M&A Yearbook – 2009 KPMG’s overview of mergers and acquisitions in Switzerland in 2008 and first quarter 2009

ADVISORY

Caveat This study is based on mergermarket® and KPMG desktop research, covering deals announced in 2008 and the first quarter of 2009. The consideration of individual transactions and their allocation to specific industry segments are based on our judgment and are thus subjective. We have not been able to extensively verify all data and cannot be held responsible for the absolute accuracy and completeness thereof. Analyses of different data sources and data sets may yield deviating results.

The following notes pertain to data contained in the mergermarket® database: ■ Deals are included where the deal value is greater than or equal to the equivalent of USD 7 million ■ The value data provided in the various charts represents the aggregate value of the deals for which a value was stated (please note that values are disclosed for approximately 50% of all deals) ■ Where no deal value has been disclosed, deals are included if the turnover of the target is greater than or equal to the equivalent of USD 14 million ■ Deals are included where a stake of greater than 30% has been acquired in the target. If the stake is below 30% the deal will be included if the value exceeds the equivalent of USD 140 million ■ Activities excluded from the data include restructurings where ultimate shareholders’ interests are not affected and public mandatory offers that are not recommended by the board ■ Letters of intent, heads of agreement and other non-binding agreements are not included in the data sets M&A Yearbook 1

Contents

M&A Yearbook KPMG’s overview of mergers and acquisitions in Switzerland in 2008 and brief outlook for 2009, based on Q1 2009 data

Overview 1 Introduction 2 2 Executive Summary 3

Industries 3 Healthcare and Life Sciences 8 4 Chemicals and ­Processing Materials 10 5 Financial Services 12 6 Industrial Markets 14 7 Consumer Markets 16 8 Information, Communications and Entertainment 18 9 Other Industries 20 10 Private Equity 22

Appendix List of 2008 and Q1 2009 Swiss M&A Transactions 24

KPMG M&A Contacts 44 2 M&A Yearbook

1 Introduction

In order to provide greater forward looking insights, we have this year included statistical data of all M&A transactions announced in 2008 as well as in the first quarter 2009.

M&A activity has been strongly affected by the current economic climate and uncertainty surrounding longer term prospects. Many companies are revising their budgets, focusing on their order books and on cost control rather than inorganic growth. Smaller players with long and capital intensive research cycles may look for support from larger players. Others intend to divest non-core businesses, though we have seen some planned divestments stall due to a lack of interested buyers or on account of differing price expectations. In the financial services sector the key priorities are to manage and de-risk balance sheets. The private banks are anticipating structural changes as a result of the Swiss government’s announcement to comply with the OECD Model Tax Convention.

Although we believe there will be no dramatic upswing in M&A activity in the short term, there appears to be a considerable amount of pent-up M&A energy in the system which sooner or later will translate into deal activity.

Again this year, the hypothesis flaunted by some elements of the media that corporate Switzerland is being sold out is clearly refuted in this study.

In this report, we analyze and comment on those market sectors which are of key importance to the Swiss economy. Each industry section includes deal activity data and an overview by our industry specialists of major developments and trends. The data covers deals announced during the 2008 calendar year and the first quarter of 2009. We excluded aborted transactions, letters of intent, restructurings where ultimate shareholders’ interests are not affected, public mandatory offers that are not recommended by the board, and other non-binding agreements.

The appendix contains a list of all transactions considered in our review.

Our data sources are mergermarket and KPMG research. Although the published data has been carefully analyzed to ensure that it is as complete and accurate as possible, different data sources and/or selection parameters may yield varying results. Accordingly, the data presented in this report should be regarded as purely indicative.

We hope you find our Yearbook of interest and that it provides further insight into the Swiss M&A scene.

Stuart M. Robertson Bryan DeBlanc Member of the Executive Committee Head of Growth through M&A M&A Yearbook 3

2 Executive Summary

2008 Highlights ■ Swiss buyers outnumbered foreign buyers by 2 to 1 on cross-border ­transactions ■ Double digit billion dollar deals have become rare; average transaction values have diminished by 30% over 2007 ■ Germany continues to be the most important transaction partner

2009 Outlook ■ Swiss companies generally have strong cash positions and healthy balance sheets and are well positioned to benefit from market opportunities ■ Small and mid-sized companies are the backbone of the Swiss economy and expected to be the focal point of M&A activity in 2009 ■ Given the difficulties for financial investors, we expect fewer auctions in 2009 ■ The number of multibillion dollar deals will continue to be depressed

Deal volume was largely comparable to 2006 levels, when today’s economic climate was largely unforeseen. Deal values, however, tell a different story. Only one transaction in 2008 exceeded the USD 10 billion threshold, and the aggregate value of deals announced in 2008 was USD 50 billion – roughly 40% below the nearly USD 90 billion aggregate value seen in 2007. It remains to be seen whether Roche’s drawn-out battle for Genentech is a one-off or indicative of a resurgence in major league deals.

The relative weakness of the US dollar during the first half of 2008 does not appear to have led to significantly more foreign acquisitions in the USA. A mar- ginal increase in Swiss companies buying in North America compares to a drop of seven percentage points in North American companies buying in Switzerland. This suggests that dire economic conditions have significantly curbed their appetite for Swiss targets, with the strong Swiss franc being a possible further hurdle.

The weaker Euro and British pound do not appear to have affected deals between Switzerland and western Europe. While the strong Swiss franc is an obstacle for the heavily export-oriented Swiss economy, there remain a number of companies sitting on comfortable cash reserves. Of these, most will tread carefully until they can better assess the duration of the current crisis, though some will profit by using their war chests to make strategic acquisitions. 4 M&A Yearbook

Industries With the exception of Consumer Markets, deal volumes fell by between 20% and 50%, with the Chemicals and Processing Materials sector experiencing the steepest decline. Ironically, some of the sectors showing a sharp dip in deal volumes boast relative (Healthcare and Life Sciences) or even absolute (Chemicals and Processing Materials and Industrial Markets) peaks in terms of aggregate deal values. The latter two, however, were distorted by Swiss flagship companies (CIBA and Jet Aviation) being acquired by foreign buyers.

Geographical spread Domestic Swiss M&A activity in 2008 fell back to 2006 levels, as did acquisitions of Swiss companies by foreign buyers. Swiss acquisitions abroad, however, remained at (high) 2007 levels. These patterns seem to reflect a combination of factors: ■ The reasonably healthy status of the Swiss economy (with the possible ­exception of Financial Services) in the first half of the year while largerEuropean ­ or North American economies were impacted much sooner by the credit crisis ■ Strong strategic rationale ■ The strong Swiss franc and the weaker currencies of potential Euro or Dollar zone acquirers

Only minor changes were noted in transaction volumes with Asia-Pacific, Russia/CIS and elsewhere.

Strategy focus and further consolidation The 2007 trend towards core business focus and strategic portfolio enhancements continued in 2008. Distressed sales were rare, with strategic acquisitions dominat- ing the scene. Going forward, growth and consolidation strategies will largely depend on the appearance of a silver lining on the horizon. In most cases, companies will manage their cash reserves very carefully, shoring up their liquidity until future prospects become clearer.

The role of private equity houses, sovereign wealth funds and activist shareholders While the number of private equity deals declined by 20% compared to 2007 (remaining noticeably above 2004–2006 levels), total disclosed deal values slumped to approximately one third. 2007 saw five PE transactions exceeding USD one billion; there was only one deal of that magnitude in 2008. Private Equity houses may need to redefine their business models, while corporates may need to become more proactive in identifying targets given the lack of auctions. M&A Yearbook 5

Sovereign wealth funds were heralded either as the saviours of the financial services industry in 2007, or feared as potential poachers in other strategically important sectors. A number of these players are now steering clear of the market, having lost a great deal of value in the stock market crash. Other than the CHF 3 billion investment in Credit Suisse by the Qatar Investment Authority, sovereign wealth fund activity has been severely limited.

Activist shareholder activity, be it by watchdog organizations or by hedge funds who had often assumed such a role, seems to have abated. With a number of hedge funds in acute difficulties of their own, it remains to be seen how they will react to the new economic climate.

Unsolicited takeovers 2008–2009 saw two major drawn-out take-over bids, with Xstrata’s offer for Indophil being rejected, while Roche’s bid for Genentech finally succeeded in January 2009. Laxey continue to eye Implenia and recent board changes at Sulzer have triggered speculation about whether Sulzer will play a role in the restructuring of OC Oerlikon. Overall, due to the continuing impact of the credit crisis, we expect the number of such takeovers to rise.

Outlook The impact on M&A of interventions by various governments in bailing out key domestic industry players is as yet unknown. Generally speaking, protectionism within EU member states and the USA could curb shopping sprees by foreign acquirers. Another open question is the effect of the government’s agreement to comply with OECD Model Tax Convention; private banks whose core business is in the off-shore sector will likely need to rethink their strategies. It is too early to assess whether the National Bank’s efforts to maintain the Swiss franc’s rate against the Euro and the US dollar at meaningful levels has any effect on M&A activity. The same applies to the Swiss government’s efforts to boost investments in the infrastructure and energy conservation sector.

Cantonal banks and similar institutions retain large pools of funds and are widely regarded as the main credit source for small and mid-sized businesses. Nevertheless, many of these players – particularly those with extended research cycles, such as biotech companies – might turn to larger players for support, and we expect the number of distressed sales to increase.

At this point, all eyes are looking for light at the end of the tunnel. Until there are vital signs of a potential economic recovery, it is difficult to forecast what 2009 will bring. Q1 M&A activity provides few clues to further developments in 2009, but we would expect further consolidation in the Healthcare and Life Sciences, Chemicals and Processing Materials, Financial Services and Industrial Market sectors – with domestic deal activity and Swiss acquisitions abroad dominating the scene.

Tobias Valk Patrik Kerler Head Transaction Services Head Corporate Finance 6 M&A Yearbook

Top 10 deals 2008 by value

Announced Target Bidder Seller Value Target Bidder Seller date country country country (USDm)

07.04.2008 Alcon Inc CH Novartis AG CH Nestle SA CH 10,599

15.09.2008 Ciba Specialty Chemicals AG CH BASF SE D n/a 4,605

Swiss minority shareholders (CMS) 19.12.2008 EOS Holding SA CH Atel Holding AG CH CH 3,055 and Electricite de France

Credit Suisse Group Qatar Investment 16.10.2008 CH QA Credit Suisse Group CH 2,779 (undisclosed economic interest) Authority

General Dynamics Cor- 19.08.2008 Jet Aviation Management AG CH USA Permira LU 2,234 poration

Philip Morris Internatio- 31.07.2008 Rothmans Inc CA CH, USA Rothmans Inc CA 2,034 nal Inc

Barclays Life Assurance Swiss Reinsurance Com- 05.08.2008 UK CH Barclays Plc UK 1,472 Company Ltd pany Limited

BanSabadell Pensiones EGFP SA; BanSabadell Seguros Generales Zurich Financial Services Banco de Sabadell 11.07.2008 SA de Seguros y Reaseguros; ES CH ES 1,184 Group SA BanSabadell Vida S.A. de Seguros y Reaseguros

13.10.2008 Credit Suisse Group (CS) CH Koor Industries Limited IL Credit Suisse Group CH 1,059

NXP Semiconductors Netherlands NXP Semiconductors BV (mobile semiconductor assets); Netherlands BV; 10.04.2008 NL NXP/ST Joint Venture CH NL, CH 1,033 STMicroelectronics NV (mobile STMicroelectronics semiconductor assets) NV

Major deals Q1 2009

30.01.2009 Genentech Inc US Roche Holding Ltd. CH Genentec Inc US 47,120

Glencore International AG Xstrata Coal South 29.01.2009 CO CH Glencore CH 2,000 (Prodeco business in Colombia) ­America Ltd

Number and value of deals per year Number of deals per quarter

USDbn Number Value Number of deals

Number Value 60 120 100 400 50 100 80 300 40 80 60 30 60 200

USDbn 40 20 40

100 Number of deals 20 10 20

0 0 0 0 2004 2005 2006 2007 2008 I06 II06 III06 IV06 I07 II07 III07 IV07 I08 II08 III08 IV08 I09 M&A Yearbook 7

Number of deals per industry sector 2008 Split of deals by target/buyer/seller 2006–2008

Swiss target / Swiss buyer 4% 8% Swiss target / Foreign buyer 22% 160 145 146 Swiss buyer / Foreign target 140 134 Swiss seller / Foreign target Chemicals & Processing 120 15% Materials 97 Healthcare & Life Sciences 100 92 Financial Services 80 80 73 Inustrial Markets 58 60 53 Information, 49 20% 39 40 Communication, 17% 40 Entertainment Number of deals 20 Consumer Markets 14% 0 Other 06 07 08 06 07 08 06 07 08 06 07 08

