The Brief mergermarket’s Weekly Private Equity Round-Up

25 September 2009 | Issue 31

Editorial 1 The Noticeboard 2 Private Equity Opportunities 3 Deals of the Week 9 Pipeline 19 Statistics 24 League & Activity Tables 27 Top Deals 36 Investor Profile: 3i Group Plc 39 Notes & Contacts 42

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

After a wave significant deal making from global The largest deal of the week outside of the United States private equity houses in recent weeks, activity was was an emerging market play where a consortium comparatively subdued over the last seven days with 16 of investors, including JP Morgan, sold a 24.96% transactions worth a collective US$1.79bn coming to the stake in Empresa Distribuidora Electrica Regional, the market. Tellingly, these figures are way down on the H2 listed Argentina-based power holding company, to 2009 weekly volume and value averages which currently AEI Utilities, the Spain-based subsidiary of AEI. Other stand at 28 and US$2.15bn respectively. parties on the sell-side included private investment firm CoInvest Argentina as well as utility firm GPU Argentina. However, the last week did witness one large-cap Meanwhile, the European market witnessed just two transaction with Sol Private Corp, a newco formed deals worth US$74m this past week although the current and indirectly wholly owned by Harbinger Capital air of cautious optimism sweeping the asset class should Partners, moving to acquire a 51% stake in SkyTerra prove this lull in activity to be little more than a minor Communications, the US-based developer and supplier blip. of mobile satellite communication services, for a consideration of US$1.21bn. The offer price represents By Tom Coughlan, Remark a significant premium of 47.06% over the firms’ shares closing price one day prior to the announcement.

The SkyTerra deal currently stands as the second largest private equity related transaction in the TMT sector so far this year, only surpassed by the US$2.03bn buyout of a 65% stake in Skype Technologies from eBay by a consortium of investors led by Silver Lake Partners. Notably, this deal also involved a US-based target and was announced just over three weeks ago, indicating that the asset class, at least on the buy-side, recognises significant upside potential in the space, especially while valuations remain depressed and a number of larger corporations move to rationalise their business and divest of non-core assets. The Noticeboard

People moves

Date Title Story snapshot Source

23-Sep-09 Oak Hill Capital New York-based debt investor Oak Hill Advisors, which closed its new credit-focused www.privateequityonline.com hires European fund on US$1.1bn last week, has appointed Alexandra Jung as co-head of European co-head operations, which is headed by Richard Munn. Jung was previously managing director at US-based Grey Wolf Capital, where she oversaw European distressed debt and credit investments.

23-Sep-09 Carlyle names The Carlyle Group has appointed Gregory L. Summe to the newly created position of www.carlyle.com global buyout Vice Chairman of Global Buyout. Summe was previously a Senior Adviser at Goldman head Sachs Capital Partners and CEO of PerkinElmer, Inc. He is also a Director of Automatic Data Processing Inc. (ADP) and the Lead Director of the State Street Corporation (STT).

23-Sep-09 Saigon Asset Vietnam-based asset manager Saigon Asset Management (SAM) has appointed Hoang www.saigonam.com Manager appoints Nguyen as CIO. Nguyen was previously an investment manager at Zurich Financial CIO Services (ZFS). Hoang was also portfolio manager for UBS in Zurich, Luxembourg and New York, where he oversaw a portfolio of private weath clients worth over US$500m.

22-Sep-09 KKR hires veteran New York-based private equity firm Kohlberg Kravis Roberts & Co. (KKR) has appointed www.kkr.com mezzanine debt Lee Stern as a director of the firm's mezzanine investment activity. Stern previously investor served as managing director at GSO Capital Partners, where he focused on originating private debt and equity investments. Lee is also one of the founding partners of Thomas Weisel Partners.

21-Sep-09 Silverfleet adds to Silverfleet Capital, the European mid-market private equity firm, has announced that www.silverfleetcapital.com Paris investment Frédéric Chiche will join its Paris-based investment team as an executive focused on team the firm's mid-market buyout activity in France. Chiche previously served as a senior associate in the London office of US-based private equity firm Providence Equity Partners.

New funds

Date Title Story snapshot Source

24-Sep-09 Vietnam Pioneer Vietnam Pioneer Partners is targeting US$100m for its first fund, Vietnam Pioneer www.privateequityonline.com Partners launches Fund, which will receive a cornerstone investment worth 20% of funds raised from the debut fund International Finance Corporation (IFC). The fund will target a variety of sectors with a focus on consumer companies, and it will also work toward developing the business culture of Vietnam.

22-Sep-09 European Apollo Apollo Global Management has raised nearly US$980m toward its US$2bn target for www.privateequityonline.com fund raises nearly Apollo European Principal Finance Fund (EPF). EPF received US$315m in commitments US$1bn from its affiliate Apollo Alternative Assets (AAA) as well as commitments from several US pension funds. EPF is focused on non-performing loans and has already made ten investments in Europe.

2 The Brief: 25 September 2009 | Issue 31 Private Equity Opportunities - Asia-Pacific

Farmax Retail (India) could sell minority stake to fund organic expansion, director says

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

22-Sep-09 12 US$ Potential Consumer: Other Farmax Retail (India) India Confirmed deal value

Farmax Retail (India), a listed Indian consumer goods manufacturer, could sell a minority stake for INR600m (US$12m) to fund organic expansion, director Prasanth Reddy said. It is willing to hear from potential advisors and financial investors, he added. Revenues for the year ending March 2009 were INR370m (US$7.4m) with FY09/10 projections at INR750m (US$15m). The company is on target to achieve INR300m in the first half of this year. It has a net debt position of INR160m. Union Bank valued Farmax at INR1.2bn (US$24m) six months ago, when it was assessing a term loan. The assets were valued at government rates, and Farmax expects assets to be valued at market prices for the current deal. Around 98% of the company is owned by seven founding shareholders, and the remaining 2% stake is held by the public. Proceeds would be used to fund capex – forecast at INR1.2bn (US$24m) up until March 2011. Capex would be used to finance advertising campaigns, to set up branches, introduce new products, and to increase the capacity of the company's vermicelli manufacturing unit, he said. Farmax Retail has 100 employees across four manufacturing plants in Hyderabad that manufacture coconut oil, soaps, toothpaste, vermicelli and mosquito coil. Its products are sold under the brands "Today", "Astra" and "Du". Its product portfolio is expected to increase to 11 from the current eight by March 2011.

Kumho Asiana searching for a potential buyer of Kumho Rent-a-car, sources say

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

24-Sep-09 829 US$ Estimated Financial Services, Asiana Airlines Inc, Lotte South Korea Strong evidence total asset of Industrial products and Group, SK Networks the division services, Services (other), Company Ltd, Kumho Transportation Industrial Company Ltd, Korea Express Co Ltd, Kumho Asiana Group, Hertz Global Holdings Inc, Kumho Rent-a-car, Samsung Card Co., Ltd.

Kumho Asiana, the South Korean conglomerate, is searching for a buyer for the non-listed Korean rental car company, Kumho Rent-a-Car, as a part of a fund- raising process to increase the group’s liquidity, two sources following the situation said. Korea Development Bank is advising the seller, the sources said. Kumho Asiana and its subsidiaries such as Kumho Industrial/Asiana Airlines are required to pay around KRW3-4trn (US$2.5-3.3bn) for financial investors to meet the covenant due on 15 December 2009, a legacy of its acquisition of Daewoo Engineering & Construction in 2006. If the share price of Daewoo E&C does not reach KRW31,500 by 15 December, the financial investors could ask Kumho to buy their holding stake at the price. Shares of Daewoo E&C closed at KRW14,500 on Thursday. The sale of Kumho Rent-a –Car is likely to attract multiple strategic and financial investors as it is the largest rental car service company in Korea, the sources said. The strategic partner of Kumho Rent-a-Car Hertz, could be a potential bidder, as could SK Networks, Samsung Card, and Lotte Group and other auto lease companies, one source suggested. The annual sales revenues of Kumho Rent-a-Car are estimated KRW300-400bn, and the transaction value estimated approximately as KRW250-300bn, he added. The second source said the potential sale valuation range could be depend on the views of of the different investor and would likely be the critical issue in the deal. He declined to comment on the estimated transaction value. An insider at Samsung Card said it is engaged in the rental/lease car business, considered to be profitable business for them. However, he was unaware of the acquisition needs of existing rental car companies at the moment. According to a spokesperson at Kumho Asiana, the group has no official position as yet regarding the potential sale of Kumho Rent-a-Car. Korea Express, the listed Korean transportation company under Kumho Asiana Group's umbrella previously announced it would spin off its subsidiary Kumho Rent a-Car along with its rental car operation in order to focus on the logistics business. Kumho Asiana is keen on divesting assets such as Daewoo Engineering & Construction, Kumho Life Insurance, Seoul Express Bus Terminal to raise KRW 4trn this year, the spokesperson reiterated. The settlement date could be extended six months from the due date, the spokesperson said. Korea Development Bank declined to comment.

3 The Brief: 25 September 2009 | Issue 31 Private Equity Opportunities - Asia-Pacific

Green World City plans to raise US$500m from funds or investors this year, CEO says

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

17-Sep-09 500 US$ Capital Energy, Financial Green World City Australia, Confirmed required Services, Government, Organisation China, Other, Real Estate, Malaysia, Utilities (other) Philippines

Green World City Organization (GWC), a green urban developer, is looking to raise US$500m in capital this year, said CEO Sein-Way Tan.The company, with a project allocation of 60% in Asia (ex-Australia), is looking to attract government funds, REIT developers, private investors and private equity funds. Tan would be prepared to discuss selling up to 50% in project equity if need be.The US$500m will be used as working capital to finance GWC’s ongoing projects in China’s second-tier cities. “There will be 500 million Chinese people moving to urban areas in the next 15-20 years, we recognize this,” continued Tan, adding that GWC is always searching for new economically sustainable projects in China. GWC does not involve itself in projects below US$100m in size, according to Tan. It has been approached by PE funds, but has no interest in a sale - despite having “thought about it many times”. Tan is the single largest shareholder with 50% shareholding. GWC's attraction for investors would be its very early-stage involvement in urban development, and its ability to assess where the increase in land value lies before the project developers begin the architectural and urban planning. "We are at the forefront of creating land value," Tan said. With US$10bn worth of projects worldwide, more than US$5bn of this will be committed to the development of urban projects in China, with a focus on second- tier cities located in the eastern and central regions. With the Chinese population migrating to cities, the country's central government is very supportive of local green initiatives in main cities, explained Tan. Australia-based Focus Capital - founded by Tan - is the second largest shareholder with a 25-30% stake. Focus Capital provides property information, consultation and joint-venture opportunities to experienced institutional investors. GWS with headquarters in Sydney, works closely with governments, city councils and urban developers to create greener. GWS addresses the issues of climate change, environmental pollution and rapid global urbanisation, and is endorsed by the United Nations. The company has projects in Abu Dhabi, Australia, Indonesia, Malaysia and The Philippines to name a few.

