www.pwc.de

Doing deals in 2013 An insight into current industrial products deal environment

PwC 3

Introduction

Dear reader,

Despite the fast catch-up from the economic downturn in 2009 across the industrial products (IP) sector, the past years have been very challenging for the German transaction activities within this sector. In order to understand the key drivers of the current deals market we conducted the following Point of View to assess the current economic climate and outlook for 2013 and to reflect on the deals environment and its characteristics.

For the upcoming years, we see a stable economic development for the German market, supported by the continuously stable demand from non-EU markets e.g. the US and China. The positive forecast for the economic growth of BRIC countries strengthens this expectation.

As the IP sector provides sufficient profitability, shows enough room for consolidation and still provides a high level of innovation we predict an ongoing stable level of transactions. However, the average deal values within the IP sector are slightly decreasing.

The Deals in the German IP sector are primarily driven by corporates. These, in particular have increased their cash position during the last years which eases access to liquidity for further acquisition activities.

We assume an increasing number of Private Equity deals in the next two years due to portfolio companies reaching the upper limit of its holding duration as well as enough liquidity for leveraged buy-outs being available in the market.

Furthermore the increasing level of cross-border deals on German IP deals shows the importance and attractiveness of German targets.

Based on our analysis and the above mentioned topics we believe that the German industrial production market is a highly attractive investment area and remains attractive for the next years.

We wish you an interesting reading and looking forward to meet you in upcoming deals.

Kind regards,

Christian Knechtel

“Despite economic uncertainties we expect significant deal activity within 2013 and 2014”

Christian Knechtel, Deals Leader Industrial Products, PwC Germany

PwC 5

Key take-aways

Stable development of German economy

in 2013

IP sector is highly attractive

for deals

Deals in IP sector are mainly driven

by corporates

Increasing importance of

cross-border deals in German IP

1 2 3 4

GDP YoY growth 2012/13 # Patents/1 million labour force 2009

Deals in German IP 2012 Foreign Investments 2012

• Stable market conditions in Europe and Germany

• Positive outlook for the market segment industrial products (IP)

• Major driver is still the solid export to the fast growing economies

• German IP sector highly attractive due to various consolidation opportunities, its high level of innovation and profitability

• Most attractive sectors are manufacturing of machinery and fabricated metal products

• Overall cash position puts German corporates in the position to drive deals in the coming years

• Positive outlook for Private Equity driven LBO market in 2013 due to the need for exits and positive liquidity outlook

• Increasing share of the FDI stream from North America and BRIC countries (especially China)

• US with continuous importance, China with strong appetite to invest in the German IP sector

18

54

EU GER

0.2%

0,6%

EU GER

-

Corporate 76%

PE 24%

Other Countries

54%

Germany 46%

PwC 7

Table of Contents

Section Overview Page

1. Stable development of German economy in 2013 9

2. IP sector is highly attractive for deals 19

3. Deals in IP sector are mainly driven by corporates 29

4. Increasing importance of cross-border deals in German IP 41

1. About the authors 49

2. Contact persons 53

Appendices

PwC 9

Stable development of German economy in 2013

PwC 11

The economic development in Germany remains stable

90

95

100

105

110

115

120

YoY GDP growth2010 - 2013

Business climate Germany 2011 - 2012

Business climate International

regions 2010 - 2012

• GDP growth in Germany expected for 2013 slightly below 2012 level(~ 0.6% growth p.a.)

• German economy expected to perform above European average

• Europe trend in 2013 improving but still negative

• Hints of a trend reversal at year end 2012 after six declining months

• “Business with positive outlook for 2013 with increasing growth impulses mainly from China”CSO, manufacturer of hydraulics equipment

