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    Rick Bodio
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    Emerging Markets M&A announced during the First Nine Months of 2010 reached US$480. Billion, a 63% increase compared to the equivalent period of 2009. The largest deal driving sector activity was KazakhGold's US$10. Billion offer to acquire Polyus Zoloto. The most targeted Emerging Market nation so far this year was china, with over 2,300 deals worth a combined US$85. Billion.

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    Emerging Markets M&A announced during the First Nine Months of 2010 reached US$480. Billion, a 63% increase compared to the equivalent period of 2009. The largest deal driving sector activity was KazakhGold's US$10. Billion offer to acquire Polyus Zoloto. The most targeted Emerging Market nation so far this year was china, with over 2,300 deals worth a combined US$85. Billion.

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    186 views16 pages

    3Q10 MA Emerging Market Financial Advisory Review

    Uploaded by

    Rick Bodio
    Emerging Markets M&A announced during the First Nine Months of 2010 reached US$480. Billion, a 63% increase compared to the equivalent period of 2009. The largest deal driving sector activity was KazakhGold's US$10. Billion offer to acquire Polyus Zoloto. The most targeted Emerging Market nation so far this year was china, with over 2,300 deals worth a combined US$85. Billion.

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    of 16

    EMERGING MARKETS M&A

    Financial Advisors

    First Nine Months 2010


    First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors

    Emerging Markets M&A


    Emerging Markets M&A Increases 63% | Comprises More Than a Quarter of Global M&A | Fees Up 28% | Materials Most Active Sector

    Emerging Markets Deals Intelligence Emerging Market Announced M&A

    $800 Q4 Volume (US$b) 14,000


    Emerging Markets M&A announced during the first nine months of 2010 reached US$480.7 billion, a 63%
    Q3 Volume (US$b) 12,783
    increase compared to the equivalent period of 2009. Deal volume during the third quarter experienced a 12,060
    Q2 Volume (US$b)
    moderate 1% increase compared to the second quarter of 2010. Q1 Volume (US$b)
    10,246 12,000
    # of Deals
    Emerging Markets during the first nine months of the year comprised 27.4% of global deal activity, which 10,412
    grew at a slower yet significant rate of 21%. During the third quarter, the Emerging Markets accounted for $600
    25.5% of global volume. 10,000

    8,442

    Rank Value (US$b)


    The most targeted Emerging Market nation so far this year was China, with over 2,300 deals worth a

    # of Deals
    combined US$85.6 billion. Brazil and Mexico followed with US$75.1 billion and US$47.8 billion worth of 7,447 8,000
    activity, respectively. 6,922
    $400 6,506 6,484

    5,584 6,000
    Materials was the most active sector so far this year and accounted for 22% of Emerging Market volumes 5,158
    with US$107.2 billion in deal activity. The largest deal driving sector activity was KazakhGold's US$10.3
    billion offer to acquire Polyus Zoloto.
    4,000
    $200
    Fees earned from completed Emerging Market M&A deals during the first nine months of 2010 totaled
    US$4.4 billion, an increase of 27.6% comparedp to the same period
    p in 2009, according
    g to Thomson
    Reuters/Freeman Consulting. Despite the year-on-year increase in fees, the estimated financial advisory 2 000
    2,000
    fees earned during last three months declined 11.4% compared to the second quarter.

    $0 0
    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

    Emerging Market Completed M&A - Imputed Fees Deals Involving Emerging Market Targets vs. The Rest of the World

    $9 $1,600,000 Emerging Markets Rest of World Number of Deals 16,000

    Q4 Volume (US$b)
    Q3 Volume (US$b)
    $8 $1,400,000 14,000
    Q2 Volume (US$b)
    Q1 Volume (US$b)
    $7
    $1,200,000 12,000

    $6
    Imputed Fees (US$b)

    $1,000,000 10,000
    Rank Value (US$m)

    # of Deals
    $5

    $800,000 8,000

    $4

    $600,000 6,000
    $3

    $400,000 4,000
    $2

    $200,000 2,000
    $1

    $0 $0 0
    Q105

    Q205

    Q305

    Q405

    Q106

    Q206

    Q306

    Q406

    Q107

    Q207

    Q307

    Q407

    Q108

    Q208

    Q308

    Q408

    Q109

    Q209

    Q309

    Q409

    Q210

    Q310
    Q110
    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

    https://www.thomsonone.com
    First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors

