Contents:

1 2 1.1 List of Tables 5 1.2 List of Figures 6 2 Deal Summary 8 2.1 Medical Equipment, Deal Value versus Volume Analysis, March 2009 8 2.2 Medical Equipment, Top Deals, March 2009 9 2.3 Medical Equipment, Top Deals, Summaries, March 2009 9 2.3.1 Eli Lilly Announces Public Offering Of Notes For $2,400 Million 9 2.3.2 Medtronic Completes Public Offering Of 4.5% Senior Notes For $1,250 Million 9 2.3.3 Bayer Completes Public Offering Of 4.625% Bond For $1,776 Million 9 2.3.4 Inverness Medical Innovations To Acquire Immunoassay Diagnostics Business Of ACON Laboratories 9 2.3.5 Western Digital Acquires SiliconSystems 10 2.4 Medical Equipment, Deals Update, March 2009 10 2.4.1 Danaher Completes Public Offering Of 5.4% Senior Notes For $750 Million 10 2.4.2 Endo Pharmaceuticals Acquires Indevus Pharmaceuticals 10 2.4.3 Merit Medical Systems Acquires Alveolus 10 2.4.4 Cleveland BioLabs Completes Private Placement Of $5.43 Million 10 2.4.5 Response Genetics Completes Private Placement Of $2 Million 10 3 Medical Equipment, Deal Summary, By Type 11 3.1 Medical Equipment, M&A Deals, March 2009 11 3.2 Medical Equipment, Equity Offering Deals, March 2009 13 3.3 Medical Equipment, Debt Offering Deals, March 2009 14 3.4 Medical Equipment, Partnership Deals, March 2009 15 3.5 Medical Equipment, Private Equity and Venture Capital Deals, March 2009 16 3.6 PE/VC Deals, Medical Equipment, March 2009 17 4 Deal Summary by Sector 18 4.1 In-vitro Diagnostics, Deal Trends, March 2009 18 4.1.1 In-vitro Diagnostics - Deals of the Month 19 4.2 Cardiovascular Devices, Deal Trends, March 2009 20 4.2.1 Cardiovascular Devices - Deals of the Month 21 4.3 Diagnostic Imaging, Deal Trends, March 2009 22 4.3.1 Diagnostic Imaging - Deals of the Month 23 4.4 Drug Delivery Devices, Deal Trends, March 2009 24 4.4.1 Drug Delivery Devices - Deals of the Month 25 4.5 Healthcare IT, Deal Trends, March 2009 26 4.5.1 Healthcare IT - Deals of the Month 27 4.6 Opthalmic Devices, Deal Trends, March 2009 28 4.6.1 Opthalmic Devices - Deals of the Month 29 4.7 Orthopedic Devices, Deal Trends, March 2009 30 4.7.1 Orthopedic Devices - Deals of the Month 31 4.8 Surgical Equipment, Deal Trends, March 2009 32 4.8.1 Surgical Equipment - Deals of the Month 33 4.9 Nephrology and Urology Devices, Deal Trends, March 2009 34 4.10 Diabetes Devices, Deal Trends, March 2009 35 4.10.1 Diabetes Devices - Deals of the Month 35 4.11 Neurology Devices, Deal Trends, March 2009 36 4.11.1 Neurology Devices - Deals of the Month 36 4.12 Dental Devices, Deal Trends, March 2009 37 4.13 ENT Devices, Deal Trends, March 2009 38 4.14 Wound Care Management, Deal Trends, March 2009 39 4.15 Anesthesia and Respiratory Devices, Deal Trends, March 2009 39 4.16 Hospital Supplies, Deal Trends, March 2009 40 4.17 Endoscopy Devices, Deal Trends, March 2009 40 4.18 Patient Monitoring Devices, Deal Trends, March 2009 41 5 Deal Summary by Geography 42 5.1 North America, Deal Trends, March 2009 42 5.1.1 North America - Deals of the Month 43 5.2 Europe, Deal Trends, March 2009 44 5.2.1 Europe - Deals of the Month 45 5.3 Asia-Pacific, Deal Trends, March 2009 46 5.3.1 Asia-Pacific - Deals of the Month 47 5.4 Rest of the World (ROW), Deal Trends, March 2009 48 5.4.1 Rest of the World - Deals of the Month 49 6 Further Information 50 6.1 Methodology 50 6.2 About Us 50 6.3 Contact Us 51 6.4 Disclosure information 51 6.5 Disclaimer 51 Executive Summary 1.1 List of Tables Table 1: Medical Equipment, Deals Summary, October 2008 - March 2009 8 Table 2: Medical Equipment, Top Deals, March 2009 9 Table 3: Medical Equipment, M&A, Deals Summary, October 2008 - March 2009 11 Table 4: Medical Equipment, Equity Offerings, Deals Summary, October 2008 - March 2009 13 Table 5: Medical Equipment, Debt Offering, Deals Summary, October 2008 - March 2009 14 Table 6: Medical Equipment, Partnerships, Deals Summary, October 2008 - March 2009 15 Table 7: Medical Equipment, PE/VC, Deals Summary, October 2008 - March 2009 16 Table 8: Medical Equipment, In-vitro Diagnostics, Deals Summary, October 2008 - March 2009 18 Table 9: Medical Equipment, Cardiovascular Devices, Deals Summary, October 2008 - March 2009 20 Table 10: Medical Equipment, Diagnostic Imaging, Deals Summary, October 2008 - March 2009 22 Table 11: Medical Equipment, Drug Delivery Devices, Deals Summary, October 2008 - March 2009 24 Table 12: Medical Equipment, Healthcare IT, Deals Summary, October 2008 - March 2009 26 Table 13: Medical Equipment, Opthalmic Devices, Deals Summary, October 2008 - March 2009 28 Table 14: Medical Equipment, Orthopedic Devices, Deals Summary, October 2008 - March 2009 30 Table 15: Medical Equipment, Surgical Equipment, Deals Summary, October 2008 - March 2009 32 Table 16: Medical Equipment, Nephrology and Urology Devices, Deals Summary, October 2008 - March 2009 34 Table 17: Medical Equipment, Diabetes Devices, Deals Summary, October 2008 - March 2009 35 Table 18: Medical Equipment, Neurology Devices, Deals Summary, October 2008 - March 2009 36 Table 19: Medical Equipment, Dental Devices, Deals Summary, October 2008 - March 2009 37 Table 20: Medical Equipment, ENT Devices, Deals Summary, October 2008 - March 2009 38 Table 21: Medical Equipment, Wound Care Management, Deals Summary, October 2008 - March 2009 39 Table 22: Medical Equipment, Anesthesia and Respiratory Devices, Deals Summary, October 2008 - March 2009 39 Table 23: Medical Equipment, Hospital Supplies, Deals Summary, October 2008 - March 2009 40 Table 24: Medical Equipment, Endoscopy Devices, Deals Summary, October 2008 - March 2009 40 Table 25: Medical Equipment, Patient Monitoring Devices, Deals Summary, October 2008 - March 2009 41 Table 26: Medical Equipment, North America, Deals Summary, October 2008 - March 2009 42 Table 27: Medical Equipment, Europe, Deals Summary, October 2008 - March 2009 44 Table 28: Medical Equipment, Asia-Pacific, Deals Summary, October 2008 - March 2009 46 Table 29: Medical Equipment, Rest of the World, Deals Summary, October 2008 - March 2009 48

