Mergers & Acquisitions Quarterly Switzerland

Second Quarter 2013

July 2013 edition Contents

1. Introduction 2 2. Swiss M&A market Q2 2013 and outlook 2013 3 3. Private equity statistics: Germany,Switzerland and Austria 6 4. Industry overview

► Chemicals, Construction and Materials 7

► Energy, Transportation and Utilities 9

► Financial Services 11

► Healthcare 13

► Industrial Goods and Services 15

► Media, Technology and Telecommunications 17

► Retail and Consumer Products 19 5. Deal of the quarter 21 6. EY M&A credentials 22 7. EY selectionof M&A opportunities 23 8. EY M&A contacts in Switzerland 24 9. Event calendar 25 10. Subscription / Registration form 26

Dear reader, we are pleased to provide you with the latest edition of our M&A Quarterly Switzerland. This booklet gives you a general overview of the Swiss M&A and European Private Equity market activity in the second quarter of 2013, as well as an outlook for the remainder of 2013. The Swiss M&A market was characterized by a record low disclosed deal value since 2008 and a corresponding low average deal size in the second quarter of 2013. Nevertheless, with respect to the number of announced transactions, a recovery was observed with slightly more transactions in Q2 2013, compared to the previous quarter. Looking forward, stronger economic fundamentals in connection with the availability of more acquisition opportunities and significant cash reserves might influence the M&A market positively for the remainder of 2013. However, with uncertainty remaining high due to the persisting Euro crisis, M&A activity might still remain subdued. The next edition of Mergers & Acquisitions Quarterly Switzerland will be available in October 2013. For more information or to download this publication, visit us online at:

www.ey.com/CH/de/Services/Transactions/Lead-Advisory

Sincerely, Your Swiss EY M&A Team

M&A Market Q2 2013 Number of announced deals and transaction volumes with target, buyer or seller in Switzerland ► Total disclosed deal volume for the Swiss M&A market amounted to CHF 4.1b in Q2 2013; this is the lowest value since the launch of this brochure in 2008 and reflects a decline of 83% and 14% compared to 30 300 Q2 2012 and Q1 2013, respectively.

25 250 ► This development is mainly caused by a lack of large deals; with only 15% of the announced transactions b in Q2 2013 above CHF 250m, compared to 22% on average over the last twelve months. The largest

F 20 200 s H l transaction in Q2 2013 was the acquisition of US-based Power-One Inc. by Swiss-based ABB Ltd. with a C a

e n i 15 150 d

f deal size of ca. CHF 0.9b. e o

m . u o l 10 100 N o ► In total, 139 deals were announced in Q2 2013, representing a slight increase of seven deals to the v

a previous quarter and a year-on-year drop of two deals. This is in-line with the overall trend over the last e 5 50 D five quarters, where the number of deals hovered around 150 deals per quarter. 0 0 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 The five largest transactions in 2013 Deal Volume RankAnnouncement date Target Acquirer Seller (in CHF m) Volume No. of deals 1 14-Jan-2013 Harry Winston, Inc. Swatch Group AG Harry Winston Diamond 917 Corporation 2 22-Apr-2013 Power-One Inc. ABB Ltd. Silver Lake; Security 896 Investors; Stephens Capital 3 04-Feb-2013 AusfuelPty. Ltd. Puma Energy International B.V. Archer Capital Pty Ltd. 591 Relative stock performance of selected industries ZKB; Helvetia; Swiss Re Ltd.; 4 11-Jun-2013 TertianumAG Swiss Prime Site AG 495 over the past 12 months MarazziFamily UBS Global Asset Management 50% 5 15-May-2013 LonrhoPlc BIH SA 393 (UK) Ltd. andothers 40%

SMI ► After two consecutive quarters of positive performance, the Swiss Market Index (SMI) decreased by 30% approx. 2% in Q2 2013. 20%

10% ► Among others, decreasing stock prices were attributable to announcements of US FED president Ben Bernanke in May and June, that the current expansionary monetary policy might come to an end. 0% Financial Healthcare Chemicals, Industrial Media, Retail & Energy, Services Construction Goods & Technology & Consumer Transportation & & Materials Services Telecom Products Utilities ► Despite the slight loss in the current period, the SMI gained 28% over the last twelve months, thus gaining 3 percentage points in comparison to its twelve-months performance at the end of Q1 2013.

► Unlike the previous quarter, all equally-weighted sector indices performed positively over the last twelve months. Data as of 30 June 2013 Source: S&P Capital IQ, other external All rights reserved —EY 2013 Mergers & Acquisitions Quarterly Switzerland –Q2 2013 data providers and EY Research 3 Swiss M&A market Q2 2013 and outlook 2013

Transactions by industry Number of Swiss M&A transactions by industry in Q2 2013 (in %) ► In Q2 2013, Industrial Goods and Services accounted for 25 % of all announced deals and thus, was the most active industry sector, followed by Media, Technology and Telecommunications with a stake of 23%. *Arrows indicate change from previous quarter ▼ ► The largest disclosed deal within Industrial Goods and Services was ABB’s acquisition of Power-One Inc. ▼ 7% ► The largest transaction in Media, Technology and Telecommunication features the acquisition of CSS 6% ▲ ▼ 25% 7% Corporation by private equity firm Partners Group Holding AG as part of a management buyout for CHF 266m. ▲ 8% ► Industrial Goods and Services and Media, Technology and Telecommunication experienced the most

12% significant increase in deal activity, compared to the previous quarter, with a gain of nine percentage ▼ 23% points. 12% ▲ ► The biggest decline of eight percentage points was recorded in Energy, Transportation and Utilities. ▼ Industrial Goods and Services Media, Technology and Telecommunications Retail and Consumer Products Chemicals, Construction and Materials Healthcare Financial Services Energy, Transportation and Utilities Other Industries

Transactions by size Number of Swiss M&A transactions by deal size (in %) ► The share of mid and large transactions in overall deal count decreased significantly in the second quarter of 2013. 100% 15% 25% ► Disclosed mid-market transactions, ranging from CHF 50-250m, slightly decreased in comparison to Q1 80% 2013, whereas large-cap transactions experienced a significant share reduction from 25% to 15%. As a 33% 60% result, small transactions with a deal size below CHF 50m accounted for more than half of the 37% transactions in the second quarter of 2013. 40% 52% ► Deal size was disclosed in 24% of all transactions announced in the secondquarterof2013. 20% 38%

0% Q1 13 Q2 13 < CHF 50m CHF 50-250m > CHF 250m

Data as of 30 June 2013 Source: S&P Capital IQ, other external All rights reserved —EY 2013 Mergers & Acquisitions Quarterly Switzerland –Q2 2013 data providers and EY Research 4 Swiss M&A market Q2 2013 and outlook 2013

Outlook 2013 Change in industry multiples from Q1 2013 to Q2 2013 ► In June 2013, the Swiss State Secretariat for Economic Affairs (SECO) updated its annual GDP-growth forecast for 2013 to 1.4%, an increase of 0.1 percentage points from its previous projection. The outlook Industry TEV/EBITDA (LTM) is underpinned by relatively robust domestic demand on one hand and subdued exports on the other hand. Chem. / Constr. / Mat. ▼ ► SECO’s projection of 2.1% growth for 2014 indicates a brighter outlook compared to 2013. This is mainly Eng. / Trans. / Utilities ▲ attributable to an increase in exports, subject to global economic activity recovering as expected. Although market tension in Europe eased recently, the debt crisis in the Eurozoneis still projected as the Healthcare ▲ largest economic risk for the Swiss market going forward.