    Emerging Markets M&A

    Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA


    2010 UP BRIC Latin America Middle East & North South Africa Eastern Europe Asia Pacific China India
    Emerging Markets
    2010 DOWN 2009 Africa Emerging Mkts

    Consumer Products and Services 6.9x 13.9x 8.8x 10.5x - - 13.4x 13.8x 8.4x 20.3x 7.9x - 7.0x 10.0x 3.7x 8.1x 9.6x 11.5x
    Consumer Staples 12.0x 12.3x 12.3x 14.0x 17.6x 13.7x - - - 7.4x 10.3x 13.7x 11.5x 12.6x 11.6x 17.1x 10.5x 12.5x
    Energy and Power 12.2x 13.7x 13.6x 15.1x 8.7x 4.9x 7.7x 10.4x - - 15.1x 4.9x 12.4x 14.8x - 20.1x 16.8x 12.7x
    Healthcare 15.2x 14.6x 14.3x 14.1x - - - - 9.0x 12.8x 18.4x - 15.1x 14.3x 19.1x 11.5x 11.9x 18.0x
    High Technology 8.0x 10.0x 8.0x 12.2x 7.0x 9.5x 4.8x 8.0x 7.9x 12.8x 7.2x 9.5x 8.4x 10.6x 9.0x 12.4x 7.5x 12.0x
    Industrials 12.2x 10.4x 12.8x 11.2x 11.6x 9.4x 22.4x 6.6x 6.4x 6.2x 11.7x 9.4x 12.6x 11.2x 19.1x 17.1x 9.2x 8.2x
    Materials 12.1x 10.5x 15.0x 11.3x 10.2x 13.2x 6.2x 8.1x 9.2x 11.0x 22.5x 13.2x 11.1x 9.2x 8.0x 13.3x 15.9x 8.4x
    Media and Entertainment 13.8x 12.2x 18.4x 16.5x 1.7x 5.3x 13.7x 5.4x - - 10.0x 5.3x 15.6x 15.5x - 11.6x 18.4x 19.0x
    Real Estate 18.1x 14.0x 18.5x 12.1x 27.3x 14.3x - 29.8x 18.2x 13.2x - 14.3x 15.8x 11.9x 18.5x 15.3x - 8.0x
    Retail 13.4x 20.2x 16.9x 23.2x 18.9x 26.9x - 7.2x 11.7x - - 26.9x 11.7x 18.2x 27.8x 18.5x - 17.5x
    Telecommunications 6.0x 11.0x 5.1x 15.3x 7.1x 5.4x 8.7x 5.3x 0.5x - 5.2x 5.4x 8.5x 14.8x - 5.4x 5.2x 18.5x
    Average Industry Total 11.7x 12.0x 12.5x 13.4x 12.3x 12.1x 9.8x 10.6x 9.8x 10.0x 12.8x 12.1x 11.8x 12.1x 13.3x 14.9x 12.0x 11.9x

    Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price
    2010 UP BRIC Latin America Middle East & North South Africa Eastern Europe Asia Pacific China India
    Emerging Markets
    2010 DOWN 2009 Africa Emerging Mkts