• Similar development of the business climate in other regions

• World and European economies much more volatile than Germany and China

• Since Q3 2012 stabilisation of the Chinese business climate

2013 FC

-0.2%

0.6%

2012 Act

-0.4%

0.9%

2011 Act

1.4%

3.1%

2010 Act

2.0%

4.0%

Eurozone

Germany

Source: IMF, 01/2013 Source: CesIFO 12/2012Source: ifo-Institute, 03/2013

70

80

90

100

110

120

130

140

World Europe Germany China

PwC 13

Soft landing of IP industry in 2012 due to stable demand from non-EU markets

100%57%

19%7%

Order index within German manufacturing sector 2008 - 2012

German export ratio for selected sectors Status 2011

• Well balanced export and domestic share (45% to 55%) within German manufacturing industry

• Manufacturing sector is responsible for almost 60% of the total German export (mostly due to industrial products and automotive exports)

• Especially within the mechanical engineering sector the export ratio (67%) is far above German average (41%)

• Rising and resilient demand from non-EU markets cushions the slump of European economies

• “The German industry held its production level in Q3 2012 on the same level as in the previous year. (…) Once again the driving forces behind this were the traditionally strong mechanical engineering and automotive industries, which benefit from a high demand from non-EU markets.“ Source: DIW Wochenbericht, 28.11.2012

59% 55% 52%33%

41% 45% 48%

Mechanical engineering

Manufacturing Industrial products

67%

Total

Export

Goods fordomesticconsumption

Note: Index value 2005 = 100Source: Statistisches Bundesamt, 01/2013 Source: Statistisches Bundesamt and Statista, 11/2012

thereofthereof

thereofShare of total export

70

80

90

100

110

120

130

140

150

2008 2009 2010 2011 2012

Total

Export outsidethe Eurozone

Export toEurozone

Domesticconsumption

PwC 15

BRIC’s ongoing economic growth as major driving force for German GDP development

2010

2011

2012

2013

0%

2%

4%

6%

8%

10%

12%

China Russia Brazil India

Sh

ares

Trading partners of Germany – Status 2011

German export to BRIC 1996 - 2011

GDP growth across BRIC2010 - 2013

Source: Statistisches Bundesamt Source: IMF World Economic Outlook Jan 2013Source: Statistisches Bundesamt

• China is the driving force of worldwide economy with continuously high growth

• In 2013 all BRIC countries are expected to recover from economic slowdown in 2011/2012, which will further increase demand for German industrial products

• US and China are Germany’s most important trading partners outside Europe

• Importance of Russia, Brazil and India as trading partners of Germany has been rapidly increasing in the past decade

• “The next decade will power the BRIC economies to be bigger than the US and determine most Western multi-nationals’ global success or failure.” Source: Jim O’Neill, Goldman Sachs, Originator of the term “BRIC”, 19.11.2011

21) India 11

20) Brazil 11

12) Russia 35

5) China 65

4) UK 66

3) Netherlands 69

2) US 72

1) France 101

BRIC: 11.4% of total export

…

63

3018

x7

In €

bn

‘11

122

‘06‘01‘96

Machinery and equipment

Others

Chemicals

Electrical equipment

Automobiles and parts

8%9%

33%

23%

27%

Share of global GDP 2012

15% 3% 3% 6%

In €

bn

PwC 17

Increasing share of BRIC automotive production will further trigger investments in industrial products

32%41%

20%18%

20%17%

29% 25%

0%

20%

40%

60%

80%

100%

60

70

80

90

100

110

120

2012 2013 2014 2015 2016 2017 2018 2019

Reg

ion

al s

ha

re in

%

Pro

du

ctio

n u

nit

s

BRIC EU North America OthersBaseline Upside Downside

Automotive production shift to BRIC 2012 - 2019

Automotive markets YoY growth rates2012 - 2019

• Automotive sector is a global economic driving force with a CAGR of 4.4% from 2012 to 2019

• The IP sector as supplying industry is going to benefit from the ongoing growth in the Automotive sector

• New technologies, i.e. electro mobility, show growth rates of 32% p.a. (2012 - 19) but contribute to only 1% of projected global volume in 2019

• While German car production only shows minor or even negative growth rates, production in BRIC increases above 10% p. a. within the next three years

• “Production shifts trigger plant manufacturing and mechanical engineering orders, but impact decreases over time as average growth of BRIC’s car production is falling”Jan Maser, PwC Autofacts

