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North American PrivateEquity in ReviewMarch 2009

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Contents

Bowne foreword 3Hogan & Hartson foreword 5Private Equity: Opportunities and Challenges 6Buyout and exit deal trends 9Industry trends 12North American private equity deals 16North American SBOs 18Private equity activity tables 20Financial advisor activity tables 22Legal advisor activity tables 24Netezza case study 26Appendix 28Contacts 30Notes 31


North American Private Equity in Review 3

The decline in private equity activity in North America has beendramatic to say the least. The volume of traditional buyouts totaledjust 664 worth $70.5bn, compared to 930 worth $427.2bn in 2007.Meanwhile, private equity exits totaled 348 worth $70.4bn,compared to 597 worth $130.4bn in 2007. The drop in secondarybuyout (SBO) activity was just as dramatic: 2008 saw 102 dealsworth $7bn, compared to 199 worth $41bn in 2007. This data isnot particularly surprising given the size and scope of the currentfinancial crisis, not to mention the risk-averse mood hamperinginvestors of all types. Compared to 2007 activity, however, it isapparent that private equity funds have not completely changedtheir sector preferences.

The Industrials, Chemicals & Engineering sector represented thehighest percentage of volume (25%) of deal activity in 2007 andagain in 2008 (24.7%). At the same time, private equity firms aremoving toward the Life Sciences & Healthcare sector even as theyscale back their overall activity. In terms of value, Life Sciences &Healthcare accounted for 7% of private equity buyouts in 2007; in 2008, it accounted for 10% of buyout value. A closer look at thebuyouts announced throughout 2008 helps to shed some light onprivate equity’s attraction to these sectors.

The Industrials, Chemicals & Engineering sector makes up for just under a tenth (9.7%) of overall buyout value in 2008, which is not surprising given that this market typically contains a highvolume of deals with relatively low values. And yet in a year when many private equity firms hoped for modest returns at best, this industry saw one of the year’s biggest exits. In March2006, The Carlyle Group announced its $568m acquisition of USbased steel manufacturer John Maneely. In August 2008, theprivate equity firm announced it would sell the company to Russiabased Novolipetsk Steel for $3.5bn. Under Carlyle’s watch, JohnManeely grew significantly with two acquisitions -- the $1.5bnacquisition of Atlas Tube Inc. in 2006 and the acquisition of SharonTube Company for an undisclosed sum in 2007 -- and attracted agreat deal of interest from a variety of strategic buyers by the time it went up for sale in 2008.

The Industrials sector also ranked high among the largest SBOsof the year, the second highest of which further demonstratesthe viability of Industrials investments. In July, Bain Capitalannounced its $546m acquisition of Contec Holdings, a New Yorkbased equipment repair business servicing the broadband industry,which was a portfolio company of American Capital Strategies.American Capital Strategies purchased the company in 2006 for anundisclosed sum, however at the time Contec’s revenue was likelyclose to the $10m range, compared to its estimated $70m EBITDAof 2008, according to mergermarket intelligence.

There was also significant private equity activity within the LifeSciences & Healthcare space in 2008 and, like Industrials, Healthcare

companies have contributed to some of the year’s most significantexits. The largest SBO of the year was the $673m acquisition ofPress Ganey Associates, which was sold to Vestar Capital Partners by American Securities in January. While the value of AmericanSecurities’ 2003 acquisition of Press Ganey was never disclosed, the deal was estimated to fall somewhere in the $100m range.

Meanwhile, other high profile Healthcare deals were makingheadlines throughout 2008. In May, a consortium involving AvistaCapital Partners and Nordic Capital Fund VII announced its $4.1bnacquisition of wound care company ConvaTec Inc. This was thesecond largest buyout of 2008 overall, and The Blackstone Group’s$1.6bn buyout of Apria Healthcare, announced in June, ranked14th in the year’s top 20 buyouts.

Industrial and Healthcare companies have proved to be solidinvestments in the past, and it is likely that private equity willcontinue to seek a safe haven in these industries while the rest of the financial crisis plays out. At the same time, these twosectors are crucial to the development of the region’sinfrastructure and medical industries – two areas which, under the new presidential administration, are receiving a great deal ofattention. With this in mind, the private sector’s interest in theseareas has hopefully left them well-positioned to reap the benefitsof their investments in the near future.

Bowne is proud to have assisted in many of the year’s marketleading transactions. As the world market leaders in M&Atransaction services, we provide the full suite of confidential datamanagement services required to accomplish transactions in thischallenging environment. Bowne has a rich, 230 year history ofconfidential document management, and we bring our worldwidereputation for outstanding service to every engagement.

In these challenging times, more and more private equitypractitioners are turning to Bowne Virtual Dataroom™ to streamline their processes, from portfolio management andreporting to due diligence data hosting. For more information, visit www.bowne.com/VirtualNA. Or for additional free resources for tracking regulatory developments affecting private equity and hedge funds, visit Bowne’s thought leadership library atwww.securitiesconnect.com.

Brandon FarleyManaging Director, Bowne Virtual Dataroom

Bowne forewordBowne is pleased to present the full year 2008 edition of North American Private Equity in Review. This

comprehensive report highlights the latest trends within the North American private equity market, covers

activity across various industry sectors and provides analysis of buyout and exit trends for the full year 2008.



Private equity activity in 2008 supports what most in the industryhave already concluded: supersized leveraged buyouts are on ahiatus that does not appear to be ending soon. An overview of thelargest private equity deals in 2007 reflects just how much theprivate equity landscape has changed. That year, the buyout ofBCE Inc. by a consortium involving Teachers’ Private Capital,Madison Dearborn Partners, LLC and Merrill Lynch Global PrivateEquity was the largest announced buyout in history, worth $48bn.The smallest of the top 20 announced deals that year, The CarlyleGroup’s acquisition of healthcare company Manor Care, Inc., wasworth $5.8bn.

The top deals of 2008 obviously tell a much different story. Asidefrom TPG Capital and GS Capital Partners’ $28.1bn exit from AlltelCorporation, which Verizon Wireless Inc. announced it would buy inJune 2008, the top 20 deals of 2008 range from $1.3bn to $4.1bn.Secondary buyout (SBO) activity has slimmed down drastically aswell: the value of the largest announced SBO in 2008 was $673m,but this deal would have just barely made the bottom of the prioryear’s list. In 2007, the two smallest SBOs of the year’s top 15were valued at $683m and $655m.