Targets of Swiss acquirers by region 2008 Foreign acquirers by region 2008

8% 6% 5% 9% 26% 4%

Switzerland Western Europe 4% Western Europe 14% North America North America Russia and Eastern Europe Russia and Eastern Europe 13% APAC and India APAC and India Rest of world Rest of world

71% 40%

Volume by deal size (USD)

> 1bn 250m - 500m < 50m 500m - 1bn 50m - 250m not disclosed 400 350 300 250 200 150

Number of deals 100 50 0 2004 2005 2006 2007 2008

Source: mergermarket and KPMG research 8 M&A Yearbook

3 Healthcare and Life Sciences

Longer term challenges, such as 2008 Highlights expiring patents and the threat of Low equity market valuations and the global financial crisis have made financing generic substitutes by competitors, difficult to obtain, hurting smaller biotech and research companies in particular. continue to persist in the global Unable to finance their research and development projects, many of them are on Healthcare and Life Sciences industry. the market at “bargain” prices. Given the comparatively low take-over cost and Compared to prior year, there was a the potential to acquire new products, these companies seem to be attractive sharp decline in M&A activity in terms targets for larger cash-rich drug companies. of numbers and values. The outlook for 2009 seems more promising. Roche’s 2008 acquisitions of Memory Pharmaceuticals Corp., a US ­biopharmaceutical company engaged in the discovery and development of drugs for the treatment of central nervous system disorders; Arius Research Inc., a Canadian biotechnology company active in the field of antibody therapeutics to treat cancer; Mirus Bio Corporation, a US based biopharmaceutical company engaged in the development of nucleic acid based technologies; and Piramed Ltd., a UK based biotech company operating in the field of cancer and immune inflammatory disorders such as arthritis and asthma, all appear to fall into this category. Novartis acquired the pulmonary business unit of Nektar Therapeutics, the remaining shares of Speedel Holding AG, a Swiss based biopharmaceutical company developing innovative therapies for cardiovascular and metabolic diseases, and Protez Pharmaceuticals, a US based company engaged in the discovery and development of new antibiotics for difficult-to-treat infections.

The largest transaction in 2008 was Novartis’ acquisition of a 24.85% stake in Alcon Laboratories Inc., a US/Swiss based company involved in the research and manufacture of pharmaceuticals, surgical equipment and devices, contact lens solutions and other vision care products, from Nestlé SA.

Nearly half of the 26 Healthcare and Life Sciences M&A transactions announced in 2008 were led by large Swiss players such as Roche, Novartis and Nobel Biocare.

2009 Outlook We expect the economic crisis to generate more opportunities for multinational healthcare and life sciences companies to acquire new product lines and ­competitors in niche markets at favourable prices, leading to more and larger deals in 2009.

In the first quarter of 2009, Roche finally succeeded in its attempt to buy the remaining shares of Genentech Inc., concluding a long battle to acquire the American biotech company and its lucrative cancer drugs. Elsewhere, Pfizer Inc. acquired Wyeth for USD 64 billion, becoming the world’s largest drug company. Further consolidation in the global drug market is reflected by Merck’s acquisition of Schering-Plough Corp for USD 43 billion. We would expect Swiss global players in the healthcare and life sciences industry to follow the global trend of consolidation.

Miriam Thomas Director, Transaction Services M&A Yearbook 9

Top 5 deals by value

Announced Target Bidder Seller Value Target Bidder Seller date country country country (USDm)

07.04.2008 Alcon Laboratories Inc US, CH Novartis AG CH Nestle SA CH 10,599

10.07.2008 Speedel Holding AG CH Novartis AG CH Speedel Holding AG CH 906

Excalibur Fund 15.04.2008 Piramed Limited UK Roche Holding Ltd. CH Managers Ltd. UK, US 160 Panorama Capital

MedAssurant Inc Andre Hoffmann 17.09.2008 US CH MedAssurant Inc USA 175 (Undisclosed Stake) (private investor)

Mirus Bio 22.07.2008 Mirus Bio Corporation US Roche Holding Ltd. CH USA 125 ­Corporation

Major deals Q1 2009

30.01.2009 Genentech Inc US Roche Holding Ltd. CH Genentech Inc US 47,120

Number and value of deals per year Number of deals per quarter

Number of deals

Number Value 15 50 45 45 40 40 35 35 10 30 30 25 25 20 USDbn 20 15 5 15 Number of deals 10 10 5 5 0 0 0 2004 2005 2006 2007 2008 I06 II06 III06 IV06 I07 II07 III07 IV07 I08 II08 III08 IV08 I09

Split of deals by target/buyer/seller Number of deals per segment 2008

Swiss target / Swiss buyer Swiss target / Foreign buyer 20 19 19 Swiss buyer / Foreign target 23% 27% 18 Swiss seller / Foreign target 16 15 Biotechnology 14 14 Pharmaceuticals 12 12 Clinical Research/Labs 10 Other 8 7 8% 6 4 4 3 3 Number of deals 2 2 2 1 42% 0 06 07 08 06 07 08 06 07 08 06 07 08

Source: mergermarket and KPMG research 10 M&A Yearbook

4 Chemicals and Processing Materials

The industry faced a number of 2008 Highlights significant challenges in 2008, The trend towards product portfolio specialization continues in the Swiss with raw material costs reaching ­Chemicals and Processing Materials industry. Companies focus on their core unprecedented levels in the first half competencies and high value add products rather than a broad product portfolio. and a dramatic drop in their order In addition to large players like Clariant, Switzerland has a vast number of small books towards the end of the year, and midsized companies in this sector, thus offering continuing potential for as the economic downturn took hold. M&A activity. Many companies acted quickly to mitigate the effect of these factors; Deal volumes fell sharply by 48% in 2008, the pace of decline accelerating during reducing capacity and inventory levels, the second half of the year. Total deal values, however, rose from USD 1.5 billion in as well as limiting capital expenditures 2007 to USD 5.6 billion in 2008, mainly driven by BASF´s acquisition of Ciba, one and attempting to keep costs to a of the leading global specialty chemicals companies, a world leader in plastic minimum. additives and strong global player in coating effects materials as well as water and paper treatment. With this acquisition BASF is able to expand its position in specialty chemicals and aim to become the leading supplier with an extensive portfolio in paper. From a Swiss perspective, the transaction marks the end of 100 years of Swiss industrial history in the chemicals sector with the disappear- ance of one of the historical Basle flagships.

Many of the deals reflect the acquirers’ strategy of strengthening their product portfolios; targets were often operating in the same market as the acquirer. For example, Syngenta’s acquisition of Goldsmith Seeds and Yoder Brothers Inc. bolsters its position in the flowers and crop sector. Other acquisition rationales seem to be better access to overseas markets, as exemplified in Clariant’s acquisition of Ricon Colors, or the search for R&D synergies. Bosch’s acquisition of SIA Abrasives can be seen as an example of an IP-driven acquisition.

2009 Outlook Economic uncertainty persists. Raw material costs have started to ease, but experts are not expecting market demand to show any meaningful recovery until late 2009 at the earliest. Price pressure from customers is further squeezing margins. Many chemical companies are struggling to meet debt obligations, triggering divestiture activity, which we expect to increase in the next few months unless industry demand picks up. Concerns over liquidity and distressed conditions are likely to increase the number of assets for sale as companies restructure to weed out poor performers or simply to raise cash. The industry has already seen a wave of restructuring announcements which will likely bring certain assets to market.

Some segments in the chemicals and processing materials industry are in relatively good shape and are likely to maintain M&A activity, e.g. base materials for personal care, fine chemicals, water treatment, and agricultural chemicals. Even sectors that have been hit hard, such as coatings, remain ripe for further consolidation. Large and medium sized companies with strong balance sheets could take advantage of cheap asset prices by entering into small but synergistic deals in 2009 to broaden their portfolio.

Pablo Ljaskowsky Gloria Glang Partner, Transaction Services Manager, Transaction Services M&A Yearbook 11

Top 5 deals by value

Announced Target Bidder Seller Value Target Bidder Seller date country country country (USDm)

Ciba Specialty 15.09.2008 Ciba Specialty Chemicals AG CH BASF SE D CH 4,605 Chemicals AG

12.11.2008 Ciba Specialty Chemicals AG CH BASF SE DE Bestinver Gestion ES 368

Behr Bircher 02.10.2008 sia Abrasives Holding AG CH Robert Bosch GmbH DE CH 356 ­Cellpack Group

Behr Deflandre & Snozzi Abrasives 26.08.2008 sia Abrasives Holding AG CH CH CH 213 BDS AG Holding AG

Goldsmith 20.10.2008 Goldsmith Seeds Inc US Syngenta AG CH US 74 Seeds Inc

Major deals Q1 2009

27.01.2009 Iotech Group Limited UK Sika AG CH Iotech Shareholders UK 45

Number and value of deals per year Number of deals per quarter

Number of deals

Number Value 10 6 30

5 25 8

4 20 6

3 15 4 USDbn 2 10 Number of deals 2 1 5

0 0 0 2004 2005 2006 2007 2008 I06 II06 III06 IV06 I07 II07 III07 IV07 I08 II08 III08 IV08 I09

Split of deals by target/buyer/seller Number of deals per segment 2008

Swiss target / Swiss buyer Swiss target / Foreign buyer 12 23% 11 Swiss buyer / Foreign target

10 Swiss seller / Foreign target 9 Speciality chemicals 8 8 Fine chemicals 8 7 Agrochemicals & seeds 6 Industrial chemicals 5 54% 4 15% 4 3 3 2 2

Number of deals 2 1 8% 0 06 07 08 06 07 08 06 07 08 06 07 08

Source: mergermarket and KPMG research 12 M&A Yearbook

5 Financial Services

The magnitude of the global 2008 Highlights financial crisis in 2008 has triggered The impact of the credit crisis on global financial services has been widely unprecedented levels of government reported and trust in the industry badly damaged. Severely restricted credit and assistance and will likely result in a a precipitous fall in asset prices have harmed the capital positions of financial new global financial landscape. The institutions, requiring unprecedented levels of government assistance and, in resulting low level of Swiss financial some cases, nationalization. services M&A transactions in 2008 is expected to reverse sometime in Radical changes being discussed at a global level to address serious financial 2009 as private banks address the sector deficiencies will permanently alter the global financial services landscape. implications of the OECD Model Such deficiencies include the failure to regulate hedge funds and rating agencies, Tax Convention’s impact on banking no settlement and clearing of OTC derivatives, insufficient capital requirements, secrecy, and other financial institutions limited cross-border supervision, and counter-productive incentive schemes. implement their “back-to-basics” strategies. As a result of external pressure regarding banking secrecy and offshore funds (Switzerland is a primary target as it holds approximately one-third of global offshore wealth), Switzerland has committed to relaxing its banking secrecy law and is planning to renegotiate a number of bi-lateral double taxation agreements with various governments.

2008 saw limited buyer appetite and a reluctance to sell in a down market, the number of M&A deals falling by around 30%. This downward trend continued with only six transactions in Q1 2009. Announced deal values also fell significantly even after considering the capital injections by Sovereign Wealth Funds in Credit Suisse in 2008 and UBS in 2007.

Despite the economic slowdown, M&A activity in the Swiss insurance industry was robust. Zurich Financial Services (ZFS) led with eight acquisitions, acquiring 50% stakes in the insurance arms of three Spanish bancassurers and securing exclusive distribution agreements with those groups. ZFS also bought in Brazil, Germany and Turkey, as well as entering into a joint venture in the UAE. Further, ZFS purchased the remaining minority interest of its Russian subsidiary.

Private banking transactions in 2008 were limited, the most notable being AIG’s disposal of its Swiss private banking subsidiary, AIG Private Bank, to Aabar Investment PJSC of the UAE.

2009 Outlook Swiss insurance M&A may be driven by well capitalized Swiss insurers with good access to funding taking the opportunity to acquire market share.

Due to the expected adoption of the OECD transparency standards, small-to-mid sized private banks with significant non-resident assets may be forced to establish onshore operations to retain clients. Lower “Assets under Management” values and margins are expected to lead to even more aggressive cost cutting. Accordingly, consolidation in private banking may accelerate in 2009.