Source: PwC Autofacts, 01/2013 Source: PwC Autofacts, 01/2013

4.4%

2.9%

5.7%

Share of:

-7%

-1%

4%

6%4%

2% 1%0%

6%

12% 13%10%

7% 6%5% 3%

-10%

-5%

0%

5%

10%

15%

20%

2012 2013 2014 2015 2016 2017 2018 2019

European Union North America BRIC Others

PwC 19

IP sector is highly attractive for deals

PwC 21

Level of IP deals in 2011/2012 back on pre-crisis level – the average deal value is decreasing

0

5

10

15

20

25

30

35

40

-

2

4

6

8

10

12

14

2005 2006 2007 2008 2009 2010 2011 2012

De

al v

alu

e /

nu

mb

er

of

dea

ls

Dea

l va

lue

in €

bn

Average deal size

Deal value industrial products in Germany 2005 - 2012

• After slowdown during the financial crisis increasing deal activity in the past two years can be observed

• Average deal size decreasing since 2007

• Multimillion big bets until 2008were driven by PE, in 2012 PE houses started to become more active again

€4.0bn

PE

€3.4 bn

€1.6bn€1.1

bn

PE

€1.2bn

€0.8bn

€1.3bn

€2.4bn

PE

€2.4bn

PE €2.0bn

PE

€0.8bn

€0.5bn

€0.3bn

**

€bn Deal value

Source: Merger Market and Thomson Financial, 02/2013 *Average deal value only for deals with a disclosed deal value **In 2012, some announcements might still pending

Average value per deal*

FY05-08 vs. FY09-12:

€0.7bn

€2.2bn

PE

- 28%€267m €191mKKR

KionGroup

Siemens

Flender

Moeller

DoughtyHanson

& Co

PAI Partners

MonierGroup

Aleris

Corus

Charterhouse

Ista

ACS

Hochtief

Moeller

Eaton

PAI Partners

Xella

Honeywell

RMG

CAT

MWM

DaimlerRolls Royce

Tognum

Elster

Melrose

Terex

DemagCranes AG

Weichai

KionGroup

PwC 23

German IP sector is attractive for deals due to its profitability, fragmented industry landscape and high innovation level

Industry EBITDA margins Status 2012

IP industry fragmentationStatus 2009

IP patent applications*Status 2009

Note: Top 500 listed German companiesSource: Bloomberg, 12/2012

* Patents per million labour forceSource: Eurostat, 2009

SME (Small and medium-sized enterprises)<250 employees/<€50m revenue/<€43m total assetsSource: ifm, Statistisches Bundesamt

• Germany is by far leading in granted patents and patent applications per labour force in Europe

• Knowledge and technology transfer are important deal drivers, in particular for inbound deals

• With an EBITDA margin of 10% the industrial products sector is among the more profitableindustries in Germany

• 1% of all companies contribute 73% of revenue within the German IP sector

• Highly heterogeneous IP landscape of SMEs reveals further consolidation potential

1%

7%

9%

10%

10%

10%

13%

13%

15%

Diversified

Energy

Technology

Utilities

Cons., Cyclical

Industrial Prod.

Basic Materials

Cons., Non-cycl.

Communic.

73%

52%

Revenue

27%

Employees

48%

Number

99%

1%Largeenterprises

SME

11

1618

54

United Kingdom

FranceEuropean Union

Germany

PwC 25

Germany contributes additional 34% to the EU27 area industrial products sector in 2011 with total revenues of €1,947bn

Germany27%

Italy13%

France13%

UK9%

ESP7%

Other EU 27 countries 31%

395

297325 240 159

Other 964160

149106 82 83

Foods and animal feeds 270

148

7249

53

44Mineral oil processing 77

134

84

57

63

40 Chemical products 193

373

120

59

7550

Automotive & parts 110118

42

62

25

26

Fabricated metal products 98106

54

103

41

19

Manufacturer of basic metals 14788

38

23

267 Computer, electronic and optical

products 127103

35

38

19 17 Electrical equipment 6725355

10142 22 Machinery and equipment 133

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0,0% 20,0% 40,0% 60,0% 80,0% 100,0%

