

Company NA Company Ample Growth Enterprises Limited; Jade Ahead Limited; LEV Ventures; Super Pioneer International Description NA Limited

Debt provider AlpInvest Partners; Lloyds TSB Development Description China-based private equity arm of Hony Capital Co Capital; Morgan Stanley Private Equity; Ltd; Hong Kong based private equity arm of Hony Palamon Capital Partners; Management Vehicle Capital Co Ltd; China-based venture capital arm of Mr. Yeung Heung Yeung; China-based venture capital fund of Mr. Yeung Heung Yeung

Equity provider Lloyds TSB Corporate Acquisition Finance; Debt provider NA Royal Bank of Scotland Group Equity provider Not Applicable

Deal description Deal description

The management team of Associated Dental Practices Limited (ADP) has Lenovo Group Limited has agreed to acquire Lenovo Mobile from Hony acquired the company in a management buyout transaction backed by Capital Co Ltd, the China-based private equity firm, from its investment AlpInvest Partners NV, Lloyds TSB Development Capital Ltd (LDC), Morgan vehicles Jade Ahead Limited and Ample Growth Enterprises Limited and Stanley AIP, and Palamon Capital Partners LP in a transaction valued at Yeung Heung Yeung, the China-based private investor, from its venture US$224m. Post acquisition, the existing management team will continue capital arms LEV Ventures and Super Pioneer International Limited, for a to operate ADP. Through this transaction, Palamon intends to use ADP as a cash consideration of US$200m. This acquisition is in line with Lenovo’s platform for further consolidations in the UK dental market. strategy to maximize the synergies of both companies in product innovation, lean manufacturing, strong distribution channels and retail to lead the market for new mobile handset devices in China. The transaction is subject to Lenovo Group’s shareholders approval.

13 The Brief: 4 December 2009 | Issue 41 Top Deals of the Week - North America

Deal five: Dune Networks Inc. Deal six: Intuit Real Estate Solutions Inc.

Announced date 30-Nov-09 Announced date 1-Dec-09

Deal type Exit Deal type IBI

Deal value (US$m) 178 Deal value (US$m) 128

Target information Target information

Company Dune Networks Inc. Company Intuit Real Estate Solutions Inc.

Description US-based semiconductor supplier of Description US-based company provider of software networking devices and services to companies in the real estate management and investment industry

Financial advisor Internal Financial advisor Morgan Stanley

Legal advisor Meitar Liquornik Geva & Leshem Brandwein; Legal advisor Latham & Watkins Pepper Hamilton

Bidder information Bidder information

Company Broadcom Corporation Company Vista Equity Partners LLC

Description US-based provider of semiconductors for wired Description US-based private equity firm and wireless communications Financial advisor Cowen and Company

Financial advisor Internal Legal advisor Kirkland & Ellis

Legal advisor Latham & Watkins; Yigal Arnon & Co

Seller information Seller information

Company Alta Berkeley Venture Partners; Evergreen Company Intuit Inc. Venture Partners; Jerusalem Venture Partners (JVP); Pitango Venture Capital; US Venture Description US-based provider of business and financial man- Partners agement software solutions for small businesses, consumers and accounting professionals

Description UK based private equity firm; Israel based Debt provider Vista Equity Partners venture capital firm with focus on communica- tions, software and healthcare; Israel based Equity provider NA venture capital firm; Israel based venture capi- tal firm; US-based private equity firm generally making investments in the technology sector with a timeframe of 3 to 10 years

Debt provider NA

Equity provider Not Applicable

Deal description Deal description

Broadcom Corporation has agreed to acquire Dune Networks Inc. from Vista Equity Partners LLC has agreed to acquire Intuit Real Estate Solutions a group of investors including Alta Berkeley Venture Partners, Evergreen Inc from Intuit Inc for a cash consideration of US$128m. Intuit Real Estate Venture Partners, Jerusalem Venture Partners, Pitango Venture Capital and Solutions Inc has a workforce of 340 employees and serves almost 1700 U.S. Venture Partners for a cash consideration of US$178m. The acquisition clients. Intuit is selling Intuit Real Estate Solutions as it is no longer a will enable Broadcom to access new market applications for Ethernet strategic fit for Intuit. The transaction is subject to regulatory review, in the data center. Dune Networks’ interconnect fabric will complement customary closing conditions and is expected to close on 31 January 2010. Broadcom’s Ethernet products thereby enhancing its product portfolio. The acquisition has been approved by the directors of Broadcom Corporation and Dune Networks Inc. Completion of the deal, expected in first quarter of 2010, is subject to customary closing conditions.

14 The Brief: 4 December 2009 | Issue 41 Top Deals of the Week - North America

Deal seven: The Dutko Group Inc. Deal eight: ARCH Aluminum & Glass Co. Inc.

Announced date 2-Dec-09 Announced date 30-Nov-09

Deal type Exit Deal type IBO

Deal value (US$m) 43 Deal value (US$m) Not Disclosed

Target information Target information

Company The Dutko Group Inc. Company ARCH Aluminum & Glass Co. Inc.

