Monthly M&A Insider

A mergermarket report on global M&A activity EDITION Monthly M&A Insider october 2011 CONTENTS

Global overview 01 Americas: Latin America 09 North America 17 Asia-Pacific 28 Europe 38 middle east & africa 51 about merrill corporation 61

mergermarket Monthly M&A Insider

Part of The Mergermarket Group www.mergermarket.com

80 Strand 11 West 19th Street Suite 2401-3 London, WC2R 0RL 2nd fl. Grand Millennium Plaza United Kingdom New York, NY 10011 181 Queen’s Road, Central USA Hong Kong t: +44 (0)20 7059 6100 t: +1 212 686-5606 t: +852 2158 9700 f: +44 (0)20 7059 6101 f: +1 212 686-2664 f: +852 2158 9701 [email protected] [email protected] [email protected] global overview

Global M&A in the first three quarters of 2011 totalled US$1,718bn – a 21.5% increase global overview from the US$1,414.4bn worth of deals registered in the first three quarters of 2010 – and the financial services sector saw an even steeper 37.4% increase during this nine-month window. The first three quarters of 2011 brought US$208.5bn in financial services deals to market, up from US$151.7bn in the same period last year, and a closer look at these figures shows just how important a role M&A is playing in the industry’s broader transformation.

Bank rescues have generated some of the largest financial debt, will help GSO build its European leveraged loan business services deals of recent years, and this continues to be the into a diverse global platform with €11.5bn under management. case in 2011 with the bailout of French-Belgian banking International banks’ asset sales have also been translating into conglomerate Dexia SA. Announced in early October, the local opportunities for strategic buyers. In the US, Capital One Government of Belgium’s US$5.4bn acquisition of Dexia Banque Financial Corporation has been particularly quick in snapping Belgique, Dexia’s retail and commercial arm, now stands as the up opportunities, acquiring the US credit card and retail eighth largest financial services deal of 2011 globally. Running operations of UK-based HSBC for US$2.6bn in August, after parallel to this deal is an influx of investment into the Belgian acquiring the US operations of Netherlands-based ING Groep financial services space: within a week of Dexia, KBC Groep NV, ING Direct USA, for US$9bn the previous June. A similar NV, the financial services conglomerate which since 2008 has trend can be found in Latin America, where a cluster of ING received more than US$8bn in support from the Belgium and Groep operations – AFP Integra SA, InVita Seguros de Vida SA, the Flemish governments, agreed to sell Fidea NV to US-based and its Latin American pensions, life insurance and investment private equity group J.C. Flowers & Co. for US$336m, and management operations – were acquired by Colombia-based its KBL European Private Bankers unit to a holding company Grupo de Inversiones Suramericana SA for US$3.9bn. backed by the Qatari royal family for an undisclosed amount. These deals follow closely behind the US$737m sale of KBC Financial sector consolidation has offered an incredibly steady Groep’s consumer business, Bentea, to Belgium-based Groupe stream of opportunities over the past few years, and while Credit Agricole in April. All of these transactions reflect an strategic buyers have been quickest to pounce, buyout groups ongoing struggle to meet stricter capital requirements set by appear increasingly willing to enter the fold. J.C. Flowers the European Commission. & Co.’s debut in Belgium this month and GSO’s strategic acquisition of Ireland-based Harbourmaster are two notable M&A has been a regular fixture in financially distressed examples of private equity’s appetite for financial services countries, and seems to be accelerating now that private equity assets, which had previously been tempered by high-profile buyers are entering the mix more aggressively. In Ireland, a crashes. Washington Mutual’s story was especially alarming, consortium including WL Ross & Co., Fidelity Investments, as the bank was taken over by the Federal Deposit Insurance Fairfax Financial Holdings Limited, Kennedy-Wilson and the Corporation (FDIC) just months after receiving US$2bn from Capital Group Companies invested US$1.5bn in the Bank of US-based private equity group TPG. But investors’ confidence Ireland, in what now stands as the country’s fourth largest deal could be boosted by the more recent story of BankUnited, which of 2011. Other corners of the Irish financial services sector are launched a successful IPO this year after receiving US$900m seeing foreign interest, too: earlier this month, The Blackstone from a group of private equity firms including WL Ross & Co. Group’s GSO Capital Partners acquired Ireland-based and The Carlyle Group in 2009. Regardless of how the rest leverage loan investor Harbourmaster Capital Management of the year plays out, investors and advisors should keep a for an undisclosed amount, to help strengthen its grip on the close eye on all of the financial services M&A opportunities European market. The acquisition of HCM, which looks after emerging underneath the more topical headlines about the approximately €8bn of senior secured loans and infrastructure industry’s distress.

Head of Research – Elias Latsis Global overview: Elizabeth Castro Global Research Manager – Sola Akinola Latin America: Svetlana Alkayeva and Urna Chakraborty Head of Production – Felicity James North America: Jennifer Ruiz and Jason Cozza Asia-Pacific:Jin Zhang and Maggie Cheung For advertising opportunities contact: Europe: Samuel Tedjasukmana and Damian Julliard Erik Wickman Middle East & Africa: Yannis Papacostas, Peter Kruk Tel: + (1) 212 6863329 and Silvia Paparello [email protected]

Monthly M&A Insider 01 league tables

Top 20 financial advisors – global glob a l overvie w value

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 1 1 Goldman Sachs 471,506 241 309,873 52.2% 4 2 JPMorgan 425,369 182 233,417 82.2% 2 3 Morgan Stanley 388,672 193 291,278 33.4% 3 4 Credit Suisse 338,471 159 277,089 22.2% 5 5 Citigroup 278,340 122 203,454 36.8% 8 6 Deutsche Bank 265,066 136 184,538 43.6% 9 7 Bank of America Merrill Lynch 253,950 170 168,249 50.9% 6 8 Barclays Capital 221,946 99 202,822 9.4% 10 9 Lazard 195,044 136 134,404 45.1% 7 10 UBS Investment Bank 171,829 157 187,832 -8.5% 11 11 Rothschild 96,769 146 122,650 -21.1% 24 12 Evercore Partners 96,108 51 37,940 153.3% 14 13 HSBC 78,037 56 88,313 -11.6% 12 14 BNP Paribas 68,600 67 105,072 -34.7% 15 15 SG 66,264 49 85,271 -22.3% 13 16 Nomura Holdings 60,660 86 89,741 -32.4% 17 17 Greenhill & Co 54,539 20 58,687 -7.1% 22 18 RBC Capital Markets 50,785 75 40,349 25.9% 21 19 Perella Weinberg Partners 49,403 15 46,357 6.6% 47 20 Moelis & Company 47,343 41 13,510 250.4% Source: mergermarket

Top 20 financial advisors – global volume

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Value Deal count (US$m) (US$m) change 1 1 Goldman Sachs 471,506 241 207 34 2 2 Morgan Stanley 388,672 193 205 -12 9 3 JPMorgan 425,369 182 145 37 3 4 KPMG 14,627 176 192 -16 12 5 Bank of America Merrill Lynch 253,950 170 128 42 5 6 Credit Suisse 338,471 159 170 -11 10 7 UBS Investment Bank 171,829 157 145 12 7 8 Rothschild 96,769 146 159 -13 4 9 PwC 10,231 138 181 -43 11 10 Deutsche Bank 265,066 136 145 -9 8 11 Lazard 195,044 136 147 -11 13 12 Citigroup 278,340 122 113 9 6 13 Deloitte 13,055 118 169 -51 14 14 Ernst & Young 15,132 102 108 -6 15 15 Barclays Capital 221,946 99 101 -2 18 16 Jefferies & Company 36,448 90 69 21 16 17 Nomura Holdings 60,660 86 89 -3 17 18 RBC Capital Markets 50,785 75 78 -3 21 19 BNP Paribas 68,600 67 60 7 22 20 M&A International 1,190 67 57 10 Source: mergermarket

The financial adviser league tables by value and volume have been run from 01-Jan-11 to 30-Sep-11. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Global. Monthly M&A Insider 02 league tables

Top 20 LEGAL advisors – global glob a l overvie w VAlue

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 2 1 Sullivan & Cromwell 317,221 102 228,198 39.0% 5 2 Simpson Thacher & Bartlett 295,450 113 204,981 44.1% 16 3 Wachtell, Lipton, Rosen & Katz 225,539 55 113,756 98.3% 1 4 Skadden Arps Slate Meagher & Flom 218,277 152 269,994 -19.2% 12 5 Dewey & LeBoeuf 208,716 92 119,995 73.9% 4 6 Freshfields Bruckhaus Deringer 193,846 173 210,946 -8.1% 19 7 Shearman & Sterling 190,354 98 97,943 94.4% 6 8 Latham & Watkins 187,971 209 163,326 15.1% 9 9 Linklaters 179,480 188 132,276 35.7% 11 10 Cravath Swaine & Moore 161,924 46 123,043 31.6% 14 11 Allen & Overy 156,778 174 116,205 34.9% 3 12 Cleary Gottlieb Steen & Hamilton 142,536 87 214,395 -33.5% 17 13 Weil Gotshal & Manges 114,253 121 108,731 5.1% 15 14 Davis Polk & Wardwell 109,504 91 114,873 -4.7% 24 15 Gibson Dunn & Crutcher 96,180 72 65,119 47.7% 21 16 Jones Day 93,724 207 87,815 6.7% 22 17 Clifford Chance 89,915 178 77,403 16.2% 28 18 Fried Frank Harris Shriver & Jacobson 89,713 39 52,445 71.1% 7 19 Blake, Cassels & Graydon 70,621 72 140,701 -49.8% 34 20 Baker & McKenzie 66,476 151 42,006 58.3% Source: mergermarket

Top 20 LEGAL advisors – global volume

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Value Deal count (US$m) (US$m) change 1 1 DLA Piper 36,147 214 264 -50 2 2 Latham & Watkins 187,971 209 199 10 3 3 Jones Day 93,724 207 191 16 5 4 Linklaters 179,480 188 179 9 12 5 Clifford Chance 89,915 178 129 49 8 6 Allen & Overy 156,778 174 162 12 6 7 Freshfields Bruckhaus Deringer 193,846 173 174 -1 9 8 Skadden Arps Slate Meagher & Flom 218,277 152 156 -4 4 9 Baker & McKenzie 66,476 151 186 -35 7 10 Kirkland & Ellis 66,459 151 170 -19 10 11 Hogan Lovells 60,483 143 136 7 11 12 CMS 29,125 123 136 -13 14 13 Weil Gotshal & Manges 114,253 121 120 1 15 14 Simpson Thacher & Bartlett 295,450 113 114 -1 13 15 Sullivan & Cromwell 317,221 102 120 -18 16 16 White & Case 51,312 100 108 -8 24 17 Shearman & Sterling 190,354 98 86 12 18 18 Dewey & LeBoeuf 208,716 92 96 -4 29 19 Davis Polk & Wardwell 109,504 91 74 17 19 20 Cleary Gottlieb Steen & Hamilton 142,536 87 94 -7 Source: mergermarket

The legal adviser league tables by value and volume have been run from 01-Jan-11 to 30-Sep-11 and include lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Global. Monthly M&A Insider 03 league tables

Activity table of private equity firms on global buyouts glob a l overvie w value volume Rank Rank Q3 2011 Company name Value Deal Q3 2011 Company name Deal Value (US$m) count count (US$m) 1 Blackstone Group 16,965 11 1 The Carlyle Group 21 4,130 2 Temasek Holdings 13,518 4 2 H.I.G. Capital 16 342 3 Apax Partners 8,768 6 3 Sun Capital Partners 13 379 4 Kohlberg Kravis Roberts & Co 8,583 8 4 Blackstone Group 11 16,965 5 CVC Capital Partners 7,396 8 5 Bridgepoint Capital 11 3,889 6 AXA Private Equity 6,588 10 6 The Riverside Company 11 - 7 Bain Capital 6,583 5 7 AXA Private Equity 10 6,588 8 Clayton, Dubilier & Rice 6,256 3 8 Advent International 9 2,560 9 BC Partners 5,686 4 9 Lloyds TSB Development Capital 9 316 10 TPG Capital 5,130 8 10 Kohlberg Kravis Roberts & Co 8 8,583 11 Hellman & Friedman 5,043 3 11 CVC Capital Partners 8 7,396 12 RRJ Capital 5,000 1 12 TPG Capital 8 5,130 13 Silver Lake Partners 4,712 4 13 EQT Partners 8 4,703 14 EQT Partners 4,703 8 14 Warburg Pincus 8 4,531 15 Warburg Pincus 4,531 8 15 TA Associates 7 1,249 Source: mergermarket Source: mergermarket

The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is Global. The tables by value and volume have been run from 01-Jan-11 to 30-Sep-11 and exclude lapsed and withdrawn deals.

Activity table of private equity firms on global exits value volume Rank Rank Q3 2011 Company name Value Deal Q3 2011 Company name Deal Value (US$m) count count (US$m) 1 Nordic Capital 28,767 3 1 The Carlyle Group 18 10,984 2 Coller Capital 27,509 2 2 Barclays Private Equity 11 6,999 3 CSFB Private Equity 16,040 5 3 Intel Capital 11 295 4 Avista Capital Partners 13,740 1 4 Blackstone Group 8 8,163 5 Kohlberg Kravis Roberts & Co 12,262 3 5 3i Group 8 383 6= The Carlyle Group 10,984 18 6 MBO Partenaires 8 109 6= Silver Lake Partners 9,544 2 7 New Enterprise Associates 8 26 8 Andreessen Horowitz 9,044 1 8 Bain Capital 7 3,904 9 Blackstone Group 8,163 8 9 AXA Private Equity 7 3,762 10 EQT Partners 7,763 3 10 AtriA Capital Partenaires 7 669 11 PAI Partners 7,170 5 11 Penta Investments 7 - 12 Barclays Private Equity 6,999 11 12 U.S. Venture Partners 6 617 13 One Equity Partners 5,129 4 13 Draper Fisher Jurvetson 6 447 14 Providence Equity Partners 4,829 3 14 CSFB Private Equity 5 16,040 15 MidOcean Partners 4,687 2 15 PAI Partners 5 7,170 Source: mergermarket Source: mergermarket

The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is Global. The tables by value and volume have been run from 01-Jan-11 to 30-Sep-11 and exclude lapsed and withdrawn deals.

Monthly M&A Insider 04 Trend graphs

GLOBAL M&A quarterly trend GLOBAL M&A quarterly private equity trend glob a l overvie w

1,400 4,500 400 900

4,000 350 800 1,200

3,500 700 300 1,000 Number of deals Number of deals 3,000 600 250

800 2,500 500 200 alue (US$m) alue (US$m) V V 600 2,000 400 150 1,500 300 400 100 1,000 200

200 500 50 100

0 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

GLOBAL M&A ANNUAL TREND GLOBAL M&A Annual private equity trend

4,000 18,000 900 3,500

3,500 16,000 800 3,000

14,000 700 3,000 Number of deals 2,500 Number of deals 12,000 600 2,500

10,000 500 2,000 2,000 alue (US$m) alue (US$m) V 8,000 V 400 1,500 1,500 6,000 300 1,000 1,000 4,000 200

500 500 2,000 100

0 0 0 0 2005 2006 2007 2008 2009 2010 Q3 2011 2005 2006 2007 2008 2009 2010 Q3 2011

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

Monthly M&A Insider 05 Trend graphs

GLOBAL GEOGRAPHIC BREAKDOWN Q3 2011 glob a l overvie w

value volume

5.6% 4.8% 1.8% 2.4% 17.6% Asia-Pacific 19.5% Asia-Pacific

Europe Europe

North America North America

Middle East & Africa Middle East & Africa

Latin America 32.0% Latin America

43.3%

31.8%

41.2%

GLOBAL M&A Sector Breakdown Q3 2011

value volume

1.2% 1.1% 0.3% 1.6% <0.1% 0.3% 7.2% 3.1% 17.2% Industrials & Chemicals Industrials & Chemicals 3.8% 3.1% 19.8% 1.9% Consumer 3.5% Consumer 2.2% 3.6% 1.8% Business Services Business Services 1.3% Technology Technology 8.2% 8.0% 9.3% Energy, Mining & Utilities Energy, Mining & Utilities

Financial Services 13.3% Financial Services 4.4% Pharma, Medical & Biotech Pharma, Medical & Biotech 8.8% Construction Construction 6.5% 12.4% Leisure Leisure

Transportation Transportation 9.2% 12.7% Media Media 23.1% 10.7% Real Estate Real Estate

Telecommunications Telecommunications

Agriculture Agriculture

Defence Defence

Monthly M&A Insider 06 Trend graphs

GLOBAL M&A deal size breakdown global overview

value volume

0.7% 0.7% 0.7% 0.6% 0.5% 0.4% 0.6% 100 100 1.0% 1.0% 1.2% 1.3% 0.9% 1.2% 1.1% 90 98 27.4% 34.1% 3.9% 3.8% 38.8% 4.5% 4.8% 80 42.3% 39.8% 42.0% 40.6% 96 5.0% 5.1% 5.5%

70 94 3.9% 21.0% 4.6% 60 92 4.7% 18.3% 4.5% entage entage 15.6% 4.7% 16.9% 16.5% 5.0% rc rc 15.3% 5.1% 50 16.8% 90 Pe Pe

40 27.7% 88 22.1% 25.1% 19.3% 20.5% 20.8% 23.0% 30 86 90.9% 90.1% 89.2% 89.1% 88.3% 88.1% 20 8.5% 8.9% 7.9% 9.3% 84 87.4% 7.5% 7.9% 9.4%

10 82 15.1% 12.6% 12.5% 14.5% 14.5% 14.6% 13.0%

0 80 2005 2006 2007 2008 2009 2010 Q3 2011 2005 2006 2007 2008 2009 2010 Q3 2011

US$251m-US$500m US$251m-US$500m

US$501m-US$2,000m US$501m-US$2,000m

US$2,001m-US$5,000m US$2,001m-US$5,000m

>US$5,001m >US$5,001m

sector analysis

global sector analysis

Sector Q3 2010 Q3 2011 % change Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count value volume Energy, Mining & Utilities 366,684 25.9% 960 402,188 23.1% 835 10% -125 Industrials & Chemicals 176,465 12.5% 1,574 299,333 17.2% 1,807 70% 233 Consumer 120,400 8.5% 1,100 142,293 8.2% 1,210 18% 110 Financial Services 151,749 10.7% 905 216,270 12.4% 801 43% -104 Pharma, Medical & Biotech 114,491 8.1% 669 161,446 9.3% 726 41% 57 Technology 66,555 4.7% 935 113,186 6.5% 978 70% 43 Business Services 91,968 6.5% 1,097 76,329 4.4% 1,159 -17% 62 Media 27,157 1.9% 279 33,468 1.9% 279 23% 0 Transportation 51,881 3.7% 260 38,472 2.2% 279 -26% 19 Real Estate 39,350 2.8% 195 66,492 3.8% 146 69% -49 Leisure 31,472 2.2% 298 31,807 1.8% 323 1% 25 Telecommunications 139,409 9.9% 147 125,988 7.2% 112 -10% -35 Defence 5,378 0.4% 42 3,743 0.2% 28 -30% -14 Construction 20,429 1.4% 359 23,161 1.3% 330 13% -29 Agriculture 10,864 0.8% 108 5,066 0.3% 101 -53% -7 Total 1,414,252 8,928 1,739,242 9,114 23% 186

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MERRILL DATASITE

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A LATIN AMERICA LATIN

LATIN AMERICA DEAL OF THE QUARTER

Deal summary LATIN AMERICA

Announced: 02-Aug-11 Deal value: US$2,553m

Kirin Holdings Company has acquired a 50.45% stake Financing: in Schincariol Participacoes e Representacoes SA from • The consideration was financed with a combination of Alexandre Schincarol and Adriano Schincariol. cash and loans. Kirin, the listed Japan based company headquartered in Tokyo, is a manufacturer of food and beverage products. Rationale: Schincariol Participacoes, the Brazil based company • This transaction will enhance Kirin’s position in the headquartered in Sao Paulo, is engaged in the production of Brazilian market, and Kirin expects to accelerate beer and soft beverages. Alexandre Schincarol and Adriano Schincariol Participacoes’ growth by a combination of Schincariol are two Brazil based private investors. brands, distribution effort, research and marketing.