Industrial Goods ▼ ► The latest Global IPO update published by EY in June 2013 indicates an optimistic outlook on global IPO and M&A activity. Stronger investor confidence due to improved economic fundamentals is expected to Media / Tech. / Tel. ▲ stimulate deal activity in the second half of 2013. More mid-cap transactions are projected to be announced in Europe, according to the study. Retail / Consumer ▼ ► In summary, macroeconomic uncertainty with respect to the European economic crisis are expected to dampen Swiss M&A activity for the remainder of 2013. However, selected studies suggest that the P/E (LTM) German M&A market is expected to trend upward, which might also lead to increased deal activity in Switzerland. Another source of upward potential for the domestic M&A market is the availability of Financial Services ▼ selected acquisition opportunities across Southern Europe. Coupled with Swiss companies on the lookout and significant cash reserves, deal activity with Swiss participation may outperform expectations. EBITDA = Earnings Before Interest, Taxes, Depreciation andAmortization TEV = Total Enterprise Value LTM = Latest Twelve Months P/E = Price-to-Earnings Ratio

Data as of 30 June 2013 Source: S&P Capital IQ, other external All rights reserved —EY 2013 Mergers& Acquisitions QuarterlySwitzerland–Q2 2013 data providers and EY Research 5 Private equity statistics: Germany, Switzerland and Austria

Private equity Q2 2013 Number and volume of buy-outs and buy-ins completedwith targets based in GSA ► 19 private equity (PE) transactions were registered in Germany, Switzerland and Austria (GSA) in Q2 2013; this corresponds to an increase of three deals compared to the previous quarter and two more 4.5 35 deals in comparison to Q2 2012. 4.0

30 s

n ►

i In Q2 2013, total PE deal volume in GSA of about EUR 0.9b was low, resulting in a decrease of 55% with 3.5 - y b

25 u respect to Q1 2013. However, deal volume was almost 2.5-times larger than in the second quarter of last b R 3.0 d U n

E year.

20 a

n 2.5 i s

t e u

o ► m 2.0 Decreasing volume in Q2 2013 compared to Q1 2013 was largely attributable to a lack of large 15 - u y l u o

v b transactions. The completed acquisition of IntertrustGroup Holding S.A. by Blackstone Group L.P. from

1.5 l f

a 10 o

e . WaterlandPrivate Equity Investments BV with a deal size of EUR 675m was the largest transaction in

1.0 o D N 0.5 5 GSA. All other deals in GSA had a deal value of below EUR 100m. 0.0 0 ► Hence, small transactions of less than EUR 50m accounted for the large majority in GSA during the first Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 six months of 2013. This remained virtually unchanged in comparison to the first three-month figure. Deal volume No. of deals ► The number of buy-outs and buy-ins in GSA accounted for ca. 16% of the deals in Europe in the current quarter, representing an increase of three percentage points compared to Q1 2013.

Number of buy-outs and buy-ins by deal size within ► In terms of disclosed deal value, the GSA PE market constituted about 11% of total PE deal volume in GSA (in %) Europe, compared to 17% in the previous quarter.

100% 4% 9% 8% 12% 9% 16% 10% 11% 80% 22% 25%

60%

40% 80% 78% 80% 69% 66% 20%

0% 2009 2010 2011 2012 2013*

< EUR 50m EUR 50-250m > EUR 250m

*2013 figures are for the first six months only Data as of 30 June 2013 Source: S&P Capital IQ, other external All rights reserved —EY 2013 Mergers& Acquisitions QuarterlySwitzerland–Q2 2013 data providers and EY Research 6 Chemicals, Construction and Materials

Relative performance charts

12-Month relative performance (in %) * Multiples (LTM) *

150 30x

140 25x 20.0x 130 20x 17.6x 15.0x 15x 120 12.2x 11.0x 9.8x 110 10x

100 5x 2.6x 1.7x 90 0x Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 TEV/Rev. TEV/EBITDA TEV/EBIT P/E

Margins (LTM) * Companies included in the Chemicals, Construction and Materials Index

AFG Arbonia-Forster-Holding AG Gurit Holding AG Belimo Holding AG Holcim (Schweiz) AG 80% Bossard Holding AG Implenia AG Clariant AG Precious Woods Holding AG 70% Dottikon Es Holding AG Schmolz + Bickenbach AG EMS-Chemie Holding AG Sika AG 60% Forbo Holding AG Syngenta AG Geberit AG 50% Givaudan AG 43.0% Glencore Xstrata Plc 40% 32.8% Legend 30% 23.1% EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization 20% Chemicals, Construction and Materials Index 13.4% 13.4% 12.8% Swiss SMI Index (value weighted) EBIT = Earnings Before Interest and Taxes P/E = Price-to-Earnings Ratio 10% 6.2% 6.3% LTM = Latest Twelve Months TEV = Total Enterprise Value 0% Rev. = Revenue Gross margin EBITDA margin Earnings from continued Net income margin * = Industry is equally weighted operations margin

Data as of 30 June 2013 Source: S&P Capital IQ, other external All rights reserved —EY 2013 Mergers & Acquisitions Quarterly Switzerland –Q2 2013 data providers and EY Research 7 Chemicals, Construction and Materials

Selected mergers & acquisitions transactions / private placements

Announcement dateSize (CHF m) % sought Target Seller Buyer / Investor 03-Jun-2013 N/A 100% ALBESIANO SISA vernicis.r.l. - Von Roll Holding AG 03-Jun-2013 N/A 100% Societe Anonyme d'Explosifs et de Produits Chimiques, Societe Anonyme d'Explosifs et de Produits Société Suisse des Explosifs SA subsidiaries in Central& EasternEurope Chimiques 30-May-2013 N/A N/A Schaetti Holding AG Daniel Schaetti Zurmont Madison Management AG; Co- Investor AG; others 27-May-2013 N/A 100% Mitsui Chemicals, Inc.,Polyacrylonitrilesbusiness Mitsui Chemicals, Inc. INEOS BarexAG 22-May-2013 N/A 50% Quadrant AG - Mitsubishi Plastics Inc. 06-May-2013 N/A 100% ENGER EngenhariaS.A. - SGS SA 03-May-2013 N/A 100% Gepe-BiwexAB Gepe Holding AG Prototal PDS 25-Apr-2013 N/A 75% Energie Concept SAand RigotRiebenEngineering SA - Elithis, SAS 15-Apr-2013 N/A 100% Ecolab Inc., deep water assets in the Gulf of Mexico Ecolab Inc. Clariant AG