Christian Hintermann Kevin Cloughesy Partner, FS Transaction Services Senior Manager, FS Transaction Services M&A Yearbook 13

Top 5 deals by value

Announced Target Bidder Seller Value Target Bidder Seller date country country country (USDm)

Credit Suisse Group Qatar Investment 16.10.2008 CH QA Credit Suisse Group CH 2,779 (undisclosed economic interest) Authority

Barclays Life Assurance Swiss Reinsurance 05.08.2008 UK CH Barclays plc UK 1,472 Company Ltd ­Company Limited

BanSabadell Pensiones EGFP SA; BanSabadell Seguros Generales Zurich Financial Banco de 11.07.2008 SA de Seguros y Reaseguros; ES CH ES 1,184 Services Group Sabadell SA BanSabadell Vida S.A. de Seguros y Reaseguros

13.10.2008 Credit Suisse Group (CS) CH Koor Industries Limited IL Credit Suisse Group CH 1,059

Qatar Investment Credit Suisse Group 18.02.2008 Credit Suisse Group (minority stake) CH QA CH 500 Authority (CS)

Major deals Q1 2009

AIG Financial Products Corporation 19.01.2009 US UBS AG CH AIG US 150 (Commodity Index Business)

Number and value of deals per year Number of deals per quarter

Number of deals

Number Value 20 30 70

60 25 15 50 20 40 10 15 30 USDbn 10

20 Number of deals 5 5 10

0 0 0 2004 2005 2006 2007 2008 I06 II06 III06 IV06 I07 II07 III07 IV07 I08 II08 III08 IV08 I09

Split of deals by target/buyer/seller Number of deals per segment 2008

Swiss target / Swiss buyer 9% Swiss target / Foreign buyer 35 Swiss buyer / Foreign target 31 7% 30 Swiss seller / Foreign target 30% Investment companies 26 25 Insurance Banking 20 19 18 Financial Advisory 15 15 Other 11 30% 10 7 5 5 Number of deals 5 4 2 1 24% 0 06 07 08 06 07 08 06 07 08 06 07 08

Source: mergermarket and KPMG research 14 M&A Yearbook

6 Industrial Markets

While M&A in the first half of 2008 2008 Highlights remained reasonably healthy, the Of the 55 deals in 2008, more than half involved Swiss buyers. Fewer than ten current macroeconomic conditions were undertaken by financial investors. Among the most active companies were hit the industry in the second half, ABB, Ascom and Zehnder, continuing their strategy of complementing their culminating in a near stand-still in the product portfolios, divesting non-core units, or enhancing geographic diversification. last quarter. Order intake fell sharply However, the industry segment shows a wide range of family-owned, technology and clients started to de-stock and to driven businesses with a leadership position in their segments. postpone planned investments. The strong Swiss Franc and the tail end One of the most prominent deals was Permira’s sale of Jet Aviation to the US based of investment cycles in various General Dynamics Corporation with a transaction value exceeding USD 1 billion. industries, such as textile machinery With a total deal volume of approximately USD 604 million the disposal of the Fluid and automotives, exacerbated the and Power division of Textron to Clyde Blowers was the second largest deal. situation. The stock market reacted However, Maag Pump Systems AG was the only Swiss asset in the package, with a sharp downwards correction of accounting for an estimated third of the total transaction value. share prices and market multiples. The trend towards Swiss-led cross-border transactions continued in 2008. Notable examples were the acquisitions of Israel’s Enerco Enterprises by Von Roll, Sulzer’s acquisition of Argentina’s Capime Ingenieria, and Bucher Industries AG buying the Netherlands based Kverneland Group Geldrop BV. On the private equity side, Capvis proved its strong position in the Swiss market with the acquisition of Koenig Verbindungstechnik (KVT), a Swiss based manufacturer of metal products, for a purchase price of approximately USD 500 million.

The most significant of the 21 Swiss disposals was the sale of Satisloh Holding by Schweiter Technologies.

2009 Outlook The first quarter continued the pattern of Q4 2008. In the context of financial year-end announcements and deteriorating economic forecasts, share prices slumped and went through periods of high volatility. Although companies might have the necessary cash and balance sheet structure to fund acquisitions, current low valuations will not trigger transactions as long as management remains unable to predict the amount of cash required for seeing them through a potentially protracted recession. Current management focus clearly lies on cost cutting and cash preservation.

With the exception of a few companies facing both financial and operational hurdles, we expect limited divestment activity. The conservative financial structure of Swiss industrial companies (high equity ratios combined with generally low valuations) are likely to assist vendors in postponing disposals. A prominent ­exception is OC Oerlikon, which has already made (Esec and Optics business) or announced further potential disposals. If the economic crisis endures, other companies might feel pressure and begin to divest, particular in the automobile and textile related industries. However, M&A activity will rise as soon as the prospect of healthy earnings returns. Swiss companies are well positioned to exploit their strong war chests.

Andreas Poellen Senior Manager, Corporate Finance M&A Yearbook 15

Top 5 deals by value

Announced Target Bidder Seller Value Target Bidder Seller date country country country (USDm)

General Dynamics 19.08.2008 Jet Aviation Management AG CH US Permira UK 2,234 ­Corporation

David Brown Engineering Ltd; David Brown Hydraulics; 11.09.2008 CH, UK Clyde Blowers Limited UK Textron Inc US 604 Maag Pumps Systems; Union Pump Company

Renova Group of 04.04.2008 Oerlikon Corporation Ltd CH RU Deutsche Bank AG DE 547 ­Companies

Schweiter 16.06.2008 Satisloh Holding AG CH Essilor International SA FR CH 523 ­Technologies AG

Capvis Equity Debrunner Koenig 21.07.2008 Koenig Verbindungstechnik AG CH CH CH 518 Partners AG Holding AG

Major deals Q1 2009

Highest disclosed deal value in the twelve Q1 transactions amounts to USD 20 mn

Number and value of deals per year Number of deals per quarter

Number of deals

Number Value 35 7 90 30 6 80 70 25 5 60 20 4 50 3 40 15 USDbn 30 10

2 Number of deals 20 5 1 10 0 0 0 2004 2005 2006 2007 2008 I06 II06 III06 IV06 I07 II07 III07 IV07 I08 II08 III08 IV08 I09

Split of deals by target/buyer/seller Number of deals per segment 2008

Swiss target / Swiss buyer 6% Swiss target / Foreign buyer 17% 30 27 27 27 Swiss buyer / Foreign target Swiss seller / Foreign target 25 Industrial products 21 21 & services 19 20 Manufacturing 13% 16 & machinery 15 41% 13 Automation 10 10 10 9 9 Electronics 8% Automotives

Number of deals 5 Other 15% 0 06 07 08 06 07 08 06 07 08 06 07 08

Source: mergermarket and KPMG research 16 M&A Yearbook

7 Consumer Markets

In contrast to the overall M&A trend in 2008 Highlights 2008, deal volume in Swiss consumer The steep rise in Swiss buyers acquiring targets abroad could indicate that Swiss markets continued to grow, reaching a consumer market companies were able to turn the challenging economic situation new record with 62 transactions, or an into interesting growth opportunities. Expanding geographical reach and broadening increase of 45% over 2007. Aggregate product portfolios seem to be the key rationale for most of the announced deals. deal value, on the other hand, dropped Hero, the global food processing company, acquired two baby food businesses, by more than 50%. Philip Morris one in France and one in the UK, to strengthen its international position in the International’s acquisition of Rothmans baby food segment. Dufry further penetrated its target markets in the Americas was the only 2008 deal above one and acquired a majority in Hudson Group, a US based retailer, and Colombian billion US dollars in this sector, while Emeralds, a US based manufacturer, wholesaler and retailer of jewellery. in 2007 there were three such deals. ­Realigning product portfolios was frequently mentioned as rationale for announced The luxury goods group LVMH comes divestments. Among the four transactions announced by Valora in 2008, three of in second with its acquisition of Hublot them related to divesting non-core activities; in a simultaneous effort to strength- Group, a top of the range watchmaker, en its core business, Valora acquired 19 railway station bookstore outlets in from its founder for USD 960 million. Germany. The trend of Swiss consumer market companies to make acquisitions abroad Private Equity companies were involved in approximately one-third of announced continued in 2008. deals – acting as seller in 60% of all PE deals. The London based Private Equity house Lion Capital Partners played a significant role in facilitating the merger of the operations of IAWS and Hiestand to form Aryzta AG. Another major transaction was Texas Pacific Group (TPG) exiting its investment in Bally, the Swiss manufacturer and retailer of footwear and accessories. During its eight years of ownership TPG had significantly restructured Bally.

Several Swiss consumer companies executed multiple transactions in 2008: Bell, the Swiss meat producer controlled by the retailer Coop, acquired producers in Germany and France in line with their international expansion strategy. Nestlé acquired Materna Laboratories, an Israel based manufacturer of baby food, expected to complement the Gerber business purchased in 2007 from Novartis. Nestlé also purchased Food Tech, a US based meat substitute producer, providing access to new food technology. Also in line with the expansion strategy of Nestlé’s Water Division, the addition of a mineral spring in Brazil increases its market share in that region.

2009 Outlook During the first quarter 2009, six transactions were announced in the Swiss consumer markets industry. This volume is below the average of 11 transactions per quarter for the last three years, indicating a slowing down of transaction activity in this sector. As in 2008, the majority of first quarter 2009 transactions involved Swiss buyers acquiring abroad. This seems to confirm the healthy balance sheets of many Swiss players – in spite of the current economic circumstances.

Monika Tschanz Senior Manager, Transaction Services M&A Yearbook 17

Top 5 deals by value

Announced Target Bidder Seller Value Target Bidder Seller date country country country (USDm)

Philip Morris International­ 31.07.2008 Rothmans Inc CA CH, US Rothman Inc. CA 2,034 Inc

LVMH Moet Hennessy 24.04.2008 Hublot SA CH FR Carlo Crocco CH 960 Louis Vuitton SA

09.06.2008 Hiestand Holding AG CH IAWS Group plc IE Lion Capital LLP UK 537

22.04.2008 Bally International AG CH Labelux Group Inc AT TPG LLP USA 596

Advent International 04.09.2008 Hudson Group US Dufry Group CH USA 396 Corporation

Major deals Q1 2009

No deal value disclosed in the six Q1 transactions

Number and value of deals per year Number of deals per quarter

Number of deals

Number Value 25 *14 70

*12 60 20

*10 50 15 *8 40

*6 30 10 USDbn

*4 20 Number of deals 5 *2 10

*0 0 0 2004 2005 2006 2007 2008 I06 II06 III06 IV06 I07 II07 III07 IV07 I08 II08 III08 IV08 I09 *excl. Altria/PMI transaction

Split of deals by target/buyer/seller Number of deals per segment

Swiss target / Swiss buyer 7% Swiss target / Foreign buyer 30 Swiss buyer / Foreign target 26 Swiss seller / Foreign target 18% 25 Food Retail 20 44% Apparel 15 14 2% 15 13 13 Luxury goods 12 10 Other 10 9 7 6 6

Number of deals 5 3 29% 0 06 07 08 06 07 08 06 07 08 06 07 08

Source: mergermarket and KPMG research 18 M&A Yearbook

8 Information, Communications and Entertainment (ICE)

2008 provided further evidence of the 2008 Highlights strong consolidation trends that have The key deals took place in the electronics sector, with STMicroelectronics (STM) been impacting the sector over recent strengthening its position in the global wireless semi-conductor sector. It first years. In 2008, 44 ICE transactions entered an 80:20 joint venture (JV) with NXP, followed by a 50:50 JV with Ericsson, were reported (down from 57 in 2007), with STM contributing its NXP JV operations, and Ericsson its mobile semiconduc- of which 80% were cross-border deals. tor technology platforms. The latter deal was worth some USD 2.3 billion. This Deal volume dropped significantly in strengthens STM’s transformation to an asset-light business model, incorporating Q4 2008, with just 6 transactions strong IP assets. In the JV with Ericsson, it will access vital patents for 3G mobile registered. Q1 2009 witnessed a phones, and is expected to become a stronger competitor to the top two, rebound to 16 transactions. Qualcomm and Texas Instruments.

PE firms were involved in five ICE sector transactions. These were concentrated in the software/IT services sectors and were often tied to build-up strategies. One example is Carlyle’s European Technology fund backing of KCS.net AG, which provides ERP solutions based on Microsoft platforms. The transaction was followed by the acquisition of another Swiss IT company with a mid-market consulting positioning, Apos Informatik, in June 2008. A German listed holding company/fund acquired Sunrise’s Business communications division, allowing Sunrise to better focus on its core services, including local access services.

The most active acquirer in the ICE sector was Kuoni Travel, which carried out five transactions over the year, only one of which was Swiss-based. These were small, niche bolt-on acquisitions strengthening Kuoni’s destination services offerings.

The telecoms sector saw few deals in 2008. One of the principal deals for sector consolidation trends was Sunrise’s purchase of Tele2’s Swiss business, including GSM frequencies, for USD 45 million. Distribution reach was a second theme, with Orange Suisse purchasing the retail network of Citydisk in March, a music and film retailer. This was quickly followed by Swisscom’s acquisition of Phone- House Switzerland (The CarPhone Warehouse’s Swiss subsidiary) in April.