Terms: • kirin has paid BRL 3.95bn (US$2.55bn) for a 50.45% stake in the target company.

• The implied equity value of the transaction is approximately BRL 7.8bn (US$5.06bn).

Advisors Target/Seller Bidder Financial BTG Pactual Financial Citigroup (Marco Goncalves) Legal Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Legal Allen & Overy (Taro Nakashima, Nobuo Nakata); Advogados (Roberto Quidroga Mosquera, Joao Shearman & Sterling (Ayako Adachi, Kenneth Ricardo de Azevedo Ribeiro) Lebrun); Tozzini Freire Teixeira e Silva Advogados (Pedro Seraphim, Marcio Mello Silva Baptista)

Bidder Kirin Holdings Company, Ltd. Headquarters: 10-1, Shinkawa 2-chome Tokyo 104 8288 Japan Sector: Consumer

Description: Japan based conglomerate engaged in the manufacture and sale of alcohol beverage products, soft drinks/fruit juices and pharmaceutical products

Target Primo Schincariol Industria de Cervejas e Refrigerantes Headquarters: Av Primo Schincariol 2300 Itu 13312-900 Brazil Sector: Consumer

Description: Brazil based company engaged in the production of beer and wine

Monthly M&A Insider 10 Top deals

Top 10 LATIN AMERICAN announced deals of Q3 2011 LATIN AMERICA

Announced Bidder company Target company Target dominant sector Seller company Exit multiples (x) Bid premia Deal Revenue EBITDA P/E 1-day value before (US$m) 26-Aug-11 Brasil Telecom SA Tele Norte Leste Telecommunications 0.9 2.5 8.5 - 12,459 Participacoes SA (55.1% Stake) 25-Jul-11 Grupo de Inversiones AFP Integra SA (80% Financial Services ING Groep NV 4.0 14.0 - 3,853 Suramericana SA Stake), InVita Seguros de Vida SA (33.7% Stake), and ING Groep NV (Latin American pensions, life insurance, and investment management operations) 02-Aug-11 Kirin Holdings Co Ltd Primo Schincariol Industria Consumer Adriano 2.9 155.6 - 2,553 de Cervejas e Refrigerantes Schincariol (50.45% Stake) (private investor) and Alexandre Schincarol (private investor) 02-Sep-11 Baosteel Group Companhia Brasileira de Energy, Mining & Brasil Warrant - 1,950 Corporation, CITIC Mineracao e Metalurgia Utilities Administracao De Group, Shougang (CBMM) (15% Stake) Bens E Empresas Group Corporation, SA Anshan Iron & Steel Group Corporation, and Taiyuan Iron & Steel Group Company Ltd 26-Aug-11 Brasil Telecom SA Telemar Norte Leste SA Telecommunications 1.2 3.3 8.2 8.5% 1,029 (9.5% Stake) 08-Jul-11 TIM Celular SA AES Atimus Group Telecommunications Companhia 7.6 - 1,015 Brasiliana de Energia 19-Sep-11 Coca-Cola FEMSA SAB Grupo CIMSA Consumer - 844 de CV 13-Jul-11 Fleury SA Labs Cardiolab Exames Pharma, Medical & Rede D'Or - 775 Complementares SA Biotech 07-Sep-11 Sodexo SA Puras do Brasil SA Business Services Puras 1.1 - 740 Administradora de Negocios e Participacoes Ltda 04-Sep-11 Dufry Group Blaicor SA, Navinten SA, Consumer 7.9 - 672 Duty Free Ecuador SA, ADF Shops CJSC, and Two Duty Free Shops in Martinique Based on announced deals, including lapsed and withdrawn bids Source: mergermarket Based on dominant geography of target company being Latin America Data correct as of 10-Oct-11

Monthly M&A Insider 11 League tables

Top 20 financial advisors – latin AMERICA LATIN AMERICA value

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 6 1 BTG Pactual 33,453 18 15,842 111.2% 10 2 Banco Itau BBA 26,275 23 10,551 149.0% 1 3 Credit Suisse 24,504 23 69,998 -65.0% 14 4 Rothschild 20,352 10 9,712 109.6% 18 5 Goldman Sachs 19,470 19 5,869 231.7% 19 6 Banco Bradesco BBI 17,130 12 5,101 235.8% 23 7 Barclays Capital 14,780 5 3,055 383.8% 3 8 Santander Global Banking and Markets 14,099 13 41,878 -66.3% 5 9 Morgan Stanley 10,171 14 17,650 -42.4% 15 10 JPMorgan 9,630 7 9,627 0.0% 2 11 Citigroup 9,228 12 49,539 -81.4% 24 12 HSBC 8,916 4 2,882 209.4% 9 13 UBS Investment Bank 7,950 5 10,768 -26.2% 4 14 Bank of America Merrill Lynch 7,494 6 23,728 -68.4% 29 15 Lazard 7,035 5 1,731 306.4% 11 16 Banco Espirito Santo de Investimento 6,991 9 9,966 -29.9% 17 17 Deutsche Bank 6,577 5 6,855 -4.1% 8 18 Caixa Banco de Investimento 5,543 4 11,038 -49.8% - 19 Bancolombia 3,928 3 - - - 20 Estructura Partners 2,099 1 - - Source: mergermarket Top 20 financial advisors – latin AMERICA volume

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Deal count Deal count (US$m) change 4 1 Banco Itau BBA 26,275 23 16 7 2 2 Credit Suisse 24,504 23 26 -3 11 3 Goldman Sachs 19,470 19 8 11 1 4 BTG Pactual 33,453 18 28 -10 8 5 Morgan Stanley 10,171 14 8 6 3 6 Santander Global Banking and Markets 14,099 13 16 -3 21 7 Banco Bradesco BBI 17,130 12 4 8 7 8 Citigroup 9,228 12 10 2 10 9 Rothschild 20,352 10 8 2 14 10 Banco Espirito Santo de Investimento 6,991 9 6 3 6 11 JPMorgan 9,630 7 11 -4 24 12 M&A International 43 7 4 3 5 13 Bank of America Merrill Lynch 7,494 6 14 -8 25 14 BNP Paribas 1,286 6 4 2 20 15 PwC 1,252 6 5 1 23 16 Barclays Capital 14,780 5 4 1 9 17 UBS Investment Bank 7,950 5 8 -3 17 18 Lazard 7,035 5 6 -1 15 19 Deutsche Bank 6,577 5 6 -1 80 20 BroadSpan Capital 39 5 1 4 Source: mergermarket

The financial adviser league tables by valueand volume have been run from 01-Jan-11 to 30-Sep-11. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Latin American. Monthly M&A Insider 12 league tables

Top 20 LEGAL advisors – latin AMERICA LATIN AMERICA VAlue

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 28 1 Pinheiro Neto Advogados 23,758 35 6,097 289.7% 88 2 Sullivan & Cromwell 20,377 10 615 3213.3% 7 3 Machado Meyer Sendacz e Opice 15,663 24 15,622 0.3% 27 4 Barbosa, Mussnich & Aragao 14,700 22 6,154 138.9% 42 5 Clifford Chance 14,429 14 3,090 367.0% 176 6 Bulhoes Pedreira, Bulhoes Carvalho, Piva, Rosman e 0 - 13,488 2 Souza Leao Advogados 5 7 Skadden Arps Slate Meagher & Flom 11,276 8 19,498 -42.2% 6 8 Souza, Cescon, Barrieu & Flesch Advogados 10,532 14 16,064 -34.4% 18 9 Garrigues 9,192 3 9,746 -5.7% 102 10 Cariola Diez Perez-Cotapos Abogados 7,932 5 398 1893.0% 32 11 Shearman & Sterling 7,808 6 4,950 57.7% 80 12 Claro y Cia 7,311 3 753 870.9% - 13 Turci Advogados Associados 7,189 1 - - 25 14 Latham & Watkins 5,942 9 6,960 -14.6% 36 15 Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados 5,876 25 4,022 46.1% 108 16 Rodrigo Elias & Medrano 5,395 13 334 1515.3% - 17 Eskenazi Pernidji Advogados 4,963 1 - - 30 18 Baker & McKenzie 4,840 16 5,542 -12.7% 9 19 Tozzini Freire Teixeira e Silva Advogados 4,728 20 13,588 -65.2% 1 20 Cleary Gottlieb Steen & Hamilton 4,717 11 52,682 -91.0% Source: mergermarket Top 20 LEGAL advisors – latin AMERICA volume

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Deal count Deal count (US$m) change 4 1 Pinheiro Neto Advogados 23,758 35 18 17 1 2 Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados 5,876 25 22 3 2 3 Machado Meyer Sendacz e Opice 15,663 24 20 4 7 4 Barbosa, Mussnich & Aragao 14,700 22 16 6 5 5 Tozzini Freire Teixeira e Silva Advogados 4,728 20 17 3 3 6 Baker & McKenzie 4,840 16 19 -3 24 7 Clifford Chance 14,429 14 6 8 8 8 Souza, Cescon, Barrieu & Flesch Advogados 10,532 14 15 -1 21 9 Rodrigo Elias & Medrano 5,395 13 7 6 6 10 Demarest e Almeida 937 13 17 -4 10 11 Estudio Muniz, Ramirez, Perez-Taiman & Olaya Abogados 753 13 12 1 11 12 Cleary Gottlieb Steen & Hamilton 4,717 11 11 0 16 13 Prieto & Carrizosa 4,502 11 9 2 83 14 Brigard & Urrutia 2,637 11 2 9 76 15 Lobo & de Rizzo Advogados 462 11 2 9 20 16 Sullivan & Cromwell 20,377 10 7 3 18 17 Latham & Watkins 5,942 9 8 1 15 18 Linklaters 2,579 9 9 0 12 19 Skadden Arps Slate Meagher & Flom 11,276 8 10 -2 14 20 Veirano Advogados 1,818 8 9 -1 Source: mergermarket

11 Q1 Q3 2011 Exit volume Exit volume 10 Q4

10 Q3 10 Q2 2010 10 Q1 Monthly M&A Insider Monthly 09 Q4 09 Q3 Buyout volume Buyout volume 09 Q2 2009 09 Q1 08 Q4 08 Q3 08 Q2 2008 Exit value Exit value 08 Q1 07 Q4 07 Q3 07 Q2 2007 07 Q1 Buyout value Buyout value 06 Q4 06 Q3 e ivat pr an M&A quarterly e an M&A Annual privat 06 Q2 2006 06 Q1 05 Q4 05 Q3 2005 05 Q2 05 Q1 0 0 500

4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 alue (US$m) alue V alue (US$m) alue V equity trend equity trend ic N Amer LATI N Americ LATI

Number of deals Number of deals 600 500 400 300 200 100 0 180 160 140 120 100 80 60 40 20 0 11 Q3 11 Q2 et volume et volume 11 Q1 Q3 2011 10 Q4 10 Q3 Mid-mark Mid-mark 10 Q2 2010 10 Q1 09 Q4 09 Q3 09 Q2 2009 tal volume tal volume 09 Q1 To To 08 Q4 08 Q3 e e 08 Q2 2008 08 Q1 et valu et valu 07 Q4 07 Q3 07 Q2 2007 Mid-mark Mid-mark 07 Q1 06 Q4 e e an M&A ANNUAL TREND trend an M&A quarterly 06 Q3 06 Q2 2006 tal valu tal valu 06 Q1 To To 05 Q4 05 Q3

2005 05 Q2 05 Q1

0 0

80 60 40 20 10 20 30 40 50 60 70

200 180 160 140 120 100

alue (US$m) alue V alue (US$m) alue V N Americ LATI

ic N Amer LATI s ra ph d g Tren

LATIN AMERICA 15 als es es al & Biotech ations e ca s Servic ogy o e y, Mining & Utilities ommunic e ombia xic c le ansportation Brazil Chil Col Costa Ri Guatemala Me Peru Uruguay echnol Construction Tr Media Leisur Pharma, Medic Energ Financial Servic T Busines Agricultur Real Estate Te Consumer Industrials & Chemic Monthly M&A Insider Monthly 20.1% 60.0% 20.9% 11.2% 1.5% 0.8% 1.5% 9.2% 8.2% 2.2% 3.0% 3.0% 3.7% 8.3% 7.5% 11.7% 4.5% 6.7% 6.0% 8.3% 0.8% 0.8% lume vo lume vo als es es al & Biotech ations e a s Servic ogy e o ommunic gy, Mining & Utilities c e ombia xic le ansportation echnol Construction Tr Leisur Consumer Industrials & Chemic Busines Ener Financial Servic Pharma, Medic T Agricultur Real Estate Te Brazil Chil Col Guatemal Me Peru Uruguay 3.9% 12.5% 2.7% own Q3 2011 or Breakdown 74.0% t 16.9% 15.0% 0.1% 1.9% 2.5% 1.7% an M&A Sec own Q3 2011 phic Breakdown an M&A geogra 0.6% 2.0% 0.5% 3.7% 0.2% 2.5% 0.5%

1.0%

16.8% alue alue 40.9% N Americ LATI v v ic N Amer LATI ph s ra d g Tren

LATIN AMERICA Trend graphs

LATIN American M&A deal size breakdown LATIN AMERICA

value volume

0.3% 1.0% 0.2% 0.6% 0.3% 1.4% 0.7% 0.3% 1.0% 0.7% 1.2% 1.8% 2.0% 1.2% 100 100 9.2% 4.4% 5.3% 4.7% 5.4% 6.9% 7.2% 17.6% 16.2% 8.3% 90 7.1% 6.4% 5.3% 27.3% 30.5% 90 7.4% 5.4% 6.9% 6.3% 80 7.1% 10.8% 41.7% 46.9% 29.3% 80 70 17.3% 26.9% 20.3% 70 60 31.4% entage entage rc rc 50 8.3% 18.2% 60 Pe Pe 36.7% 87.8% 88.2% 84.0% 85.1% 87.4% 85.7% 40 21.0% 31.0% 81.9% 24.5% 50 21.8% 16.2% 30 24.5% 40 10.0% 10.1% 20 10.3% 11.8% 27.3% 25.4% 6.6% 30 10 12.7% 14.7% 14.8% 12.6% 9.0% 0 20 2005 2006 2007 2008 2009 2010 Q3 2011 2005 2006 2007 2008 2009 2010 Q3 2011

US$251m-US$500m US$251m-US$500m

US$501m-US$2,000m US$501m-US$2,000m

US$2,001m-US$5,000m US$2,001m-US$5,000m

>US$5,001m >US$5,001m

Sector analysis

latin american sector analysis

Sector Q3 2010 Q3 2011 % change Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count Value Volume Energy, Mining & Utilities 5,743 20.0% 20 4,431 12.5% 11 -23% -45% Industrials & Chemicals 762 2.7% 11 943 2.7% 27 24% 145% Consumer 1,451 5.1% 22 6,006 16.9% 28 314% 27% Financial Services 2,185 7.6% 10 5,309 15.0% 10 143% 0% Pharma, Medical & Biotech 630 2.2% 6 891 2.5% 9 41% 50% Technology 46 0.2% 7 229 0.6% 8 398% 14% Business Services 2,106 7.3% 18 1,394 3.9% 15 -34% -17% Media 294 1.0% 6 0 0.0% 2 0% -67% Transportation 1,686 5.9% 8 586 1.7% 3 -65% -63% Real Estate 17 0.1% 2 874 2.5% 5 5041% 150% Leisure 34 0.1% 4 28 0.1% 2 -18% -50% Telecommunications 12,352 43.1% 4 14,503 40.9% 4 0% 100% Defence 0 0.0% 0 0 0.0% 0 100% 0% Construction 1,189 4.1% 2 165 0.5% 4 100% 100% Agriculture 159 0.6% 5 86 0.2% 6 -46% 20% Total 28,654 125 35,445 134 24% 7%

Monthly M&A Insider 16 17

vy a ich ed ve i e c t h ls e ac a oodr c a G nology nology nnoun o f Monthly M&A Insider Monthly re a ch 95 de i $745bn, aggregate $745bn, aggregate h u e most t t t US i h c acq nd te s t rgest a a a e c l to l to e l a a or w h t c s t n Q3 2011, w i C does expe &A could see an upswing in the last the last see an upswing in &A could a M erosp UT ls a propos a $798.1bn). n. ted se on w &A will be an even more relevant option for option for relevant more &A will be an even ic ith 2,858 deals valued at ith 2,858 deals valued i b a er, US M t W d b i teg ac a $18.4 ns a US lue of de lue eptem str a onsol S a $173.4bn). c &A deals in 2011 are on track to surpass 2010 by deal value 2010 by deal value surpass to on track &A deals in 2011 are orth America deal values fared higher in Q3 2011 with a 24% fared deal values orth America e tr Amid uncertainty in the global economy and concerns of a and concerns economy in the global Amid uncertainty dip recession, double N (1,066 deals at year the same period last to compared increase US M (4,069 deals at top sitting on find themselves of 2011. As corporates quarter strategic explore to pressure and facing reserves cash of large opportunities, on higher valuations. take as deal makers growth ed ls est v c Th n. In lue of lue . h a b ica h g s hi em se v e ca i h $46.6 nnoun h n a i US

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A mergerm wort NORT

NORTH AMERICA DEAL OF THE QUARTER

Deal summary NORTH AMERICA

Announced: 21-Jul-11 Deal value: US$33,430m

Plan of Merger: Conditions: • Medco Health Solutions, Inc. (MHS), a Delaware • HSR (USA). corporation, has signed a definitive agreement to be • MHS EGM (majority affirmative vote required to approve). acquired by Express Scripts, Inc. (ESRX), a Delaware corporation. The Boards of Directors of both companies • ESRX EGM (majority affirmative vote required to approve). have approved the merger.

