Third Quarter 2010

Construction Update
Deloitte Financial Advisory Services

Financial Advisory Services

 Acquisition and vendor due diligence

 Sale & Divestiture mandates
 Buy Mandates
 Valuations
 Business modeling
 Debt advisory
 Reorganisation services

www.deloitte.be
Deloitte Transaction Highlights

Acquisition due diligence for:

Deloitte FAS Belgium provided acquisition DD services to Besix Group in view of their
acquisition of Parkeerbeheer. Parkeerbeheer is a Belgian parking lot operator both on and
off-street in Flanders.

Besix Group, a privately-held Belgian construction group, has acquired 75% of

Deloitte FAS Belgium provided acquisition DD Parkeerbeheer from founder and full owner Mr. Herbaut. The deal is part of Besix strategy
services to Besix in view of their acquisition of to diversify its activities. Besix will support further growth of Parkeerbeheer in Belgium and
Parkeerbeheer. abroad.
Deal value undisclosed
July 2010
DTT Member Firm(s) in: Belgium

Acquisition due diligence on:

Deloitte FAS Belgium provided acquisition DD services to Waterland Private Equity
Investments in view of their participation in Waeyaert-Vermeersch Isolatie.

Waeyaert-Vermeersch Isolatie was founded in 1967 and became in recent years one of the
leading Belgian players in the distribution of thermal, acoustic and fire proof insulation. In
Deloitte FAS Belgium provided acquisition DD 2009, the Group reported a turnover of EUR37m.
services to Waterland Private Equity in view of
their acquisition of Waeyaert-Vermeersch With its investment in Waeyaert-Vermeersch Isolatie, Waterland Private Equity Investments
Isolatie. will further support the growth strategy of the Group towards the future.
Deal value undisclosed
August 2010
DTT Member Firm(s) in: Belgium

Additional recent Transactions in the construction sector

Financial Adviser for: Business Modelling services for: Acquisition due diligence on behalf of:

Deloitte FAS Belgium provided integrated Deloitte FAS Belgium assisted Deceuninck Deloitte FAS assisted Unilin in its
M&A support to Baert & Zonen in its sale to NV with business modelling services within acquisition of Spectrim Distribution Ltd.
Bencis Capital Partners. the framework of refinancing and its (Ireland), a distributor of flooring products
capital increase.

Deal value undisclosed Deal value undisclosed

September 2010 2009 August 2009
DTT Member Firm(s) in: Belgium DTT Member Firm(s) in: Belgium DTT Member Firm(s) in: Belgium

