M&A Transaction Tracker

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1 M&A Transaction Tracker Quarterly insight into M&A activity across various market sectors as of December 31, 2013

2 M&A TRANSACTION TRACKER / Table of Contents Table of Contents Introduction and Overview... 1 Consumer Discretionary... 3 Consumer Staples... 5 Energy... 7 Financials... 9 Healthcare Industrials Information Technology Materials Telecommunications Utilities... 21

3 M&A TRANSACTION TRACKER / Introduction and Overview Introduction and Overview American Appraisal s M&A Transaction Tracker provides insight into M&A activity across various market sectors and regions over the latest 12 months ( LTM ) ended December 31, As part of our analysis of the M&A environment, we have compiled deal volume; aggregate deal values; and implied revenue and earnings before interest, taxes, depreciation, and amortization ( EBITDA ) multiples of the observed M&A transactions over the past 12 months. In addition to an analysis of private transactions, M&A Transaction Tracker presents public market data such as trading multiples and geographic composition of public companies to provide the reader with the tools for a comprehensive understanding of the industry sectors. Global markets are highly volatile, and industry trends change very frequently. Due to these factors, American Appraisal plans to provide quarterly updates to M&A Transaction Tracker to appropriately capture these changing trends. Over the past 12 months, we observed a total of 14,883 transactions representing aggregate deal value of $1,955 billion. Deal volume and aggregate deal value by quarter are summarized in the following charts. For the purpose of this publication, deal volume is defined as the number of transactions announced and/or closed over the past 12 months. Value is defined as enterprise value ( EV ), or equity consideration plus net assumed liabilities. Q showed the highest M&A activity based on both volume and value. Quarterly Deal Volume Quarterly Deal Value ($m) 4,200 4,000 3,897 4, , , , , , ,146 3, ,000 3,600 3,400 3,433 3, , ,000 3, ,000 3,000 0 As part of our analysis, we segmented the market into 10 industries based on broad Standard Industrial Classification ( SIC ) codes. The following charts show the observed transactions over the LTM by industry based on both deal volume and value. As displayed, the Financials sector proved to be the most acquisitive over the past 12 months, followed by the Consumer Discretionary and Industrials sectors. Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Utilities Transaction Breakout by Volume 6% 8% 1%2% 12% 49% 3% 4% Transaction Breakout by Value Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Utilities 9% 4% 8% 12% 32% 7% 8% AS OF DECEMBER 31, 2013 / 1

4 M&A TRANSACTION TRACKER / Introduction and Overview In addition to the 10 industries displayed in the preceding charts, we segmented the market into the following five regions based on the location of the target company: United States/Canada,,, Africa/Middle East, and Latin America and. The charts below show the observed M&A activity over the past 12 months by region based on both volume and value. As displayed below, approximately 50% of all M&A activity over the past 12 months was in the United States and Canada % Region Breakout by Volume 4,023 27% Africa / Middle East 42,451 2% Region Breakout by Value ($m) 385,495 20% 6, ,267 Latin America and 400 3% 3,277 22% 973,461 50% Latin America and 60,592 3% To further understand the M&A environment over the past 12 months, we also gathered implied revenue and EBITDA multiples of the observed transactions. Revenue and EBITDA multiples were calculated based on the ratio of enterprise value, as previously defined, to the LTM revenue and EBITDA of the target companies as of the date of the acquisition. As most acquisitions take place in the private market, financial information needed to compute the multiples was not available for many of the transactions. The following charts present implied median revenue and EBITDA multiples based on sector and region, and computed using transactions that had available information. i Consumer Discretionary Consumer Staples Revenue and EBITDA Multiples by Sector Energy Healthcare Industrials IT Materials Telecom Utilities Revenue and EBITDA Multiples by Region Latin America and The sections that follow provide further information on the M&A activity and public market environment of each industry sector. AS OF DECEMBER 31, 2013 / 2