Selected key developments

Date Company Event type Headline 25-Jun-2013 Clariant AG Business expansion Clariant opened a new R&D laboratory in Suzano, Brazil to develop new generations of catalysts for its clients in chemicals and oil & gas industries; the laboratory, that was established from the acquired catalysts assets of Oxiteno, is fully operational from June 10-Jun-2013 Schmolz + Business reorganisation Schmolz + Bickenbach announcedits repositioning strategy to strengthenitsproductionunitsascore competencies andrealize Bickenbach AG synergies in sales, market/product segmentation, R&D and knowledge transfer; it is expected to improve EBITDA by ca. EUR 230m 23-May-2013 Glencore Xstrata Plc Fixed income offering GlencoreXstrata issued USD-denominated notes in a CHF 4.8b (USD 5b) transaction, comprising 3-, 5-and 10-year fixed-rate notes and 3-and 5-year floating-rate notes; the net proceeds will be used to partly repay debt and for general corporate purposes 16-May-2013 Glencore Xstrata Plc Executive/board change Glencore Xstrata announcedthe appointment of Tony Hayward as interimchairmanwith immediate effect as the boardofdirectors continuestosearchfora newchairman; the company also announced the resignationofSteve Robson from theboard 15-May-2013 Gurit Holding AG Strategic alliance Gurit announced anew tolling arrangement with Mahogany Company, theUS-basedcomposite kitmanufacturer. Guritdecidedtotoll produce all North American B³ SmartPac™ kits in conjunction with Mahogany Company 14-May-2013 Syngenta AG Client announcement Syngenta announced a technology licensing agreement with DuPont, under which Syngenta obtained a global license to develop products containing DuPont’s fungicide oxathiapiprolin 11-Apr-2013 Givaudan AG Business expansion Givaudanlaidthe foundation for a new CHF 50m savoury facility in Nantong China that will substantially increaseitscurrent savoury production capacity and enable it to serve Chinese customers more efficiently

Data as of 30 June 2013 Source: S&P Capital IQ, other external All rights reserved —EY 2013 Mergers& Acquisitions QuarterlySwitzerland–Q2 2013 data providers and EY Research 8 Energy, Transportation and Utilities

Relative performance charts

12-Month relative performance (in %) * Multiples (LTM) *

150 30x

140 25x 20.1x 130 20x 17.6x 15.7x 15x 120 12.2x 9.8x 8.9x 110 10x

100 5x 2.6x 1.3x 90 0x Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 TEV/Rev. TEV/EBITDA TEV/EBIT P/E

Margins (LTM) * Companies included in the Energy, Transportation and Utilities Index

Alpiq Holding AG Repower AG BKW AG Transocean Ltd. 80% Flughafen Zuerich AG Weatherford International Ltd. Kuehne & Nagel International AG 70% Panalpina Welttransport (Holding) AG 60% 50% Legend 40% 32.8% 28.2% 30% Energy, Transportation and Utilities EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization 23.1% Swiss SMI Index (value weighted) EBIT = Earnings Before Interest and Taxes P/E = Price-to-Earnings Ratio 20% 15.2% 13.4% 12.8% LTM = Latest Twelve Months TEV = Total Enterprise Value 10% 2.0% Rev. = Revenue 0.8% * = Industry is equally weighted 0% Gross margin EBITDA margin Earnings from continued Net income margin operations margin

Data as of 30 June 2013 Source: S&P Capital IQ, other external All rights reserved —EY 2013 Mergers & Acquisitions Quarterly Switzerland –Q2 2013 data providers and EY Research 9 Energy, Transportation and Utilities

Selected mergers & acquisitions transactions / private placements

Announcement date Size (CHF m) Percent sought Target Seller Buyer / Investor 30-May-2013 N/A 100% Transports Gérard Lemaitre - Sabeni SA Bernasconi 29-May-2013 178 61% Società Elettrica Sopracenerina SA (SES) AlpiqHolding AG AziendaElettricaTicinese 22-May-2013 N/A 100% Wind farm project in Northern Ireland - Capital Dynamics AG 16-May-2013 N/A 100% Management services business in United Kingdom and Pitney Bowes Ltd.; Pitney Bowes Ireland Ltd.Swiss Post Solutions AG Republic of Ireland 23-Apr-2013 N/A 65% Rialto Energy (Côte d'Ivoire) Ltd. Rialto Energy Ltd. Vitol E&P Ltd. 18-Apr-2013 N/A N/A OrentransZAO - InterRailHolding AG

Selected key developments

Date Company Event type Headline 26-Jun-2013 Kuehne & Nagel Clientannouncement Kuehne + Nagel announced that it has extended its agreement with C&A, one of the world’s leading fashion and apparel International AG manufacturers, to handle C&A’s flat packed and garment-on-hanger shipments from factories in south, central and north China 11-Jun-2013 Panalpina Welttransport Productrelated Panalpina introduced MyPanalpina+, a new order management system; the company says it has enhanced order processing (Holding) AG announcement capabilities, including better freight management services and improved visibility of their supply chains 31-May-2013 BKW AG Business expansion BKW announced the inauguration of a 104MW Tamaretegas-fired power plant in Ortona, Italy, with a production capacity of up to 500 GWhper year, along with its Italian partners, the Hera Group and ZeccaSrl; investments totaled ca. CHF 50m 18-May-2013 Transocean Ltd. Executive/board change Transocean announced that the board of directors elected Ian C. Strachan to serve as Chairman of the Board effective May 18, 2013; he replaces J. Michael Talbert who was not re-elected at the company’s annual general meeting 08-May-2013 BKW AG Executive/board change BKW announced that itproposed Roger Baillod, CFO of Bucher Industries,for election to the board of directors at the annual general meeting on May17, 2013 18-Apr-2013 Weatherford Executive/board change Weatherford announced that the company has nominated two new directors, John D. Gassand Francis S. Kalman, for 2013; all current International Ltd. directors will be nominated except for Dr. Samuel W. Bodman, who declined to stand for re-election for personal reasons 09-Apr-2013 Kuehne & Nagel Clientannouncement Kuehne& Nagel announced that it has been selected by Royal Caribbean Cruises to manage sea transport and provide customs International AG clearance overseas, including coordination of on-time alongside-ship deliveries 03-Apr-2013 PanalpinaWelttransport Executive/board change Panalpinaannounced the appointment of Peter Ulberas the company’s new CEO; he will replace Monika Ribarwho stepped down at (Holding) AG the end of May 2013