2009 Outlook The beginning of 2009 has witnessed a continuation of technology deals, with Ascom acquiring Ericsson’s mobile network testing unit for USD 169 million, becoming the de facto sector leader. uBlox strengthened its portfolio with two transactions. Esmertec also carried out two transactions, one for part of Sagem Wireless (Safran Group spin-off) and subsequently for French mobile software platform Purple labs, with both deals being influenced by Esmertec’s main shareholder, VC fund Soffinova.

The most prominent media deal in 2009 to date has been Tamedia’s acquisition of 49.9% of Edipresse’s Swiss business. The two parties are focusing on the potential synergies – such as combining their free daily newspapers – as Tamedia strengthens its Swiss newspaper position and Edipresse strengthens its balance sheet.

We expect 2009 to see consolidation with relatively low deal values.

James Carter Director, Transaction Services M&A Yearbook 19

Top 5 deals by value

Announced Target Bidder Seller Value Target Bidder Seller date country country country (USDm)

NXP Semiconductors Netherlands BV NXP (mobile semiconductor assets); 10.04.2008 NL NXP/ST Joint Venture CH ­Semiconductors NL, CH 1,033 STMicroelectronics NV Netherlands BV (mobile semiconductor assets)

27.02.2008 STMicroelectronics NV CH FT1CI FR Finmeccanica SpA IT 381

Union Fenosa SA (formerly Union 15.02.2008 France Telecom Espana S.A. ES Credit Suisse Group (CS) CH ES 290 Electrica Fenosa S.A)

21.07.2008 Oeger Tours GmbH DE Alpstream AG CH Vural Oegerfor DE 159

16.06.2008 Danoptra Limited (Majority Stake) UK Credit Suisse Group (CS) CH Cognetas LLP UK 157

Major deals Q1 2009

Edipresse 03.03.2009 Presse Publications SR SA CH Tamedia AG CH CH 191 ­Publications SA

Number and value of deals per year Number of deals per quarter

Number of deals

Number Value 20 10 60 9 50 8 15 7 40 6 10 5 30

USDbn 4 20 3 Number of deals 5 2 10 1 0 0 0 2004 2005 2006 2007 2008 I06 II06 III06 IV06 I07 II07 III07 IV07 I08 II08 III08 IV08 I09

Split of deals by target/buyer/seller Number of deals per segment 2008

Swiss target / Swiss buyer 2% 4% Swiss target / Foreign buyer 25 23 Swiss buyer / Foreign target 23% 20 Swiss seller / Foreign target 20 19 Electronics 18 17 Computers (hard & software) 15 13 43% Telecommunications Media/Internet 10 9 9 7 7 14% Leisure 6 5 Other Number of deals 1 0 14% 06 07 08 06 07 08 06 07 08 06 07 08

Source: mergermarket and KPMG research 20 M&A Yearbook

9 Other Industries

While the number of M&A transactions 2008 Highlights in 2008 represents a five-year peak, the Commodities, minerals and mining: Xstrata plc, the Zug-based global mining aggregate disclosed values were at a company, announced two transactions in 2008. Its May announcement of a five-year low. Atel’s acquisition of EOS voluntary conditional cash offer to acquire all of Indophil Resources NL, however, Holding for USD 3.1 billion was the was promptly snubbed and after another few attempts ultimately rejected by largest deal in 2008. As in previous Indophil shareholders in November. With the successful acquisition of an additional years, most of the transactions were 14.2% stake in Lonmin Plc, a UK based Platinum producer, Xstrata increased its between Swiss buyers and foreign stake in Lonmin Plc to 25%. targets. In comparison to 2007, 2008 saw a significant increase in the Energy & Utilities: Atel Holding AG and EOS Holding SA concluded an agreement number of deals in the construction to merge both companies into a new entity, Alpiq Holding AG – the third largest industry, while that of logistics and transaction in 2008. Atel continued its growth strategy in the European energy transportation declined somewhat as industry by acquiring additional production capacities in Germany (100% of compared to 2007. Spreetal power plant) and a 30% stake in the Italian activities of Moncada Energy Group to set-up a joint venture called M & A Rinnovabili.

Professional services: This segment saw a number of smaller transactions, such as SGS’s acquisition of Horizon Energy Partners BV, a provider of consultancy services to the oil and gas industry. In November 2008, Adecco, the global market leader in human resource services, announced the acquisition of Datavance Informatique SAS, a French provider of personnel for IT projects.

Construction: Holcim, one of the world’s leading cement producers, agreed to participate via its wholly-owned subsidiary Holchin BV in a private placement of Huaxin Cement Co Ltd., increasing its holding in Huaxin Cement Co. Ltd to 40%. In July 2008 Forbo Holding AG agreed to acquire Bonar Floors Limited for USD 245 million. AFG Arbonia Forster Holding AG acquired the Slovakia based window manufacturer Slovaktual to strengthen its position in Central Europe.

Logistics and transportation: Consolidation in the transportation sector continues. Swiss International Air Lines acquired Edelweiss Air, the Swiss based charter airline. In February Gama Holdings Ltd., the UK based business aircraft company acquired Privatair Inc. from the Swiss based PrivatAir Group Ltd. Kühne+Nagel strengthened its portfolio of logistics companies with the acquisition of Alloin Group in France.

Real Estate: It remains to be seen whether the increase in real estate related transactions is due to the fact that investments in more tangible assets are – at least in Switzerland – still considered as having a solid value basis.

2009 Outlook The largest announced deal in 2009 so far is Xstrata’s intended acquisition of Glencore’s Prodeco business in Columbia for USD 2 billion. With various ­governments looking at different ways of curbing a major recession by investing massively into infrastructure, renewable energy or other domestically relevant industries we would expect a correspondingly high number of deals in the relevant sectors to follow suit.

Rolf Langenegger Director, Transaction Services M&A Yearbook 21

Top 5 deals by value

Announced Target Bidder Seller Value Target Bidder Seller date country country country (USDm)

EOS Holding SA 19.12.2008 FR Atel Holding AG CH n.a. FR 3,055 (activities and assets)

Petit-Couronne refinery; Royal Dutch 01.04.2008 FR Petroplus Holdings AG CH UK, NE 785 Reichstett refinery Shell plc

01.10.2008 Lonmin Plc UK Xstrata Plc CH, UK Lonmin Plc UK, NE 779

Huaxin Cement 18.02.2008 Huaxin Cement Co., Ltd. CN Holchin BV CH CN 283 Co. Ltd

CNR (a subsidiary of GDF Fox Portfolio/ 04.09.2008 FE Zukunftsenergien AG FR FR CH 272 Suez SA) Windpower Assets

Major deals Q1 2009

Glencore International AG Xstrata Coal South 29.01.2009 CO CH Glencore CH 2,000 (Prodeco business in Colombia) ­America Ltd

Number and value of deals per year Number of deals per quarter

Number of deals

Number Value 25 40 70

35 68 20 30 66 25 64 15 20 62 10 USDbn 15 60

10 58 Number of deals 5 5 56 0 54 0 2004 2005 2006 2007 2008 I06 II06 III06 IV06 I07 II07 III07 IV07 I08 II08 III08 IV08 I09

Split of deals by target/buyer/seller Number of deals per segment 2008

Swiss target / Swiss buyer Swiss target / Foreign buyer 18% 15% 35 33 Swiss buyer / Foreign target 30 30 Swiss seller / Foreign target 27 Commodities, minerals & mining 25 7% Energy & utilities 20 22% Construction 15 16 15 14 13 13 Logistics & transportation 11 12 Real Estate 10 9 16% 6 Professional Services

Number of deals 5

0 22% 06 07 08 06 07 08 06 07 08 06 07 08

Source: mergermarket and KPMG research 22 M&A Yearbook

10 Private Equity

The financial crisis is severely affecting 2008 Highlights the Private Equity industry; transactions Whereas the number of PE deals in Switzerland declined by 21% from 2007, the are reduced to pure equity deals, total value of PE transactions slumped by 74% from a record of USD 23 billion with risk exposure is high and leverage many multi-billion dollar deals to just USD 6.1 billion. Permira scored the largest deal practically gone. During the hype of in 2008 with its exit of Jet Aviation at a price of USD 2.2 billion. Further, Texas Pacific 2006 and 2007, banks lent almost Group disposed of its investment in Bally to Austrian Labelux Group. In the first unlimited sums of money for PE deals, quarter of 2009, the total number of deals stood at six with a total deal value of often at discount terms. The tide has USD 155 million, marking a very slow start to the year. turned and in the current environment PE houses will need to present As the financial crisis filtered into the real economy, sending many economies into strategically sound propositions in recession, a number of PE houses began to face critical issues: those that had order to generate value for their burdened their companies with huge acquisition debt are now seeing decreasing investors. “Mega” leveraged buy-outs earnings and have started debt buy backs to recapitalize ailing investments. Euro- have become scarce while smaller pean private equity firm Candover is even considering winding down its existing deals are still possible but often require funds as a last resort, and Babcock & Brown, the Australian investor in infrastructure more extensive analysis and meticulous assets, has filed for bankruptcy. funding rationales, as well as generally taking much longer to complete. In Switzerland, sectors like “Consumer Markets” and “Information, Communication and Entertainment (ICE)” saw the highest PE related activity in 2008 compared to the previous year, whereas “Chemicals & Processing Materials” and “Industrial Markets” companies were less involved.

With the acquisition of Koenig Verbindungstechnik from Debrunner Koenig Holding in Switzerland and Bartec from Allianz Capital Partners in Germany, Capvis also recorded the most significant deals in terms of value – the clear leader among Swiss PE houses in 2008. Other noticeable transactions were made by Barclays Private Equity with the investment in Schild AG. Besides such primary deals, many houses focused their activities on supporting their portfolio companies with add-on acquisitions.

2009 Outlook The situation will remain very challenging for PE houses: With fewer attractive targets on the market, deals need to be sourced and negotiated individually. PE houses will need to define new business models and cope with a completely changed auction environment. Lower company values still offer interesting opportunities for PE houses, and large funds will be a key source for acquisition capital once the markets begin to recover. We expect deal activity to pick up again at the end of 2009 or beginning of 2010 with PE likely to be a front runner.

Tobias Valk Partner, Head Transaction Services M&A Yearbook 23

Number of PE transactions per year PE Activity by sector 2008

5% 11% 80 70 Chemicals & Processing 60 materials 23% 34% 50 Consumer Markets 40 Financial Services 30 Industrial 20 Other Number of transactions 10 Pharma 2% 0 2004 2005 2006 2007 2008 25%

Source: mergermarket and KPMG research 24 M&A Yearbook

List of 2008 Swiss M&A Transactions

Healthcare & Life Sciences

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

Nobel Biocare Holding 07.02.2008 Alpha-BioTec Ltd IL CH n/a n/a 95 AG

28.02.2008 Medisize Medical SA CH Medifiq Healthcare OY FI Coltene Holding AG CH 65

Speciality European Pharma 28.03.2008 CH IS Pharma Plc UK Speciality European Pharma Limited CH 18 ­International AG

07.04.2008 Alcon Inc CH Novartis AG CH Nestle SA CH 10,599

Merlin Biosciences Limited; 15.04.2008 Piramed Limited UK Roche Holding AG CH UK, US 160 Panorama Capital

DRK-Plasmaverarbeitungs­ 08.05.2008 DE Octapharma AG CH German Red Cross DE n/a gesellschaft mbH

27.05.2008 Amaxa AG DE Lonza Group Ltd. CH Amaxa AG DE n/a

04.06.2008 Protez Pharmaceuticals Inc. US Novartis AG CH Birchmere Ventures US 100

Temmler Pharma GmbH 26.06.2008 SwissCo Group AG CH DE SwissCo Group AG CH 31 & Co KG

Nobel Biocare Holding 27.06.2008 Implant Master TW CH Implant Master TW n/a AG

10.07.2008 Speedel Holding AG CH Novartis AG CH Dr. Alice Huxley CH 906

22.07.2008 Mirus Bio Corporation US Roche Holding AG CH Mirus Bio Corporation US 125

23.07.2008 Arius Research Inc CA Roche Holding AG CH Arius Research Inc CA 107

04.08.2008 Athos Farma SA BR Alliance Boots GmbH CH Dias family BR n/a

Senecura Kliniken und 16.09.2008 Senevita AG CH AT n/a n/a n/a Heimbetriebs GmbH

Andre Hoffmann 17.09.2008 MedAssurant Inc US CH n/a n/a 175 (private investor)

03.10.2008 Cenexi SAS FR Phinex SA FR Roche Holding AG CH 55

06.10.2008 Depolabo FR Alliance Boots GmbH CH, UK Sagard Private Equity Partners FR n/a

13.10.2008 Megapharm GmbH DE Alliance Boots GmbH CH, UK n/a n/a n/a

Nektar Therapeutics 21.10.2008 US Novartis AG CH Nektar Therapeutics US 115 (pulmonary business unit)

