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 ProducerThe Deal LLC

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

Anthony FryChairman of U.K. Investment

Banking Espírito Santo Investment Bank

EXPERT PANEL

Matthew Jacobson Partner

Freshfields Bruckhaus Deringer LLP

Marc Titmus MatherDirector

GI Partners LLP 

EXPERT PANEL

Jonathan BraudeSenior WriterThe 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 KingdomB. GermanyC. FranceD. 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

Buyer Target Date Amount

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 telecommunicationsC. Retail and consumer goodsD. ManufacturingE. Healthcare and pharmaceuticalsF. 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 supportiveB. Somewhat supportiveC. Somewhat inhibitiveD. Extremely inhibitiveE. No effect

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

of 2011

Q&A

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