Description US-based lobbying group involved in managing Description US-based fabricator and distributor of architectural the four principal forces that shape public glass and aluminum products policy discussion: federal government, the media, state & local government, and public opinion Financial advisor NA

Financial advisor William Blair & Company Legal advisor Genovese Joblove & Battista

Legal advisor Kirkland & Ellis

Bidder information Bidder information

Company Huntsworth plc Company Grey Mountain Partners

Description UK-based marketing communications services Description US-based private equity firm and public relations firm Financial advisor NA

Financial advisor Quayle Munro Holdings Legal advisor NA

Legal advisor Davis & Gilbert

Seller information Seller information

Company Lake Capital Inc. Company NA

Description Description US-based private equity firm NA

Debt provider Grey Mountain Partners Debt provider NA

Equity provider NA Equity provider Not Applicable

Deal description Deal description

Huntsworth plc has agreed to acquire The Dutko Group Inc from employees Grey Mountain Partners has agreed to acquire ARCH Aluminum & Glass Co. and Lake Capital Inc for an enterprise value of US$43.3m. The transaction Inc for an undisclosed consideration. Arch Aluminum filed for Chapter 11 is in line with Huntsworth’s strategy to strengthen its position in the bankruptcy protection on 25 November 2009. public relations market. Post acquisition, Dutko will be consolidated into the Grayling brand, Huntsworth’s US-based international public relations subsidiary, and Dutko‘s executive team will remain in charge of the business.

15 The Brief: 4 December 2009 | Issue 41 Pipeline - Asia-Pacific

Deal Target Target Target Financial Status Possible bidder company Comments value company description country advisor (US$m)

3,200 Port of Transporta- Australia NA PE target Global Infrastructure Queensland’s Treasurer, Andrew Fraser, Brisbane tion Partners, TPG, Carlyle, may seek expressions of interest for the Corp Mirvac, Stockland Port of Brisbane Corp by April.

1,000 China In- Financial China NA PE target Bain Capital, Carlyle, Morgan Stanley has shortlisted six ternational Services General Atlantic, KKR, potential investors to take over its 34% Capital Texas Pacific Group (TPG), stake in China International Capital Fubon Financial Holding (CICC).

823 Seven Media Australia NA PE exit NA Seven Media, a joint venture between Media Seven Network and the private equity group Kohlberg Kravis Roberts could be listed in the near future.

801 iNova Pharmaceu- Australia NA PE exit Merck, Sanofi-Aventis, iNova will be sold as a whole and its Pharma- ticals GlaxoSmithKline, owners are no longer considering ceuticals AstraZeneca, Wyeth an IPO. The sale of the company is expected to finish before Christmas.

273 Retail Consumer Australia Macquarie PE exit NA Macquarie Group is thought to have Apparel Group been hired to handle the IPO next year Group of Retail Apparel Group, the private (RAG) Australian-based apparel group.

250 Honiton Energy China Morgan PE target NA Honiton Energy Group has received bids Energy Stanley from unnamed private equity funds. Group Honiton only wants to sell a minority stake.

217 GMR Infra- Services India NA PE target Macquarie-SBI Macquarie-SBI Infrastructure and 3i structure Infrastructure, 3i Investments have been named as PE Investments funds considering making the holding purchase in GMR Airport Holdings.

200 Buy The Consumer Korea Deutsche PE exit NA Lotte and Buy The Way have denied that Way Goods Bank Lotte is set to acquire Buy The Way.

65 Mitre 10 Consumer Australia Momentum PE target NA Mitre 10 has received a second takeover Pacific offer from an unnamed private equity bidder. The offer is thought to be similar in value to Metcash’s bid, which is A$50m and A$70m for a 50.1% stake in the business.

n/a Kumho Services Japan Korea De- Auction KT-MBK Private equity fund KT-MBK consortium Rent-a-Car velopment has been selected as the preferred Bank bidder in the sale of Kumho Rent-a- Car. The vendor, Kumho Asiana, plans to finalize the sale contract within December 2009, following negotiation talks over the sale conditions.

16 The Brief: 4 December 2009 | Issue 41 Pipeline - Europe

Deal Target Target Target Financial Status Possible bidder company Comments Value company description country Advisor (€m)

2,500 Siemens Healthcare Germany UBS Auction KKR, BC Partners Siemens AG has hired UBS to help sell hearing its hearing-aid unit, according to press aid unit reports. Bidders are said to include private equity firms BC Partners and KKR and the company is reported to be worth €2.5bn.

500 Springer Media Germany Goldman Auction Apax, EQT Springer Science’s sale talks are Science Sachs, UBS continuing after the withdrawal of the UK and bidder Informa. Financial investors Apax Business and EQT are in the running for Springer Media Science, which is owned by private equity firms Cinven and Candover.

55 Hosea- Leisure UK Close Auction UK private equity firms Hoseasons’ owner HgCapital has sons Brothers appointed Close Brothers Corporate Finance to advise on a sale of the UK- based holiday company. HgCapital is hoping to achieve a sale price of €55.8m for Hoseasons.

17 The Brief: 4 December 2009 | Issue 41 Pipeline - North America

Deal Target Target Target Financial Status Possible bidder company Comments Value company description country advisor (US$(m)

131 Playboy US-based adult US NA Takeover Golden Gate Capital; Oak According to recent reports, Playboy Enterpri- entertainment situations Hill Capital Partners LP; Enterprises, the US-based adult ses media Iconix Brand Group Inc.; entertainment media company, has not company Hilco Consumer Capital; retained UBS to oversee its asset sale Monarch Alternative Capital process, which is progressing faster LP; Jim Griffiths (private than expected. Reports published investor) earlier in the week had incorrectly stated that UBS was advising on the sale. Hugh Hefner, the company’s founder, has reportedly resisted a sale of the company but is now willing to consider offers. Playboy will not receive bids from two US-based private equity firms that had previously been identified as possible bidders, Oak Hill Capital Partners and Golden Gate Capital, as was originally expected. Last week Playboy said it would outsource its operations for its print division to American Media and the asset sale is now reportedly pending on a bidder for Playboy’s TV and online assets. Apart from Oak Hill and Golden Gate, potential bidders are thought to include Iconix Brand Group, Monarch Alternative Capital and Hilco Consumer Capital. Iconix, which owns London Fog, Joe Boxer and other brands, is considered the leading bidder. Reports have also stated that the sale process is uncertain because Hugh Hefner, who owns 70% of the company, is looking for a premium in the sale and the desired US$300m price tag might be hard to achieve. Playboy has a market cap of US$138m.

