March2002MergerIntegrationIntellectualCapitalCollectionGenericProposalTableofcontentsExecutiveSummaryOurUnderstandingofYourSituationA.T.Kearney’sPerspectiveonMergerIntegrationProposedOverallApproachRealizingIntegrationSynergiesIntegrationManagementA.T.KearneyQualificationsExecutiveSummary

ThissectionistailoredtotheclientsituationandsummarizestheapproachproposedinthedocumentOurUnderstandingyourSituation

Thissectionistailoredtotheclientsituationandsummarizesthekeydriversofthemerger.Itshouldhighlightrelevantquantitativeandqualitativeanalysisthatdemonstrateourinsightintotheclient’sparticularchallengesanddriversofsuccessfortheintegrationA.T.Kearney’sPerspectiveonMergerIntegrationThebestvalue-builderscombineorganicgrowthwithmergersandacquisitionsSource: A.T.KearneyMonographonValue-BuildingGrowth2001RevenueGrowthValueGrowthUnderperformersProfitSeekersSimpleGrowersValueGrowersGrowthMatrix(CAGR1988-2000)ValueGrowersFollowConscious,ConstantProcessToGrowthMergersandacquisitionsarekeygrowthdriversWhatreallymattersin“acquisitionforgrowth”strategiesisexecutionSource: A.T.KearneyMonographonValue-BuildingGrowth2001SourcesofGrowth40%ofGrowthIsFromAcquisitionsValueGrowersManageBothWellFewmergersactuallycreateshareholdervalueSource: A.T.KearneyAnalysis2001,SDCdatabase,GlobalWorldscopeAcquirer'sValueGrowthFollowingaMergerTopperformingmergerscreatesignificantshareholdervalueValuegrowth3%8%12%27%21%16%3%Underperformancecompared

toindustryaverageOverperformancecompared

toindustryaverage-100%-60%-30%30%60%150%-15%15%0%Average:2.8%49.5%50.5%Top-PerformingMergers10%BusinessIntegrationissuesrequire“usual”managementdecisionswhilefourmainfactorsaddanotherlevelofconsiderablecomplexity…ScopeHighnumberofdecisionstobemadeinalloperationalandfunctionalareasDozensofprojects/initiativesandriskstobemanagedTimepressureAllstakeholdersexpectrapidexecution(shareholders,employees,management,regulationcommittees,government,…)DecisionsneedtobemadewithoutdelaySimultaneityCo-existenceofstrategic,tacticandoperationaldecisionsStronginter-dependenceofthedecisionsShorttermandstrategicdecisionsmayseemincompatibleHumancomponentHighnumberofpeoplepotentiallyinvolved(operational,functionalandexecutivepeople)RiskofculturalmismatchScarceresourcestobridgebetweenmergedcompanies"Usual"ManagementdecisionsStrategy&IPODefinethescopeofcombinedentityConfirmeachcountry’sscopeofactivityformobilesDesignstrategyleveragingonbroaderglobalpresenceDefinefinancialandoperationaltargetsaswellastimingofexpectedbenefitsPreparetheIPOOrganisationChoosethebestorganisationalmodelattheEuropeanmanagementlevelIdentifythecentral/localfunctionsevolutionscheduleDefineorganisationalchartsandmanagementnominationDefinekeydecisionprocesses(committees,procedures,…)

InfrastructureReducetotalcostofexternalpurchasesthroughbestpriceevaluationvolumeconcentration,competitivebiddingSharebestpractices…SupportfunctionsRationalisesharedsupports(AlignandselectInformationSystemsfortheintegrationAlignprocessesandsharebestpracticesCommunicationDefineexternalcommunicationstrategyDefineinternalcommunicationstrategySelectcommunicationrulesandproceduresChoosemedia(intranet,documents,speeches…)IntegrationmgntIntegrateoverallplanningandmilestonesDetailplanningbytopicandcountry…ManagetransitionphaseTrackandexecutefinancialsynergiesManagerisks…explainingwhyonlyfewmergersandacquisitionssucceedfullyNote:(1)Shareholderreturnsfrombuyerdividedbyshareholderreturns(industryaverage)afterthemergerSources:A.T.Kearneyanalysis,GlobalPMISurvey,1998;DatastreamHigherNo

changeLower100%=230companiesOnly29%ofCompaniesRealizeanIncreaseinAggregateProfitabilityPerformancerelativetoindustryaverage10%11%21%18%17%23%-15%-25%+15%+25%TopPerforming