• Medco Health Solutions, Inc., a U.S based company Financing: headquartered in Franklin Lakes, NJ, is a healthcare On 29-Aug-11, Express Scripts, Inc. and Aristotle Holding, company. It provides clinically driven pharmacy services Inc. entered into a credit agreement with Credit Suisse for private and public employers, health plans, labor AG, Cayman Islands Branch, as administrative agent, unions, government agencies, and individuals in the Citibank, N.A., as syndication agent, and the other United States and internationally. lenders and agents named therein. The Credit Agreement provides for a US$4.0bn term loan facility and a US$1.5bn • Express Scripts, Inc., a U.S based company headquartered revolving loan facility. The Term Facility will be available in St. Louis, MO, provides a range of pharmacy benefit for the Company to pay a portion of the cash consideration management (PBM) services in North America. in connection with the acquisition of Medco Health Solutions, Inc., to repay any existing indebtedness, and Synergies: to pay related fees and expenses. Any funding under • Due diligence to date has identified estimated synergies the Credit Agreement will occur concurrently with the of US$1bn once fully integrated, which represents consummation of the Merger, subject to customary approximately 1% of the combined company’s costs. The closing conditions. The Term Facility and the Revolving transaction is expected to be slightly accretive to EPS Facility will both mature on 29-Aug-2016 (excluding integration and deal-related costs and charges) in the first full year after closing and moderately accretive Post Deal Details: once fully integrated. • The combined corporate headquarters will be in St. Louis. George Paz will serve as Chairman and CEO Terms: of the combined organisation. The Board of Directors • US$28.8 in cash and 0.81 ESRX shares will be exchanged will be expanded to include two current independent for each MHS share. Medco Board members.

• The offer provides a premium of 28% based on MHS’s closing share price of US$55.78 on 20-Jul-11. Expected Close: • The transaction is expected to close in the first half • The implied equity value of the transaction is of 2012. approximately US$28.529bn.

• If a superior offer were to emerge for MHS, the company Termination Date: would be required to give ESRX at least 6 business days to • The termination date for the transaction is make adjustments to its current offer before MHS’s Board 20-Apr-12, but it can be extended to 22-Oct-12 of Directors could affect a change of recommendation of under certain circumstances. the deal. • Termination Fee: US$225m, or 0.8% based on the implied equity value of the deal. The per-share increase required to cover this fee in a superior offer would be US$0.56.

Monthly M&A Insider 18 DEAL OF THE QUARTER

Exit multiples – Y/E 31-DEC-2010 Premium analysis NORTH AMERICA Multiples Value (US$m) Offer price per share (US$) 71.36

Revenue 0.5068x 65,968 1 day before 27.93% EBITDA 11.2401x 2,974 1 month before 26.84% EBIT 13.3866x 2,497 1 day after 8.17% Earnings 22.5823x 1,427 Pre-rumour 35.98%

Advisors Target/Seller Bidder Financial Foros; Financial Citigroup; JPMorgan (Ravi Sachdev, James Woolery); Credit Suisse (Boon Sim, Stuart Smith) Lazard (David Gluckman, Kenneth Jacobs)

Legal Simpson Thacher & Bartlett (Advising JPMorgan) Legal Cravath Swaine & Moore; (Advising Credit Suisse (Robert Spatt); Sullivan & Cromwell; Wachtell, and Citigroup) (Michael Goldman, William Whelan III); Lipton, Resen & Katz (Advising Lazard) Dewey & LeBoeuf (Advising Credit Suisse) (David Lam, Andrew Nussbaum) (Denise Cerasani, Sean Wee); Gibson Dunn & Crutcher (Advising Citigroup); Skadden Arps Slate Meagher & Flom PR Abernathy MacGregor Group PR Brunswick Group

mergermarket/dealReporter Intelligence 31-Aug-11 Express Scripts enter into credit agreement with Credit Suisse for US$4bn term loan facility, US$1.5bn revolving loan facility 02-Sep-11 Medco and Express Scripts each received a request for additional information from the FTC 20-Sep-11 The transaction faces opposition from consumer groups 07-Oct-11 The deal faces scrutiny in many states

Bidder Express Scripts, Inc. Headquarters: One Express Way St. Louis, Missouri (MO) 63121 USA Sector: Medical

Description: US based provider of PBM services and provider of benefit-design consultation services

Target Medco Health Solutions, Inc. Headquarters: 100 Parsons Pond Drive Franklin Lakes, New Jersey 07417 USA Sector: Medical

Description: US based provider of pharmacy benefit management and health care services

Monthly M&A Insider 19 Top deals & Expected deals

Top 10 North American announced deals of Q3 2011 NORTH AMERICA

Announced Bidder company Target company Target dominated Seller company Exit multiples (x) Bid premia Deal sector Revenue EBITDA P/E 1-day value before (US$m) 21-Jul-11 Express Scripts Inc Medco Health Solutions Pharma, Medical & 0.5 11.2 22.6 27.9% 33,430 Inc Biotech 21-Sep-11 United Technologies Goodrich Corporation Industrials & 2.6 14.0 28.3 14.0% 17,861 Corporation Chemicals 14-Jul-11 BHP Billiton Ltd Petrohawk Energy Energy, Mining & 17.1 33.2 49.7 61.9% 14,760 Corporation Utilities 15-Aug-11 Google Inc Motorola Mobility Telecommunications 0.8 29.2 - 63.5% 8,950 Holdings Inc 20-Jul-11 Ecolab Inc Nalco Holding Company Industrials & 1.9 10.9 27.5 34.4% 8,138 Chemicals 15-Aug-11 TD Bank Group MBNA Canada Bank Financial Services MBNA Canada Bank - - 7,570 (Credit card business) 13-Jul-11 Kinetic Concepts Kinetic Concepts Inc Pharma, Medical & 2.8 9.4 19.2 6.2% 5,663 Consortium Biotech 15-Aug-11 Time Warner Cable Inc Insight Communications Telecommunications The Carlyle Group 4.5 14.7 18.7 - 4,687 Company Inc LLC, MidOcean Partners LLP, and Crestview Partners LP 25-Jul-11 Validus Holdings Ltd Transatlantic Holdings Inc Financial Services - - 8.3 -2.6% 4,170 11-Jul-11 International Paper Temple-Inland Inc Industrials & 1.1 10.7 21.1 29.9% 4,167 Company Chemicals Based on announced deals, including lapsed and withdrawn bids Source: mergermarket Based on dominant geography of target company being North America (US + Canada) Data correct as of 10-Oct-11

Monthly M&A Insider 20 Top deals & Expected deals

Pipeline of North American expected deals NORTH AMERICA Situation Target company Sector Potential bidder Financial advisor to Seller Market cap/ Comments company bidder (B); target company est. value (T); seller (S) (US$m) Expected Deal InterDigital Telecommunications Google Inc; Barclays (T), 2,362 InterDigital Inc, the listed US Apple Inc; Intel Evercore based company engaged in the Corporation; Partners (T) design and development of digital Ericsson AB; wireless technology solutions, Research in Motion announced on 19-Jul-2011 that its Limited; Microsoft Board of Directors has initiated a Corporation; Sony process to explore and evaluate Corporation potential strategic alternatives for the company, including a possible sale. Interested parties are said to have included Google, Apple, Intel, Ericsson, Research in Motion, Microsoft, and Sony. Expected Deal Jakks Pacific Inc Consumer Oaktree Capital Rothschild (T) 492 On 13-Sep-2011, Jakks Pacific Inc, the listed US based manufacturer of toy products, received a public unsolicited offer from Oaktree Capital to buy the target at US$20 per share. The bidder already owns a 4.99% stake in Jakks. This offer was unanimously rejected by the target's Board of Directors on 05-Oct-2011 Expected Deal AMAG Pharma, Medical & MSMB Capital MA 286 On 03-Aug-2011, AMAG Pharmaceuticals Biotech Pharmaceuticals, the listed US Inc based biopharmaceutical company, received an unsolicited proposal from MSMB Capital Management to acquire the company at US$18 per share in cash. AMAG Board of Directors has unanimously opposed the proposal and urged stockholders to take no action on the offer. One of the reasons why the Board of Directors might not support the acquisition is that MSMB is proposing to remove six of the seven current members of AMAG's Board and to replace them with its own nominees. Expected deals based on confirmed announcements by companies involved

Monthly M&A Insider 21 league tables

Top 20 financial advisors – NORTH AMERICA NORTH AMERICA value

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 5 1 JPMorgan 341,713 123 118,024 189.5% 1 2 Goldman Sachs 291,049 155 193,919 50.1% 4 3 Credit Suisse 255,671 87 135,085 89.3% 2 4 Morgan Stanley 247,360 116 164,950 50.0% 8 5 Citigroup 201,222 81 89,020 126.0% 7 6 Bank of America Merrill Lynch 185,576 121 108,822 70.5% 3 7 Barclays Capital 179,813 78 152,486 17.9% 6 8 Deutsche Bank 149,609 70 116,876 28.0% 10 9 Lazard 146,355 70 84,138 73.9% 9 10 UBS Investment Bank 118,525 90 87,868 34.9% 12 11 Evercore Partners 95,178 38 36,803 158.6% 11 12 Perella Weinberg Partners 49,403 15 45,982 7.4% 19 13 Greenhill & Co 48,798 8 21,000 132.4% 13 14 RBC Capital Markets 40,615 66 32,312 25.7% 42 15 Qatalyst Group 37,726 16 4,805 685.1% 56 16 Foros 34,616 4 3,258 962.5% 17 17 Jefferies & Company 33,666 77 27,452 22.6% 26 18 Centerview Partners 29,862 7 13,078 128.3% 27 19 Moelis & Company 29,635 35 13,048 127.1% 20 20 Scotia Capital 28,722 15 18,887 52.1% Source: mergermarket

Top 20 financial advisors – NORTH AMERICA volume

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Deal count Deal count (US$m) change 1 1 Goldman Sachs 291,049 155 147 8 6 2 JPMorgan 341,713 123 84 39 4 3 Bank of America Merrill Lynch 185,576 121 96 25 2 4 Morgan Stanley 247,360 116 112 4 5 5 UBS Investment Bank 118,525 90 87 3 3 6 Credit Suisse 255,671 87 101 -14 11 7 Citigroup 201,222 81 62 19 7 8 Barclays Capital 179,813 78 81 -3 12 9 Jefferies & Company 33,666 77 62 15 9 10 Deutsche Bank 149,609 70 74 -4 8 11 Lazard 146,355 70 78 -8 10 12 RBC Capital Markets 40,615 66 69 -3 13 13 Houlihan Lokey 16,857 53 62 -9 14 14 Rothschild 20,444 45 54 -9 26 15 Raymond James & Associates 6,089 40 28 12 29 16 Evercore Partners 95,178 38 23 15 24 17 Moelis & Company 29,635 35 29 6 25 18 Robert W. Baird & Co 3,274 35 28 7 18 19 Keefe, Bruyette & Woods 7,416 33 39 -6 27 20 BMO Capital Markets 21,561 32 25 7 Source: mergermarket

Top 20 LEGAL advisors – NORTH AMERICA NORTH AMERICA VAlue

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 2 1 Simpson Thacher & Bartlett 259,699 100 179,969 44.3% 4 2 Sullivan & Cromwell 256,725 81 139,430 84.1% 12 3 Wachtell, Lipton, Rosen & Katz 224,016 53 88,006 154.5% 15 4 Dewey & LeBoeuf 198,250 79 82,095 141.5% 1 5 Skadden Arps Slate Meagher & Flom 194,253 119 193,537 0.4% 13 6 Cravath Swaine & Moore 159,129 43 84,473 88.4% 5 7 Latham & Watkins 152,871 155 137,356 11.3% 17 8 Shearman & Sterling 147,721 64 66,166 123.3% 3 9 Cleary Gottlieb Steen & Hamilton 141,947 52 148,649 -4.5% 9 10 Davis Polk & Wardwell 98,258 73 98,721 -0.5% 8 11 Weil Gotshal & Manges 98,085 82 101,276 -3.2% 20 12 Gibson Dunn & Crutcher 91,647 61 56,801 61.3% 21 13 Fried Frank Harris Shriver & Jacobson 89,141 36 50,960 74.9% 14 14 Jones Day 86,305 146 84,061 2.7% 30 15 Linklaters 76,886 45 36,983 107.9% 10 16 Freshfields Bruckhaus Deringer 76,451 52 94,169 -18.8% 6 17 Blake, Cassels & Graydon 70,389 70 113,545 -38.0% 29 18 Kirkland & Ellis 65,081 142 42,516 53.1% 49 19 Allen & Overy 64,546 58 19,245 235.4% 37 20 Greenberg Traurig 63,615 54 23,886 166.3% Source: mergermarket

Top 20 LEGAL advisors – NORTH AMERICA volume

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Deal count Deal count (US$m) change 2 1 Latham & Watkins 152,871 155 156 -1 3 2 Jones Day 86,305 146 151 -5 1 3 Kirkland & Ellis 65,081 142 165 -23 5 4 Skadden Arps Slate Meagher & Flom 194,253 119 118 1 4 5 DLA Piper 16,749 111 140 -29 6 6 Simpson Thacher & Bartlett 259,699 100 101 -1 15 7 Hogan Lovells 34,350 86 72 14 8 8 Weil Gotshal & Manges 98,085 82 92 -10 7 9 Sullivan & Cromwell 256,725 81 101 -20 14 10 Dewey & LeBoeuf 198,250 79 74 5 17 11 Wilson Sonsini Goodrich & Rosati 22,549 77 63 14 19 12 Davis Polk & Wardwell 98,258 73 60 13 11 13 Blake, Cassels & Graydon 70,389 70 80 -10 23 14 Goodwin Procter 6,887 70 58 12 12 15 K&L Gates 6,715 68 80 -12 24 16 Shearman & Sterling 147,721 64 56 8 16 17 Morgan Lewis & Bockius 46,350 63 70 -7 9 18 Gibson Dunn & Crutcher 91,647 61 84 -23 13 19 Stikeman Elliott 32,014 61 75 -14 26 20 Allen & Overy 64,546 58 54 4 Source: mergermarket

Activity table of private equity firms on North American buyouts NORTH AMERICA value volume Rank Rank Q3 2011 Company name Value Deal Q3 2011 Company name Deal Value (US$m) count count (US$m) 1 Blackstone Group 16,751 10 1 The Carlyle Group 3,952 18 2 Kohlberg Kravis Roberts & Co 8,583 8 2 H.I.G. Capital 302 12 3 Apax Partners 8,518 5 3 The Riverside Company 0 11 4 Clayton, Dubilier & Rice 6,256 3 4 Blackstone Group 16,751 10 5 Bain Capital 5,730 4 5 Advent International 2,560 9 6 Hellman & Friedman 5,043 3 6 Kohlberg Kravis Roberts & Co 8,583 8 7 RRJ Capital 5,000 1 7 Warburg Pincus 4,531 8 8 Temasek Holdings 5,000 1 8 Sun Capital Partners 124 8 9 Silver Lake Partners 4,712 4 9 TA Associates 1,249 7 10 Warburg Pincus 4,531 8 10 TPG Capital 3,760 6 11 CVC Capital Partners 4,509 2 11 Golden Gate Capital 2,582 6 12 The Carlyle Group 3,952 18 12 The Gores Group 118 6 13 TPG Capital 3,760 6 13 Audax Private Equity Group 0 6 14 Providence Equity Partners 3,636 5 14 Apax Partners 8,518 5 15 Vestar Capital Partners 3,500 1 15 Providence Equity Partners 3,636 5 Source: mergermarket Source: mergermarket

The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is US or Canadian. The tables by value and volume have been run from 01-Jan-11 to 30-Sep-11 and exclude lapsed and withdrawn deals.

Activity table of private equity firms on North American exits value volume Rank Rank Q3 2011 Company name Value Deal Q3 2011 Company name Deal Value (US$m) count count (US$m) 1 Silver Lake Partners 9,544 2 1 The Carlyle Group 6,574 10 2 Andreessen Horowitz 9,044 1 2 Intel Capital 295 10 3 EQT Partners 7,763 2 3 New Enterprise Associates 26 8 4 Blackstone Group 7,301 6 4 Blackstone Group 7,301 6 5 The Carlyle Group 6,574 10 5 US Venture Partners 617 6 6 Barclays Private Equity 5,873 5 6 Barclays Private Equity 5,873 5 7 MidOcean Partners 4,687 2 7 Bain Capital 2,711 5 8 Crestview Partners 4,687 1 8 Norwest Equity Partners 2,498 5 9 LBO France 4,562 1 9 Thoma Bravo 1,015 5 10 Clayton, Dubilier & Rice 4,262 1 10 Redpoint Ventures 610 5 11 PAI Partners 4,126 3 11 Index Ventures 588 5 12 General Atlantic 4,125 4 12 Sequoia Capital 497 5 13 Kohlberg Kravis Roberts & Co 4,016 2 13 VantagePoint Capital Partners 457 5 14 Cinven 3,535 2 14 Pamlico Capital 333 5 15 Bain Capital 2,711 5 15 Lightspeed Venture Partners 185 5 Source: mergermarket Source: mergermarket

The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is US or Canadian. The tables by value and volume have been run from 01-Jan-11 to 30-Sep-11 and exclude lapsed and withdrawn deals.

