&

&

&

&

&

&

&

&

&

&

Source: Standard & Poor's Global Fixed Income Research.

&

&

&

&

&

&

&

&

&

&

LTM Relative % Performance vs. S&P 500: Consumer Discretionary

LTM Transaction Activities: Consumer Discretionary

125%
120%

115%
110%
S&P 500

105%

LargeCap

100%

MidCap

95%

SmallCap

90%

Deal Type
All M&A
LBO
Strategic M&A
Non-LBO PE
PIPEs
Venture Capital
(M&A only)
Median Deal
Multiples
TEV/EBITDA
Equity/LTM NI

85%

Last Twelve Months Ending April 30th of:

2010
2011
2012
#
$ (mil)
#
$ (mil)
#
$ (mil)
2,092 $156,254
2,399 $ 76,140
2,581 $ 75,815
345
14,771
300
30,476
343
14,324
1,747
141,483
2,099
45,665
2,238
61,491
239 $
222
500

8,752
2,931
2,198

2010
Deal <
Deal >
$500M
$500M
10.2x
12.1x
12.1x
23.0x

382
230
671

9,115
1,694
4,529

2011
Deal < Deal >
$500M $500M
12.8x
8.5x
18.6x
17.6x

370
192
673

5,977
1,247
4,507

2013
#
$ (mil)
2,786 $161,823
369
28,653
2,417
133,171
332
114
644

$ 7,119
989
4,200

2012
2013
Deal <
Deal >
Deal <
Deal >
$500M
$500M
$500M
$500M
10.2x
8.8x
9.9x
8.6x
19.2x
21.3x
17.8x
22.8x

Distribution of Stocks by YTD % Returns and Industry: Consumer Discretionary

2013 YTD Stock Price Performance
Industry
Advertising
Apparel Retail
Apparel, Accessories and Luxury Goods
Auto Parts and Equipment
Automobile Manufacturers
Automotive Retail
Broadcasting
Cable and Satellite
Casinos and Gaming
Catalog Retail
Computer and Electronics Retail
Consumer Electronics
Department Stores
Distributors
Education Services
Footwear
General Merchandise Stores
Home Furnishing Retail
Home Furnishings
Home Improvement Retail
Homebuilding
Hotels, Resorts and Cruise Lines
Household Appliances
Housewares and Specialties
Internet Retail
Leisure Facilities
Leisure Products
Motorcycle Manufacturers
Movies and Entertainment
Publishing
Restaurants
Specialized Consumer Services
Specialty Stores
Textiles
Tires and Rubber

&

<-80%

<-60%

<-40% <-20%

<0
5
4
2
1
1
1
2
2
1
2
2

1
1

1
4
1
1

4
6
1
1
8
2
1
1
3
1
1
3
2

<20%
7
25
12
17
3
9
5
6
9
1

5
5
7
4
3
4
3
2
7
8
3
3
4
4
7
1
8
5
18
9
9

Total ($ mil)
<40%
2
4
4
2
3
3
3
1
1
1
2
3
1
3
1
1
1
5
1
1
3
3
1
4
6
2
15
2
7

<60% <80% 80%+ Count

9
3
37
2
1
23
1
1
23
1
5
1
14
4
4
18
12
2
2
1
17
2
2
2
7
3
8
5
14
1
6
7
2
8
1
5
2
5
17
15
5
7
3
3
21
7
12
1
1
16
1
11
1
1
36
1
14
1
20
1
1
2

MarCap
$35,800
$135,063
$119,464
$100,067
$108,690
$59,970
$95,755
$269,087
$103,574
$14,436
$18,152
$10,574
$55,312
$22,576
$15,175
$66,207
$83,586
$29,619
$17,986
$160,707
$52,741
$92,370
$12,982
$18,327
$201,722
$15,519
$34,830
$12,378
$306,231
$21,037
$251,112
$25,347
$75,409
$390
$4,801

Earnings
$1,425
$7,542
$5,358
$7,529
$10,399
$3,374
$3,920
$18,732
-$553
$1,671
-$644
$748
$1,518
$1,044
-$357
$2,743
$5,161
$1,704
$653
$6,493
$3,683
$3,479
$787
$800
$2,546
$809
$1,792
$676
$15,271
$1,370
$10,993
$1,093
$2,766
$17
$440

