STRICTLY CONFIDENTIAL

Introduction to Investment Banking

22 October 2012
Table of contents

1 Introduction to UBS 2

2 Introduction to Investment Bank 8

3 Introduction to Mergers and Acquisitions 14

1
SECTION 1

Introduction to UBS
UBS 소개
UBS는 국제 금융시장에서 150년간 경험과 노하우, 전문역량을 축적해온 있는 최고 권위의 금융그룹입니다.

본사: 취리히 및 바젤, 스위스 총 자산1 : CHF 1.4조 (US$ 1.5조3)

설립연도: 1862년 (150년) 총 자본1 : CHF 580억 (US$ 620억)

매출액1 : CHF 278억 (US$ 300억)
지점 현황: 전 세계 50여 개 국가, 900여 개 지점 2
시가총액 : US$ 477억
총 직원 수: 약 65,000명 신용등급: Moody’s: A2
주요 주주 현황: GIC (싱가포르 정부) (6.4%) S&P: A
Blackrock Inc. (3.2%) Fitch: A
Norges Bank (3.0%)
운용자산 규모1: CHF 2.2조 (US$ 2.3조)

프라이빗 뱅킹
투자은행 (Wealth Management: 자산운용
(Investment Bank) Swiss Bank & Americas) (Global Asset Management)

“ 기업금융, 주식, 채권, 외환, 현물 등 다양한 “ 고액자산보유자 (High Net Worth “ 세계 최고의 자산운용사로서 개인, 기업,
분야에서 자문 업무, 상품 발행∙인수∙거래 Individuals) 를 대상으로 하는 개인 기관 투자자 등 다양한 고객층을 대상으로
및 리서치 제공 ” 자산관리 업무 ” 혁신적인 투자관리 솔루션 제공 “

 본사: 런던 및 뉴욕  본사: 취리히 및 뉴저지  본사: 런던

 지역: 전세계 35 개국  지역: 유럽, 아시아, 미주, 중동 및 아프리카  지역: 전 세계 25 개국
 직원 수: 약 17,300명  직원 수: 약 32,500명  직원 수: 약 3,800명
 조직 구성: 기업금융부 / 주식부 / 채권부  총 운용자산: CHF 1.5조 (1,808조원4)  총 운용자산: CHF 5,240억 (631조원4)

주석: 1. 2011년 12월 31일 기준 3. CHF/USD = 1.07 (2012년 9월 20일 기준)

2. 2012년 9월 20일 기준 4. CHF/KRW = 1,204.51 (2012년 9월 20일 기준)
3
UBS의 글로벌 네트워크 - 국내외 영업망 현황
UBS는 전세계 900여개 지점에서 근무하는 약 65,000명 이상의 금융 전문 인력을 보유하고 있습니다. 이들 중 약
17,300명의 투자은행 인력이 전세계 38개 국가에서 투자은행 업무를 수행하고 있습니다.
UBS – 전세계 지점 현황
Americas (미주)
Atlanta Edison Montreal Washington
Boston Houston New York Weehawken
Buenos Aires Irvine San Francisco
Calgary Jersey City Santa Fe
Chicago Los Angeles São Paulo
Concord Mexico City Stamford
Dallas Miami Toronto

EMEA (유럽, 중동, 아프리카)

Renens St Helier
Rome Stockholm
Sandton Zurich
St Gallen

APAC (아시아 태평양)

Auckland Kuala Lumpur Singapore
Bangalore Makati City Sydney
Bangkok Melbourne Taipei
Beijing Mumbai Tokyo
Brisbane Perth
Hong Kong Seoul
Jakarta Shanghai

4
UBS - 최고의 글로벌 금융기관
Basel 2 및 Basel 2.5 도입 이래,
Tier-1 자기자본비율 (최근 3년)
자기자본비율의 꾸준한 강화
UBS는 최고의 글로벌
금융기관으로서, 탄탄한 19.2%
17.2% 16.5%
재무구조와 안정성을 15.0%
14.5% 13.8% 17.8
19.6
17.4
19.2
17.2
12.9%
바탕으로 고객들에게 신뢰를 11.3% 15.4 15.3 15.9
14.1
제공하고 있습니다. 11.9