Cedar Electronics Technology raised CNY30m from equity investor; second round of fundraising to start 2H10, source says

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

23-Sep-09 10 US$ Potential Industrial: Electronics Changchun Cedar Electronics China Strong evidence deal size Technology Co. Ltd

Cedar Electronics Technology [XI Da Dian Zi Ji Shu], a privately owned, Chinese researcher and manufacturer of LED screens, has raised CNY30m by selling a minority stake, a company source said. Changchun-based Cedar plans to raise CNY70m (US$10m) in the second half of 2010, also through the sale of a minority stake. Cedar has not appointed a financial advisor for the matter and is willing to hire one. The source said Cedar raised the CNY30m from a domestic private equity investor around two months ago to upgrade its products. The second round next year will also involve a private equity investor. “We would use a similar method to the first round.” The source said that Cedar’s original plan was to conduct the second fundraising in early 2010 to enlarge its manufacturing capacity. But demand has dropped due to the economic crisis, so the company has postponed the plan accordingly, the source explained. Cedar claims to have the most advanced technology in China in outdoor LED display. The company has a strong research and development team and has acquired over 30 national patents for its products, the source said. Cedar expects to have total assets of CNY100m by the end of 2009.

4 The Brief: 25 September 2009 | Issue 31 Private Equity Opportunities - Europe

Sevastopolskiy Zavod Shampanskikh Vin could sell stake below controlling, source says

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

21-Sep-09 10 € Approximate Consumer: Other Authorities of Crimea Ukraine Strong evidence investment (Government of Crimea), needed Sevastopolskiy Zavod Shampanskikh Vin

Sevastopolskiy Zavod Shampanskikh Vin (Sevastopolskiy Vinzavod), a Ukrainian state-owned producer of sparkling wines located in Autonomous Republic of Crimea, may be privatised near term, according to a government source. The privatisation could take place by the end of the year, he said. A stake sale below controlling should be possible and the sale of a blocking stake to a financial investor was a good option, the source said. He could not put an exact value on the asset, but said the government may be looking to raise around US$10m for the development of the business. Sevastopolskiy Vinzavod was set up in 1936 and manufactures various champagne types of wines, both sweet and brut. The most well known brands of the plant are Sevastopolskoe Shampanskoe and Muskatnoe Shampanskoe. The plant consists of two production facilities, and underground storage facilities. Over 320 thousand deciliters of sparkling wine may be kept in the storage simultaneously.

ZAO PDK Apsheronsk would welcome a financial investor, CEO says

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

22-Sep-09 152 € Value of new Agriculture, Construction ZAO PDK Apsheronsk Russia, Confirmed project Ukraine

ZAO PDK Apsheronsk, a private wood processing company located in the Russian region of Krasnodar, is ready to discuss a stake sale with financial investors, said Albert Ashikaryan, chief executive officer. PDK Apsheronsk has started a large scale investment project, the construction of a new factory to produce medium-density fiberboard, he said. The total amount of funds to be invested within the next two years will amount to€ 152m. Ashikaryan said that a sale of a minimum 25% stake could be discussed, but the exact size would be subject to negotiations. PDK Apsheronsk, will use the wood resources of Krasnodar region to organize a complete production cycle of fibreboard of various sizes, from 30-40 millimeters thick. The production will follow all environmental requirements, and the project is being supported by the regional government. According to local press reports that used unspecified sources, PDK Apsheronsk was owned by Ukrainian Industrial Union of Donbass.

5 The Brief: 25 September 2009 | Issue 31 Private Equity Opportunities - Europe

marqt pursues stake sale to power expansion, CEO says

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

18-Sep-09 30 € Project Consumer: Foods Rabobank NV, Royal Ahold NV, Netherlands Confirmed revenue at Marqt Holding B.V., Quirijn target Bolle, Meike Beeren

marqt, the privately held Dutch food retailer, is pursuing a stake sale to stimulate expansion, according to CEO Quirijn Bolle said. The firm has been in talks with suitors, the CEO said, adding that “we’ve noticed there’s interest”. The retailer would sell an unspecified minority stake for a€ 3m-5m injection in the short term, Bolle said. marqt seeks to grow revenue to €30m in 18-24 months from the current €10m. It is to open three new branches in the Amsterdam region in 2010, each adding about 50 employees, including part-timers, to its current 150. Approaches by both financial and strategic players would be considered. Bolle said a private equity investor “would fit us somewhat better” but did not exclude the possibility of a combined deal with private equity and industrial suitors. Besides financing capabilities, a PE investor should have experience in food-related sectors or linked spaces such as real estate and logistics, Bolle said. A stake sale to a player from a food retail-related segment such as food service or catering would also be considered, he said. marqt offers an industrial buyer the opportunity to leverage its brand. Conversely, marqt would consider partnering with such an investor to enter linked segments such as catering. Bolle said no blueprints have been formulated for such a move but proposals by suitors would be discussed. marqt would consider giving an investor an informal or a formal role in management or strategy, Bolle said. The firm would consider mandating an external legal advisor to execute mergers and acquisitions, Bolle said, but would only be receptive to pitches by lawyers once a transaction is in the making. marqt retains a financial advisor. Rabobank has provided debt to the company. Bolle ruled out a stake sale to Amsterdam-listed supermarket group Ahold, where he was formerly employed as the Manhattan territory manager for US Foodservice. He said the marqt business model diverges from the more volume-driven modus operandi of traditional retailers, based on mass wholesaling of produce: “We want to maintain that distinction as clearly as possible. ”Earlier, industry sources said marqt offers locally acquisitive Ahold entry into the high-growth, high-margin market for biological and fair-trade food. Co-founder and merchandising manager Meike Beeren and Bolle hold a significant stake in the business. Bolle said several informal investors are also among the owners but declined to elaborate on the ownership structure. marqt seeks to have some 20 branches within five years against the present two. The business aims to establish a presence in major urban centres of the Western Netherlands, but is now focusing on the Amsterdam region to ensure proximity to producers. The business offers a range of foods with an emphasis on environment-friendly production methods. It also offers non-food products such as cutlery and cooking materials. marqt allows local producers such as farmers’ cooperatives to sell directly to consumers, while receiving an agreed percentage of their revenue. Bolle said the business model allows producers “to remain somewhat closer to the consumer.”marqt recently expanded its executive team with the appointment of Johan Westerbeek as chief operating officer.

PIC chooses BAC as financial adviser; private equity and mezzanine funds are welcomed as bidders, source says

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

23-Sep-09 112 € PIC's Consumer: Retail Balkan Advisory Company Romania Strong evidence turnover in (BAC), Penescu family, PIC 2008 (Romania)

PIC, Romania’s largest private chain of supermarkets, has mandated Balkan Advisory Company [BAC] to find buyers, said a source with knowledge of the situation. PIC is still on the market and open to approaches from private equity and mezzanine funds, said the source. The source said the chain, which is owned by the Penescu family, was not sold to Belgian retailer Delhaize as had been noted in a local media report in June. The source said the Penescu family was also considering sale and leaseback arrangements, which could cover some of the company’s outstanding debts, estimated at around €40m. Andrei Penescu, the son of Cornel Penescu, confirmed that the supermarket chain was for sale. Two sources at different private equity funds said PIC was on their radar. “PIC is all the more attractive as most of its outlets are located in the southern part of the country and therefore easy to manage,” said one of the sources. Last year, PIC generated a turnover of €112m, according to data provided by the Finance Ministry’s website.

6 The Brief: 25 September 2009 | Issue 31 Private Equity Opportunities - North America

PlastiComp mulling joint ventures, unit sales to fund growth, president says

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

17-Sep-09 25 US$ Revenue Chemicals and materials; PlastiComp, LLC USA Confirmed Consumer; Defense; Energy

PlastiComp, the Winona, Minnesota-based reinforced polymer composites company, will evaluate opportunities such as joint ventures or selling units in the next six months to a year, said Stephen Bowen, president and majority owner. The company generates approximately US$20m-US$25m in revenues and is internally funded via a tight investment pool, said Bowen. It would benefit from mezzanine funding or a larger investment pool to help with growth, he said. The company has not yet retained an investment bank to further explore its options, “but we know that time’s approaching,” he said. It has had informal talks with Young & Associates, he said, and works with a local corporate attorney who he did not name. The company is organized into four units in order to be partnership/investment friendly, meaning each could accept a partner/investor for growth that valued its specific operations. It is not actively seeking them out, but rather it has “positioned the company to better accept partners,” he said. The company manufactures pellets, has a direct in-line compounding unit, develops programs for companies and also does small volume molding. An equipment company could be interested in its in-line compounding unit; a global compounder in its pellet business; and a carbon fiber company could potentially be interested in its development leg, he said. Manufacturing pellets is currently its primary business. It serves the sports and leisure markets, as well as automotive and defense, making high performance material and lightweight components. The company has global licensing deals with five "significant" global partners in the chemicals and plastics businesses and is in a good position to grow, he said. It is profitable and on a fast expansion track in an industry also poised for growth given the increasing need for composites as an energy cost- savings solution, he said.