DFAS Construction Update - Q3 2010 2

Industry Trends
Euro-zone General Economic Trends
Quarterly transaction volume
(E.U. M&A: All industries)
Significant growth was realised during the second quarter in the euro-zone (+1% on a quarterly
basis), mainly supported by domestic demand, but partly driven by exceptional events: for one, bad
1348
weather during the first quarter resulting in low construction activity led to a subsequent surge in
activity during the second quarter boosting the general economy’s performance, additionally some 413
1105 1082 1058 1142 1100
924 959
government investment incentives were discontinued in the third quarter, which should have an 268 878
299 362 326
246 312
impact on non-construction investment going forward. A positive note is the manufacturing capacity 213 244
utilisation rate in the euro area which increased to 77% in July 2010, 8 percentage points higher
935 837
than its trough one year earlier. Despite this pronounced rebound, the capacity utilisation rate 711 713 634
783 746 780 774
remains below its long-term average of 81%.
Global recovery is expected to continue, resulting in increased euro-zone exports, at the same time
private sector demand should gradually strengthen further contributing to growth. A moderation of Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10
the growth is expected in the second half of the year as, both at the global level and in the euro Corporate transactions PE transactions
area, the support from the global inventory cycle and the fiscal policy stimuli wanes. Nevertheless Source: Mergermarket
the underlying momentum of the recovery is expected to remain in place. The economic outlook
remains, according to the ECB’s governing Council, slightly tilted to the downside. Concerns about a
potential next episode of the tension in financial markets, i.e. unsustainable high levels of
government debt across the developed world, remain. Additional downside risks relate to newly Quarterly transaction volume
increases in commodity prices, protectionists pressures and the possibility of a disorderly correction (Belgian M&A: All industries)
of global imbalances. Finally, inflationary pressures are expected to remain moderate and close to
2% in the medium term, thanks to low domestic price pressures and spare capacity. 58 62
11
Construction Industry Trends 19 41 42 43
39
34 13
After a challenging environment in 2009, 2010 started off with an extremely severe winter which 14 29 13 27 10
10 6
seriously impacted construction activity in the first quarter of 2010. The second quarter of 2010 51 8
39
slightly improved thanks to the catch up of lost volumes in the first quarter. The ECB reports that 24 27 29 29 30
23 19
activity in the construction sector still seems to be subdued as construction production declined
strongly in July, and survey indicators point to weak developments in the construction sector. Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10
Additionally, the ECB expects the recent downsizing (employment losses) in the sector to become Corporate transactions PE transactions
permanent. A recent local survey in Belgium however, revealed that contractors are slightly more Source: Mergermarket
optimistic, but confidence remains low. Orders seem to be picking up as contractors had an average
of 5.26 months work contracted in August to October compared to only 5.13 months in May to July.
Additionally, building permits for residential properties increased to 16,432 in April to June compared
Quarterly transaction volume
to only 12,870 in the preceding three months. This increase is mainly driven by the VAT reduction on (E.U. M&A: Construction)
the first 50,000 euro temporarily offered by the government (deadline for permit requests: April
2010). Permits for non-residential properties experienced a decrease to 11.1 million cubic metres in 78
69 72
April to June compared to 12.2 million in the three preceding months. 17
68 65 62
57 56 16
22 50 19
14 12 22 24
Construction M&A activity slowly recovering 10

As the world emerges from the downturn, recession and credit market conditions improve, stock 61 56
47 43 44 49 43
prices rebound and companies accumulate cash from cost-cutting measures. This together with 40 38
GDP growth is expected to lead to consolidation across industries to remove excess capacity. In
2010, we expect to see transactions designed to facilitate entry or expansion into growing Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10
geographic markets as companies seek opportunities to acquire solid brands and undervalued
Corporate transactions PE transactions
businesses that can be quickly scaled up.
Source: Mergermarket
European Construction M&A deal volume and median multiples increased in the LTM compared to
2009 but still largely remain below pre-crisis levels. During the LTM the following trends have been
observed :
• 267 transactions have been announced during the LTM, compared to 231 for the year 2009. Yearly transaction volume
Announced European transactions in Q3’10 (62 transactions) increased compared to the same (E.U. M&A: Construction)
period in 2009 (50 transactions).
• 81 private equity backed transactions (either as a buyer, either as a seller) have been announced 500
458
in the LTM against 55 in 2009, out of which respectively 71 and 48 transactions involved a private 404
164
equity buyer. 342 143
109
• Average enterprise value per disclosed deal in the LTM is €1250m against €699m in 2009. Note 118 231
267
that this average is calculated based on 102 disclosed deals for the LTM and on 84 disclosed 199 81
55
deals for 2009. 315 336 295 62
224 176 186
• Median transaction multiples increased from 6.7x EBITDA ratio in 2008 and 6.9x in 2009 to 8.6x 137
EBITDA ratio in LTM.
2005 2006 2007 2008 2009 YTD LTM
M&A activity in the Belgian (BE) Construction industry remains relatively stable over the LTM period
as compared to 2009, with respectively 4 and 5 deals announced involving a Belgian construction Corporate transactions PE transactions
company either as a buyer either as the target. Out of these 4 deals over the LTM 3 involved a PE Source: Mergermarket

buyer as compared to none in 2009. The recovery in terms of deal volume that is slightly showing on
the European Construction M&A market is currently not yet reflected on the Belgian market.