Σ 1,878 Σ 923 Σ 946 Σ 667 Σ 467 Σ 2,187

Source: Eurostat 02/2013

European Processing Industry with total revenues of €7,068bn in 2011

Ind

ustrial P

rodu

cts (€

1,947bn)

PwC 27

Manufacturer of basic metals and manufacturing of machinery and equipment as most promising segments for future deal activities

Tar

ge

t av

aila

bili

ty(b

ased

on

num

ber

of t

arge

ts a

nd M

&A

ope

nnes

s)

Segment attractiveness (based on growth, profitability, valuation cycle position and more)

Segment attractiveness and target availability within the industrial products sector

Source: Statistisches Bundesamt, 2011 (latest release)

Low High

Low

High

Batteries and accumulatorsMagnetic and

optical media

Communication equipment

Other products of first processing of

steel

Electronic components and boards

Consumer electronics

Optical instruments and photographic

equipment

Instruments for measuring, testing

and navigation

Other fabricated

metal products

Other general-purpose machinery

Basic precious and other non-ferrous metals

Containers of metal

Cutlery & general hardware

Basic iron and steel

and of ferro-alloys

Steam generators

Casting of metals

Other special-purpose

machinery

Electric motors, generators,

transformers and electricity

distribution

Computers and peripheral equipmentDomestic

appliances

Electric lighting equipment Wiring and

wiring devices

Structural metal

products

General-purpose machinery

Metal forming

machinery & tools

Agricultural and forestry machinery

Tubes, pipes, hollow profiles and related

fittings of steel

Forging & forming of

metal

Irradiation & electro medical equipment

Treatment and coating of metals

Weapons and ammunition

Fabricated metal products, except machinery and equipment

Computer, electronic and optical products Machinery and equipmentElectrical equipment Manufacture of basic metals

Bubble size represents volume of total segment revenue

More attractive segments

Less attractive segments

PwC 29

Deals in IP sector are mainly driven by corporates

PwC 31

Within the IP sector the importance of private equity is decreasing compared to corporate-driven deals

Total Deals in German IP sector 2005 - 2012

M&A indication of DAX-30 companies in 2013

Source: Thomson Financial, 02/2013 Source: PwC Analysis, Merger Market, Factiva News research 10/2012

• Around 50% of DAX companies plan further M&A activities or are currently involved in M&A activities

• Average number of annual deals has stabilised in 2011/2012 at above 200, total transaction value 2012 has reached pre-crisis level in 2011

• Post crisis average transaction level of €5.5bn (2009 to 2012) is 33% lower than the €8.2bn before (2005 to 2008)

• Since 2009 the share of PE deals in total number of deals is declining from 24% (2005-2008) to 20% (2009-2012)

10%

13%

47%

30%

No signs of M&A activities

Involved in acquisition processes,but no signs of further M&A activities

Possible, but no specific plans

Plan on engaging in M&A activities

Avg. share of PE in deal numbers

24% 20%

-

3

6

9

12

-

100

200

300

400

2005 2006 2007 2008 2009 2010 2011 2012

Val

ue

in €

bn

Nu

mb

er o

f D

eals

Corporate Deals PE Deals

Total Transaction Value Average Transaction Level

€5.5bn

€8.2bn

PwC 33

33% higher cash position of listed German corporates; Since Q2 2012 negative trend in absolute number of carve-outs

154169 167

142

224237 251

0

50

100

150

200

250

2006 2007 2008 2009 2010 2011 Q3 12

in €

bn

Total cash position

Cash positions of listed German corporates 2006 - 2012

Divestments with German targets 2005 - 2012

Note: 140 companies listed in DAX, MDAX, SDAX and TecDAXSource: Standard & Poor's Capital IQ, 01/2013

Source: Thomson Financial, 12/2012

• Positive trend regarding cash position of German companies after financial crisis provides backup for upcoming crisis and opportunities for anorganic growth