P/E
25.1x
17.9x
22.3x
13.3x
10.5x
17.8x
24.4x
14.4x
N/M
8.6x
N/M
14.1x
36.4x
21.6x
N/M
24.1x
16.2x
17.4x
27.5x
24.8x
14.3x
26.6x
16.5x
22.9x
79.2x
19.2x
19.4x
18.3x
20.1x
15.4x
22.8x
23.2x
27.3x
22.4x
10.9x

Notes

LTM relative performance chart is based

on S&P equity indices as of 4/30/13.
Transaction activities data is as of
4/30/13 and include both US and
Canadian targets.
Distribution of stocks by industry includes
only US-exchange traded equities above
$250MM in market cap as of 4/30/13.
Definition of 'Earnings' is aggregate LTM
net income to common excluding extra
items. 'P/E' equals total aggregate
industry market capitalization divided by
LTM net income.

&

LTM Relative % Performance vs. S&P 500: Consumer Staples

LTM Transaction Activities: Consumer Staples

All M&A
LBO
Strategic M&A

Last Twelve Months Ending April 30th of:

2010
2011
2012
#
$ (mil)
#
$ (mil)
#
$ (mil)
378 $ 34,770
456 $34,830
508 $39,087
59
237
70
13,767
62
3,651
319
34,532
386
21,063
446
35,435

2013
#
$ (mil)
520 $57,570
55
31,939
465
25,632

Non-LBO PE
PIPEs
Venture Capital

102
82
121

103
82
212

130%
Deal Type
120%
110%

MidCap

LargeCap

100%

SmallCap

S&P 500

90%

(M&A only)
Median Deal
Multiples
TEV/EBITDA
Equity/LTM NI

80%

3,240
1,226
364

2010
Deal <
Deal >
$500M
$500M
12.7x
11.2x
21.1x
15.3x

135
87
181

$ 2,827
483
526

104
101
165

$ 1,287
1,148
893

$ 1,722
176
917

2011
2012
2013
Deal <
Deal > Deal < Deal > Deal < Deal >
$500M
$500M $500M $500M $500M $500M
6.4x
8.2x
9.3x
8.7x
8.9x
12.8x
15.2x
14.2x
18.4x
17.6x
15.0x
55.7x

Distribution of Stocks by YTD % Returns and Industry: Consumer Staples

2013 YTD Stock Price Performance
Industry
Agricultural Products
Brewers
Distillers and Vintners
Drug Retail
Food Distributors
Food Retail
Household Products
Hypermarkets and Super Centers
Packaged Foods and Meats
Personal Products
Soft Drinks
Tobacco

<-80% <-60% <-40% <-20% < 0

2

2
2
1
1

2
2
1
1

<20% <40% <60% <80% 80%+

4
1
1
2
1
1
1
1
3
1
7
4
1
1
1
8
1
3
27
13
3
4
2
1
7
6

Total ($ mil)
Count
6
2
3
3
6
16
10
3
43
12
8
7

MarCap
$42,151
$11,207
$35,197
$118,612
$24,665
$54,435
$340,964
$309,619
$332,183
$50,975
$378,462
$269,577

Earnings
$2,385
$457
$1,405
$6,229
$1,144
$2,662
$16,957
$19,034
$13,575
$1,904
$17,576
$15,968

P/E
17.7x
24.5x
25.0x
19.0x
21.6x
20.5x
20.1x
16.3x
24.5x
26.8x
21.5x
16.9x

Notes
LTM relative performance chart is based
on S&P equity indices as of 4/30/13.

Transaction activities data is as of

4/30/13 and include both US and
Canadian targets.
Distribution of stocks by industry includes
only US-exchange traded equities above
$250MM in market cap as of 4/30/13.

Definition of 'Earnings' is aggregate LTM

net income to common excluding extra
items. 'P/E' equals total aggregate
industry market capitalization divided by
LTM net income.