Monthly M&A Insider 24 Trend graphs

North American M&A quarterly trend north American M&A quarterly private NORTH AMERICA equity trend

600 1,600 250 350

1,400 300 500 200 1,200 Number of deals 250 Number of deals 400 1,000 150 200

300 800 alue (US$bn) alue (US$bn) V V 150 100 600 200 100 400 50 100 50 200

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

north American M&A ANNUAL TREND north American M&A Annual private equity trend

1,800 6,000 500 1,200

1,600 450 5,000 1,000 400 1,400 Number of deals Number of deals 350 1,200 4,000 800 300 1,000 3,000 250 600 alue (US$bn) 800 alue (US$bn) V V 200 600 2,000 400 150

400 100 1,000 200 200 50

0 0 0 0 2005 2006 2007 2008 2009 2010 Q3 2011 2005 2006 2007 2008 2009 2010 Q3 2011

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

Monthly M&A Insider 25 Trend graphs

North American M&A Sector Breakdown Q3 2011 NORTH AMERICA vueal volume

0.5% 0.4% 0.2% 0.3% 1.0% 0.1% 1.0% 7.0% 2.0% 2.0% 0.3% Industrials & Chemicals 3.0% Industrials & Chemicals 22.0% 19.0% 1.0% Technology Technology 9.0% 16.0% Business Services Business Services

Financial Services Financial Services

Pharma, Medical & Biotech Pharma, Medical & Biotech 9.0% Consumer Consumer 1.0% 9.0% 16.0% Energy, Mining & Utilities Energy, Mining & Utilities

Media Media 12.0% 7.0% Construction Construction

Leisure 25.0% Leisure 13.0% 11.0% Transportation Transportation 12.0% Telecommunications Telecommunications

Real Estate Defence

Real Estate

Agriculture

north American M&A deal size breakdown

vueal volume

0.7% 0.7% 0.6%

100 100 0.9% 1.1% 1.1% 0.9% 0.9% 1.3% 1.0% 1.1% 1.5% 1.8% 1.6% 90 3.7% 3.5% 32.1% 4.5% 5.7% 5.2% 80 42.9% 95 5.4% 46.5% 43.6% 6.3% 52.1% 49.3% 58.8% 4.1% 3.8% 70 4.8% 5.2% 60 18.0% 90 5.3% 6.0% entage entage 5.3% rc rc 50 19.0% Pe Pe 15.8% 13.8% 19.8% 14.9% 40 85 27.6% 13.3% 90.6% 91.0% 30 18.1% 21.8% 17.5% 18.3% 88.5% 86.2% 17.1% 86.8% 87.4% 13.2% 85.6% 20 80 7.0% 9.6% 7.2% 8.2% 6.3% 6.6% 5.4% 10 12.6% 9.6% 9.6% 12.2% 9.2% 12.5% 10.1% 0 75 2005 2006 2007 2008 2009 2010 Q3 2011 2005 2006 2007 2008 2009 2010 Q3 2011

US$251m-US$500m US$251m-US$500m

US$501m-US$2,000m US$501m-US$2,000m

US$2,001m-US$5,000m US$2,001m-US$5,000m

>US$5,001m >US$5,001m

Monthly M&A Insider 26 S ector analysis

North AmericaN sector analysis NORTH AMERICA

Sector Q3 2010 Q3 2011 % change Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count Value Volume Energy, Mining & Utilities 51,743 29.8% 130 34,952 16.2% 70 -32% -46% Industrials & Chemicals 19,312 11.1% 165 46,558 21.6% 156 141% -5% Consumer 15,764 9.1% 84 2,592 1.2% 75 -84% -11% Financial Services 11,809 6.8% 122 23,491 10.9% 100 99% -18% Pharma, Medical & Biotech 16,197 9.3% 111 52,991 24.6% 95 227% -14% Technology 18,904 10.9% 156 18,997 8.8% 132 0% -15% Business Services 18,708 10.8% 148 14,301 6.6% 106 -24% -28% Media 4,649 2.7% 28 2,465 1.1% 25 -47% -11% Transportation 2,242 1.3% 17 403 0.2% 12 -82% -29% Real Estate 2,385 1.4% 15 689 0.3% 3 -71% -80% Leisure 6,513 3.8% 36 1,411 0.7% 13 -78% -64% Telecommunications 2,655 1.5% 16 15,939 7.4% 11 500% -31% Defence 266 0.2% 7 86 0.0% 4 -68% -43% Construction 2,172 1.3% 27 630 0.3% 16 -71% -41% Agriculture 44 0.0% 4 0 0.0% 1 -100% -75% Total 173,363 1,066 215,505 819 24% -23%

Monthly M&A Insider 27 28

e, e ng hina i ), u

ve h C M a lobal, al H G TMT g v &A KF d onsumer M n e in the C n, or e grow a This b u . ngineering and Monthly M&A Insider Monthly E al me ansportation and ansportation alaysia ( r als v M T e lu olon olon al urthermor K d y US$37 F e vo l d

h te to US$177m over t US$177m over to a al o 463 ot onsumer, d b m C i ast Asia combined saw 21 deals combined Asia ast re E inance House inance tot a egara Indonesia, the listed state- Indonesia, the listed egara F of n 2011. h i y 6% t ratama, the listed Indonesian listed the ratama, N s t ining, l i P r M pprox a te uwait a hina in terms of volume were Australia and Australia were of volume hina in terms a K C t &A activity by volume was widespread. was widespread. &A activity by volume unas o f m T a i s M

n term i d e

nergy & nergy n Q3 comp e i E u h owing owing u al oll pprox alaysian financial company, may look for acquisitions look company, may alaysian financial al F v a or, Solusi . M v y al orea hosted 18 deals valued at US$1.6bn – the bulk of 18 deals valued hosted orea onstruction deal. South onstruction over Q3 2011, w over he company plans to acquire at least two tower operators operators tower two at least acquire plans to he company ould remain active across multiple sectors. In the In the sectors. multiple across active ould remain b t mont e

the this year with another two to be acquired in 2012. In the be acquired to with another two this year Bank Banking sector, acquisition opportunities in Indonesia eyeing expand to banks. In the of both Islamic and conventional hosted the highest number of deals, as 31 transactions worth worth number of deals, as 31 transactions the highest hosted sectors multiple the month across over place US$3.3bn took including K C activity in Indonesia, which US$3.6bn with the most worth at US$692m. valued saw six deals cumulatively heating up Indonesia bidders Indonesian month in September, a strong After is aiming to company, hardware telecommunications companies. towers telecommunication four up to acquire T with a counterpart acquire plans to Indonesian bank, owned micro-lending, US$200m aimed at increasing around assets margins. higher profit which offers Banking sector, Indonesian consumer Indonesia, the listed Unilever sector, support its making acquisitions to is open to goods company, of Unilever the footsteps following growth, external in the country. widen its market it is seeking opportunities to Widespread activity across the region activity across Widespread was transacted deal, the bulk of value one massive Due to in Japan, but TMT South respectively. Japan, which saw 19 and 22 transactions in the aforementioned coming value sect c als s d d e als y d e ne hl d e to US$245m e to li u ec tronge al d s roup, roup, v rger y G e etworks, w of 140 ining, the h al la N o ge mont M e l t a I’ d uall nergy nergy f orporation. orporation. t as E hina-based coal hina-based coal ON C he largest deal he largest c L C ver al T ge nergy nergy te of a a e E a a t w ngineering and KO c etal etal d t he deal, valued at he deal, valued p E i T s M s me e

us ver a g

a or September shows or September lu olon olon f u d rge B), a private asset asset B), a private K abl n i e i vo e A la PN e er ss ippon and Sumitomo, a ippon and Sumitomo, o revealed the details in full the details o revealed acific f e al is orea, orea, N alaysia-listed real estate estate real alaysia-listed c P e h K alaysia government, making alaysia government, sid M d tne Whil M i esources, the listed the listed esources, a e – t nt r ippon Steel. After unveiling merger merger unveiling After ippon Steel. R &A report on report &A a N M al c hil i alaysia valued at US$1.7bn involved at US$1.7bn involved alaysia valued e w con &A w f Setia, a rter. i d M nergy nergy P M sa E ompany agreed to acquire acquire to ompany agreed asional Berhad ( rket rket ippon Steel & Sumitomo & Sumitomo ippon Steel c gn C i a N etal and and etal qua N

f er si i M

b ebruary 2011, the tw c a o the deal between o the deal between us F o o Pa i &A activity in the Asia- - y t M a sia hina-based coal mining and logistics company for US$946m for company mining and logistics hina-based coal hina, Jizhong onstruction onstruction ermodalan urther t he integration is set to strengthen global competitiveness in competitiveness global strengthen is set to he integration US$264m per prev Septem w 31% from Q2, w A sold this asset to its listed entity. its listed to sold this asset C Jizhong company, investment as state-owned management arm of the In South holding company. and the business engaged in the distribution a company US$1.2bn. In for services, technology of information provision C agreement a definitive into entered group, mining and energy in Shanxi Jizhong an 80% stake acquire to C domestic deal in domestic do not they and warrants all shares acquire to an offer in S own already F P US$22.5bn, will take place via a share swap merger and will swap merger via a share place US$22.5bn, will take be renamed and globalisation competition, accelerating light of intensified prices. material raw escalating T plans in companies are looking more to domestic consolidation than consolidation domestic to more looking are companies of the continued acquisitions – perhaps a result cross-border deals announced seven Indeed, the top uncertainty. global players. domestic all involved in September was the tie-up between margin of the month by a significant Sumitomo what will become for 2011, setting the stage in September steelmaker. second-largest the world’s Large-scale domestic consolidation domestic Large-scale stand to a foot for look to continues economy As the global on, A mergerm ASIA-p

ASIA-Pacific DEAL OF THE quarter

Deal summary ASIA-PA

Announced: 22-Sep-11 Deal value: US$22,474m C I F I C Plan of Merger: Ba ckground & Rationale: • nippon Steel Corp, a Japan-listed steelmaker, signed a • on February 3rd 2011, Sumitomo Metal and Nippon business integration agreement to acquire and merge Steel unveiled an indicative merger plan to combine the with Sumitomo Metal Industries Ltd., also a steelmaker. two companies and to create the world’s second-largest steelmaker. The companies did not disclose any details on Structure: the plan and informed that the companies would execute a merger agreement targeted for April 2012 at the latest • the transaction is conducted via a share swap merger to and hold shareholder’s meetings to approve the merger acquire the remaining 90.6% of Sumitomo Metal. no later than the AGM in June 2012.

• on 14-Mar-2011, Sumitomo Metal’s largest factory in Terms: Kashima was severely damaged by the major earthquake • 0.753 Nippon Steel shares per Sumitomo Metal share. which accelerated the coordination and fostered the relationship between Sumitomo Metal and Nippon Steel. • It values the entire share capital at JPY797.3 bn (US$10.4 bn), based on the exchange rate of JPY76.53 • Due to changing business environment surrounding the per USD. steel industry, the business combination will strengthen the group’s global competitiveness in response to • the exchange ratio values each share at JPY171.99 increase in steel demand, intensified competition, based on the closing price of Nippon Steel at JPY234 accelerating globalisation in production and sales, as well on 21-Sep-11. as escalating raw material prices and strong yen. • It represents a premium of 1.8% over the closing price of • the merger will bring a synergy of cost savings for JPY169 on 21-Sep-11. JPY150bn per year starting approximately three years • It represents a discount of 10.9% over the last closing after business integration. price prior to the indicative announcement of JPY193 on 3-Feb-11. Conditions: • Sumitomo Metal does not have any outstanding • Approval from Sumitomo Metal shareholders Convertible Bonds. (min 2/3 required).

• Approval from Nippon Steel shareholders Financing: (min 2/3 required). • nippon Steel will issue a total of 3,075,306,130 shares to • Approval from Japan Fair Trade Commission. Sumitomo Metal shareholders, representing about 32.8% dilution to the share capital of Nippon Steel. • Approval from US Federal Trade Commission.

• Approval from European Commission. Substantial Shareholders: • Approval from China’s Ministry of Commerce. • Sumitomo Corp owns 9.54% of Sumitomo Metal • Approval from Competition Commission of India. • nippon Steel owns 9.4% of Sumitomo Metal • Approval from Federal Antimonopoly Service of Russia.

Post Deal Shareholding: • Approval from Mexico Federal Competition Commission. • following completion, Nippon Steel and Sumitomo Metal • Approval from Competition of South Africa. shareholders will own 67.2% and 32.8% respectively in the • Approval from the Australian Competition and merged company. Consumer Commission.

Monthly M&A Insider 29 DEAL OF THE quarter

• Approval from the Australian Competition and Post Deal Detail: ASIA-PA Consumer Commission. • following completion, the merged company will be • Approval from Brazil’s Council for Economic Defense. renamed to Nippon Steel & Sumitomo Metal Corporation. C I F • Approval from Thailand’s Office of the Trade Competition Commission.

• Approval from Germany’s Cartel Authority.

• Approval from Netherlands’ Competition Authority.

• Approval from Norway’s Competition Authority.

• Approval from Singapore’s Competition Commission.

Exit multiples – Y/E 31-Dec-10 Premium analysis Multiples Value (US$m) Offer price per share (US$) 2.25

Revenue 1.3x 16,689 1 day before 1.77% EBITDA 9.8x 2,183 1 month before 8.85% EBIT 31.9x 670 1 day after 8.85% Earnings - -85 Pre-rumour -5.09%

Advisors Target/Seller Bidder Financial Daiwa Securities Group; Deutsche Bank; Financial Bank of America Merrill Lynch; JPMorgan; Goldman Sachs; Sumitomo Mitsui Financial Group Mizuho Financial Group; Morgan Stanley Legal Nagashima Ohno & Tsunematsu Legal Nishimura & Asahi; Sullivan & Cromwell Shearman & Sterling (Masahisa Ikeda); Simpson Thacher & Bartlett

mergermarket/dealReporter Intelligence 02-Mar-11 Nippon Steel/Sumitomo Metal merger ratio likely around 1:067-0.7 – industry sources 04-Apr-11 Nippon Steel/Sumitomo to stick to merger plan despite disruption 09-Jun-11 Nippon Steel/Sumitomo Metal: JFTC’s early hearings not aimed at completing screening within 30 days 29-Jun-11 Nippon Steel/Sumitomo Metal Industries: JTFC decides on second round of antitrust reviews – report 30-Jun-11 Nippon Steel/ Sumitomo Metal Industries: Japan Fair Trade Commission decide to conduct second round of reviews on proposed merger 22-Sep-11 Nippon Steel, Sumitomo Metal yet to file overseas, but approvals expected on time 22-Sep-11 Nippon Steel and Sumitomo Metal Industries announce execution of master integration agreement 22-Sep-11 Nippon Steel and Sumitomo Metal Industries decide on merger ratio, other details of planned merger – report 28-Sep-11 Nippon Steel, Sumitomo Metal: Japan Commission likely to rule on planned merger by end of year – report

Bidder Nippon Steel Corporation Headquarters: Marunouchi Park Building, 2-6-1 Chiyoda Ward, Tokyo, Kanto, Japan Sector: Other

Description: Japan based company engaged in manufacture of steel and related products, energy, finance, and insurance services

Target Sumitomo Metal Industries Ltd Headquarters: 5-33, Kitahama 4-chome Chuo-ku, Osaka, Kinki, Japan Sector: Industrials & Chemicals

Description: Japan based company engaged in the manufacture and sale of steel and related products

Monthly M&A Insider 30 Top deals

Top 10 Asia-Pacific announced deals of Q3 2011 ASIA-PA

Announced Bidder company Target company Target dominant sector Seller company Exit multiples (x) Bid premia Deal value Revenue EBITDA P/E 1-day before (US$m)

C I F 22-Sep-11 Nippon Steel Sumitomo Metal Industries Industrials & 1.3 9.8 (loss) 1.8% 22,474 Corporation Ltd (90.60% stake) Chemicals 17-Aug-11 SABMiller Plc Foster's Group Limited Consumer 5.1 15.1 10.2 12.2% 12,925 29-Aug-11 Temasek Holdings Pte China Construction Bank Financial Services Bank of America n/a n/a 7.2 -12.6% 8,288 Ltd; Government of Corporation (5.44% stake) Corporation Singapore Investment Corporation Pte Ltd.; CITIC Securities Co., Ltd.; National Council for Social Security Fund; State Administration of Foreign Exchange 01-Jul-11 Vodafone Group Plc Vodafone Essar Limited TMT Essar Group - 5,460 (33.00% stake) 11-Jul-11 Consortium for Macarthur Coal Limited Energy, Mining & 6.6 20.8 32.7 40.4% 3,851 Macarthur Coal Limited (83.80% stake) Utilities 17-Aug-11 Ping An Insurance Shenzhen Development Financial Services n/a n/a 8.8 -1.4% 3,132 (Group) Company of Bank Co. Ltd (18.85% stake) China Ltd 29-Jul-11 Mapletree Investments Festival Walk Consumer Swire Properties - 2,746 Pte Ltd Ltd 22-Jul-11 CP2 (formerly Capital ConnectEast Group Transport 14.7 22.5 (loss) 22.2% 2,658 Partners) 08-Aug-11 FC Residential Ichigo Real Estate Real Estate n/a n/a 10.4% 2,225 Investment Corporation Investment Corporation 11-Jul-11 Mayban Ventures Sdn SapuraCrest Petroleum Energy, Mining & 1.9 11.1 25.8 3.7% 1,969 Bhd Bhd Utilities Based on announced deals, including lapsed and withdrawn bids Source: mergermarket Based on dominant geography of target company being Asia-Pacific Data correct as of 10-Oct-11