24.10.2008 Top Diagnostics srl RO Roche Diagnostics Ltd CH n/a n/a 25

28.10.2008 Globopharm AG CH Galenica Ltd CH n/a n/a n/a

10.11.2008 SPS Argentina SA AR Syngenta AG CH n/a n/a n/a

Source: mergermarket and KPMG research M&A Yearbook 25

Healthcare & Life Sciences (continued)

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

Nobel Biocare Holding 11.11.2008 BioCad Medical Inc CA CH n/a n/a 33 AG

Argos Soditic SA; CH, FR, 19.11.2008 Bellco Srl IT Sorin Group SpA IT 19 MPS Ventures SGR IT

25.11.2008 Memory Pharmaceuticals Corp. US Roche Holding AG CH n/a n/a 48

Major deals 2009

28.01.2009 Helsinn Therapeutics US Inc US Helsinn Healthcare SA CH n/a n/a n/a

28.01.2009 Metalor Dental AG CH Cendres+metaux SA CH n/a n/a n/a

29.01.2009 Dollond Aitchison Ltd ( UK Alliance Boots GmbH CH De Rigo SpA IT n/a

30.01.2009 Genentech Inc US Roche Holding Ltd CH n/a n/a 47,120

Fountain Healthcare Partners Inventages Venture Capital Gmbh 18.02.2009 Opsona Therapeutics Limited IE CH n/a n/a 23 Novartis Venture Fund Seroba Kernel Life Sciences Limited

09.03.2009 Bestewil Holding BV NI Mymetics Corporation CH Norwood Immunology Limited AT 9

13.03.2009 Swiss Pharma Contract Ltd CH Covance Inc US n/a n/a n/a

16.03.2009 Innovatis AG DE Roche Diagnostics Ltd CH Ventizz Capital Partners Advisory AG DE 19

25.03.2009 Novartis India Limited IN Novartis AG CH n/a n/a 86

Home Art Sales 26.03.2009 Institut Dr Simo Milosevic Ad Igalo RS CH Government of Montenegro n/a 27 ­Services AG

Source: mergermarket and KPMG research 26 M&A Yearbook

Chemicals (continued)

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

11.01.2008 Valspar Flooring US Sika AG CH The Valspar Corporation US n/a

Givaudan SA (Food ingredient Performance Chemicals 14.02.2008 US US Givaudan SA. CH n/a ­business and manufacturing facility) & Ingredients

Datum AS; Danske Bank A/S; 22.04.2008 Fesil ASA NO Hafslund Venture A/S; NO DK, CH n/a Gurta AG Spencer Energy AS

Buy-Out Central Europe Invest Equity; 20.06.2008 Chemson Polymer - Additive AG AT AT AT, CH n/a II Beteiligungs-Invest AG Leman Capital SARL

private investors and Manu Jogani, the 10.07.2008 Ricon Colors, Inc; Rite Systems, Inc US Clariant AG CH US n/a President of Rite Systems

Meyer Burger 21.07.2008 EMIX SA FR CH Viveris Management FR n/a ­Technology AG

Behr Deflandre & Snozzi 26.08.2008 sia Abrasives Holding AG CH CH Abrasives Holding AG CH 213 BDS AG

15.09.2008 Ciba Specialty Chemicals AG CH BASF SE DE n/a n/a 4,605

02.10.2008 sia Abrasives Holding AG CH Robert Bosch GmbH DE Behr Bircher Cellpack Group CH 356

20.10.2008 Goldsmith Seeds Inc US Syngenta AG CH n/a 74

Yoder Brothers Inc (Chrysanthemum 29.10.2008 US Syngenta AG CH Yoder Brothers Inc US n/a and Aster businesses)

12.11.2008 Ciba Specialty Chemicals AG CH BASF SE DE Bestinver Gestion ES 368

24.11.2008 Dick Peters BV NL Altana AG DE Clariant AG CH 23

Major deals 2009

22.01.2009 Rohner AG CH Bluo Sicav-sif LU Arques Industries Ag DE n/a

27.01.2009 Iotech Group Limited UK Sika AG CH n/a n/a 45

Tremco Illbruck 09.02.2009 Karochemie AG CH DE n/a n/a n/a ­International GmbH

Source: mergermarket and KPMG research M&A Yearbook 27

Financial Services

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

Vietnam National Reinsurance Swiss Reinsurance Vietnam National Reinsurance 08.01.2008 VN CH VN 78 Corporation (VinaRe) Company Limited ­Corporation (VinaRe)

Institut de Credit et de Depots 22.01.2008 CH Findim Group SA IT n/a n/a 29 Holding

Zurich Financial Services 24.01.2008 TEB Sigorta AS TR CH TEB Mali Yatirimlar A.S. TR n/a Group

ICB Financial Group 05.02.2008 Oriental Bank Ltd BD CH Bangladesh Bank BD 50 Holdings AG

Qatar Investment 18.02.2008 Credit Suisse Group CH QA n/a n/a 500 Authority

Cashgate AG (Consumer Finance Business); Creditpresto; Raiffei- Banque Cantonale Vaudoise; Cashgate 29.02.2008 CH Aduno Group CH CH n/a sen Schweiz (Consumer Finance AG; Raiffeisen Suisse Business)

14.03.2008 Padana Assicurazioni SpA IT Helvetia Group CH ENI SpA; Sofid SpA IT 69

Swiss Re Asset Management 18.03.2008 CH Schroders Plc UK Swiss Reinsurance Company Limited CH n/a Funds (Switzerland) AG

30.03.2008 Aletti Gestielle Alternative SGR IT Union Bancaire Privee CH Banco Popolare SpA IT n/a

Zurich Financial Services 31.03.2008 Can Soluciones Integrales S.A. ES CH Caja Navarra ES 63 Group

17.04.2008 KGR Capital Management Limited UK LGT Capital Partners AG CH n/a n/a n/a

22.04.2008 Hindal Corporate Pty Ltd AU Credit Suisse Group (CS) CH n/a n/a n/a

Caixa Sabadell Vida, S.A. de ­Seguros y Reaseguros; Zurich Financial Services 24.04.2008 ES CH Caixa d'Estalvis de Sabadell ES 360 CaixaSabadell Companyia Group d'Assegurances Generals, S.A.

The Infiniti Group (MBO 24.04.2008 The Infiniti Group CH CH n/a n/a n/a Vehicle)

12.05.2008 AP Anlage und Privatbank AG CH Latvijas Krajbanka AS LV Parex Banka LV n/a

29.05.2008 Chiara Vita S.p.A. IT Helvetia Group CH Banco di Desio e della Brianza SpA IT n/a

03.06.2008 Sycomore Gestion Privee FR EFG International CH Sycomore Asset Management FR n/a

06.06.2008 Growth Value Opportunities SA CH Paramount-Finanz AG DE n/a CH 109

24.06.2008 VermogensGroep NL UBS AG CH private individual NL n/a

Wilmington Trust 25.06.2008 UBS Fiduciary Trust Company CH US UBS AG CH n/a ­Corporation

Source: mergermarket and KPMG research 28 M&A Yearbook

Financial Services (continued)

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

BanSabadell Pensiones EGFP SA; BanSabadell Seguros Generales Zurich Financial Services 11.07.2008 SA de Seguros y Reaseguros; ES CH Banco de Sabadell SA ES 1195 Group BanSabadell Vida S.A. de Seguros y Reaseguros

Companhia de Seguros Minas Zurich Financial Services 17.07.2008 BR CH Banco Mercantil do Brasil BR 172 Brasil Group

Minas Brasil Seguradora Vida e Zurich Financial Services 17.07.2008 BR CH Banco Mercantil do Brasil BR 7 Previdencia S.A. (MBVP) Group

29.07.2008 Heritage Fund Management SA CH Bank of China UK UK Heritage Fund Mgmt CH 9

Zurich Financial Services 30.07.2008 Baden-Badener Versicherung AG DE CH Baden-Badener Versicherung AG DE n/a Group

Barclays Life Assurance Swiss Reinsurance 05.08.2008 UK CH Barclays Plc UK 1,472 Company Ltd Company Limited

Compagnie Financiere 08.08.2008 Reinet Investments S.C.A. LU Richemont S.A. CH Richemont Finance SA LU n/a (shareholders)

Carsten Maschmeyer 14.08.2008 MLP Group DE Swiss Life Holding CH DE 455 (Private Investor)

Carsten Maschmeyer 14.08.2008 AWD Holding AG DE Swiss Life Holding CH DE 178 (Private Investor)

Imperio Assurances et Capitalisa- 28.08.2008 CH ESCA SA FR Eureko BV NL n/a tion SA

05.09.2008 Anglo Irish Bank Austria AG AT Valartis Group AG CH Anglo Irish Bank Corporation Plc IE n/a

Fairfield Greenwich 08.09.2008 Banque Benedict Hentsch & Cie SA CH US n/a n/a n/a Advisors LLC

25.09.2008 Bank Hugo Kahn & Co. AG CH Finter Bank Zurich AG CH Kahn family CH 36

13.10.2008 Credit Suisse Group (CS) CH Koor Industries Limited IL n/a n/a 1,059

Qatar Investment 16.10.2008 Credit Suisse Group CH QA n/a n/a 2,779 Authority

27.10.2008 IPO Securities Co. Ltd. JP Intershop Holding AG CH Sigma Gain Co Ltd JP 10

Rothschilds Continuation Rabobank International 19.11.2008 CH NL N M Rothschild & Sons Limited UK n/a Holdings AG Holding BV

Source: mergermarket and KPMG research M&A Yearbook 29

Financial Services (continued)

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

20.11.2008 Xtrakter Limited UK Euroclear Group BE ICMA CH n/a

ING Investment 20.11.2008 Altis Investment Management AG CH NL n/a n/a n/a ­Management

Zurich Financial Services 21.11.2008 Zurich Retail Insurance Company RU CH n/a n/a 205 Group

01.12.2008 AIG Private Bank Ltd CH Aabar Investment PJSC AE American International Group Inc (AIG) US 253

Clientis Caisse d'Epargne de la Ville Banque Cantonale de 02.12.2008 CH CH City of Friburg CH 25 de Fribourg Fribourg

PATCO Investments & Consultancy Amas Bank 10.12.2008 IN CH n/a n/a n/a Services Private Ltd. ­(Switzerland) Ltd

17.12.2008 CETREL S.A. MO SIX Group Ltd CH n/a n/a n/a

Aberdeen Asset 31.12.2008 Credit Suisse Group CH UK Credit Suisse Group (CS) CH 360 ­Management Plc

Major deals 2009

04.03.2009 Ubs Energy (trading Assets) CA Bank Of Nova Scotia CA UBS AG CH n/a

Raiffeisen Impuls 13.03.2009 Impuls-leasing International AG CH AT BGLM SA CH n/a ­Holding GmbH

16.01.2009 UBS AG CH Barclays Capital UK UBS AG CH n/a

Banque De Patrimoines Prives 16.03.2009 CH Norinvest Holding SA CH n/a n/a n/a Geneve SA

Aig Financial Products Corporation 19.01.2009 US UBS AG CH AIG Financial Products Corporation US 150 (commodity Index Business)

Source: mergermarket and KPMG research 30 M&A Yearbook

Industrial Markets

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

01.01.2008 REGIA HighPack AG CH Langenbach AG CH n/a n/a n/a

MEAS Europe (Humirel 02.01.2008 Intersema Sensoric SA CH FR n/a n/a 30 SA)

Loacker Recycling 03.01.2008 Heinrich Eggenberger & Cie AG CH AT n/a n/a n/a GmbH

13.01.2008 SIG Beverages AG CH Salzgitter AG DE SIG Holdings Ltd CH n/a

15.01.2008 Omni Investors Pte Ltd SG Adval Tech Holding Ltd CH n/a n/a 170

Agere Systems Inc; Freescale ­Semiconductor Inc; ON Semicon­ Solomon (Cayman) International Promising International US, JP, 17.01.2008 IN HK ductor Corp.; Renesas Technology 27 Limited Limited TW, CH Corp.; Solomon Technology Corp; STMicroelectronics NV

31.01.2008 ETAVIS AG CH Vinci Energies FR Capvis Equity Partners AG CH 103

ATS aluStar Polska Sp. z o.o.; ATS aluStar Wheels Trading GmbH; ATS Leichtmetallraeder GmbH Uniwheels Management 22.02.2008 PL CH ATS Beteiligungs GmbH DE n/a & Co KG; ATS Stahlschmidt & (Switzerland) AG ­Maiworm GmbH; ATS Stahlschmidt & ­Maiworm Sp. z o.o.

26.02.2008 Rieter Automatik GmbH DE CGS Management AG CH Rieter Holding AG CH n/a

Zurmont Madison Priva- 26.02.2008 SMB SA CH DE n/a n/a n/a te Equity L.P.

