THE DAILY BENCHMARK 2007 Vintage US Buyout Funds with IT Investments Median IRR 11.60% Top Quartile IRR Hurdle Rate 17.70% 1.51x Median IVPI Fund name Marlin Equity Partners II Excellere Capital Fund Industrial Growth Partners III Quad Partners III *IRR: net of fees 95 Funds in Benchmark » $2.34B Average Amount Distributed Benchmark, Peer Group & Returns Data on 20K Funds CORPORATE M&A IRR 35.20% 32.68% 29.44% 28.700/0 Trump meets with execs behind big M&A deals US President-elect Donald Trump and his transition team have spent part of the week meeting with the powers that be behind some of the largest M&A deals currently seeking regulatory approval. On Thursday, it was AT&T (NYSE: T) CEO Randall Stephenson's turn. Trump singled out the telecom's $88.4 billion acquisition of Time Warner during his campaign, vowing to block the deal if elected. However, Stephenson and Trump did not discuss the matter during an hour-long meeting, according to The Wall Street Journal. Rather, Trump's focus was reportedly on the potential role AT&T might play in his plans for job creation, trade and improvements to the wider economy—a common topic in his team's meetings with top executives. On Wednesday, meanwhile, Trump met with executives from both Bayer (ETR: BAYN) and Monsanto (NYSE: MON), including Bayer CEO Werner Baumann and Monsanto CEO Hugh Grant. Bayer's $66 billion acquisition of Monsanto will require regulatory approval from the US to move forward. The meeting focused on "the future of agriculture and CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0064755 CONFIDENTIAL SDNY_GM_00210939 EFTA01371396