Monthly M&A Insider 31 league tables

Top 20 financial advisers – asia-pacific ASIA-PA value

C I F Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 3 1 Goldman Sachs 132,145 64 53,906 145.1% 1 2 Morgan Stanley 83,514 55 60,090 39.0% 2 3 JPMorgan 79,305 34 55,551 42.8% 9 4 Deutsche Bank 71,787 34 39,101 83.6% 6 5 Bank of America Merrill Lynch 66,498 36 43,770 51.9% 4 6 UBS Investment Bank 46,567 50 53,371 -12.7% 8 7 Credit Suisse 45,353 37 41,704 8.7% 5 8 Nomura Holdings 41,817 73 48,811 -14.3% 12 9 Citigroup 36,698 33 25,943 41.5% 7 10 Barclays Capital 32,035 13 43,176 -25.8% 49 11 Sumitomo Mitsui Financial Group 29,513 20 3,076 859.5% 37 12 Mizuho Financial Group 28,900 24 4,073 609.6% 109 13 Moelis & Company 26,606 7 562 4634.2% 18 14 Daiwa Securities Group 25,949 25 18,249 42.2% 14 15 HSBC 23,271 19 23,366 -0.4% 16 16 Royal Bank of Scotland Group 22,270 16 22,400 -0.6% 290 17 Scotia Capital 22,106 4 19 116247.4% 17 18 Lazard 21,231 17 18,710 13.5% 57 19 Gresham Advisory Partners 17,997 12 2,011 794.9% 21 20 Grant Samuel 16,138 6 14,324 12.7% Source: mergermarket

Top 20 financial advisers – asia-pacific volume

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Deal count Deal count (US$m) change 5 1 Nomura Holdings 41,817 73 63 10 3 2 Goldman Sachs 132,145 64 53 11 28 3 KPMG 6,405 57 51 6 1 4 Morgan Stanley 83,514 55 61 -6 4 5 UBS Investment Bank 46,567 50 40 10 25 6 Deloitte 8,213 49 52 -3 29 7 PwC 5,006 49 55 -6 26 8 Ernst & Young 8,095 46 56 -10 8 9 Credit Suisse 45,353 37 35 2 6 10 Bank of America Merrill Lynch 66,498 36 27 9 19 11 Macquarie Group 14,725 35 23 12 2 12 JPMorgan 79,305 34 34 0 9 13 Deutsche Bank 71,787 34 39 -5 12 14 Citigroup 36,698 33 25 8 20 15 CIMB Group 8,373 31 29 2 18 16 Daiwa Securities Group 25,949 25 28 -3 37 17 Mizuho Financial Group 28,900 24 36 -12 10 18 Rothschild 6,426 21 35 -14 49 19 Sumitomo Mitsui Financial Group 29,513 20 21 -1 14 20 HSBC 23,271 19 18 1 Source: mergermarket

The financial adviser league tables by value and volume have been run from 01-Jan-11 to 30-Sep-11 and exclude lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Asia-Pacific-based. Monthly M&A Insider 32 league tables

Top 20 LEGAL advisers – asia-pacific ASIA-PA VAlue

C I F Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 15 1 Simpson Thacher & Bartlett 69,121 27 55,304 25.0% 1 2 Allen & Overy 57,385 53 41,442 38.5% 5 3 Sullivan & Cromwell 47,332 17 67,732 -30.1% 6 4 Freshfields Bruckhaus Deringer 41,066 33 66,595 -38.3% 17 5 Allens Arthur Robinson 40,891 42 30,518 34.0% 18 6 Shearman & Sterling 40,055 28 26,975 48.5% 8 7 Nishimura & Asahi 36,785 34 16,111 128.3% 2 8 Freehills 35,629 54 33,860 5.2% 16 9 Nagashima Ohno & Tsunematsu 35,301 34 35,228 0.2% 11 10 Skadden Arps Slate Meagher & Flom 26,747 29 33,897 -21.1% 14 11 Linklaters 26,670 38 32,951 -19.1% 13 12 Baker & McKenzie 25,948 61 20,230 28.3% 111 13 Latham & Watkins 24,859 19 20,072 23.8% 59 14 Hogan Lovells 24,405 11 2,538 861.6% 112 15 Corrs Chambers Westgarth 22,294 20 4,377 409.3% 4 16 Morgan Lewis & Bockius 20,699 6 1,400 1378.5% 22 17 Clayton Utz 18,469 34 7,858 135.0% 39 18 Debevoise & Plimpton 18,432 9 58,505 -68.5% 129 19 White & Case 17,766 13 1,069 1561.9% 89 20 Lee & Ko 16,607 37 2,520 559.0% Source: mergermarket

Top 20 LEGAL advisers – asia-pacific volume

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Deal count Deal count (US$m) change 14 1 Baker & McKenzie 24,883 60 74 -14 16 2 Freehills 29,219 52 46 6 1 3 Allen & Overy 52,584 51 31 20 27 4 Minter Ellison 8,409 46 42 4 10 5 Mallesons Stephen Jaques 10,306 44 40 4 17 6 Allens Arthur Robinson 40,887 42 26 16 58 7 Clifford Chance 10,422 41 25 16 21 8 Kim & Chang 10,618 40 32 8 25 9 Blake Dawson 12,415 38 23 15 4 10 Linklaters 20,260 37 37 0 89 11 Lee & Ko 16,607 37 22 15 53 12 Jones Day 7,067 36 35 1 18 13 Nishimura & Asahi 36,785 34 30 4 2 14 Nagashima Ohno & Tsunematsu 35,301 34 32 2 3 15 Mori Hamada & Matsumoto 6,991 34 62 -28 6 16 Freshfields Bruckhaus Deringer 41,066 33 40 -7 39 17 Clayton Utz 18,241 33 27 6 120 18 Desai & Diwanji 2,571 33 34 -1 34 19 Allen & Gledhill 13,618 31 28 3 19 20 DLA Piper 4,570 31 63 -32 Source: mergermarket

Activity table of private equity firms on ASIA-pacific buyouts ASIA-PA value volume Rank Rank C I F Q3 2011 Company name Value Deal Q3 2011 Company name Deal Value (US$m) count count (US$m) 1 Temasek Holdings 13,518 4 1 The Carlyle Group 1,521 7 2 RRJ Capital 5,000 1 2 Standard Chartered Private Equity 391 5 3 Bain Capital 3,315 4 3 Temasek Holdings 13,518 4 4 Archer Capital 2,570 4 4 Bain Capital 3,315 4 5 Blackstone Group 2,104 4 5 Archer Capital 2,570 4 6 National Pension Service of Korea 1,950 1 6 Blackstone Group 2,104 4 7 Mirae Asset Financial Group 1,747 4 7 Mirae Asset Financial Group 1,747 4 8 The Carlyle Group 1,521 7 8 Affinity Equity Partners 945 3 9 Woori Private Equity Fund 1,343 2 9 CHAMP Ventures 645 3 10 Neoplux 1,255 1 10 CVC Capital Partners 604 3 11 HarbourVest Partners 1,249 1 11 TPG Capital 271 3 12 Bravia Capital Hong Kong 1,049 1 12 Hony Capital 255 3 13 GE Capital Corporation 1,049 1 13 Macquarie Group 227 3 14 Quadrant Private Equity 1,047 2 14 Headland Capital Partners 194 3 15 Affinity Equity Partners 945 3 15 Gaja Capital Partners 193 3 Source: mergermarket Source: mergermarket

The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is Asia-Pacific-based. The tables by value and volume have been run from 01-Jan-11 to 30-Sep-11 and exclude lapsed and withdrawn deals.

Activity table of private equity firms on asia-pacific exits value volume Rank Rank Q3 2011 Company name Value Deal Q3 2011 Company name Deal Value (US$m) count count (US$m) 1= Coller Capital 27,479 1 1 The Carlyle Group 1,883 6 1= Nordic Capital 27,479 1 2 Blackstone Group 5,969 4 3 CSFB Private Equity 16,040 2 3 Archer Capital 2,883 4 4 Avista Capital Partners 13,740 1 4 Pacific Equity Partners 1,727 3 5 Kohlberg Kravis Roberts & Co 8,246 1 5 CHAMP Ventures 604 3 6 Blackstone Group 5,969 4 6 JAFCO 562 3 7 Archer Capital 2,883 4 7 CSFB Private Equity 16,040 2 8 Propel Investments 2,300 2 8 Propel Investments 2,300 2 9= Allianz Capital Partners 2,300 1 9 Pamplona Capital Management 1,203 2 9= Dubai International Capital 2,300 1 10= Gimv 805 2 9= Sofina 2,300 1 10= Walden International Investment Group 805 2 12 The Carlyle Group 1,883 6 12 Temasek Holdings 715 2 13 Pacific Equity Partners 1,727 3 13 Oceania Capital Partners 575 2 14= Permira 1,701 1 14 Affinity Equity Partners 568 2 14= VCP Vienna 1,701 1 15 CVC Capital Partners 432 2 Source: mergermarket Source: mergermarket

The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is Asia-Pacific-based. The tables by value and volume have been run from 01-Jan-11 to 30-Sep-11 and exclude lapsed and withdrawn deals.

Monthly M&A Insider 34 Trend graphs

asia-pacific M&A quarterly trend asia-pacific M&A quarterly private ASIA-PA equity trend C I F 180 900 25 100

160 800 90

20 80 140 700 Number of deals Number of deals 70 120 600

15 60 100 500 50 alue (US$m) alue (US$m) V 80 400 V 10 40 60 300 30

40 200 5 20

20 100 10

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

asia-pacific M&A ANNUAL TREND asia pacific M&A Annual private equity trend

500 3,000 70 350

450 60 300 2,500 400 Number of deals Number of deals 350 50 250 2,000 300 40 200

250 1,500 alue (US$m) alue (US$m) V V 30 150 200 1,000 150 20 100

100 500 10 50 50

0 0 0 0 2005 2006 2007 2008 2009 2010 Q3 2011 2005 2006 2007 2008 2009 2010 Q3 2011

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

Monthly M&A Insider 35 Trend graphs

ASIA-PACIFIC M&A GEOGRAPHIC BREAKDOWN Q3 2011 ASIA-PA value volume C I F

3.0% 8.0% 4.0% 1.0% 2.0% Australia 17.0% Australia 6.0% 25.0% China China 10.0% Hong Kong Hong Kong

India India 3.0% Indonesia Indonesia 4.0% Japan Japan

26.0% Malaysia Malaysia 25.0% Singapore Singapore 14.0% South Korea South Korea 22.0% Other Taiwan 2.0% 4.0% 4.0% Other 7.0% 3.0% 10.0%

Asia-Pacific M&A Sector Breakdown Q3 2011

value volume

0.6% 1.7% 1.0% 5.2% 2.9% 0.2% 3.8% 4.6% Industrials & Chemicals Industrials & Chemicals 25.0% 4.0% 21.0% 4.3% Consumer Consumer 2.0% 4.0% 1.0% Energy, Mining & Utilities Energy, Mining & Utilities 1.0% 2.0% Technology 5.0% Technology

Financial Services Financial Services

Business Services 6.0% Business Services 15.0% 14.0% Pharma, Medical & Biotech Pharma, Medical & Biotech

Leisure Leisure 8.0% 20.0% Construction Construction

3.0% Real Estate Real Estate 7.0% 12.0% Transportation Transportation 16.0% 10.0% Media Media

Telecommunications Agriculture

Telecommunications

Defence

Monthly M&A Insider 36 Trend graphs

asia-pacific M&A deal size breakdown ASIA-PA

vual e volume C I F 0.4% 0.3% 0.3% 0.4% 0.4% 0.2% 0.4% I C 100 100 1.0% 1.1% 0.9% 0.9% 1.0% 1.7% 0.8% 11.7% 19.1% 15.6% 23.0% 19.9% 90 22.2% 4.5% 29.6% 5.1% 4.9% 5.1% 5.5% 4.7% 5.5% 80 95 17.1% 29.5% 22.0% 17.0% 13.8% 70 18.8% 4.5% 4.9% 5.7% 5.4% 5.3% 4.9% 15.8% 5.9% 60 90 entage entage 30.5% rc rc 30.5% 50 31.6% Pe Pe 27.5% 28.6% 27.3% 22.3% 40 85

30 12.4% 88.8% 11.1% 89.0% 9.3% 11.1% 11.8% 10.3% 12.1% 88.3% 88.4% 87.9% 88.4% 87.4% 20 80 24.4% 20.3% 20.5% 20.4% 21.5% 20.9% 20.2% 10

0 75 2005 2006 2007 2008 2009 2010 Q3 2011 2005 2006 2007 2008 2009 2010 Q3 2011

US$251m-US$500m US$251m-US$500m

US$501m-US$2,000m US$501m-US$2,000m

US$2,001m-US$5,000m US$2,001m-US$5,000m

>US$5,001m >US$5,001m

Sector analysis

Asia-Pacific sector analysis

Sector Q3 2010 Q3 2011 % change Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count Value Volume Industrials & Chemicals 21,994 18.1% 128 30,754 24.7% 109 40% -15% Financial Services 22,793 18.8% 55 25,244 20.3% 72 11% 31% Business Services 7,390 6.1% 64 20,488 16.4% 64 177% 0% Consumer 5,840 4.8% 82 3,521 2.8% 53 -40% -35% Energy, Mining & Utilities 33,377 27.5% 72 18,877 15.2% 40 -43% -44% Technology 2,518 2.1% 49 2,539 2.0% 40 1% -18% Media 1,408 1.2% 28 1,245 1.0% 32 -12% 14% Telecommunications 341 0.3% 7 1,195 1.0% 25 250% 257% Leisure 800 0.7% 11 1,832 1.5% 21 129% 91% Transportation 11,083 9.1% 26 5,329 4.3% 21 -52% -19% Pharma, Medical & Biotech 4,903 4.0% 30 5,702 4.6% 20 16% -33% Construction 1,421 1.2% 20 1,028 0.8% 15 -28% -25% Real Estate 4,005 3.3% 22 413 0.3% 9 -90% -59% Agriculture 3,634 3.0% 12 6,429 5.2% 3 77% -75% Defence 0 0.0% 0 0 0.0% 1 - - Total 121,507 606 124,596 525 3% -13%

Monthly M&A Insider 37 A mergermarket M&A report on EUROPE

In the first three quarters of 2011, European M&A activity totalled €393.6bn, up 22.1% from the europe same period last year. This is the highest Q1-Q3 period since 2008, which saw 520€ bn. However, it appears that Europe has experienced the peak of M&A activity for the year in Q2, with €160.4bn worth of deals announced - a 22.5% increase from Q1. Instead, Q3 experienced disappointing results, only booking €102.3bn. This is a 36.2% drop from Q2 and is the olwest third quarter since Q3 2009.

The quarterly drop was felt across the board, with private Mr Li Ka-shing’s foray into the UK equity buyout activity seeing a 20.6% drop from €24.7bn in Q2 utilities market to €19.6bn in Q3. Exits by trade sales and secondary buyout The Hong Kong tycoon Li Ka-shing, through Cheung Kong dropped by 39.1% to €19.1bn in total. Infrastructure Holdings (CKI Holdings), has been acquiring The buyout activity in particular has been hampered by large power production and utilities assets in the UK for two the European sovereign debt crisis, causing deals to be years, worth around €12.7bn. This amount is split largely postponed or pulled altogether in recent weeks. Banks have between two deals: the EDF Energy’s power distribution become increasingly reluctant to hand out debt, especially network for €7bn back in September 2010 and the €5.5bn on large cap deals, unless they are expensive terms. tender offer for Northumbrian Water Group Plc in August Examples include the €920m sale of Permira’s All3Media, this year. and Schneider Electric’s €1bn sale of its US division, both This level of investment by Mr Li in the UK utilities market attracting private equity interest. However, the former was was never seen prior to 2010, a period when CKI Holdings cancelled and the latter has been delayed. The situation is recorded a mere €259m of acquisitions, some of which also reflected in the average debt-to-total funding ratio for have now been sold amidst making the mega acquisitions Q1-Q3 2011 which reached 54.7%. This is down from 58.8% mentioned above. seen in the full year 2010 and is the lowest annual ratio since 2009 (53.1%). The thirst for deal-making does not appear to be over just yet. In July this year Mr Li’s son, Victor, chairman to CKI It appears that deal-making in Europe for the remainder Holdings, admitted to South China Morning Post that the of the year will be heavily reliant on the strength of company’s strategy was to keep buying for growth. Back then, corporate balance sheet. Those who hoarded cash in the CKI Holdings was reportedly cash-rich and severely under- crisis years of 2008-9 will be on the look-out for bargain leveraged, with a war chest of about €1bn and debt-to-equity assets as they should be facing less competition in a tight ratio of less than 1%. With that kind of capital structure, it credit environment. Nonetheless, judging from the poor Q3 is expected that Mr Li will make more buys across Europe, performance, there doesn’t appear to be many of them left. especially those countries with a more regulated utilities Q4 is predicted to be a very tough environment for M&A. sector and whose governments are facing problems with high public debt levels, such as France, Italy, and Portugal.

Monthly M&A Insider 38 DEAL OF THE quarter

Deal summmary: EUROPE

Announced: 02 August 2011 Deal Value: €5,483m

Cheung Kong Infrastructure Holdings Limited (CKI), the Financing: listed Hong Kong based infrastructure group, CKH, the Hong • The cash consideration payable under the acquisition will Kong based property developer, and Li Ka Shing Foundation be funded using a mixture of equity and debt funding. Limited have agreed to acquire Northumbrian Water Group Plc, the listed UK based water utility. • Approximately £2.2bn is being provided by the consortium of the subscription of shares in UK Water, the acquisition vehicle created by the consortium, and/or loan notes or Structure other instruments issued by UK Water. • The transaction will be conducted via a court- • CKI, CKH and the Foundation have committed to provide sanctioned Scheme of Arrangement under Part 26 equity funding to UK Water in the following proportions: of the Companies Act. CKI (40%), CKH (40%) and the Foundation (20%).

