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Merger_Tracker_2015_02

Merger_Tracker_2015_02

William Blair Mid-Cap

William Blair Mid-Cap Regional Transactions • The total number of global mid-cap M&A transactions announced in the fourth quarter decreased by 5% year-over-year, while total deal value slightly increased by roughly 2% over the same period. • Europe was the top performer in number of announced deals during fourth quarter 2014, with transaction activity up 30%. • As a whole, 2014 illustrates a broader trend in the mid-cap—an increasingly fewer number of transactions with slightly higher deal values per transaction. • During the year, the number of announced deals increased 2% while deal value increased 9%. Latin America as a region posted the most lackluster growth numbers. Global Mid-Cap M&A Activity Detail ($ in millions) Number of Deals Deal Value 2012 2013 2014 % Chg. '14 vs. '13 2012 2013 2014 % Chg. '14 vs. '13 Q4 North America 1,373 1,045 948 (9.3%) $104,784 $93,413 $84,064 (10.0%) Latin America 165 162 130 (19.8%) 12,066 13,253 9,964 (24.8%) Europe 939 827 1,075 30.0% 63,780 72,624 75,714 4.3% Africa / Middle East 228 143 144 0.7% 9,572 6,248 10,465 67.5% Asia Pacific 2,269 2,371 2,041 (13.9%) 85,954 97,512 107,280 10.0% TOTAL 4,974 4,548 4,338 (4.6%) $276,156 $283,051 $287,486 1.6% 2H North America 2,674 2,151 1,927 (10.4%) $182,574 $194,071 $177,494 (8.5%) Latin America 301 328 286 (12.8%) 21,836 28,521 23,393 (18.0%) Europe 1,814 1,630 2,069 26.9% 123,867 133,384 148,648 11.4% Africa / Middle East 437 285 313 9.8% 16,830 14,492 19,169 32.3% Asia Pacific 4,377 4,444 4,182 (5.9%) 159,814 180,773 205,351 13.6% TOTAL 9,603 8,838 8,777 (0.7%) $504,922 $551,241 $574,054 4.1% CY North America 5,386 4,343 3,971 (8.6%) $351,582 $335,726 $347,727 3.6% Latin America 674 640 568 (11.3%) 51,111 52,071 46,496 (10.7%) Europe 3,822 3,128 3,914 25.1% 252,323 242,495 272,266 12.3% Africa / Middle East 789 607 704 16.0% 31,357 29,933 36,315 21.3% Asia Pacific 8,730 8,352 8,245 (1.3%) 306,096 335,460 377,726 12.6% TOTAL 19,401 17,070 17,402 1.9% $992,469 $995,685 $1,080,530 8.5% Notes: Deal value limited to publically disclosed transaction value; mid-cap defined as deals with disclosed transaction values under $750 million Sources: Dealogic and William Blair’s Mergers and Acquisitions market analysis Merger Tracker 4 Global M&A Activity

William Blair Annual Transactions Global M&A Activity Number of Deals Undisclosed Mid-Cap >$750M Deal Value 60,000 Deal Value ($ in billions) $6,000 50,000 40,000 36,896 42,819 41,479 36,601 41,270 44,314 42,708 37,209 39,777 $5,000 $4,000 31,346 30,000 26,755 25,067 22,933 26,148 $3,000 20,000 $2,000 10,000 $1,000 0 $0 Number of Deals 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 >$750M 343 299 295 443 583 801 1,033 595 385 607 563 570 605 720 Mid-Cap 13,029 12,435 11,980 13,849 16,933 19,157 22,121 21,941 18,594 21,288 20,785 19,401 17,070 17,402 Undisclosed 13,383 12,333 10,658 11,856 13,830 16,938 19,665 18,943 17,622 19,375 22,966 22,737 19,534 21,655 Deal Value $1,566 $1,238 $1,356 $1,945 $2,758 $3,622 $4,249 $2,683 $1,920 $2,447 $2,419 $2,309 $2,456 $3,357 Notes: Deal value limited to publically disclosed transaction value; mid-cap defined as deals with disclosed transaction values under $750 million Sources: Dealogic and William Blair’s Mergers and Acquisitions market analysis Merger Tracker Global M&A Activity 5

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