Our. HISTORYThe Deal was started in 1999 by Bruce Wasserstein, a veteran

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2 Our HISTORYThe Deal was started in 1999 by Bruce Wasserstein, a veteran dealmaker with over 40 years of finance, media, law and investment banking experience. His vision was to create a newsroom focused solely on transactions M&A, bankruptcies, auctions and financings. Over a decade later, The Deal continues to be the only newsroom in the industry dedicated to researching and reporting on the intraday activities of the deal economy. With 50 senior journalists in the U.S. and Europe, principal firms across various industries rely on us for insight on potential and existing deals. The Deal Pipeline, our transaction information service, delivers this news and information in a sophisticated and analytical format respected by leading practitioners at top corporations, law firms, hedge funds, investment banks and private equity firms.

3 Imagine a world without deals. Transactions are agents of change. The surge of dealmaking is not just the result of deregulation or advisers incentives. Rather it is fueled by accelerating technology, geopolitical change and innovative capital markets. Without dealmaking, corporations would be locked in stasis, like sleeping giants, unable to sustain the macro-economy. For all its chaos, we need a deal economy.

4 The Newsroom Experts Covering The Deal Economy Jeffrey Kanige Editor in Chief Anthony Baldo Managing Editor Laura Board International Editor Richard Collings Senior Writer Consumer & Retail David Marcus Senior Writer Law Firms & Legal Issues Jamie Mason Senior Editor Out-of-Court Restructuring William McConnell Assistant Managing Editor Regulatory/Arbitrage Matt Miller Editor at Large Features Richard Morgan Editor at Large Media, Entertainment & Telecom Claire Poole Senior Writer Energy Paula Schaap Assistant Managing Editor Markets Lou Whiteman Senior Writer Transportation Industry Auctions & Antitrust & Regulation Deal Sectors Bankruptcy & Restructuring Consumer & Retail Debt Financing ENERGY Financings Healthcare, Pharmaceuticals & Biotechnology

5 The Deal s newsroom is run like an investment bank, with teams of journalists focused on specific industries and sectors. This structure allows our journalists to develop an extensive network of industry sources, dive deeper into their reporting and uncover the methods, motives and impact of deals taking place. On a daily basis these journalists generate 100+ news items of proprietary, sophisticated and analytical coverage that is available only to users of The Deal Pipeline. The Deal is a real-time information leader in the media and telecom space, and certainly gives me the information flow that is necessary in my sector daily. - Prem Parameswaran, Global Head of Telecom Media & Technology, Investment Banking, Jefferies & Co. The Deal Pipeline provides me with a thorough analysis of what s happening, which makes it easy for me to stay informed and it s a valuable service in my interaction with my clients. I send my clients information I think they may be interested in pursuing or may not have heard about anywhere else. - Kevin O Mara, Partner, Jones Day The distressed coverage found in The Deal Pipeline is hard to find elsewhere. The journalists offer perspectives and data that other organizations don t capture. It s definitely a resource I value and rely on. - Stephen Trevor, Senior Managing Director, Avenue Capital Visit to get an overview of our newsroom. Industrials International Markets M&A Media, Entertainment & Telecommunications Middle Market Private Equity REAL ESTATE Technology