5 M&A TRANSACTION TRACKER / Consumer Discretionary Consumer Discretionary The Consumer Discretionary sector is made up of businesses engaged in selling nonessential goods and services. Companies in this sector include retailers, media, consumer services, consumer durables and apparel, and automobile and components companies. As of December 31, 2013, the sector was made up of 5,926 publicly traded companies. Following is a geographic breakout of the sector by region based on enterprise value as well as LTM revenue and EBITDA multiples for this sector by region. Geographic Breakout by Value Revenue and EBITDA Multiples US and Canada 39% 2% 31% Latin America and Latin America and 2% 26% As shown below, the sector outperformed the S&P 500 over the past 12 months, returning 37.99% % 3 30% 20% 1 0% Consumer Discretionary Index v S&P 500 Index 37.99% /28/13 12/13/13 11/28/13 11/13/13 10/29/13 10/14/13 9/29/13 9/14/13 8/30/13 8/15/13 7/31/13 7/16/13 7/1/13 6/16/13 6/1/13 5/17/13 5/2/13 4/17/13 4/2/13 3/18/13 3/3/13 2/16/13 2/1/13 1/17/13 1/2/13 Consumer Discretionary Index S&P 500 Over the past 12 months, the Consumer Discretionary sector was the second most active sector in the market (12% of all deal value), with 1,810 transactions and total deal value of $235.5 billion. The following charts summarize the sector s M&A activity by quarter over the past four quarters. AS OF DECEMBER 31, 2013 / 3

6 M&A TRANSACTION TRACKER / Consumer Discretionary Quarterly Deal Volume Quarterly Deal Value ($mm) $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $63,850 $57,756 $68,581 $45, $0 Notable transactions included Liberty Global s $24.8 billion acquisition of Virgin Media, Publicis Groupe SA s announced acquisition of Omnicom Group for $21.9 billion, and the acquisition of Kabel Deutschland Holding AG by Vodafone Vierte for $12.4 billion. The following table details the top 10 transactions over the past year. Buyer Target Deal Size ($USDmm ) Revenue Multiple EBITDA Multiple Premium 1 Liberty Global plc Virgin Media, Inc. $24, % 2 Publicis Groupe SA Omnicom Group Inc. $21, % 3 Vodafone Vierte Kabel Deutschland Holding AG $12, % 4 Midea Group Co., Ltd. GD Midea Holding Co., Ltd. $7, n.a. 5 KPP Trustees Limited Kodak Alaris $3,487 n.a. n.a. n.a. 6 Kroton Educacional S.A. Anhanguera S.A. $2, % 7 TRI Pointe Homes, Inc. Weyerhaeuser Real Estate Co. $2,734 n.a. n.a. n.a. 8 Hudson's Bay Company Saks Incorporated $2, % 9 Tribune Broadcasting Company, Inc. Local TV LLC $2,725 n.a. n.a. n.a. 10 Charter Communications Operating, LLC Bresnan Broadband Hldgs, LLC $2, n.a. The following chart presents revenue and EBITDA multiples of observed transactions over the past 12 months segmented by region. ii Latin America and AS OF DECEMBER 31, 2013 / 4

7 M&A TRANSACTION TRACKER / Consumer Staples Consumer Staples The Consumer Staples sector is made up of businesses engaged in the development and production of consumer products. Companies in this sector include food and drug retailing, beverages, food products, tobacco, household products, and personal products. As of December 31, 2013, the sector was made up of 2,408 publicly traded companies. Following is a geographic breakout of the sector by region based on enterprise value as well as LTM revenue and EBITDA multiples for this sector by region. Geographic Breakout by Value Revenue and EBITDA Multiples US and Canada 3 2% 22% Latin America and Latin America and 7% 34% As shown below, the sector underperformed the S&P 500 over the past 12 months, returning 20.06% % Consumer Staples Index v S&P 500 Index % % 0% 12/28/13 12/13/13 11/28/13 11/13/13 10/29/13 10/14/13 9/29/13 9/14/13 8/30/13 8/15/13 7/31/13 7/16/13 7/1/13 6/16/13 6/1/13 5/17/13 5/2/13 4/17/13 4/2/13 3/18/13 3/3/13 2/16/13 2/1/13 1/17/13 1/2/13 Consumer Staples S&P 500 Over the past 12 months, the Consumer Staples sector represented 7% of total M&A transactions based on deal value, with 499 transactions and total deal value of $145.8 billion. The following charts summarize the sector s M&A activity by quarter over the past four quarters. AS OF DECEMBER 31, 2013 / 5

