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THE MERRILL CORP. LOGO SHOULD GO HERE. and. welcome you to our webcast: Riding the Chinese M&A wave in the U.S. Introduction Moderator : Mary Kathleen Flynn Senior Editor/Video Producer The Deal LLC.

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  1. THE MERRILL CORP. LOGO SHOULD GO HERE and welcome you to our webcast: Riding the Chinese M&A wave in the U.S.

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

  3. REMINDER:Listeners will be in listen-only mode. We encourage you to e-mail questions via the Q&A panel box to the right of your screen. Select questions will be answered during the last 10 minutes of the program. We will be providing several poll questions throughout the discussion. These questions will also appear in a panel box on the right of your screen. If you are having technical difficulties, please call customer support at866-229-3239.

  4. EXPERT PANEL Monish Bahl Senior Vice President, Business Development and M&ACDC Corp. Gene RamirezManaging DirectorMorgan Joseph TriArtisan Inc. Lance GillilandManaging DirectorTudor, Pickering, Holt, & Co.

  5. EXPERT PANEL Charles ComeyPartnerMorrison & Foerster LLP Todson Page Transaction Services PartnerPricewaterhouseCoopers

  6. China’s annual real GDP growth has averaged 9.9% from 1980 t0 2010, triple the worldwide rate of 3.3% • The Chinese government has supported outbound M&A. The China Development Bank, for example, has loaned $30 billion to state-owned China National Petroleum Corp. for more overseas M&A in energy resources • Source: Robert W. Baird Co.

  7. What conditions are currently encouraging Chinese-based companies to pursue U.S. assets?

  8. Values are stabilizing, with technology and energy sectors leading the way VValue trends CChina into U.S. - $ in millions 2010 VVolume trends CChina into U.S. - No. of deals Q1 ‘11 SSource: Thomson Reuters 4/15/2011

  9. The coveted targeted sectors: Energy and tech

  10. Computers and electronics has been the leading outbound target sector over the past 10 years. Lenovo acquired IBM’s personal-computer business for $1.75 billion in ’04. • U.S. companies have become the most frequent targets by Chinese firms. Firms headquartered in the U.S. have accounted for 18% of outbound targets since 2001. • Source: Robert W. Baird Co.

  11. AUDIENCE SURVEY QUESTION: What do you believe is the biggest factor driving increased Chinese M&A activity in the U.S.? A. Strength of the Chinese yuan vs. U.S. dollar • B. Strengthening of global economy • C. Increased demand in China for U.S. products and services • D. Political and financial instability in other global economies • E. Other

  12. Challenges for China-based acquirers in the U.S.

  13. Deal structure trends of Chinese acquirers: Minority stakes and joint ventures

  14. AUDIENCE SURVEY QUESTION: • What effect do you believe increased Chinese M&A activity will have on the pricing of U.S. acquisition targets? • A. Greatly increased prices • B. Somewhat increased prices • C. None • D. Somewhat decreased prices • E. Greatly decreased prices

  15. Attributes Chinese-based acquirers bring to table besides capital

  16. The effects of turmoil in the Middle East and nuclear crisis in Japan on Chinese acquirers in the U.S.

  17. Closing remarks: Outlook for Chinese acquirers in the U.S.

  18. THE DEAL WEBCAST SERIESUpcoming Events Brought to you by The Deal LLC and Bank of America Corp., this complimentary event on April 28 showcases the best ways to navigate new rules and trends in deal financing in the middle market and beyond. Reserve your seat: https://thedeal.webex.com/thedeal/onstage/g.php?t=a&d=666331375

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

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