MergersUnderperformanceOutperformanceNumberofcompaniesIndustryaverageOnly42%ofCompaniesOutperformTheirPeersinShareholderValue(1)42%58%TopperformersacrossmostindustriescancreatesignificantshareholdervalueCreationofShareholderReturnsErosionofShareholderReturnsNote: (1) Totalshareholderreturnspercentageover/underperformancerelativetoindustryindexinthetimeframebetween3monthsbeforeand24monthsaftermergerannouncement;totalshareholderreturnsdefinedasthetangiblereturnsinvestorsreceivethroughdividendsandstockpriceappreciationsSources: Datastream;A.T.KearneyAnalysis2001Retailers62.5%64.5%32.3%44.2%26.6%49.9%34.2%26.6%36.1%25.1%16.0%43.3%26.0%27.5%17.2%17.4%31.9%22.4%18.0%40.4%17.4%14.8%4.0%-6.5%-31.5%-38.9%-10.8%-25.9%-11.0%-35.0%-20.6%-17.6%-28.8%-18.0%-9.7%-39.6%-22.7%-24.9%-17.4%-20.3%-35.3%-26.7%-24.1%-46.8%-26.5%-27.2%-19.4%-24.1%RecreationChemicalsMetalProducersPaperTransportationDiversifiedDrugs,Cosmetics&HealthCareUtilitiesAutomotivePrintingandPublishingElectronicsFinancialBeveragesMetalProductsManufactureFoodTobaccoMachinery&EquipmentElectricalMiscellaneousOil,Gas,Coal&RelatedServicesConstructionTextilesAerospaceIndustrySpecificRangesofValueCreation(1)Oncethedealisclosed,theprincipalproblemsrelatealmostentirelytofailuresinmergermanagement,ratherthantotheunderlyingstrategicrationaleProblemsIdentifiedin

MergerIntegrationUnder-communicationFinancial/synergyExpectationsUnrealistic/UnclearNewOrg.StructureWithTooManyCompromises“MasterPlan”MissingMissingMomentumMissingTopManagementCommitmentUnclearStrategicConceptMissingPaceofProjectITIssuesAddressedTooLateSource:A.T.Kearney’sGlobalMergerIntegrationSurvey1998PercentofRespondentsTomanageinherentrisks,“criticalsuccessfactors”canbedistilledfromsuccessfullarge-scalemergerstoguidevaluecreation

CriticalSuccessFactorsfromLarge-ScaleMergersSource: A.T.KearneyMergerIntegrationCreateasenseofurgencyandreduceuncertaintythroughcleareventmilestones,andmovequicklySelecttop-levelleadershipquicklyandfairly;avoid“two-in-the-box”leadershipforintegrationplanningandexecutionunlessabsolutelynecessarySetoutsynergygoalsandobjectives,toprioritizeactivitiesandprovideabaselineforperformancetrackingManagemarketexpectationscarefully.SetconservativedollartargetswithatimeframethataccommodatesunforeseencircumstancesKeepstrong,explicitfocusonkeycustomerretentionandservicewithteeth(i.e.,measurementandtracking)MaintainopenandtimelycommunicationswithemployeestoensureunderstandingandretentionConductdecentralized

merger

IntegrationguidedforciblyviaClearguidingprinciplesOverallframeworkandtoolsforintegrationReportingstandardsEstablishastrongcentralIntegrationofficeanddecentralizedIntegrationteamswithcorporate-wideperspectivesonResultsProjectstatusRiskLeadroleoninternal/externalcommunicationsInstillrobust,well-definedprocessestoensureobjectiveandtimelyriskandinterdependencytrackingSenseofUrgencyTop-LevelLeadershipSelectedQuicklyClearSynergyGoalsManageMarketExpectationsExplicitFocusonCustomersOpen,TimelyandConsistentCommunicationsDecentralizedMergerIntegrationStrongCentralIntegrationOfficeWell-DefinedProcessesSource:A.T.Kearney'sglobalPMIsurvey'98ValueCaptureofTopPerformersOverTime15%Year1Year2CumulativeValueCapture