Dec-09 Dec-10 Dec-11 Dec-11 Jun-12

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BIS Tier 1 BIS Core Tier 1
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2010 2011 2012

한국 지점 NCR (최근 3년) ROE (자기자본이익률) (최근 3년)

230
1,895% 1,580% 8.3%
5.8%
1,353% 8.1% 177
162 162
1,164% 3.7% 150
10.2% 140
1,126% 1,066%1,055% 125
610% 3.8% 116
6.5%

.04%

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2010 2011 2012 2010 2011 2012

출처: UBS 및 각사 재무제표, Bloomberg

주석: Tier-1 자기자본비율과 NCR 자료는 2010/2011/2012년 6월 30일 기준; ROE (자기자본이익률) 자료는 FYE2010 / FYE2011 / FYE 2012년 기준, 신용부도스와프율 자료는 2012년 9월 19일 기준;

5
UBS 한국 – 국내 영업망 현황
UBS는 1989년부터 가장 일찍이 국내 금융시장에 진출한 글로벌 투자은행으로서, 한국에서의 오랜 경험을 통해 국내
금융시장에 대한 풍부한 지식과 경험을 보유하고 있습니다.
2006년 국내 최대 규모 block trade (거래 당시)
예금보험공사의 신한금융지주 지분 매각
(US$1.1 bn / 2006년 4월) 유비에스증권 리미티드 서울지점
이재홍, 장영우 대표
국내 최초 동시 block trade
LG 및 GS의 동시 block trade
(US$128 mn 및 US$108 mn / 2004년 9월)

국내 최초 NYSE 및 KSE 동시상장 기업금융부 / 자본시장부 주식부 (Equities) 채권 영업부

LG Philips LCD의 해외/국내 동시상장
(US$1.1 bn / 2004년 7월)
 채권 및 관련 파생상품 세일즈
국내 사상 최대 block trade (거래 당시)
예금보험공사의 하나은행 지분 매각 기업금융 자본시장 주식 영업 및
(US$930 mn / 2004년 4월) 주식 리서치
부서 (IBD) 부서 (GCM) 트레이딩

아시아 최대 주식연계주식 발행 (거래 당시)

KT의 CB 발행  인수합병,  채권/주식 자본  국내기업 및  주식 세일즈,
(US$1.3 bn / 2001년 12월) 주식자본시장, 시장, 신용등급 산업 리서치 트레이딩, 주식연계채
기업금융 평가 자문업무 담당 및 파생상품 거래
국내 최초의 Going-public EB 자문업무 담당
예금보험공사의 조흥은행 및 우리은행 주식을
기초로 한 EB 발행
UBS 은행 서울지점
(US$500 mn / 2001년 12월) 하나 UBS 자산운용
홍준기 대표
진재욱 대표
국내 최초의 GDR 및 CB 동시 발행
KT&G의 GDR & CB 발행
(US$533 mn / 2001년 10월)
FIRC
주식부 채권부 대체투자부
2001년 아시아 최대 규모 주식 발행 (거래 당시)
(Fixed Income, Rates & Currencies)
KT의 ADR 발행
(US$2.2 bn / 2001년 6월)
 채권, 이자율 및 통화상품 세일즈 및  리서치, 투자  채권투자  대체투자,
트레이딩 담당 포트폴리오 전략& 리서치, 투자상품 개발
국내 최초 NASDAQ 상장 ADR 발행
미래산업의 NASDAQ ADR 발행 관리, 트레이딩 및 및 구조화,
(US$120 mn / 2000년 2월) 투자자문 및 투자 글로벌
트레이딩 포트폴리오 투자방안 수립
(2012년 8월 31일 기준)
관리
6
UBS 사회공헌 사업
“지역사회의 복지에 공헌하고 신뢰를 쌓는 노력을 경주하는 기업비전에 따라 사회공헌활동에 대한 직원들의 인식을
넓히고 소속한 지역사회에서 건강한 변화를 만드는 것에 지원을 아끼지 않는 것이 대표로서 제 역할이라 믿고
있습니다. “ - UBS증권 이재홍 대표 인터뷰 中