55 Genmar Minneapolis, US NA Auction Platinum Equity LLC; Irwin According to recent reports, Genmar Holdings Minnesota- Jacobs (private investor) Holdings, the bankrupt Minneapolis, based yacht Minnesota-based yacht and boat and boat manufacturing company, has received manufacturing a US$55m stalking horse bid from company Platinum Equity, the Los Angeles, California-based private equity firm. Irwin Jacobs, the founder and CEO of Genmar Holdings, is also placing a bid for the company; he has resigned from his post with the company in order to facilitate an offer. All bids for the company, which filed for Chapter 11 bankruptcy protection in June, are due by 04-Jan-09 and the auction sale date is 07-Jan-09.

18 The Brief: 4 December 2009 | Issue 41 Statistics - Asia and Pacific

Asia-Pacific buyouts, quarterly Asia-Pacific exit activity, quarterly

Value (LHS) Value (LHS) 12 70 5 25 Volume (RHS) Volume (RHS)

60 10 4 20 Volume of deals Volume of deals 11.1 50 3.9 8 40 3 3.5 15 6 2.9 30 2 10 5.1 4 4.0 20 1 1.3 3.0 5 Value of deals (US$bn) 2 Value of deals (US$bn) 3.4 3.2 10

0 0 0 0 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 Qtr 4 09 QTD Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 Qtr 4 09 QTD

Asia-Pacific buyout yearly Asia-Pacific secondary buyouts, yearly Asia-Pacific buyout yearly comparison by deal size Value (LHS) 300 8 20 300 > $501m Volume (RHS) > $501m 18 26 7 250 26 7.1 250 21 $251m - $500m 16 21 $251m - $500m Volume of deals 6 24 13 49 13 24 16 14 200 49 19 16 $101m - $250m 200 19 30 $101m - $250m 5 30 12 30 30 150 $15m - $100m 10 4 150 14 99 $15m - $100m 87 146 99 100 6 87 100 8 21 3 3.4 $5m - $14.9m 100 21 $5m - $14.9m

Volume of deal s 100

6 Volume of deal s 58 58 2 2.4 38 19 36 28 38 19 Value not disclosed 4 50 36 Value of deals (US$bn) 28 52 Value not disclosed 50 52 1 20 20 44 24 2 40 1.4 22 44 35 24 0.9 40 0 22 35 24 0 0 0 2005 2006 2007 2008 2009 YTD 2005 2006 2007 2008 2009 YTD 2005 2006 2007 2008 2009 YTD

152.9 152.9 Rolling 12 months buyout activity Business Services Rolling 12 months buyout activity Financial Services

industry sector breakdown by volume Consumer industry sector breakdown by value Consumer

TMT TMT 3% 3% 2%1% 4% 4% 21% Industrials & Chemicals 6% Financial Services Leisure Rolling 12 months buyout activity Business Services Rolling4% 12 months buyout activity 41% industry sector breakdown by volume Consumer industry sector breakdown by value Consumer 6% Financial Services Industrials & Chemicals

TMT 7% TMT 3% 3% 2%1% 4% Others 4% Energy 21% Industrials & Chemicals Leisure 6% 4% 7% 19% 41% Energy Industrials & Chemicals 6% Financial Services Business Services 7% Others Energy Pharma, Medical & Biotech9% Real Estate 7% 19% Energy Business Services

9% 8% Pharma, Medical & Biotech Leisure Real Estate Others

16% Leisure Others 8% Real Estate 11% Pharma, Medical & Biotech 16% 11% Pharma, Medical & Biotech 10% Real Estate 18% 10% 18%

Greater China Greater China (China, HK, Taiwan, Macau) (China, HK, Taiwan, Macau) Geographic split of buyouts by volume Geographic split of buyouts by value India Japan

Japan North Asia Greater China 3% Greater China (excl Greater China) 8% (China, HK, Taiwan, Macau) 4% (China, HK, Taiwan, Macau) Geographic split of buyouts by volume Geographic split of buyouts by value 14% India Australasia 7% Japan South East Asia North Asia Japan North Asia 26% 3% (excl Greater China) India 8% (excl Greater China) 4% 7% South East Asia 14% Australasia

North Asia South East Asia 14% India Australasia 26% (excl Greater China)

South East Asia 14% Australasia

14% 14% 52% 52%

20% 22% 20% 22% 16% 16%

19 The Brief: 4 December 2009 | Issue 41 Statistics - Europe

European buyouts, quarterly European exit activity, quarterly

Value (LHS) Value (LHS) 9 200 8 150 Volume (RHS) Volume (RHS) 8.0 8 175 7 125 7 Volume of deals 150 6 Volume of deals 6 100 6.3 8.5 125 5 5.3 5 6.2 5.1 100 4 75 4 3.7 75 3 3 3.0 50 3.1 50 2 Value of deals ( € bn) 2 Value of deals ( € bn) 1.4 25 1 25 1

0 0 0 0 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 Qtr 4 09 QTD Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 Qtr 4 09 QTD

