Over the past 3 months, the sectors that have seen the biggest

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1 FLASHWIRE US MONTHLY Media Questions/Requests This Issue: 2 US Merger Metrics US M&A News and Trends U.S. M&A deal activity increased in October, going up 1.8% with 1,78 announcements compared to 1,59 in September. However, aggregate M&A spending decreased. In October 3.1% less was spent on deals compared to September. U.S. private equity activity increased slightly in October, up.9% from September. There were 111 deals in October compared to 11 in September. However, aggregate base equity increased, up by 87.4% to $24. billion from September's $ US Middle Market Monitor 3 US Sector Activity & Value 4 Sector Spotlight: Electronic Technology 5 US Strategic Buyer Report 5 US Private Equity Report 6 Top US Advisors 7 Top US Deals Scoreboard Over the past 3 months, the sectors that have seen the biggest increases in M&A deal activity, relative to the same three month period one year ago, have been: Commercial Services (517 vs. 446), Technology Services (548 vs. 51), Health Services (167 vs. 132), Retail Trade (129 vs. 117), and Miscellaneous (16 vs. 7). Nine of the 21 sectors tracked by FactSet Mergerstat posted relative gains in deal flow over the last three months compared to the same three months one year prior. Over the past 3 months, the sectors that have seen the biggest declines in M&A deal volume, relative to the same three month period one year ago have been: Industrial Services (13 vs. 141), Finance (43 vs. 427), Producer Manufacturing (18 vs. 23), Consumer Services (229 vs. 248), and Energy Minerals (24 vs. 37). Twelve of the 21 sectors tracked by FactSet Mergerstat posted negative relative losses in deal flow over the last three months compared to the same three months one year prior, for a combined loss of 151 deals. Topping the list of the largest deals announced in October are: Pfizer, Inc. entering into an agreement to acquire Allergan Plc for $149.8 billion; A private group composed of Dell Inc, founder Michael S. Dell, MSD Partners LP and Silver Lake Management Co. LLC, agreeing to acquire EMC Corp. for $64.3 billion; Western Digital Corp.'s agreement to acquire SanDisk Corp. for $17.1 billion; Lam Research Corp.'s deal to acquire KLA-Tencor Corp. for $1.4 billion; Walgreens Boots Alliance, Inc. signing an agreement to acquire Rite- Aid Corp. for $9.4 billion. Canadian firms were the biggest buyers of U.S. companies in October. They announced 31 deals for the month, with U.K. companies in second with 27 deals, followed by France, Japan and Switzerland. The largest deal to purchase a U.S. business was the Denmark-based DSV A/S's deal to acquire UTi Worldwide, Inc. for $753.1 million. U.K. firms were the biggest sellers to U.S. firms with 28 deals, followed by Canada, Germany and Spain. The largest U.S. deal to acquire a foreign company was Pfizer, Inc. entering into an agreement to acquire the Ireland-based Allergan Plc for $149.8 billion. The top financial advisors for 215 based on deal announcements, are:,, JPMorgan Chase & Co,, and. The top five financial advisors, based on the aggregate transaction value of the deals worked on, are:, JPMorgan Chase & Co,,, and. The top legal advisors for 215 based on deal announcements, are: Kirkland & Ellis LLP, Jones Day LP, Skadden, Arps, Slate, Meagher & Flom LLP, Latham & Watkins LLP, and Weil, Gotshal & Manges LLP. The top five legal advisors, based on the aggregate transaction value of the deals worked on, are: Skadden, Arps, Slate, Meagher & Flom LLP, Sullivan & Cromwell LLP,,, and Davis Polk & Wardwell LLP. The US Mergers & Acquisitions Market Index $3. 14 $25. $229.6 $ $2. $189.8 $191.8 $191. $196.7 $198.5 $21.8 $ $15. $1. $152.7 $155.4 $137.1 $15.8 $79.8 $117.3 $ $5. 2 $ Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Deal Volume Aggregate Deal Value FactSet.com Copyright 215 FactSet Research Systems Inc. All rights reserved. 1