Cedes AG (Safety and Automation 28.02.2008 CH Rockwell Automation Inc US Cedes AG CH n/a business)

29.02.2008 Greenwood Air Management Ltd UK Zehnder Group AG CH Aliaxis SA BE 52

Cellpack AG Electrical 03.03.2008 Stationenbau AG CH CH Stationenbau AG CH n/a Products

31.03.2008 SEVEX AG CH ElringKlinger AG DE n/a n/a n/a

02.04.2008 Ascom Holding AG (LPS Division) CH Adaxys SA CH Ascom Holding AG CH n/a

Renova Group of Com- 04.04.2008 Oerlikon Corporation Ltd CH RU Deutsche Bank AG DE 547 panies

Mechel International 08.04.2008 SC Ductil Steel SA RO CH Lakewind Limited CY 223 Holdings AG

Home Art & Sales Industrija Masina i Traktora Government of the Republic of Serbia; 10.04.2008 SM Services AG; SIP Strojna CH, SI RS 192 ­(Industrija Masinai Traktora) Serbian Privatization Agency industrija d.d.

Source: mergermarket and KPMG research M&A Yearbook 31

Industrial Markets (continued)

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

16.04.2008 Eurodisk RU Magnetto Wheels SpA IT WPT Wheels Production & Trade AG CH, RU 50

Parmalat SpA (pre-restr. Parmalat 21.04.2008 Newlat SpA IT TMT Finance SA CH IT 56 Finanziaria SpA)

Administration Financiere et 30.04.2008 CH Harwanne SA CH n/a CH 301 ­Participations SA ; Holdivar SA

05.05.2008 Vectek Electronics Ltd NZ ABB Limited CH Vectek Electronics Ltd NZ n/a

07.05.2008 Alupak AG (Werdohl location) DE Teich AG AT Alupak AG CH n/a

Bavaria 13.05.2008 Faral SpA IT DE Zehnder Group AG CH n/a Industriekapital AG

Ascom Holding AG ANNAX Anzeigesysteme 14.05.2008 CH DE Ascom Holding AG CH n/a (Traffic business unit ) GmbH

29.05.2008 PAWO Systems AG CH Schleuniger Holding AG CH Paul Wocke CH n/a

3S Swiss Solar 29.05.2008 Somont GmbH DE CH Somont GmbH DE 110 Systems AG

Atel Installationstechnik 29.05.2008 Goetz AG; Unifroid SA CH CH Kurt Goetz CH n/a Group

05.06.2008 Alphasteel Ltd UK Libala Ltd RU Satico Ltd CH 112

Al Doha Elevators & Escalators 10.06.2008 QA Schindler Holding Ltd CH Al Doha Elevators & Escalators WLL UAE n/a WLL

16.06.2008 Satisloh Holding AG CH Essilor International SA FR Schweiter Technologies AG CH 523

Compass Group Diversified Holdings 25.06.08 Aeroglide Holdings Inc. US Buhler Holding AG CH US 86 LLC

16.07.2008 Kuhlman Electric Corporation US ABB Limited CH The Carlyle Group LLC US n/a

Capvis Equity 21.07.2008 Koenig Verbindungstechnik AG CH CH Debrunner Koenig Holding AG CH 518 Partners AG

Capvis Equity Allianz Capital Partners GmbH; BMC 05.08.2008 Bartec Sicherheitstechnik GmbH DE CH DE n/a Partners AG Gmbh

General Dynamics 19.08.2008 Jet Aviation Management AG CH US Permira UK 2,234 Corporation

27.08.2008 JRG Gunzenhauser AG CH Georg Fischer AG CH JRG Gunzenhause CH n/a

Mechatronics Group 28.08.2008 Almatec AG CH DE Almatec AG CH n/a Gmbh

Georg Fischer Verkehrstechnik 28.08.2008 DE SAF Holland SA DE Georg Fischer AG CH n/a GmbH

Source: mergermarket and KPMG research 32 M&A Yearbook

Industrial Markets (continued)

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

29.08.2008 Capime Ingenieria S.A. AR Sulzer AG CH n/a AR n/a

David Brown Engineering Ltd; David Brown Hydraulics; 11.09.2008 UK Clyde Blowers Limited UK Textron Inc US 604 Maag Pumps Systems; Union Pump Company

16.09.2008 Enerco Enterprises Ltd IL Von Roll Holding AG CH Electra Ltd IL 90

22.09.2008 Sokymat Automotive GmbH DE Smartrac NV NL The Swatch Group Ltd CH n/a

Comarco Inc. (wireless test solu- 29.09.2008 US Ascom Holding AG CH Comarco Inc US 13 tions unit)

29.09.2008 Servicos de Automacao PiD Ltda BR SGS SA CH n/a n/a n/a

Swiss Global Investment 01.10.2008 BO-Systems GmbH & Co KG DE CH Rieter Holding AG CH n/a Group AG

Parker Hannifin Corpo- 01.10.2008 Parker-Origa DE US Hoerbiger Holding AG CH n/a ration

WMH Walter Meier 03.10.2008 Tosa Holding AG CH CH Peter Seyfert (Private Investor) CH n/a Holding AG

Ber-Mac Electrical and 12.11.2008 CA ABB Limited CH n/a n/a ­Instrumentation Ltd

Zehnder Group Chalons en 13.11.2008 FR Faral SpA IT Zehnder Group AG CH n/a ­Champagne; Zehnder SAS

17.11.2008 Wah Yuet Company Limited MO Kaba Holding AG CH n/a n/a n/a

21.11.2008 Gesipa Blindniettechnik GmbH DE SFS Intec AG CH n/a n/a n/a

19.12.2008 Kuhn-Geldrop BV NL Bucher Industries AG CH Kverneland Group NO 160

Major deals 2009

05.01.2009 Mwh Metallwaren Holding AG CH Pergamag SA CH n/a n/a 20

08.01.2009 Ensto Busch-jaeger OY FI Abb Limited CH Ensto Oy FI n/a

Northzone Ventures As Rwe Innogy Cogen Gmbh Sintef Sofinnova 15.01.2009 Revolt Technology AS CH NO n/a n/a 13 Partners Tvm Capital Gmbh Verdane Capital; Viking Venture As

21.01.2009 Schwab Verkehrstechnik AG CH AGAg CH Schwab Holding Ag CH n/a

22.01.2009 Grichting Valterio Installations SA CH Burkhalter Holding AG CH Grichting Valterio Groupe Sa CH n/a

Source: mergermarket and KPMG research M&A Yearbook 33

Industrial Markets (continued)

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

Bauer Logistik Systeme Gmbh Co Kg Heliograph Holding Max Rid (private Investor) 23.01.2009 Hell Gravure Systems Gmbh Co Kg DE DE CH n/a GmbH Peter Daetwyler (private Investor) Kaspar Walter Gmbh Co Kg Mdc Max Daetwyler AG

Be Semiconductor 26.01.2009 Oerlikon Assembly Equipment AG CH NL Oerlikon Corporation Ltd CH n/a Industries NV

30.01.2009 Harwanne SA CH Mma Vie SA FR n/a n/a 44

Dikon Keszulekgyarto Kft Okin America Llc Okin GmbHs (drive Okin Gesellschaft Fuer ­Antriebstechnik 05.02.2009 DE Phoenix Mecano AG CH DE n/a Solutions Division) Okin Hungary Mbh Co. Kg Gepgyarto Kft Okin Scandinavia AB

01.03.2009 European Cans Espana Sl ES Envases Llamas S.l ES Sist Investimenti S.a.g.l Swisscan Sa CH n/a

Sommer Road Cargo Solutions Bsf Consulting AG 16.03.2009 DE CH Arques Industries Ag DE n/a GmbH Co Kg ­Private Investor Group

27.03.2009 Kuehni AG CH Sulzer Ltd CH n/a n/a n/a

Source: mergermarket and KPMG research 34 M&A Yearbook

Consumer Markets

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

16.01.2008 Albert Spiess Holding AG CH Orior Food AG CH n/a n/a n/a

Altria Group Inc (Share- Altria Group Inc (Formerly Philip Morris 30.01.2008 Philip Morris International Inc CH, US US US 106,884 holders) Companies Inc)

04.02.2008 Contract Foods Ltd UK Huegli Holding AG CH n/a n/a n/a

Inventages Venture Capital GmbH; 05.02.2008 Honest Tea Inc US The Coca-Cola Company US CH, US 43 Stonyfield Farm Inc

Walter Rau Lebensmittelwerke 07.02.2008 DE Bunge Europe SA CH n/a n/a n/a GmbH & Co. KG

14.02.2008 Lalique SA FR Art & Fragrance SA CH Pochet SA FR 64

Colombian Emeralds Duty Free Caribbean 15.02.2008 US BB, CH Colombian Emerald shareholders US n/a International Inc Holdings Ltd

Hilding Anders 19.02.2008 Happy AG CH SE n/a n/a n/a ­International AB

R.J.Reynolds-Gallaher International Japan Tobacco Interna- 21.02.2008 CH CH R.J. Reynolds Tobacco Company US 393 SARL tional SA

21.02.2008 Hiestand Holding AG CH Lion Capital LLP UK Focus Capital Investors LLC US 249

29.02.2008 Organix Brands Limited UK Hero CH n/a n/a n/a

Witzig The Office 03.03.2008 Buero-Fuerrer AG CH CH Lyreco SAS FR n/a ­Company AG

IK Investment Partners Limited; 19.03.2008 Elfa AB SE Daetwyler Holding AG CH SE 352 ­Jensen family (Private Investor)

Phone House Switzerland 20.03.2008 CH Swisscom AG CH The Carphone Warehouse Group Plc UK n/a (Mobile Distribution assets)

KL Kepong Cocoa Products 31.03.2008 MY Barry Callebaut AG CH Kuala Lumpur Kepong Berhad MY n/a Sdn Bhd

Cansimag France SA; Roland 10.04.2008 FR Argos Soditic SA CH, FR Valora Holding AG CH n/a Murten AG

10.04.2008 Eichhof Getraenke Holding AG CH Heineken NV NL Eichhof Holding AG CH 287

Phoenix Pharmahandel 15.04.2008 Groupe Capitole SA CH DE n/a n/a n/a AG & Co KG

22.04.2008 Bally International AG CH Labelux Group Inc AT TPG LLP US 596

TransGourmet 23.04.2008 All Fresh Logistique FR CH Perfectis Private Equity FR n/a Holding AG

LVMH Moet Hennessy 24.04.2008 Hublot SA CH FR Carlo Crocco CH 960 Louis Vuitton SA

Source: mergermarket and KPMG research M&A Yearbook 35

Consumer Markets (continued)

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

29.04.2008 Wernli Ag CH Hug AG CH v. Nordeck International Holding AG CH n/a

Colgate Palmolive Company (Gard 30.04.2008 US Doetsch Grether AG CH Colgate Palmolive GmbH US n/a haircare brand and business)

06.05.2008 Bledina FR Hero AG CH Groupe Danone SA FR n/a

Cukierman Rasenberger 13.05.2008 Eika GmbH DE CH Eika GmbH DE 8 Toschek AG

29.05.2008 Polette Group FR BELL HOLDING AG CH Philippe Polette FR n/a

03.06.2008 Baer AG CH Groupe Lactalis FR Baer family; Emmi AG CH;CH n/a

03.06.2008 Samina (Retail Business Division) CH Sadhrta IN SAMINA AG CH 31

04.06.2008 Riri Group SA CH FLF SpA CH n/a CH n/a

09.06.2008 Hiestand Holding AG CH IAWS Group Plc IE Lion Capital LLP UK 890

09.06.2008 Gillebagaren AB SE Continental Bakeries BV NL Valora Holding AG CH n/a

Cansimag France SA; Roland 09.06.2008 FR Cornu SA CH Argos Soditic SA CH,FR n/a Murten AG

11.06.2008 Francois Golay SA CH Frederic Piguet SA CH Jean-Marc Berney and Yves Berney CH n/a

12.06.2008 Eider SA FR Groupe Lafuma SA FR Argos Soditic SA CH, FR n/a

CH, FR, 12.06.2008 Nestle Italia IT TMT Finance SA CH Nestle Italiana SPA n/a IT

13.06.2008 Bally Japan Ltd JP Bally International AG CH Itochu Corporation JP n/a

17.06.2008 Boucledor SA CH LWC SA CH Boucledor SA CH n/a

German Equity Partners 08.07.2008 KADI AG CH DE Peter Geiser CH n/a II LP

10.07.2008 Navyboot AG CH The Gaydoul Group CH Bruno Bencivenga CH n/a

14.07.2008 Sorlandschips A/S NO Scandza A/S NO Valora Holding AG CH n/a

Schlumberger Wein und 15.07.2008 Appelt GmbH & Co. KG AT AT Arena Holding AG CH n/a Sektkellerei AG