Design & Source looks for investor to strengthen distribution, owner says

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

18-Sep-09 15 US$ Company Consumer; Manufacturing Design & Source USA Confirmed turnover

Design & Source, the privately-held New York-based specialty paper and packaging company, is willing to explore a variety of options in connection with a sale of the company, owner Laura Tufariello said. “I own the company 100%, but am looking for an investor with expertise to strengthen distribution.” The company is at a point where it needs external investment to realize its full growth potential, and Tufariello personally would like to spend time on other ventures. The company, with current turnover of US$12m – US$15m, does not work with an adviser but is open to approaches to explore various options. It envisions a growth partner coming from either the US or Europe. To bring on board a purely financially driven investor is not Tufariello’s objective. It aims to reach US$20m – US$25m in revenue in the next couple of years. Design and Source has not received any outright sale offers to date, but is willing to explore avenues with private equity and strategic players who “understand the logistics and operation of paper,” she said. It produces a specialty paper called ‘terraskin’, a strong, non-rip, water resistant paper made from calcium carbonate collected from construction waste, which is turned into consumer bags and packaging. There might be some uses for terraskin in industrial applications, which have not yet been explored, it was noted. Some of the larger players in the space include listed Glen Allen, Virginia based MWV and Memphis, Tennessee’s International Paper, but Tufariello said manufacturers or distributors could be interesting fits too. “Clorox’s acquisition of Burt’s Bee is a good example," she said. The company employs 13 people in New York and 4 in China. It has received interest from potential clients in France, Denmark, Spain and the Middle East. “The volumes have decreased from existing clients but many new clients are fueling growth.” Clients include the MoMa Design Store, Sephora, Burt’s Bees and Teen Vogue among others.

7 The Brief: 25 September 2009 | Issue 31 Private Equity Opportunities - North America

Fast-Fix Jewelry Repair on private equity radar but plans for independent expansion, CEO says

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

21-Sep-09 56 US$ Revenue Consumer Fast-Fix Jewelry Canada; Confirmed United Kingdom; Ireland (Republic); USA

Fast-Fix Jewelry Repair, a franchisor of jewelry repair stores, is on the acquisition radar, but believes it can achieve its goals of expansion independently, said CEO Marvin Biltis. The Delray Beach, Florida-based company has been approached by would-be acquirers, particularly private equity firms, but has been able to manage growth internally, said Biltis. Fast-Fix, which generated US$56.5m in revenue last year, opens about 10 franchised stores every year and plans to continue at that rate, with plans to open its first store in London this year. The company last raised capital from outside investors in 1996, when Biltis and a partner acquired the company from its founder. Biltis explained that the cost of taking on debt has been cheaper than raising equity. Fast-Fix currently has 160 stores in the US, three in Canada, and three in Ireland. 65% of its stores are in-line stores and 35% are kiosks. Opportunities for new locations are more readily available in the down economy, Biltis noted. The company has looked at acquisitions as a way of expanding, he said, but not found one that made sense. Fast- Fix advertises nationally. Biltis’ past M&A experience includes serving as president of Farmer Jack Supermarkets when it was acquired by A&P.

Zarlink Semiconductor could sell minority stake or issue shares to finance acquisitions, source says

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

18-Sep-09 227 US$ 2008 turnover Computer: Zarlink Semiconductor Inc. Canada Strong evidence Semiconductors

Zarlink Semiconductor, the listed Canadian semiconductor company, could sell a minority stake or issue shares to finance acquisitions, a company source said. In 2007, Zarlink acquired Legerity, a developer and supplier of voice integrated circuits for carrier, enterprise and residential gateway equipment for US$134.5m. The source said that this was the first acquisition of many for Zarlink to become a complete communication platform. “There is a lot of M&A interest going on right now,” the source said. An alternative to outright acquisitions would be to buy a product line rather than a whole company. In many cases, it is better to acquire a product line, the source said, although there might be some opportunities to acquire struggling companies. Zarlink has US$15m in cash and is currently talking to private equity investors for the sale of a minority stake, which could be a way to finance acquisitions. The company could also “dilute the stock or issue more stock for an equity play,” the source said. As it is considering these options, Zarlink has not yet appointed a financial advisor, the source said. Zarlink reported a US$227m turnover for 2008.

8 The Brief: 25 September 2009 | Issue 31 Deals of the Week - Asia-Pacific

Deal one: Global Tender Barges Pte Ltd Deal two: Guangdong Yashili Group Co (90.00% stake) Ltd (17.30% stake)

Announced date 21-Sep-09 Announced date 20-Sep-09

Deal type IBO Deal type IBI

Deal value (US$m) 110 Deal value (US$m) 100

Target information Target information

Company Global Tender Barges Pte Ltd (90.00% stake) Company Guangdong Yashili Group Co Ltd (17.30% stake)

Description Singapore-based company which is the owner Description China-based foodstuff manufacturer and operator of tender rigs owned by Global Tender Barges ASA

Financial adviser NA Financial adviser NA

Legal adviser Wikborg Rein & Co Legal adviser NA

Bidder information Bidder information

Company PHM Holdco 10 BV Company The Carlyle Group LLC

Description Netherlands-based investment holding com- Description US-based private equity firm. pany of Pampalona Capital Management LP, the UK -based private equity firm and Alasdair Financial adviser NA Locke, the chairman of Abbot Group

Financial adviser NA Legal adviser NA

Legal adviser Pinsent Masons LLP

Seller information Seller information

Company Global Tender Barges ASA Company NA

Debt provider NA Debt provider NA

Equity provider Pamplona Capital Management LLP (100%) Equity provider The Carlyle Group LLC (100%)

Deal description Deal description

PHM Holdco 10 BV has agreed to acquire a 90% stake in Global Tender The Carlyle Group LLC has acquired 17.30% stake in Guangdong Yashili Barges Pte Ltd, from Global Tender Barges ASA Group Co Ltd

9 The Brief: 25 September 2009 | Issue 31 Deals of the Week - Asia-Pacific

Deal three: AIP Corporation (55.44% stake)

Announced date 17-Sep-09

Deal type IBI

Deal value (US$m) 7

Target information

Company AIP Corporation (55.44% stake)

Description Japan-based provider of online research panel

Financial adviser NA

Legal adviser NA

Bidder information

Company Mizuho Capital Partners Co Ltd

Description Japan-based private equity firm

Financial adviser NA

Legal adviser NA

Seller information

Company Macromill Inc

Debt provider NA

Equity provider Mizuho Capital Partners Co Ltd (100%)

Deal description

Mizuho Capital Partners Co Ltd has agreed to acquire a 55.44% stake in AIP Corporation

10 The Brief: 25 September 2009 | Issue 31 Deals of the Week - Europe

Deal one: Bristol International Airport Ltd Deal two: GTS Group SpA (72% stake) (35.50% stake)

Announced date 16-Sep-09 Announced date 17-Sep-09

Deal type IBI Deal type Exit

Deal value (€m) 144 Deal value (€m) 50

Target information Target information

Company Bristol International Airport Ltd (35.50% stake) Company GTS Group SpA (72% stake)

Description UK-based regional airport Description Italy-based manufacturer and distributor of cosmetic products Financial adviser NA

Legal adviser NA Financial adviser Global M&A

Legal adviser Not Available

Bidder information Bidder information

Company Ontario Teachers Pension Plan Company Alfa-Parf Srl

Description Canada-based pension plan Description Italy-based manufacturer of hair cosmetic products

Financial adviser NA Financial adviser Banca IMI/Intesa Sanpaolo

Legal adviser NA Legal adviser Studio Morese e Associati

Seller information Seller information

Company Macquarie Airports Limited Company Banca Euromobiliare SpA; S+R Investimenti e Gestioni SGR SpA; Sanpaolo IMI Private Equity SpA Debt provider NA

Equity provider Ontario Teachers Pension Plan Debt provider NA

Equity provider Sanpaolo IMI Private Equity SpA

Deal description Deal description

Ontario Teachers Pension Plan has agreed to acquire an additional 35.5% Alfa Parf Srl has acquired a 72% stake in GTS Group SpA from S+R stake in Bristol International Airport Ltd from Macquarie Airports Limited for Investimenti e Gestioni SGR SpA, Banca Euromobiliare Spa and Sanpaolo IMI a cash consideration of £128m. Private Equity SpA for an approximate consideration of between €50m and €60m.

11 The Brief: 25 September 2009 | Issue 31 Deals of the Week - Europe

Deal three: Baluba AB Deal four: Serviocio

Announced date 21-Sep-09 Announced date 16-Sep-09

Deal type MBO Deal type MBO

Deal value (€m) NA Deal value (€m) NA

Target information Target information

Company Baluba AB Company Serviocio

Description Sweden-based production company Description Spanish sports facilities management company

Financial adviser NA Financial adviser NA

Legal adviser Not Available Legal adviser Garrigues

Bidder information Bidder information

Company New Black Oy Company Atlas Capital Close Brothers

Description Finland-based television production company Description Spain-based investment bank and venture capital firm

Financial adviser NA

Legal adviser NA Financial adviser Internal

Legal adviser PricewaterhouseCoopers legal

Seller information Seller information

Company NA Company NA

Debt provider NA Debt provider NA

Equity provider CapMan Group, Management Vehicle Equity provider Close Brothers Group Plc, Management Vehicle

Deal description Deal description

Northern Alliance Group has acquired Baluba for an undisclosed The management of Serviocio has acquired the company in a management consideration. buy out transaction backed by Atlas Capital Close Brothers for an undisclosed consideration.

12 The Brief: 25 September 2009 | Issue 31 Deals of the Week - Europe

Deal five: Deltalab SL (49.90% stake)

Announced date 15-Sep-09

Deal type IBI

Deal value (€m) NA

Target information

Company Deltalab SL (49.90% stake)

Description Spain-based manufacturer of lab equipment for chemical, clinical, research and industrial laboratories

Financial adviser NA

Legal adviser Bufete Barrilero y Asociados

Bidder information

Company Talde Capital II FCR

Description Spain-based fund of Talde Group, the Spain- based venture capital firm

Financial adviser NA

Legal adviser NA

Seller information

Company Josep Saez (private investor)

Debt provider NA

Equity provider Talde Group

Deal description

Talde Group through its fund Talde Capital II, has acquired a 49.9% stake in Deltalab SL from Mr. Josep Saezfor for an undisclosed consideration.