2 US MergerMetrics Merger Stats Number of Deals Agg. Base Equity ($Bil) 12 Months Ended 12 Months Ended Deal Size 1/31/15 1/31/14 Change 1/31/15 1/31/14 Change Average P/E $1 Billion % $1,688.9 $1, % 33. $5M to $999.9M % % 33.8 $25M to $499.9M % % 24.2 $1M to $249.9M % % 24.8 $5M to $99.9M % % 26.5 $25M to $49.9M % % 2.3 $1M to $24.9M % % 27.1 Under $1M 897 1,19-12.% % 2. Undisclosed 8,988 8, % N/A N/A N/A N/A 12,663 11, % $2,9.5 $1, % 27.8 M&A at a Glance AVERAGE P/E 35.x AVERAGE PREMIUM 6.% 3.x 25.x 2.x 15.x 1.x 23.5x 26.3x 27.3x 5.% 4.% 3.% 2.% 37.9% 36.6% 51.7% 5.x 1.%.x.% US Middle Market Monitor AVERAGE EV/EBITDA 11.x AVERAGE PREMIUM 7.% 1.5x 1.8x 6.% 63.3% 1.x 9.5x 9.x 1.1x 9.8x 5.% 4.% 3.% 2.% 37.4% 34.5% 8.5x 1.% 8.x.% *Middle Market defined as deals valued between $1 million and $5 million, plus undisclosed deals. FactSet Flashwire US Monthly Staff: VP, Director-Bryan Adams, CFA (badams@factset.com); Content Manager-Tayo Olatoyan (tolatoyan@factset.com). Media: Media quotation with source attribution is encouraged. Reporters requesting additional information or editorial comment shou ld contact Tayo Olatoyan at (212) Mergerstat gathers its data from sources it considers reliable; however, it does not guarantee the accuracy or completenes s of the information provided in this publication. Copyright 215 FactSet Research Systems Inc. All rights reserved. It is illegal under federal copyright law to reproduce or redistribute this publication or any portion of its contents without written authorization of the publisher. FactSet.com Copyright 215 FactSet Research Systems Inc. All rights reserved. 2

3 US Sector Activity & Value SECTOR BY ACTIVITY Target Sector L3M 1/31/15 Deal Count L3M 1/31/14 Deal Count Difference Commercial Services Technology Services Health Services Retail Trade Miscellaneous Transportation Government Electronic Technology Communications Utilities (1) Consumer Non-Durables (2) Consumer Durables (3) Health Technology (4) Process Industries (7) Distribution Services (8) Non-Energy Minerals (9) Energy Minerals (13) Consumer Services (19) Producer Manufacturing (23) Finance (24) Industrial Services (38) 3,139 3,97 42 SECTOR BY VALUE Target Sector L3M 1/31/15 Value L3M 1/31/14 Value Difference Consumer Non-Durables $13,855.7 $22,964.7 $17,891.1 Electronic Technology 137, ,29.8 9,24.5 Retail Trade 24, , ,682.6 Finance 48, , ,155.5 Health Technology 49, , ,621.4 Utilities 46,4.4 4,48. 5,56.4 Commercial Services 16, , ,639.4 Health Services 8, , ,832.5 Transportation 5, , ,483.1 Communications 2, ,27.3 1,142.2 Government Miscellaneous (2.4) Producer Manufacturing 1, ,989.8 (2,69.6) Consumer Durables 2, ,389.8 (3,893.5) Energy Minerals 8,8.9 14,987.7 (6,978.8) Distribution Services 3, ,354.7 (8,78.4) Consumer Services 24, ,54.4 (13,28.) Non-Energy Minerals 1, ,374.5 (13,983.8) Process Industries 11,72.7 3,357.1 (18,636.4) Industrial Services 15, ,63.6 (33,367.1) Technology Services 49, ,858.3 (37,524.) $595,88.4 $482,2.3 $113,68.1 FactSet.com Copyright 215 FactSet Research Systems Inc. All rights reserved. 3