Summary:

Medical Equipment Investments Gain Attention Despite The Financial Crisis In 2008 A new report by the business intelligence specialists, finds that over 1,250 deals were signed in the global medical equipment industry in 2008, an increase of 25% over 2007. The global medical equipment industry is likely to continue to experience intense consolidation activity over the next year due to difficult market conditions. This report, “M&A and Financing Trends in Medical Equipment, 2008”, highlights this trend as one of the key events driving dynamism in the global medical equipment industry landscape. According to Jyoti Ranjan Padhi, Analyst, “With multiple high value private equity transactions and super large mergers and acquisitions (M&As), the last year had been startlingly dynamic for the global medical equipment industry. Driven by declining asset prices, the industry will continue to see heightened activity on the M&A front. The future is heading for an M&A landscape which will be characterized by strategic intra-industry buyouts and asset takeovers.” The Number Of Medical Equipment Deals Increased 25% In 2008 Over 1,250 deals were signed in the global medical equipment industry in 2008, an increase of 25% over 2007. However, the total deal value witnessed a major decline with over $62 billion in 2008 as against $109 billion in 2007, a decline of 42%. The decline in deal value can primarily be attributed to the ongoing credit crunch that impacted the last quarter of the year. Over 330 deals worth over $5 billion were signed in the last quarter of 2008 as against nearly 360 deals worth over $12 billion in the third quarter of 2008. Essilor International and GE Healthcare Emerge as Top Deal Makers Essilor International and GE Healthcare were the top deal makers in 2008 participating in 17 deals each in the medical equipment industry in 2008. Piper Jaffray & Co. and Cooley Godward Kronish LLP topped the list of financial and legal advisors respectively by advising on the maximum number of deals in the medical equipment industry in 2008. Mergers And Acquisitions: Preferred Consolidation Strategy M&As accounted for nearly 30% of the total number of medical equipment deals in 2008. Over 400 M&A deals were reported in 2008 compared to over 300 such deals in 2007. However, deal value decreased from nearly $62 billion in 2007 to $36 billion in 2008, mainly due to the financial crisis decreasing the valuation of the target companies. M&As increased particularly in the second half of 2008, due to a stagnant IPO market forcing companies to look for acquirers. Novartis’ acquisition of a minority stake in Alcon for $10.4 billion stood as the top M&A deal in 2008. Venture Capital Investment at its Peak Venture capital investments in medical equipment remained strong despite the financial crisis and volatility in the market. Start-up companies in the In-Vitro Diagnostics (IVD) market gained the highest number of investments from venture capitalists in 2008. Overall, venture investments in the medical equipment industry rose marginally to reach $4.4 billion in 2008 compared to $4 billion in 2007. Versant Venture Management LLC, a VC firm investing mostly in early stage companies, topped the list by investing in 19 medical equipment deals in 2008. Pacific Biosciences topped the list by receiving $100 million in investment from a group of investors in 2008.