&

&

LTM Relative % Performance vs. S&P 500: Energy

LTM Transaction Activities: Energy

125%
120%
115%

110%
105%

S&P 500

100%

LargeCap

95%

MidCap

90%

SmallCap

85%

Deal Type
All M&A
LBO
Strategic M&A
Non-LBO PE
PIPEs
Venture Capital
(M&A only)
Median Deal
Multiples
TEV/EBITDA
Equity/LTM NI

80%

Last Twelve Months Ending April 30th of:

2010
2011
2012
#
$ (mil)
#
$ (mil)
#
$ (mil)
1,031 $152,349
1,150 $142,087
1,071 $197,751
44
3,804
47
3,403
33
20915
987
148,545
1,103
138,685
1,038
176836
84 $
645
110

5,501
6,609
1,472

146 $
660
144

9,741
9,297
4,399

111
459
145

5,767
7,027
7,622

2013
#
$ (mil)
977 $175,812
40
4,655
937
171,157
109
365
140

2013 YTD Stock Price Performance

<20% <40% <60% <80% 80%+ Count
4
3
11
4
2
6
11
18
16
13
1
1
43
42
14
1
96
12
3
2
22
39
22
3
70

Total ($ mil)
MarCap
$27,551
$753,923
$104,518
$301,336
$501,690
$140,401
$473,384

Earnings
-$2,986
$78,822
$5,738
$14,280
$5,181
$16,898
$15,904

P/E
N/M
9.6x
18.2x
21.1x
96.8x
8.3x
29.8x

Notes
LTM relative performance chart is based
on S&P equity indices as of 4/30/13.
Transaction activities data is as of
4/30/13 and include both US and
Canadian targets.

Distribution of stocks by industry includes

only US-exchange traded equities above
$250MM in market cap as of 4/30/13.
Definition of 'Earnings' is aggregate LTM
net income to common excluding extra
items. 'P/E' equals total aggregate
industry market capitalization divided by
LTM net income.

&

6,055
5,136
8,934

2010
2011
2012
2013
Deal <
Deal >
Deal <
Deal >
Deal <
Deal >
Deal <
Deal >
$500M
$500M
$500M
$500M
$500M
$500M
$500M
$500M
7.3x
8.4x
10.3x
14.6x
7.2x
8.7x
5.5x
15.4x
12.3x
26.4x
17.2x
27.0x
10.7x
25.5x
14.3x
35.6x

Distribution of Stocks by YTD % Returns and Industry: Energy

Industry
<-80% <-60% <-40% <-20% < 0
Coal and Consumable Fuels
4
Integrated Oil and Gas
Oil and Gas Drilling
7
Oil and Gas Equipment and Services
12
Oil and Gas Exploration and Production
12
27
Oil and Gas Refining and Marketing
1
4
Oil and Gas Storage and Transportation
6

&

LTM Relative % Performance vs. S&P 500: Financials

LTM Transaction Activities: Financials

125%
120%
115%
110%
S&P 500

105%

LargeCap

100%

MidCap

95%

SmallCap

90%

85%

Deal Type
All M&A
LBO
Strategic M&A
Non-LBO PE
PIPEs
Venture Capital
(M&A only)
Median Deal
Multiples
TEV/EBITDA
Equity/LTM NI

80%

Last Twelve Months Ending April 30th of:

2010
2011
2012
2013
#
$ (mil)
#
$ (mil)
#
$ (mil)
#
$ (mil)
2,833 $109,818 4,054 $188,241 4,985 $242,019 5,989 $ 263,769
202 4,015.02
167 3,879.59
128 4,761.35
167
8,722.53
2,631
105,803 3,887
184,361 4,857
237,258 5,822
255,046
395
259
289

$ 22,804
18,863
3,466

441
242
318

$ 20,907
5,785
5,390

2010
2011
Deal <
Deal > Deal < Deal >
$500M
$500M $500M
$500M
11.6x
12.9x 12.9x
14.4x
14.4x
18.9x 18.1x
18.3x

450
276
375

$ 11,992
9,264
6,809

305
220
271

2012
2013
Deal < Deal > Deal < Deal >
$500M
$500M $500M
$500M
10.9x
12.8x 13.9x
24.4x
15.9x
14.7x 17.6x
22.0x

Distribution of Stocks by YTD % Returns and Industry: Financials

2013 YTD Stock Price Performance
Industry
<-80% <-60% <-40% <-20% < 0
Asset Management and Custody Banks
2
6
Consumer Finance
1
4
Diversified Banks
1
Diversified Capital Markets
Diversified Real Estate Activities
2
Diversified REITs
Industrial REITs
Insurance Brokers
1
2
Investment Banking and Brokerage
3
Life and Health Insurance
1
1
Mortgage REITs
1
Multi-line Insurance
Multi-Sector Holdings
Office REITs
Other Diversified Financial Services
Property and Casualty Insurance
7
Real Estate Development
Real Estate Operating Companies
Real Estate Services
1
Regional Banks
1
41
Reinsurance
Residential REITs
4
Retail REITs
1
Specialized Finance
4
Specialized REITs
2
Thrifts and Mortgage Finance
1
14

