and

welcome you to our webcast:

“Strategic M&A Deals: Regions, Sectors and Structures”

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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

Lawrence Golub President

Golub Capital Inc.

Suzanne Miller

Senior WriterThe Deal

EXPERT PANEL

Frank AquilaPartner

Sullivan & Cromwell LLC

Landscape for strategic M&A deals: What have buyers and sellers seen in

2011?

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

Global M&A transactions totaled $809.1 billion in the first quarter 2011, a 28% jump from

the same year ago period

Source: dealogic

For the remainder of 2011, how muchdoes your company expect to spend on strategic

acquisitions?

Source: The Deal Survey Report: Strategic Acquirers

Sectors with greatest level of expected deal activity

Source: The Deal Survey Report: Strategic Acquirers

What is the biggest challenge you see indoing a strategic acquisition?

Source: The Deal Survey Report: Strategic Acquirers

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

The middle market is big for strategic acquirers. Why?

Reopening of credit markets

Deploying cash, which was hoarded during the recession, for

deals

Private equity’s role in strategic acquisitions

Deal structure trends of strategic acquirers

SELECT RECENT NOTABLE STRATEGIC ACQUISITIONS

Buyer Target Date Amount

AT&T Corp. T-Mobile March 20, 2011 $39 billion

Microsoft Corp. Skype Technologies SA

May 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

Financing’s role in strategic acquisitions

Often overlooked: The corporate integration

factor in the strategic deal equation

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

Outlook for strategic M&A for remainder of

2011

Q&A

THE DEAL WEBCAST SERIESUpcoming 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.

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