Relative performance charts

12-Month relative performance (in %) * Multiples (LTM) *

150 30x

140 25x 19.8x 130 20x 15.2x 120 15x

10x 110

5x 100 1.7x 1.6x 2.1x 2.0x 0x 90 P/BV P/Tang BV P/E Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13

Margins (LTM) * Companies included in the Financial Services Index Bâloise Holding AG St. Galler Kantonalbank AG Bank Coop AG Swiss Life Holding AG Banque Cantonale Vaudoise SA Swiss Reinsurance AG 18% Credit Suisse Group AG Swissquote Group Holding SA 15.6% 16% 15.1% EFG International AG UBS AG GAM Holding AG Valiant Holding AG 14% 13.4% 12.8% Helvetia Schweizerische Versicherungsgesellschaft AG Vontobel Holding AG Julius Baer GruppeAG VZ Holding AG 12% 11.2% Leonteq AG Zurich Insurance Group AG Liechtensteinische Landesbank AG 10% Partners Group Holding AG 7.9% 8% Legend

6% Financial Services Index P/BV = Price-to-Book-Value Ratio 4% Financial Services Index (previous quarter) P/Tang BV = Price-to-Tangible-Book-Value Ratio Swiss SMI Index (value weighted) P/E = Price-to-Earnings Ratio 2% LTM = Latest Twelve Months TEV = Total Enterprise Value 0% Rev. = Revenue * = Industry is equally weighted Earnings from continued Net income margin Return on equity + = Banks only (insurance companies excluded) operations margin

Selected mergers & acquisitions transactions / private placements

Announcement date Size (CHF m) Percent sought Target Seller Buyer / Investor

27-Jun-2013 N/A 100% Hyposwiss Private Bank Genève SA St.Galler KantonalbankAG Mirelis Investrust SA 27-Jun-2013 N/A 100% HyposwissPrivatbankAG, Central and Eastern Europe Hyposwiss PrivatbankAG, Zürich Falcon Private Bank Ltd. private banking business 27-Jun-2013 N/A 100% HyposwissPrivatbankAG, Latin American private Hyposwiss PrivatbankAG, Zürich Banque PrivéeEspiritoSanto banking business 03-Jun-2013 N/A 100% Entris Operations AG RBA-Holding AG; Berner Kantonalbank AG Swisscom Workplace Services Ltd. 29-May-2013 145 100% Lloyds Banking Group plc, international private banking Lloyds Banking Group Plc Union Bancaire Privée business 14-May-2013 N/A 51% Euro Private Equity SA - Natixis Private Equity 09-May-2013 N/A 100% PerenniusCapital Partners SGR - Partners Group Holding AG 22-Apr-2013 N/A 100% Credit Suisse Strategic Partners Credit Suisse Group AG Blackstone Group L.P. 16-Apr-2013 10 100% SparkasseWiesendangenAG - acrevis Bank AG

Selected key developments

Date Company Event type Headline 17-Jun-2013 LeonteqAG Shareholder EFG Financial Productsannounced that the company operates under the new name “Leonteq”, a change that was rolled out in all announcement significant areas including a change of the company’s ticker symbol to LEON 13-Jun-2013 Valiant Holding AG Executive/boardchangeValiant announced that Markus Gygaxhas been elected as new CEO by the board effective from end of November 2013 at the latest, after prior CEO Michael Hobmeierhas resigned with effect from April 30, 2013 12-Jun-2013 Credit Suisse Group AG Product-related Credit Suisse announced the launch of two new commodity index ETNs listed under the ticker symbols “CSCB” and “CSCR” and trading announcement on the NYSE ARCA 27-May-2013 VontobelHolding AG Product-related Vontobel launched a new emerging market debt fund in the amount of USD 160m called Vontobel Fund –Emerging Markets Debt, announcement managed by Luc D’hooge; the fund is actively managed and invests in emerging bonds denominated in hard currencies 24-May-2013 Swiss Life Holding AG Fixed income offering Swiss Life successfully raised CHF 425m debt by issuing a public bond in a dual tranche transaction; the issuance enables the company to take advantage of the favorable capital market conditions 02-May-2013 HelvetiaGroup Credit rating upgrade Helvetia announced that S&P has upgraded the corporateratings on the core entities of Helvetia Group from "A-" to "A“, underpinned by its sustained profitability, strong capitalization, financial flexibility and improved competitive position 04-Apr-2013 Zurich Insurance Group AGExecutive/boardchangeZurich Insurance Group announced that the board has elected Monica Maechlerand re-elected Susan Biesfor three years and Victor L.L. Chu and Rolf Watterfor oneyear, respectively,at the ordinary general meeting; Armin Meyer retired from the board of directors

Relative performance charts

12-Month relative performance (in %) * Multiples (LTM) *

150 30x

25x 140 22.2x 18.8x 130 20x 17.6x

15x 120 12.4x 12.2x 9.8x 10x 110

5x 100 2.4x 2.6x

0x 90 TEV/Rev. TEV/EBITDA TEV/EBIT P/E Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13

Margins (LTM) * Companies included in the Healthcare Index

Acino Holding AG Nobel Biocare Holding AG Actelion Ltd. Novartis AG 80% Bachem Holding AG Roche Holding AG Basilea Pharmaceutica AG Siegfried Holding AG 70% COLTENE Holding AG Sonova Holding AG Cytos Biotechnology AG Straumann Holding AG 60% Galenica AG Tecan Group AG LifeWatch AG Ypsomed Holding AG Lonza Group AG 50% 44.9% 40% 32.8% Legend 30% 23.1% Healthcare Index EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization 18.8% 20% Swiss SMI Index (value weighted) EBIT = Earnings Before Interest and Taxes 13.4% 12.8% P/E = Price-to-Earnings Ratio 8.3% 8.3% LTM = Latest Twelve Months 10% TEV = Total Enterprise Value Rev. = Revenue 0% * = Industry is equally weighted Gross margin EBITDA margin Earnings from continued Net income margin operations margin