&

<20% <40% <60% <80% 80%+

31
14
3
1
8
3
5
1
1
9
8
1
5
2
5
1
13
4
1
9
6
18
6
1
6
4
3
2
15
4
3
29
10
1
3
1
1
1
5
87
10
2
1
9
3
13
1
23
7
7
3
25
13
21
1
2

Total ($ mil)
Count
57
16
6
1
3
18
7
9
21
17
26
10
5
19
3
47
4
2
6
142
12
18
31
14
40
39

MarCap
$294,526
$158,061
$281,685
$758
$3,892
$50,368
$29,071
$60,280
$177,544
$149,263
$65,963
$121,049
$13,960
$73,305
$467,120
$506,590
$5,580
$4,144
$23,570
$296,304
$40,248
$88,300
$170,552
$90,762
$244,016
$52,192

Earnings
$16,143
$12,426
$26,020
$43
$28
$214
-$82
$2,302
$9,709
$10,664
$5,349
$8,643
$881
$734
$34,530
$35,921
$51
-$50
$137
$22,851
$4,838
$822
$1,695
$4,335
$4,591
$1,170

P/E
18.2x
12.7x
10.8x
17.7x
136.6x
235.6x
N/M
26.2x
18.3x
14.0x
12.3x
14.0x
15.8x
99.9x
13.5x
14.1x
108.8x
N/M
171.7x
13.0x
8.3x
107.4x
100.6x
20.9x
53.2x
44.6x

6,933
5,511
4,573

Notes
LTM relative performance chart is based
on S&P equity indices as of 4/30/13.

Transaction activities data is as of

4/30/13 and include both US and
Canadian targets.
Distribution of stocks by industry includes
only US-exchange traded equities above
$250MM in market cap as of 4/30/13.
Definition of 'Earnings' is aggregate LTM
net income to common excluding extra
items. 'P/E' equals total aggregate
industry market capitalization divided by
LTM net income.

&

LTM Relative % Performance vs. S&P 500: Healthcare

LTM Transaction Activities: Healthcare

140%
130%
120%

S&P 500
LargeCap

110%

MidCap
SmallCap

100%

Deal Type
All M&A
LBO
Strategic M&A
Non-LBO PE
PIPEs
Venture Capital

Last Twelve Months Ending April 30th of:

2010
2011
2012
#
$ (mil)
#
$ (mil)
#
$ (mil)
1,113 $ 64,903
1,456 $164,089
1,366 $148,822
73
7,879
125
15,276
93
19,655
1,040
57,024
1,331
148,813
1,273
129,168
543
384
1068

$ 10,252
1,766
7,171

769
402
1,145

7,473
2,383
7,320

760
373
1,087

2013
#
$ (mil)
1,456 $103,958
106
6,177
1,350
97,781

7,241
1,690
6,811

764
344
859

7,775
2,136
6,358

90%
(M&A only)
Median Deal
Multiples
TEV/EBITDA
Equity/LTM NI

80%

2010
2011
2012
2013
Deal <
Deal >
Deal <
Deal >
Deal <
Deal > Deal < Deal >
$500M
$500M
$500M
$500M
$500M
$500M $500M
$500M
10.2x
12.2x
12.1x
14.3x
12.2x
11.1x 10.5x
9.6x
18.1x
33.1x
22.3x
20.7x
16.6x
41.8x 18.5x
24.4x

Distribution of Stocks by YTD % Returns and Industry: Healthcare

2013 YTD Stock Price Performance
Industry
Biotechnology
Health Care Technology
Healthcare Distributors
Healthcare Equipment
Healthcare Facilities
Healthcare Services
Healthcare Supplies
Life Sciences Tools and Services
Managed Healthcare
Pharmaceuticals