Ultimately, many of the 2007 deals fell victim to the painful marketconditions of 2008. The buyout of BCE Inc. collapsed in Decemberof 2008 when the company’s solvency post-acquisition was calledinto question. The following month, another major buyout of thatyear, the $25bn buyout of Sallie Mae, unraveled under the weightof the credit crunch. The buyout, backed by J.C. Flowers & Co.LLC and Friedman Fleischer & Lowe, was announced in April of2007, long before access to credit was essentially cut off. At thetime, few would have imagined that one of the key debt providers,Bank of America, would merge with Merrill Lynch and becomeexposed to its mounting losses.

Ironically, the collapse of several financial services companies alsofueled some of the most significant private equity activity in 2008.The year was spotted with several financial services buyoutsstemming directly from the downturn. Indeed, one of the mostinteresting features of deal activity in 2008 is that the very banksthat once financed such deals became targets.

In April, Texas Pacific Group (TPG) announced that it was leading a $2bn investment into Washington Mutual, a US based bankseverely injured by its subprime mortgage dealings. At the time,some industry insiders worried that banks were “falling knives”

that would only slice their investors as they fell further, a predictionwhich unfortunately proved to be accurate: TPG and its co-investors ultimately lost all of this investment when the target wastaken over by the Federal Deposit Insurance Corporation (FDIC)and acquired by JPMorgan Chase & Co. the following month. Ofcourse, not all private equity investments in businesses bleedingsubprime losses had similar consequences. In July, Lone StarFunds, another Texas based private equity group, announced its$1.5bn acquisition of the Home Lending Business of CIT Group,Inc. The deal allowed CIT Group, Inc. to distance itself from themortgage business and it allowed Lone Star Funds to takeadvantage of steep discounts resulting from the industry’s fallout.

The distress of the banking industry obviously puts an enormousamount of pressure on buyout firms, and played a major role inslowing the year’s private equity activity. Of course, most firmsare shifting toward smaller deals out of sheer necessity since thedebt markets have dried up, which is why even the largest deals of 2008 were only a fraction of the value of the top deals in thebuyout boom years. As private equity firms continue to navigatethrough the new debt-lite economy, deal values will probably stayin their new, modest range.

Hogan & Hartson is an international law firm with more than 1,100lawyers practicing in 27 offices worldwide. Our private equitypractice brings a strong “sector approach” to deal structuring,bringing to bear a legal team that couples transactional experiencewith our leading national and international regulatory lawyers.Through our private equity coordinating group, we exchangeinformation across offices and around the globe concerning bestpractices, transactions, industry knowledge, business contacts,deal opportunities, and document precedents. Our lawyersparticipate in leveraged acquisitions and venture capitalinvestments involving companies and private investment funds inthe United States, the United Kingdom, Belgium, Denmark, France,Germany, Norway, the Netherlands, Poland, Russia, Mexico, China,and other parts of Asia. We have the substantive depth to serve asacquisition, financing, regulatory, and securities counsel and westrive to build relationships based upon the simple principle thatwhatever the issue, we will deliver the answers you need, whenyou need them.

Hogan & HartsonforewordHogan & Hartson LLP is pleased to present the full year 2008 edition of North American Private Equity in

Review in association with Bowne and mergermarket.


6 North American Private Equity in Review

One of the most obvious and pronounced difficulties privateequity firms faced this year was securing financing. With limitedaccess to debt, transactions largely came to a stand still. But the impact of the tight credit markets actually had a cripplingeffect on the deals announced prior to the credit crunch as well. The buyouts of Huntsman Corporation and BCE Inc. are two of the most telling examples: each deal exemplifies thearray of financing and valuation issues unique to the ongoingfinancial crisis.

Hexion Specialty Chemicals, an affiliate of private equity groupApollo Management, announced its $9.8bn buyout of HuntsmanCorporation in July 2007 after winning an extremely competitivebidding process. The target had originally entered into a mergeragreement with competing bidder Access Industries affiliateBasell AF in June 2007, but the following month Apollo submitteda proposal for $27.25 per share, which it increased to $28 pershare the same week.

Apollo’s willingness to increase its bid at this point serves as astark contrast to the firm’s eagerness to terminate the deal in themonths that followed. Insolvency was a key issue of contentionthat played an important role in the deal’s collapse. Hexion citedMaterial Adverse Change (MAC) as its reason for pulling awayfrom the deal, claiming the combined entity would be insolventpost-acquisition. Huntsman refuted this claim and commissioneda solvency opinion from American Appraisal in its defense.

Potential insolvency and bad faith not withstanding, securingfinancing remained one of the most difficult obstacles tocompleting this deal. Indeed, Huntsman filed suit not only againstHexion parent company Apollo but also against Credit Suisse andDeutsche Bank, the two banks financing the deal, for refusing to provide the $6.5bn necessary to complete the buyout.

The deal ultimately lapsed more than a year after itsannouncement in a culmination of all these issues. In December

2008 Huntsman received the final $425m in payments from ApolloManagement affiliates, the last in a series of installments totalingthe $1bn in settlements arising from the terminated merger.

The historic $48bn buyout of BCE Inc. by a consortium led byMadison Dearborn Partners and Providence Equity Partnersencountered similar if not identical obstacles. The deal fell apartover the same time frame—it was announced in June 2007 and itlapsed in December 2008—and faced the same insolvency claimsfrom the bidder and financing withdrawal from lenders.

Like Huntsman, BCE Inc.’s solvency post-acquisition was calledinto question by the bidder, further adding to speculation that thedeal would be re-priced or called off entirely. The target’sdeteriorating performance indeed played a major part in the deal’scollapse, as the bidders’ C$42.75 per share offer nearly doubledthe company’s stock price of C$23 per share by the time the dealunraveled in December 2008. Nevertheless, as in the Huntsmanscenario, the target provided a third-party solvency opinion torefute claims that it was unfit to survive post-acquisition.

Lending banks underpinning the BCE Inc. deal account foranother important parallel to the Huntsman saga. Deutsche Bank,which was sued by Huntsman for refusing to finance its portionof the deal, was also a key finance provider in the BCE buyout, as was Citigroup, whose historic losses in the year after the dealwas announced created yet another block to the deal’scompletion as banks attempted to renegotiate financing termsthroughout the course of 2008.

Both the Huntsman and BCE buyouts represent a financingclimate that is virtually gone today. Private equity firms up untilrecently were able to tap banks such as Citigroup and MerrillLynch to fund their deals, but these lenders are obviously in noposition to finance mega-buyouts today. In this new environment,buyout firms are tasked with creating their own luck throughalternative financing methods.