Terms: • The balance of the consideration due under the acquisition is being made available by way of debt finance • 465p in cash per share. pursuant to a credit agreement dated 31-Jul-11 between • In addition, Northumbrian shareholders on the register on UK Water and the Royal Bank of Canada, HSBC and 12-Aug-11 will also remain entitled to receive the net final Barclays Capital. dividend of 9.57p per share to be paid on 09-Sep-11.

• The ex-div offer values the entire share capital of Break Fee: Northumbrian at £2.4bn. • Northumbrian and CKI have entered into the Break Fee • The ex-div offer represents a premium of 3.5% to Letter, pursuant to which Northumbrian has agreed to Northumbrian’s closing price of 449.4p on 01-Aug-11, the pay to UK Water a break fee of approximately £24.1m last trading price prior to the formal announcement. if, after the date of this announcement but prior to the acquisition lapsing or being withdrawn, a competing • This is in addition to a premium of 21.4% to the closing proposal or possible competing proposal is announced price of 383p on of 24-Jun-11, the last trading day prior by Northumbrian or any other person and becomes to the announcement by CKI that it was in the preliminary effective, is declared unconditional in all respects or is stages of assessing a potential cash offer otherwise completed. for Northumbrian.

Monthly M&A Insider 39 DEAL OF THE quarter

Irrevocable Undertaking: Conditions: EUROPE • Ontario Teachers’ Pension Plan Board, which has a • Northumbrian EGM approval. beneficial holding of Northumbrian shares representing • High Court approval. approximately 26.8%, has irrevocably undertaken to vote in favour of the scheme. It has also undertaken not to bid, • EC approval. or participate in any bid, for Northumbrian.

• CKI has also received non-binding letters of intent from B ackground: JP Morgan Asset Management and Artemis Investment • On 27-Jun-11, CKI announced that it was considering Management LLP confirming their intention to vote in making a potential cash bid for Northumbrian. favour of the scheme in respect of approximately 3.8% • On 11-Jul-11, CKI announced that it had made a revised and 2.9% respectively. ex-div non-binding proposal at 465p in cash per ordinary • The directors of Northumbrian have irrevocably share for Northumbrian. undertaken to vote in favour of the scheme in respect of • CKI indicated to the Board of Northumbrian that it would approximately 0.07%. have completed the sale of Cambridge Water prior to • In total, therefore, CKI has received irrevocable any announcement of a firm intention to make an offer undertakings and non-binding letters of intent to for Northumbrian. CKI has sold Cambridge Water to vote in favour of the scheme in respect of 33.6% of HSBC. This transaction was competed prior to this Northumbrian’s shares. announcement on 02-Aug-11.

Post Deal Details • It is intended that UK Water will procure that Northumbrian applies to the LSE to cancel the admission to trading of the Northumbrian shares on the LSE’s main market for listed securities and to the UK Listing Authority to cancel the listing of the Northumbrian shares. Such cancellations to take effect on or shortly after the effective date.

Monthly M&A Insider 40 DEAL OF THE quarter

Exit multiples – Y/E 31-Mar-11 Premium analysis EUROPE Multiples Value (€m) Offer price per share (€) 5.45

Revenue 6.5x 835.3 1 day before 5.6% EBITDA 11.5x 470.6 1 month before 12.5% EBIT 15.7x 344.3 1 day after 1.2% Earnings 13.8 201.9 Pre-rumour 27.1%

Advisors Target/Seller Bidder Financial Deutsche Bank (Alan Brown; Omar Faruqui; Financial HSBC (Eric Lyons; Charles Packshaw; Martyn Nicholas) James Pincus) Legal Allen & Overy (Matthew Appleton; Edward Barnett); Legal Ashurst (advising FA: Adrian Clark; Jane Hogan Lovells (Pravin Aswani; Steven Bryan; James Fissenden; Tom Mercer; Tim Rennie); Down; Daniel Harrington-Greenwood; Juliet Meredith; Freshfields Bruckhaus Deringer (David Aitman; Guy Potel) Edward Braham; Sam Brown; Leon Daoud; Satyen Dhana; Natalie Dyce; Edward Freeman; Alice Greenwell; Peter Hall: Richard Jones; Geoff O’Dea; Piers Prichard Jones; Robin Scott; Caroline Smith; Nicholas Squire; Simon Weller; Stephen Williams) Mills & Reeve (Claire Clarke; Stephen Hamilton) PR Pelham Bell Pottinger (Archie Berens; PR James Henderson)

mergermarket/dealReporter Intelligence 02-Sep-11 CKI is offering a decent premium for Northumbrian Water, sources say 12-Aug-11 Northumbrian Water: CKI does not need to return to markets to fund bid, sources say 02-Aug-11 Northumbrian Water: Ofwat consultation "formality" following Cambridge sale, source says 15-Jul-11 CKI raises USD 438m at HKD 40.41 per share 12-Jul-11 CKI will need two to three weeks in preliminary due dilligence for Northumbrian Water, sources say

Monthly M&A Insider 41 DEAL OF THE quarter

Timetable and expected events EUROPE Regulatory Date Notes

EC Notification 26-Aug-11 25/35 trading days for Phase 1 decision, further 90/105 trading days if referred to Phase 2

Last date for Art. 9/Art. 22 09-Sep-11 15 trading days from EC notification request Last day for remedies within 16-Sep-11 20 trading days from EC notification, will cause 10 trading day extension if remedies submitted Phase 1 Art. 9/Art. 22 decision 23-Sep-11 10 trading days from request

EC Decision 26-Sep-11 Approved; 25 trading days from notification standard; extended by 10 trading days following submission of remedies EC Decision

Announcement date 02-Aug-11 From the company

Scheme of Arrangement 26-Aug-11 Latest 28 calendar days from announcement doc issued Court meeting 19-Sep-11 Approved; normally 1 month after SoA doc issued, simple majority of voting minority shareholders present and 75% of value of votes cast required High Court 17-Oct-11 dR estimated; normally 3-4 weeks after Court Meeting and EGM, ref sanction of SoA

Effective date 18-Oct-11 dR estimated; normally next trading day from High Court sanction

Settlement end date 01-Nov-11 dR estimated; latest 14 calendar days from Effective Date Normally 180 calendar days after SoA doc issued Company events

NWG AGM 28-Jul-11 ref AGM to approve, among other proposals, a final dividend of 9.57p per share for the year ended 31 March 2011

NWG dividend payment 09-Sep-11 ref payment day for the final dividend

NWG Ex-Vote Date 15-Sep-11 4 trading days before EGM

NWG Ex-Record Date 17-Sep-11 2 trading days before EGM

NWG EGM 19-Sep-11 Approved; alongside Scheme Meeting, normally 1 month from SoA doc issued; 75% of votes cast required

NWG Interim Report H1-11 (dR estimated) end Nov-11; ref 2011 interim results

Bidder Cheung Kong Infrastructure Holdings Limited Headquarters: 12/F Floor Cheung Kong Centre 2 Queen’s Road, Central Hong Kong Sector: Construction

Description: Hong Kong based diversified infrastructure group

Target Northumbrian Water Group Plc. Headquarters: Northumbria House Abbey Road Pity Me, Co Durham United Kingdom

Sector: Utilities

Description: UK based supplier of water and wastewater services

Monthly M&A Insider 42 Top deals & Expected deals

Top 10 european announced deals of Q3 2011 EUROPE

Announced Bidder company Target company Target dominated Seller company Exit multiples (x) Bid premia Deal sector Revenue EBITDA P/E 1-day value before (€m) 18-Aug-11 Hewlett-Packard Autonomy Corporation Plc Technology 11.8 24.7 47.3 63.7% 7,154 Company 02-Aug-11 Cheung Kong Northumbrian Water Energy, Mining & 6.5 11.5 13.8 5.6% 5,483 Infrastructure Group Plc Utilities Holdings Limited 01-Jul-11 National Pensions Allied Irish Banks plc Financial Services n/a n/a - 5,000 Reserve Fund (98.00% stake) 30-Sep-11 Polymetal Polymetal OAO Energy, Mining & 7.5 17.3 24.1 - 4,436 International PLC (82.85% stake) Utilities 03-Aug-11 Government of RusHydro JSC Energy, Mining & 1.7 19.0 42.5 13.1% 3,712 Russian Federation; (23.56% stake) Utilities and INTER RAO UES OJSC 30-Sep-11 Fondo de NCG Banco SA Financial Services n/a n/a 18.1 - 2,465 Reestructuracion (93.16% stake) Ordenada Bancaria 26-Jul-11 Government of Irish Life & Permanent Financial Services n/a n/a 26.9% 2,300 Ireland Group Holdings plc (99.24% stake) 19-Jul-11 Clayton, Dubilier SPIE SA Industrials & PAI Partners 0.6 - 2,100 & Rice, LLC; AXA Chemicals Private Equity; and Caisse de Depot et Placement du Quebec 21-Jul-11 BC Partners Limited Com Hem AB Telecommunications The Carlyle Group - 1,800 LLC; Providence Equity Partners LLC; and AXA Private Equity 12-Sep-11 Colfax Corporation Charter International Plc Industrials & 13.2% 1,770 Chemicals Based on announced deals, including lapsed and withdrawn bids Source: mergermarket Based on dominant geography of target company being Europe Data correct as of 10-Oct-11

Pipeline of european expected deals

Situation Target company Sector Potential bidder Financial adviser to Seller company Market Comments company bidder (B); target (T); cap/est. seller (S) value (€m) Potential SC Energy, BKB Co; Government of 4,000 BKB Co, a South Korea-based investment takeover EnergoNuclear Mining & ArcelorMittal SA; Romania firm, is interested in acquiring a stake target SA Utilities Enel SpA in EnergoNuclear, the Romanian power project company. However, a recent report noted that both Enel and ArcelorMittal could exercise the option of doubling their stakes in EnergoNuclear to 18.3% and 12.4% respectively. The spokesperson did not comment on the possibility that BKB might end up with just 29.3% stake in the project Expected Energias de Energy, Centrais Eletricas Morgan Stanley Government of 1,748 Eletrobras [ELET3, ELET6: BZ] may be deal Portugal SA Mining & Brasileiras SA (T); Caixa Banco de Portugal close to choosing a financial advisor for the Utilities Investimento (S); Portuguese government’s sale of a 20% Perella Weinberg stake in EDP [EDP PL], said a sector source Partners (S) claiming knowledge of the matter.

Monthly M&A Insider 43 Top deals & Expected deals

EUROPE Pipeline of european expected deals

Situation Target company Sector Potential bidder Financial adviser to Seller company Market Comments company bidder (B); target (T); cap/est. seller (S) value (€m) Expected LCH.Clearnet Financial London Stock 1,000 London Stock Exchange has revived talks deal Ltd Services Exchange (LSE) over a €1bn offer for LCH.Clearnet. LSE Plc; Markit Group faces stiff competition from Markit which is Limited reported to have already made an offer of around €500m Potential Highview Power Energy, Matrix Group (T) 100 Highview Power Storage (Highview), the takeover Storage Mining & private British energy storage developer, target Utilities is looking to raise GBP 10m over the next six months, Chief Executive Officer Gareth Brett said. The company has appointed Matrix Group as advisor, he added Expected AEB SpA Pharma, Investindustrial SpA 33 The owners of AEB, the Italian deal Medical & biotechnology company, are considering an Biotech early 2012 exit, said sources familiar with the situation. Investindustrial, the Italian private equity firm acquired AEB in 2007 together with the management from PM & Partners, another Italian financial investor

Note: Expected deals based on confirmed announcements by companies involved Source: mergermarket

Monthly M&A Insider 44 League tables

Top 20 financial advisers – european EUROPE value

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Value Value change (€m) (€m) (%) 1 1 Goldman Sachs 166,297 103 107,142 55.2% 2 2 Morgan Stanley 149,884 86 100,054 49.8% 10 3 Deutsche Bank 130,369 72 61,246 112.9% 4 4 JPMorgan 129,774 85 89,832 44.5% 3 5 Credit Suisse 124,536 77 96,272 29.4% 5 6 Citigroup 100,829 57 78,031 29.2% 6 7 Rothschild 61,424 131 73,499 -16.4% 11 8 Barclays Capital 56,168 45 50,398 11.4% 16 9 HSBC 50,631 38 35,803 41.4% 9 10 SG 50,342 51 65,502 -23.1% 12 11 Bank of America Merrill Lynch 49,873 63 50,353 -1.0% 8 12 BNP Paribas 47,285 56 68,933 -31.4% 7 13 UBS Investment Bank 46,101 72 69,206 -33.4% 13 14 Lazard 38,238 84 42,170 -9.3% 40 15 Evercore Partners 36,181 15 5,777 526.3% 20 16 Greenhill & Co 30,929 10 22,844 35.4% 15 17 Royal Bank of Scotland Group 23,985 30 36,045 -33.5% 17 18 Nomura Holdings 23,011 22 32,628 -29.5% 14 19 Credit Agricole CIB 22,481 25 36,411 -38.3% 71 20 ING 17,251 33 2,084 727.8% Source: mergermarket

Top 20 financial advisers – european volume

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Deal count Deal count (€m) change 4 1 Rothschild 61.4 131 119 12 1 2 KPMG 6.0 120 138 -18 9 3 Goldman Sachs 16.6 103 68 35 2 4 PwC 3.9 93 123 -30 5 5 Morgan Stanley 149.9 86 94 -8 10 6 JPMorgan 129.8 85 67 18 7 7 Lazard 38.2 84 87 -3 6 8 Credit Suisse 124.5 77 89 -12 8 9 Deutsche Bank 130.4 72 73 -1 11 10 UBS Investment Bank 46.1 72 66 6 12 11 Ernst & Young 5.8 70 55 15 3 12 Deloitte 3.0 70 120 -50 17 13 Bank of America Merrill Lynch 49.9 63 38 25 13 14 Citigroup 100.8 57 51 6 15 15 BNP Paribas 47.3 56 47 9 27 16 SG 50.3 51 27 24 48 17 Leonardo & Co 7.6 50 12 38 19 18 Barclays Capital 56.2 45 35 10 22 19 M&A International 0.2 42 33 9 14 20 DC Advisory Partners 2.5 39 48 -9 Source: mergermarket

Top 20 LEGAL advisers – european EUROPE VAlue

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Value Value change (€m) (€m) (%) 4 1 Freshfields Bruckhaus Deringer 130,687 158 127,139 2.8% 1 2 Linklaters 117,070 161 78,323 49.5% 9 3 Sullivan & Cromwell 92,078 36 98,410 -6.4% 2 4 Allen & Overy 77,557 135 70,413 10.1% 5 5 Shearman & Sterling 70,868 31 15,743 350.2% 10 6 Simpson Thacher & Bartlett 60,628 29 61,070 -0.7% 7 7 Cleary Gottlieb Steen & Hamilton 55,158 45 84,479 -34.7% 6 8 Wachtell, Lipton, Rosen & Katz 54,465 15 26,583 104.9% 8 9 Clifford Chance 53,672 144 56,887 -5.7% 11 10 Skadden Arps Slate Meagher & Flom 37,414 50 110,954 -66.3% 12 11 Weil Gotshal & Manges 36,980 64 44,710 -17.3% 3 12 Cravath Swaine & Moore 36,154 14 65,396 -44.7% 17 13 Latham & Watkins 35,537 84 43,821 -18.9% 13 14 Fried Frank Harris Shriver & Jacobson 35,454 10 11,489 208.6% 15 15 White & Case 30,978 80 21,609 43.4% 27 16 Dewey & LeBoeuf 30,352 31 23,868 27.2% 48 17 Herbert Smith/Gleiss Lutz/Stibbe 30,284 71 79,074 -61.7% 19 18 Slaughter and May 29,256 49 95,772 -69.5% 22 19 Wiley Rein 27,500 1 #N/A - 14 20 Hengeler Mueller 27,223 34 6,746 303.5% Source: mergermarket

Top 20 LEGAL advisers – european volume

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Deal count Deal count (€m) change 1 1 Linklaters 117.1 161 154 7 2 2 Freshfields Bruckhaus Deringer 130.7 158 141 17 6 3 Clifford Chance 53.7 144 107 37 4 4 Allen & Overy 77.6 135 140 -5 3 5 DLA Piper 15.7 127 141 -14 5 6 CMS 20.5 123 132 -9 12 7 Hogan Lovells 26.6 91 73 18 7 8 Baker & McKenzie 22.2 87 99 -12 9 9 Latham & Watkins 35.5 84 77 7 10 10 White & Case 31.0 80 77 3 11 11 Jones Day 10.8 80 75 5 8 12 Herbert Smith/Gleiss Lutz/Stibbe 30.3 71 83 -12 23 13 Eversheds 11.8 67 48 19 15 14 Weil Gotshal & Manges 37.0 64 55 9 14 15 Loyens & Loeff 15.1 57 56 1 26 16 Mayer Brown 13.9 52 42 10 16 17 SJ Berwin 9.1 51 55 -4 13 18 Skadden Arps Slate Meagher & Flom 37.4 50 56 -6 18 19 Slaughter and May 29.3 49 53 -4 29 20 Ashurst 22.3 46 41 5 Source: mergermarket

Activity table of private equity firms on european buyouts EUROPE value volume Rank Rank Q3 2011 Company name Value Deal Q3 2011 Company name Deal Value (€m) count count (€m) 1 AXA Private Equity 4,664 9 1 Bridgepoint Capital 11 2,716 2 BC Partners 3,961 4 2 The Carlyle Group 10 1,809 3 EQT Partners 3,255 6 3 AXA Private Equity 9 4,664 4 Allianz Capital Partners 2,822 2 4 Lloyds TSB Development Capital 9 224 5 Bridgepoint Capital 2,716 11 5 H.I.G. Capital 9 29 =6 Bain Capital 2,292 1 6 BNP Paribas Developpement 8 51 =6 Hellman & Friedman 2,292 1 7 Sun Capital Partners 7 187 8 Clayton, Dubilier & Rice 2,100 1 8 EQT Partners 6 3,255 9 The Carlyle Group 1,809 10 9 Advent International 6 1,525 10 CVC Capital Partners 1,579 3 10 Triton Partners 6 1,475 11 Blackstone Group 1,539 4 11 Altor Equity Partners 6 285 12 Advent International 1,525 6 12 21 Partners 6 220 13 Triton Partners 1,475 6 13 Accent Equity Partners 6 179 14 Eurazeo 1,415 2 14 Vision Capital 5 336 15 Cinven 1,252 3 15 LBO France 5 200 Source: mergermarket Source: mergermarket

The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is European. The tables by value and volume have been run from 01-Jan-11 to 30-Sep-11 and exclude lapsed and withdrawn deals.