<-80% <-60% <-40% <-20% < 0

6
15
1
4
1
3
17
4
8
2
6
1
4
2
2
4

<20% <40% <60% <80% 80%+

30
20
11
6
8
4
2
1
1
6
1
31
7
1
1
7
10
1
10
4
8
2
1
11
4
1
1
1
7
3
20
11
2
3
2

Total ($ mil)
Count
96
13
8
60
22
22
19
23
12
44

MarCap
$438,123
$30,829
$69,565
$376,122
$58,324
$101,618
$28,774
$111,262
$145,289
$959,794

Earnings
$6,963
$590
$4,263
$17,532
$2,874
$3,955
$698
$4,596
$12,938
$43,302

P/E
62.9x
52.2x
16.3x
21.5x
20.3x
25.7x
41.2x
24.2x
11.2x
22.2x

Notes
LTM relative performance chart is based
on S&P equity indices as of 4/30/13.
Transaction activities data is as of
4/30/13 and include both US and
Canadian targets.

Distribution of stocks by industry includes

only US-exchange traded equities above
$250MM in market cap as of 4/30/13.
Definition of 'Earnings' is aggregate LTM
net income to common excluding extra
items. 'P/E' equals total aggregate
industry market capitalization divided by
LTM net income.

&

&

LTM Relative % Performance vs. S&P 500: Industrials

LTM Transaction Activities: Industrials

130%
125%
120%

115%
110%
105%

S&P 500

100%

LargeCap

95%

MidCap

90%

SmallCap

85%

Deal Type
All M&A
LBO
Strategic M&A
Non-LBO PE
PIPEs
Venture Capital
(M&A only)
Median Deal
Multiples
TEV/EBITDA
Equity/LTM NI

80%

Last Twelve Months Ending April 30th of:

2010
2011
2012
2013
#
$ (mil)
#
$ (mil)
#
$ (mil)
#
$ (mil)
1,895 $ 70,486 2,279 $82,900
2,438 $ 87,760
2,599 $ 120,103
180
6,890
231
8,392
237
15,088
268
16,573
1,715
63,597 2,048
74,508
2,201
72,671 2,331
103,531
248
243
376

5,747
2,042
3,824

390
246
410

$ 5,922
1,321
3,035

401
223
425

$ 7,255
2,209
3,351

325 $
172
383

2010
2011
2012
2013
Deal <
Deal >
Deal < Deal > Deal <
Deal > Deal <
Deal >
$500M
$500M
$500M $500M $500M
$500M $500M
$500M
6.1x
7.7x
7.3x
11.6x
8.3x
9.2x
7.5x
9.7x
16.8x
20.0x 15.1x
23.9x
12.0x
19.0x 15.1x
15.4x

Distribution of Stocks by YTD % Returns and Industry: Industrials

2013 YTD Stock Price Performance
Industry
<-80% <-60% <-40% <-20% < 0
Aerospace and Defense
9
Air Freight and Logistics
6
Airlines
1
Airport Services
Building Products
1
5
Commercial Printing
1
2
Construction and Engineering
3
7
Construction and Farm Machinery and Heavy Trucks
12
Diversified Support Services
1
4
Electrical Components and Equipment
1
5
Environmental and Facilities Services
1
3
Heavy Electrical Equipment
2
Human Resource and Employment Services
2
Industrial Conglomerates
Industrial Machinery
11
Marine
1
Marine Ports and Services
Office Services and Supplies
1
4
Railroads
Research and Consulting Services
1
5
Security and Alarm Services
2
Trading Companies and Distributors
6
Trucking
2

&

<20% <40% <60% <80% 80%+

24
6
1
4
1
1
3
4
3
1
1
2
10
4
1
3
1
10
1
1
12
2
1
6
3
1
15
1
1
3
9
2
2
1
7
4
1
4
1
40
4
2
4
5
1
1
7
1
2
3
9
3
1
15
4
10
4
2
1

Total ($ mil)
Count
40
12
12
3
21
7
22
27
15
26
15
5
14
5
57
11
1
13
5
18
3
25
19

MarCap
$425,166
$137,030
$57,388
$8,145
$41,699
$6,841
$54,327
$189,808
$31,508
$143,565
$60,912
$5,095
$22,721
$356,488
$213,482
$12,298
$312
$20,395
$137,740
$52,703
$26,223
$72,358
$46,097

6,269
1,430
2,069

Earnings
$24,355
$3,833
$2,308
$267
$445
-$351
$2,286
$12,189
$1,111
$6,474
$2,302
$282
$1,013
$22,317
$10,673
$417
$20
$1,273
$8,199
$1,703
$165
$3,490
$2,308

P/E
17.5x
35.8x
24.9x
30.6x
93.7x
N/M
23.8x
15.6x
28.4x
22.2x
26.5x
18.1x
22.4x
16.0x
20.0x
29.5x
15.9x
16.0x
16.8x
31.0x
158.9x
20.7x
20.0x

Notes
LTM relative performance chart is based
on S&P equity indices as of 4/30/13.