• Average number of carve-outs pre-crisis (2005 - 2008) decreased by 15% for the period thereafter

• Since Q2 2012 negative trend in absolute number of carve-outs as the stripping of the “Deutschland AG” is coming to an end

0

30

60

90

120

150

180

-

5

10

15

20

25

30

Nu

mb

er

Val

ue

in €

bn

Deal Value Number of Deals TrendlineAverage cash position

+33

%

PwC 35

Purchase price multiples have continued to creep up throughout 2012, while leveraged debt multiples remained rather constant at 4.5x

European leveraged loan volume and total leverage

Purchase price multiple

• European leveraged loan volumes were significantly depressed at €28.5bn in 2012, 34% down from 2011

• The total leverage remains on average at c.4.5 x EBITDA

• “Financial markets will remain volatile for the foreseeable future and rather be driven by technicals than fundamentals. The trend of bond-for-loan transactions is likely to continue, especially as CLO volume dries up in 2013“Daniel Judenhahn, PwC Debt & Capital Advisory

• Over the past years, purchase price multiples have remained rather stable (Ø 9.2x EBITDA); not least due to the amount of uninvested fund capital chasing fewer deals

• In 2012 purchase price multiples have steadily increased (i) as more defensive sectors are targeted and (ii) due to a smaller deal sample size; in Germany multiples increased from 8.8x (2011) to 9.7x (Nov 2012)

Source: Standard & Poor’s LCD, 2012 Source: Preqin, Standard & Poor’s LCD, PwC analysis, 2012

8.8x

9.7x 9.7x

8.9x

9.2x

8.8x

8.4x

9.1x

9.7x

7,0x

7,5x

8,0x

8,5x

9,0x

9,5x

10,0x

2006 2007 2008 2009 2010 2011 Q112 H112 Jan-NovFY12

Purchase Price Fees/Expenses

0,0x

1,0x

2,0x

3,0x

4,0x

5,0x

6,0x

-

2

4

6

8

10

12

14

16

18

Q210 Q310 Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312

To

tal l

eve

rag

e

Val

ue

in €

bn

Volume (Senior) Volume (Mezzanine) Total Leverage

PwC 37

Major stimulus for PE deals is expected from exits of existing portfolios; further reduction of liquidity for PE funds anticipated

Composition of Private Equity funds in 2012

Unspent vs. Raised funds in Europe 2007 - 2012

Holding durations of port-folio companies 2005 - 2011

Source: Merger Market, 12/2012 Source: Thomson Financial, 08/2012Source: Preqin, 10/2012

• Significant amounts of uninvested capital exists and need to be:

Invested or

Paid back to the stakeholder at the end of the run-time

• Average holding duration of 4.8 years, slightly above pre-crisis level

• Many deals completed in 2007/2008 with postponed exits due to economic uncertainties

• Pressure to divest increases as funds reach the end of their investment periods

• IP industry as most attractive industry for Private Equity with 34% of investments

34%

23%

14%

8%

8%

6% 7%

Industrial Products

Retail & Consumer

Business Services

Automotive

Healthcare & Pharma

Technology, Media andTelecommunicationOthers

-

50

100

150

200

250

300

2007 2008 2009 2010 2011 2012(Sep)

€bnPrivate Equity dry powder in EuropeEurope focused fund raising

-

20

40

60

80

100

120

140

-

10

20

30

40

50

60

70

2007 2008 2009 2010 2011

Nu

mb

er o

f ex

its

Du

rati

on

in m

on

ths

Average duration Number of Exits

PwC 39

PE portfolios mainly sold to strategic investors; current portfolio age structure promises upcoming divestment activity

Global PE exits by type2005 - 2011

PE portfolio inventory by age classes in Germany

Source: Deallogic 2012 Source: BvK Study, 2012

• Majority of Private Equity investors chose strategic sale to exit portfolio companies

• 1/3 of all portfolio companies are already above 5 years of its holding period – divestment in near future is likely