    Consumer Products and Services 24.3 53.2 32.0 63.1 51.8 - 36.9 92.5 - - - 30.9 18.8 56.9 14.0 - 31.4 63.1
    Consumer Staples 21.1 21.9 27.7 25.5 - 36.1 - - - - 19.3 18.2 21.2 19.4 31.2 19.4 14.0 35.8
    Energy and Power 15.1 30.9 10.7 28.6 11.6 44.9 27.3 22 - - 7.1 21.9 15.2 33.4 22.7 34.8 6.7 31.4
    Financials 16.2 20.5 24.8 21.4 64.1 7.0 13.4 22.2 22.1 32.3 - 28.6 13.7 18.9 21.8 37.3 19.2 16.8
    Healthcare 31.3 44.2 32.8 46.6 - - - - - - - 6.1 31.3 50.6 10.3 33.2 100.0 50
    High Technology 26.0 19.9 16.1 20.8 45.3 1.8 47.6 43.2 27.9 8.8 13.2 8.8 24.8 18.8 2.6 24 23.8 17.7
    Industrials 29.3 22.6 27.8 20.5 48.4 30.4 27.9 18.2 - 93 23.6 31.5 23.7 18.5 40.4 16.9 9.5 24.8
    Materials 31.1 27.5 33.2 30.8 28.0 21.4 - 54.5 21.2 18.7 37.0 28 31.4 28.4 32.6 35.8 36.0 20
    Media and Entertainment 25.0 32.6 23.2 32.7 31.6 - 46.9 - - - 10.3 46.5 26.7 23.3 21.5 - 25.0 32.7
    Real Estate 14.2 30.0 18.7 22.6 7.2 30.1 15.8 47.1 8.5 12.9 - - 15.8 26.8 24.5 23.3 - 10.4
    Retail 9.2 11.3 6.1 13.5 9.7 8.4 - - 21.5 - 0.8 - 5.8 13.2 6.1 13.2 - -
    Telecommunications 17.3 24.8 23.5 33.2 1.8 - - - - - - 26.6 27.7 23.4 4.2 15.3 42.9 45.1
    Average Industry Total 23.3 26.1 27.6 27.3 29.0 26.6 24.8 39 20.3 25.8 22.9 26.7 22.8 25 26.2 26.6 24.4 29

    *Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by
    target macro industries. The data given refers to the time period 01/01/2010 - 09/30/2010. The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last
    year listed in black. Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%. All spinoffs, splitoffs, open market
    repurchases, exchange offers and equity carveouts are excluded.

    https://www.thomsonone.com
    First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors

    Emerging Markets M&A


    Any Emerging Markets Involvement Announced Jan 1 2010 – Sep 30 2010 Any Emerging Markets Involvement Completed Jan 1 2010 – Sep 30 2010

    Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
    2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
    Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
    Morgan Stanley 1 2 84,876.9 17.7 5.0 ▲ 61 0.6 +5 ▲ Credit Suisse 1 3 83,681.1 25.7 8.4 ▲ 55 0.8 +4 ▲ 210.4 4.8 0.4 ▲
    JP Morgan 2 3 59,221.1 12.3 0.9 ▲ 56 0.5 +1 ▲ Morgan Stanley 2 1 63,287.6 19.4 -3.3 ▼ 50 0.7 -4 ▼ 152.5 3.5 1.6 ▼
    UBS 3 7 55,136.8 11.5 2.4 ▲ 40 0.4 +3 ▲ Citi 3 5 53,390.7 16.4 3.1 ▲ 31 0.4 -10 ▼ 82.1 1.9 0.8 ▼
    Deutsche Bank AG 4 8 50,385.7 10.5 2.0 ▲ 54 0.5 +7 ▲ UBS 4 8 47,589.0 14.6 5.1 ▲ 39 0.6 -6 ▼ 142.1 3.3 0.3 ▼
    Bank of America Merrill Lynch 5 10 49,242.2 10.2 4.4 ▲ 38 0.4 +5 ▲ Bank of America Merrill Lynch 5 7 35,378.5 10.9 0.5 ▲ 31 0.4 0 - 105.6 2.4 0.2 ▼
    Credit Suisse 6 1 47,182.0 9.8 -5.1 ▼ 70 0.7 +15 ▲ Santander 6 15 35,049.5 10.8 7.2 ▲ 15 0.2 +1 ▲ 48.8 1.1 0.7 ▲
    Goldman Sachs & Co 7 4 35,232.3 7.3 -3.4 ▼ 48 0.5 +10 ▲ Deutsche Bank AG 7 10 33,411.5 10.3 2.5 ▲ 38 0.5 -6 ▼ 120.1 2.8 0.2 ▼
    Banco BTG Pactual SA 8 20 28,999.8 6.0 3.0 ▲ 40 0.4 +35 ▲ JP Morgan 8 4 30,552.5 9.4 -5.4 ▼ 48 0.7 -7 ▼ 177.7 4.1 2.5 ▼
    HSBC Holdings PLC 9 17 27,763.9 5.8 2.6 ▲ 21 0.2 -5 ▼ Lazard 9 18 27,241.1 8.4 5.7 ▲ 23 0.3 +8 ▲ 138.6 3.2 2.0 ▲
    Standard Chartered PLC 10 29 27,722.5 5.8 4.3 ▲ 16 0.2 +4 ▲ Rothschild 10 2 21,914.4 6.7 -12.1 ▼ 27 0.4 -26 ▼ 89.8 2.1 1.0 ▼
    Lazard 11 21 27,616.1 5.7 3.5 ▲ 26 0.3 +7 ▲ Barclays Capital 11 23 21,712.0 6.7 4.6 ▲ 16 0.2 +8 ▲ 56.9 1.3 0.5 ▲
    BNP Paribas SA 12 14 22,086.2 4.6 1.0 ▲ 30 0.3 +11 ▲ HSBC Holdings PLC 12 14 20,870.7 6.4 2.5 ▲ 17 0.2 -4 ▼ 38.7 0.9 0.3 ▼
    Rothschild 13 6 21,249.2 4.4 -5.0 ▼ 42 0.4 +2 ▲ Goldman Sachs & Co 13 9 18,186.4 5.6 -2.8 ▼ 29 0.4 -5 ▼ 125.7 2.9 0.5 ▼
    Barclays Capital 14 28 19,519.9 4.1 2.6 ▲ 15 0.1 +11 ▲ BNP Paribas SA 14 12 17,987.6 5.5 0.8 ▲ 27 0.4 -1 ▼ 53.8 1.2 0.1 ▼
    China International Capital Co 15 15 17,973.2 3.7 0.1 ▲ 21 0.2 +13 ▲ Standard Chartered PLC 15 34 16,813.0 5.2 4.1 ▲ 9 0.1 +2 ▲ 48.0 1.1 0.8 ▲
    Nomura 16 19 16,042.7 3.3 0.3 ▲ 19 0.2 +5 ▲ China International Capital Co 16 31 15,095.3 4.6 3.3 ▲ 11 0.2 +2 ▲ 10.8 0.3 0.1 ▲
    Santander 17 9 15,030.9 3.1 -3.8 ▼ 23 0.2 +5 ▲ Societe Generale 17 80* 11,207.8 3.4 3.2 ▲ 3 0.0 0 - 10.3 0.2 0.1 ▲
    Citi 18 5 14,347.0 3.0 -7.2 ▼ 28 0.3 -8 ▼ RBS 18 26 10,708.3 3.3 1.6 ▲ 7 0.1 -4 ▼ 27.5 0.6 0.3 ▼
    Banco Espirito Santo SA 19 88 13,617.5 2.8 2.6 ▲ 6 0.1 +3 ▲ Global Investment House (KSCC) 19 220* 10,700.0 3.3 3.3 ▲ 1 0.0 0 - 5.9 0.1 0.1 ▲
    BMO Capital Markets 20 78 12,001.9 2.5 2.2 ▲ 6 0.1 +2 ▲ Banco Espirito Santo SA 20 220* 9,885.4 3.0 3.0 ▲ 4 0.1 +2 ▲ 9.6 0.2 0.2 ▲
    CIMB Group Sdn Bhd 21 79 11,880.8 2.5 2.3 ▲ 32 0.3 +9 ▲ Nomura 21 22 9,788.9 3.0 0.8 ▲ 15 0.2 +2 ▲ 41.1 0.9 0.1 ▼
    Global Investment House (KSCC) 22 - 10,700.0 2.2 2.2 ▲ 1 0.0 +1 ▲ Mediobanca 22 84 9,748.6 3.0 2.8 ▲ 2 0.0 -1 ▼ 1.0 0.0 0.2 ▼
    Mediobanca 23 103 10,531.7 2.2 2.1 ▲ 4 0.0 +1 ▲ Macquarie Group 23 46 9,525.2 2.9 2.3 ▲ 8 0.1 -10 ▼ 24.1 0.6 0.1 ▲
    Societe Generale 24 153 10,500.8 2.2 2.1 ▲ 2 0.0 -1 ▼ Greenhill & Co, LLC 24 38 9,018.7 2.8 1.8 ▲ 3 0.0 -1 ▼ 19.6 0.5 0.3 ▲
    Greenhill & Co
    Co, LLC 25 30 10 143 8
    10,143.8 21
    2.1 07 ▲
    0.7 2 00
    0.0 -3 ▼ Banco BTG Pactual SA 25 13 8 961 7
    8,961.7 28
    2.8 -1.8
    -1 8 ▼ 19 0 3 +12
    0.3 ▲ 38 2
    38.2 09
    0.9 02 ▲
    0.2
    Industry Total 480,736.3 100.0 10,246 +1,291 Industry Total 326,118.7 100.0 7,044 +561 4,367.2 100.0