Transaction activities data is as of

4/30/13 and include both US and
Canadian targets.
Distribution of stocks by industry includes
only US-exchange traded equities above
$250MM in market cap as of 4/30/13.
Definition of 'Earnings' is aggregate LTM
net income to common excluding extra
items. 'P/E' equals total aggregate
industry market capitalization divided by
LTM net income.

&

LTM Relative % Performance vs. S&P 500: Information Technology

LTM Transaction Activities: Information Technology

120%
Deal Type
All M&A
LBO
Strategic M&A

Last Twelve Months Ending April

2010
2011
2012
#
$ (mil)
#
$ (mil)
#
1,897 $ 64,090
2,281 $128,602
2,239 $
128
5,407
155
22,901
149
1,769
58,684
2,126
105,701
2,090

Non-LBO PE
PIPEs
Venture Capital

716
345
2,064

115%
110%

105%
S&P 500

100%

LargeCap

95%

MidCap

90%

SmallCap

85%

(M&A only)
Median Deal
Multiples
TEV/EBITDA
Equity/LTM NI

80%

5,668
1,349
9,174

966
446
2,615

$ 14,338
1,690
11,976

942
366
3,038

30th of:
$ (mil)
92,335
10,617
81,718

$ 12,915
1,803
12,471

2013
#
2,272 $
146
2,126
980
297
2,813

2013 YTD Stock Price Performance

&

<20% <40% <60% <80% 80%+ Count MarCap

28
9
3
62
$202,477
16
4
1
39
$301,586
3
4
11
$511,690
6
5
1
14
$112,619
25
5
1
39
$344,591
6
2
1
14
$48,594
11
2
19
$22,309
7
1
1
1
21
$50,302
2
6
1
10
$34,148
26
12
5
3
2
78
$630,463
13
5
22
$335,865
2
2
$13,102
11
3
1
24
$55,214
25
5
3
1
2
69
$354,623
11
3
2
26
$561,758
4
2
11
$19,311

$ 10,063
1,757
10,698

2010
2011
2012
2013
Deal <
Deal >
Deal < Deal > Deal <
Deal >
Deal <
Deal >
$500M
$500M
$500M
$500M
$500M
$500M
$500M
$500M
8.1x
19.8x
12.6x
13.4x
10.7x
33.8x
10.9x
13.7x
15.2x
34.7x
19.5x
41.2x
11.4x
43.0x
20.5x
31.9x

Distribution of Stocks by YTD % Returns and Industry: Information Technology

Industry
<-80% <-60% <-40% <-20% < 0
Application Software
2
20
Communications Equipment
5
13
Computer Hardware
4
Computer Storage and Peripherals
1
1
Data Processing and Outsourced Services
1
7
Electronic Components
1
4
Electronic Equipment and Instruments
6
Electronic Manufacturing Services
1
2
8
Home Entertainment Software
1
Internet Software and Services
1
5
24
IT Consulting and Other Services
1
3
Office Electronics
Semiconductor Equipment
9
Semiconductors
6
27
Systems Software
3
7
Technology Distributors
5

$ (mil)
95,403
36,068
59,335

Total ($ mil)
Earnings
$3,832
$18,101
$29,520
$8,384
$12,958
$2,719
$658
$2,852
$1,536
$23,060
$23,006
$1,313
$1,182
$14,652
$31,147
$1,855

P/E
52.8x
16.7x
17.3x
13.4x
26.6x
17.9x
33.9x
17.6x
22.2x
27.3x
14.6x
10.0x
46.7x
24.2x
18.0x
10.4x

Notes
LTM relative performance chart is based
on S&P equity indices as of 4/30/13.