53% 51% 51%65%

73%57% 62%

30% 31% 31%

28% 15%

25%26%

17% 18% 18%7% 12% 18% 12%

0%

20%

40%

60%

80%

100%

2005 2006 2007 2008 2009 2010 2011

Strategic sale Secondary sales IPOs

< 3 years32%

3 - 5 years35%

> 5 years33%

Buy-outs: avg. 4.5 years

PwC 41

Increasing importance of cross-border deals in German IP

PwC 43

Doubled share of BRIC’s in cross-border deals with German targets; Foreign direct investment mainly in Manufacturing sector

553

2012 (Nov)

FDI Stock Germany in €bn

34%

15% 14%

12%

9%

16%

Manufacturing

Financial and insurance activitiesHolding companiesWholesale and retail tradeOther Services

Others

Cross-border deals with German IP targets2005 - 2012

FDI stock Germany2012

Source: Merger Market, 09/2012 Source: Bundesbank, 02/2013

• Cross-border deals from financial crisis, mainly stimulated by US and BRIC

• BRIC countries have doubled their share in 2011/2012 (from 4% avg. in 2009/10 to 8% avg. in 2011/12)

• United States by far biggest investor in German IP market outside of Europe concerning cross-border deals

• Manufacturing and thereby IP sector is preferred target industry for increasing FDIs in Germany

• German FDI stock increased since 2005 (€403bn) to €553bn

• German manufacturing sector holds largest stock of direct and indirect FDIs (34%) followed by financial services

0,0%

0,5%

1,0%

1,5%

2,0%

2,5%

3,0%

3,5%

4,0%

4,5%

-

20

40

60

80

100

120

140

2005 2006 2007 2008 2009 2010 2011 2012

Sha

reB

RIC

of t

ota

l

Num

ber

of D

eals

Europe (without GER) Non-Europe BRIC % BRIC deals of total

PwC 45

Chinese enterprises plan to invest further and by larger transactions in the EU while there are still non-regulatory obstacles to handle

82%

13%

2% 3%

Planning further investments which will be higherthan previous investment

Planning further investments which will be similarto previous investment

Planning further investments which will be lowerthan previous investment

Not planning further investments

Chinese enterprises’ future EU investment plans

Non-regulatory obstacles when investing in the EU

• 97% stated that they plan to invest further, with the vast majority planning investments of a higher amount

• Indicators are that Chinese enterprises will expand existing investments and invest more and at larger amounts in the future

• A number of obstacles are related to HR issues (incl. cultural differences, obtaining visas, work permits etc.)

• The currency risk does not include Germany but mainly the Netherlands, France, Italy, Belgium etc.

• A lack of internationally experienced Chinese talents was noted, which is not an EU-specific issues

Source: Chinese Outbound Investment in the European Union, 01/2013 Source: Chinese Outbound Investment in the European Union, 01/2013

In the future, you are …

3%

10%

11%

15%

21%

22%

23%

25%

32%

37%

40%

0% 5% 10% 15% 20% 25% 30% 35% 40%

Other

Lack of Chinese overseas community

Lack of suitable schooling facilities for children

General negative perception of Chinese investment

Lack of brand recognition

Hiring and maintaining talents

Concerns about quality of Chinese products

Problems understanding the market

Currency risk

Cost of personnel and other resources

Cultural differences i.e. unfamiliarity with western stylemanagement and managing local employees

% of respondents

PwC 47

Recent M&A activities with Chinese investors in Germany were driven by access to technology, customer base and resources

Major deals and underlying rationale with Chinese investors

Ma

jor

de

als

• KION Group, €738m, Aug. 2012

• Schwing GmbH, €380m, Apr. 2012

• Putzmeister Holding GmbH, €357m, Jan. 2012

• ThyssenKrupp Tailored Blanks, €260m, 2012

• KSM Castings GmbH, €380m, July 2011

• ATB Austria Antriebstechnik AG, €100m, 2011

Ke

y ra

tio

na

le

1. Access to technologies, know how and patents“From now on it is a matter of acquiring advanced foreign technologies and established foreign brands.“

