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MODERATOR

Jon MarinoSenior EditorThe Deal

EXPERT PANEL

Bruce K. FentonPartnerPepper Hamilton LLP

EXPERT PANEL

James D. EpsteinPartnerPepper Hamilton LLP

EXPERT PANEL

Scott BudoffPartnerSaw Mill Capital

EXPERT PANEL

Marshall Sonenshine Chairman and Managing PartnerSonenshine Partners

US Mid-Market* M&A since 2010Announcement Date by Year Deal Value ($m) No.

2010 179,812 328

2011 183,904 347

2012 191,221 355

2013 (YTD) 70,734 126

Subtotal 625,672 1,156

Total 625,672 1,156

*mid-market deal value = $300m-$1.0bn

2013 YTD 2012Rank Target General Industry

Group (GIG)Deal Value $

(m) No. %share Rank Target General Industry Group (GIG)

Deal Value $ (m) No. %share

1 Real Estate/Property 13,490 21 19.1 1 Oil & Gas 32,433 62 17.02 Oil & Gas 10,860 21 15.4 2 Technology 21,086 39 11.03 Utility & Energy 6,792 9 9.6 3 Healthcare 20,821 39 10.94 Healthcare 6,677 12 9.4 4 Real Estate/Property 17,167 32 9.05 Finance 6,272 13 8.9 5 Utility & Energy 12,664 22 6.66 Retail 4,055 5 5.7 6 Professional Services 12,370 23 6.57 Transportation 3,145 5 4.5 7 Finance 12,021 20 6.38 Technology 2,986 6 4.2 8 Machinery 6,621 11 3.59 Food & Beverage 2,579 6 3.7 9 Food & Beverage 6,033 12 3.2

10 Telecommunications 2,461 5 3.5 10 Dining & Lodging 5,298 10 2.8  Subtotal 59,317 103 83.9   Subtotal 146,514 270 76.6  Total 70,734 126 100.0   Total 191,221 355 100.0

2011 2010Rank Target General Industry

Group (GIG)Deal Value $

(m) No. %share Rank Target General Industry Group (GIG)

Deal Value $ (m) No. %share

1 Healthcare 26,975 52 14.7 1 Oil & Gas 28,813 50 16.02 Oil & Gas 25,306 44 13.8 2 Healthcare 25,968 45 14.43 Technology 22,875 45 12.4 3 Technology 21,584 41 12.04 Real Estate/Property 18,960 41 10.3 4 Utility & Energy 17,874 35 9.95 Utility & Energy 12,182 23 6.6 5 Real Estate/Property 12,456 26 6.96 Finance 8,528 14 4.6 6 Finance 7,895 16 4.47 Professional Services 8,014 15 4.4 7 Professional Services 7,139 15 4.08 Telecommunications 6,844 12 3.7 8 Telecommunications 6,752 13 3.89 Dining & Lodging 5,303 12 2.9 9 Consumer Products 5,876 9 3.3

10 Chemicals 5,211 7 2.8 10 Construction/Building 5,708 9 3.2  Subtotal 140,197 265 76.2   Subtotal 140,065 259 77.9  Total 183,904 347 100.0   Total 179,812 328 100.0

Top 10 Industry Groups for US Mid-Market* M&A since 2010

*mid-market deal value = $300m-$1.0bn

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