Selected mergers & acquisitions transactions / private placements

Announcement date Size (CHFm) Percentsought Target Seller Buyer / Investor 14-Jun-2013 14 100% Pharmatron AG - Sotax AG 11-Jun-2013 495 100% TertianumAG* ZKB; Helvetia; Swiss Re Ltd.; MarazziFam. Swiss Prime Site AG 06-Jun-2013 11 100% Novartis Pharma AG, existing rights to Syntometrine Novartis Pharma AG Alliance Pharmaceuticals Ltd. 05-Jun-2013 9 100% archimedmedical communication ag - Fishawack Communications Ltd. 29-May-2013 311 100% OkairosAG Novartis Venture Funds; Life Sciences GlaxoSmithKline Plc Partners BV; Versant Ventures, Inc.; BioMedPartners AG; BoehringerIngelheim, Investment Arm 15-Apr-2013 N/A 100% Planet Biopharmaceuticals, Inc. Perseus, L.L.C.; AislingCapital Ares Life Sciences SA

Selected key developments

Date Company Event type Headline 25-Jun-2013 BasileaPharmaceutica Client announcement Basileaannouncedthat BARDA, a division within the U.S. Department of Health and Human Services has entered a contract with the AG company of up to USD 89m for the development of its novel antibiotic ABL30072. 13-Jun-2013 Lonza Group AG Product-related Lonzaannounced that its Hygiene and Preservation business has introduced a new disinfecting line of products designed for hard announcement surface cleaning applications; its multiple formulations will serve healthcare, janitorialand other customers 23-May-2013 Tecan Group AG Executive/boardchange Tecanannounced that Dr. Klaus Lunhas been appointedas Head of Corporate Development and Member of the Management Board effective from June 04, 2013; Dr. Klaus Lunhas extensive experience in a variety of management positions in the life science industry 17-May-2013 Cytos Biotechnology AG Product-related Cytosannounced that it has started clinical testing of the influenza vaccinedeveloped in collaboration with Singapore based A*STAR; announcement Cytosretains the right to develop and commercialize the vaccine candidate globally except Singapore and other ASEAN countries 01-May-2013 Novartis AG Strategicalliance Novartis announced that it has entered into an agreementwith Oxford BioMedicato manufacture clinical grade material utilizing the latter’s LentiVector® gene delivery technology; Oxford Biomedicawill also provide certain process development services 29-Apr-2013 Straumann Holding AG Business reorganisation Straumannannounced further restructuring initiatives that are expected to cost CHF18-20m in response to longer thananticipated delay in market recovery; it plans to reduce ca. 200 jobs (thereof approx. 110 jobs at Group’s headquarters in Basel) 25-Apr-2013 Bachem Holding AG Shareholder Bachemannounced that the board of directors passed a resolution to switch the company’s accounting standards from IFRS to Swiss announcement GAAP FER retroactively from January 01, 2013 23-Apr-2013 Roche Holding AG Business reorganisation Roche announced the reorganization of Roche Applied Science,part of Roche’s Diagnostics Division, to further improve productivity and enhance its market responsiveness; it is expected to affectca. 110 positions in Germany and 60 positions in the US 04-Apr-2012 Roche Holding AG Product-related Rocheannounced the global launch of ElecsysCalcitonin, a new laboratory test for the diagnosis and lifelong monitoring of medullary announcement thyroid cancer patients after thyroid surgery; the test helps to treat patients at an earlier stage with greater chances of success *Real estate and operations were acquired Data as of 30 June 2013 Source: S&P Capital IQ, other external All rights reserved —EY 2013 Mergers& Acquisitions QuarterlySwitzerland–Q2 2013 data providers and EY Research 14 Industrial Goods and Services

Relative performance charts

12-Month relative performance (in %) * Multiples (LTM) *

150 30x

25x 140

20x 18.9x 130 17.6x

15x 13.3x 120 12.2x 9.3x 9.8x 10x 110

5x 100 2.6x 1.1x 0x 90 TEV/Rev. TEV/EBITDA TEV/EBIT P/E Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13

Margins (LTM) * Companies included in the Industrial Goods and Services Index

ABB Ltd. Georg Fischer AG Phoenix Mecano AG Adval Tech Holding AG INFICON Holding AG Rieter Holding AG 80% Bobst Group SA Interroll Holding AG Schaffner Holding AG Bucher Industries AG Kaba Holding AG Schindler Holding AG 70% Burckhardt Compression AG Kardex AG Schweiter Technologies AG Carlo Gavazzi Holding AG Komax Holding AG SGS SA Cicor Technologies LEM Holding AG Sulzer Ltd. 60% Comet Holding AG Looser Holding Tornos Holding SA Daetwyler Holding Inc. Meyer Burger Technology AG Von Roll Holding AG 50% DKSH Holding AG Mikron Holding AG Walter Meier AG 40.5% Feintool International Holding AG OC Oerlikon Corporation AG 40% 32.8% 30% 23.1% Legend 20% Industrial Goods and Services Index EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization 12.0% 13.4% 12.8% Swiss SMI Index (value weighted) EBIT = Earnings Before Interest and Taxes 10% P/E = Price-to-Earnings Ratio 4.0% 4.4% LTM = Latest Twelve Months TEV = Total Enterprise Value 0% Rev. = Revenue Gross margin EBITDA margin Earnings from continued Net income margin * = Industry is equally weighted operations margin

Data as of 30 June 2013 Source: S&P Capital IQ, other external All rights reserved —EY 2013 Mergers & Acquisitions Quarterly Switzerland –Q2 2013 data providers and EY Research 15 Industrial Goods and Services

Selected mergers & acquisitions transactions / private placements

Announcement date Size (CHF m) Percent sought Target Seller Buyer / Investor 17-Jun-2013 N/A 100% Qingdao Yuanshun Automotive Services Co. Ltd. - SGS SA 17-Jun-2013 N/A 100% AFG Arbonia-Forster-Group AG, Forster Precision Steel AFG Arbonia-Forster-Group AG Muhrund Bender KG Tubes business unit 06-Jun-2013 N/A N/A Bühler Thermal Processes AG Bühler Holding AG Cross Equity Partners AG 17-May-2013 N/A 100% Schwab Verkehrstechnik AG Cross Equity Partners AG Faiveley Transport S.A. 08-May-2013 N/A N/A Hakan PlastikA.S. - Georg Fischer Piping Systems Ltd. 08-May-2013 99 100% Stow International NV Kardex AG AverysSA 26-Apr-2013 N/A N/A Kraft & Bauer BrandschutzsystemeGmbH Klaus Bauer InvisionPrivate Equity AG 22-Apr-2013 896 100% Power-One Inc. Silver Lake; Security Investors, LLC; ABB Ltd. Stephens Capital Partners 05-Apr-2013 N/A 100% Berghoff Mechanical Engineering Ltd. RUAG Holding AG BerghoffHolding GmbH