European buyout yearly European secondary buyouts, yearly European buyout yearly comparisoncomparison by by deal deal size size Value (LHS) 1,400 75 400 1,400 1,300 > €501m 70 Volume (RHS) 97 110 > €501m 1,300 97 110 70.0 350 1,200 63 62 65 1,200 63 62 105 1,100 68 115 €251m - €500m 66.4 105 60 68 115 33 €251m - €500m Volume of deals 1,100 58 300 3343 55 1,000 58 1,000 110 437 8 900 110 296 78 €101m - €250m 50 60 301 296 €101m - €250m 250 900 60 301 45 800 48 800 4890 291 281 90 291 132 281 40 48.0 700 36 115 €15m - €100m 28 132 200 700 36 115 €15m - €100m 35 600 2854 272 114 600 54 272 128 30 114 150 500 208 128 €5m - €14.9m 500 40 208 €5m - €14.9m 25 Volume of deal s 89 624 400 4017

Volume of deal s 620 624 400 1762 89 554 102 20 124 620 100 300 62 466 554 102 Value of deals ( € bn) Value not disclosed 15 21.3 300 162 124 466 67 Value not disclosed 200 162 346 67 244 346 200 33 285 10 50 244 100 33 285 5 100 125 2.9 0 125 0 0 0 2002 2003 2004 2005 2006 2007 2008 2009 YTD 2005 2006 2007 2008 2009 YTD 2002 2003 2004 2005 2006 2007 2008 2009 YTD

152.9 152.9

Rolling 12 months buyout activity Industrials & ChemicalsRolling 12 months buyout activity TMT

industry sector breakdown by volume Consumer industry sector breakdown by value Industrials & Chemicals

Business Services Consumer 4% 3% 4% 4% Industrials & Chemicals TMT Rolling5% 12 months buyout activity TMT Rolling8% 12 months buyout16% activity Financial Services 24% industry sector breakdown by volume Consumer industry sector breakdown by value Industrials & Chemicals 5% Pharma, Medical & Biotech Energy, Mining & Utilities Business Services 9% Consumer 4% 4% 3% 4% 8% 16% 6% 5% TMT Financial Services Financial Services 24% Transportation 5% Pharma, Medical & Biotech 9% Energy, Mining & Utilities Leisure 10% 14% Business Services 6% Financial Services Transportation 8%

Business Services Leisure Construction 10% 14% Pharma, Medical & Biotech 8% 19% Construction Pharma, Medical & Biotech 19% Energy, Mining & Utilities 11% Leisure Leisure 11% Energy, Mining & Utilities 11% 11% 14% 14% Other Other Construction Construction 14% 11% 14% 11% UK & Ireland UK & Ireland

Germanic Italy Geographic split of buyouts by volume Benelux Geographic split of buyouts by value Germanic

1% France Central & Eastern Europe 2% 6% 6% UK & Ireland Nordic UK & Irelan d 7% 23% Benelux 8% Germanic 22% Italy Italy Geographic split of buyouts by volume Benelux France Geographic split of buyouts by value Germanic 7% 8% France Iberia 1% 2% Central & Eas tern Eu rope Iberia 6% 6% Nordic 7% 23% Benelux 8% 22% Central & Eastern Europe Italy Nordic F ran c e 11% 7% 8% Iberia Other 12% 17% Iberia Other Central & Eastern Europe Nordic 18% Other 11% 12% 17% Other 18% 12% 13% 12% 15% 12% 13% 12% 15%

20 The Brief: 4 December 2009 | Issue 41 Statistics - North America

North American buyouts, quarterly North American exit activity, quarterly

Value (LHS) Value (LHS) 20 250 12 140 Volume (RHS) Volume (RHS) 19.4 10 120 200 10.6 Volume of deals 15 Volume of deals 15.9 100 8 150 80 10 6 60 100 5.6 5.3 9.2 4 40 5 50 Value of deals (US$bn) Value of deals (US$bn) 2 6.1 3.4 20 3.6 2.6

0 0 0 0 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 Qtr 4 09 QTD Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 Qtr 4 09 QTD

North American buyout yearly North American secondary buyouts, yearly North American buyout yearly comparison by deal size comparison by deal size Value (LHS) 1,000 45 220 1,000 > US$501m 121 > US$501m Volume (RHS) 900 121 40 200 900 112 112 60 800 60 US$251m - US$500m 38.4 180 53 800 53 94 US$251m - US$500m 35 Volume of deals 66 75 700 94 34 160 66 52 75 33.8 700 34 40 62 52 145 US$101m - US$250m 30 31.8 40 62 140 600 62 77 174 145 US$101m - US$250m 48 62 600 77 174 48 32 120 25 120 88 500 32 120 US$15m - US$100m 88 153 500 56 33 US$15m - US$100m 100 30 153 56 20 400 32 33 30 164 30 400 32 54 16 US$5m - US$14.9m 80 164 30 10 54 16 26 US$5m - US$14.9m 15 Volume of deal s 300 478 10 22 37 416 26 82 Volume of deal s 300 18 144 404 478 60 22 19 37 416 82 18 144 404 29 10 20019 90 335 Value not disclosed 28 335 29 Value of deals (US$bn) 40 200 90 Value not disclosed 22 28 219 210 10022 219 210 5 7.2 142 20 100 109 1.5 142 0109 0 0 0 2002 2003 2004 2005 2006 2007 2008 2009 YTD 2005 2006 2007 2008 2009 YTD 2002 2003 2004 2005 2006 2007 2008 2009 YTD