Private Equity: Opportunitiesand ChallengesThe financial crisis has played out dramatically on Wall Street and in Washington with the collapse of major

banks and the political backlash that followed. Though slightly less prominent in the news, private equity has

also been inextricably linked to the financial crisis. The unavailability of credit created an extremely difficult

financing environment for private equity funds: the contracting value of institutional investment funds and a

wide range of valuation issues have together created a perfect storm for buyout activity in 2008. An overview

of the trends emerging throughout the year suggests that both challenges and opportunities await in 2009 as

the industry reevaluates its strategies post-buyout boom and post-credit crunch.



One of the year’s largest private equity buyouts, the 2008acquisition of The Weather Channel Properties by a consortium of bidders including NBC Universal, Bain Capital, and BlackstoneGroup Holdings, serves as an example of how some firms areadapting to the current market conditions. The deal is significantfor its unique structure and its ability to work around therestricted credit markets as the buyout relied more on equity than on debt, with only some of the $1bn of bank debt comingfrom Deutsche Bank and GE Capital. Additionally, all of the juniordebt and some of the bank debt came from alternative sources:GSO Capital, a debt boutique purchased by Blackstone theprevious year, and Sankaty Advisors, a unit of Bain Capital.

Leveraged buyouts are indeed noticeably absent from the scenein 2008, but running parallel to the decline in traditional buyoutactivity is a rise in more targeted investment activity. The growingsecondary market, coupled with a heightened interest indistressed investing, for example, have been fueled in large partby conditions in the broader economy and have become some of the strongest features of private equity activity this year.

The secondary market has been flooded with private equitycommitments, which many institutional investors have beeneager to unload as declining public markets drive their privatesector allocations higher, percentage wise. CalPERs, the largestpension fund in the US, has already sold off $2bn of its privateequity partnerships. Meanwhile, the largest endowments in theUS, led by Harvard University and what had been its $36.9bnendowment, are expected to flood the secondary market byunloading up to $100bn of their private equity investments.

Distressed investors are already well-positioned to takeadvantage of this growing secondary market. Distressedinvestors have raised $37.9bn across 18 funds this year, up 28%from $29.5bn raised by 16 funds at this point last year. US basedprivate equity firm Oaktree Capital Management even raised thelargest distressed investing fund to date, with its $10.9bn OCMOpportunities Fund VII LP earlier in 2008.

On top of all this, distressed sellers such as banks in need ofcapital are contributing to a wave of asset sales which is equallyappealing. Distressed investors and secondary buyers of privateequity commitments are seeking opportunity in the midst of acrisis, however, pricing these opportunities is extremely difficultunder these unprecedented economic conditions. Private equitymarkdowns and corporate defaults may very well drive down theprice of distressed assets and secondaries, but investors are wellaware that cheap targets could be falling knives. Indeed,secondary buyers and distressed investors keep the recentmarkdowns in mind when valuing bargain priced targets.

By the same token, sellers may worry that valuations are far toolow. Lehman Brothers’ sale of Neuberger Berman speaks directlyto the other side of the valuation issue. Unlike other potentiallytoxic assets being unloaded by banks, the Neuberger Bermanbusiness represented one of the bank’s most prized possessionsand historically solid operations. In this case, issues arose overwhether valuations were too low rather than too high or too risky.

Neuberger Berman attracted a great deal of interest from privateequity firms, including Bain Capital and Hellman & Friedman, whoin September announced they would acquire the unit for $2.15bn.But shortly after the consortium announced its winning bid, TheCarlyle Group objected to the deal claiming Lehman wasneglecting its duty to creditors by accepting an offer that did notadequately value the business. Ultimately, in December, the deallapsed when Bain Capital and Hellman & Friedman reduced theirinitial offer to reflect poor market conditions.

That same month, NBSH Acquisition, LLC, an acquisition vehicle created by Neuberger Berman executives, took over thebusiness in a management buyout worth $1.3bn, representing51% common shares in the company for an undisclosed stockconsideration. The deal resulted in a name change fromNeuberger Berman Asset Management to Neuberger InvestmentManagement, and the new entity is now led by original Lehmanand Neuberger executives.

The stream of banks’ asset sales in 2008 is probably only thebeginning of a much larger and longer-lasting wave ofopportunities for private equity with capital to invest. Theexpected outpouring of attractive bargain priced assets may be enough to motivate firms in 2009, albeit in an unfriendlyfinancing climate. With a new administration in place and aneconomic rescue package about to take effect, private equitybuyers may soon break their streak of slow activity. Financing,fundraising, and valuation issues have collectively created a major test of strength for the private equity industry as a wholebut some firms have already demonstrated their ability tomaneuver around these difficulties and the rest will hopefullyfollow close behind in 2009.

Richard K.A. Becker, PartnerKevin C. Clayton, PartnerGeorge A. Hagerty, PartnerJeffrey M. Hurlburt, PartnerDavid A. Winter, PartnerHogan & Hartson LLP



Buyout and exit deal trends

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• The volume of buyout and exit activity in 2008 saw a significantdecrease since 2007. Volume dropped from 930 to 664 over this time,while value dropped from $427.2bn to $70.5bn.

• Typically, buyout and exit volumes mirror each other from quarter toquarter, but from Q2 to Q3 of 2008, buyout volume increased while exitvolume decreased. Buyout activity saw a steady increase across the firstthree quarters of 2008, though the sharp decrease that followed in Q4left buyout and exit volumes less than half of their Q4 2007 levels.

• In terms of value, buyout and exit activity in 2008 is dwarfed by theactivity seen in 2007. Buyout and exit values in Q4 2008 reached theirlowest point since 2003. Q2 2008 did stand out with a sharp increasein exit value, however, causing exit value to exceed buyout value in thisquarter. It should be noted, however, that this sudden uptick in exitvalue is driven almost entirely by the $28.1bn Alltel exit, announced in June.

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• Market conditions in 2008 made it extremely difficult for buyout firmsto secure deal financing. The drop in deal volume overall and the dropin deal volume in particular price ranges reflects this environment, asbuyout firms gravitated toward smaller deal values. The total volume ofbuyout deals in 2008 decreased by approximately 29% since 2007,and there was also a major shift away from the >$500m range overthis time. In 2007, 13% of the announced deals fell in the >$500mrange; in 2008, deals worth more than $500m made up only 5%announced deals.