13 The Brief: 25 September 2009 | Issue 31 Deals of the Week - North America

Deal one: SkyTerra Communications Inc. Deal two: Porex Corporation (51% stake)

Announced date 23-Sep-09 Announced date 18-Sep-09

Deal type IBI Deal type IBO

Deal value (US$m) 1,206 Deal value (US$m) 142

Target information Target information

Company SkyTerra Communications Inc. (51% stake) Company Porex Corporation

Description US-based developer and supplier of mobile Description US-based developer, manufacturer and distributor satellite communications services (MSS) of porous plastic products and components used in healthcare, industrial and consumer applications

Financial adviser Financial adviser Morgan Stanley Jefferies & Company

Legal adviser Skadden, Arps, Slate, Meagher & Flom Legal adviser Shearman & Sterling

Bidder information Bidder information

Company Sol Private Corp Company Aurora Capital Group

Description US-based new corporation formed and Description US-based private equity firm indirectly wholly-owned by Harbinger Capital Partners Master Fund I, Ltd and Harbinger Financial adviser Internal Capital Partners Special Situations Fund, L.P., the US-based funds, for the acquisition of a Legal adviser Epstein, Becker & Green; Gibson Dunn & Crutcher 51% stake in SkyTerra Communications Inc

Financial adviser UBS

Legal adviser Weil, Gotshal & Manges

Seller information Seller information

Company NA Company HLTH Corporation

Description NA Description US-based provider of health information services for consumers, physicians, healthcare professionals, em- ployers and health plans through its public and private Debt provider Harbinger Capital Partners online portals and health-focused publications Debt provider Aurora Capital Group Equity provider NA

Equity provider NA

Deal description Deal description

Sol Private Corp. has agreed to acquire a 51% stake in SkyTerra Aurora Capital Group has agreed to acquire Porex Corporation from HLTH Communications Inc. SkyTerra Communications Inc. will be delisted from the Corporation for a consideration of US$142m. Earlier HLTH Corp had Pink OTC Markets Inc. The transaction is expected to close in late 2009 or announced its intention to sell Porex. The acquisition, which is subject to early 2010. The transaction has been approved by the special committee as a waiting period under the Hart-Scott-Rodino Act and customary closing well as the full Board of Directors of SkyTerra. conditions is expected to close by the fourth quarter of 2009.

14 The Brief: 25 September 2009 | Issue 31 Deals of the Week - North America

Deal three: Empresa Distribuidora Electrica Deal four: Guangdong Yashili Group Co Regional SA (25.6% stake) Ltd (17.3% stake)

Announced date 22-Sep-09 Announced date 20-Sep-09

Deal type Exit Deal type IBI

Deal value (US$m) 121 Deal value (US$m) 100

Target information Target information

Company Empresa Distribuidora Electrica Regional SA Company Guangdong Yashili Group Co Ltd (17.3% stake) (25.6% stake) Description China-based foodstuff manufacturers which includes infant milk powder, infant rice cereal, milk powder, soybean milk powder, juice powder, cornmeal flakes Description Argentina-based power holding company that and preserved fruits generates and distributes electricity Financial adviser NA

Financial adviser NA Legal adviser NA

Legal adviser NA

Bidder information Bidder information

Company AEI Utilities SL Company The Carlyle Group LLC

Description US-based company and a subsidiary of AEI, Description US-based private equity firm the US-based owner and operator of energy infrastructure businesses operating in emerg- Financial adviser NA ing markets

Financial adviser NA Legal adviser NA

Legal adviser NA

Seller information Seller information

Company CoInvest Argentina S.A; GPU Argentina; J.P. Company NA Morgan Overseas Capital Corporation Description NA

Description Argentina-based private investment firm; Debt provider The Carlyle Group Argentina based electricity company; US-based provider of financial services Equity provider NA

Debt provider NA

Equity provider Not Applicable

Deal description Deal description

AEI Utilities SL (AEIU) has agreed to acquire a 25.6% stake in Empresa The Carlyle Group LLC has acquired 17.3% stake in Guangdong Yashili Distribuidora Electrica Regional SA (Emdersa) from CoInvest Argentina S.A, Group Co Ltd for a consideration of US$100m. Carlyle investment was made GPU Argentina, and JPMorgan. In total, AEI will own a 50.02% stake in through Carlyle Asia Partners. Post acquisition, Carlyle will greatly enhance Emdersa after the completion of this transaction. Guangdong Yashili’s management and operations by bringing international best practices, rigorous standards and strict quality control. Also, Carlyle will bring resources to further strengthen Yashili’s management expertise and enhance R&D capabilities.

15 The Brief: 25 September 2009 | Issue 31 Deals of the Week - North America

Deal five: Digeo Inc. Deal six: Sunac Group Holdings Ltd (35% stake)

Announced date 22-Sep-09 Announced date 23-Sep-09

Deal type Exit Deal type IBI

Deal value (US$m) 20 Deal value (US$m) Not Disclosed

Target information Target information

Company Digeo Inc. Company Sunac Group Holdings Ltd (35% stake)

Description US-based company developing home Description China-based company engaged in real estate and entertainment products management

Financial adviser Internal Financial adviser NA

Legal adviser Fenwick & West Legal adviser NA

Bidder information Bidder information

Company Arris Group Inc. Company Bain Capital LLC

Description US-based developer and supplier of cable Description US-based private equity firm telephony, video and high-speed data equip- ment for cable system operators and other Financial adviser NA broadband service providers

Financial adviser Internal Legal adviser NA

Legal adviser Troutman Sanders

Seller information Seller information

Company Vulcan Capital Company NA

Description NA Description US-based private equity firm

Debt provider Debt provider NA Bain Capital

Equity provider Not Applicable Equity provider NA

Deal description Deal description

Arris Group Inc has agreed to acquire Digeo Inc from Vulcan Capital for a Bain Capital LLC has acquired a 35% stake in Sunac Group Holdings Ltd cash consideration of US$20m. The acquisition of Digeo and EG Technology for an undisclosed consideration. Previously in December 2007, Lehman will provide Arris with technical expertise in video networking and Brothers Holdings acquired 35% stake in Sunac Group for US$200m. Sunac multimedia services delivery platform. Furthermore, the acquired companies Group intended to file for an initial public offering in Hong Kong, but had to will be combined with Arris’s internal development efforts as to accelerate put it off due to the bankruptcy of Lehman Brothers in September 2008. the development of next-generation IP-based consumer video products and services. This will in turn, help Company’s customers to cost-effectively integrate and distribute personalized multimedia content throughout the home. Completion of the transaction is subject to satisfaction of closing conditions and is expected to do in the fourth quarter of 2009.

16 The Brief: 25 September 2009 | Issue 31 Deals of the Week - North America

Deal seven: Capital Contractors Inc. Deal eight: Barrington Medical Imaging LLC; and Echoserve Inc.

Announced date 21-Sep-09 Announced date 21-Sep-09

Deal type MBO Deal type IBO

Deal value (US$m) Not disclosed Deal value (US$m) Not disclosed

Target information Target information

Company Capital Contractors Inc. Company Barrington Medical Imaging LLC; and Echoserve Inc.

Description US-based providers of commercial and office Description US-based provider of equipment, service and parts janitorial services sales and repair to hospitals, imaging center, clinics, service organizations and equipment dealers in the physiological monitoring and medical imaging markets, with a primary focus on the ultrasound Financial adviser David N. Deutsch & Company and mammography modalities; US-based provider of total imaging solutions, specializing in the sales, Legal adviser Moses & Singer service and support of refurbished computed tomography, magnetic resonance imaging, and PET/ CT systems.

Financial adviser NA

Legal adviser NA

Bidder information Bidder information

Company Palladium Equity Partners III LP Company Medical Imaging Holdings Inc.

Description US-based fund managed by Palladium Equity Description US-based holding company formed by Galen Part- Partners LLC, the US-based private equity firm ners, the US-based private equity firm, to execute a consolidation of high-potential, technology-enabled companies and assets in the medical imaging market Financial adviser Internal

Legal adviser Greenberg Traurig Financial adviser NA

Legal adviser Morgan Lewis & Bockius

Seller information Seller information

Company NA Company NA

Description NA Description NA

Debt provider Palladium Equity Partners; Management Debt provider Galen Partners Vehicle Equity provider NA

Equity provider Palladium Equity Partners III

Deal description Deal description

The management of Capital Contractors Inc has acquired the company in Medical Imaging Holdings Inc. has acquired Echoserve Inc and Barrington a management buyout transaction backed by Palladium Equity Partners III Medical Imaging LLC for an undisclosed consideration. Galen Partners led LP for an undisclosed consideration. The management team is led by Mr. the transaction and made a significant investment of growth capital into Dennis Kaplan, the President of CCI. This acquisition will enable CCI to Medical Imaging Holdings Inc. The transaction is in line with Galen Partners’ provide improved service offerings, expanded industry specializations and a strategy to create a nationwide, multi-modality platform for premium service continued focus on customer service. and comprehensive imaging solutions. The combined organization will provide imaging equipment to the medical imaging market, including field service, depot repair, parts and proprietary equipment sales, and the sales and installation of refurbished capital equipment. Barrington Medical Imaging and Echoserve will continue to conduct business under their existing names and maintain operations at their current facilities during the integration process. The new name for the combined company will be introduced later this year.

17 The Brief: 25 September 2009 | Issue 31 Deals of the Week - North America

Deal nine: Aricent Inc. (undisclosed stake) Deal ten: Vatterott Educational Centers Inc.

Announced date 18-Sep-09 Announced date 18-Sep-09

Deal type IBI Deal type SBO

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

Target information Target information

Company Aricent Inc. (undisclosed stake) Company Vatterott Educational Centers Inc.

Description US-based technology and services company Description US-based private career college offering a diversified focused on communications sector range of diploma programs, associate degrees, and bachelor degrees in advanced trade industries and computer technology

Financial adviser Deutsche Bank Financial adviser BMO Capital Markets

Legal adviser NA Legal adviser Paul, Weiss, Rifkind, Wharton & Garrison

Bidder information Bidder information

Company Canada Pension Plan Investment Board; Kohl- Company TA Associates Inc. berg Kravis Roberts & Co Description US-based private equity firm

Description Canada-based investment management firm; Financial adviser Internal US-based private equity firm Legal adviser Goodwin Procter

Financial adviser NA

Legal adviser NA

Seller information Seller information

Company Flextronics International Limited Company Wellspring Capital Management LLC

Description Singapore based provider of electronics manu- Description US-based middle market private equity firm facturing services (EMS) focused on delivering innovative design and manufacturing services Debt provider TA Associates Inc.; Management Vehicle to technology companies Equity provider NA

Debt provider Canada Pension Plan Investment Board; Kohlberg Kravis Roberts & Co

Equity provider NA

Deal description Deal description

Kohlberg Kravis Roberts & Co and Canada Pension Plan Investment The management of Vatterott Educational Centers Inc has acquired the Board have acquired an undisclosed stake in Aricent Inc from Flextronics company in a management buy-out transaction backed by TA Associates Inc International Limited for an undisclosed consideration. The acquisition will from Wellspring Capital Management LLC for an undisclosed consideration. allow Kohlberg Kravis Roberts to increase its stake to 79% in Aricent. The Vatterott has 22 campuses spread out in over nine states comprising of disposal is in line with Flextronics strategy to focus on its core assets. The over 7,500 students. The management team is led by Pam Bell, the CEO transaction will also allow Aricent to expand its customer base. of Vatterott Educational, and will continue to lead the Company under TA`s ownership. The transaction will help Vatterott to improve its quality of education and meet the ongoing increasing demands of training programs. The transaction is subject to certain regulatory approvals and customary closing conditions and is expected to be completed in the fourth quarter of 2009.

