1.
Deal Flow Indicator
Our Quarterly Review of Trends
in the Global M&A Market
4th Quarter 2011 Report
March 6, 2012
IntraLinks has been a leading global provider of M&A virtual data rooms for more than
ten years. Our involvement in a significant percentage of M&A deals in the early stages
of each transaction affords us uncommon perspective and insight on global deal flow.
The IntraLinks Deal Flow Indicator was designed to provide an early view of aggregate
deal flow activity and trends in the global market.
1 866 INTRALINKS NEW YORK + 1 212 342 7684 LONDON + 44 (0) 20 7549 5200
www.intralinks.com SINGAPORE + 65 6232 2040 SÃO PAULO + 55 0800 892 2247

2.
IntraLinks Deal Flow Indicator
4th Quarter 2011 Report
March 6, 2012
Major findings Quarter to quarter
deal volume CHANGE
• Sequential growth was up slightly at 1.5% in Q4 2011 from Q3 2011. 10
• Quarter to quarter numbers showed varied deal volume, 5
with North America and Europe posting the only growth.
0
PERCENT %
–– North America: 7.5% increase in Q4 2011 from Q3 2011 NORTH
AMERICA
EMEA LATIN
AMERICA
ASIA
PACIFIC
-5
–– Europe, Middle East and Africa (EMEA): 1% growth in Q4 2011 from
Q3 2011 -10
–– Latin America: flat in Q4 2011 from Q3 2011 -15
–– Asia Pacific: 19% decrease in Q4 2011 from Q3 2011, after a large -20
uptick in Q3
• Year-over-year global deal activity was up 22% in Q4 2011 over Q4 2010. Year-over-year global
deal Activity CHAnge
• Year-over-year growth across the board, with the strongest growth in 35
Latin America with North America placing a close second.
30
–– Latin America: 33% increase Q4 2011 over Q4 2010
25
–– North America: 29% increase Q4 2011 over Q4 2010
PERCENT %
20
–– EMEA: 16% increase Q4 2011 over Q4 2010 15
–– Asia Pacific: 7% increase Q4 2011 over Q4 2010 10
5
Aggregate annual numbers NORTH LATIN ASIA
AMERICA EMEA AMERICA PACIFIC
0
• Annual deal volume in 2011 was up 20% over 2010 deal volumes
• Year-over-year growth in total annual deal counts across the board, with Annual deal volume 2011 vs. 2010
the strongest growth in Asia Pacific and Latin America
80
–– Asia Pacific: 66% increase in 2011 from 2010 70
60
–– Latin America: 44% increase in 2011 from 2010
PERCENT %
50
–– EMEA: 26% increase in 2011 from 2010
40
–– North America: 14% increase in 2011 from 2010. 30
20
10
NORTH LATIN ASIA
AMERICA EMEA AMERICA PACIFIC
0
Primary drivers
We believe these findings are consistent with key drivers being reported in the marketplace:
• Deal volumes, after a spike in early 2011, have leveled off showing relatively consistent behavior throughout the year.
• While volume has steadied, there is a significant recovery in values in the deal market, which is good for sellers but likely means a
longer diligence process.
• Continued uncertainty over the state of sovereign debt and economy as a whole, driving a slowdown in the deal market and a longer
diligence process, particularly in mature markets.
• Investors continue to seek better returns in emerging markets, as mature markets remain uncertain.
• Sponsors and strategic buyers continue to be flush with cash and need to put it in play.
• Markets steadying while still showing some volatility.
–– The Dow Jones industrial average: up 12% from –– European markets: The DAX, FTSE, and CAC rose 7%, 8.5%,
Q3 2011 and 5% over Q4 2010 and 6% respectively from Q3 2011, and down 15%, 5.5%, and 17%
in Q4 2011 over Q4 2010
–– S&P 500: up 11% from Q3 2011 and flat over Q4 2010
–– Asia-Pacific markets: Hang Seng up 5% while the Nikkei was
–– NASDAQ: up 8% from Q3 2011 but down almost 2%
down only 3% from Q3 2011. Q4 2011 over Q4 2010, the Hang
over 2010
Seng was down 20%, while the Nikkei was down 17%

3.
IntraLinks Deal Flow Indicator
4th Quarter 2011 Report
March 6, 2012
Trends vary by industry deal volume BY industry
Deal volume for top eight industries: TELCOMMS/MEDIA/
ENTERTAINMENT CONSUMER
• Globally the results of the DFI indicate that the largest annual growth was
TECHNOLOGY
observed in the energy, life sciences, and manufacturing sectors
• EMEA saw a decline in telecom and media deals, but a significant boom in REAL ESTATE
& LEISURE
manufacturing and consumer products deals ENERGY
• North America showed large gains in energy and consumer products deal
volumes, with declines in financial services and real estate MANUFACTURING/
INDUSTRIAL FINANCIAL
• Asia-Pacific observed large gains in technology deal volume and consumer SERVICES
products, but saw declines in manufacturing and telecom
LIFE
• Latin America observed gains in financial services, modest gains in real SCIENCES
estate and energy, but saw declines in manufacturing
Trends in Global Deal Volume
150
0% +1%
+21%
125 -3% 0%
+9%
-2%
+9% +11%
% OF Q1 2008 DEALS
100 -19%
+2%
+12%
+10%
+10%
75 -18%
The first bar on the
left is the benchmark
50 showing the number
of deals in Q1 2008.
25 The line shows the
quarter to quarter
change in deal
volume
0
08
09
08
09
08
09
8
9
10
10
10
0
11
11
11
1
1'0
1'0
1'1
1'1
2'
4'
3'
2'
4'
3'
2'
4'
2'
4'
3'
3'
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
The IntraLinks Deal Flow Indicator is calculated based on the total volume of IntraLinks exchanges that were proposed for use by deal teams that initiated projects during the quar-
ter. The totals are then analyzed by global regions and compared to previous time periods. This report is based on observations and subjective interpretations of M&A deal activity
and is not intended to be an indicator of IntraLinks’ business performance or operating results for any prior or future period.
Notice: “IntraLinks” and the IntraLinks logo are the registered trademarks of IntraLinks, Inc. The Deal Flow Indicator may be used solely for personal, noncommercial use.
Contents of this report may not be reproduced, distributed or published without the permission of IntraLinks. For permission to republish Deal Flow Indicator content,
please contact info@intralinks.com. This report is provided “as is” for information purposes only, and IntraLinks makes no guarantee, representation or warranty of any
kind regarding the timeliness, accuracy or completeness of the content of the report. This report is not intended to convey investment advice or solicit investments of
any kind whatsoever. This report is based on observations and subjective interpretations of M&A deal activity and is not intended to be an indicator of IntraLinks business
performance or operating results for any prior or future period.
© 2012 IntraLinks, Inc. All rights reserved.