8 M&A TRANSACTION TRACKER / Consumer Staples Quarterly Deal Volume Quarterly Deal Value ($mm) $70,000 $60,000 $58, $50, $40,000 $30,000 $31,743 $31,161 $24, $20, $10, $0 Notable transactions included Berkshire Hathaway s $28.7 billion acquisition of H.J. Heinz Company, Loblaw Companies Limited s announced acquisition of Shoppers Drug Mart Corp. for $13.0 billion, and Joh. A. Benckiser GmbH s acquisition of D.E. Master Blenders for $10.4 billion. The following table details the top 10 transactions over the past year. Buyer Target Deal Size ($USDmm ) Revenue Multiple EBITDA Multiple Premium 1 Berkshire Hathaw ay Inc. H. J. Heinz Company $28, Loblaw Companies Limited Shoppers Drug Mart Corp. $13, % 3 Joh. A. Benckiser GmbH D.E Master Blenders 1753 N.V. $10, % 4 Sysco Corporation US Foods, Inc. $8, n.a. 5 Henan Shinew ay Ltd. Smithfield Foods, Inc. $7, % 6 Sobeys Inc. Canada Safew ay Limited $5, n.a. 7 CP ALL Public Company Limited Siam Makro Public Co. Ltd. $4, % 8 ICA Gruppen AB ICA AB $4, n.a. 9 Albertsons, LLC New Albertson's, Inc. $3,300 n.a. n.a. n.a. 10 Constellation Brands Inc. Compañía Cervecera $2,900 n.a. n.a. n.a. The following chart presents revenue and EBITDA multiples of observed transactions over the past 12 months segmented by region Latin America and AS OF DECEMBER 31, 2013 / 6

9 M&A TRANSACTION TRACKER / Energy Energy The Energy sector is made up of businesses primarily engaged in developing and producing crude oil and natural gas and providing drilling and other energy related services. As of December 31, 2013, the sector was made up of 1,999 publicly traded companies. Following is a geographic breakout of the sector by region based on enterprise value as well as LTM revenue and EBITDA multiples for this sector by region. Geographic Breakout by Value Revenue and EBITDA Multiples 2% 19% US and Canada 48% Latin America and Latin America and 6% As shown below, the sector underperformed the S&P 500 over the past 12 months, returning % Energy Index v S&P 500 Index % % 12/28/13 12/13/13 11/28/13 11/13/13 10/29/13 10/14/13 9/29/13 9/14/13 8/30/13 8/15/13 7/31/13 7/16/13 7/1/13 6/16/13 6/1/13 5/17/13 5/2/13 4/17/13 4/2/13 3/18/13 3/3/13 2/16/13 2/1/13 1/17/13 1/2/13 Energy S&P 500 Over the past 12 months, the Energy sector represented 7% of total M&A transactions based on deal value, with 606 transactions and total deal value of $146.4 billion. The following charts summarize the sector s M&A activity by quarter over the past four quarters. AS OF DECEMBER 31, 2013 / 7

10 M&A TRANSACTION TRACKER / Energy Quarterly Deal Volume Quarterly Deal Value ($mm) $60,000 $50,000 $40,000 $42,912 $51, $30,000 $20,000 $27,593 $24, $10,000 $0 Notable transactions included Devon Energy Corporation s announced acquisition of GeoSouthern Energy Corp. for $6.0 billion, the acquisition of Berry Petroleum Company by Linn Energy for $6.0 billion, and the acquisition of an unknown stake in Peru LNG Co. by Royal Dutch Shell for $5.7 billion. The following table details the top 10 transactions over the past year. Buyer Target Deal Size ($USDmm ) Revenue Multiple EBITDA Multiple Premium 1 Devon Energy Corporation GeoSouthern Energy Corp. $6,000 n.a. n.a. n.a. 2 Linn Energy, LLC Berry Petroleum Company, LLC $5, % 3 Royal Dutch Shell plc Unknow n Stake in Peru LNG Co. $5,700 n.a. n.a. n.a. 4 Regency Energy Partners LP PVR Partners, L.P. $5, % 5 Linn Co, LLC Berry Petroleum Company, LLC $4, % 6 Kinder Morgan Energy Partners, L.P. Copano Energy LLC $4, n.a. 30.7% 7 Energy Transfer Partners, L.P. ETP Holdco Corporation $3,801 n.a. n.a. n.a. 8 Fieldw ood Energy LLC Apache Corp. $3,750 n.a. n.a. n.a. 9 OJSC Alliance Group Alliance Oil Company Ltd. $3, % 10 Murray Energy Corporation Consolidation Coal Company $3,462 n.a. n.a. n.a. The following chart presents revenue and EBITDA multiples of observed transactions over the past 12 months segmented by region. iii Latin America and AS OF DECEMBER 31, 2013 / 8

