Presentation - World Services Group

M&A: The Year in Review and a Look AheadOutlook for 2013 – The Return of the Mega Deal?($ in billions)Mega Deals Announced in 2013 Year to DateDateAnnounced Target Acquiror Deal ValueEnterpriseValueEV/EBITDAFeb 05, 2013 Dell Inc. Michael Dell and Silver Lake Partners $20.5 $22.4 5.0xFeb 05, 2013 Virgin Media, Inc. Liberty Global $13.2 $23.8 9.3xFeb 12, 2013 NBCUniversal Media (49% equity stake) Comcast $16.7 $40.1 9.2xFeb 14, 2013 H. J. Heinz Company Berkshire Hathaway and 3G Capital Management $23.4 $27.5 13.6xFeb 14, 2013 US Airways Group AMR Corp (American Airlines) $10.6 - -Feb 20, 2013 OfficeMax Office Depot $1.2 $1.7 8.7x• Market capitalizations have recovered from their lows in early 2009 to levels comparable with 2005 and 2006,providing a valuable acquisition currency and boosting CEO confidence levels• The “Wait-and-See” mentality that stemmed from the presidential election and fear of the fiscal cliff is over, andclarity surrounding the Euro crisis has increased• Buoyed by strong balance sheets and an appetite for growth, large strategic buyers have re-entered the market andare looking to put capital to work• Private equity mega funds have reemerged; fundraising efforts produced 32 $1B+ funds in 2012, compared to lessthan 20 in 2010• With the housing crisis in the rearview mirror, banks are looking to “turn the spigot back on” for high qualitycorporate loans with historically low interest ratesCLEVELAND ● COLUMBUS ● DALLAS9