Sources: ECB October 2010 bulletin and “Bouwbarometer November 2010” of Confederatie Bouw

DFAS Construction Update - Q3 2010 3

Highlighted Transactions
Yearly transaction volume Most important deals announced involving a European company Q3’10
(Belgian M&A: Construction)
1. July 27, 2010 - Pinafore Acquisitions Limited, the consortium comprising Onex
29 Partners LP and Canadian Pension Plan Investment board, has acquired Tomkins Plc,
26 the listed UK based engineering company for a deal value of €3.67bn.
24 7
22
4 9
10 2. August 11, 2010 - CVC Capital Partners Limited, the UK based private equity
company, has acquired a 15.5% stake in Abertis Infraestructuras SA, a Spain based
22
18 17 5 builder and operator of toll roads from Actividades de Construccion y Servicios S.A.
14 4 4
5 3 3 (ACS) for a transaction price of €1.72bn.
1 1
2005 2006 2007 2008 2009 YTD LTM 3. July 5, 2010 - Travis Perkins plc, the UK based construction supply company, acquired
Corporate transactions PE transactions BSS group Plc, the UK based construction supply company for €774m.
Source: Mergermarket
4. July 23, 2010 - Oranjewoud NV, the listed Netherlands based company engaged in
consulting and engineering services, has signed an agreement to acquire Strukton
Groep N.V., the Netherlands based rail and civil infrastructure company, from NS Groep
Yearly average and median enterprise
value in €m (E.U. M&A: Construction) N.V. The deal value amounts to €294m.

1,395 5. July 30, 2010 - Eiffarie SAS, the France based investment vehicle jointly established by
1,269 1,250 Eiffage SA and Macquaire infrastructure, has agreed to acquire the remaining 3.96%
1,055 stake in Societe des Autoroutes Paris-Rhin-Rhone SA (APRR), the listed France
705 699
based builder and operator of motorways, from its minority shareholders. The deal value
524 amounts to €243m.

Average Enterprise value
2005 2006 2007
Source: Mergermarket
Yearly median EV/EBITDA multiples
(E.U. M&A: Construction)
6. August 2, 2010 - WS Atkins Plc, the UK based consultancy company, has signed a
35 41 50 35 38 34 36
definitive agreement to acquire The PBSJ Corporation, the US based construction
Median Enterprise value company for €223m.
2008 2009 YTD LTM 7. July 6, 2010 - Rockwool International AS, the listed Denmark based producer of stone
wool, has agreed to acquire the Asian stone wool based insulation business from CSR
Limited, the listed Australia based company engaged in the manufacture and supply of
construction materials, sugar and aluminum for a deal value of €86m.
8. August 13, 2010 - Assa Abloy AB, the listed Sweden based manufacturer of locks and
security systems has acquired Security Metal Products Corp. (SMP), the US based
company that manufactures hollow metal doors, frames and windows.

9. August 13, 2010 - YIT Corporation, the listed Finland based company that provides
construction and maintenance services, has agreed to acquire a 70% stake in Reding
A.S., the Slovakia based construction company, from Ladislav Versovsky, the Slovakia
8.5x 8.6x 9.5x 8.6x
7.1x 6.7x 6.9x based private investor.

Deals announced in Q3’10 involving a Belgian company

2005 2006 2007 2008 2009 YTD LTM
1. September 15, 2010 - HeidelbergCement AG, the listed Germany based producer of
Median EV/EBITDA multiples
cement, concrete and building materials, has agreed to acquire a 55% stake in
Source: Mergermarket
Cimenterie de Lukala (CILU) cement plant and a 70% stake in two Interlacs plants, from
George Forrest International S.A., the Belgium based construction company.