Transaction activities data is as of

4/30/13 and include both US and
Canadian targets.
Distribution of stocks by industry includes
only US-exchange traded equities above
$250MM in market cap as of 4/30/13.

Definition of 'Earnings' is aggregate LTM

net income to common excluding extra
items. 'P/E' equals total aggregate
industry market capitalization divided by
LTM net income.

&

LTM Relative % Performance vs. S&P 500: Materials

LTM Transaction Activities: Materials

Deal Type
All M&A
LBO
Strategic M&A

Last Twelve Months Ending April 30th of:

2010
2011
2012
#
$ (mil)
#
$ (mil)
#
$ (mil)
1,178 $ 33,533
1,326 $ 70,126
1,236 $ 54,889
70
4,027
97
3,435
86
2,511
1,108
29,506
1,229
66,690
1,150
52,378

2013
#
1,113 $
105
1,008

$ (mil)
58,848
13,488
45,360

Non-LBO PE
PIPEs
Venture Capital

142
2,030
152

146 $
1,426
100

2,216
3,703
544

130%
120%
S&P 500

110%

LargeCap
MidCap

100%

SmallCap

90%

(M&A only)
Median Deal
Multiples
TEV/EBITDA
Equity/LTM NI

80%

4,436
9,303
770

167 $
2,085
197

2,867
9,346
2552

158 $
1,470
156

4,320
6,313
1169

2010
2011
2012
2013
Deal <
Deal >
Deal <
Deal >
Deal <
Deal >
Deal <
Deal >
$500M
$500M
$500M
$500M
$500M
$500M
$500M
$500M
11.0x
11.7x
6.2x
13.9x
9.4x
9.4x
7.2x
13.1x
12.1x
24.9x
15.9x
16.8x
14.7x
17.3x
15.1x
21.3x

Distribution of Stocks by YTD % Returns and Industry: Materials

2013 YTD Stock Price Performance
Industry
Aluminum
Commodity Chemicals
Construction Materials
Diversified Chemicals
Diversified Metals and Mining
Fertilizers and Agricultural Chemicals
Forest Products
Gold
Industrial Gases
Metal and Glass Containers
Paper Packaging
Paper Products
Precious Metals and Minerals
Specialty Chemicals
Steel

&

<-80% <-60% <-40% <-20% < 0

1
3
5
2
2
2
6
6
2
1
1
5
1

2
1
3
1
9
8

<20% <40% <60% <80% 80%+ Count

4
4
2
11
4
1
1
8
6
8
4
1
13
4
10
1
1
4
8
3
3
5
2
9
4
2
1
8
5
3
11
4
19
5
2
2
37
5
18

Total ($ mil)
MarCap
$11,519
$57,515
$32,137
$138,415
$70,206
$119,717
$4,971
$55,501
$59,582
$29,971
$33,591
$31,669
$4,624
$137,031
$49,439

Earnings
$347
$5,510
-$1,030
$5,974
$3,461
$7,691
$243
$4,247
$3,065
$1,573
-$121
$1,362
$60
$4,608
-$1,921

P/E
33.2x
10.4x
N/M
23.2x
20.3x
15.6x
20.5x
13.1x
19.4x
19.1x
N/M
23.2x
76.9x
29.7x
N/M

Notes
LTM relative performance chart is based
on S&P equity indices as of 4/30/13.

Transaction activities data is as of 4/30/13

and include both US and Canadian
targets.
Distribution of stocks by industry includes
only US-exchange traded equities above
$250MM in market cap as of 4/30/13.

Definition of 'Earnings' is aggregate LTM

net income to common excluding extra
items. 'P/E' equals total aggregate
industry market capitalization divided by
LTM net income.

&

LTM Relative % Performance vs. S&P 500: Telecommunication Services

LTM Transaction Activities: Telecommunication Services

130%
125%
120%

115%
S&P 500

110%

LargeCap

105%

MidCap

100%

SmallCap

95%

90%
85%

Deal Type
All M&A
LBO
Strategic M&A
Non-LBO PE
PIPEs
Venture Capital
(M&A only)
Median Deal
Multiples
TEV/EBITDA
Equity/LTM NI

80%

Last Twelve Months Ending April 30th of:

2010
2011
2012
#
$ (mil)
#
$ (mil)
#
$ (mil)
118 $42,690
132 $ 13,555
102 $13,546
6
1,534
10
3,359
3
1,000
112
41,156
122
10,196
99
12,546
28 $
398
30
1,811
33
285