24.07.2008 Chococam SA CH Tiger Brands Limited ZA Barry Callebaut AG CH n/a

Philip Morris 31.07.2008 Rothmans Inc CA CH, US Rothman Inc. CA 2034 ­International Inc

Logitech 14.08.2008 Ultimate Ears US CH Ultimate Ears US 34 International SA

04.09.2008 Hudson Group US Dufry Group CH Advent International Corporation US 396

08.09.2008 Lalique SA FR Financiere Saint Germain FR Art & Fragrance SA CH 29

Source: mergermarket and KPMG research 36 M&A Yearbook

Consumer Markets (continued)

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

11.09.2008 SFT SA CH Festina Group ES Peace Mark (Holdings) Ltd HK 70

Nestle SA; Osem 14.09.2008 Materna Laboratories Ltd IL CH, IL Maabarot Products Ltd IL 69 ­Investment Ltd

MERCATURA 15.09.2008 Jean Pierre Rosselet Cosmetics AG CH DE n/a n/a n/a ­Cosmetics BioTech AG

Zimbo Fleisch- und Wurstwaren 25.09.2008 DE Bell Holding AG CH RZ-Zimmermann Holding DE n/a GmbH & Co. KG

Espirito Santo Health & SPA Eurogestion & Partners 30.09.2008 PT CH Espirito Santo Saude - S.G.P.S, S.A. PT 127 (Portugal) S.G.P.S.,SA SA

13.10.2008 Camacho Cigars SA US Oettinger Imex AG CH n/a n/a n/a

OHG Fegro/Selgros Gesellschaft transGourmet Holding 27.10.2008 fuer Grobhandel mbH & Co; DE CH, DE Coop Schweiz; Rewe Group CH, DE n/a S E REWE Grossverbraucher Service

Orange Communica- 03.11.2008 Citydisc.ch AG CH CH n/a n/a n/a tions SA

13.11.2008 Paris Miki (International) SA CH Lunettes Inc. JP Paris Miki Inc. JP 17

Nestle SA; 16.11.2008 FoodTech International Inc US CH, IL n/a n/a 20 Tivall (1993) Ltd

Konrad Wittwer GmbH 19.11.2008 DE Valora AG CH Konrad Wittwer GmbH DE n/a (19 station outlets)

26.11.2008 Abraham Schinken GmbH DE Bell Holding AG CH n/a n/a n/a

03.12.2008 Joop! GmbH DE Strellson AG CH EganaGoldpfeil (Holdings) Limited HK n/a

16.12.2008 Rutishauser Weinkellerei AG CH Baarsma Holding NV NL n/a n/a n/a

Le Prieure de Saint Jean 31.12.2008 FR TMK Global AG CH n/a n/a 7 de Bebian SA

Major deals 2009

08.01.2009 Roth Kaese USA Ltd US Emmi AG CH n/a n/a n/a

22.01.2009 Cortefiel SA ( 22 Stores) DE Tally Weijl Trading AG CH Cortefiel S.a. ES n/a

Migrosgenossenschafts- 22.01.2009 Gries Deco Company GmbH DE CH Christian Gries (private Investor) DE n/a bund (mgb)

Intersport International 15.01.2009 Sabu Schuh Verbund EG DE CH n/a n/a n/a Corporation

11.03.2009 Van Houten (Singapore) Pte Ltd SG The Hershey Company US Barry Callebaut Ag CH n/a

03.03.2009 Sun Store SA CH Galenica Ltd CH Marcel Severin (private Investor) CH n/a

Source: mergermarket and KPMG research M&A Yearbook 37

Information, Communications and Entertainment

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

08.01.2008 Orsyp SA FR Argos Soditic SA CH, FR JJ Parinet Family FR 40

Crescendo Ventures; Dynafund Ventures LLC; Metalmark Capital 09.01.2008 Novalux Inc US Arasor International Ltd US LLC (formerly Morgan Stanley Capital US, CH 7 Partners); Oerlikon Corporation Ltd; Vanguard Ventures

Credit Suisse Group (CS); DBS Group Hol- dings Ltd (Development CH, SG, 10.01.2008 InterGlobe Technology Quotient IN InterGlobe Enterprises Ltd IN 140 Bank of Singapore); UK Standard Chartered Private Equity

Austria Presse ­Agentur; Theodor Hummel (Private Investor); 15.01.2008 Keystone AG CH Schweizerische AT, CH CH n/a Walter Grolimund (Private Investor) ­Depeschenagentur AG

15.01.2008 Paninfo AG CH ACP Holding GmbH AT n/a n/a

Freescale Semiconductor Inc; Solomon Technology WT Microelectronics ON Semiconductor Corp.; US, TW, 17.01.2008 TW TW 13 (IC distribution business) Co., Ltd Solomon Technology Corp; CH STMicroelectronics NV

Odyssey Financial 23.01.2008 Xeye Inc CA CH n/a n/a n/a ­Technologies SA

Carlyle Europe 24.01.2008 KCS.net Holding AG CH UK n/a n/a n/a ­Technology Partners

08.02.2008 EmbedICs Inc US Kudelski Group SA CH n/a n/a n/a

15.02.2008 France Telecom Espana S.A. ES Credit Suisse Group (CS) CH Union Fenosa SA ES 290

27.02.2008 STMicroelectronics NV CH FT1CI FR Finmeccanica SpA IT 381

Atel Installationstechnik 28.02.2008 Antonini SpA IT CH n/a n/a n/a Group

06.03.2008 Benteli Hallwag Druck AG CH Farbendruck Weber AG CH Espace Media Groupe CH n/a

Electronic Data Systems 3i Group Plc; Baird Capital Partners 03.04.2008 Vistorm Holding Ltd UK US UK, CH n/a Corporation Europe Limited; CSFB Private Equity

NXP Semiconductors Netherlands NXP Semiconductors Netherlands BV BV (mobile semiconductor assets); 10.04.2008 NL NXP/ST Joint Venture CH (formerly Next eXperience Philips); NL, CH 1,033 STMicroelectronics NV STMicroelectronics NV (mobile semiconductor assets)

Kuoni Travel Holding 29.04.2008 Golf Plaisir Resebyra AB SE CH Golf Plaisir Resebyra AB SE n/a Limited

Source: mergermarket and KPMG research 38 M&A Yearbook

Information, Communications and Entertainment (continued)

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

12.05.2008 OOO Baltschug Ltd RU J&T Finance Group AS SK Kempinski Hotels SA CH n/a

26.05.2008 GNT Holding Oy FI Also Holding AG CH GNT Holding Oy FI 74

Central European Media 27.05.2008 Jyxo, s.r.o. CZ BM Centralway Holding AG CH 10 Enterprises Ltd.

Nokia Siemens Networks (Germany 02.06.2008 & Finland Research and Technology DE SGS SA CH Nokia Siemens Networks OY FI n/a Platform business)

Sunrise Communications AG 03.06.2008 (Sunrise Business Communications CH Aurelius Investkapital AG DE Sunrise Communications AG CH n/a Division)

Kuoni Travel Holding 11.06.2008 Desert Adventures Tourism AE CH Desert Adventure Tourism AE n/a Limited

16.06.2008 Danoptra Limited UK Credit Suisse Group (CS) CH Cognetas LLP UK 157

Die Post (Swiss postal 18.06.2008 Prevag, Presse-Vertriebs AG CH CH Basler Zeitung (BAZ) AG CH n/a service)

18.06.2008 OAO Telecominvest UA OWU AG CH OOO Kontinent UA n/a

Kuoni Travel Holding 25.06.2008 Direkt Reisen AG CH CH n/a CH n/a Limited

Reisebuero Kuoni GmbH; Reisebuero Kuoni GmbH 27.06.2008 AT AT Kuoni Travel Holding Limited CH n/a Restplatzboerse GmbH (MBO Vehicle)

Die Post 08.07.2008 Global Business Services Plus AG FR CH CR Europe Investment LLC FR 60 (Swiss postal service)

15.07.2008 Saab Space AB SE Ruag Holding AG CH Saab AB SE 56

18.07.2008 Informer Group (banking assets) GR Temenos Group AG CH Informer S.A GR 40

21.07.2008 Oeger Tours GmbH DE Alpstream AG CH Vural Oegerfor AB DE 159

14.08.2008 Siemens Switzerland Ltd CH Chillida Seguridad ES Siemens AG DE n/a

Ericsson Mobile Ericsson Mobile Platforms; 20.08.2008 SE ­Platforms/ST-NXP SE Ericsson AB; STMicroelectronics NV SE, CH n/a ST-NXP Wireless Wireless JV

Wilhelmina Acquisition Krassner Family Investments, L.P; 26.08.2008 Wilhelmina International Ltd US US US, CH 30 Corp Lorex Investments AG

Adcubum AG Karl Friedrich Kalmund 31.08.2008 Adcubum AG CH CH CH n/a ­(management vehicle) (Private investor)

23.09.2008 Six AG SE SIX Telekurs AG CH AddNode AB SE 16

Tele2 Telecommunication Sunrise ­Communications 29.09.2008 CH CH Tele2 AB SE 45 Services AG AG

Australian Tours Management Kuoni Travel Holding 30.09.2008 AU CH n/a n/a n/a Pty Ltd Limited

Kuoni Travel Holding 01.10.2008 Carrier Ltd UK CH n/a n/a n/a Limited

Albis Technologies AG 08.10.2008 Albis Technologies AG CH CH Siemens Schweiz AG CH n/a (MBO vehicle)

22.10.2008 Systemy Informacyjne Kapital SA PL Asseco Poland SA PL Banque Privee Espirito Santo SA CH 14

Source: mergermarket and KPMG research M&A Yearbook 39

Information, Communications and Entertainment (continued)

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

Optics Balzers AG 27.10.2008 Oerlikon Optics SA LI LI Oerlikon Corporation Ltd CH n/a ­(management vehicle)

Logitech International 28.10.2008 SightSpeed Inc US CH n/a n/a 30 SA

The Nielsen Company 11.11.2008 AGBNielsen Media Research CH NL, US WPP Plc UK n/a (formerly VNU NV)

Major deals 2009

The Sport Entertainment Media 01.01.2009 UK Kentaro AG CH n/a n/a n/a Group Limited

09.01.2009 Acttechnico US Elma Electronic AG CH n/a n/a n/a

Mch Messe Schweiz 14.01.2009 Rufener Events Ltd. CH CH n/a n/a n/a (holding) AG

Peter Grogg (private 16.01.2009 Sunstar Holding AG CH CH Fritz Buser (private Investor) CH 29 Investor)

Siemens AG (professional Speech 26.01.2009 DE Svox AG CH Siemens AG DE n/a Processing Unit)

Alain Dumenil (private 03.02.2009 Agefi Groupe SA CH FR Genolier Swiss Medical Network SA CH 9 Investor)

Premiumcommunica- 27.02.2009 Pro Fiducia Treuhand AG CH CH n/a n/a n/a tions Holding AG

03.03.2009 Presse Publications Sr SA CH Tamedia AG CH Edipresse Publications SA CH 191

Neue Zuercher Zeitung Swiss Postneue Zuercher Zeitung 09.02.2009 CH A.g Swiss Post Tamedia CH n/a n/a n/a AG Tamedia AG Joint Venture AG

Earlybird Venture Capital Gmbh Co 13.02.2009 Purple Labs SA FR Esmertec AG CH Kg Partners Group Holding Sofinnova CH 100 Partners

25.02.2009 Neonseven SpA IT U-blox AG CH n/a n/a 12

Attensity Empolis 15.03.2009 Empolis GmbH DE CH Bertelsmann AG DE n/a ­Europe Holding AG

17.03.2009 Vogt-schild Holding AG CH Az Medien AG CH Gottlieb Und Hans Vogt-stiftung CH n/a

23.03.2009 Ericsson Ab (tems Business Unit) SE Ascom Holding AG CH Ericsson AB; STMicroelectronics NV SE 169

Nxp Semiconductors Netherlands Bv 30.03.2009 Geotate Bv Nl U-blox AG CH Nl 7 Road Group

Carlo Gavazzi Computing System Industrie Elect- 31.03.2009 US AT Carlo Gavazzi Holding AG CH 8 Solutions Inc ronic AG

Source: mergermarket and KPMG research 40 M&A Yearbook

Other Industries

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

08.01.2008 Central Plastics Company US Georg Fischer AG CH n/a n/a 94

Sika AG (Formerly Sika 09.01.2008 Tricosal GmbH & Co. KG DE CH n/a n/a n/a Finanz AG)

Desco Asia Pacific Holding Ltd; 11.01.2008 CH DKSH Management Ltd CH Desco von Schulthess Holding AG CH n/a Desco Raw Materials Holding Ltd.