1  2008년 이후 대한사회복지회 산하 암사재활원과 5  고대 안암병원 소아당뇨 환자 후원 2006년부터

중증 후원계약을 체결하여 재활원에서 생활하는 중증 고대안암병 2007년까지 고대 안암병원과 연계하여 소아 당뇨로
장애아동에 장애아동들에게 특수교육을 통해, 사회에 적응하는 기초를 원 소아당뇨 어려움을 겪는 어린이와 그 가족들을 후원하였습니다.
게 경제교육 마련하는 기회를 갖도록 하는 활동을 계속하고 있습니다. 환자 후원 직원 및 그 가족들과 연합한 야유회를 통하여 소아
기회 제공 당뇨에 대한 이해를 넓히고, 어려움을 극복해가는
어린이들을 격려하는 기회를 마련하기도 하였습니다

2  선천적 청각 장애를 지닌 어린이들을 후원하고 있는

청각장애 사단법인 사랑의 달팽이와 2008년에 후원 계약을 맺고 6  아름다운 재단과 낙후한 지역에 도서관 건립 및 작은
어린이 청각 장애 어린이들이 클라리넷을 익혀 ’사랑의 달팽이 낙후 지역 도서관 후원 사업을 벌여 매년 서울 은평구 및 인천
클라리넷 클라리넷 앙상블’이라는 밴드로 활동할 수 있도록 도서관 건립 소재 두 곳의 작은 도서관에 도서 구입비를
연주 후원 연주활동 및 연습을 위한 후원을 지속하고 있습니다. 이는 지원 지원하였습니다
UBS증권의 사회공헌 원칙의 하나인 교육(Education) 및
능력향상(Empowerment)에 부합하는 것 입니다.

3  2011년 이후부터 안산 지역에 거주하는 다문화가정의 7  UBS증권은 직원들의 기부금에 동일한 금액으로
어린이들로 구성된 지구촌 어린이 합창단에 대한 후원을 Matched- 후원하는 제도를 통하여 임직원의 기부를 장려하는
안산 지구촌 제도를 운영하고 있습니다. 또한 별도의 기부행사를
어린이 하고 있습니다. 다문화가족 어린이들이 합창단 활동을 Giving
통하여 지역사회에서 더불어 사는 환경을 만드는 일에 벌이는 대신에 매년 열리는 다양한 사내행사와
합창단 지원 자선이벤트를 연계하여 자연스럽게 임직원의 기부를
동참하고 있습니다.
유도함으로써 기부행사가 직원들이 즐겁게 참여하는
이벤트가 되도록 하고 있습니다
4  지적장애를 지닌 장애우들을 위해 지속적인
스페셜 스포츠훈련(year-round sports training) 기회를 제공하고 8  매년 지역 내의 대학생들을 대상으로 인턴쉽
올림픽 그들을 위한 대회(athletic competition)를 개최하여 프로그램을 실시하여 UBS 각 부문에서 근무 경험을
인턴쉽
코리아 후원 지적장애인들의 신체적 적응력을 향상시키고 정상적인 쌓을 수 있는 기회를 제공하고 있습니다.
(Internship
사회구성원으로서 인정받을 수 있도록 기여하는
Program)
비영리국제스포츠기구인 스페셜올림픽코리아와
후원계약을 맺고 선수들의 훈련과 대회를 지원하고
있습니다.