Quarterly median EV/EBITDA multiples 2. August 27, 2010 - The internal management team of Waeyaert-Vermeersch Isolatie,
(E.U. M&A: Construction) the Belgian based distributor of thermal, acoustic and fire insulation, has acquired the
company in a management buy out transaction backed by Waterland Private Equity
Investments BV, the Netherlands based private equity firm.

3. August 12, 2010 - CRH Plc, the listed Ireland based building materials company
engaged in building materials, has acquired Sax Sanitair N.V., the Belgium based
9.5x 10.1x
8.7x 7.8x
9.0x
7.9x wholesaler of sanitary goods, from Ronald Kerckhaert, the Belgium based private
6.6x 6.9x
4.8x individual.

4. July 30, 2010 - Verhaeren Co N.V., the Belgium based road construction company and
Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10
a portfolio company of GIMV N.V., the listed Belgium based investment company, has
Median EV/EBITDA multiples acquired land & demolishing works, transport and asbestos removal divisions, from Jan
Source: Mergermarket
Stallaert N.V., a Belgium based road and other construction company.

5. July 10, 2010 - Besix, a privately-held Belgian construction group, has acquired 75% of
Belgian parking lot operator Parkeerbeheer from founder and full owner Dimitri Herbaut.
Besix will support further growth at Parkeerbeheer.

DFAS Construction Update - Q3 2010 4

Market Snapshot
Reporting Reported EV to EBITDA perform ance
In m illions currency date Mkt Cap EV Sales EBITDA Margin P/E Quarter LTM
Construction
Skanska SEK 31/12/2009 52,089 51,849 0.4x 8.4x 5.0% 14.6x 9% 21% Quarterly average EV/EBITDA
Vinci EUR 31/12/2009 20,221 36,417 1.1x 7.0x 15.4% 11.9x 7% -5% multiples (construction)
Bouygues EUR 31/12/2009 11,196 16,552 0.5x 4.9x 11.1% 10.0x -1% -9%
Hochtief EUR 31/12/2009 4,225 5,707 0.3x 4.9x 6.2% 19.0x 29% 22% Q3'10 7.2x
Q2'10 6.9x
Eiffage EUR 31/12/2009 3,139 17,365 1.3x 9.3x 14.0% 14.4x -3% -20%
Q1'10 7.5x
FCC EUR 31/12/2009 2,582 11,479 0.9x 8.1x 11.5% 8.9x 15% -37% Q4'09 7.1x
Bilfinger Berger EUR 31/12/2009 2,343 4,759 0.6x 10.2x 5.8% 9.4x 11% 7% Q3'09 7.4x
Strabag EUR 31/12/2009 1,984 2,694 0.2x 4.1x 5.3% 11.5x -2% -21% Q2'09 6.9x
Balfour Beatty GBP 31/12/2009 1,835 1,591 0.2x 4.2x 3.7% 8.7x 12% -17% Q1'09 6.0x
Koninklijke Bam Groep EUR 31/12/2009 1,101 2,779 0.4x 11.4x 3.1% 9.7x 25% -40% Q4'08 5.9x
Q3'08 5.7x
Average 0.6x 7.2x 8.1% 11.8x 10.1% -9.9%
M edian 0.5x 7.5x 6.0% 10.8x 10.1% -13.2% Average EV/EBITDA multiple
Source: Bloomberg
Builiding Materials
Holcim CHF 31/12/2009 20,639 37,951 1.7x 7.5x 22.2% 16.0x -13% -11% Quarterly average EV/EBITDA
Compagnie De Saint-Gobain EUR 31/12/2009 17,320 26,744 0.7x 6.1x 11.1% 13.6x 6% -8% multiples (building materials)
Lafarge EUR 31/12/2009 12,031 28,976 1.8x 7.9x 22.7% 12.5x -7% -31%
CRH EUR 31/12/2009 8,525 13,597 0.8x 8.2x 9.8% 16.0x -30% -36% Q3'10 8.2x
Geberit CHF 31/12/2009 7,212 7,000 3.3x 12.1x 27.0% 17.3x 4% 10% Q2'10 7.9x
Q1'10 8.3x
Heidelbergcement EUR 31/12/2009 6,656 15,604 1.3x 6.7x 19.9% 13.8x -10% -20%
Q4'09 8.4x
Cimpor-Cimentos EUR 31/12/2009 3,173 4,832 2.2x 7.5x 28.9% 12.3x 2% -16% Q3'09 8.4x
Italcementi EUR 31/12/2009 1,530 5,730 1.2x 6.5x 18.0% 33.5x 3% -38% Q2'09 7.4x
Wienerberger EUR 31/12/2009 1,418 2,419 1.3x 10.1x 13.2% -67.5x 20% -14% Q1'09 6.3x
Pfleiderer EUR 31/12/2009 228 1,224 0.8x 9.6x 8.6% -4.3x -7% -53% Q4'08 5.8x
Q3'08 5.6x
Average 1.5x 8.2x 18.1% 6.3x -3.2% -21.9%
M edian 1.3x 7.7x 18.9% 13.7x -2.3% -18.2% Average EV/EBITDA multiple
Source: Bloomberg
Total Construction
Average 1.0x 7.7x 13% 9.1x 3% -16%
M edian 0.9x 7.7x 11% 12.4x 4% -17%
Source: Bloomberg & Deloitte analysis