18 The Brief: 25 September 2009 | Issue 31 Pipeline - Asia-Pacific

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

700 China Food China JPMorgan Target NA Singapore Investment Corporation and Minzhong processor US private equity fund Olympus Capital are looking to sell China Minzhong, the Chinese food-processing firm.

19 The Brief: 25 September 2009 | Issue 31 Pipeline - Europe

Deal Target Target Target Financial Status Possible bidder company Comments value company description country adviser (€m)

4,000 Areva Energy France NA Takeover CVC, AXA Private Equity, Toshiba, General Electric and a T&D situation Schneider Electric, Alstom, consortium made up of Alstom and General Electrics, Siemens, Schneider, are still in the run to acquire Charterhouse, Apollo, the transmission and distribution unit of Avantha, China Investment Areva, the listed French nuclear power Corporation, Toshiba specialist. It was reported that three Corporation bidders handed over their offers on Friday evening and that Areva will decide in the coming days which companies can go to the second bidding round in October. Binding offers are expected by the end of October or early November and exclusive talks with one bidder are planned to start in November.

4,000 Phoenix Pharmaceu- Germany NA Takeover Alliance Boots, KKR Phoenix Pharmahandel, the Merckle ticals situation family-owned German drug retailer, is more likely to be listed than sold following this week’s €2.3bn capital increase for the Merckle-owned construction firm HeidelbergCement, a source familiar with the situation told mergermarket. The source said the much larger-than-expected demand for the HeidelbergCement issue had shown there was demand for new equity in the market.

2,600 Orangina Consumer France Rothschild, Auction Suntory Holdings Orangina will likely be sold to Japanese JPMorgan, drink group Suntory Holdings (Suntory) Citigroup, for around €2.6bn, according to two Blackstone sources familiar with the situation. Corporate Sponsors Blackstone and Lion Capital Advisory, announced the receipt of a binding offer RBS and for the France-based beverage group Nomura from Suntory earlier today. Acquisition multiples for Orangina have been touted at around 11x EBITDA, according to the sources. With LTM EBITDA of around €250m as of the end of July, this implies a sale price in the range of €2.625bn- €2.75bn.

750 Safilo Consumer Italy Intesa Takeover Luxottica, Marcolin Safilo is said to be working on a debt- Sanpaolo, situation for-equity swap to convert €195m of the Unicredit, company’s bond into shares. The news BNP Paribas comes after reports claimed that Safilo is a takeover candidate and has seen interest from private equity firms such as Investindustrial, although the company denied it had received any binding offers. Creditor banks are believed to favour the sale of assets.

600-700 National Transportation UK Morgan Takeover CVC Capital Partners, The Cosmen family has reportedly Express Stanley, situation FirstGroup, Stagecoach, committed to subscribing to a rights Merrill Lynch Deutsche Bahn, Keolis, NS issue at National Express if its and Greenhill Dutch Railways, Cosmen consortium bid for the transport company Family fails. The family has given a commitment in writing to take up a rights issue to raise £300m (€332m) or more, after National Express directors demanded that the family commit to subscribing to the cash call before giving permission for the consortium to begin due diligence. CVC Capital Partners is the Cosmen family’s consortium partner.

20 The Brief: 25 September 2009 | Issue 31 Pipeline - Europe

Deal Target Target Target Financial Status Possible bidder company Comments value company description country adviser (€m)

500 Springer Media Germany Goldman Auction Carlyle, Apax, Providence, Springer Science + Business Media, the Science + Sachs, UBS EQT, TPG German publisher, could cease to be Business controlled by its current owners Cinven Media and Candover, after they indicated willingness to give up control of the company, possibly even selling it in its entirety. It was previously reported that the private equity groups would allow a new investor to obtain a minority stake, up to a maximum 49%, in a deal which would bring Springer €500m.

396 SIA-SSB Technology Italy NA Auction Bridgepoint, Atos Origion Bridgepoint, the private equity fund, is slightly ahead in the race to acquire SIA- SSB, the Italian provider of IT solutions for the banking and financial sector. Bridgepoint appears to have a slight advantage with its €370m offer over that tabled by French computer group Atos Origin. The private equity group enjoys the support of Unicredit because it is offering to take over the company completely now, rather than in Atos' offer in which it would take a 51% stake and then aquire the remaining 49% in three-five years.

325 Just Reti- Financial UK Deutsche Takeover CVC Capital Partners, Two shareholders believe Just rement Services Bank situation Cinven, TPG, General Retirement’s board is poised to Atlantic, Permira (Avalon) recommend a firm offer from Permira at 76p per share. It is understood the private equity house has no plans to change the terms of its indicative offer, which was first tabled in late June. The shareholders said the lack of news about competing offers, the approaching bid deadline and the fact that Langholm, the 53% majority shareholder, wants to sell meant it looked increasingly likely the board would recommend the offer. Both shareholders asked not to be named, but said the offer, which values the company at £225m, was too low.

300 Survitec Defence UK Rothschild Auction Nordic Capital, Warburg Nordic Capital (Nordic), the Swedish Pincus, Advent venture capital company, could be about to make a bid for Survitec, the manufacturer of survival equipment, it was reported. Nordic has around SEK90bn (€8.88bn) in its funds at present.

99 Story Pharmaceu- UK Morgan Auction CBPE, LDC, Silverfleet, Story Martindale Pharmaceuticals, Martin- ticals Stanley AAC Capital and Exponent the UK--based methadone producer, dale has been put on the block by its listed Pharma- Ohio-based parent Cardinal Health, and ceuticals has attracted interest from a number of buyout groups. Morgan Stanley has been appointed as an adviser for the sale, which has an asking price of approximately £150m (€99m). Bidders still remaining in the race include CBPE, a former buyout unit of Close Brothers; LDC, the private equity unit of Lloyds Banking Group; as well as Silverfleet, Prudential's former buyout unit, AAC Capital and Exponent.

21 The Brief: 25 September 2009 | Issue 31 Pipeline - Europe

Deal Target Target Target Financial Status Possible bidder company Comments value company description country adviser (€m)

NA Tirrenia Transportation Italy UniCredit Privatization Clessidra, Moby Lines, The Italian government is expected Mediterranean Shipping to unveil its plan to privatise national Company (MSC), Grandi ferry operator Tirrenia by mid-October, Navi Veloci, Confitarma, sources following the situation told Gruppo Lauro, Nomura, mergermarket. A source close to the JPMorgan, Lazard and Italian Ministry of Transport said the Credit Suisse tender is now expected by mid- October with a view to concluding the whole process by the end of the year. Meanwhile, mergermarket has learnt that Efilog, the private equity firm, is considering teaming-up with other interested parties to take part in Tirrneia's privatisation. Efilog's managing director, Fabrizio Vettosi, said his fund would seek to team up with a shipping player and an infrastructure group, as a lot of money and expertise would be required to restructure the ailing company.

22 The Brief: 25 September 2009 | Issue 31 Pipeline - North America

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

2,000 Northrop Virginia based US Credit Suisse Auction The Carlyle Group According to recent reports, TASC, the Grum- consulting First Boston LLC; Blackstone Group advanced engineering and consulting man Corp division of (USA) Inc.; Holdings LLC; General operations division of Los Angeles- (advanced California Goldman Atlantic LLC; Science based aerospace/defense company enginee- based Sachs Applications International Northrop Grumman, is moving forward ring and Northrop Corporation; Providence with its auction process as interested consulting Grumman Equity Partners Inc.; parties conduct due diligence. Second operati- Welsh, Carson, Anderson round bids are due in the last week ons) & Stowe; ManTech of September. According to previous International Corporation; reports, sources claim global private CACI International Inc. equity firms The Carlyle Group and Blackstone Group Holdings are bidding separately for the division, while other private equity firms are placing joint bids. General Atlantic is one party thought to be heading a consortium, which is thought to include KKR. TASC has been reorganizing since early last year as it anticipates the passing of Levin-McCain Weapon Systems Acquisition Reform Act, which prevents defense firms from advising and supplying equipment to the government simultaneously, as TASC would be in strict violation of the bill. Previous reports estimated that the sale of TASC would be valued close to US$1bn and banks are reportedly eager to finance the sale.

60 McGraw- News US Evercore Auction Platinum Equity LLC; According to recent reports, Hill (Busi- magazine Partners Inc. ZelnickMedia Corporation; BusinessWeek, the business focused ness- division of Warburg Pincus; magazine owned by US-based McGraw- Week) McGraw-Hill Bloomberg LP Hill Companies, may not receive a bid from US-based Bloomberg LP, the financial news company, which was previously considered the leading bidder. BusinessWeek will reportedly have more than US$60m in losses, which is making it unappealing and hurting its sale prospects. It is speculated that BusinessWeek could either close down entirely or sell only its trademark and customer lists. Previous reports had identified US-based private equity firm Platinum Equity and Warburg Pincus as potential bidders in previous reports. Both Platinum Equity and Warburg Pincus reportedly met with the management team of BusinessWeek and were involved with management presentations providing financial data on the magazine.