7
SECTION 2

Introduction to Investment Bank

The main purpose of Financial Markets and Intermediaries

Indirect Finance

Financial
Funds Inter- Funds
mediaries

Funds
Borrower-
Lender-Savers
Spenders
- Households Financial
Funds Funds - Business Firms
- Business Firms
Markets - Government
- Government
- Households
- Global Client
- Global Client
Base
Base
Direct Finance
9
Investment Bank: meeting clients’ needs in the capital markets

Capital Raising Capital Provision

Corporates Asset Managers

Client Governments/agencies Wealth Managers
Segments
Risk
Private equity/Financial Hedge Funds
Sponsors Management Insurance Companies
Financial Institutions Banks/Intermediaries

Needs Objective advice and ideas Protection Objective advice and ideas
Low cost of capital High Returns Alpha generation – return
Access to investors on assets
Speed of execution Access to Corporate
Best Execution

Investment Investment Banking FX Credit, Equity Equity & Credit Research

Bank: Equity & Debt Capital Derivatives Equities Fixed Income,
Products & Markets Sales and trading FX
Services Research and trading
Derivatives Products
New issues

10
What do the Investment Bank’s business areas do?
We offer a comprehensive range of products and services to
Meet the needs of our clients …

Investment Banking Equities

Mergers and acquisitions IPOs and secondary equity
Capital structure advisory Prime Services
Equity Capital Markets/ Debt Capital Markets Derivatives
Restructuring Risk management
Divestitures/ Spin-offs Portfolio trading and restructuring
Hostile defense advisory Trading and execution
Privatizations Global Research
Strategic advisory Convertibles
Leveraged buy-out advice and financings Distribution

Fixed Income MCC

Credit Fixed Income Foreign exchange
Rates Collateral Trading
Structured Fixed Income Cash Trading
Municipal Securities Global Commodities
Commodities ex. Metals

11
IBD products and services
A broad spectrum of products and services

Mergers & acquisitions Equity capital markets (JV) DCMG / Financing (JV)

 Public market takeovers  IPO  Bonds

 Divestments  Block trades  Leveraged finance

 Financial advisory  Follow-on offerings  Syndicated finance

 Capital structure  Convertible bonds  Private financing

advisory
 Pre-IPO financing  FX & FI derivatives
 Hostile defence
advisory  Equity derivatives  Ratings advisory

12
IBD coverage is three-dimensional
Teams are focused on countries, sectors and products …

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deliver superior results to clients
13
SECTION 3

Introduction of Mergers & Acquisitions

Classification of M&A transaction

BUYSIDE SELLSIDE

PUBLIC PRIVATE

BILATERAL LIMITED AUCTION FULL AUCTION

100% / MAJORITY MINORITY JV

STRATEGIC FINANCIAL (i.e. PRIVATE EQUITY)

DOMESTIC CROSSBORDER

….. AND MANY MORE, INCLUDING RESTRUCTURING, SPIN-OFF & ETC

15
What different types of M&A are there?
M&A deals can broadly be split by 1) the relative sizes of the target compared to the acquirer and 2) the
strategic direction of acquirer
Description Benefits and concerns UBS deal examples
1  Relative size of target small compared to  Synergies – typically both cost and revenue
Bolt-on

acquirer group
Target will be fully integrated into acquirer 
which justify “make-or-buy” analysis
Limited integration/financial risk given size
/ 
 Target has significant overlap or is 
complementary to acquirer’s business
Can be executed without disrupting existing
business /
2  Material deal relative to size of acquirer with  Significant absolute quantum of synergies
Significant real integration risks  Can significantly change acquirer profile / 
expansion  Can be primarily one or a combination of: – “make-or-buy” analysis may not be
 complementary (e.g. major competitor)
 expansion along value chain (e.g. supplier /
relevant given deal specifics (e.g. inability
to replicate)
/
client) 
 a “new leg” (e.g. products markets)
Can also be a defensive move
/ 
3  Acquisition outside current areas of operations  Significantly changes / expands the strategic
Step-out /  New / additional strategic focus of acquirer's focus
Diversifica- group  Can be a defensive move against market
tion trends in current areas of focus / 
 Can redefine competitive dynamic / offering vs.
competitors

4  Similar sized companies / low premium (if any)  Significant repositioning in the market place vs.
competitors (size and offering)
Merger 

Combined ownership and control
Often generates material synergies  Synergy benefits shared by both shareholder
/

groups

5  An arrangement with two or more parties  Enables the parties to achieve a specific
Joint contributing assets and/or equity, usually on an objective not (as easily) achievable alone /
Venture “at market” basis  Usually backed by strong synergy case
 Usually involves both parties participating in
the economics and governance
 Exit mechanism and long-term alignment need /
care consideration