Quarterly average stockprice in % of stockprice Q2'08

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10
Construction Building materials
Source: Bloomberg

DJ Eur 600 Construction index vs DJ EuroStoxx 50

120%

110%

100%

90%

80%

70%

60%

50%
30/09/2009 31/12/2009 31/03/2010 30/06/2010
DJ Eur 600 Construction & Materials DJ EuroStoxx 50
Source: Bloomberg

DFAS Construction Update - Q3 2010 5

Tax update: Consequences of new regulation concerning ‘VAT on land’
Summary

The new regulation implies that the simultaneous transfer, by the same party, of a building together with its piece of land, will be subject to
the same VAT treatment. Both the building and land will be subject to VAT (‘new’ building; option) or both are exempt from VAT (‘old’
building; no option). The VAT Administration is in the process of preparing its position on a number of questions which arose since the
change of the VAT Code at the end of 2009 in view of the implementation of this new regulation on the 1st of January 2011,

Land pertaining to a building

Land pertaining to a building refers to a piece of land with a building permit which is sold at the same time as the building. The fact
whether the piece of land is registered separately in the land register or not is irrelevant. In case no building permit for a concrete piece of
land exists, a transfer will remain subject to transfer taxes, even where the piece of land is transferred at the same moment as the
building. The VAT Administration’s position is expected to cover examples illustrating these principles.

‘Sale on plan’ (‘verkoop op plan’ – ‘vente sur plan’)

A ‘sale on plan’ contract results in a timing difference between the transfer of the legal title of the land and the transfer of the legal title of
the building. In its plain form, the land is transferred at the moment of the notary deed, while the building is transferred gradually through
the construction process.

The VAT authorities would consider such as a sale to constitute two different transfers, taking place at different moments, and would
therefore not be subject to the new regulation which requires a simultaneous transfer of building and land. Hence, the piece of land in a
plain ‘sale on plan’ will remain subject to transfer taxes.

Sale by the ‘same person’ – VAT group

The capacity of the transferor (professional builder, optional VAT taxpayer, physical person, legal entity etc.) is irrelevant for the new
regulation.

The 'same person' must be interpreted in a strict sense. A simultaneous sale of land by a member A and the sale of the building on that
land by a member B, belonging to the same VAT group would therefore not be regarded as a sale by the ‘same’ person. The reason being
that the VAT group is not disclosed to the buyer and the fact that both members have to raise an invoice in their own name indicates that
the transfer is performed by two different persons.