• Like the decrease in volume, the sharp drop in value stems largely fromfinancing difficulties brought on by the global credit crisis. The value ofdeals announced in 2008 is less than a fifth that of 2008, while dealsworth more than $500m account for significantly less of overall dealvalue. The >$500m still accounts for more than half (57%) of all otherannounced deal values combined, but deals worth more than $500maccounted for about 89% in 2007.



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Exit deal size by valueExit deal size by volume

• In 2008, private equity exits in the > $501m range were far lessprominent than in 2007, which is not surprising given the combinationof financing difficulties, valuation difficulties and the stagnant IPOmarket. The mid-market range still dominates exit activity though, with the $15m-$100m range accounting for the largest portion of exitactivity in terms of volume, not including deals with undisclosed value.

• The largest portion of announced exit values in 2008 comes fromthe >$501m range, as it has in previous years. The percentage of deal value coming from the $251m-$500m range has nearly halved,however, as has the percentage of deal values in the $15m-$100m range.

• While the total value of exits in 2008 was nearly half (46%) that of2007, the decrease in buyout value was far more drastic: the totalvalue of buyouts in 2008 is only 17% of the previous year’s buyoutvalue (see Buyout Deal Sizes by Value).

Buyout and exit deal trends


North American Private Equity in Review 11North American Private Equity in Review 11

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Secondary buyout trends by volume and value

• Secondary buyout (SBO) trends in 2008 reflect the unpredictability of all deal activity in the wake of the financial crisis. Q1 2008 sawa steep drop in secondary buyout value and volume from the previousquarter, followed by a spike in deal volume, which then declinedsteadily for the two remaining quarters. In the end, SBOs followed the same trend as buyouts and exits with a substantial drop in volumeand value: 2008 saw 102 SBOs worth $7bn, compared to 199 SBOsworth $41bn in 2007.

• Although Q2 saw the highest volume of SBO activity, Q1 saw thehighest value, which was strongly influenced by some of the year’slargest SBOs. In January, Vestar Capital Partners announced its $673m acquisition of Press Ganey Associates, a portfolio company of American Securities, marking the year’s largest SBO. The samemonth, J.W. Childs Associates announced it would buy The MattressFirm from Sun Capital Partners for $450m, marking the third largestSBO of 2008.



Business Services

Financial Services

Energy, Mining, Oil & Gas

TMT

Consumer

Life Sciences & Healthcare

Industrials, Chemicals

& Engineering

Transportation

Construction

Leisure

Real Estate

Agriculture

Defense

19.6%

15.5%

13.9%10.4%

10.3%

10%

9.7%

4.4%

3.5%

1.2%1.1%

<0.1%


& Engineering

Business Services

Consumer

TMT


Financial Services


Construction

Leisure

Transportation

Real Estate

Agriculture

Defense

24.7%

15.4%

14.5%

13.9%

8.3%

6.8%

5.9%

3.2%

2.9%2.4%

0.9% 0.5%0.9%

Volume Mix Buyouts by IndustryValue Mix Buyouts by Industry

• The Business Services sector accounts for 19.6% of buyout value in2008, followed by Financial Services with 15.5%. The largest BusinessServices deal was the $2.5bn undisclosed majority stake sale of thegovernment advisory business of Booz Allen & Hamilton in May.Meanwhile, the Financial Services sector saw one of the year’s mostfamous deals with Texas Pacific Group’s (TPG) $2bn investment inWashington Mutual Inc., announced in April.

• Energy, Mining, Oil & Gas accounts for the third largest percentage(13.9%) of 2008 buyouts in terms of value, due in large part toCanadian activity. In one of the largest buyouts of the year, announcedin August, Canada based Borealis Infrastructure Management teamedwith Singapore based GIC Special Investments to purchase a 19.75%stake in Oncor Electric Delivery Company for $1.3bn.

• The Industrials, Chemicals & Engineering sector saw the highest volume of private equity buyouts in 2008, representing nearly a quarter (24.7%) of the year’s deals. Industrials far outpaced all othersectors, while the second highest percentage of deals, stemming fromthe Business Services sector, totaled 15.4%.

Industry trends



TMT


& Engineering


Business Services


Consumer

Agriculture

Financial Services

Leisure

Construction

49.5%

18.3%

8.9%

6.6%

6.6%

4.8%

2.4%2.1%

0.5% 0.4%

TMT


& Engineering

Business Services

Consumer



Financial Services

Construction

Leisure

Transportation

Agriculture

Defense

29%

14.1%

11.5%

10.1%

6.9%

1.7%1.7%

0.3%0.3%

23.3%

0.3%0.9%

Volume Mix Exits by IndustryValue Mix Exits by Industry

• TMT accounted for nearly half (49.5%) of 2008 secondary buyout andexit activity in terms of value, though this unusually high percentage isdriven by a single deal: 80% of deal value in this sector, which totaled$34.8bn, is attributed to Texas Pacific Group and GS Capital Partners’$28.1bn exit from Alltel. Industrials, Chemicals & Engineering, whichsaw the highest volume of buyouts and exits combined in 2008,accounts for the second highest percentage of deals in terms of value(18.3%), followed by Life Sciences & Healthcare, which accounts for8.9% of exit value, up from 6% at the close of H1 2008.

• TMT and Industrials, Chemicals & Engineering dominated the secondary buyout market in 2008 in terms of volume, making up 29% and 23.3% of the year’s private equity exits respectively. Deals were otherwise distributed almost evenly across the BusinessServices (14.1%), Consumer (11.5%) and Life Sciences & Healthcare(10.1%) sector.



North American private equity deals

Top 20 private equity deals

Announced

Date

Jun-05-08

May-02-08

Aug-12-08

Jul-06-08

Jul-02-08

Aug-12-08

May-16-08

Feb-22-08

Sep-29-08

Feb-25-08

Apr-08-08

Feb-19-08

Jun-17-08

Deal Type

Exit

IBO

Exit

IBI

Exit

Exit

IBI

IBO; Take Private

MBO

IBO; Take Private

IBI

Exit

Exit

Target Company

Alltel Corporation,Inc.

