1. February 2014 Hercules Databases ZEPHYR

2. What is Zephyr? Comprehenisve database of M&As, joint ventures, IPOs, share repurchases and PE deals Worldwide transactions as of 1997, over 1 million in total Bureau van Dijk product: link with Amadeus, Bel-first = BvD ID numbers Download in Excel Datastream etc.: link with ISIN number Library FEB: register! (1 pc)

3. Zephyr interface Use Zephyr Advanced

4. Zephyr interface Interface similar to Amadeus, Bel-first Choices: depending on research Specific sheets for IPOs, PE, M&As

5. Zephyr interface Id numbers similar to Bel-first and Amadeus

6. Basic search steps Important: select deal status (e.g., completed deals only)

7. Basic search steps Select time period Here too: Completed deals only

8. Basic search steps REGIONS / COUNTRY: general and specific criteria (e.g., EU27 vs. only Belgium) !! Choice Acquiror / Target / Vendor On which party do we impose this criterion? (e.g., Acquior = EU27, target = no restriction)

9. Example: selection # deals after basic restrictions End result = 903 deals

10. Example: selection (2) After basic search criteria: “View list of deals” -> Now you can impose more advanced criteria

11. Advanced selection Either click on “Add” or “List format”

12. Advanced selection (2) Advanced selection allows to customize your list: more detailed information e.g., financial advisors, ownership, detailed payment information…

13. Example: advanced selection Output similar to Amadeus / Bel-first

14. Example: search with BvD ID numbers Load BvD ID numbers: Select whether applies as Acquiror / Target / Vendor

15. Pitfalls! Download as 1 line per deal! -> Problem in Excel: multiple items in one cell. Solve? -> Delimiter “Tab” does not work!! Excel: Data; Text to colums; Delimited; Choose your delimiter = “OTHER”; CONTROL + J (or ALT + 0010); Next; Finish

16. Pitfalls ! Use Amadeus for historical information (e.g., who was the auditor, SIC code, ownership stake …?) -> Zephyr updates this information regularly, so you do not see the original information! Target: include “delisted”: otherwise almost no listed targets Do not rely on Zephyr classification of cash, stock deals: calculate % yourself using method of payment items! “Deal value mil EUR”: ~ unreliable: many times in local currency instead of EUR -> e.g., Wegener takeover by Mecom (2007): stated as 553.4 mio EUR -> in reality 553.4 GBP! Values can be in `000 or in mio Values: use of. and, Method of payment: does not add up -> mostly due to “earnout”