16
Lessons learnt from historical case studies differ
1 2-A 2-B 3 4
Significant expansion Significant expansion Step-out /
Bolt-on Merger
– similar business – geography Diversification

EUR231 million US$7.2 billion US$3.3 billion US$370 million N/A

 GS E&C acquired OHL Medio
Description
Ambiente Inima ("Inima"), a
leading Spanish water treatment
company
 GS E&C (80%) / NPS (20%)
 Highly complex cross-border
transaction
 Execution under highly competitive
auction
 GS E&C’s leap forward as the
Transaction
global top-tier water treatment
rationale for company
the buyer  Enhance GS E&C / Group's overall
competitiveness in turn-key
projects
 Complementary businesses and
strong synergies
 Shinhan Financial Group acquired  Standard Chartered Bank acquired  Hanwha Chemical acquired a
78.6% stake in LG Card from
creditors (Now, delisted and 100%
owned by Shinhan Financial
Group)
 Tender offer
 Transaction drew nation-wise
attention due to transaction size
and impact to domestic finance
sector
 Diversification of income by
reinforcing non-banking business
 Significant creation of Group
synergy
 Development of SFG's consumer
finance business
 Cinus, a subsidiary of JoongAng
100% of Korea First Bank from 49.99% of Solarfun from the two Ilbo Group, merged with Megabox
Newbridge Capital and Korean largest shareholders (a private  Megabox was previously owned by
government entities (KDIC and equity firm and the founder of Macquarie, NPS and MMAA
MoFE) Solarfun) and the Company (new  Cinus owns 50% + 1 shares of
 SCB’s largest ever acquisition and shares) merged entity
the largest foreign investment in  Hanwha Group’s first strategic
the Korean financial sector expansion into the solar industry"
 Classic example of Investment
Bank providing M&A advisory and
capital markets financing (US$2 bn
equity placement)
 Enable SCB to fulfill its stated  Hanwha Group's new strategic  Enhance competitiveness against
strategic objective of establishing a focus / move into the solar sector other movie chain players
bigger presence in the Republic of
 Increase operational efficiency
Korea, which is the world’s 10th  Achieve economy of scale
largest economy
 Attractive turn-around story of KFB

Post
 Overall competitiveness of both GS  Acclaimed as one of the most  Full and successful integration,  “Win-Win” transaction for both  Immediate realization of
E&C and Inima significantly successful acquisition at its size overcoming cultural and Hanwha and Solarfun, as revenue increase and
transaction increased, allowing to win more (largest M&A ever in Korea) geographical differences evidenced by their stock
remark / profitability improvement
concession projects globally  Significant synergies achieved, and  Stable business performance performance and analysts’ rerating
Market  Achievable synergy & revenue improve overall health and post announcement
reaction upside competitiveness of SFG  However, currently lagging due to
 Business expansion into  Strong financial performance of LG overall sector downturn
complementary region Card since acquisition
 Well received by the market
 Due diligence & business analysis  Execution of the entire process  Convincing SC's BoD on  Extremely complex cross-border  4-party negotiation
Key
of targets business in 4 continents under close scrutiny by the acquisition price and financing transaction involving a listed  Valuation
execution government and public domain scheme Korean acquirer, a NASDAQ listed
 Competitive auction  Corporate governance, including
issues  Structuring financing structure  Acquisition financing of US$2 bn & Cayman incorporated Chinese
 Euro zone risk exit mechanism, working capital
 Different culture affecting under tight regulation & equity placement which was done target, a U.S. private equity fund and etc
negotiation accounting/regulatory restrictions via accelerated bookbuilding and a Chinese entrepreneur
 Securing KRW3,750 bn investment  UBS underwrote the placing for  The first significant M&A activity
from private sector three weeks, just prior to globally within the solar sector
Christmas to enable SCB to make
a firm offer for KFB. This was the
first time such underwriting has 17
been put in place
Q&A

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