Activity table of private equity firms on european exits value volume Rank Rank Q3 2011 Company name Value Deal Q3 2011 Company name Deal Value (€m) count count (€m) 1 Nordic Capital 20,084 3 1 Barclays Private Equity 9 4,763 2 Coller Capital 19,222 2 2 MBO Partenaires 8 75 3 CSFB Private Equity 11,207 2 3 AXA Private Equity 7 2,640 4 Avista Capital Partners 9,600 1 4 AtriA Capital Partenaires 7 475 5 Silver Lake Partners 6,621 2 5 Penta Investments 7 - 6 Andreessen Horowitz 6,276 1 6 3i Group 6 266 7 EQT Partners 5,452 3 7 PAI Partners 5 5,049 8 PAI Partners 5,049 5 8 Bridgepoint Capital 5 1,198 9 Barclays Private Equity 4,763 9 9 Sigefi Private Equity 5 205 10 LBO France 3,277 3 10 Ventizz Capital Partners Advisory 5 140 11 Permira 3,255 3 11 Lloyds TSB Development Capital 5 4 12 One Equity Partners 2,648 2 12 ISIS Equity Partners 5 - 13 AXA Private Equity 2,640 7 13 The Carlyle Group 4 2,218 14 Providence Equity Partners 2,564 2 14 BC Partners 4 816 15 Cinven 2,470 2 15 Parcom Capital Management 4 252 Source: mergermarket Source: mergermarket

The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is European. The tables by value and volume have been run from 01-Jan-11 to 30-Sep-11 and exclude lapsed and withdrawn deals.

Monthly M&A Insider 47 48 Number of deals Number of deals 450 400 350 300 250 200 150 100 50 0 1,600 1,400 1,200 1,000 800 600 400 200 0 11 Q3 11 Q2 11 Q1 Exit volume Q3 2011 Exit volume 10 Q4 10 Q3 10 Q2

2010 10 Q1 Monthly M&A Insider Monthly te 09 Q4 09 Q3 Buyout volume te equity trend Buyout volume 09 Q2 2009 09 Q1 08 Q4 08 Q3 08 Q2 Exit value 2008 Exit value 08 Q1 07 Q4 07 Q3 07 Q2 2007 07 Q1 Buyout value 06 Q4 Buyout value 06 Q3 06 Q2 2006 06 Q1 05 Q4 05 Q3 05 Q2 2005 05 Q1 0

90 80 70 60 50 40 30 20 10

120 110 100

€ m) ( alue

V 300 250 200 150 100 € m) ( alue V equity trend priva quarterly european M&A european M&A Annual priva

Number of deals Number of deals 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 11 Q3 11 Q2 et volume et volume 11 Q1 Q3 2011 10 Q4 10 Q3 Mid-mark Mid-mark 10 Q2 2010 10 Q1 09 Q4 09 Q3 09 Q2 2009 tal volume tal volume 09 Q1 To To 08 Q4 08 Q3 e e 08 Q2 2008 08 Q1 et valu et valu 07 Q4 07 Q3 07 Q2 2007 Mid-mark Mid-mark 07 Q1 06 Q4 e e 06 Q3 06 2006 Q2 tal valu tal valu 06 Q1 To To 05 Q4

05 Q3 2005 05 Q2

05 Q1 0 0

500 200 400 600 800 100 200 300 400 € € ( alue V m) ( alue V m) european M&A ANNUAL TREND

trend quarterly european M&A aphs d gr Tren 1,000 1,200

EUROPE 49 als es es al & Biotech ations e s Servic ogy e e y, Mining & Utilities s ommunic c dic enc y le ansportation ance echnol Def Agricultur Construction Leisur Media Tr Real Estate Te Energ Pharma, Medic Industrials & Chemic Consumer Busines T Financial Servic Nor Germany Benelux Ital Other UK CEE Iberia Fr Monthly M&A Insider Monthly 11.7% 15.7% 5.2% 22.0% 19.7% 12.6% 14.0% 0.2% 0.9% 1.3% 10.3% 3.6% 1.4% 7.9% 13.5% 3.6% 4.2% 7.5% 5.8% 4.2% 7.4% me olu me olu 9.3% 12.0% 6.1% v v als es es al & Biotech ations e s Servic ogy e e y, Mining & Utilities s ommunic c dic enc y ance le ansportation echnol UK CEE Iberia Fr Nor Germany Benelux Ital Other Agricultur Def Industrials & Chemic Consumer Busines T Financial Servic Energ Pharma, Medic Construction Leisur Media Tr Real Estate Te 15.5% 10.3% 3.6% 5.4% 9.5% 17.8% 17.4% 15.2% 0.1% 0.2% 10.7% 5.9% 2.6% 9.2% 16.1%

22.6% 1.5%

1.8% 2.3% 8.4% 1.4% 5.5% 9.8% 7.4% e valu own Q3 2011 akdown Bre European M&A Sector

own Q3 2011 GEOGRAPHIC Breakdown European M&A e valu phs gr a d Tren

EUROPE 50 e 0.3% 0.7% 3.5% 3.1% 92.5% osed valu Q3 2011 6% 9% -7% -8% -5% -7% -4% -7% 35% -18% -24% -43% -30% -19% -12% 200% Volume 2010 0.7% 3.3% 2.7% 0.2% 93.1% Monthly M&A Insider Monthly <€250m or undiscl €251m-€500m €501m-€2,000m €2,001m-€5,000m >€5,001m 0.2% 2009 0.6% 2.0% 2.2% 94.9% % change 2008 0.6% 2.7% 3.2% 0.4% 13% 14% 56% 42% 93.1% -70% -24% -58% -41% -39% -14% -42% -39% -24% -51% Value 240% 269% 2007 0.9% 4.0% 3.9% 0.4% 90.8% 3 47 54 11 36 35 71 13 88 19 81 83 160 184 251 2006 0.5% 0.9% 3.8% 3.5% 1,136 91.4% 2005 0.5% 0.7% 3.3% 3.9% me 91.6% u 1.4% 0.2% 1.9% 2.4% 2.5% 2.9% 3.0% 2.0% 3.5% 9.5% 8.0% 0.02% 19.9% 27.6% 15.2% Q3 2011

98 96 94 92 90 88

100

entage rc ol Pe v m) Mrk share Deal count 20 234 1,452 1,913 2,435 2,583 2,947 3,085 2,023 3,635 9,767 8,190 20,459 28,371 15,675 102,789 e 21.3% 22.1% 29.9% 10.5% 16.2% osed valu Q3 2011 1 12 57 40 34 46 76 23 20 94 126 100 166 230 197 1,222 2010 9.1% 17.1% 23.5% 20.4% 29.9% own <€250m or undiscl €251m-€500m €501m-€2,000m €2,001m-€5,000m >€5,001m d k 0.4% 1.0% 0.4% 3.0% 3.1% 1.9% 2.6% 9.7% 0.4% 4.4% 8.0% 5.1% a 0.05% 36.4% 23.4% 2009 9.0% 26.7% 20.3% 23.7% 20.3% Q3 2010 re b sis m) Mrk share Deal count (€ Value ysis 2008 8.8% 40.3% 14.5% 19.9% 16.6% y ze 66 l 555 562 548 1,288 4,118 4,201 2,589 3,567 5,982 6,894 49,125 13,156 31,670 10,765 a si 135,086 Value (€ Value n l a a 2007 8.3% aphs 39.2% 16.4% 22.4% 13.7% e d r anal g ector ector

2006 8.4% tilities 15.7% 17.7% 23.2% 35.1% r s U

n M&A n a a e e

2005

33.0% 15.1% 23.9% 10.1% 17.9% e p p end u

0 al

90 80 70 60 50 40 30 20 10

ecto 100

eal Estate entage rc al Pe ot uro Agriculture Defence Construction T Media Energy, Mining & Energy, Sector Transportation Leisure Pharma, Medical & Biotech Pharma, Medical Telecommunications R Industrials & Chemicals Industrials Financial Servic Business Services Business Consumer Technology

v S

euro Tr E

EUROPE A mergermarket M&A report on THE MIDDLE EAST & AFRICA

M&A activity in the Africa & Middle East region amounted to US$30.6bn in the first three Middle E ast & A frica quarters of 2011, representing a 20.7% decrease in value compared to the same period in 2010 (US$38.6bn). This is a clear sign that M&A activity in the region has slowed down since the recovery started in 2010 with a 55% increase in value over Q1-Q3 2009. Looking at the quarterly break down, Q1 was the most active quarter and stood for 49% of activity for the first three quarters of 2011 at US$15bn, while Q2 saw a 49% decrease in value with US$7.7bn worth of deals. In Q3 the deal value activity increased to US$7.8bn, up 1.9% from the previous quarter.

The M&A activity in Q3 was mainly driven by a series of Expected M&A activity large deals in the Energy, Mining & Utilities sector which The MEA region still remains an attractive possibility for included the acquisition of 61% stake in Netafim Ltd., the international investors seeking to diversify their portfolio Israel based provider of smart drip and micro irrigation and profit from some high-growth opportunities. solutions by Permira, the UK based private equity firm and the Visonic Ltd acquisition by Tyco International One of the most attractive places for investors at Ltd, which amounted to US$850m and US$100m present seems to be Nigeria. The country is usually respectively. The most active sector in the MEA region considered by investors as the first step to expand in the accounted for 41.5% of the total M&A activity in Q3 2011 African region, despite the need for approval from local with a total of US$3.25bn worth of deals, followed by authorities. The Central Bank of Nigeria has recently Consumer representing 23.8%. The second quarter was taken over some of the local commercial banks that also dominated by the Energy, Mining & Utilities sector were objects of acquisition speculations. At the same accounting for 48%, while Q1 was dominated by Industrials time, Bank PHB, Spring Bank and Afribank have all & Chemicals accounting for 25% of the total deal value. lost their licenses to operate in the Nigerian market.

The top deal of the third quarter of 2011 involved Jinchuan However, it is not only the financial sector that provides Group International Resources Co. Ltd., the listed Hong Kong interesting insights into future developments. The based mining group, acquiring Metorex Limited, the listed Brazil based company, Vale, is seeking to invest in the South Africa based multi-commodity mining company, for Guinea based iron ore mine project. The project is worth US$1.4bn. The parties mandated several advisors including US$7bn and is expected to add some extra production One Capital and Standard Bank Group Limited, which were capabilities to the world’s largest iron ore producer. appointed as financial advisors by the target and gained There is also some activity in the North African the 15th and 8th position in Q1-Q3 2011 financial advisor telecommunication market. Currently, the Algerian league table respectively, and Goldman Sachs, which acted government is trying to take over control of Djezzy, as a financial advisor on the buy-side and topped the Q1- subsidiary of Egyptian Orascom. The company is involved in Q3 2011 financial advisor league table with a total value mobile network services in Algeria. The government stated credited of US$15.9bn. Looking at the legal advisors, Allen that it intends to spend around US$2.5-3bn, however the & Overy LLP and Edward Nathan Sonnenbergs advised sources close to the transaction say that an independent the bidder, while DLA Cliffe Dekker Hofmeyr advised financial advisor valued the company at US$7bn, which the target. South Africa and Israel were the most active may turn out to be a problem for the potential bidder. MEA countries for the Q1-Q3 2011 period accounting for 40.6% and 22.8% respectively in terms of value.

Monthly M&A Insider 51 deal of the quarter

Deal summary Middle E ast & A frica

Announced: 16-Sep-11 Deal value: US$386m

Plan of Merger: Conditions: • gtCR LLC has agreed to acquire Fundtech Ltd from • Fundtech Shareholder approval Clal Industries and Investments Ltd’s • Antitrust approval

• Israeli tax withholdings approval Terms: • All outstanding ordinary shares of Fundtech would be converted into the right to receive US$23.33 per share Expected completion: in cash • the transaction is expected to close during the fourth quarter of 2011. • Based on 17,264,805 shares outstanding, the transaction has an implied equity value of approximately US$403m

• the offer price provides a premium of 31.4% based on Fundtech’s closing share price of US$17.73 as on 14 September 2011, the last trading day prior to the announcement.

Sources of funding Equity provider Amount (US$m) Stake Debt provider Terms

GTCR -n/a n/a BMO Capital Markets; n/a Newstone Capital Partners; Royal Bank of Canada

Exit multiples – Y/E 31-Dec-10 Premium analysis Multiples Value (US$m) Offer price per share (US$) 23.3

Revenue 2.5 x 141.94 1 day before 31.4% EBITDA 17.2 x 20.91 1 month before 46.5% EBIT 27 x 13.26 1 day after 1% Earnings 29.5 x 12.53 Pre-rumour -

Advisers Target/Seller Bidder Financial Citigroup Financial BMO Capital Markets; Financial Technology Partners; Moelis & Company (Stuart Goldstein, Kenneth Viellieu); RBS Capital Markets Legal Kirkland & Ellis (David Fox, Dvir Oren, William B Legal Herzog, Fox and Neeman (Eldar Ben-Ruby, Sorabella); Kramer Levin Naftalis & Frankel; Hanan Haviv, Yuval Navot, Alon Sahar); Skadden Meitar Liquornik Geva & Leshem Brandwein Arps Slate Meagher & Flom (Thomas Kennedy, Riochard Witzel Jr.)

Monthly M&A Insider 52 deal of the quarter

mergermarket/dealReporter Intelligence Middle E ast & A frica 19-Sep-11 Fundtech: GTCR examined deal prior to S1

15-Sep-11 Fundtech: GTCR announces proposal to acquire

16-Sep-11 Fundtech agrees to be acquired by GTCR; merger agreement with S1 terminated

Bidder GTCR, LLC Headquarters: 300 North LaSalle Street, Suite 5600 Chicago Illinois (IL) USA Sector: Financial Services

Description: Private equity firm with invesment ranging between US$30m and US$250m per transaction.

Target Fundtech Ltd Headquarters: 10 Hamada Street P.O. Box 4121 Herzliya Israel Sector: Computer software

Description: Provider of financial transaction processing software solutions for financial institutions.

Seller Cla Industries and Investments Ltd Headquarters: 3 Azrieli Center 45 floor Tel Aviv Israel Sector: Financial Services

Description: Investment holding company engaged, through its subsidiaries, in the establishment, acquisition, development and upgrading of companies in various industries.

Monthly M&A Insider 53 Top deals

Top 10 Middle Eastern & African announced deals of Q3 2011 Middle E ast & A frica

Announced Bidder company Target company Target dominated Seller company Exit multiples (x) Bid premia Deal value sector Revenue EBITDA P/E 1-day (US$m) before 05-Jul-11 Jinchuan Group Metorex Limited Energy, Mining 3.2 10.0% 1,393 International & Utilities Resources Co Ltd 26-Sep-11 Tronox Incorporated Namakwa Sands and KZN Energy, Mining Exxaro Resources Limited - 1,301 Sands mines and smelters & Utilities (74% Stake); and Tiwest Joint Venture (50% Stake) 22-Sep-11 Markstone Capital Netafim Ltd (61% Stake) Industrials & Tene Capital; Kibbutz - 850 Partners LLC Chemicals Hatzerim; Kibbutz Magal; Kibbutz Yiftah; and Markstone Capital Partners Management Company 05-Aug-11 Industrial and Standard Bank Argentina Financial Standard Bank Group n/a n/a 600 Commercial Bank of SA (80% Stake) Services Limited China Limited 11-Jul-11 Electrolux AB Olympic Group Financial Consumer 1.1 18.4 12.8% 565 Investments 28-Jul-11 Japan Tobacco Inc Haggar Cigarette & Tobaco Consumer Haggar Holding Company 9.9 450 Factory Ltd Ltd 16-Sep-11 GTCR LLC Fundtech Ltd TMT Clal Industries and 2.5 17.2 29.5 31.4% 386 Investments Ltd 21-Jul-11 Arcelik Anonim Defy Appliances Limited Consumer Franke Artemis 0.9 7.2 - 324 Sirketi Management AG 29-Sep-11 Intel Corporation Telmap Ltd. TMT - 300 03-Sep-11 DNO International NORAK Holding AS Energy, Mining RAK Petroleum Public - 265 ASA & Utilities Company Limited Based on announced deals, including lapsed and withdrawn bids Source: mergermarket Based on dominant geography of target being Middle East or Africa Data correct as of 10-Oct-11

Monthly M&A Insider 54 league tables

Top 20 financial advisers – Middle east & africa Middle E ast & A frica value

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 5 1 Goldman Sachs 2,994 4 1,038 188.4% - 2 Standard Bank Group 2,402 5 - - 2 3 JPMorgan 2,151 2 4,042 -46.8% - 4 Moelis & Company 1,687 2 - - - 5 One Capital 1,393 1 - - - 6 Credit Suisse 924 2 - - 6 7 Lazard 611 3 936 -34.7% 33 8 Credit Agricole CIB 565 1 - - 16 9 Rothschild 530 2 117 353% 12 10 EFG-Hermes Holding 450 1 542 -17% - 11= BMO Capital Markets 386 1 - - 4 11= Citigroup 386 1 1,263 -69.4% - 11= Financial Technology Partners 386 1 - - - 11= RBC Capital Markets 386 1 - - - 15 Commerzbank 367 1 - - - 16 Standard Unlu Menkul Degerler 324 1 - - - 17= Arctic Securities 265 1 - - - 17= Macquarie Group 265 1 - - - 19= Headwaters MB 226 1 - - - 19= Stifel, Nicolaus & Company 226 1 - - Source: mergermarket