Important to note is that the matter of how to treat a sale of a building and land by a VAT registered ‘temporary company’ (‘tijdelijke
handelsvennootschap’/’association momentanée’) is not yet resolved. This situation combines a single supply (i.e. by the ‘temporary
company’) with a transfer by separate persons (the ‘shareholders’ of the temporary company).

Anti-evasion regulation

Currently developers often sell the land and building using two separate legal entities, typically set up for economic and risk-related
reasons. This structure results in a situation where no VAT would be paid on the land because the transfer of the land is realised by a
different person than the transfer of the building. The issue is whether these structures would be regarded as a mean of tax-evasion under
the new regime.

The VAT Administration would confirm that when the transfer of the building and land by two related parties is part of a market practice
(explained by business reasons), would not be regarded as a mean of tax evasion, even when a developer would switch to this structure
in the framework of the new VAT regulation. Neither the combination of a sale of the land with a construction contract would not be
regarded as a mean of tax evasion.

The structure may be regarded as tax-evasion when the structure would be created for the essential purpose to avoid VAT on the land. A
typical case would be when the vendor has a single property and splits the building and the land purely in view of the subsequent sale.

Other situations besides these two cases described above may occur, however these would not be covered in the VAT Administration’s
position and will need to be judged on a case by case basis.

DFAS Construction Update - Q3 2010 6

Tax update – ‘VAT on land’ (continued)
Transitional regime

In order to avoid double taxation of VAT and registration duties, the VAT Administration would accept that registration duties and no VAT
will apply on the land, even if the delivery occurs after 1 January 2011, when the sale agreement (compromis) has been signed by both
parties in 2010. Hence, only registration duties will be due on the land. On the contrary, delaying the signing of the sale agreement
(compromis) to early 2011 when the buyer is entitled to recover VAT on the land could be considered as avoiding registration duties on the
land.

Land acquired with VAT: revision period

Currently, only buildings are subject to the VAT revision period of 15 years. This would imply that the land pertaining to that building would
fall under the shorter revision period of 5 years. However, a change of the legislation will resolve this issue, so that also the land will also
become subject to a 15 year VAT revision period.

Open questions

Not all questions have been solved. Especially the impact on agreements of financial lease (reconstitution of the invested capital: land part
to be included ?) and the vesting of a right in rem (application of the 95/97.5% rule also for the land part ?) has not yet been determined.

Ivan Massin
Director
Deloitte Belastingconsulenten

DFAS Construction Update - Q3 2010 7

Related Content
In addition to information regarding the Construction industry being provided by DFAS, you may be interested in additional events and
informational sources available through Deloitte.

Reports
Construction
European powers of construction (EPoC) 2009
European powers of construction 2009, our seventh annual publication reviewing construction company performance, features a top
100 construction company listing; interviews with senior executives; a series of featured articles; and profiles which present key data
on market statistics, trends, top five construction companies, PPP/PFI and M&A activity.
Click here to read the full report.

Deloitte Review
Mergers & Acquisitions: The Complexities of a Buyers’ Market
Deloitte Insights podcast
As the economy recovers, companies will continue to rely on mergers and acquisitions (M&A) to bolster bottom-line performance and
fuel corporate development. At the same time, deal structuring is becoming increasingly complex. M&A deal teams have to consider a
variety of sometimes competing objectives in deal pricing, accounting, tax, management incentives and other elements. Getting the
deal done right is imperative, and company management, boards of directors and other key stakeholders are increasingly being held
accountable for results.
Click here to download the full podcast.

DFAS Construction Update - Q3 2010 8

Deloitte Financial Advisory Services
Deloitte Financial Advisory Services (DFAS), a division of Deloitte Consulting cvba, is a member firm of Deloitte Touche Tohmatsu (‘DTT”)
that provides both “Buy side” and “Sell side” services, including acquisition and vendor due diligence, MBO/MBI advisory, fund raising and
debt advisory, post merger integration, real estate advice, sale mandates, vendor assistance services, carve out, working capital
optimisation, valuations, business plan reviews, business modelling, sale and purchase agreement advice.
For additional information or to find out more about how DFAS can assist in an M&A process, please contact one of our DFAS Construction
Industry team or one of our DFAS partners.