5,000 CORUS Assets of US NA Auction Colony Capital LLC; Lone According to recent reports, the Banksha- Chicago- Star Funds; Starwood government-run auction of Chicago- res, Inc. based bank Capital Group Global, based Corus Bank is attracting US-based L.L.C.; iStar Financial, private equity firms. The Federal Deposit Inc.; Crescent Heights Of Insurance Corp (FDIC) has said a number America Inc.; Lubert-Adler of specialized investors are being offered Partners, L.P. the chance to purchase an equity stake in the bank. The FDIC turned down offers from Corus borrowers who wanted to acquire their loans and dispose of the entire portfolio. The FDIC is expected to provide funding for the deal and will take a stake of 60%.

23 The Brief: 25 September 2009 | Issue 31 Statistics - Asia and Pacific

Asia-Pacific Buyouts, Quarterly Asia-Pacific Exit Activity, Quarterly

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

60 10 4 4.4 20 Volume of Deals 11.2 Volume of Deals 50 3.8 8 40 3 15 6 30 2.5 2 10 5.1 4 4.1 20 1.8 3.5 1 1.3 5 Value of Deals (US$bn) 2 2.6 10 Value of Deals (US$bn)

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

Asia-Pacific Buyout Yearly Asia-Pacific Secondary Buyouts, Yearly Asia-Pacific Buyout Yearly Comparison by Deal Size Value (LHS) 400 7 20 400 > $501m Volume (RHS) > $501m 18 350 6 350 $251m - $500m 6.3 16 $251m - $500m

Volume of Deals 300 300 5 14 26 $101m - $250m 250 26 250 21 $101m - $250m 12 21 24 13 4 49 24 135 200 19 49 $15m - $100m 15 10 200 19 31 $15m - $100m 30 31 3 30 3.5 8 150 150 14 99 $5m - $14.9m 164 99 96 $5m - $14.9m 6 Volume of Deal s 216 87 96 2 2.3 Volume of Deal s 100 21 87 100 58 Value not disclosed 4 38 Value not disclosed Value of Deals (US$bn) 58 28 38 1 50 28 33 35 50 33 35 20 44 2 40 19 0.9 2022 44 34 198 22 40 34 0.3 0 18 0 0 0 2005 2006 2007 2008 2009 YTD 2005 2006 2007 2008 2009 YTD 2005 2006 2007 2008 2009 YTD

152.9 152.9 Rolling 12 Months Buyout Activity Business Services Rolling 12 Months Buyout Activity Financial Services

Industry Sector Breakdown by Volume Consumer Industry Sector Breakdown by Value Consumer

TMT Leisure 4% 2% 2%1% 5% 5% 19% Financial Services 6% Financial Services Industrials & Chemicals Rolling 12 Months Buyout Activity Business Services Rolling5% 12 Months Buyout Activity 44% Industry Sector Breakdown by Volume Consumer Industry Sector Breakdown by Value Consumer 6% Industrials & Chemicals TMT

TMT 6% Leisure 4% 2% 2%1% 5% Others 5% Energy 19% Financial Services Industrials & Chemicals 6% 5% 8% 16% 44% Pharma, Medical & Biotech TMT Business Services 6% Industrials & Chemicals 6% Others Energy Leisure 8% Others 8% 16% Pharma, Medical & Biotech Business Services

11% Leisure Energy 8% Others Pharma, Medical & Biotech

14% Energy Pharma, Medical & Biotech 11% Transportation 9% Real Estate 14% 9% Real Estate 11% Transportation 18% 11% 18%

Geographic Split of Buyouts by Volume Greater China Geographic Split of Buyouts by Value (China, HK, Taiwan, Macau) Geographic Split of Buyouts by Value Greater China Geographic Split of Buyouts by Volume Greater China India 2% 1% 4% 5% (China, HK, Taiwan, Macau) (China, HK, Taiwan, Macau) Greater China 4% 2% 12% India 4% (China, HK, Taiwan, Macau) 5% 1% Japan Japan 4% Japan 12% Japan 23% Australasia North Asia North Asia 23% Australasia 6% 6% (excl Greater China) (excl Greater China) North Asia North Asia Australasia (excl Greater China) (excl Greater China) 53% Australasia 17% 17% South East Asia 53% South East Asia South East Asia 14% South East Asia South Asia (excl India) India 14% South Asia (excl India) South Asia (excl India) India

19% 17% 23% South Asia (excl India)

19% 23% 17%

24 The Brief: 25 September 2009 | Issue 31 Statistics - Europe

European Buyouts, Quarterly European Exit Activity, Quarterly

Value (LHS) Value (LHS) 20 400 25 150 Volume (RHS) Volume (RHS) 19.7 350 125 20 Volume of Deals 15 300 Volume of Deals 100 250 20.3 15

10 200 75

150 10 50 5 100 Value of Deals ( € bn) 6.0 Value of Deals ( € bn) 5 4.9 5.3 25 4.9 50 3.1 3.0 2.9 1.4 0 0 0 0 Qtr 3 08 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 QTD Qtr 3 08 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 QTD

European Buyout Yearly European Secondary Buyouts, Yearly European Buyout Yearly ComparisonComparison by by Deal Deal Siz Sizee Value (LHS) 1400 75 400 1400 1300 > €501m 70 Volume (RHS) 97 110 > €501m 1300 97 110 70.0 350 1200 63 62 65 1200 63 62 105 251m - 500m 66.4 1100 68 115 € € 60 115 105 €251m - €500m

Volume of Deals 68 32 1100 58 300 3243 55 1000 58 1000 110 4378 900 110 296 78 €101m - €250m 50 60 301 296 €101m - €250m 250 900 60 301 45 800 48 800 4890 291 90 291 132 40 48.0 700 36 115 281 €15m - €100m 28 132 200 700 36 115 281 €15m - €100m 35 600 2854 272 114 600 54 272 128 30 114 150 500 208 128 €5m - €14.9m 500 208 5m - 14.9m 25 40 624 € € Volume of Deal s 400 17 89 40 620 624 Volume of Deal s 400 1762 89 544 20 124 620 100 300 62 466 544

Value of Deals ( € bn) Value not disclosed 15 20.7 300 162 124 466 Value not disclosed 200 162 346 244 200 33 346 10 50 244 100 33 5 100 125 224 2.2 0 125 224 0 0 0 2002 2003 2004 2005 2006 2007 2008 2009 YTD 2005 2006 2007 2008 2009 YTD 2002 2003 2004 2005 2006 2007 2008 2009 YTD

152.9 152.9

Rolling 12 Months Buyout Activity Industrials & ChemicalRollings 12 Months Buyout Activity Energy, Mining & Utilities

Industry Sector Breakdown by Volume Consumer Industry Sector Breakdown by Value Business Services

Business Services TMT 3% 3% 4% 1% 3% Rolling 12 Months Buyout Activity Industrials & Chemicals TMT Rolling8% 12 Months Buyout18% Activity Energy, Mining & Utilities Industrials & Chemicals 5% Industry Sector Breakdown by Volume Consumer Industry Sector Breakdown by Value Business Services 28% Pharma, Medical & Biotech Consumer 6% Business Services 8% TMT 1% 3% 3% 4% 3% TMT 8% 18% Industrials & Chemicals Transportation 5% Financial Services 28% Pharma, Medical & Biotech Consumer 7% 8% 6% Construction 9% 15% Pharma, Medical & Biotech Financial Services Transportation

7% Construction Leisure 9% 15% Pharma, Medical & Biotech Financial Services

Leisure Financial Services 12% Transportation Construction 12% Transportation 10% 10% Construction

15% 15% 19% 19% Energy, Mining & Utilities Energy, Mining & Utilities Leisure Leisure 14% 14% 12% 12% UK & Ireland UK & Ireland

Germanic Italy

Geographic Split of Buyouts by Volume Benelux Geographic Split of Buyouts by Value Iberia

Nordic Benelux 2% 3% 5% UK & Ireland 8% France UK & Ireland France 20% 8% 22% Germanic Italy Italy Germanic 9% Geographic Split of Buyouts by Volume Benelux Geographic Split of Buyouts by Value Iberia

10% Nordic Iberia Benelux Nordic 2% 3% 5% 8% France France 20% 8% 22% Central & Eastern Europe Central & Eastern Europe Italy Germanic 9% 12% 10% Iberia Other Nordic 12% 20% Other

Central & Eastern Europe Central & Eastern Europe 17% 12% Other 12% 20% Other

12% 17% 14% 12% 14% 12% 14% 12% 14%

25 The Brief: 25 September 2009 | Issue 31 Statistics - North America

North American Buyouts, Quarterly North American Exit Activity, Quarterly

Value (LHS) Value (LHS) 25 250 10 140 Volume (RHS) Volume (RHS) 9 120 20 200 8 Volume of Deals Volume of Deals 7 100 21.9 15 150 6 17.8 80 5 6.0 60 10 100 4 5.3 3 3.3 4.2 40 5 50 2 Value of Deals (US$bn) Value of Deals (US$bn) 2. 6 6.1 5.2 20 3.5 1 0 0 0 0 Qtr 3 08 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 QTD Qtr 3 08 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 QTD

North American Buyout Yearly North American Secondary Buyouts, Yearly North American Buyout Yearly Comparison by Deal Size Comparison by Deal Size Value (LHS) 1000 40 200 1000 > $501m Volume (RHS) 900 > $501m 38.4 180 900 121 35 121 112 800 60 $251m - $500m 33.8 160 800 112 $251m - $500m Volume of Deals 53 60 30 94 700 66 53 31.8 75 94 140 700 66 75 33 $101m - $250m 52 600 62 145 33 40 $101m - $250m 25 52 77 40 61 120 600 62 174 145 48 77 61 500 174 32 48 88 119 $15m - $100m 20 100 500 32 88 153 56 119 $15m - $100m 32 400 153 56 30 32 80 400 164 30 15 30 30 $5m - $14.9m 164 30 300 30 51 478 $5m - $14.9m Volume of Deal s 60 300 51 478 Volume of Deal s 22 37 404 413 19 10 20022 18 130 37 335 404 413 Value not disclosed 19 40 200 18 130 335 Value not disclosed

Value of Deals (US$bn) 78 27 219 61 78 5 100 21 27 219 61 162 7.3 115 20 100 21 82 162 115 1.0 082 0 0 0 2002 2003 2004 2005 2006 2007 2008 2009 YTD 2005 2006 2007 2008 2009 YTD 2002 2003 2004 2005 2006 2007 2008 2009 YTD