11 M&A TRANSACTION TRACKER / Financials Financials The Financials sector is made up of a wide array of diversified financial services firms with business lines ranging from investment management to commercial and investment banking. As of December 31, 2013, the sector was made up of 2,737 publicly traded companies. Following is a geographic breakout of the sector by region based on enterprise value, as well as LTM price/earnings and price/book multiples for this sector by region. The price/book multiples are more applicable for banks, insurance, and specialty finance, since their market values should be close to their book values. The price/earnings multiples give a sense of the underlying economics of the business, but also the effects of leverage, and can be used across industries. This made the price/earnings multiples more applicable for the Financials sector than EV/EBITDA. Geographic Breakout by Value Price/Earnings and Price/Book Multiples US and Canada 24% 6% Latin America and 4% Latin America and % 42% Median Price/Earnings Multiple Median Price/Book Multiple As shown below, the sector outperformed the S&P 500 over the past 12 months, returning 29.58%. 3 Financials Index v S&P 500 Index 29.58% 30% 20% 1 0% /28/13 12/13/13 11/28/13 11/13/13 10/29/13 10/14/13 9/29/13 9/14/13 8/30/13 8/15/13 7/31/13 7/16/13 7/1/13 6/16/13 6/1/13 5/17/13 5/2/13 4/17/13 4/2/13 3/18/13 3/3/13 2/16/13 2/1/13 1/17/13 1/2/13 Financials S&P 500 Over the past 12 months, the Financials sector was the most active sector in the market (32% of all deal value), with 7,308 transactions and total deal value of $624.9 billion. The following charts summarize the sector s M&A activity by quarter over the past four quarters. AS OF DECEMBER 31, 2013 / 9

12 M&A TRANSACTION TRACKER / Financials Quarterly Deal Volume Quarterly Deal Value ($mm) 2,500 2,000 1,500 1,652 1,674 1,880 2,102 $250,000 $200,000 $150,000 $125,782 $146,358 $151,781 $200,988 1,000 $100, $50,000 0 Q Q Q Q $0 Q Q Q Q Notable transactions included Fairholme Capital Management s announced acquisition of Mortgage Guarantee Operations for $34.6 billion; Brookfield Property Partners LP s announced acquisition of Brookfield Office Properties Inc. for $20.7 billion; and ORIX Corporation s acquisition of Robeco Group N.V. for $11.1 billion. The following table details the top 10 transactions over the past year. Buyer Target Deal Size ($USDmm ) Price / Book Price / Tangible Book Price / Earnings Premium 1 Fairholme Capital Management, L.L.C. Mortgage Guarantee Operations $34,600 n.a. n.a. n.a. n.a. 2 Brookfield Property Partners L.P. Brookfield Office Properties Inc. $20, % 3 ORIX Corporation Robeco Group N.V. $11,134 n.a. n.a. n.a. n.a. 4 American Realty Capital Properties, Inc. Cole Real Estate Investments $10, % 5 Lone Star Funds Royal Park Investments NV/SA $8,728 n.a. n.a. n.a. n.a. 6 Choice Properties Limited Partnership Portfolio of 425 Properties $6,779 n.a. n.a. n.a. n.a. 7 Essex Property Trust Inc. BRE Properties Inc. $6, % 8 Deutsche Wohnen AG GSW Immobilien AG $4, % 9 H&R REIT Primaris Retail REIT $4,552 n.a. n.a. n.a. 4.7% 10 Mid-America Apartment Communities Inc. Colonial Properties Trust $4,171 n.a. n.a. n.a. 7.6% The following chart presents price/earnings and price/book multiples of observed transactions over the past 12 months segmented by region. iv Latin America and Median Price/Book Multiple Median Price/Earnings Multiple AS OF DECEMBER 31, 2013 / 10