ConvaTec Inc

John ManeelyCompany

Weather ChannelProperties(Weather ChannelNetworks,ChannelInteractive,Weather ServicesInternational,EnterpriseElectronicsCorporation )

GrahamPackagingHoldingsCompany

TalecrisBiotherapeuticsInc

Booz Allen &Hamilton(undisclosedmajority stake ingovernmentadvisorybusiness)

CHC HelicopterCorporation

NeubergerBerman Inc

Getty Images Inc

WashingtonMutual Inc(undisclosedeconomicinterest)

TimberSTARSouthwest

PNA Group Inc

Target Sector

TMT


Industrials,Chemicals &Engineering

TMT



BusinessServices

Transportation

FinancialServices

BusinessServices

FinancialServices

Agriculture


Bidder Company

Verizon Wireless Inc

Avista Capital Partners;Nordic Capital Fund VII

Novolipetsk Steel

Bain Capital; BlackstoneGroup Holdings; andNBC Universal

Hicks AcquisitionCompany I Inc

CSL Limited

The Carlyle Group LLC

First ReserveCorporation

Bain Capital; andHellman & Friedman

Hellman & Friedman

TPG

Hancock TimberResource Group

Reliance Steel &Aluminum Company

Bidder Description

US based telecom company

US based private equity firm;Sweden based fund of NordicCapital

Russia based steel producer alsooperating in mining, steelmakingand rolling

US based private equity firm; US based private equity investorthat provides financial advisoryservices including M&A; and US based media andentertainment company involvedin the development, productionand marketing of entertainment,news and information

US based special purposeacquisition company

Australia based developer,manufacturer and marketer ofvaccines and medications ofbiological origin.

US based private equity firm

US based private equity firm withfocus on the energy sector

US based private equity firms



US based timberland investmentmanagement company

US based supplier of metalprocessing services anddistributor of metal products tothe manufacturing, construction,transportation, aerospace andsemiconductor industries

Seller Company

Atlantis HoldingsLLC

Bristol-MyersSquibb Company

The Carlyle Group;and The Zekelmanfamily

LandmarkCommunications

Blackstone Group Holdings

AmpersandVentures; andCerberus Partners

Booz Allen &Hamilton

Lehman BrothersHoldings

MSD Capital; PerryCapital; TimberStar;and York CapitalManagement

Platinum Equity

Deal Value

($m)

28,100

4,100

3,530*

3,500

3,171

3,100

2,540

2,370

2,150*

2,037

2,000

1,710

1,692

* indicates deal has lapsed


North American Private Equity in Review 17North American Private Equity in Review 17

North American private equity deals

Announced

Date

Jun-19-08

Jul-01-08

Jul-28-08

Apr-04-08

Dec-03-08

Jan-14-08

Aug-13-08

Deal Type

IBO; Take Private

IBO

IBO

Exit

Insolvency; MBO

IBO; Take Private

IBI

Target Company

Apria HealthcareGroup Inc

CIT (HomeLendingBusiness)

Unilever Plc(North AmericanLaundryBusiness)

Norcross SafetyProducts L.L.C.

NeubergerBerman Inc

Bright HorizonsFamily SolutionsL.L.C.

Oncor ElectricDeliveryCompany LLC(19.75% stake)

Target Sector


FinancialServices

Consumer


FinancialServices

BusinessServices

Energy,Mining, Oil & Gas

Bidder Company

Blackstone GroupHoldings

Lone Star Funds

Vestar Capital Partners

Honeywell International

NBSH Acquisition

Bain Capital

Borealis InfrastructureManagement, Inc; GICSpecial Investments PteLtd (GICSI)

Bidder Description

US based private equity investorthat provides financial advisoryservices including M&A,restructuring and reorganizationadvisory services and fundplacement services


US based private equity firmfocused on managementbuyouts, recapitalizations andgrowth capital investments

US based diversified technologyand manufacturing company,serving the following industries:aerospace, control technologies,automotive products,turbochargers and specialtymaterials

US based acquisition vehiclecreated by management ofNeuberger Berman Inc


Canada based investmentcompany that invests in andmanages infrastructure assets;Singapore based soveriegnwealth fund that managesSingapore’s foreign reserves

Seller Company

CIT Group

Unilever

OdysseyInvestmentPartners

Lehman BrothersHoldings

Energy FutureHoldings Corp.

Deal Value

($m)

1,571

1,500

1,450

1,438

1,290

1,260

1,254

Top 20 private equity deals (cont’d)



North American SBOs

Top 15 secondary buyouts

Announced

Date

Jan-29-08

Jul-31-08

Jan-18-08

Feb-07-08

Jan-16-08

Aug-15-08

Jan-03-08

Nov-26-08

May-23-08

Mar-12-08

Jan-16-08

Aug-01-08

Aug-14-08

Mar-06-08

Jun-18-08

Target Company

Press Ganey Associates Inc

Contec Holdings Ltd

The Mattress Firm Inc

Critical Homecare SolutionsHoldings Inc

AGS Sports Inc

Old Mother Hubbard Inc

Ranpak Inc

U.S. Silica Company

Angelica Corporation

Anchor Drilling Fluids USA Inc

Au Bon Pain

Chalker Energy Partners II; Rusk Energy Ltd

Maxxam Analytics InternationalCorporation

Essex Crane Rental Corporation

Preferred Freezer Services LLC

Target Sector


Industrials, Chemicals & Engineering

Consumer


Consumer

Consumer





Leisure


Business Services



Bidder Company

Vestar Capital Partners Inc

Bain Capital LLC

J.W. Childs Associates LP

MBF Healthcare Acquisition Corp

Quad-C Management Inc

Berwind Corporation

Odyssey Investment Partners LLC

Golden Gate Capital

Clothesline Holdings, Inc

Castle Harlan Inc

LNK Partners

NFR Energy LLC

OCPI MA Holdings

Hyde Park Acquisition Corp

Fenway Partners Inc

Seller Company

American Securities

American Capital Strategies Ltd

Sun Capital Partners Inc

Kohlberg & Company LLC

Linsalata Capital Partners

Catterton Partners; Scott family


Harbinger Capital Partners MasterFund I Ltd; and Harbinger CapitalPartners Special Situations FundL.P.