4 Sector Spotlight: Electronic Technology Most Active Buyers: LTM Ending 1/31/215 Activity and Agg. Base Equity : LTM Ending 1/31/215 Buyer # of Acquisitions Agg. Base Equity ($Mil) Intel Corp. 4 $16, Huntington Holdings LLC 4 $12. Riverside Global Partners LLC 4 $. HEICO Corp. 4 $. TransDigm Group, Inc. 3 $789. Shareholders 3 $663. Koch Industries, Inc. 3 $414.1 Emerson Electric Co. 3 $11.9 Harman International Industries, Inc. 3 $52.1 Goldman Sachs Principal Investment Area 3 $. $12 $1 $8 $6 $4 $2 $ $4.4 $33.5 $2.2 $23.1 $15.4 $3.6 $5.3 $4.2 $7.1 $5.9 $ $98.6 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Deal Volume Aggregate Deal Value Biggest Announced Deals: LTM Ending 1/31/215 Announced Buyer Seller (Unit Sold) Base Equity ($Mil) 12-Oct-15 EMC Corp. /Dell Private Group/ EMC Corp. $64, May-15 Avago Technologies Ltd. Broadcom Corp. $35, Aug-15 Berkshire Hathaway, Inc. Precision Castparts Corp. $31, Oct-15 Western Digital Corp. SanDisk Corp. $17, Jun-15 Intel Corp. Altera Corp. $16, Mar-15 NXP Semiconductors NV Freescale Semiconductor Ltd. $11, Oct-15 Lam Research Corp. KLA-Tencor Corp. $1, Jul-15 Lockheed Martin Corp. United Technologies Corp. (Sikorsky Aircraft Corp.) $9,. 6-Feb-15 Harris Corp. Exelis, Inc. $4, Sep-15 Dialog Semiconductor Plc Atmel Corp. $4, Jun-15 Cox Automotive, Inc. Dealertrack Technologies, Inc. $3, Jan-15 CommScope Holding Co., Inc. TE Connectivity Ltd. (TE Connectivity Ltd. /Network Business/) $3,. 2-Mar-15 Hewlett-Packard Co. Aruba Networks, Inc. $2, Mar-15 Bain Capital LLC Thoma Bravo LLC (Blue Coat Systems, Inc.) $2,4. 19-Oct-15 Microsemi Corp. PMC-Sierra, Inc. $2, Deal Breakdown: LTM Ending 1/31/215 Top 1 Seller SIC Codes: LTM Ending 1/31/215 Deal Size Deals Agg. Base Equity ($Mil) Average P/E SIC Description Number of Deals % 7373 Computer Integrated Systems Design % $1 Billion + 26 $ Semiconductors and Related Devices % $5M to $999.9M Electronic Components, Not Elsewhere Classified 63.8% $25M to $499.9M Electrical Machinery, Equipment, and Supplies, Not Elsewhere 27.5% $1M to $249.9M Search, Detection, Navigation, Guidance, Aeronautical, and Nautical Systems and Instruments 26 2.% Under $1M Measuring and Controlling Devices, Not 3829 Elsewhere Classified 25.% Undisclosed 346 N/A N/A Aircraft Parts and Auxiliary Equipment, Not 3728 Elsewhere Classified 23.8% Radio and Television Broadcasting and 61 $ Communications Equipment 21.9% 3724 Aircraft Engines and Engine Parts 21.2% 3823 Top Advisors: LTM Ending 1/31/215 Industrial Instruments for Measurement, Display, and Control of Process Variables; and Related Products 19.3% Grand % Financial Advisor Value ($Mil) Deals 1. $183, , JPMorgan Chase & Co 151, , , Evercore Partners, Inc. 18, , Deutsche Bank AG 14, , , The Needham Group, Inc. 69, RBC Capital Markets 65, Moelis Asset Management LP 64, UBS Group AG 64, Rothschild 41, Legal Advisor Value ($Mil)* Deals 1. $159, , Simpson Thacher & Bartlett LLP 87, Davis Polk & Wardwell LLP 65, Sullivan & Cromwell LLP 54, Wilson Sonsini Goodrich & Rosati 53, Alston & Bird LLP 48, Latham & Watkins LLP 42, Morrison & Foerster LLP 36, , , Munger, Tolles & Olson LLP 35, Stoel Rives LLP 35, Jones Day LP 26, Cleary Gottlieb Steen & Hamilton LLP 22, FactSet.com Copyright 215 FactSet Research Systems Inc. All rights reserved. 4