Selected key developments

Date Company Event type Headline 17-Jun-2013 ABB Ltd. Executive/boardchange Theboard of ABB appointed Ulrich Spiesshofer, the current head of its Discrete Automation and Motion (DM) division, as new CEO, effective September 15, 2013; he will succeed Joe Hogan who resigned as CEO for private reasons in May 2013 07-Jun-2013 Interroll Holding AG Business expansion Interrollopened a subsidiary in Rho, Italy; the company intends to offer core products for materials handling to serve food & beverage, e-commerce, parcel distribution and airport security industries in Italy 29-May-2013 Schindler Holding AG Fixed income offering Schindlersuccessfully placed bonds with a total issue size of CHF 218m and a maturity of four years, exchangeable into registered shares of ALSO Holding AG at an initial implied exchange price of CHF 60.24 per ALSO share 23-May-2013 ABB Ltd. Businessexpansion ABBplans to open an inverter production line at its existing facilities in Johannesburg in 2014; the company further reinforces its position as a global renewable leader with attention to local market needs 13-May-2013 DKSH Holding AG Strategic alliance DKSH announced that ithas signed an agreement with GlaxoSmithKline (GSK) to grow its business in Asia; under the terms, DKSH will provide contract sales services in both private clinics and trade channel for GSK’s antibiotic product line 07-May-2013 Meyer Burger Follow-on-equity offeringMeyer Burger Technology announced that 99.62% of the subscription rights given to the existing shareholders havebeen exercised Technology AG and the remaining136,129 shares will be sold in the market; the company is expected to receive gross proceeds of CHF 152m 25-Apr-2013 SulzerLtd. Client announcement Suzlerhas been awarded a contract for the delivery of a production plant with a capacity of 10,000 tons per year, based on the company’s proprietary polylacticacid (PLA) technology; production is expected to start in the second half of 2014

Data as of 30 June 2013 Source: S&P Capital IQ, other external All rights reserved —EY 2013 Mergers& Acquisitions QuarterlySwitzerland–Q2 2013 data providers and EY Research 16 Media, Technology and Telecommunications

Relative performance charts

12-Month relative performance (in %) * Multiples (LTM) *

150 30x

140 25x 20.7x 20x 130 17.6x

15x 13.1x 120 12.2x 9.5x 9.8x 10x 110

5x 2.6x 100 1.2x 0x 90 TEV/Rev. TEV/EBITDA TEV/EBIT P/E Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13

Margins (LTM) * Companies included in the Media, Technology and Telecommunications Index

Advanced Digital Broadcast Holdings SA Myriad Group AG Also Holding AG Orell Füssli Holding AG 80% Ascom Holding AG PubliGroupe SA Crealogix Holding AG Swisscom AG 70% Goldbach Media AG Tamedia AG Huber+Suhner AG Temenos Group AG 60% Kudelski SA u-blox Holding AG Logitech International SA 50% Micronas Semiconductor Holding AG

40% 34.6% 32.8% Legend 30% 23.1% Media, Technology & Telecomm. Index EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization 20% 13.4% 12.8% Swiss SMI Index (value weighted) EBIT = Earnings Before Interest and Taxes 12.6% P/E = Price-to-Earnings Ratio 10% 6.0% 5.8% LTM = Latest Twelve Months TEV = Total Enterprise Value 0% Rev. = Revenue Gross margin EBITDA margin Earnings from Net income margin * = Industry is equally weighted continued operations margin

Data as of 30 June 2013 Source: S&P Capital IQ, other external All rights reserved —EY 2013 Mergers & Acquisitions Quarterly Switzerland –Q2 2013 data providers and EY Research 17 Media, Technology and Telecommunications

Selected mergers & acquisitions transactions / private placements

Announcement date Size (CHF m) Percent sought Target Seller Buyer / Investor 19-Jun-2013 138 100% Exacq Technologies, Inc. CID Capital, Inc., Venture Capital; KB Tyco International Ltd. Partners, LLC 05-Jun-2013 11 100% IQS AvantIQAG - WoltersKluwerCorporate Legal Services 28-May-2013 N/A 100% ST-Ericsson NV, global navigation satellite system ST-Ericsson NV Intel Corporation (GNSS) business 20-May-2013 266 80% CSS Corporation Goldman Sachs Group, Merchant Banking Partners Group Holding AG Division; Sierra Ventures; SAIF Partners 07-May-2013 N/A 100% TweasySA Debiopharm Group SwisscomAG 29-Apr-2013 N/A 100% MetaswitchNetworks, RCS products and intellectual Metaswitch Networks Myriad Group AG property 22-April-2013 N/A 100% EBM Telecom AG Genossenschaft Elektra Birseck BesonetAG 11-April-2013 N/A 100% TalkTalkTelecom GmbH The Phone House Holdings Ltd. mobilezoneholding ag

Selected key developments

Date Company Event type Headline 19-Jun-2013 Huber+Suhner AG Product-related Huber+Suhnerannounced that it has launched RADOX® SolarBox HM-Blue-Safety in partnership with MERSEN; the solarbox is a part announcement of a protection system to prevent fires in PV installations 28-May-2013 MicronasSemiconductor Productrelated Micronasannounced the successful start-up of the TO92UP package line, an AEC-Q100 qualified leaded package with a surface of 2 Holding AG announcement 29mm , at the production site in Freiburg 28-May-2013 SwisscomAG Businessexpansion Swisscomannounced that it has committed CHF 10mfor an early stage fund to provide support and assistance to start-up companies in the information & communication technology, media and cleantechsectors 23-May-2013 Advanced Digital Executive/boardchange ADB announced that its board of directors appointedPeter Balchinas the new CEO for the Group, with effect from July 01, 2013; Broadcast Holdings SA Andrew Rybicki, the current Group Chairman and CEO, will be assuming his duties solely as the Group Chairman 16-May-2013 u-bloxHolding AG Strategic alliance u-bloxannounceda collaboration with Intel to bring a small, cost-effective 3G-only HSPA module to the market; the partnership with Intel will bring down the cost for 3G connectivity according to the President of u-bloxAmerica 30-Apr-2013 Myriad Group AG Client announcement Myriad Group announced that Pace plc has decided to use the company’s Java™ technology in their RDK compliant set-top boxes 16-Apr-2013 KudelskiSA Strategicalliance Kudelskiannounced that it has enteredinto a multi-year technology license agreement with Advanced Digital Broadcast SA; the agreement extends the long-standing cooperation between both companies

Data as of 30 June 2013 Source: S&P Capital IQ, other external All rights reserved —EY 2013 Mergers& Acquisitions QuarterlySwitzerland–Q2 2013 data providers and EY Research 18 Retail and Consumer Products