6 in this edition Demitri Diakantonis reports reports that France s Groupe Le Duff acquired the Brueggers chain in a transaction that works out to about 6.5 times the target s $14 million in Ebitda, according to a person familiar with the situation. The sale had been previously reported, but the parties did not disclose financial details. Bruegger s hired Piper Jaffray in August to seek buyers. At the time, Castle Harlan and Bruckmann Rosser, along with strategic buyers Einstein Noah and Tim Hortons Inc., were said to be possible bidders. page 13 By lisa Ward HC A s i n it ia l publ ic of fer i ng t h i s we ek cou ld wel l prove to be a la nd m a rk event a s t he la rg est pr ivate equity-backed IPO ever. The Nashville hospital operator hopes to raise up to $4.2 billion possibly more, if things go better than expected when its stock begins trading as scheduled on Thursday. As with PE-backed companies that went public at or above target range over the past 12 to 18 months, HCA s listing hinges on the strength of its revenue and earnings growth story, which over the past several years since its $33 billion leveraged buyout has been impressive. Yet opinion is divided on just how well the company has performed overall. Recent accounting changes have caused some analysts to question HCA s overall profitability and how it accounts for certain weaknesses in its business. Since the Dec. 31, 2007, the first full year since the recapitalization by its owners, revenue has grown annually by 4.5% and adjusted Ebitda has risen by 8.5%. Last year adjusted Ebitda was 5.8 billion on $30.6 billion of revenue. In January 2010 the company changed the method in which it accounts for bad debt. Some of what had been classified as bad debt previously was reclassified as charity care. Some analysts have criticized the move, saying that it unduly boosts the company s operating margins. n The Deal Pipeline, a Transaction Information Service Find New Business Opportunities Develop Industry Relationships today s top stories from t he d eal p ipeline bagel baker FeTcheS $91M in SaLe by SUn cap Complete index to the latest news page 2 ahead of public offering, hca faces questions on accounting of bad debt FULL STORY > close print back < index > cover search view First Take is our breaking news service that gives a sneak peek of our scoops and exclusives before our journalists have completed their reporting. I read The Deal Pipeline religiously and I depend on it as a primary source of M&A market news. Its coverage of strategic and sponsor-driven M&A activity is unparalleled. - Toby Williams, Senior Vice President, Corporate Development, Ellucian Ahead of the news is our daily newsletter featuring advanced intelligence on rumored and pending deals with opportunities for advisory roles. The Daily Deal features top stories of the day, breaking financial news, and weekly reports on auctions, restructurings and more. Sector Newsletters offer news articles, transaction updates and rumors on specific focus areas: Consumer & Retail, Energy, Healthcare, Industrials, Practice Development, Private Equity, Real Estate, Regulation, Restructuring, Telecom Media & Technology and Trading Ideas. Deal Memos are snapshots of transactions ranging from pre-auction to completion stages. The memos include advisory role opportunities and assignments as well as potential bidders, buyers and more. MOVERS & SHAKERS is a twice-daily report following new hires and all other moves within the deal community. Our team of researchers and reporters give readers the most up-todate information on the professionals behind transactions as well as firm-to-firm and adviser-to-adviser relationships. The Deal Economy Event, held annually at the New York Stock Exchange, is broadcast live over the Web so users can watch the dealmaking community discuss what s to come for the economy in the year ahead. Delivery Options Website Up-to-the-minute news, including First Take Research Center with archives of 12+ years of deal intelligence ipad App (search The Deal Pipeline in the App Store) Daily news across industries & sectors IPO Center powered by NYSE Euronext

7 With over 100 daily updates and a decade s worth of transaction, company and people data, The Deal Pipeline offers an abundance of resources to dealmakers charged with finding new business, developing industry relationships and performing due diligence. Perform Due Diligence on Companies & Advisers I depend on the daily alerts as a primary source of market news. It provides a level of granularity and specificity that general news sources often do not (i.e. Wall Street Journal, New York Times DealBook). - Sim Ketchum, Director, Credit Suisse FIND A DEAL is our interactive database of over 120,000 mergers and acquisitions, auctions, bankruptcies and financings in over 30 industries, 18 news topics, and various deal sizes and regions. From here you can explore firm-to-firm relationships and discover new market trends with data points such as adviser assignments, deal characteristics, fees, court updates, pricing and more. The Deal Pipeline is extremely helpful for understanding current events in the M&A market, which aid our deal analyses and marketing efforts. - Ray Newman, Managing Director, Transaction Advisory Services, Duff & Phelps Company & People Profile pages combine all the proprietary reporting and research our journalists have performed over the past decade for over 240,000 companies and people. From these pages you can download reports of transactional history, interviews, feature-length articles and more. The CORPORATE DEALMAKER 500 is a first-of-its-kind comprehensive directory of corporate dealmakers at the top 500 companies based on market cap, complete with hard-to-find contact details and career bios. The directory can be narrowed down by industry, and each listing links to that person s or company s profile page. For more information or to request a trial visit Smartphone Client and competitor alerts Daily newsletters REAL-TIME FEEDS Can be integrated into company intranets

8 Deal Markets Auctions Bankruptcies & Reorganizations DIP/Exit, Venture & Second-Lien Financings Mergers & Acquisitions Private Equity 120,000+ Transactions 160,000+ Company Profiles 80,000+ Practitioner Profiles 100+ Pieces of proprietary intelligence daily Sector Newsletters + The Daily Deal + Ahead of the news First Take Delivery Options Website ipad App Smartphone Real-Time Feeds Sales Contact Michael Crosby mcrosby@thedeal.com Corporate Headquarters The Deal 14 Wall Street New York, NY