13 M&A TRANSACTION TRACKER / Healthcare Healthcare The Healthcare sector is made up of businesses primarily engaged in healthcare equipment and supplies, healthcare providers and services, biotechnology, and pharmaceuticals. As of December 31, 2013, the sector was made up of 2,588 publicly traded companies. Following is a geographic breakout of the sector by region based on enterprise value as well as LTM revenue and EBITDA multiples for this sector by region. Geographic Breakout by Value 2% 1 Revenue and EBITDA Multiples Latin America and US and Canada 53% 30% Latin America and 0% As shown below, the sector outperformed the S&P 500 over the past 12 months, returning 36.32%. 40% 3 30% 20% 1 0% Healthcare Index v S&P 500 Index 36.32% /28/13 12/13/13 11/28/13 11/13/13 10/29/13 10/14/13 9/29/13 9/14/13 8/30/13 8/15/13 7/31/13 7/16/13 7/1/13 6/16/13 6/1/13 5/17/13 5/2/13 4/17/13 4/2/13 3/18/13 3/3/13 2/16/13 2/1/13 1/17/13 1/2/13 Healthcare S&P 500 Over the past 12 months, the Healthcare sector represented 8% of total M&A transactions based on value, with 837 transactions and total deal value of $160.4 billion. The following charts summarize the sector s M&A activity by quarter over the past four quarters. AS OF DECEMBER 31, 2013 / 11

14 M&A TRANSACTION TRACKER / Healthcare Quarterly Deal Volume Quarterly Deal Value ($mm) $60,000 $50,000 $40,000 $45,250 $52,659 $42, $30,000 $20,000 $19, $10,000 0 $0 Notable transactions included Amgen s acquisition of Onyx Pharmaceuticals for $10.0 billion, Valeant Pharmaceuticals acquisition of Bausch & Lomb Holdings for $8.8 billion, and Actavis s acquisition of Warner Chilcott for $8.7 billion. The following table details the top 10 transactions over the past year. Buyer Target Deal Size ($USDmm ) Revenue Multiple EBITDA Multiple Premium 1 Amgen Inc. Onyx Pharmaceuticals, Inc. $10, n.a. -5.1% 2 Valeant Pharmaceuticals Intl. Bausch & Lomb Holdings Inc. $8, n.a. 3 Actavis plc Warner Chilcott plc $8, % 4 Perrigo Company Public Ltd. Co. Elan Corporation, plc $8, n.a. 16.7% 5 Community Health Systems, Inc. Health Management Associates $7, McKesson Corporation Celesio AG $5, % 7 Tenet Healthcare Corp. Vanguard Health Systems Inc. $4, % 8 Shire Pharmaceutical Holdings Ireland Ltd. ViroPharma Inc. $3, % 9 Bayer Nordic SE Algeta ASA $2, % 10 Korian SA Médica France, S.A. $2, % The following chart presents revenue and EBITDA multiples of observed transactions over the past 12 months segmented by region. v Latin America and AS OF DECEMBER 31, 2013 / 12

15 M&A TRANSACTION TRACKER / Industrials Industrials The Industrials sector is made up of businesses engaged in aerospace and defense, building products, construction and engineering, electrical equipment, conglomerates machinery, commercial services and supplies, air freight and logistics, airlines, marine, road and rail, and transportation infrastructure. As of December 31, 2013, the sector was made up of 6,456 publicly traded companies. Following is a geographic breakout of the sector by region based on enterprise value as well as LTM revenue and EBITDA multiples for this sector by region. Geographic Breakout by Value Revenue and EBITDA Multiples US and Canada 32% 3% % Latin America and Latin America and 3% 26% As shown below, the sector outperformed the S&P 500 over the past 12 months, returning 34.66% % 3 30% 20% 1 0% Industrials Index v S&P 500 Index 34.66% /28/13 12/13/13 11/28/13 11/13/13 10/29/13 10/14/13 9/29/13 9/14/13 8/30/13 8/15/13 7/31/13 7/16/13 7/1/13 6/16/13 6/1/13 5/17/13 5/2/13 4/17/13 4/2/13 3/18/13 3/3/13 2/16/13 2/1/13 1/17/13 1/2/13 Industrials S&P 500 Over the past 12 months, the Industrials sector was the third most active sector in the market ( of all deal value), with 1,469 transactions and total deal value of $191.2 billion. The following charts summarize the sector s M&A activity by quarter over the past four quarters. AS OF DECEMBER 31, 2013 / 13