152.9 152.9

Rolling 12 months buyout activity Industrials & ChemicalsRolling 12 months buyout activity Financial Services

industry sector breakdown by volume Consumer industry sector breakdown by value Pharma, Medical & Biotech

TMT Consumer 4% 3% Industrials & Chemicals 7%2%1% Financial Services Rolling5% 12 months buyout activity Rolling 128% months buyout activity industry sector breakdown by volume Business Services 8% Business Services 6% Consumer industry sector breakdown by value Pharma, Medical & Biotech 21% 8% TMT Consumer 3% Financial Services 4% 7%2%1% Energy, Mining & Utilities 5% 8% 6% Business Services 8% Business Services 6% 21% Pharma, Medical & Biotech 8% Leisure Financial Services Energy, Mining & Utilities 9% 6% 35% Pharma, Medical & Biotech Energy, Mining & Utilities Leisure Industrials & Chemicals 9% 7% 35% Energy, Mining & Utilities Industrials & Chemicals 7% Construction TMT Construction TMT 10% 17% 17% 10% Leisure Leisure Construction Construction 15% 15% Transport Transport 12% 16% Transport Transport 12% 16%

21 The Brief: 4 December 2009 | Issue 41 League & Activity Tables - Asia-Pacific

Financial houses - ranked by value

Rank Company name Value (US$m) Number of deals

1 Nomura Holdings Inc 3,462 6

2 Goldman Sachs 3,155 3

3 Bank of China International Holdings Co. Ltd. 1,200 1

4 Morgan Stanley 1,084 2

5= Mizuho Financial Group Inc 1,047 1

5= UBS Investment Bank 1,047 1

7= Inc 906 1

7= HSBC Bank plc 906 1

7= ING (formerly ING Barings) 906 1

7= WestLB Mergers & Acquisitions 906 1

Financial houses - ranked by volume

Rank Company name Value (US$m) Number of deals

1 Nomura Holdings Inc 3,462 6

2 Ernst & Young 119 4

3 Goldman Sachs 3,155 3

4 Deloitte (formerly Deloitte & Touche Corporate Finance) 809 3

5 KPMG 138 3

6 Macquarie Group Limited 78 3

7 Morgan Stanley 1,084 2

8 DBS Bank Ltd 475 2

9 Daiwa Securities Group Inc 35 2

10 Bank of China International Holdings Co. Ltd. 1,200 1

Financial houses advising on buyout deals during 3/12/2008 and 2/12/2009, where target is Asia-Pacific, excluding lapsed and withdrawn deals. The firms are advising the bidder.

22 The Brief: 4 December 2009 | Issue 41 League & Activity Tables - Asia-Pacific

Legal houses - ranked by value

Rank Company name Value (US$m) Number of deals

1 Herbert Smith/Gleiss Lutz/Stibbe 2,381 1

2 Linklaters 1,787 4

3 Nagashima Ohno & Tsunematsu 1,595 3

4 TMI Associates 1,515 2

5 Freshfields Bruckhaus Deringer 1,495 2

6 Kim & Chang 1,138 4

7 Clifford Chance 1,020 3

8 Bae Kim & Lee 924 2

9 Simpson Thacher & Bartlett LLP 906 1

10 Jun He Law Offices 789 1

Legal houses - ranked by volume

Rank Company name Value (US$m) Number of deals

1 AZB & Partners 117 6

2 Linklaters 1,787 4

3 Kim & Chang 1,138 4

4 Desai & Diwanji 221 4

5 Nagashima Ohno & Tsunematsu 1,595 3

6 Clifford Chance 1,020 3

7 Lee & Ko 662 3

8 Shearman & Sterling LLP 609 3

9 Commerce and Finance Law Offices 606 3

10 Paul Weiss Rifkind Wharton & Garrison LLP 556 3

Legal houses advising on buyout deals during 3/12/2008 and 2/12/2009, where target is Asia-Pacific, including lapsed and withdrawn deals. The firms are advising the bidder.

23 The Brief: 4 December 2009 | Issue 41 League & Activity Tables - Asia-Pacific

Buyouts - ranked by volume

Rank Company name Value (US$m) Number of deals

1 Sequoia Capital 478 6

2 The Carlyle Group LLC 578 5

3 Intel Capital 66 5

4 Navis Investment Partners (Asia) Limited 71 4

5 Hopu Investment Management Co Ltd 10,489 3

6 Temasek Holdings Pte Ltd 7,851 3

7 Kohlberg Kravis Roberts & Co 2,122 3

8 2,072 3

9 Standard Chartered Private Equity 142 3

10 Legend Capital 128 3

Exits - ranked by volume

Rank Company name Value (US$m) Number of deals

1 Telecom Investments (Mauritius) Ltd 514 3

2 TPG Capital LP 2,304 2

3 Citigroup Capital Partners Japan Ltd 2,227 2

4 IDG Technology Venture Investment LLC 572 2

5 Ashmore Group Plc 571 2

6 Advantage Partners LLP 386 2

7= MKS Partners Ltd 275 2

7= Unison Capital Inc 275 2

9 CSV Capital Partners 96 2

10 Ant Capital Partners Co Ltd 77 2

PE firms as bidder on buyout deals announced between 3/12/2008 and 2/12/2009. PE firms to exit deals announced between 3/12/2008 and 2/12/2009. Based on target geography being Asia-Pacific. Lapsed and withdrawn bids are excluded.