152.9 152.9

Rolling 12 Months Buyout Activity Industrials & ChemicalsRolling 12 Months Buyout Activity Financial Services

Industry Sector Breakdown by Volume Consumer Industry Sector Breakdown by Value Energy/Mining/Utilities

TMT TMT 4% 3% Industrials & Chemicals 2%2%1% Financial Services Rolling4% 12 Months Buyout Activity Rolling 122% Months Buyout Activity Industry Sector Breakdown by Volume Business Services 4% Consumer 5% Consumer Industry Sector Breakdown by Value Energy/Mining/Utilities 22% 9% TMT TMT 3% Financial Services Industrials & Chemicals 4% 2%2%1% 4% 2% 7% Business Services 4% Consumer 5% 22% Pharma/Medical/Biotech 9% Business Services Financial Services Industrials & Chemicals 10% 7% 48% Pharma/Medical/Biotech Energy/Mining/Utilities Business Services Pharma/Medical/Biotech 10% 7% 48% Energy/Mining/Utilities Pharma/Medical/Biotech 7% Transport Construction Transport Construction 11% 16% 16% 11% Construction Construction Leisure Leisure 16% 16% Leisure Real Estate 11% 16% Leisure Real Estate 11% 16%

26 The Brief: 25 September 2009 | Issue 31 League & Activity Tables - Asia-Pacific

Financial houses - ranked by value

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

1 Nomura Holdings Inc 3,344 5

2 Goldman Sachs 3,299 4

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

4 WestLB Mergers & Acquisitions 1,124 2

5 Citigroup Inc 990 3

6= HSBC Bank plc 900 1

6= ING (formerly ING Barings) 900 1

8 Deloitte (formerly Deloitte & Touche Corporate Finance) 780 2

9 UBS Investment Bank 276 1

10 DBS Bank Ltd 246 1

Financial houses - ranked by volume

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

1 Nomura Holdings Inc 3,344 5

2 Goldman Sachs 3,299 4

3 Daiwa Securities Group Inc 245 4

4 Citigroup Inc 990 3

5 KPMG 218 3

6 WestLB Mergers & Acquisitions 1,124 2

7 Deloitte (formerly Deloitte & Touche Corporate Finance) 780 2

8 Ernst & Young 112 2

9 Macquarie Group Limited - 2

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

Financial houses advising on buyout deals during 24/09/2008 and 23/09/2009, where target is Asia-Pacific, excluding lapsed and withdrawn deals. The firms are advising the bidder.

27 The Brief: 25 September 2009 | Issue 31 League & Activity Tables - Asia-Pacific

Legal houses - ranked by value

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

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

2 Linklaters 1,721 3

3 Nagashima Ohno & Tsunematsu 1,571 2

4 Kim & Chang 1,553 5

5 TMI Associates 1,515 2

6 Simpson Thacher & Bartlett LLP 958 2

7 Bae Kim & Lee 900 2

8 Clifford Chance 820 2

9 Jun He Law Offices 789 1

10 Lee & Ko 633 2

Legal houses - ranked by volume

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

1 Kim & Chang 1,553 5

2 Mori Hamada & Matsumoto 475 5

3 AZB & Partners 67 4

4 Linklaters 1,721 3

5 Anderson Mori & Tomotsune 561 3

6 DSK Legal 61 3

7 DLA Piper 40 3

8 Trilegal 29 3

9 Nagashima Ohno & Tsunematsu 1,571 2

10 TMI Associates 1,515 2

Legal houses advising on buyout deals during 24/09/2008 and 23/09/2009, where target is Asia-Pacific, including lapsed and withdrawn deals. The firms are advising the bidder.

28 The Brief: 25 September 2009 | Issue 31 League & Activity Tables - Asia-Pacific

Buyouts - ranked by volume

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

1 MBK Partners 1,992 4

2 Hopu Investment Management Co Ltd 10,489 3

3 The Carlyle Group LLC 170 3

4 Sequoia Capital 153 3

5 KTB Securities Co Ltd 152 3

6 Navis Investment Partners (Asia) Limited 45 3

7 Intel Capital 32 3

8 Temasek Holdings Pte Ltd 7,622 2

9 Kohlberg Kravis Roberts & Co 1,950 2

10 Morgan Stanley Private Equity Asia 283 2

Exits - ranked by volume

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

1 TPG Capital LP 2,304 2

2 Telecom Investments (Mauritius) Ltd 464 2

3 Ironbridge Capital Pty Limited - 2

4 Newbridge Capital Group LLC 2,278 1

5 Temasek Holdings Pte Ltd 2,246 1

6 The Carlyle Group LLC 1,729 1

7= CDH Investments Management Company 848 1

7= New Horizon Capital Co., Ltd. 848 1

9 KDB Capital Co 410 1

10 Harbinger Capital Partners 408 1

PE firms as bidder on buyout deals announced between 24/09/2008 and 23/09/2009. PE firms to exit deals announced between 24/09/2008 and 23/09/2009. Based on target geography being Asia-Pacific. Lapsed and withdrawn bids are excluded.

29 The Brief: 25 September 2009 | Issue 31 League & Activity Tables - Europe

Financial houses - ranked by value

Rank Company name Value (€m) Number of deals

1 HSBC Bank 3,034 4

2 Banco Espirito Santo de Investimento 1,851 3

3 BNP Paribas 1,680 1

4 Caixa Banco de Investimento 1,601 2

5 Bank of America Merrill Lynch 1,480 2

6= Barclays Capital 1,424 1

6= RBC Capital Markets 1,424 1

8 UniCredit Group 1,380 4

9 Banco Millennium BCP Investimento 1,150 1

10 Rothschild 967 5

Financial houses - ranked by volume

Rank Company name Value (€m) Number of deals

1 PricewaterhouseCoopers 462 15

2 KPMG 799 11

3 Deloitte 123 8

4 Rothschild 967 5

5 Close Brothers Group 86 5

6 Ernst & Young 50 5

7 HSBC Bank 3,034 4

8 UniCredit Group 1,380 4

9 Lazard 495 4

10 Mediobanca 274 4

Financial houses advising on buyout deals during 24/09/2008 and 23/09/2009, where target is European, excluding lapsed and withdrawn deals. The firms are advising the bidder.

30 The Brief: 25 September 2009 | Issue 31 League & Activity Tables - Europe

Legal houses - ranked by value

Rank Company name Value (€m) Number of deals

1 Linklaters 3373 15

2 Sullivan & Cromwell 1564 2

3 Gianni, Origoni, Grippo & Partners 1513 7

4 Simpson Thacher & Bartlett 1503 3

5 Bird & Bird 1480 3

6= Cravath Swaine & Moore 1424 1

6= Michael Silverleaf QC 1424 1

8 Vieira de Almeida & Associados 1150 1

9 Allen & Overy 1044 11

10 Clifford Chance 962 5

Legal houses - ranked by volume

Rank Company name Value (€m) Number of deals

1 SJ Berwin 530 16

2 Linklaters 3,373 15

3 Allen & Overy 1,044 11

4 CMS 912 9

5 Loyens & Loeff 714 9

6 DLA Piper 232 9

7 Freshfields Bruckhaus Deringer 193 9

8 Latham & Watkins 478 8

9 Gianni, Origoni, Grippo & Partners 1,513 7

10 Hammonds 382 7

Legal houses advising on buyout deals during 24/09/2008 and 23/09/2009, where target is European, including lapsed and withdrawn deals. The firms are advising the bidder.

31 The Brief: 25 September 2009 | Issue 31 League & Activity Tables - Europe

Buyouts - ranked by volume

Rank Company name Value (€m) Number of deals

1 Lloyds TSB Development Capital 285 10

2 Barclays Private Equity 1147 9

3 AXA Private Equity 1900 5

4 Aurelius - 5

5 Waterland Private Equity Investments 436 4

6 MPS Ventures 205 4

7 Gimv 124 4

8 Synergo 119 4

9 DGPA 74 4

10 Orlando Management 45 4

Exits - ranked by volume

Rank Company name Value (€m) Number of deals

1 3i Group 743 13

2 ARQUES Industries 123 5

3 Holtzbrinck Networxs 208 4

4 L Capital 500 3

5 Natixis Private Equity 245 3

6 HANNOVER Finanz 232 3

7 Inflexion Private Equity Partners 226 3

8 AGF Private Equity 180 3

9 Advent Venture Partners 110 3

10 AXA Private Equity 54 3

PE firms as bidder on buyout deals announced between 24/09/2008 and 23/09/2009. PE firms to exit deals announced between 24/09/2008 and 23/09/2009. Based on target geography being European. Lapsed and withdrawn bids are excluded.

32 The Brief: 25 September 2009 | Issue 31 League & Activity Tables - North America

Financial houses - ranked by value

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

1 Bank of America Merrill Lynch 16,298 4

2 Morgan Stanley 2,451 6

3 UBS Investment Bank 1,717 3

4= Citigroup 1,498 1

4= Credit Suisse 1,498 1

6 Houlihan Lokey 1,022 2

7 Blackstone Group Holdings 900 1

8 Stephens Inc 488 1

9 RBC Capital Markets 483 2

10 BNP Paribas SA 483 1

Financial houses - ranked by volume

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

1 Morgan Stanley 2,451 6

2 Bank of America Merrill Lynch 16,298 4

3 UBS Investment Bank 1,717 3

4 Goldman Sachs 465 3

5 JPMorgan 386 3

6 Wells Fargo Securities 119 3

7 Houlihan Lokey 1,022 2

8 RBC Capital Markets 483 2

9 William Blair & Company 129 2

10 KPMG 54 2

Financial houses advising on buyout deals during 24/09/2008 and 23/09/2009, where target is North American, excluding lapsed and withdrawn deals. The firms are advising the bidder.