Lieve Creten
FAS Managing Partner
+32 (0)2 600 62 40
lcreten@deloitte.com

A dedicated M&A Construction Industry Team

Hans Van de Velde Frédéric Sohet Deloitte Financial Advisory Services
M&A Advisory Partner Real Estate Partner Berkenlaan 8a
+32 (0)2 600 42 41 +32 (0)2 639 49 51 1831 Diegem
hvandevelde@deloitte.com fsohet@deloitte.com Belgium
www.deloitte.be
Catherine Pauwels Stijn Dingenen
M&A Transaction Services Director M&A Tax Partner Tel: +32 (0)2 600 62 00
+32 (0)2 600 62 23 +32 (0)2 600 66 92 Fax: +32 (0)2 600 62 01
cpauwels@deloitte.com sdingenen@deloitte.com

Financial Advisory Services Practices of DTT Member Firms

DFAS and the financial advisory services practices of the member firms of Deloitte Touche Tohmatsu (DTT) or their affiliates
are able to work together to provide industry-specific experience and execution capabilities to assist in the completion of M&A
advisory assignments around the globe.

Europe
 Austria  Italy
 Belgium  Luxembourg
 Central Europe  Netherlands
 Denmark  Norway
 France  Portugal
 Finland  Spain
 Germany  Russia
 Greece  Turkey
 Ireland  United Kingdom
North America
Asia Pacific
 Canada
 Mexico  Australia
 United States  China
- Chicago  India
- Dallas  Indonesia
- Detroit  Japan
- Los Angeles Middle East  Malaysia
- New York  Kuwait  New Zealand
 Saudi Arabia  Philippines
 United Arab Emirates  Singapore
 Qatar  South Korea
 Taiwan
 Thailand
South America
 Argentina Africa
 Brazil  South Africa
 Chile
 Nigeria

DFAS Construction Update - Q3 2010 9

This newsletter is a periodic compilation of certain completed and announced merger and acquisition activity. Information contained in this newsletter should not be construed as
a recommendation to sell or a recommendation to buy any security. Any reference to or omission of any reference to any company in this newsletter shall not be construed as a
recommendation to sell, buy or take any other action with respect to any security of any such company. We are not soliciting any action with respect to any security or company
based on this newsletter. This newsletter is published solely for the general information of clients and friends of Deloitte Financial Advisory Services. It does not take into account
the particular investment objectives, financial situation, or needs of individual recipients. Certain transactions, including those involving early stage companies, give rise to
substantial risk and are not suitable for all investors. This newsletter is based on information that we consider reliable, but we do not represent that it is accurate or complete, and
it should not be relied upon as such. Prediction of future events is inherently subject to both known risks, uncertainties and other factors that may cause actual results to vary
materially. We are under no obligation to update the information contained in this newsletter. We and our affiliates and related entities, partners, principals, directors, and
employees, including persons involved in the preparation or issuance of this newsletter, may from time to time have “long” and “short” positions in, and buy or sell, the securities,
or derivatives (including options) thereof, of companies mentioned herein. The companies mentioned in this newsletter may be clients of Deloitte Financial Advisory Services and
other Deloitte legal entities. The decision to include any company for mention or discussion in this newsletter is wholly unrelated to any audit or other services that Deloitte
Belgium may provide or to any audit services or any services that any related entities may provide to such company. No part of this newsletter may be copied or duplicated in any
form by any means, or redistributed without the prior written consent of Deloitte Financial Advisory Service

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (DTTL), a UK private company limited by guarantee, and its network of member firms, each of which is a
legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu and its member firms.

Copyright © 2010 Deloitte Financial Advisory Services (a division of Deloitte Consulting cvba). All rights reserved.