Relative performance charts

12-Month relative performance (in %) * Multiples (LTM) *

150 30x

140 25x

130 20x 17.7x 17.6x

15x 13.2x 120 12.2x 9.8x 10x 9.1x 110

5x 2.6x 100 1.2x 0x 90 TEV/Rev. TEV/EBITDA TEV/EBIT P/E Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13

Margins (LTM) * Companies included in the Retail and Consumer Products Index

ARYZTA AG Kuoni Reisen Holding AG Barry Callebaut AG Metall Zug AG 80% Calida Holding AG Mobilezone Holding AG Charles Voegele Holding AG Nestlé SA 70% Compagnie Financière Richemont SA Orior AG Dufry AG Swatch Group AG Emmi AG Valora Holding AG 60% Huegli Holding AG 50% 44.0% 40% Legend 32.8% 30% Retail and Consumer Products Index EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization 23.1% Swiss SMI Index (value weighted) EBIT = Earnings Before Interest and Taxes 20% P/E = Price-to-Earnings Ratio 13.0% 13.4% 12.8% LTM = Latest Twelve Months 10% 6.3% 6.0% TEV = Total Enterprise Value Rev. = Revenue 0% * = Industry is equally weighted Gross margin EBITDA margin Earnings from continued Net income margin operations margin

Data as of 30 June 2013 Source: S&P Capital IQ, other external All rights reserved —EY 2013 Mergers & Acquisitions Quarterly Switzerland –Q2 2013 data providers and EY Research 19 Retail and Consumer Products

Selected mergers & acquisitions transactions / private placements

Announcement date Size (CHF m) Percentsought Target Seller Buyer / Investor 17-Jun-2013 N/A 100% KADI AG ECM Equity Capital Management GmbH Paragon Partners GmbH 05-Jun-2013 N/A 100% Roventa-HenexSA Argantis GmbH FindosInvestor GmbH 28-May-2013 N/A 100% Provimi KlibaS.a., human nutrition business Provimi KlibaS.A. GroupeMinoteriesSA 15-May-2013 393 80% Lonrho Plc UBS Global Asset Management (UK) and BIH SA others 15-May-2013 N/A 75% Lux International AG - AquamallWater Solutions Ltd. 24-Apr-2013 82 100% Montres CORUM Sàrl Severin Participations AG China HaidianHoldings Ltd. 24-Apr-2013 N/A 100% Voegele ReisenAG TUI Suisse Ltd. TwerenboldReisenAG 18-Apr-2013 200 100% Nestlé S.A., Pfizer's infant nutritional businesses in Nestlé S.A. Aspen PharmacareHoldings Ltd. Australia and six South African markets 09-Apr-2013 N/A 100% Käserei StuderAG - EmmiAG

Selected key developments

Date Company Event type Headline 20-Jun-2013 Kuoni Reisen Holding AG Executive/boardchange KuoniReisen announced that the board of directors has appointed its current CFO, Peter Meier, as new CEO of the company with immediate effect, on an ad interim basis, replacing Peter Rothwell who left the Group at the end of June 2013 14-Jun-2013 Barry Callebaut AG Follow-on equity offeringBarry Callebautplaced new shares to raise approx. CHF 279m; about 50% of the shares were bought by Jacobs Holding AG; the company intends to use the proceeds to partly finance the acquisition of Petra Foods’ cocoa ingredients division 30-May-2013 Nestlé SA Strategicalliance Nestlé announced that it has entered into a supply and licenceagreement with BioGaiato include thelatter’s patented Lactobacillus reuteriin an additional range of products in a large number of countries, with focus on emerging markets 10-May-2013 Swatch Group AG Executive/boardchange SwatchGroup announced that NaylaHayek, the Group Chairwoman, has also been appointed as CEO of Harry Winston, Inc. with immediate effect 08-May-2013 Barry CallebautAG Creditrating downgrade Barry Callebautannounced that the company’s corporate rating has been downgraded by Moody’s Investors Service from Baa3 to Ba1; the downgrade is underpinned by the company’s mostly debt financed acquisition of Petra Foods 06-May-2013 DufryAG Businessexpansion Dufryannouncedthat it has signed an agreement with AngkasaPuraI, the Indonesian state owned enterprise, to operate duty free & duty paid shops in Bali’s International Airport as part of its strategy to expand into Asian emerging markets and tourist destinations 10-Apr-2013 ValoraHolding AG Fixed income offering Valoraannounced that it has successfully placed a CHF 120m perpetual callable subordinated Instrument, with 4% coupon; the proceeds will be used to refinance part of a CHF 400m syndicated loan, provide financial flexibility and optimize debt maturity profile

Transaction overview

Deal summary Deal rationale

In the second quarter 2013, our deal of the quarter features the acquisition of Power- ► For ABB, the acquisition is aimed to broaden its overall solar power product portfolio One Inc. by ABB Ltd. The world’s biggest electricity-network builder announced it would and complement its inverter business. acquire the leading provider of renewable energy, energy-efficient power conversion and ► With Power-One being highly regarded as a technology innovator, the transaction is power management solutions for USD 946m (CHF 896m) which includes net cash of USD expected to increase ABB’s technological know-how. 266m. The company is to be integrated into ABB’s Discrete Automation and Motion unit which produces robots, motors and drives. The transaction is expected to close in the ► Power-One is expected to benefit from ABB’s substantial R&D as well as global second half of 2013. service and sales capabilities. California (USA) based Power-One is the second largest producer of inverters that allow solar power to be fed into grids and offers products ranging from residential to utility applications with a broad global manufacturing footprint. The company employs 3,300 people and operates in Asia, Europe and the Americas.

Deal timeline Consideration details

Relative Stock Performance (in %) Valuation Analysis (LTM)

160 6x

150

140 5x

130 4x 120

% 2 110 n i 3x 2.6x 100

90 2x

80 3 1 1.1x 70 1x 0.7x 60 1 1 2 2 2 2 2 2 2 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 ------

l 0x r t r v c y c y b p b u c p a o e a e a e e e J O A N D F S D F M M M TEV/Rev.