33 The Brief: 25 September 2009 | Issue 31 League & Activity Tables - North America

Legal houses - ranked by value

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

1 Cleary Gottlieb Steen & Hamilton 15,538 5

2 Weiner Brodsky Sidman Kider PC 13,900 1

3 Simpson Thacher & Bartlett 8,366 8

4 Sullivan & Cromwell 5,348 6

5= Cadwalader, Wickersham & Taft 4,404 1

5= SJ Berwin 4,404 1

7 Kirkland & Ellis 3,167 34

8 Latham & Watkins 3,051 13

9 Weil Gotshal & Manges 2,301 7

10 Skadden Arps Slate Meagher & Flom 1,679 7

Legal houses - ranked by volume

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

1 Kirkland & Ellis 3,167 34

2 Jones Day 363 19

3 Latham & Watkins 3,051 13

4 DLA Piper 822 10

5 Simpson Thacher & Bartlett 8,366 8

6 Dechert 1,508 8

7 Ropes & Gray 1,175 8

8 Weil Gotshal & Manges 2,301 7

9 Skadden Arps Slate Meagher & Flom 1,679 7

10 Stikeman Elliott 670 7

Legal houses advising on buyout deals during 24/09/2008 and 23/09/2009, where target is North American, including lapsed and withdrawn deals. The firms are advising the bidder.

34 The Brief: 25 September 2009 | Issue 31 League & Activity Tables - North America

Buyouts - ranked by volume

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

1 Platinum Equity 47 6

2 Golden Gate Capital 865 5

3 Patriarch Partners 19 5

4 HIG Capital - 5

5 One Equity Partners 371 4

6 Vista Equity Partners 147 4

7 The Riverside Company - 4

8 Stone Point Capital 14,125 3

9 Centerbridge Partners 900 3

10 Metalmark Capital 300 3

Exits - ranked by volume

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

1 Benchmark Capital 1,061 8

2 New Enterprise Associates 705 8

3 Intel Capital 91 7

4 Menlo Ventures - 200 6

5 Venrock Associates 63 6

6 Accel Partners 47 6

7 VantagePoint Venture Partners 744 5

8 American Capital 571 5

9 Warburg Pincus 407 5

10 MCG Capital Corporation 57 5

PE firms as bidder on buyout deals announced between 24/09/2008 and 23/09/2009. PE firms to exit deals announced between 24/09/2008 and 23/09/2009. Based on target geography being US or Canadian. Lapsed and withdrawn bids are excluded.

35 The Brief: 25 September 2009 | Issue 31 Top Deals - Asia and Pacific

Top 10 Asia-Pacific Buyout deals - rolling 12 months ending 23 September 2009

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

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

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

7-May-09 Oriental Brewery Co Ltd. Affinity Equity Partners; Kohlberg Kravis Roberts & Co 1,800

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

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

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

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

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

15-Oct-08 KES Power Ltd (50.00% stake) Abraaj Capital Holdings Ltd 361

14-Aug-09 Ozeki Co, Ltd. (68.80% stake) Himawari 343

36 The Brief: 25 September 2009 | Issue 31 Top Deals - Europe

Top 10 European Buyout deals - rolling 12 months ending 23 September 2009

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

29-May-09 Enel Rete Gas SpA (80% stake) AXA Private Equity; and F2i SGR SpA 1,680

1-Sep-09 Skype Technologies SA (65% stake) Andreessen Horowitz; Canada Pension Plan 1,413 Investment Board; Index Ventures; and Silver Lake Partners

17-Nov-08 Enersis - Sociedade Gestora de Participacoes Magnum Capital Industrial Partners 1,150 Sociais SA

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

29-Sep-08 London City Airport Limited (50% stake) Global Infrastructure Partners 616

30-Sep-08 Pisto SAS Macquire Group Limited 521

12-Dec-08 Wehkamp BV (Majority stake) Wehkamp BV (Mangement vehicle) 500

23-Dec-08 Centrale dei Bilanci Srl (92% stake) Bain Capital LLC and Clessidra SGR SpA 492

26-Jun-09 Cintra Aparcamientos SA (99.92% stake) Ahorro Corporacion Desarrollo SGECR SA; Assip SGPS 451 SA; ES Concessoes SGPS S.A; Espirito Santo Capital SA; and Transport Infrastructure Investment Company

15-Dec-08 Infrastructure Investors LP (68.83% stake) Barclays Private Equity Limited 412

37 The Brief: 25 September 2009 | Issue 31 Top Deals - North America

Top 10 North American Buyout deals - rolling 12 months ending 23 September 2009

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

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

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

Dec-03-08 Neuberger Berman Inc NBSH Acquisition LLC 1,290

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

Dec-29-08 Chesapeake Corporation Irving Place Capital; Oaktree Capital Management L.P 1,022

May-21-09 BankUnited FSB BankUnited 900

Feb-27-09 Regency Intrastate Gas LLC (62.00% stake) Alinda Gas Pipeline I LP; Alinda Gas Pipeline II LP; GE 653 Capital (General Electric)

Sep-25-08 Connors Bros. Income Fund Centre Partners Management LLC 620

Mar-30-09 Fifth Third Processing Solutions LLC (51.00% Advent International Corporation 561 stake)

Jul-22-09 Bankrate Inc Apax Partners 488

38 The Brief: 25 September 2009 | Issue 31 Investor Profile: 3i Group Plc

3i Group Plc

Description Countries Sectors

UK based private equity and venture capital firm that make investments for 10% United Kingdom Financial Services stakes to 45% stakes which are typically within the range of EUR 100m to EUR 1bn, based on enterprise value

Fund name Launched Date Size (m) Fund name Launched Date Size (m)

Eurofund GBP 330.00 Mid Market BuyOut GBP 1300.00

UK BuyOut I GBP 415.00 Eurofund III GBP 2000.00

UK LMBO GBP 152.00 Asia Pacific GBP 400.00

UK BuyOut II GBP 410.00 Eurofund IV EUR 3000.00

Eurofund II GBP 550.00 Eurofund V 01/01/2006 USD 6891.00

Smaller BuyOut GBP 260.00 3i India Infrastructure Fund 16/04/2008 USD 1200.00

Countries Invested In Countries Invested In

United Kingdom 76 current 235 exited Austria 1 current 3 exited

Spain 21 current 37 exited Switzerland 1 current 3 exited

France 10 current 46 exited Portugal 2 current 2 exited

Germany 11 current 29 exited Denmark 2 current 1 exited

Sweden 11 current 27 exited Hong Kong 2 current 1 exited

USA 6 current 21 exited Ireland (Republic) 0 current 3 exited

Finland 9 current 12 exited Japan 0 current 2 exited

Italy 8 current 7 exited Luxembourg 1 current 0 exited

Netherlands 7 current 7 exited Israel 0 current 1 exited

Singapore 8 current 2 exited Bermuda 1 current 0 exited

India 8 current 0 exited Canada 1 current 0 exited

China 5 current 1 exited Romania 1 current 0 exited

Norway 2 current 4 exited Turkey 1 current 0 exited

Belgium 3 current 2 exited

39 The Brief: 25 September 2009 | Issue 31 Investor Profile: 3i Group Plc

Sectors Invested In Sectors Invested In

Services (other) 26 current 58 exited Energy 6 current 10 exited

Industrial products and services 30 current 44 exited Chemicals and materials 5 current 10 exited

Consumer: Other 11 current 29 exited Automotive 4 current 10 exited

Construction 12 current 28 exited Internet / ecommerce 3 current 9 exited

Consumer: Retail 13 current 26 exited Industrial: Electronics 5 current 6 exited

Medical 11 current 26 exited Telecommunications: Hardware 2 current 9 exited

Computer software 3 current 28 exited Industrial automation 1 current 8 exited

Media 9 current 21 exited Biotechnology 1 current 7 exited

Transportation 8 current 19 exited Real Estate 2 current 5 exited

Consumer: Foods 3 current 20 exited Telecommunications: Carriers 3 current 3 exited

Leisure 6 current 16 exited Computer: Semiconductors 3 current 3 exited

Medical: Pharmaceuticals 7 current 12 exited Computer: Hardware 1 current 4 exited

Computer services 7 current 11 exited Defence 1 current 3 exited

Financial Services 10 current 7 exited Agriculture 0 current 1 exited

Manufacturing (other) 4 current 13 exited Utilities (other) 1 current 0 exited

Potential Investments

Companies Dominant Country Dominant Sector Estimated Size (GBPm) Last Update

Apoteket AB Sweden Consumer: Retail > 300m 22/09/2009

Eon (Italian gas distribution network) Italy Energy 60m - 300m 09/09/2009

Arca Impresa Gestioni SGR S.p.A. Italy Financial Services > 300m 13/07/2009

Energy Developments (UK landfill-gas business) United Kingdom Energy 60m - 300m 26/06/2009

Aditya Birla Insulators India Manufacturing (other) 60m - 300m 22/05/2009

United Utilities Contract Solutions United Kingdom Utilities (other) > 300m 12/05/2009

Norfolkline Holding BV Denmark Transportation > 300m 04/05/2009

3i Quoted Private Equity Plc United Kingdom Financial Services > 300m 27/04/2009

40 The Brief: 25 September 2009 | Issue 31 Investor Profile: 3i Group Plc

Exits

Portfolio Companies Buy Buy Sell Sell Announced Mths Buy Exit Dominant Dominant Sector Value Stake Value Stake Date Held Type Type Country (£m) (%) (£m) (%)

Velocix Limited n/d n/a n/d n/a 28/07/2009 NA NA TS United Internet / Kingdom ecommerce

Modelzone Holdings Limited n/d n/a 5.60 n/a 19/07/2009 NA NA SBO United Consumer: Other Kingdom

VNU Media BV n/d n/a n/d n/a 01/07/2009 NA MBO SBO Netherlands Media

General De Bombeo De Hormigon SA 55.83 70.0% n/d 70.0% 17/06/2009 47 BIMBO SBO Spain Industrial products and services

Highdeal SA n/d n/a n/d n/a 04/05/2009 NA NA TS France Computer software

Instone International Limited n/d n/a 26.66 n/a 20/04/2009 NA NA TS United Leisure Kingdom

Fermetures Le Nouy 5.96 50.0% n/d 49.0% 24/03/2009 48 MBO TS France Construction

Inner Mongolia Little Sheep Catering n/d n/a 24.55 11.3% 24/03/2009 NA NA TS China Leisure Co Ltd

Fabrik Inc n/d n/a 36.48 n/a 23/02/2009 NA NA TS USA Computer software

DIAB Group AB n/d n/a 33.63 43.0% 02/02/2009 NA NA SBO Sweden Industrial products and services

Insensys Limited n/d n/a 10.80 n/a 30/01/2009 NA NA TS United Industrial products Kingdom and services

41 The Brief: 25 September 2009 | Issue 31 Notes & Contacts

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