Steel Partners II LP


AlpInvest Partners NV; and PNCMezzanine Capital

Freeman Group; Quantum EnergyPartners

Callisto Capital LP

Kirtland Capital Partners LP

TA Associates Inc

Deal Value

($m)

673

546

450

420*

405

400

400

337

296

250

250

245

237

210

200

* indicates deal has lapsed



Private equity activity tables - buyouts

Buyouts - Volume

Rank Company Name Value ($m) Number

of Deals

1 HIG Capital 161 12

2 Sun Capital Partners 1,010 11

3 The Riverside Company 247 11

4 Audax Private Equity Group 50 8

5 GS Capital Partners 609 7

6 Blackstone Group Holdings 6,083 6

7 The Carlyle Group 3,935 6

8 One Equity Partners 440 6

9 Falconhead Capital 100 5

10 Monomoy Capital Partners 54 5

11 Patriarch Partners 25 5

12 Bain Capital 5,319 4

13 First Reserve 3,569 4

14 MatlinPatterson Global Advisers 1,135 4

15 Kohlberg & Company 770 4

16 Golden Gate Capital 469 4

17 Vista Equity Partners 300 4

18 American Industrial Partners 120 4

19 Marwit Capital 25 4

20 Avista Capital Partners 4,600 3

Buyouts - Value


of Deals


2 Bain Capital 5,319 4

3 Avista Capital Partners 4,600 3

4 Nordic Capital 4,100 1

5 The Carlyle Group 3,935 6

6 First Reserve 3,569 4

7 Hellman & Friedman 2,612 2

8 TPG 2,480 3

9 Vestar Capital Partners 2,123 2

10 Riverstone Holdings 1,677 3

11 GIC Special Investments 1,654 2

12 Lone Star Funds 1,550 3

13 Warburg Pincus 1,456 3

14 Apax Partners 1,181 1

15 MatlinPatterson Global Advisers 1,135 4

16 W.L. Ross & Co 1,100 1

17 Oaktree Capital Management 1,096 3

18 Irving Place Capital 1,022 2

19 Sun Capital Partners 1,010 11

20 Corsair Capital 985 1

Note: The tables are based on private equity houses as the bidder on buyouts and buyins announced between 01/01/2008 and 12/31/2008, where the target is North American,excluding lapsed and withdrawn deals.

The Private Equity Activity Tables reflect the activity of buyout firms, venture capitalists, investment firms, financial institutions and all parties whose activities wholly involve, or includemaking private equity investments. Please note that the values in the ‘Value’ column do NOT reflect the equity contribution of the investors but represent the total values of deals theywere involved in.



Private equity activity tables - exits

Exits - Volume


of Deals

1 American Capital Strategies 1,276 13

2 Intel Capital 15 9

3 Accel Partners 493 8

4 Redpoint Ventures 655 6

5 Francisco Partners 720 5

6 Oak Investment Partners 680 5

7 HIG Capital 200 5

8 Insight Venture Partners 430 4

9 The Carlyle Group 428 4

10 Metalmark Capital 227 4

11 Atlas Venture 177 4

12 Austin Ventures 117 4

13 US Venture Partners 92 4

14 Harbinger Capital Partners 1,350 3

15 Adams Street Partners 770 3

16 Sun Capital Partners 473 3

17 New Enterprise Associates 405 3

18 Draper Fisher Jurvetson 320 3

19 Norwest Venture Partners 216 3

20 Charles River Ventures 203 3

Exits - Value


of Deals

1 GS Capital Partners 28,528 2

2 TPG 28,141 2


4= Ampersand Ventures 3,100 1

4= Cerberus Capital Management 3,100 1

6= MSD Capital 1,710 1

6= Perry Capital 1,710 1

8 Platinum Equity 1,692 1

9 Odyssey Investment Partners 1,438 1

10 Harbinger Capital Partners 1,350 3

11 American Capital Strategies 1,276 13

12 Stone Point Capital 1,150 2

13 Welsh, Carson, Anderson & Stowe 1,052 2

14 Ontario Teachers Pension Plan 873 2

15 ArcLight Capital Partners 853 2

16 Balderton Capital 850 1

17 Advent International 792 2

18 Adams Street Partners 770 3

19 Golden Gate Capital 721 2

20 Francisco Partners 720 5

Note: The tables are based on private equity houses as the seller on exits announced between 01/01/2008 and 12/31/2008, where the target is North American, excluding lapsed andwithdrawn deals.

The Private Equity Activity Tables reflect the activity of buyout firms, venture capitalists, investment firms, financial institutions and all parties whose activities wholly involve, or includemaking private equity investments. Please note that the values in the ‘Value’ column do NOT reflect the equity contribution of the investors but represent the total values of deals theywere involved in.



Financial advisor activity tables - buyouts

Buyouts - Volume


of Deals

1 Deutsche Bank 8,288 7

2 Credit Suisse 7,007 6

3 JPMorgan 6,534 6

4 Lehman Brothers 4,049 6

5 Wachovia 2,596 6

6 Banc of America Securities 4,861 5

7 Goldman Sachs 2,010 4

8 Barclays Bank 3,944 3

9 Morgan Stanley 2,790 3

10 Piper Jaffray & Co 1,750 3

11 Financial Technology Partners 684 3

12 Deloitte 58 3

13 RBC Capital Markets 1,835 2

14 Citigroup 1,052 2

15 Blackstone Group Holdings 965 2

16 UBS 536 2

17 Merrill Lynch 480 2

18 Houlihan Lokey 207 2

19 PricewaterhouseCoopers 140 2

20 Financo 110 2

Buyouts - Value


of Deals


2 Credit Suisse 7,007 6

3 JPMorgan 6,534 6



6 Barclays Bank 3,944 3

7 Allen & Company 3,500 1


9 Wachovia 2,596 6

10 Royal Bank of Scotland Group 2,037 1


12 RBC Capital Markets 1,835 2

13 Piper Jaffray & Co 1,750 3

14 Evercore Partners 1,500 1


16 Greenwich Capital Markets 985 1

17 Blackstone Group Holdings 965 2

18= HSBC Bank 750 1

18= Old Well 750 1

20 Financial Technology Partners 684 3

Note: The tables are based on financial advisors to the bidder on buyouts and buyins announced between 01/01/2008 and 12/31/2008, where the target is North American, excluding lapsedand withdrawn deals.