2. Access to the market“Chinese investors (…) want to use the products of acquisition candidates to enter the Asian market.“

3. Access to resources“Particularly the Chinese five-year plan aims to develop international energy resources.”

4. Anorganic growth“In the Chinese 5y plan companies are encouraged to seize upcoming foreign investment opportunities.“

Case Study: China’s Wolong buys ATB Group for $138mDeal rationale• Use prestige and brand of ATB to establish as globally

leading motor manufacturer• Use existing technology and expertise of target to focus

on R&D and purchasing• Additionally acquiring firms in the US focussing on

sales

Lessons learned• Identify key decision maker (Chairman or party

official)• Establish a personal relationship of mutual trust• Lobbying to ensure a smooth transaction (official

approvals and bank loans)• Access to debt not important, all outbound deals in

Europe financed by Chinese banks so far• Top management often Chinese speaking• Establish Chinese/German team on advisor side to

ensure personal and timely communication

“Give us five years and ATB will become number one of its branch.”Jiancheng Chen, Chairman of Wolong Holding

PwC 49

About the authors

Appendix

PwC 51

About the authors

Experience Summary

Marc Niemeyer has gained over 6 years of cross-functional experience in industrial as well as consulting deals mainly focused on industrial manufacturing and automotive industry.

Marc Niemeyer Manager Management Consulting

Experience Summary

Joachim Hogg has over 7 years industry and transaction expertise gained in various IP segments with focus on construction machinery, material handling equipment, mechanical engineering and automotive supplier.

Joachim Hogg Senior Manager Management Consulting

Experience Summary

Christian Knechtel has over 17 years functional industry and consulting expertise gained with deals in the automotive and mechanical engineering sector.

Christian Knechtel Partner Industry Leader Transactions

PwC 53

Contact persons

Appendix

PwC 55

Further contact persons

Transactions M&A Valuation & Strategy

Christian Knechtel IP Industry Leader +49 (0)69 9585 3188 christian.knechtel@de.pwc.com Stefan Frühauf Partner FDD +49 (0)69 9585 3195 stefan.fruehauf@de.pwc.com Andreas Koletzko Partner FDD +49 (0)211 981 7427 andreas.koletzko@de.pwc.com Gerald Schustereder Partner FDD +49 (0)89 5790 5541 gerald.schustereder@de.pwc.com Richard Siedek Partner FDD +49 (0)89 5790 6766 richard.siedek@de.pwc.com Matthias Bühler Senior Manager FDD +49 (0)69 9585 5886 matthias.buehler@de.pwc.com Matthias Müller Senior Manager CDD +49 (0)69 9585 2525 matthias.mueller@de.pwc.com

Oliver Boot Senior Manager M&A +49 (0)69 9585 7752 oliver.boot@de.pwc.com Stephan Fölsing Manager China Outbound +49 (0)69 9585 5655 stephan.foelsing@de.pwc.com

Dr. Rainer Jäger Partner V&S +49 (0)69 9585 5703 rainer.jaeger@de.pwc.com Marc Wintermantel Partner V&S +49 (0)689 5790 5330 marc.wintermantel@de.pwc.com

Management Consulting Business Recovery Services

Christian Knechtel DDV Leader +49 (0)69 9585 3188 christian.knechtel@de.pwc.com Uwe Väth Partner DDV +49 (0)69 9585 3150 uwe.vaeth@de.pwc.com

Dr. Joachim Englert Partner BRS +49 (0)69 9585 5767 joachim.englert@de.pwc.com

Debt & Capital Advisory Autofacts

Jan Maser Senior Manager V&S +49 (0)711 25034 3542 jan.maser@de.pwc.com

Daniel Judenhahn Senior Manager BRS +49 (0)69 9585 6976 daniel.judenhahn@de.pwc.com

© March 2013. PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, which is a member firm of PricewaterhouseCoopers International Limited (PwCIL). Each member firm of PwCIL is a separate and independent legal entity.