24 The Brief: 4 December 2009 | Issue 41 League & Activity Tables - Europe

Financial houses - ranked by value

Rank Company name Value (€m) Number of deals

1 JPMorgan 4,406 7

2 Credit Suisse 3,186 4

3 HSBC Bank 3,070 4

4 RBC Capital Markets 3,033 2

5 UniCredit Group 1,836 4

6 BNP Paribas 1,716 1

7 1,709 6

8 Merrill Lynch 1,619 3

9 Santander Global Banking and Markets 1,609 1

10 SG 1,493 1

Financial houses - ranked by volume

Rank Company name Value (€m) Number of deals

1 PricewaterhouseCoopers 464 13

2 KPMG 590 10

3 Deloitte 44 8

4 Ernst & Young 888 7

5 JPMorgan 4,406 7

6 Lazard 1,709 6

7 Mediobanca 274 5

8 Close Brothers Group 86 5

9 ING 50 5

10 Credit Suisse 3,186 4

Financial houses advising on buyout deals during 3/12/2008 and 2/12/2009, where target is European, excluding lapsed and withdrawn deals. The firms are advising the bidder.

25 The Brief: 4 December 2009 | Issue 41 League & Activity Tables - Europe

Legal houses - ranked by value

Rank Company name Value (€m) Number of deals

1 Freshfields Bruckhaus Deringer 3,080 13

2 Linklaters 2,026 14

3 Slaughter and May 1,646 2

4 Sullivan & Cromwell 1,564 3

5 Simpson Thacher & Bartlett 1,503 3

6 Gianni, Origoni, Grippo & Partners 1,500 5

7= Bird & Bird 1,424 1

7= Cravath Swaine & Moore 1,424 1

7= Michael Silverleaf QC 1,424 1

10 CMS 1,173 10

Legal houses - ranked by volume

Rank Company name Value (€m) Number of deals

1 Linklaters 2,026 14

2 Freshfields Bruckhaus Deringer 3,080 13

3 Allen & Overy 1,122 12

4 SJ Berwin 352 11

5 CMS 1,173 10

6 Loyens & Loeff 851 9

7 Clifford Chance 998 8

8 Hammonds 382 8

9 Ashurst 1,111 7

10 Cuatrecasas, Goncalves Pereira 838 7

Legal houses advising on buyout deals during 3/12/2008 and 2/12/2009, where target is European, including lapsed and withdrawn deals. The firms are advising the bidder.

26 The Brief: 4 December 2009 | Issue 41 League & Activity Tables - Europe

Buyouts - ranked by volume

Rank Company name Value (€m) Number of deals

1 Lloyds TSB Development Capital 446 12

2 AXA Private Equity 2686 8

3 Barclays Private Equity 1017 7

4 Gimv 177 5

5 BLUO SICAV 109 5

6 Aurelius 100 5

7 Advent International Corporation 703 4

8 HgCapital 454 4

9 Waterland Private Equity Investments 436 4

10 Altor Equity Partners 322 4

Exits - ranked by volume

Rank Company name Value (€m) Number of deals

1 3i Group 529 10

2 Arques Industries 134 6

3 Gimv 526 3

4 IK Investment Partners 500 3

5 Inflexion Private Equity Partners 230 3

6 N.I. Partners 159 3

7 Advent Venture Partners 110 3

8 Innovacom 42 3

9 AXA Private Equity 40 3

10 N+1 Capital Privado 38 3

PE firms as bidder on buyout deals announced between 3/12/2008 and 2/12/2009. PE firms to exit deals announced between 3/12/2008 and 2/12/2009. Based on target geography being European. Lapsed and withdrawn bids are excluded.

27 The Brief: 4 December 2009 | Issue 41 League & Activity Tables - North America

Financial houses - ranked by value

Rank Company name Value (US$m) Number of deals

1 Bank of America Merrill Lynch 23,655 5

2 Barclays Capital 11,885 5

3 Goldman Sachs 9,082 7

4 JPMorgan 5,443 5

5 RBC Capital Markets 5,074 5

6 Evercore Partners 5,057 1

7= Morgan Stanley 4,701 6

7= AG 3,950 3

7= Blackstone Group Holdings 3,200 2

7= HSBC Bank 2,600 1

Financial houses - ranked by volume

Rank Company name Value (US$m) Number of deals

1 Goldman Sachs 9,082 7

2 Credit Suisse 2,236 7

3 Morgan Stanley 4,701 6

4 Bank of America Merrill Lynch 23,655 5

5 Barclays Capital 11,885 5

6 JPMorgan 5,443 5

7 RBC Capital Markets 5,074 5

8 Deutsche Bank AG 3,950 3

9 UBS Investment Bank 1,990 3

10 Jefferies & Company 1,461 3

Financial houses advising on buyout deals during 3/12/2008 and 2/12/2009, where target is North American, excluding lapsed and withdrawn deals. The firms are advising the bidder.

28 The Brief: 4 December 2009 | Issue 41 League & Activity Tables - North America

Legal houses - ranked by value

Rank Company name Value (US$m) Number of deals

1 Cleary Gottlieb Steen & Hamilton 14,469 5

2 Weiner Brodsky Sidman Kider PC 13,900 1

3 Simpson Thacher & Bartlett 12,066 14

4 Sullivan & Cromwell 6,506 8

5 Ropes & Gray 5,157 3

6= Cadwalader, Wickersham & Taft 4,404 1

6= SJ Berwin 4,404 1

8 Weil Gotshal & Manges 4,090 8

9 Latham & Watkins 3,714 14

10 Debevoise & Plimpton 3,219 3

Legal houses - ranked by volume

Rank Company name Value (US$m) Number of deals

1 Kirkland & Ellis 2,939 35

2 Jones Day 883 16

3 Simpson Thacher & Bartlett 12,066 14

4 Latham & Watkins 3,714 14

5 Sullivan & Cromwell 6,506 8

6 Weil Gotshal & Manges 4,090 8

7 Skadden Arps Slate Meagher & Flom 1,568 8

8 Stikeman Elliott 559 8

9 DLA Piper 838 7

10 Greenberg Traurig 1,460 6

Legal houses advising on buyout deals during 3/12/2008 and 2/12/2009, where target is North American, including lapsed and withdrawn deals. The firms are advising the bidder.