29
41
24

612
132
1,807

38 $
22
24

659
452
599

2013
#
$ (mil)
115 $ 124,337
7
1,535
108
122,802
19
14
27

2013 YTD Stock Price Performance

<20% <40% <60% <80%
3
2
2
3
2
2
9
3

Total ($ mil)
80%+

Count
10
12
14

MarCap
$13,609
$385,927
$105,088

Earnings
-$22
$10,027
-$2,502

P/E
N/M
38.5x
N/M

Notes
LTM relative performance chart is based
on S&P equity indices as of 4/30/13.

Transaction activities data is as of

4/30/13 and include both US and
Canadian targets.
Distribution of stocks by industry includes
only US-exchange traded equities above
$250MM in market cap as of 4/30/13.

Definition of 'Earnings' is aggregate LTM

net income to common excluding extra
items. 'P/E' equals total aggregate
industry market capitalization divided by
LTM net income.

&

382
8,085
167

2010
2011
2012
2013
Deal <
Deal > Deal <
Deal >
Deal < Deal > Deal <
Deal >
$500M
$500M $500M
$500M
$500M $500M $500M
$500M
4.6x
5.6x
5.9x
10.2x
9.0x
8.7x
10.9x
28.5x
44.9x
16.1x
35.8x
6.5x
29.7x
21.4x

Distribution of Stocks by YTD % Returns and Industry: Telecommunication Services

Industry
<-80% <-60% <-40% <-20% < 0
Alternative Carriers
3
Integrated Telecommunication Services
1
4
Wireless Telecommunication Services
2

&

LTM Relative % Performance vs. S&P 500: Utilities

LTM Transaction Activities: Utilities

130%
125%
120%
115%

S&P 500

110%

LargeCap

105%

MidCap

100%

SmallCap

95%
90%

Deal Type
All M&A
LBO
Strategic M&A
Non-LBO PE
PIPEs
Venture Capital
(M&A only)
Median Deal
Multiples
TEV/EBITDA
Equity/LTM NI

85%

Last Twelve Months Ending April 30th of:

2010
2011
2012
#
$ (mil)
#
$ (mil)
#
$ (mil)
211 $35,552
253 $76,673
237 $ 31,759
10
1,024
17
1550
13
878
201
34,528
236
75,123
224
30,881
46
47
72

$ 5,256
2,028
643

58
60
72

$ 4,988
507
1224

65 $
45
72

8,681
297
2,160

2013
#
$ (mil)
230 $ 18,407
14
1,551
216
16,856
60 $
28
46

2010
2011
2012
2013
Deal <
Deal > Deal < Deal > Deal <
Deal >
Deal <
Deal >
$500M
$500M $500M $500M $500M
$500M
$500M
$500M
18.0x
10.8x
9.8x
8.7x
6.8x
10.4x
28.0x
8.5x
124.2x
10.5x
12.5x
17.5x
16.1x
24.1x
22.5x

Distribution of Stocks by YTD % Returns and Industry: Utilities

2013 YTD Stock Price Performance
Industry
<-80% <-60% <-40% <-20% < 0
Electric Utilities
Gas Utilities
1
Independent Power Producers and Energy Traders
Multi-Utilities
1
Water Utilities
3

Total ($ mil)

<20% <40% <60% <80% 80%+ Count MarCap Earnings

27
5
32
$342,945 $17,161
11
6
18
$55,813
$2,539
2
3
5
$32,253
-$33
14
6
21
$205,651 $7,649
3
1
7
$14,973
$725

P/E
20.0x
22.0x
N/M
26.9x
20.7x

Notes
LTM relative performance chart is based
on S&P equity indices as of 4/30/13.

Transaction activities data is as of

4/30/13 and include both US and
Canadian targets.
Distribution of stocks by industry includes
only US-exchange traded equities above
$250MM in market cap as of 4/30/13.

Definition of 'Earnings' is aggregate LTM

net income to common excluding extra
items. 'P/E' equals total aggregate
industry market capitalization divided by
LTM net income.

&

5,693
237
808

&

&

&

&

&

&

&

&

&

&

&

&

&

&

&

&

&

&

&

&

&

&

&

&

&

&

&

&

&