16 M&A TRANSACTION TRACKER / Industrials Quarterly Deal Volume Quarterly Deal Value ($mm) $70,000 $65, $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $42,201 $33,290 $50, $0 Notable transactions included AerCap Ireland Limited s announced acquisition of International Lease Finance Corp for $27.8 billion, the acquisition of Invensys by Schneider Electric for $5.7 billion, and the acquisition of Port Kembla Pty by IFM Investors for $5.3 billion. The following table details the top 10 transactions over the past year. Buyer Target Deal Size ($USDmm ) Revenue Multiple EBITDA Multiple Premium 1 AerCap Ireland Limited International Lease Finance Corp $27, n.a. n.a. 2 Schneider Electric S.A. Invensys plc $5, IFM Investors Port Kembla Pty. Ltd. $5,320 n.a n.a n.a 4 Atlantia SpA Generale Mobiliare Interessenze $4, % 5 Kohlberg Kravis Roberts & Co. Gardner Denver Inc. $4, % 6 LIXIL Corporation Grohe Holding GmbH $3,959 n.a n.a n.a 7 The Manchester Airport Group PLC Stansted Airport Limited $2,380 n.a 15.6 n.a 8 Access Industries, Inc. Clal Industries Ltd. $2, % 9 Salini Costruttori S.p.A. Salini Impregilo S.p.A. $2, Fondo Strategico Italiano S.p.A. Ansaldo Energia S.p.A. $1, n.a The following chart presents revenue and EBITDA multiples of observed transactions over the past 12 months segmented by region Latin America and AS OF DECEMBER 31, 2013 / 14

17 M&A TRANSACTION TRACKER / Information Technology Information Technology The Information Technology sector is made up of businesses engaged in Internet software and services, IT consulting services, semiconductor equipment and products, and computers and peripherals. As of December 31, 2013, the sector was made up of 5,114 publicly traded companies. Following is a geographic breakout of the sector by region based on enterprise value as well as LTM revenue and EBITDA multiples for this sector by region. Geographic Breakout by Value Revenue and EBITDA Multiples 0% % Latin America and US and Canada 58% Latin America and 1% As shown below, the sector underperformed the S&P 500 over the past 12 months, returning 19.89%. 30% 20% Information Technology Index v S&P 500 Index % 0% 12/28/13 12/13/13 11/28/13 11/13/13 10/29/13 10/14/13 9/29/13 9/14/13 8/30/13 8/15/13 7/31/13 7/16/13 7/1/13 6/16/13 6/1/13 5/17/13 5/2/13 4/17/13 4/2/13 3/18/13 3/3/13 2/16/13 2/1/13 1/17/13 1/2/13 Technology S&P 500 Over the past 12 months, the Information Technology sector represented 9% of total M&A transactions based on value, with 1,147 transactions and total deal value of $179.5 billion. The following charts summarize the sector s M&A activity by quarter over the past four quarters. AS OF DECEMBER 31, 2013 / 15

18 M&A TRANSACTION TRACKER / Information Technology Quarterly Deal Volume Quarterly Deal Value ($mm) $50,000 $48,000 $46,000 $44,809 $44,784 $48, $44, $42,000 $41, $40, $38,000 0 $36,000 Notable transactions included Silver Lake s acquisition of Dell Inc. for $28.1 billion, Applied Materials announced acquisition of Tokyo Electron Limited for $9.4 billion, and Insight Venture Partners acquisition of BMC Software for $8.4 billion. The following table details the top 10 transactions over the past year. Buyer Target Deal Size ($USDmm ) Revenue Multiple EBITDA Multiple Premium 1 Silver Lake Dell Inc. $28, % 2 Applied Materials, Inc. Tokyo Electron Limited $9, % 3 Insight Venture Partners BMC Softw are, Inc. $8, Koch Industries, Inc. Molex Incorporated $7, % 5 Avago Technologies Wireless (U.S.A.) LSI Corporation $6, % 6 Microsoft International Holdings B.V. Nokia Corporation $5, n.a. n.a. 7 ServiceLink, L.P. Lender Processing Services, Inc $4, CVC Capital Partners Limited ista International GmbH $4, n.a. n.a. 9 Salesforce.com, Inc ExactTarget, Inc. $2, n.a. 58.2% 10 Cisco Systems, Inc. Sourcefire, Inc. $2, % The following chart presents revenue and EBITDA multiples of observed transactions over the past 12 months segmented by region. vi Latin America and n.a. AS OF DECEMBER 31, 2013 / 16

