1. and welcome you to our webcast: “Strategic M&A Deals: Regions, Sectors and Structures” THE MERRILL CORP. LOGO SHOULD GO HERE

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

3. REMINDER: The audience is in listen-only mode Please e-mail 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 866-229-3239

4. Lawrence Golub President Golub Capital Inc. Suzanne Miller Senior Writer The Deal EXPERT PANEL Frank Aquila Partner Sullivan & Cromwell LLC

5. Landscape for strategic M&A deals: What have buyers and sellers seen in 2011?

6. Do you anticipate doing more, fewer or a similar amount of strategic acquisitions in 2011, compared to the previous year? Source: The Deal Survey Report: Strategic Acquirers

7. Global M&A transactions totaled $809.1 billion in the first quarter 2011, a 28% jump from the same year ago period Source: dealogic

8. For the remainder of 2011, how much does your company expect to spend on strategic acquisitions? Source: The Deal Survey Report: Strategic Acquirers

9. Sectors with greatest level of expected deal activity Source: The Deal Survey Report: Strategic Acquirers

10. What is the biggest challenge you see in doing a strategic acquisition? Source: The Deal Survey Report: Strategic Acquirers

11. AUDIENCE SURVEY QUESTION: For the remainder of 2011, how much does your company expect to spend on strategic acquisitions? A. None B. Under $249 million C. Between $250 million and $499 million D. Between $500 million and $999 million E. Between $1 billion and $2.49 billion F. Between $2.5 billion and $9.9 billion G. $10 billion or more

12. The middle market is big for strategic acquirers. Why? Reopening of credit markets Deploying cash, which was hoarded during the recession, for deals

13. Private equity’s role in strategic acquisitions

14. Deal structure trends of strategic acquirers

15. SELECT RECENT NOTABLE STRATEGIC ACQUISITIONS BuyerTargetDateAmount AT&T Corp.T-MobileMarch 20, 2011$39 billion Microsoft Corp.Skype Technologies SAMay 10, 2011$8.5 billion All State Corp.Esurance Answer Financial Corp. May 18, 2011$1 billion Hearst Corp.Lagardere ’ s U.S. media properties Jan. 3, 2011$870.7 million Source: The Deal Pipeline

16. Financing’s role in strategic acquisitions

17. Often overlooked: The corporate integration factor in the strategic deal equation

18. http://rivel.com/td/thedeal.htm

19. Outlook for strategic M&A for remainder of 2011

20. Q&A

21. THE DEAL WEBCAST SERIES Upcoming Events Brought to you by The Deal LLC and Merrill DataSite, this complimentary event entitled “Following a Road More Traveled: Euro Cross Border M&A Deals”on June 2 at 10 a.m. EST explores dealmaking trends across the European continent.

22. thank you for joining our webcast and THE MERRILL CORP. LOGO SHOULD GO HERE