welcome you to our webcast: Following a Road More Traveled: European Cross-border M&A Deals and

Introduction Moderator: Mary Kathleen Flynn Senior Editor/Video Producer The Deal LLC

REMINDER: The audience is in listen-only mode Please questions via the Q&A panel box Select questions will be answered during the last 10 minutes of the program Please answer poll questions Webex customer support at

Anthony Fry Chairman of U.K. Investment Banking Espírito Santo Investment Bank EXPERT PANEL Matthew Jacobson Partner Freshfields Bruckhaus Deringer LLP

Marc Titmus Mather Director GI Partners LLP EXPERT PANEL Jonathan Braude Senior Writer The Deal LLC

AUDIENCE POLL QUESTION Which Western European country or group of countries will have the greatest level of M&A deal activity in 2011? A. United Kingdom B. Germany C. France D. Portugal, Italy, Ireland, Greece and Spain (PIIGS) E. Other

European M&A statistics: The story behind the numbers

Source: Thomson Reuters Europe generated 25% of worldwide M&A, equal to $180 billion, in the first quarter

Source: Thomson Reuters

SELECT RECENT NOTABLE EUROPEAN CROSS-BORDER DEALS BuyerTargetDateAmount AT&T Corp. San Antonio T-Mobile USA Inc. (Deutsche Telekom AG unit) Bonn, Germany March 20$39 billion Microsoft Corp. Redmond, Wash. Skype Technologies SA Luxembourg May 10$8.5 billion Thermo Fisher Scientific Corp. Waltham, Mass. Phadia AB Uppsala, Sweden May 19$3.5 billion Labelux Group GmbH Vienna Jimmy Choo Ltd. London May 22$807.3 million Source: The Deal Pipeline

Source: Reuters

Cross-border PE deals poised for more activity with an estimated $135 billion in dry power Source: Prequin

Dealmakers’ view from field

Atmosphere of financing for cross- border European M&A deals

U.S.-based companies using revenues outside the country to acquire in Europe

Countries or regions that have the most dealmaking opportunities

AUDIENCE POLL QUESTION What industries do you think currently pose the greatest opportunity for consolidation in Europe? A. Financial, business and professional services B. Media and telecommunications C. Retail and consumer goods D. Manufacturing E. Healthcare and pharmaceuticals F. Other

Sectors that are seeing the most dealmaking activity

The ever-changing regulatory landscape for European cross-border dealflow

AUDIENCE POLL QUESTION What effect do you believe the change in the guard at the IMF will have on dealmaking activity across Europe? A. Extremely supportive B. Somewhat supportive C. Somewhat inhibitive D. Extremely inhibitive E. No effect

Outlook for European cross- border M&A for the remainder of 2011

Q&A

thank you for joining our webcast and