Top 20 financial advisers – Middle east & africa volume

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Deal count Deal count (US$m) change - 1 Standard Bank Group 2,402 5 - - 6 2 Goldman Sachs 2,994 4 2 2 7 3 Lazard 611 3 2 1 2 4 Investec 217 3 4 -1 1 5 JPMorgan 2,151 2 4 -2 - 6 Moelis & Company 1,687 2 - - - 7 Credit Suisse 924 2 - - 10 8 Rothschild 530 2 2 0 - 9 Collins Stewart 169 2 - - - 10 Deutsche Bank 114 2 - - - 11 Rand Merchant Bank 13 2 - - - 12 One Capital 1,393 1 - - 33 13 Credit Agricole CIB 565 1 1 0 9 14 EFG-Hermes Holding 450 1 2 -1 - 15= BMO Capital Markets 386 1 - - 3 15= Citigroup 386 1 3 -2 - 15= Financial Technology Partners 386 1 - - - 15= RBC Capital Markets 386 1 - - - 19 Commerzbank 367 1 - - - 20 Standard Unlu Menkul Degerler 324 1 - - Source: mergermarket

Top 20 LEGAL advisers – Middle east & africa Middle E ast & A frica VAlue

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Value Value change (US$m) (US$m) (%) 50 1 Bowman Gilfillan 1,804 5 14 12785.7% 13 2 Werksmans 1,776 7 806 120.3% 4 3 Edward Nathan Sonnenbergs 1,773 3 2,822 -37.2% 33 4 DLA Cliffe Dekker Hofmeyr 1,739 3 202 760.9% - 5 Kirkland & Ellis 1,687 3 - - 5 6 Allen & Overy 1,658 2 2,822 -41.2% 25 7 Norton Rose 1,406 4 424 231.6% 34 8= Blake Dawson 1,301 1 181 618.8% 37 8= Cravath Swaine & Moore 1,301 1 144 803.5% 11 8= Freehills 1,301 1 987 31.8% 12 8= Minter Ellison 1,301 1 806 61.4% 39 8= Orrick Herrington & Sutcliffe 1,301 1 117 1012% - 13 Clifford Chance 950 4 - - - 14 Zellermayer Pelossof & Co 850 1 - - 19 15 Freshfields Bruckhaus Deringer 817 3 650 25.7% 60 16= Jones Day 600 2 - - 2 16= Linklaters 600 2 3,047 -80.3% - 16= Bruchou, Fernandez Madero, Lombardi & Mitrani 600 1 - - - 16= Hope, Duggan & Silva 600 1 - - - 20 Zaki Hashem & Partners 565 1 - - Source: mergermarket

Top 20 LEGAL advisers – Middle east & africa volume

Ranking Q3 2011 Q3 2010 Q3 2010 Q3 2011 Company name Value Deal count Deal count Deal count (US$m) change 23 1 Werksmans 1,776 7 1 6 14 2 Herzog, Fox and Neeman 556 6 2 4 51 3 Bowman Gilfillan 1,804 5 1 4 33 4 Norton Rose 1,406 4 1 3 - 5 Clifford Chance 950 4 - - 7 6 Edward Nathan Sonnenbergs 1,773 3 2 1 4 7 DLA Cliffe Dekker Hofmeyr 1,739 3 3 0 - 8 Kirkland & Ellis 1,687 3 - - 28 9 Freshfields Bruckhaus Deringer 817 3 1 2 - 10 Bingham McCutchen 439 3 - - 18 11 Allen & Overy 1,658 2 1 1 60 12= Jones Day 600 2 1 1 5 12= Linklaters 600 2 2 0 17 14 Gibson Dunn & Crutcher 500 2 2 0 6 15 Eversheds 103 2 2 0 12 16 Dewey & LeBoeuf 30 2 2 0 37 17= Blake Dawson 1,301 1 1 0 15 17= Cravath Swaine & Moore 1,301 1 2 -1 10 17= Freehills 1,301 1 2 -1 22 17= Minter Ellison 1,301 1 1 0 Source: mergermarket

Activity table of private equity firms on Middle Eastern & African buyouts Middle E ast & A frica value volume Rank Rank Q3 2011 Company name Value Deal Q3 2011 Company name Deal Value (US$m) count count (US$m) 1 Permira 850 1 1 Permira 1 850 2 GTCR 386 1 2 GTCR 1 386 3 Sofiproteol 163 1 3 Sofiproteol 1 163 4 Pala Investments 141 1 4 Pala Investments 1 141 Source: mergermarket Source: mergermarket

The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is Middle East & Africa including Israel. The tables by value and volume have been run from 01-Jan-11 to 30-Sep-11 and exclude lapsed and withdrawn deals.

Activity table of private equity firms on Middle Eastern & African exits value volume Rank Rank Q3 2011 Company name Value Deal Q3 2011 Company name Deal Value (US$m) count count (US$m) 1 Jerusalem Venture Partners 30 1 1 Jerusalem Venture Partners 1 30 2 Blackstar Group 28 1 2 Blackstar Group 1 28 3= Gemini Israel Funds 20 1 3= Gemini Israel Funds 1 20 3= Index Ventures 20 1 3= Index Ventures 1 20 5= Amiti Ventures 13 1 5= Amiti Ventures 1 13 5= Intel Capital 13 1 5= Intel Capital 1 13 5= Walden Israel Venture Capital 13 1 5= Walden Israel Venture Capital 1 13 Source: mergermarket Source: mergermarket

The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is Middle East & Africa including Israel. The tables by value and volume have been run from 01-Jan-11 to 30-Sep-11 and exclude lapsed and withdrawn deals.

Monthly M&A Insider 57 Trend graphs

Middle eastERN & africaN M&A Middle eastERN & africaN M&A quarterly Middle E ast & A frica quarterly trend private equity trend

40,000 160 7,000 25

35,000 140 6,000 20 30,000 120 Number of deals 5,000 Number of deals

25,000 100 15 4,000

20,000 80 alue (US$m) alue (US$m) V V 3,000 10 15,000 60

2,000 10,000 40 5 1,000 5,000 20

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

Middle eastERN & africaN M&A Middle eastERN & africaN M&A Annual ANNUAL TREND private equity trend

100 500 14 70

90 450 12 60 80 400 Number of deals Number of deals 70 350 10 50

60 300 8 40

50 250 alue (US$m) alue (US$m)

V V 6 30 40 200

30 150 4 20

20 100 2 10 10 50

0 0 0 0 2005 2006 2007 2008 2009 2010 Q3 2011 2005 2006 2007 2008 2009 2010 Q3 2011

Total value Mid-market value Total volume Mid-market volume Buyout value Exit value Buyout volume Exit volume

Monthly M&A Insider 58 Trend graphs

Middle eastERN & africaN M&A GEOGRAPHIC BREAKDOWN Q3 2011 Middle E ast & A frica

value volume 0.5% 0.4% 2.5% 0.1% 0.5% 0.3% 0.9% 0.1% 0.3% 1.8% 2.6% 0.4% South Africa 1.4% South Africa 0.6% 1.4% 2.2% Israel 1.8% Israel 2.2% 1.8% 33.2% 4.0% United Arab Emirates 1.8% United Arab Emirates 1.8% 40.6% 2.2% Saudi Arabia 1.8% Saudi Arabia 0.8% 2.3% Nigeria Nigeria 4.8% 2.8% Kenya Kenya 3.2% 3.0% Egypt Egypt

Morocco 6.5% Morocco 7.2% Ghana Ghana

Kuwait 6.9% Kuwait

Jordan Jordan 22.8% 24.9% Qatar Qatar

Namibia Namibia

Tunisia Mozambique

Sudan Tunisia

Ethiopia Sudan

Iraq Ethiopia

Zimbabwe Iraq

Sierra Leone Zimbabwe

Algeria Sierra Leone

Libya Algeria

Libya

Swaziland

Oman

Angola

Bahrain

Middle eastERN & africaN M&A Sector Breakdown Q3 2011 Madagascar

Mauritius value volume

0.3% 0.2% 2.3% 0.9% <0.1% 0.5% 12.6% 2.8% Industrials & Chemicals 2.8% 18.0% Industrials & Chemicals 20.6% 0.4% 3.7% 0.5% Consumer Consumer

4.2% Energy, Mining & Utilites 7.4% Energy, Mining & Utilites

2.3% TMT TMT

Financial Services 5.1% Financial Services 8.3% Business Services 16.6% Business Services 13.5% Pharma, Medical & Biotech Pharma, Medical & Biotech 6.8% Transportation Transportation

Construction 10.6% Construction

Real Estate Real Estate 13.8% Leisure Leisure 33.5% 12.4% Defence Defence

Agriculture Agriculture

Monthly M&A Insider 59 Trend graphs

Middle eastERN & africaN M&A DEAL SIZE BREAKDOWN Middle E ast & A frica

value volume

100 100 3.8% 3.4% 5.6% 7.2% 5.8% 9.2% 4.1% 8.8% 5.7% 5.1% 8.6% 5.7% 90 90 6.2% 6.5% 13.2% 11.2% 11.2% 10.7% 15.4% 80 80 14.2% 9.2% 54.8% 47.7% 53.2% 70 65.9% 62.9% 70 66.9% 67.2% 29.0% 36.8% 32.2% 33.3% 60 60 34.8% 32.6% entage entage 34.0% rc rc 50 50 Pe Pe 19.0% 40 13.2% 40 21.5% 30 16.3% 30 12.8% 11.3% 11.6% 46.5% 17.5% 47.1% 19.2% 42.5% 44.6% 40.3% 39.1% 20 12.1% 20 36.4% 12.5% 13.3% 11.0% 10.5% 10 14.1% 10 10.3% 12.9% 7.8% 7.3% 9.3% 9.1%

0 1.3% 1.0% 0.9% 1.7% 1.6% 1.1% 1.3% 0 2005 2006 2007 2008 2009 2010 Q3 2011 2005 2006 2007 2008 2009 2010 Q3 2011

US$15m-US$100m US$15m-US$100m

US$101m-US$250m US$101m-US$250m

US$251m-US$500m US$251m-US$500m

>US$501m >US$501m

Sector analysis

Middle Eastern & African sector analysis

Sector Q3 2010 Q3 2011 % change Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count Value Volume Energy, Mining & Utilities 6,244 16.3% 37 10,242 33.5% 30 64% -19% Industrials & Chemicals 1,837 4.8% 36 6,290 20.6% 39 242% 8% Consumer 1,517 4.0% 24 4,125 13.5% 36 172% 50% Real Estate 1,988 5.2% 10 3,864 12.6% 6 94% -40% TMT 12,756 33.3% 33 2,067 6.8% 27 -84% -18% Financial Services 5,287 13.8% 32 1,565 5.1% 23 -70% -28% Pharma, Medical & Biotech 433 1.1% 12 1,277 4.2% 16 195% 33% Business Services 3,211 8.4% 19 687 2.2% 18 -79% -5% Construction 668 1.7% 10 173 0.6% 8 -74% -20% Transportation 959 2.5% 5 121 0.4% 6 -87% 20% Leisure 3,150 8.2% 7 95 0.3% 5 -97% -29% Defence 133 0.3% 3 68 0.2% 2 -49% -33% Agriculture 176 0.5% 5 13 0.0% 1 -93% -80% Total 5,450 86 22,298 144 309% 67%

Monthly M&A Insider 60 About Merrill Corporation

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Monthly M&A Insider 61 About Merrill DATASITE

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Merrill DataSite – built with the client in mind Track all activity accurately. Auditing and reporting tools provide a verifiable account of each individual’s time spent Merrill DataSite was created to meet its clients’ needs and viewing both documents and specific pages – information that built to their specifications. Since 2002 we have consistently adds negotiating leverage. leveraged the experiences of our clients to add leading-edge functionality to the available toolset. Merrill DataSite allows its users and administrators to: Need to work remotely? No problem. Whether you’re working in Beijing or New York, Examine documents immediately. Patented technology you can view your documents online without having to navigate ensures you never have to wait for a document to be through internal firewalls and email restrictions that often downloaded. Because the data resides on Merrill’s servers, you exist for outside company connections and which delay the due can simultaneously view an unlimited number of documents diligence process. in multiple windows without having to close out or save to your “temp” file. When faced with hundreds of documents to review, Security is our highest priority this feature saves significant time and expense. Merrill has been a trusted provider of secure information to Designate user permissions. Team administrators can control the financial and legal industries for more than 40 years. Our which users will be able to view, print or download specific employees execute letters of confidentiality and we are audited documents, folders or projects – simply and quickly. annually (internal and third-party) to make certain our IT Search every word in every document. With large document infrastructure and processes remain sound. Merrill collections, sophisticated search features are key to finding DataSite was the first virtual data room to receive the ISO critical information and accelerating the due diligence process. 27001 certification for its comprehensive Information Security Merrill DataSite performs Optical Character Recognition (OCR) Management System (ISMS). on each and every letter in each and every document. Our search capabilities allow users to search tens – if not hundreds The ISO 27001 standard, developed by the International – of thousands of pages to find what’s relevant to them. Merrill Organization for Standards to establish international DataSite’s search capabilities ensure nothing is missed in any requirements for information security and certification of ISMS, of the posted documents - regardless of where they may be is designed to ensure effective protection of information assets organized within the index (e.g. find every instance of “contract” in foreign markets, as well as across national and regional and “termination” within 5 words of each other, etc.). Search boundaries. results are returned much faster and are unlimited in terms of document results and hits within a document. The best tool in the industry Merrill DataSite technology allows for the fastest conversion Using wildcard, fuzzy, proximity, boosting, Boolean and of soft and hard copy documents to the electronic viewing grouping modifiers, you can search and find exact matches and platform. As a result, designated administrators are able to near-matches, including misspelled words. Potential buyers review documents the moment they are available. will enjoy increased confidence knowing they’ve received and seen all materials and documents that are relevant to their Through secure, simultaneous access, full text search decision-making. capabilities and robust reporting tools, both archival and transactional due diligence processes are streamlined. As a Protect confidential information. ”View-only” documents result, Merrill DataSite gives you more insight and control, and are neverdownloaded. Merrill DataSite, not the computer’s dramatically reduces transaction time and costs. browser, controls thecaching process providing unmatched security levels. Unlike other VDRproviders, images are never As a leading provider of VDR solutions worldwide, Merrill viewable on the PC’s cache after the conclusion of a session. DataSite has empowered nearly 2 million unique visitors to perform electronic due diligence on thousands of transactions totaling trillions of dollars in asset value.

Monthly M&A Insider 62 About Merrill Corporation

Executive Management Vincent Lork Steve Piccone ABOUT MERRILL CORPORATION Regional Director, South Asia Vice President, New York Ed Bifulk Tel: +65 6248 4602 Tel: +1 212 229 6883 President Tel: +1 212 229 6563 Chris Robilliard William Polese Regional Director, Australia & Regional Director, New York Paul Hartzell New Zealand Tel: +1 212 229 6612 Senior Vice President Tel: +612 8667 3064 Tel: +1 212 367 5950 Paul Kleinkauf Manuel Bentosinos Regional Director, Southeast Regional Director, Mexico Tel: +1 404 602 3251 Executive Sales Tel: +52 55 9171 2237 Scott Haugen Chris Beckmann Ana Paula Macêd Távora de Castro Regional Director, Minnesota Regional Director, Europe Regional Director, South America Tel: +1 651 632 4375 Tel: +49 69 25617 110 Tel: +55 11 9908 0858 Anthony Crosby Alex Gross Felipe Cunha Regional Director, Chicago Regional Director, Europe Regional Director, Brazil Tel: +1 312 674 6511 Tel: +49 69 7593 7148 Tel: +55 11 3568 2429 Mark Plaehn Michael Hinchliffe Carlos Nogueira Regional Director, Chicago Regional Director, Europe Diretor Regional, Brazil Tel: +1 312 674 6527 Tel: +44 20 7422 6100 Tel: +55 11 3895 8572 Brian Gilbreath Jonathan Hughes Will Brown Regional Director, Omaha Account Manager, Northern Europe Regional Director, Canada Tel: +1 404 934 8085 Tel: +44 20 7422 6100 Tel: +1 514 877 5177 Nicholas Renter Shashank Jain Hank Gregory Regional Director, Dallas Representative, United Arab Emirates SVP, Western Canada & US Tel: +1 214 754 2100 Tel: +52 55 9171 2237 Tel: + 604 603 4360 Andrew Buonincontro Alvaro Ortega Ryan MacMillan Regional Director, Palo Alto Regional Director, Europe Regional Director, Canada Tel: +1 650 493 1400 Tel: +44 20 7422 6100 Tel: +1 416 214 2448 Erik Sandie Merlin J. Piscitelli Michael Kennedy Regional Director, Palo Alto Regional Director, Europe Regional Director, Boston Tel: +1 650 493 1400 Tel: +44 20 7422 6100 Tel: +1 207 829 4369 Dan Phelan Jérôme Pottier Ross Whittaker Regional Director, Los Angeles Regional Director, France Regional Director, New England Tel: +1 213 253 2139 Tel: +33 (0) 1 40 06 13 12 Tel: +1 617 535 1516 Jay Loyola Colin Schopbach Forrest R. Doane Regional Director, Irvine Regional Director, Europe Regional Director, New York Tel: +1 949 622 0663 Tel: +44 20 7422 6100 Tel: +1 917 934 7341 Hans Schumann Anna Scott Adam Kuritzky Regional Director, San Diego Regional Director, Europe Regional Director, New York Tel: +1 760 635 0830 Tel: +44 20 7422 6100 Tel: +1 917 934 7340 David Yeary Hakema El-Hadad Shelle Martin VP, DataSite Life Sciences Regional Director, Northern Africa Regional Director, New York Tel: +1 415 307 4414 Tel: +33 (0) 1 40 06 13 10 Tel: +1 212 229 6613 James Snaza Mark Finnie John McElrone Director, Life Sciences Regional Director, Hong Kong Regional Director, New York Tel: +1 651 632 4585 Tel: +852 2536 2534 Tel: +1 212 229 6656 Ari Lee Matthew Mezzancello Regional Director, Asia-Pacific Regional Director, New York Tel: +852 9855 3758 Tel: +1 917 934 7346 Monthly M&A Insider 63 The following notes pertain to data contained in this publication: • Deals are included where the deal value is greater than or equal to €5m. • where no deal value has been disclosed, deals are included if the turnover of the target is greater than or equal to €10m. • Deals are included in the graphs and Top Deals in each section based on the dominant geography and dominant sector of the target company. Data underlying the League Tables are based on deals where the bidder, target or parent geography of either is that of the geography in focus. • Q3 2011 refers to the period 01-Jan-11 to 30-Sep-11.

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