19 M&A TRANSACTION TRACKER / Materials Materials The Materials sector is made up of businesses engaged in such industries as chemicals, construction materials, containers and packaging, metals and mining, and paper and forest products. As of December 31, 2013, the sector was made up of 5,565 publicly traded companies. Following is a geographic breakout of the sector by region based on enterprise value as well as LTM revenue and EBITDA multiples for this sector by region. Geographic Breakout by Value Revenue and EBITDA Multiples US and Canada 21% 7% Latin America and 6% 38% Latin America and % As shown below, the sector underperformed the S&P 500 over the past 12 months, returning 20.11%. 30% 20% 1 Materials Index v S&P 500 Index % 0% 12/28/13 12/13/13 11/28/13 11/13/13 10/29/13 10/14/13 9/29/13 9/14/13 8/30/13 8/15/13 7/31/13 7/16/13 7/1/13 6/16/13 6/1/13 5/17/13 5/2/13 4/17/13 4/2/13 3/18/13 3/3/13 2/16/13 2/1/13 1/17/13 1/2/13 Materials S&P 500 Over the past 12 months, the Materials sector represented of total M&A transactions based on value, with 795 transactions and total deal value of $91.1 billion. The following charts summarize the sector s M&A activity by quarter over the past four quarters. AS OF DECEMBER 31, 2013 / 17

20 M&A TRANSACTION TRACKER / Materials Quarterly Deal Volume Quarterly Deal Value ($mm) $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $16,560 $18,714 $22,258 $33, $10,000 $5,000 0 $0 Notable transactions included Saudi International Petrochemical s announced acquisition of Sahara Petrochemical Co. for $3.0 billion, Merck s announced acquisition of AZ Electronic Materials for $2.9 billion, and Weyerhaeuser s acquisition of Longview Timber for $2.7 billion. The following table details the top 10 transactions over the past year. Buyer Target Deal Size ($USDmm ) Revenue Multiple EBITDA Multiple Premium 1 Saudi International Petrochemical Co. Sahara Petrochemical Co. $2, Merck KGaA AZ Electronic Materials S.A. $2, Weyerhaeuser Co. Longview Timber LLC $2, n.a. 4 Hyundai Steel Company Hyundai Hysco Co. Ltd. $2,495 n.a. n.a. n.a. 5 Oman Oil Company S.A.O.C. OXEA GmbH $2, n.a. n.a. 6 Packaging Corporation of America Boise Inc. $2, % 7 Cinven Limited CeramTec GmbH $1, n.a. 8 Ambuja Cements Limited Holcim (India) Private Ltd. $1,945 n.a. n.a. n.a. 9 Coca-Cola FEMSA S.A.B de C.V. Spaipa S/A $1, n.a. 10 Platform Specialty Products Corporation MacDermid Incorporated $1,800 n.a. n.a. n.a. The following chart presents revenue and EBITDA multiples of observed transactions over the past 12 months segmented by region Latin America and AS OF DECEMBER 31, 2013 / 18

21 M&A TRANSACTION TRACKER / Telecommunications Telecommunications The Telecom sector is made up of businesses engaged in operating and/or providing access to facilities for the transmission of voice, data, text, sound, and video. As of December 31, 2013, the sector was made up of 385 publicly traded companies. Following is a geographic breakout of the sector by region based on enterprise value as well as LTM revenue and EBITDA multiples for this sector by region. Geographic Breakout by Value Revenue and EBITDA Multiples US and Canada 7% 32% Latin America and Latin America and % As shown below, the sector underperformed the S&P 500 over the past 12 months, returning 18.81%. 30% Telecom Index v S&P 500 Index % % 0% 12/28/13 12/13/13 11/28/13 11/13/13 10/29/13 10/14/13 9/29/13 9/14/13 8/30/13 8/15/13 7/31/13 7/16/13 7/1/13 6/16/13 6/1/13 5/17/13 5/2/13 4/17/13 4/2/13 3/18/13 3/3/13 2/16/13 2/1/13 1/17/13 1/2/13 Telecom S&P 500 Over the past 12 months, the Telecom sector represented 4% of total M&A transactions based on value, with 106 transactions and total deal value of $76.5 billion. The following charts summarize the sector s M&A activity by quarter over the past four quarters. vii AS OF DECEMBER 31, 2013 / 19

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