Financial advisor activity tables - exits

Exits - Volume


of Deals

1 Harris Williams & Co 605 16


3 Houlihan Lokey 1,871 13

4 Jefferies & Company 2,367 12

5 Edgeview Partners 292 10

6 William Blair & Company 1,068 9

7 Credit Suisse Group 2,843 8

8 Lazard 442 8

9 Lincoln International 90 8

10 Robert W. Baird & Co 694 6

11 Oppenheimer & Co 155 6



14 Wachovia 1,168 5




18 JPMorgan 399 4

19 Pagemill Partners 87 4

20 Montgomery & Co 112 3

Exits - Value


of Deals



3 Royal Bank of Scotland Group 28,100 1




7 Credit Suisse Group 2,843 8

8 Jefferies & Company 2,367 12

9 Houlihan Lokey 1,871 13


11 National Bank Financial 1,734 1

12 UBS Investment Bank 1,692 2


14 Wachovia 1,168 5

15 William Blair & Company 1,068 9

16 RBC Capital Markets 999 2

17 GMP Securities 867 1

18 Allen & Company 850 1

19 Robert W. Baird & Co 694 6

20 Harris Williams & Co 605 16

Note: The tables are based on financial advisors to the seller/target on exits announced between 01/01/2008 and 12/31/2008, where the target is North American, excluding lapsedand withdrawn deals.



Legal advisor activity tables - buyouts

Buyouts - Volume


of Deals

1 Kirkland & Ellis 6,964 70

2 Jones Day 1,564 27

3 Latham & Watkins 3,794 24

4 Weil Gotshal & Manges 10,594 19

5 Ropes & Gray 7,366 18

6 Simpson Thacher & Bartlett 12,935 16

7 DLA Piper 845 15

8 Hogan & Hartson 4,980 14

9 Stikeman Elliott 1,108 13

10 Dechert 4,016 12

11 O’Melveny & Myers 830 12

12 Skadden Arps Slate Meagher & Flom 3,258 11

13 Vinson & Elkins 1,495 11

14 Bingham McCutchen 1,328 11

15 Goodwin Procter 1,085 11

16 White & Case 5,497 10

17 Proskauer Rose 1,625 10

18 Morgan Lewis & Bockius 139 10

19 Blake, Cassels & Graydon 4,806 9

20 Gibson Dunn & Crutcher 1,441 9

Buyouts - Value


of Deals



3 Debevoise & Plimpton 7,919 8

4 Ropes & Gray 7,366 18


6 White & Case 5,497 10

7 Hogan & Hartson 4,980 14

8 Freehills 4,940 2

9 Osler Hoskin & Harcourt 4,828 3


11 Arnold & Porter 4,237 5

12 Levy & Salomao 4,200 2

13= Araoz & Rueda 4,100 1

13= De Brauw Blackstone Westbroek 4,100 1

13= Mallesons Stephen Jaques 4,100 1

13= Vinge 4,100 1

17 Dechert 4,016 12


19 Cleary Gottlieb Steen & Hamilton 3,555 5


Note: The tables are based on law firms advising the bidder on buyouts and buyins announced between 01/01/2008 and 12/31/2008, where the target is US and Canada, including lapsedand withdrawn deals.



Legal advisor activity tables - exits

Exits - Volume


of Deals


2 Wilson Sonsini Goodrich & Rosati P.C. 1,150 16


4 Ropes & Gray 28,999 11


6 O’Melveny & Myers 1,281 10

7 Cooley Godward Kronish 1,381 8

8 Goodwin Procter 788 8


10 Jones Day 210 7

11 Paul Weiss Rifkind Wharton & Garrison 2,592 6

12 Dewey & LeBoeuf 1,846 6

13 Gibson Dunn & Crutcher 510 6


15 Andrews Kurth 524 5

16 Perkins Coie 516 5

17 Dechert 465 5

18 Reed Smith 1,418 4

19 Hogan & Hartson 881 4

20 Davies Ward Phillips & Vineberg 551 4

Exits - Value


of Deals

1 Ropes & Gray 28,999 11

2 Morrison & Foerster 28,106 2

3= Cleary Gottlieb Steen & Hamilton 28,100 1

3= Wachtell Lipton Rosen & Katz 28,100 1


6 Osler Hoskin & Harcourt 4,397 3


8 Arnold & Porter 3,350 3


10 Sullivan & Cromwell 3,139 2

11 Paul Weiss Rifkind Wharton & Garrison 2,592 6


13 Cravath Swaine & Moore 2,383 2

14 Dewey & LeBoeuf 1,846 6

15 Katten Muchin Rosenman 1,800 2

16 Akin Gump Strauss Hauer & Feld 1,724 2




20 Freshfields Bruckhaus Deringer 1,436 1

Note: The tables are based on law firms advising the seller/target on exits announced between 01/01/2008 and 12/31/2008 where the target is North American, including lapsedand withdrawn deals.



AppendixSource data

Buyout and Exit Trends

Period Volume of Deals Value ($m)