5 US Strategic Buyer Report Merger Stats Number of Deals Agg. Base Equity ($Bil) 12 Months Ended 12 Months Ended Deal Size 1/31/15 1/31/14 Change 1/31/15 1/31/14 Change $1 Billion % $1,122.5 $ % 33.7 $5M to $999.9M % % 33.9 $25M to $499.9M % % 25.3 $1M to $249.9M % % 26.1 $5M to $99.9M % % 26.3 $25M to $49.9M % % 2.9 $1M to $24.9M % % 29.9 Under $1M % % 16.3 Undisclosed 7,255 6, % N/A N/A N/A N/A 9,752 9,12 6.9% $1,355.9 $ % 28.3 PUBLIC BUYER INDEX LTM 1/31/15 Average P/E $3 $25 $2 $15 $1 $5 $ $24.8 $169.3 $137. $122. $131.8 $74.8 $76. $63.1 $88.1 $4.8 $45.5 $ Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct Indices PE BUYER INDEX: LTM 1/31/15 $7 $6 $5 $4 $3 $2 $1 $ $34.8 $29.5 $23.2 $16.3 $22. $27.1 $26.7 $13.6 $12.8 $4.4 $ GOING PRIVATE INDEX: LTM 1/31/15 $8 $7 $6 $5 $4 US Private Equity Report $57.9 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15May-15Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 $49.7 $74.1 $3 4 $2 $11.7 $9.2 $1.6 $6.6 $5.4 $3.7 $1 $.6 $ $ Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct Top Private Equity Fundraisings: YTD 215 Open Date Value ($Mil) Fund (Private Equity Sponsor) 8-Jun-215 $12,. Warburg Pincus Private Equity XII Fund Warburg Pincus LLC 12-Jun-215 8,563. Coller International Partners VII Fund Coller Capital Ltd. 9-Jan-215 5,8. Lone Star Real Estate Fund IV Lone Star Americas Acquisitions LLC 3-Mar-215 5,. Alinda Infrastructure Fund III Alinda Capital Partners Ltd. 14-Feb-215 5,. Dyal Capital Partners III Fund 6-Mar-215 4,. TA XII Fund Dyal Capital Partners TA Associates Management LP 1-Jan-215 3,5. Brookfield Capital Partners Fund IV Brookfield Special Situations Management Ltd. 3-Apr-215 3,5. Cerberus Institutional Partners VI LP Cerberus Capital Management LP 13-Jan-215 3,15. New Enterprise Associates 15 Fund New Enterprise Associates LLC 1-Jan-215 3,. TMA/Pathway Private Equity Fund IV LP Pathway Capital Management LP FactSet.com Copyright 215 FactSet Research Systems Inc. All rights reserved. 5

6 Top US Advisors BASED ON US ANNOUNCED DEALS RANKED BY TRANSACTION VALUE: YTD 215 Financial Advisor Value ($Mil)* * Value is the aggregate base equity plus the target s net debt, where applicable. ** Deals includes deals that reported a deal value as well as those that did not. If you would like to participate in our league table rankings or have questions about league table criteria, please contact advisors@factset.com or: North America: Global: Tayo Olatoyan tolatoyan@factset.com Tel: Deals** 1. $972, , JPMorgan Chase & Co 957, , , , , , UBS Group AG 295, Deutsche Bank AG 288, Guggenheim Capital LLC 282, Centerview Partners LLC 254, Evercore Partners, Inc. 214, RBC Capital Markets 172, BNP Paribas SA 169, Robey Warshaw LLP 121, Standard Bank Group Ltd. 12, Rothschild 117, Allen & Co., Inc. 11, LionTree LLC 1, The Needham Group, Inc. 71, Moelis Asset Management LP 7, Wells Fargo & Co. 63, Intrepid Partners LLC 54, Jefferies LLC 48, Greenhill & Co., Inc. 45, Moelis & Co. 44, Houlihan Lokey, Inc. 4, Ernst & Young Global Ltd. 39, PJT Partners, Inc. 36, Qatalyst Group LP 34, Macquarie Group 32, HSBC Holdings Plc 3, The Blackstone Group LP 27, Kimberlite Group LLC 22, Bank of Montreal 19, Perella Weinberg Partners Group LP 19, William Blair & Co. LLC 19, Zaoui & Co. LLP 18, Raymond James Financial, Inc. 15, Sandler O'Neill & Partners 15, KPMG International 14, Scotiabank 11, Rothschild & Co. SCA 11, Mitsubishi UFJ Securities Co., Ltd. 11, Tudor, Pickering, Holt & Co. LLC 11, KeyCorp 11, Nomura Securities Co., Ltd. 1, PricewaterhouseCoopers 9, Davy Corporate Finance Ltd. 7, Legal Advisor Value ($Mil)* Anita Abbas aabbas@factset.com Tel: Deals** 1. $57, Sullivan & Cromwell LLP 542, , , Davis Polk & Wardwell LLP 358, Simpson