29 The Brief: 4 December 2009 | Issue 41 League & Activity Tables - North America

Buyouts - ranked by volume

Rank Company name Value (US$m) Number of deals

1 Golden Gate Capital 528 5

2 Platinum Equity 24 5

3 TPG Capital 5,370 4

4 ABS Capital Partners 99 4

5 Catterton Partners - 4

6 Blackstone Group Holdings 3,200 3

7 General Atlantic 2,800 3

8 The Carlyle Group 940 3

9 Centerbridge Partners 900 3

10 371 3

Exits - ranked by volume

Rank Company name Value (US$m) Number of deals

1 Benchmark Capital 1,481 9

2 Accel Partners & Co 1,732 8

3 Sequoia Capital 2,155 6

4 American Capital 571 6

5 US Venture Partners 418 6

6 Intel Capital 83 6

7 VantagePoint Venture Partners 756 5

8 Draper Fisher Jurvetson 750 5

9 New Enterprise Associates 520 5

10 Warburg Pincus 407 5

PE firms as bidder on buyout deals announced between 3/12/2008 and 2/12/2009. PE firms to exit deals announced between 3/12/2008 and 2/12/2009. Based on target geography being US or Canadian. Lapsed and withdrawn bids are excluded.

30 The Brief: 4 December 2009 | Issue 41 Top Deals - Asia and Pacific

Top 10 Asia-Pacific buyout deals - rolling 12 months ending 2 December 2009

Announced date Target company Bidder company Deal value (US$m)

13-May-09 China Construction Bank Corporation (5.78% BOCI Asia Limited; China Life (Group) 7,319 stake) Company; China Life Insurance (Overseas) Company Limited; China Life Insurance Company Limited ; Hopu Investment Management Co Ltd; Temasek Holdings Pte Ltd

14-Jan-09 Bank of China Limited (4.26% stake) Hopu USD Master Fund I LP 2,381

7-May-09 Oriental Brewery Co. Ltd. Affinity Equity Partners; Kohlberg Kravis Roberts & Co 1,812

19-Mar-09 USJ Co Ltd SG Investment KK 1,460

14-Nov-09 Bellsystem24 Inc (93.50% stake) Bain Capital LLC 1,047

6-Jul-09 China Mengniu Dairy Company Limited (20.03% COFCO (Hong Kong) Limited; Hopu Investment 789 stake) Management Co Ltd

3-Jun-09 Doosan DST Co. Ltd.; Korea Aerospace DIP Holdings Co Ltd; Odin Holdings Ltd 625 Industries Ltd (20.54% stake); Samhwa Crown & Closure Co. Ltd. (44.15% stake); SRS Korea Co., Ltd.

25-Dec-08 Skylark Co Ltd (16.10% stake) Nomura Principal Finance Co Ltd 555

6-Dec-08 Petron Corporation (40.00% stake) Ashmore Investment Management Ltd 520

6-Nov-09 PT Delta Dunia Makmur Tbk (40.00% stake) PT Northstar Pacific Partners 385

31 The Brief: 4 December 2009 | Issue 41 Top Deals - Europe

Top 10 European buyout deals - rolling 12 months ending 2 December 2009

Announced date Target company Bidder company Deal value (€m)

13-Nov-09 Unitymedia GmbH Liberty Global Inc 3,500

13-Nov-09 Orangina Schweppes Group Suntory Holdings Limited 2,245

29-May-09 Enel Rete Gas SpA (80% stake) AXA Private Equity; and F2i SGR SpA 1,716

21-Oct-09 Gatwick Airport Ltd Global Infrastructure Partners 1,609

15-Oct-09 Anheuser-Busch InBev (Central European CVC Capital Partners Limited 1,493 operations)

1-Sep-09 Skype Technologies S.A. (65% stake) Andreessen Horowitz; Canada Pension Plan Investment 1,424 Board; Index Ventures; Silver Lake Partners

12-Oct-09 Constantia Packaging AG (75% stake) Sulipo Beteiligungsverwaltungs GmbH 893

30-Sep-09 Invitel Holdings A/S (64.60% stake) Mid Europa Partners LLP 740

19-Jun-09 Wood Mackenzie Limited Charterhouse Capital Partners LLP 654

26-Nov-09 Snai (core horse race betting activities) AXA Private Equity; and Bridgepoint Capital Limited 600

32 The Brief: 4 December 2009 | Issue 41 Top Deals - North America

Top 10 North American Buyout deals - rolling 12 months ending December 2, 2009

Announced date Target company Bidder company Deal value (US$m)

19-Mar-09 IndyMac Federal Bank FSB OneWest Bank FSB 13,900

5-Nov-09 IMS Health Inc IMS Health Consortium 5,057

7-Oct-09 JohnsonDiversey Inc Clayton, Dubilier & Rice Inc 2,600

7-Oct-09 Busch Entertainment Corporation Blackstone Capital Partners V LP 2,300

30-Mar-09 Fifth Third Processing Solutions LLC (51.00% Advent International Corporation 1,811 stake)

