RECENT DEALS

RECENT DEALS
Announced, Pending LBOs By U.S. Sponsors (January 1, 2008 - September 28, 2008)

Rank Date Target Name Target Short

Business Description

07/21/08 TransAlta Corp Pvd electric utility svcs

08/04/08 Asciano Group Own,op transp infrastructure

07/29/08 Merrill Lynch & Co Inc-CDO Mortgage Assets Pvd invest bkg,advisory svcs

08/13/08 InComm Pvd prepaid solutions svcs

06/19/08 Apria Healthcare Group Inc Pvd home healthcare svcs

04/01/08 Deutsche Post World Net-Real Estate Property RE ppty portfolio

Portfolio

08/13/08 ABN-AMRO Holding NV-Private Equity Private eq invest portfolio

Investments Portfolio

08/06/08 Gibson Energy Holdings Ltd Pvd midstream solutions,svcs

04/30/08 Safety-Kleen Europe Ltd Pvd industrial cleaning svcs

04/08/08 SIA International Ltd Whl pharm prod

Source: Thomson Financial 1.973.622.5200

 RECENT DEALS

09/03/08 Hudson Group Ret magazine,books

08/28/08 Bodycote Testing Group Ltd Pvd testing,advisory svcs

07/29/08 Allied Security Holdings LLC Pvd sec svcs

06/24/08 Express Energy Services Operating LP Pvd well testing svcs

01/15/08 PNM Resources Inc-Natural Gas Operations Natural gas op

05/09/08 NH Techno Glass Corp Mnfr liquid crystal display

07/26/08 Siemens Enterprise Communications GmbH & Pvd enterprise commun svcs
Co KG

07/23/08 SSP Holdings PLC Pvd software consulting svcs

05/20/08 Applebees International Inc- Restaurant Real Own,op rest

Estate Parcels (187)

Source: Thomson Financial 1.973.622.5200

 RECENT DEALS

07/08/08 PPG Industries Inc-Auto OEM Glass & Auto Mnfr paint,coating prod
Replacement Glass & Services Bus

Source: peHUB and Buyouts

Source: Thomson Financial 1.973.622.5200

 RECENT DEALS

2008)