AFG Arbonia-Forster 15.01.2008 Slovaktual spol s r. o. SK CH n/a n/a 43 Holding AG

Halter Bauunternehmung 15.01.2008 CH Anliker AG CH Halter Bauunternehmung AG CH n/a ­(Construction division)

Chantal Gadola (Private 17.01.2008 BNS Group AG CH CH Stefan Buess (Private Investor) CH n/a Investor)

24.01.2008 Mertz Conteneurs; Mertz SA FR Argos Soditic V CH IGF Capital Retournement FR n/a

Novex Trading (Swiss) S.A.; 25.01.2008 CH Novolipetsk Steel RU United Steel Group, LLC US 77 Novexco (Cyprus) Limited

Rainer Marc Frey (private Carolina Mueller-Moehl investor); Societe Fon- 29.01.2008 DKSH Group CH CH, FR (Private Investor); CH 236 ciere, Financiere, et de Christophe R. Gautier (Private investor) Participations

01.02.2008 Mashala Resources ZA Cargill Coal CH n/a n/a n/a

Swiss International Air 08.02.2008 Edelweiss Air AG CH CH Kuoni Travel Holding Limited CH n/a Lines Ltd

Clessidra Capital 11.02.2008 Global Wood Holding SA CH IT n/a n/a n/a Partners

18.02.2008 Huaxin Cement Co., Ltd. CN Holchin BV CH n/a n/a 283

BASF SE (Formely BASF AG); Rail4chem Eisenbahnverkehrsge- Bertschi AG; 20.02.2008 DE Veolia Cargo France FR DE, CH n/a sellschaft mbH Hoyer GmbH International ­Fachspedition; VTG AG

Beiersdorf AG (Logistics operations Kuehne + NAGel 25.02.2008 DE CH Beiersdorf AG DE n/a and warehouse in Hamburg) ­International AG

Groupe Baumgartner Holding SA Behr Bircher Cellpack 01.03.2008 (formerly Baumgartner Papiers CH CH Groupe Baumgartner Holding SA CH 58 Group Holding SA)

02.03.2008 Privatair Inc US Gama Holdings Ltd UK PrivatAir Group Ltd CH n/a

LLC Glavstroy 25.03.2008 Fahrni Fassadensysteme AG CH RU RWD Group CH n/a ­Corporation

Source: mergermarket and KPMG research M&A Yearbook 41

Other Industries (continued)

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

Petit-Couronne refinery; 01.04.2008 FR Petroplus Holdings AG CH Royal Dutch Shell plc UK, NL 785 Reichstett refinery

DEFI Gestion SA; Indufin 08.04.2008 Belgo Metal NV BE CH, BE Permasteelisa SpA IT 24 S.A.; Kyotec Group SA

Central Illinois Energy Cooperative 24.04.2008 US Credit Suisse Group (CS) CH Central Illinois Energy Cooperative Inc US 75 Inc (Ethanol Production Plant)

Energem Resources Inc (Nigeria Energem Resources Inc. (formely 01.05.2008 NG Glencore Finance AG CH UK, ZA 32 Facility) DiamondWorks Ltd.)

SGS SA [formerly SGS 05.05.2008 Horizon Energy Partners BV NL Societe Generale de CH Australian listed mining company NL n/a ­Surveillance Holding SA]

Air Berlin & Co Luftverkehrs KG; SCK SCK DUS GmbH& Co KG Dues- Gate Gourmet 06.05.2008 DE CH, US Sky Catering Kitchen GmbH Bordver- DE n/a seldorf ­Switzerland GmbH pflegung & Co Service KG Ulm

Green Plains Renewable 07.05.2008 VBV LLC US US NTR plc; Wilon Holdings SA IE, CH 111 Energy Inc

08.05.2008 Bockelwitz wind farm DE BKW FMB Energie AG CH Bockelwitz wind farm shareholders DE n/a

StrabAG SE (formerly 08.05.2008 StraBAG Group CH AT StrabAG Group CH n/a Bauholding StrabAG SE)

Edimpresa Editora Lda; Office 14.05.2008 Share - Gestao de Imoveis e Servi- PT Impresa SGPS SA PT Edipresse Publications SA CH n/a cos, Lda

29.05.2008 Privera Group CH Bugena SA CH Implenia AG CH 26

Technische Services Gersthofen 29.05.2008 DE MCE AG AT Clariant AG CH n/a GmbH

Dansk Landbrugs Grovvareselskab 03.06.2008 Dankalk A/S DK Omya AG CH DK n/a a.m.b.a. (DLG)

BKW FMB Energie AG (BKW) Swiss Federal Railways 17.06.2008 (Wimmis rail power production and CH CH BKW FMB Energie AG (BKW) CH 14 (SBB) supply systems)

19.06.2008 Accor SA (49 hotels) FR Oteli Europe CH Accor SA FR n/a

01.07.2008 Swissstarfenster AG CH Biberbau AG CH Swissstarfenster AG CH n/a

IP Holding AG 05.07.2008 IP Holding AG CH CH Fred Gyger CH n/a ­(ManAGement Vehicle)

Glencore International 17.07.2008 Sperafico AGroindustrial BR CH Sperafico AGroindustrial BR n/a AG

17.07.2008 Spreetal power plant DE Atel Holding AG CH Sustec Schwarze Pumpe GmbH DE n/a

28.07.2008 Bonar Floors Limited UK Forbo Holding AG CH Low & Bonar Plc UK 245

Phoenix Dichtungstechnik GmbH GermanCapital GmbH; 30.07.2008 DE CH, US ContiTech AG DE n/a (PDT) Morgan Stanley

Transco Sud Internatio- Transco Sud Internationale Trans- 30.07.2008 CH nale Transporte Gmbh CH Helmut Bruttel (private investor) CH n/a porte GmbH (MBO Vehicle)

07.08.2008 M & A Rinnovabili S.r.l. IT Atel Holding AG CH Moncada Energy s.r.l IT 245

Source: mergermarket and KPMG research 42 M&A Yearbook

Other Industries (continued)

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

ABB Limited (Highways Lighting 11.08.2008 Business); Lighting for Staffordshire CH, UK E.ON UK Plc UK ABB Limited CH 10 Holdings Limited

IRIS Integrated Risk ManAGement 26.08.2008 CH FRS Global BE IRIS shareholders CH 40 AG

Goldwave Capiltal 01.09.2008 PT Darma Henwa Tbk ID UK Zurich Assets International Ltd CH 94 Limited

FE Zukunftsenergien AG (Fox CompAGnie Nationale 04.09.2008 FR FR FE Zukunftsenergien AG CH 272 ­Portfolio of Wind Power Assets) du Rhone (CNR)

15.09.2008 Bulk Mines & Minerals SL CH Cementia Trading AG CH Grupo ICA ES n/a

KG EOS Holding 23.09.2008 Inkasso Arena AG CH DE n/a n/a n/a GmbH & Co

23.09.2008 Localnet AG CH BKW FMB Energie AG CH n/a n/a 36

British Israel Investment Aktive Investment Anstalt; 26.09.2008 Tamares Real Estate Israel Ltd IL IL CH 68 Ltd Tamares Group

Societe electrique Romande Energie 07.10.2008 CH CH Vevey-Montreux CH 35 Vevey-Montreux SA Holding SA

Worldwide Premier Panalpina World Transport Nigeria Panalpina World Transport 08.10.2008 NG Logistics and Solutions NG CH n/a Limited (Holding) Ltd. Nigeria limited

Emerald Technology Oceanlinx Limited Ventures AG; Espirito CA, CH, 08.10.2008 AU n/a n/a 11 (undisclosed stake) Santo Ventures; New PT Energy Fund

Audit Control & Expertise Global Financial Technologies 15.10.2008 CH IN n/a n/a 23 Limited (ACE) (India) Ltd

Dieter Buehrle (private 17.10.2008 Altenrhein Realco AG CH CH Strikwerda Investments B.V. NL n/a investor)

Kuehne + NAGel 20.10.2008 Alloin Group FR CH 3i Group Plc UK n/a ­International AG

24.10.2008 StradeBlu SRL IT Lozali SA CH 21 Investimenti SpA IT n/a

28.10.2008 Arawak Energy Limited UK Rosco S.A. CH Arawak Energy Limted n/a 75

30.10.2008 Kardex Systems Inc. US Kardex AG CH Kardex Systems Inc. US n/a

04.11.2008 Datavance Informatique SAS FR Adecco SA CH Financiere RDM FR n/a

Technical Engineering Service 06.11.2008 KR SGS SA CH n/a n/a 9 Corporation (Tesco) Co Ltd

Mayr Melnhof Holz Franz Stallinger (Private Investor); Leo- 14.11.2008 Stallinger Swiss Timber AG CH AT AT n/a Holding AG pold Stallinger (Private Investor)

21.11.2008 BNS Group AG CH TelAG Company AG CH Chantal Gadola (Private Investor) CH n/a

Bavaria 03.12.2008 Hunsfos Fabrikker AS NO DE Cham Paper Group Inc CH n/a Industriekapital AG

19.12.2008 Fabian Romania Limited RO Rompetrol Holding SA CH, RO n/a n/a 34

Atel Holding AG EOS Holding SA (activities and 19.12.2008 CH ­(Formerly Motor- CH n/a n/a 3055 assets) ­Columbus AG)

Source: mergermarket and KPMG research M&A Yearbook 43

Other Industries (continued)

Deal Announced Target Bidder Seller Seller Target Bidder value date country country country (USDm)

UBS AG (AGricultural business); 22.12.2008 CA JPMorgan US UBS AG CH n/a UBS Commodities Canada Ltd

PT Bumi Resources 30.12.2008 Zurich Assets International Ltd CH ID Goodrich ManAGement Corporation US 76 Investment

Major deals 2009

Welcome Air Luftfahrtgesellschaft 12.01.2009 AT Lions Air Group AG CH Jakob Ringler (private Investor) AT n/a M.b.h.

19.01.2009 Sts Sauter Training Simulation SA CH Demos FR n/a n/a n/a

23.01.2009 Tivona Promotion AG CH Jelmoli Holding AG CH n/a n/a 83

23.01.2009 Athris Holding AG CH Jelmoli (shareholders) CH Jelmoli Holding AG CH n/a

Glencore International AG Xstrata Coal South 29.01.2009 CO CH Glencore International AG CH 2,000 (prodeco Business In Colombia) America Ltd

Heidrick Struggles Matthew Tebeau (private Investor) Rb 03.02.2009 Ray Berndtson Polska Sp Zoo PL PL CH n/a Sp Zoo Poland And Russia ManAGement AG

Kuehne + Nagel 09.03.2009 J. Martens AS NO CH n/a n/a n/a ­International AG

Elberta Trading Ltd Sharbot Holdings 09.02.2009 Isopor RO Swisspor AG CH CY 7 Ltd Shelby Holding Ltd

18.03.2009 Hammer Retex AG CH Seewarte Holding AG CH Industrieholding Cham AG CH 121

Atel Installations­- 27.03.2009 Rossetto Impianti SpA IT CH n/a n/a n/a technik AG

Source: mergermarket and KPMG research 44 M&A Yearbook

Contacts

Stuart Robertson Peter Uebelhart Member of the Executive Committee M&A Tax Badenerstrasse 172 Badenerstrasse 172 P.O. Box P.O. Box 8026 Zurich 8026 Zurich Telephone +41 44 249 33 45 Telephone +41 44 249 26 79 Telefax +41 44 249 21 21 Telefax +41 44 249 27 54 [email protected] [email protected]

Bryan DeBlanc Daniel Lengauer Growth through M&A Legal Badenerstrasse 172 Badenerstrasse 172 P.O. Box P.O. Box 8026 Zurich 8026 Zurich Telephone +41 44 249 26 07 Telephone +41 44 249 23 89 Telefax +41 44 249 21 21 Telefax +41 44 249 23 36 [email protected] [email protected]

Patrik Kerler Stefan Pfister Corporate Finance Real Estate Badenerstrasse 172 Badenerstrasse 172 P.O. Box P.O. Box 8026 Zurich 8026 Zurich Telephone +41 44 249 33 20 Telephone +41 44 249 26 67 Telefax +41 44 249 27 70 Telefax +41 44 249 23 87 [email protected] [email protected]

Tobias Valk James Carter Transaction Services Suisse romande Badenerstrasse 172 Chemin De-Normandie 14 P.O. Box P.O. Box 449 8026 Zurich 1211 Geneva 12 Telephone +41 44 249 33 29 Telephone +41 22 704 15 48 Telefax +41 44 249 21 21 Telefax +41 22 347 73 13 [email protected] [email protected]

M&A Yearbook KPMG’s overview of mergers and acquisitions in Switzerland in 2008 and Q1 2009 Edition 01/2009 Order No: E-KP044-G7 [email protected] kpmg.ch

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