AfterTwoYears85%TimeClosing

theDeal12345678910-10-8-6-4-20246ValueCapture/Loss($MM)YearinWhichSynergiesAreRealizedTimingofSynergyRealizationIsAlsoCriticalSource: MarlLSirower:TheSynergyTrap.Calculatedbasedona$10MMacquisitionpremium,representing50%ofmarketvalueInourexperience,themostcriticalelementinachievingtargetedbenefitsisspeedProposedOverallApproachA.T.KearneyhasaflexiblemergerintegrationframeworkwithacomprehensivetoolkittosupportplanningandimplementationthroughoutthemergerprocesstoensurevaluecaptureA.T.Kearney’sMergerIntegrationFrameworkDevelopStrategyEstablishStructureandPlanMerger/AcquisitionoptionsCreate/articulate/validateMarkets/customersCompetitionResourcesSourcesofvalueUnderstandtypeofmergerEstablishtheintegrationprogramBuildintegrationcapabilityAssesssourcesofvalueDeveloporganizationstrategy&designDevelopITintegrationstrategyDesign/harmonizeHRpoliciesCreatemasterplanandprioritizeValidatesourcesofvalueImplementquickhitsDevelopSOVITenablersImplementHRplanMonitorprogressandriskExecutetheplanRealigntheorganizationImplementITintegrationplanMergerManage-

mentSourcesofValueMergerEnablersChangeofControlShareholderApprovalMOUIntegratedPlanningandInitialRolloutFull-ScaleRolloutDayOnePhase0PhaseIPhaseIIPhaseIIIMultipleToolsExistforAllCellsThisallowsmergingentitiestorapidlycaptureavailablesourcesofvaluebyfocusingonoperationalsynergies,aswellasseamlesslymergingtheorganizationsMergethe

Organizationsas

SeamlesslyasPossibleDevelopandcommunicateasharedstrategicagendaDefineOrganizationstructures/leadershipKeybusinessprocessesTechnologyplatform/architectureChangeintegrationrequirementsDrivetoplinegrowthNewvaluepropositions/productsCrossselling/salespullthroughEnsurecustomerfocus/retentionIntegrateday-to-dayoperationsEnsuresustainablechangePositionforgrowthAchieve$XXmillion(annualrate)ofsynergysavingswithin12–18monthsSalesOperationsProcurementCorporateoverlapandduplicationCostofdistributionTechnology/R&DOtherstobeidentifiedEliminate/minimizesourcesofriskDrivetheshort-termvalueExceedthemarket’sexpectationsMISourcesofValueAchieveGrowthSynergyandCostSynergyTargetsasQuicklyasPossibleTheprogramstructuresupportsfocusedvaluecaptureteamsworkingacrossallSBU/GeographicteamsIllustrativeIntegrationOffice

OthersSteeringCommittee

BusinessDevelop-mentTeamCorporateCenterTeamGlobalOperationsTeamGlobalSourcingTeamTechnology/R&DTeamHumanResourcesTeamInformationTechnologyTeamSBUAorN.AmericaSBUBorLatinAmericaSBUCorEuropeSBUDorAsiaPacificBUdrivenintegrationtosetprioritiesFocusedonvaluecaptureacrossthebusinesses MarketFacingTeams ValueCaptureTeams EnablerTeamsSetoveralldirectionMakecriticaldecisionsDevelopguidingprinciplesProvideintegrationmanagementleadershipandsupportImplementationFull-ScaleRolloutIntegratedPlanningandInitialRolloutEstablishStructureandPlanBylaunchingtheintegrationeffortpriortochangeofcontrol,significantprogressismadeinidentifyingsourcesofvalue,whilealsodevelopingthehigh-levelorganizationmodelstocapturethatvalue

IntegrationManagement

ITRequirements/Alignment

High-Level

OrganizationDataRepositoryComm.PlanningOversight/VisibilityRmAnalysisOpportunitiesInitialPrioritizationInitialSequencingDataCollection/AnalysesOperations/AssetConsolidationDiagnosticPackPP1PP2PP3PP4HMLHMLInitQ1Q2Q3Q4PP1PP2PP3PP4DataCollection/AnalysesBusinessUnit(e.g.,Services)DiagnosticPackCS1CS2CS3CS4HMLHMLInitQ1Q2Q3Q4CS1CS2CS3CS4PhaseI(“CleanTeam”)Hypotheses1HypothesisN