Acquiror Full Name Acquiror Rank

Ultimate Value of
Parent Deal ($mil)
Investor Group Investor Group 10,269.095

Asciano Group SPV Asciano Group SPV 7,231.430

Lone Star Funds Lone Star Funds 6,700.000

First Data Corp Kohlberg Kravis Roberts & Co 1,895.000

Blackstone Group LP Blackstone Group LP 1,571.171

Lone Star Funds Lone Star Funds 1,562.256

Investor Group Investor Group 1,501.791

1413281 Alberta ULC Carlyle/Riverstone Global 1,217.642

Warburg Pincus LLC Warburg Pincus LLC 1,122.373

TPG Capital LP TPG Capital LP 800.000

Source: Thomson Financial 1.973.622.5200

 RECENT DEALS

Dufry Travel Retail AG Advent International Corp 767.846

CDR Tabasco Ltd Clayton Dubilier & Rice Inc 764.903

Blackstone Group LP Blackstone Group LP 750.000

Investor Group Investor Group 627.000

Continental Energy Lindsay Goldberg & Bessemer 620.000

Systems

Undisclosed Special Carlyle Group LLC 559.968

Purpose Vehicle

Gores Group LLC Gores Group LLC 551.007

H&F Sensor Bidco Ltd Hellman & Friedman LLC 392.067

Drawbridge Special Fortress Investment Group LLC 347.000

Opportunities Fund LP

Source: Thomson Financial 1.973.622.5200

 RECENT DEALS

PPG Industries Inc Auto Kohlberg & Co LP 330.000

Glass Business SPV

Source: Thomson Financial 1.973.622.5200

 RECENT DEALS

Synopsis

CANADA - An investor group, comprised of LS Power Equity Partners LLC and Global Infrastructure
Partners, a joint venture between Credit Suisse Group and GE Infrastructure Inc, a unit of General
Electric Co, planned to launch an unsolicited tender offer to acquire all the outstanding common stock of
TransAlta Corp (TA), a provider of electric utility services, for 39 Canadian dollars ($39.016 US) in cash
per share, or a total value of C$7.787 bil ($7.79 bil). The transaction was subject to completion of due
diligence, TA's board of directors' approval and regulatory authorities.
AUSTRALIA - Asciano Group SPV, an SPV formed by TPG Capital LP and Global Infrastructure
Partners, a 50:50 joint venture between Credit Suisse Group and GE Infrastructure Inc, a majority-owned
unit of General Electric Co, planned to launch an unsolicited tender offer to acquire the entire ordinary
share capital of Asciano Group, a transport infrastructure owner and operator, for 4.4 Australian dollars
($4.087 US) in cash per share, or a total value of A$2.889 bil ($2.684 bil), in a leveraged buyout
transaction. The transaction was to be effected via scheme of arrangement.
US - Lone Star Funds agreed to acquire the CDO mortgage assets of Merrill Lynch & Co Inc, a provider
of investment banking and advisory services, for $6.7 bil. The transaction was subject to regulatory
approval.
US - First Data Corp (FD), a unit of Kohlberg Kravis Roberts & Co, agreed to acquire InComm, a provider
of prepaid transactions processing solutions and a retailer of stored value gift and prepaid products, for
$1.895 bil. The consideration was to consist of $665 mil in cash, $980 mil in FD common stock and up to
$250 mil in profit-related payments. The transaction was subject to customary closing conditions and
regulatory approvals.
US - Blackstone Group LP definitively agreed to acquire all the outstanding common stock of Apria
Healthcare Group Inc (AH), a provider of home healthcare services, for $21 in cash per share, or a total
value of $921.181 mil, in a leveraged buyout transaction. The transaction was subject to customary
closing conditions, shareholder and regulatory approval.
GERMANY - Lone Star Funds of the US agreed to acquire the real estate property portfolio of Deutsche
Post World Net AG, a Bonn-based provider of postal services, and unit of Deutsche Post AG, for 1 bil
euros ($1.562 bil US) in cash, in a leveraged buyout, sale and leaseback transaction.
NETHERLANDS - An investor group, comprised of Goldman Sachs Group Inc (GS), AlpIvest Partners
NV (AP) and Canada Pension Plan Investment Board (CP), agreed to acquire the private equity
investments portfolio (PE) of ABN-AMRO Holding NV, an Amsterdam-based bank holding company, and
a unit of Royal Bank of Scotland Group PLC {RBS}, for an estimated 1.005 bil euros ($1.5 bil US).
Originally, an investor group, comprised of GS, AP and CP, was rumored to be planning to acquire PE.

CANADA - 1413281 Alberta ULC, a new company formed by Carlyle/Riverstone Global Energy & Power
Fund for the purpose of making an acquisition, definitively agreed to acquire Gibson Energy Holdings
Ltd, a provider of midstream solutions and services, from Hunting PLC (HP), for 1.27 bil Canadian dollars
($1.218 bil US) in cash, in a leveraged buyout transaction. The transaction was subject to HP
shareholders and regulatory approvals.
UK - Warburg Pincus LLC of the US agreed to acquire an undisclosed majority interest in Safety-Kleen
Europe Ltd (SK), an Isleworth-based provider of industrial cleaning services, from JP Morgan Partners
LLC (JP), a unit of JPMorgan Chase & Co, for an estimated 565 mil British pounds ($1.122.373 bil US).
The transaction was subject to regulatory approvals.
RUSSIA - TPG Capital LP (TC) of the US agreed to acquire a 50% interest in SIA International Ltd (SI), a
wholesaler of pharmaceutical products, from Igor Rudinsky, for 18.851 bil Russian rubles ($800 mil US)
in cash. Originally, TC was rumored to be planning to acquire a 50% interest in SI.

Source: Thomson Financial 1.973.622.5200

 RECENT DEALS

US - Dufry Travel Retail AG (DT), a majority-owned unit of Advent International Corp, agreed to acquire
the remaining 88.8% interest, which it did not already own, in Hudson Group, a retailer of travel
magazine and books, for $767.846 mil. The consideration was to consist of the assumption of $390 mil in
liabilities and issuance of 5.1 mil ordinary DT shares, valued at $377.846 mil. The shares were valued
based on DT's closing stock price of $74.088 on September 2, the last full trading day prior to the
announcement. The transaction was subject to customary closing conditions and regulatory approvals.