8-Nov-09 TASC Inc General Atlantic LLC ; Kohlberg Kravis Roberts & Co 1,650

10-Aug-09 Dynegy Inc (five peaking and three combined- LS Power Group 1,498 cycle generation assets)

3-Dec-08 Neuberger Berman Inc NBSH Acquisition LLC 1,290

23-Sep-09 SkyTerra Communications Inc (51.00% stake) Sol Private Corp. 1,206

3-Nov-09 Landry’s Restaurants Inc (44.90% stake) Fertitta Holdings Inc 1,200

33 The Brief: 4 December 2009 | Issue 41 Investor Profile: Blackstone Group Holdings LLC

Blackstone Group Holdings LLC

Description Countries Sectors

US based private equity investor that provides financial advisory services USA Financial Services including M&A, restructuring and reorganisation advisory services and fund placement services

Fund name Launched date Size (m) Fund name Launched date Size (m)

BCP Fund I US$810.00 BCOM US$2000.00

BCP Fund II US$1300.00 Blackstone Capital Partners V (BCP V) 1-Jan-05 US$15600.00

BCP Fund III US$4000.00 Blackstone Capital Partners V 1-Jan-06 EUR 0.00

BCP Fund IV US$6500.00 Blackstone Zhongua Development 14-Aug-09 CNY 732.00 Investment Fund

Countries invested in Countries invested in

USA 50 current 35 exited Netherlands 3 current 0 exited

United Kingdom 8 current 4 exited Canada 2 current 0 exited

India 10 current 1 exited China 1 current 0 exited

Germany 6 current 4 exited Argentina 0 current 1 exited

Denmark 3 current 1 exited Australia 0 current 1 exited

France 2 current 2 exited Bermuda 0 current 1 exited

Italy 2 current 1 exited Brazil 1 current 0 exited

Sectors invested in Sectors invested in

Leisure 27 current 14 exited Computer software 1 current 2 exited

Telecommunications: Carriers 4 current 11 exited Consumer: Foods 3 current 0 exited

Services (other) 7 current 2 exited Computer services 1 current 1 exited

Real Estate 5 current 3 exited Automotive 1 current 1 exited

Medical: Pharmaceuticals 4 current 3 exited Chemicals and materials 1 current 1 exited

Media 4 current 2 exited Transportation 1 current 1 exited

Financial Services 5 current 1 exited Utilities (other) 1 current 0 exited

Consumer: Other 3 current 2 exited Computer: Semiconductors 1 current 0 exited

Consumer: Retail 2 current 3 exited Biotechnology 1 current 0 exited

Medical 5 current 0 exited Agriculture 1 current 0 exited

Energy 3 current 2 exited Internet / ecommerce 1 current 0 exited

Industrial products and services 2 current 2 exited Manufacturing (other) 1 current 0 exited

Construction 3 current 0 exited

34 The Brief: 4 December 2009 | Issue 41 Investor Profile: Blackstone Group Holdings LLC

Potential Investments

Companies Dominant country Dominant sector Estimated size (US$m) Last update

Kimaya Studio India Consumer: Retail 10m - 50m 25-Nov-09

Birds Eye Foods Inc USA Consumer: Foods > 500m 24-Nov-09

Gala Coral Group Limited United Kingdom Leisure > 500m 21-Nov-09

Minerva Plc United Kingdom Financial Services 100m - 500m 21-Nov-09

Matalan Limited (formerly Matalan Plc) United Kingdom Consumer: Retail > 500m 20-Nov-09

CitiFinancial Credit Company USA Financial Services > 500m 19-Nov-09

Gateway Rail Freight Ltd India Transportation 50m - 100m 10-Nov-09

Daewoo Engineering and Construction Company Limited South Korea Construction > 500m 06-Nov-09

Glimcher Realty Trust (Lloyd Center Mall) USA Consumer: Retail 100m - 500m 05-Nov-09

Glimcher Realty Trust (WestShore Plaza Mall) USA Consumer: Retail 100m - 500m 05-Nov-09

Graham Packaging Holdings Company USA Manufacturing (other) > 500m 02-Nov-09

NBC Universal (theme parks) USA Media > 500m 26-Oct-09

Banca Fideuram SpA Italy Financial Services > 500m 23-Oct-09

Delta Maxi D O O Serbia Energy > 500m 15-Oct-09

HIP Petrohemija Serbia Energy > 500m 15-Oct-09

Jat Tehnika (Jat Airways technical division) Serbia Energy > 500m 15-Oct-09

Rudarsko Topionicarski Bazen Bor Serbia Energy > 500m 15-Oct-09

Credit Suisse - back-office unit in India India Services (other) > 500m 13-Oct-09

ALcontrol Laboratories Netherlands Medical 100m - 500m 08-Oct-09

SeaWorld Orlando USA Leisure > 500m 03-Oct-09

Exits - since January 1, 2009

Portfolio companies Buy value Buy Sell Sell stake Announced Mths Buy Exit Dominant Dominant sector (US$m) stake value (%) date held type type country (%) (US$m)

Carmel Valley Ranch resort n/d n/a 20.00 100.0% 7-Jul-09 SBO USA Leisure

Stiefel Laboratories, Inc. n/d n/a 3,300.00 n/a 20-Apr-09 TS USA Medical: Pharmaceuticals

Orangina Schweppes Group 2,169.31 n/a 3,360.00 n/a 13-Nov-09 48 IBO TS France Consumer: Other

35 The Brief: 4 December 2009 | Issue 41 Notes & Contacts

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