Hypotheses1HypothesisN

MasterCalendarDay/Week/Month1PlansSourcesofValueIdentification…………BaselineDev./TrackingDuringthecriticalperiodpriortochangeofcontrol,theengagementteamassumestheroleofa“cleanteam”toenablecriticalpre-mergerintegrationRoleofCleanTeamQuantifysavingsgeneratedfromidentifiedopportunitiesfromteamsofmergedcompaniesActasathirdpartyconduitforproprietaryinformationofbothcompanies(protectionshouldmergerbeaborted)ValidateandchallengeinitialassumptionsofopportunitiesmadebymergingcompaniesHighlightbestpracticesinexistingcompaniesandexternalknowledgeandrecommendongoingmergedoperatingpracticesDetermineriskfactorsinmergerforongoingriskmanagementduringimplementationDataCollectionOrganizationassessmentHypothesesdevelopmentPreliminaryplanningCompanyACompanyBOpenJointClientTeamMeetingsA.T.Kearney

“CleanTeam”MergerSynergy

HypothesesPre-ChangeofControlPost-ChangeofControlValidatedInitiativesAcceleratedecisionmakingbyprovidingaccesstocomprehensivedatabasesanddetailedanalysisShareandvalidatefindingswithjointclientteamsFinalizeinitiativesbasedonvalidatedhypothesesDevelopimplementationplansAssistinlaunchinginitiativesandprovidecontinuedimplementation,riskandfinancialtrackingsupportTheup-frontworkeffortsofthe“cleanteam”enablesacceleratedlaunchofimplementationactivitiesandvaluecapture“CleanTeam”ProcessLimitedJointClientTeamMeetingsAft天er渣cha漂nge摘of雜co孔ntr仔ol,膠th近et所eam騙sq償uic背klyfina泛lize—not蔥iden期tify—s闊yne幻玉rgy恨op苗por葵tun歇iti攜es鑼and克ga尤in仔con豪sen監(jiān)susResu尚l(wèi)ts失Trac軌king耍/Ris他kAs漢sess裳mentBegi巧nIm紡plem名enta室tionIni絞tia臉l紡Pri課ori樸tiz飯ati退on懲and些Se胸que鵝nceMas溪ter紛Pl笛an臘Seq早uen響cin的gFull搜Tea烤mMe井etin底gsDisc協(xié)lose眾and贈Val童idat玻eMod慌ify墾an聾dR部efi定neFina港lize斯Sav箏ings森Opp似ortu宏niti麻esa劉ndP以rior桶itiz葛atio踏nIde遣nti追fy防Int垂erd怪epe宰nde棋nci缺esHMLHMLOver辨all者Prio需riti翅zati姥on/Exec唇utiv丟eCo綿mmit瞧tee當(dāng)Buy-殊InIni糧tQ1勇Q2籌Q棕3懇Q4MD曬1ST3SC貸6PP緞4SC6豎Wor租kpla味nST3亂Wo告rkp伏lanMD雹1W吐ork壘pla例nStep毒1234Inve犧stme賠ntR節(jié)equi拐reme傾ntsTim擋ing要of顏Re攜sul腔tsMas星ter介Pl影an洋Det衫ailDay支/We暈ek/希Mon腐th水1E骨xec掀uti奴onPhas大eIIInitQ1共Q2診Q3怨Q4PP1HMLHMLIni綁tQ1騎Q2距Q3序Q4PP1HMLHMLIT路Req跟uir辮eme縱nts江/En斤abl硬ersMas巖ter浴Pl冠an確Det疤ailComm膏unic朵atio籌nFull穿-Sca卷leR攏ollo塔utInt象egr拒ate旨dP絮lan伐nin圖ga瞎ndIni凳tia剛lR稠oll乒outEst撈abl證ish活St嘆ruc迎tur摘eand卡PlanMD1WorkplanActivityTask1Task1Task1Task1Q1Q2Q3Q4The餃tran犯siti榴ont麻ofu屬ll-s救cale岡rol荒lout嫁and借imp籮leme衰ntat穗ion撿ofi匠niti園ativ勢esi找ssu衛(wèi)ppor將ted數(shù)bya獲cle圓art咐rack岔ing態(tài)proc炕ess

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