Swiss Market Index ABB Ltd. Power-One Inc. Industrial Goods and Services Swiss Market Index ImpliedEnterprise Value

# Date Event Gross transaction value (CHF m) 896 LTM = Latest Twelve Months TEV = Total Enterprise Value 1 10-Nov-2011 Rumorsemergethat French-basedSchneider Electric is possibly interested in Implied enterprise value (CHF m) 621 Rev. = Revenue Power-One % sought 100% n.a. = not available 2 07-Sept-2012 Power-One’s stock experienced a volatiletrading day after further rumors Total cash 100% surface that the solar technology developer is seeking a buyer for the company Total stock - 3 22-April-2013 Theacquisition of Power-One by ABB is officially announced Data as of 30 June 2013 Source: S&P Capital IQ, other external All rights reserved —EY 2013 Mergers& Acquisitions QuarterlySwitzerland–Q2 2013 data providers and EY Research 21 EY M&A credentials

RecenttransactionswithEY‘sinvolvement

Thisannouncementappearsasa matter ofrecordonly. Thisannouncementappearsasa matter ofrecordonly. Thisannouncementappearsasa matter ofrecordonly. Staerke& Nagler AG AUPEO! GmbH China HaidianHoldings Ltd. was acquired by has been acquired by has acquired DKSH SwitzerlandLtd. Panasonic Automotive Systems MontresCORUM Sàrl for an undisclosed amount a division company of Panasonic Corporation of North America, the for USD 91 million principal North American subsidiary of Panasonic Corporation

EY acted as lead financial advisor to Staerke& EY acted as lead financial advisor to the seller EY provided transaction support services to NaglerAG. China HaidianHoldings Ltd.

Thisannouncementappearsasa matter ofrecordonly. Thisannouncementappearsasa matter ofrecordonly. Thisannouncementappearsasa matter ofrecordonly. ArchimedMedical Deutsche Telekom AG GERES Investment Communications AG S.a.r.l has sold was acquired by has disposed a property portfolio comprising 2,200 residential units Fishawack SAF and 150 commercial units to Forderungsmanagement Communications INDUSTRIA „Wohnen GmbH Limited Deutschland“ a portfolio company of Growth Telekom Deutschland GmbH’sdebt a property special fund managed Capital Partners LLP collection subsidiary by IntRealKAG, for EUR 200 million

EY acted as lead financial advisor to Archimed EY provided sell-side lead advisory services to EY provided sell side advisory services to Medical Communications AG. Deutsche Telekom AG GERES Investment S.a.r.l.

Selected M&A opportunities

Industry Country Transaction (sale of) / private placement Project Approx. deal size (in USD m) <50 50-150 >150 Chemicals, Construction and Materials Switzerland Company withinthe construction industry Sim * * * Energy, Transportation and Utilities Ukraine Solar photovoltaic (PV) power plant Green √ Energy, Transportation and Utilities Netherlands Logisticservice provider: Internationaltransportation and conditional warehouse Central √ Healthcare Italy Italian leader in the medical imaging and laboratory diagnostic services industry Sun √ Healthcare Spain Manufacturerof active pharmaceutical ingredients (APIs) Blister √ Healthcare Austria Healthcareservices Valluga √ Financial Services Austria Sale of mezzanineportfolio and bank license Sacher √ IndustrialGoods and Services Israel Manufacturer and supplier of engine bearings to the automotive and aviation industry Prince √ IndustrialGoods and Services Israel Developerof a new electrochemical technology for fuel cell based backup power solutions Future √ IndustrialGoods and Services Italy Diversified industrial products Chelsea √ IndustrialGoods and Services Ukraine Fundraisingfor a plastic goods manufacturer Veles √ IndustrialGoods and Services UK Materials handling business Vector √ IndustrialGoods and Services Netherlands Leather trader and finisher R3 √ IndustrialGoods and Services Netherlands Reseller of heaters and air climate products Fuel √ IndustrialGoods and Services Turkey Innovative steel pipe manufacturer Pipe √ IndustrialGoods and Services Spain Shipbuilder focusedon vessels for offshore oil platform support Nodriza √ Media, Technologyand Telecommunications Switzerland Multimediainfrastructure platform provider Fun * * * Retail and Consumer Products Italy Safety shoes manufacturer Oasis √ Retail and Consumer Products Turkey Desert producer and retailer in the premiumsector Sweet √

* Deal size is available upon request Note: A high number of additional local and global opportunities are available. Please contact us for more information on these opportunities

EY’s global reach and local access ► 728 offices in 150 countries Beat Dolder Marc Reinhardt, CFA Partner Senior Manager ► 167’000 people

► 10’100 professionals in transaction Tel +41 58 286 31 23 Tel +41 58 286 42 89 advisory globally Mobile+41 58 289 31 23 Mobile+41 58 289 42 89 Email [email protected] Email [email protected] ► 120 professionals in transaction advisory in Switzerland

Require assistance in finding targets? Our sophisticated, global network gives us direct access to highly qualified sector experts and potential buyers and sellers. We are looking forward to matching your acquisition profile within our network and identifying acquisition targets for you. If you would like to benefit from this offering, please do not hesitate to contact us.

Events from August 2013 to October 2013

Date Day Time Event topic Host Location 28-August-2013 Wednesday 17.00 -20.00 SECA EveningEvent SECA Zurich EuropaInstitute at the 03-September-2013 Thursday All day 16. ZürcherKonferenzMergers & Acquisitions Zurich University of Zurich 11-September-2013 Wednesday 14.00 –17.30 42nd Swiss VentureDay CTI Invest Zurich University of St. Gallen(HSG) 17/18-Sept-2013 Tuesday/Wednesday All day 7. Intensiv-Seminar Mergers & AcquisitionsfürPraktiker Lucerne / Baer & Karrer 18-Sept-2013 Wednesday 16.00 –22.00 Top SwissStartups SECA Zurich 03-October-2013 Thursday 18.00 –20.00 PrixSVC WirtschaftsraumZürich Swiss VentureClub Zurich 10-October-2013 Thursday All day D-A-CH PrivateEquity Forum Unquote Munich

Upcoming EY corporate finance seminars*

Date Day Time Event topic Host Location 26/27-Sep-2013 Thursday/Friday 09.00 –17.00 Mergers & Acquisitions (E) EY Geneva 11-Oct-2013 Friday 09.00 –17.00 Valuation (E) EY Geneva

25-Oct-2013 Friday 09.00 –17.00 Financial Modeling and Simulation (E) EY Geneva 07-Feb-2014 Friday 09.00 –17.00 Financial Modeling and Simulation (D) EY Basel 27/28-Feb-2014 Thursday/Friday 09.00 –17.00 Mergers & Acquisitions (D) EY Bern

D = German; E = English *Registration details can be found on page 26.

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Confidential and protected by copyright. Publication or reproduction by any means only with written approval by EY. Additional Information The information in this booklet is based on data provided by S&P Capital IQ, other external data providers as well as EY research. Whilst we have carefully selected and reviewed the data, M&A statistics are strongly dependent on the source providers. We do not assume any liability for the accuracy of the information provided. Statistics presented in this booklet should only be regarded as estimates. For the purposes of this booklet, transactions were defined by the following criteria:

− Swiss-based seller, buyer or target

− Transaction that were announced in a given quarter, but might have not yet closed

− Minority or majority stakes, as long as change of control results from the transaction

− Transactions are included irrespective of their size, including deals with undisclosed transaction volume

− Transactions are allocated to the respective industry based on the target’s industry classification