Thacher & Bartlett LLP 343, Cleary Gottlieb Steen & Hamilton LLP 35, Kirkland & Ellis LLP 298, Latham & Watkins LLP 284, , Weil, Gotshal & Manges LLP 29, Gibson, Dunn & Crutcher LLP 199, Fried, Frank, Harris, Shriver & Jacobson LLP 197, Clifford Chance LLP 195, Linklaters LLP 189, Hogan Lovells 177, Freshfields Bruckhaus Deringer LLP 164, Jones Day LP 16, Herbert Smith Freehills LLP 146, Shearman & Sterling LLP 141, Alston & Bird LLP 139, Slaughter & May Ltd. 18, Ropes & Gray LLP 14, White & Case LLP 91, Wilson Sonsini Goodrich & Rosati 9, Debevoise & Plimpton LLP 86, Cadwalader, Wickersham & Taft LLP 79, Baker Botts LLP 74, Arnold & Porter LLP 71, Blake, Cassels & Graydon LLP 7, Morgan, Lewis & Bockius LLP 65, Morrison & Foerster LLP 61, Stikeman Elliott LLP 59, Sidley Austin LLP 55, Allen & Overy LLP 53, Baker & McKenzie LLP (Illinois) 52, Richards, Layton & Finger PA 45, Willkie Farr & Gallagher LLP 43, Proskauer Rose LLP 39, Covington & Burling LLP 38, Dechert LLP 36, Munger, Tolles & Olson LLP 35, Stoel Rives LLP 35, Vinson & Elkins LLP 34, Mayer Brown LLP 31, Akin, Gump, Strauss, Hauer & Feld LLP 28, AZB & Partners 24, Reed Smith LLP 24, Squire Patton Boggs (US) LLP 24, Macfarlanes LLP 23, FactSet.com Copyright 215 FactSet Research Systems Inc. All rights reserved. 6

7 Top US Deals Scoreboard Seller (Unit Sold) Buyer Financial Advisor Financial Advisor Value** Rank Legal Advisor Legal Advisor ($Mil) Seller Sector Allergan Plc SABMiller Plc Robey Warshaw LLP Cleary Gottlieb Steen & Hamilton LLP Herbert Smith Freehills LLP Hogan Lovells International LLP Linklaters LLP EMC Corp. Evercore Partners, Inc. Needham & Co. LLC Time Warner Cable, Inc. Allen & Co., Inc. Centerview Partners LLC Latham & Watkins LLP Pfizer Inc. Guggenheim Partners LLC Anheuser-Busch InBev SA BNP Paribas SA Standard Bank Group Ltd. Clifford Chance LLP Freshfields Bruckhaus Deringer LLP Sullivan & Cromwell LLP EMC Corp. /Dell Private Group/ Deutsche Bank AG RBC Capital Markets UBS Group AG Simpson Thacher & Bartlett LLP Charter Communications, Inc. LionTree LLC Fried, Frank, Harris, Shriver & Jacobson LLP Kirkland & Ellis LLP $149,767.3 Health Technology $19,429.6 Consumer Non-Durables $64,32.1 Electronic Technology $55,133.6 Consumer Services 5 Cigna Corp. Cadwalader, Wickersham & Taft LLP Weil, Gotshal & Manges LLP Anthem, Inc. UBS Group AG Arnold & Porter LLP White & Case LLP $47,215.6 Health Services 6 Kraft Foods Group, Inc. Centerview Partners LLC Davis Polk & Wardwell LLP Sullivan & Cromwell LLP H.J. Heinz Co. Kirkland & Ellis LLP $46,1.1 Consumer Non-Durables 7 Broadcom Corp. Evercore Partners, Inc. Davis Polk & Wardwell LLP Morrison & Foerster LLP Sullivan & Cromwell LLP Avago Technologies Ltd. Deutsche Bank AG Latham & Watkins LLP $35,397.9 Electronic Technology 8 Humana, Inc. Fried, Frank, Harris, Shriver & Jacobson LLP Aetna, Inc. Davis Polk & Wardwell LLP Jones Day LP Simpson Thacher & Bartlett LLP $34,88.2 Health Services 9 The Williams Cos., Inc. Ltd. Gibson, Dunn & Crutcher LLP Shearman & Sterling LLP Energy Transfer Equity LP Deutsche Bank AG Intrepid Partners LLC RBC Capital Markets LLC UBS Group AG Alston & Bird LLP Cleary Gottlieb Steen & Hamilton LLP Latham & Watkins LLP $32,685. Industrial Services 1 Precision Castparts Corp. Alston & Bird LLP Stoel Rives LLP Berkshire Hathaway, Inc. Munger, Tolles & Olson LLP ** Market Value of Top 1 Deals YTD $65,517.5 $31,324.8 Electronic Technology FactSet.com Copyright 215 FactSet Research Systems Inc. All rights reserved. 7