UK - CDR Tabasco Ltd, a newly formed company for the purpose of making the acquisition and a unit of
Clayton Dubilier & Rice Inc's Clayton Dubilier & Rice Fund VII subsidiary, definitively agreed to acquire
the testing business of Bodycote PLC (BP), a Macclesfield-based provider of heat treatment and testing
services, for an estimated 417 mil British pounds ($764.903 mil US) in cash. The transaction was subject
to shareholders' and regulatory approvals. Originally, in April 2008, BP announced that it was seeking a
buyer for its testing business.
US - Blackstone Group LP definitively agreed to acquire Allied Security Holdings LLC, doing business as
AlliedBarton Securities Services, a provider of manned guarding and security services, from $750 mil, in
a leveraged buyout transaction. The consideration was to consist of $700 mil in cash and up to $50 mil in
profit-related payments. The transaction was subject to customary closing conditions and regulatory
approvals.
US - A management-led investor group, comprised of Wachovia Capital Partners, a unit of Wachovia
Corp, and Macquarie Capital Group Ltd, agreed to acquire Express Energy Services Operating LP, a
provider of well testing, plug and abandonment, coil tubing, snubbing, cranes, fluid hauling and frac
tanks, thru-tubing motors, H2S safety equipment and services, for $627 mil, in a leveraged buyout
transaction.
US - Continental Energy Systems (CE), through its subsidiary, definitively agreed to acquire the natural
gas operations of PNM Resources Inc (PR), a gas and electric utility company, for $620 mil.
Concurrently, PR agreed to acquire Cap Rock Holding Corp, a unit of CE.
JAPAN - An SPV formed by Carlyle Group (CG), agreed to acquire a 71.5% interest in NH Techno Glass
Corp (NHT), a manufacturer of liquid crystal display, and a 50/50 joint venture between Hoya Corp (HC)
and Nippon Sheet Glass Co Ltd (NSG), for 58.1 billion yen ($560 mil US). HC was to receive 17.5 bil yen
($168.665 mil), and NSG was to receive 40.6 bil yen ($391.303 mil). Originally, in November 2007, NHT
announced that it was seeking a buyer for the company. Concurrently, SPV agreed to merge with the
NHT. Upon completion, CG and HC were to hold 52.6% and 47.4% stake in NHT respectively.

GERMANY - Gores Group LLC (GG) planned to acquire a 51% interest in Siemens Enterprise
Communications GmbH & Co KG (SEN), a Munich-based provider of enterprise communication services,
from Siemens AG (SA), for 350 mil euros ($551.007 mil US), to form a joint venture. GG was to
contribute its Enterasys and SER Solutions units, with a combined value of 200 mil euros ($314.861 mil)
and inject 150 mil euros ($236.146 mil) in cash into the joint venture. The transaction was subject to
regulatory approval. Originally, in February 2008, SA disclosed that it was seeking a buyer for its SEN
unit. Nortel Networks and the US financial investor Matlin Patterson were named as potential bidders.

UK - H&F Sensor Bidco Ltd (HS), a newly-formed company created for the purpose of making an
acquisition, by funds advised by Hellman & Friedman LLC, agreed to launch a tender offer to acquire the
entire ordinary share capital of SSP Holdings PLC (SH), a Halifax-based provider of computer and
software consulting services, for 1.9 British pounds ($3.784 US) in cash per share, or a total value of 157
mil pounds ($312.65 mil), via a scheme of arrangement. The offer was conditioned upon at least 75% of
SH's shares being tendered. HS received irrevocable undertakings to accept the offer with respect to
52% of SH's entire ordinary share capital. Upon declaration of being wholly unconditional, HS was to
exercise its right to apply for the delisting of SH shares in the London Stock Exchange.
US - Drawbridge Special Opportunities Fund LP, a unit of Fortress Investment Group LLC, agreed to
acquire 187 restaurant real estate parcels of Applebees International Inc, an owner and operator of
franchise restaurants and a unit of IHOP Corp, for an estimated $347 mil in cash.

Source: Thomson Financial 1.973.622.5200

 RECENT DEALS

US - PPG Industries Inc Auto Glass Business SPV, a new company formed by Kohlberg & Co LP for the
purpose of making an acquisition, agreed to launch a challenging offer to acquire the automotive original
equipment manufacture glass and automotive replacement glass and services businesses of PPG
Industries Inc (PI), a manufacturer of paints and coating products, for $330 mil in cash, in a leveraged
buyout transaction. The transaction was subject to customary closing conditions and regulatory
approvals. Previously, Platinum Equity LLC agreed to acquire the business from PI.

Source: Thomson Financial 1.973.622.5200