Q1 2003 11 2,573

Q2 2003 11 2,624

Q3 2003 12 2,281

Q4 2003 14 5,784

Q1 2004 29 8,301

Q2 2004 28 7,232

Q3 2004 36 10,544

Q4 2004 29 5,052

Q1 2005 32 3,559

Q2 2005 41 11,960

Q3 2005 39 7,216

Q4 2005 43 11,182

Q1 2006 36 4,591

Q2 2006 47 12,268

Q3 2006 58 9,923

Q4 2006 33 5,765

Q1 2007 52 10,135

Q2 2007 53 14,706

Q3 2007 54 8,632

Q4 2007 40 7,559

Q1 2008 25 3,470

Q2 2008 32 1,253

Q3 2008 30 1,929

Q4 2008 15 362

TOTAL 800 158,539

Secondary Buyout Trends

Buyouts Exits

Period Value ($m) Number Value ($m) Number

of Deals of Deals

Q1 2003 9,330 94 4,404 26

Q2 2003 11,964 94 4,156 29

Q3 2003 14,864 80 6,436 35

Q4 2003 18,767 110 13,209 50

Q1 2004 27,827 146 10,676 69

Q2 2004 30,349 149 12,865 72

Q3 2004 45,333 164 14,325 78

Q4 2004 28,475 162 15,447 90

Q1 2005 33,665 164 17,868 96

Q2 2005 33,371 195 31,978 108

Q3 2005 40,922 172 35,236 138

Q4 2005 45,132 186 36,224 115

Q1 2006 56,681 205 22,994 136

Q2 2006 81,178 229 31,437 174

Q3 2006 121,982 234 24,048 158

Q4 2006 173,280 212 29,664 120

Q1 2007 119,806 248 27,885 137

Q2 2007 200,901 261 52,231 176

Q3 2007 67,632 216 24,972 141

Q4 2007 38,812 205 25,284 143

Q1 2008 19,024 173 14,225 103

Q2 2008 24,773 190 41,089 111

Q3 2008 21,429 201 13,273 92

Q4 2008 5,314 100 1,801 42

TOTAL 1,270,811 4,190 511,727 2,439

Volume 2003 2004 2005 2006 2007 2008

Not disclosed 115 224 342 401 475 399

< $15m 28 37 32 56 32 27

$15m - $100m 126 161 150 181 147 110

$101m - $250m 51 88 77 77 95 57

$251m - $500m 29 49 51 52 61 39

> $500m 29 62 65 113 120 32

TOTAL 378 621 717 880 930 664

Buyout Deal Size Data by Volume Buyout Deal Size Data by Value

Value 2003 2004 2005 2006 2007 2008

< $15m 279 345 289 527 298 258

$15m - $100m 6,709 7,993 7,951 8,722 7,498 5,297

$101m - $250m 7,533 14,988 13,036 12,579 15,682 9,552

$251m - $500m 9,675 18,127 18,567 18,712 22,343 14,937

> $500m 30,729 90,531 113,247 392,558 381,330 40,496

TOTAL 54,925 131,984 153,090 433,098 427,151 70,540



Appendix: Source Data

Volume 2003 2004 2005 2006 2007 2008

Not disclosed 26 83 133 192 229 152

< $15m 11 23 21 30 30 23

$15m - $100m 39 87 124 166 128 78

$101m - $250m 30 54 75 88 78 51

$251m - $500m 19 37 55 55 68 28

> $501m 15 25 49 57 64 16

TOTAL 140 309 457 588 597 348

Exit Deal Size Data by Volume

Value 2003 2004 2005 2006 2007 2008

< $15m 126 197 185 290 281 171

$15m - $100m 2,257 4,612 6,318 8,578 7,348 4,579

$101m - $250m 4,497 9,596 12,106 14,808 13,028 8,835

$251m - $500m 6,756 13,372 19,750 19,114 24,109 10,229

> $501m 14,570 25,536 82,947 65,353 85,606 46,574

TOTAL 28,206 53,313 121,306 108,143 130,372 70,388

Exit Deal Size by Volume

Sector Value ($m) Volume

Agriculture 292 6

Automotive 890 19

Biotechnology 194 4

Chemicals and materials 1,477 20

Computer services 1,470 14

Computer software 1,897 34

Computer: Hardware 100 2

Computer: semiconductors 15 4

Construction 2,448 21

Consumer: Foods 1,476 26

Consumer: Other 2,778 36

Consumer: Retail 2,995 34

Defense 26 3

Energy 9,622 34

Financial Services 10,955 45

Industrial automation 133 7

Industrial products and services 1,977 76

Industrial: Electronics 75 12

Internet / ecommerce 315 13

Leisure 833 19

Manufacturing (other) 2,267 30

Media 4,481 29

Medical 6,666 43

Medical: Pharmaceuticals 188 8

Mining 74 3

Real Estate 805 6

Services (other) 12,362 88

Telecommunications: Carriers 75 4

Telecommunications: Hardware 465 6

Transportation 3,102 16

Utilities (other) 85 2

TOTAL 70,538 664

Buyouts - Industry Breakdown

Sector Value ($m) Volume

Agriculture 1,710 1

Automotive 95 4

Biotechnology 439 3

Chemicals and materials 1,673 11

Computer services 485 6

Computer software 3,529 45

Computer: Hardware 779 5

Computer: semiconductors 99 16

Construction 247 6

Consumer: Foods 1,089 10

Consumer: Other 1,021 15

Consumer: Retail 1,272 15

Defense - 1

Energy 3,042 21

Financial Services 1,449 6

Industrial automation 59 3

Industrial products and services 5,775 43

Industrial: Electronics 134 7

Internet / ecommerce 1,520 21

Leisure 368 3

Manufacturing (other) 5,156 13

Media 350 7

Medical 1,472 22

Medical: Pharmaceuticals 4,333 10

Mining 1,585 3

Real Estate - -

Services (other) 4,150 43

Telecommunications: Carriers 28,528 4

Telecommunications: Hardware 32 3

Transportation - 1

Utilities (other) - -

TOTAL 70,391 348

Exits - Industry Breakdown

Note: Based on announced buyouts or buyins for the period January 1, 2008 to December 31,2008, excluding those that lapsed or were withdrawn

Note: Based on announced buyouts or buyins for the period January 1, 2008 to December 31,2008, excluding those that lapsed or were withdrawn


Bowne Contacts

Suzanne GreySenior Vice President, Marketing & StrategyTel: +1 212 658 5807

Brandon FarleyManaging Director, Bowne Virtual DataroomTel: +1 404 915 0438Email: [email protected]

Linda EllisonProduct Manager, Bowne Virtual DataroomTel: +1 949 851 5650Email: [email protected]

Hogan & Hartson Contacts

Washington, D.C.David A. WinterTel: +1 202 637 6511Email: [email protected]

Northern VirginiaRichard K.A. BeckerTel: +1 703 610 6123Email: [email protected]

London/Washington, D.C.Jeffrey M. HurlburtTel: +44 (0)20 7367 0226Tel: +1 202 637 2868Email: [email protected]

DenverGeorge A. HagertyTel: +1 303 454 2464Email: [email protected]

Mergermarket Contacts

Erik WickmanDirector, Remark AmericasTel: +1 212 686 3329Email: [email protected]

Elias LatsisHead of ResearchTel: +44 (0 )20 7059 6100Email: [email protected]

Abigail RobertsGlobal Editor, mergermarketTel:+ 1 212 686 6526Email: [email protected]

Analysis: Elizabeth CastroData: Gwen CetonProduction: Gwen Ceton & Steve Jeal


Contacts


This publication contains general information and is not intended to becomprehensive nor to provide financial, investment, legal, tax or otherprofessional advice or services. This publication is not a substitute for suchprofessional advice or services, and it should not be acted on or relied upon orused as a basis for any investment or other decision or action that may affect youor your business. Before taking any such decision you should consult a suitablyqualified professional adviser.

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Notes

Notes

The following notes pertain to data contained inthis publication:

• Deals included are buyouts or exits where the dealvalue is greater than or equal to $5m.

• Where no deal value has been disclosed, deals areincluded if the turnover of the Target is greater thanor equal to $10m or if the Target employs more than100 people.

• Deals are included within the analysis, charts andgraphs for each section if the dominant geographyof the Target is North American.

• Please refer to individual notes beneath each ActivityTable for the precise criteria by which each table hasbeen run.

• The Sector Trend analysis is based on deals using thedominant industry of the target.


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