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Healthcare Services | Second Quarter 2014

July 2014 – Merger and acquisition volume in the healthcare industry in Q2 2014 was one of the busiest in recent years. The quarter saw 268 transactions announced, up 11% from Q2 2013 and had the highest deal value of any second quarter at $138.8 billion, up 154% from Q2 2013’s $52.7 billion, according to preliminary figures from Irving Levin Associates, Inc.

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May 2014 – Compared to the prior quarter, default rates during the First Quarter 2014 fell across all three ratings agencies to the 1.4% (Fitch) to 1.7% (Moody’s) range. Looking ahead, default rates are expected to remain relatively steady over the next 12 months, absent a significant market event based on main factors: (1) short watch lists, (2) scarce near-term maturities, (3) plentiful liquidity across the credit markets, and (4) issuers continuing to post solid cash-flow growth. The EFH bankruptcy filing was captured in 2Q14 and hence did not impact 1Q14 default rates.

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May 2014 – This quarter, we provide our insights on the industrial growth market, which continues to experience favorable trends despite recent weak results in the somewhat overheated equity capital markets. Economic indicators have improved this spring as the labor markets have shown positive signs with lessening unemployment strains. And, according to the Federal Reserve, banks are seeing stronger loan demand and industrial output, which have shown positive increases for two consecutive months (February and March). The equity capital markets experienced sluggish returns, as only two of the seven sectors of our Industrial Growth Universe generated returns in excess of that of the S&P 500 (+2.9% for the quarter) ‐ Electronics & Components (+4.7%) and Chemicals (+3.4%). M&A activity for the quarter rose to 221 transactions, up from 186 in Q4 2013, while transaction value dropped significantly from $10.6 billion last quarter to $3.7 billion due to the numerous small‐cap spinouts and dispositions.

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Business Services | First Quarter 2014

April 2014 – After outperforming the broader indices in 2013, the SCA Business Services sector suffered a weak Q1 2014, declining by 1.0% compared to an increase of 3.2% for the S&P 500. This market pullback was led by the SCA HR Services sector (down 8.8%), SCA Marketing Services sector (down 2.3%) and SCA IT Consulting sector (down 1.0%). While some of the sector decline can be attributed to a general market correction from the run‐up experienced in 2013, investor concern about slowing U.S. employment growth and small business investment were significant factors, as well. Notwithstanding the sector’s overall performance, most companies in the sector beat 2013 guidance and continue to forecast growth for 2014.

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April 2014 – Merger and acquisition volume in the healthcare industry totaled 232 transactions for Q1 2014 across 13 sectors. The combined spending on these deals stands at $49.6 billion. Compared with the first quarter of 2013, the number of deals rose by 9%, and the spending volume exceeds the Q1 2013 spending total by 217%, according to preliminary figures from Irving Levin Associates, Inc. Excluding the $25 billion bid by Actavis plc (NYSE: ACT) for Forest Laboratories (NYSE: FRX) announced in February, the Q1 2014 deal volume total would be $24.6 billion, a still robust 54% increase compared with Q1 2013.

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Capital Restructuring | Fourth Quarter 2013

March 2014 – As hungry investors continued to chase yield, the leveraged loan market set a record during 2013 with a 30% increase over 2012’s volume and surpassing 2007’s prior record volumes. The amount of loans due prior to 2016 stands at just $17 billion, versus $67 billion when 2013 began. This scarcity of 2014/2015 loan maturities is likely to keep default rates low over the next few years.

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Industrial Growth | Fourth Quarter 2013

February 2014 – This quarter, we provide our insights on the industrial growth market, which continues to experience favorable returns and sector activity. Manufacturing activity is reaccelerating as the Institute for Supply Management’s global Purchasing Managers’ Index (PMI) is at its highest level since Q1 2011. High cash balances, moderate commercial and industrial loan volume growth, and attractive equipment leasing activity all support higher end demand for the industrial production sector. In the equity capital markets, all seven sectors of our Industrial Growth Universe generated positive returns for the quarter, while two sectors ‐ Electronics & Components (quarterly return of 13.6%) and Plastics & Packaging (10.3%) ‐ outperformed the S&P 500, which had generated a 3‐month return of 9.0%. Sector acquisition activity for the quarter rose to 186 transactions, up from 159 in Q3 2013, while transaction value dipped slightly from $11.8 billion last quarter to $10.6 billion due primarily to fewer large cap transactions being completed prior to year-end.

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Healthcare Services | Fourth Quarter 2013

February 2014 – Merger and acquisition volume in the healthcare sector totaled 1,002 transactions for 2013, 8% lower than 2012’s total of 1,091, which was the highest annual number of deals reached in the past decade, according to preliminary figures from Irving Levin Associates, Inc. M&A deal value in 2013 reached $163.5 billion, up approximately 14% compared with 2012’s total spend of $143.7 billion, which, conversely, was the lowest in the past decade, as the pool of well-performing assets continues to improve.

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