    Industry % Change from Same Period Last Year 63.0% ▲ 14.4% ▲ Industry % Change from Same Period Last Year 31.8% ▲ 8.7% ▲ 27.6% ▲
    Industry % Change from Last Quarter 1.0% ▲ -9.4% ▼ Industry % Change from Last Quarter -33.6% ▼ -16.0% ▼ -11.4% ▼

    * tie

    Emerging Markets Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010

    18%
    10%
    Materials Energy and Power Financials
    19% 8%
    6% Telecommunications Industrials Real Estate
    5%
    21%
    Consumer Staples Healthcare Media and Entertainment

    High Technology Retail Consumer Products and Services

    Any Emerging Markets Involvement Announced - Top Deals Jan 1 2010 – Sep 30 2010
    Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
    1/13/2010 6/16/2010 Carso Global Telecom SAB de CV America Movil SAB de CV Mexico / Mexico 27,483.4 Telecommunications / Telecommunications Services
    9/30/2010 Pending Zain Group Etisalat Utd Arab Em / Kuwait 11,771.8 Telecommunications / Wireless
    2/15/2010 6/8/2010 Zain Africa BV Bharti Airtel Ltd India / Nigeria 10,700.0 Telecommunications / Wireless
    6/30/2010 Pending Polyus Zoloto KazakhGold Group Ltd Kazakhstan / Russian Fed 10,261.1 Materials / Metals & Mining
    5/10/2010 9/27/2010 Brasilcel NV Telefonica SA Spain / Brazil 9,742.8 Telecommunications / Telecommunications Services
    1/11/2010 4/30/2010 FEMSA-Beer Op Investor Group Netherlands / Mexico 7,325.0 Consumer Staples / Food and Beverage
    8/16/2010 Pending Cairn India Ltd Vedanta Resources PLC United Kingdom / India 6,595.9 Energy and Power / Oil & Gas
    8/13/2010 Pending TAM SA LAN Airlines SA Chile / Brazil 6,502.0 Industrials / Transportation & Infrastructure
    3/5/2010 Pending Shanghai Pudong Dvlp Bk China Mobile Grp Guangdong Co China / China 5,830.6 Financials / Banks
    7/30/2010 Intended NK LUKOIL NK LUKOIL Russian Fed / Russian Fed 5,525.3 Energy and Power / Oil & Gas

    https://www.thomsonone.com
    First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors

    BRIC M&A
    Any BRIC Involvement Announced Jan 1 2010 – Sep 30 2010 Any BRIC Involvement Completed Jan 1 2010 – Sep 30 2010

    Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
    2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
    Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
    Morgan Stanley 1 3 53,692.3 17.0 7.5 ▲ 42 0.3 +5 ▲ Morgan Stanley 1 1 47,972.4 28.7 2.1 ▲ 34 0.8 +5 ▲ 112.7 5.0 0.4 ▲
    JP Morgan 2 2 47,311.3 15.0 5.1 ▲ 37 0.2 +8 ▲ UBS 2 10 34,874.8 20.9 13.9 ▲ 18 0.4 -5 ▼ 80.6 3.5 1.3 ▲
    UBS 3 10 40,886.4 12.9 7.5 ▲ 23 0.2 +3 ▲ Credit Suisse 3 2 34,626.5 20.7 -1.6 ▼ 32 0.8 -4 ▼ 118.2 5.2 1.2 ▼
    Credit Suisse 4 1 39,192.2 12.4 -1.8 ▼ 47 0.2 +10 ▲ Deutsche Bank AG 4 9 20,237.8 12.1 4.8 ▲ 17 0.4 -6 ▼ 65.9 2.9 0.4 ▼
    Banco BTG Pactual SA 5 17 28,999.8 9.2 4.7 ▲ 40 0.1 +35 ▲ Barclays Capital 5 99 19,219.5 11.5 11.5 ▲ 11 0.3 +10 ▲ 48.3 2.1 2.0 ▲
    Bank of America Merrill Lynch 6 12 28,457.6 9.0 3.9 ▲ 22 0.1 +5 ▲ BNP Paribas SA 6 12 17,188.0 10.3 5.0 ▲ 16 0.4 +6 ▲ 41.4 1.8 0.5 ▲
    HSBC Holdings PLC 7 23 24,312.3 7.7 5.0 ▲ 10 0.1 +1 ▲ Bank of America Merrill Lynch 7 7 17,132.4 10.3 0.6 ▲ 17 0.4 0 - 49.3 2.2 0.4 ▼
    Standard Chartered PLC 8 55 22,568.0 7.1 6.6 ▲ 9 0.1 +3 ▲ JP Morgan 8 6 16,906.7 10.1 -2.8 ▼ 21 0.5 -2 ▼ 88.8 3.9 1.6 ▼
    Deutsche Bank AG 9 18 22,557.6 7.1 3.4 ▲ 24 0.1 -2 ▼ China International Capital Co 9 27 15,095.3 9.0 6.9 ▲ 11 0.3 +2 ▲ 10.8 0.5 0.2 ▲
    Rothschild 10 14 19,743.6 6.2 1.4 ▲ 26 0.1 +7 ▲ HSBC Holdings PLC 10 19 13,699.4 8.2 4.7 ▲ 8 0.2 0 - 18.1 0.8 0.1 ▼
    China International Capital Co 11 9 17,973.2 5.7 0.2 ▲ 21 0.1 +13 ▲ Standard Chartered PLC 11 137 12,969.2 7.8 7.8 ▲ 6 0.1 +4 ▲ 32.2 1.4 1.4 ▲
    BNP Paribas SA 12 13 17,639.2 5.6 0.7 ▲ 19 0.1 +9 ▲ Rothschild 12 3 12,033.5 7.2 -13.6 ▼ 17 0.4 -10 ▼ 61.8 2.7 0.4 ▼
    Barclays Capital 13 28 17,277.2 5.5 3.8 ▲ 10 0.1 +8 ▲ Global Investment House (KSCC) 13 - 10,700.0 6.4 6.4 ▲ 1 0.0 +34 ▲ 5.9 0.3 0.3 ▲
    Goldman Sachs & Co 14 6 16,649.8 5.3 -1.1 ▼ 28 0.1 +4 ▲ Banco Espirito Santo SA 14 138* 9,831.3 5.9 5.9 ▲ 3 0.1 +1 ▲ 9.6 0.4 0.3 ▲
    Banco Espirito Santo SA 15 180* 13,617.5 4.3 4.3 ▲ 6 0.1 +4 ▲ Mediobanca 15* - 9,742.8 5.8 5.8 ▲ 1 0.0 +34 ▲ .9 0.0 0.0 -
    Citi 16 5 12,974.2 4.1 -3.5 ▼ 19 0.1 -6 ▼ Societe Generale 15* 138* 9,742.8 5.8 5.8 ▲ 1 0.0 0 - .9 0.0 0.0 -
    BMO Capital Markets 17 71 12,001.9 3.8 3.5 ▲ 6 0.1 +3 ▲ Citi 17 4 9,187.2 5.5 -15.0 ▼ 18 0.4 -14 ▼ 48.8 2.1 2.5 ▼
    Global Investment House (KSCC) 18 - 10,700.0 3.4 3.4 ▲ 1 0.1 +1 ▲ Goldman Sachs & Co 18 13 9,031.6 5.4 0.1 ▲ 19 0.5 +2 ▲ 71.8 3.2 0.1 ▲
    Mediobanca 19* - 10,500.8 3.3 3.3 ▲ 2 0.1 +2 ▲ Banco BTG Pactual SA 19 8 8,961.7 5.4 -2.3 ▼ 19 0.5 +12 ▲ 38.2 1.7 0.3 ▲
    Societe Generale 19* 180* 10,500.8 3.3 3.3 ▲ 2 0.1 +1 ▲ Santander 20 23 7,090.0 4.2 1.1 ▲ 9 0.2 -1 ▼ 28.0 1.2 0.5 ▲
    Enam Securities 21 88 9,946.2 3.1 2.9 ▲ 14 0.0 +7 ▲ Nomura 21 28 6,732.5 4.0 1.9 ▲ 10 0.2 +4 ▲ 22.3 1.0 0.1 ▼
    Santander 22 4 9,687.4 3.1 -5.2 ▼ 22 0.0 +5 ▲ Itau Unibanco 22 5 6,498.8 3.9 -15.8 26 0.6 +9 47.7 2.1 1.4 ▲
    Itau Unibanco 23 8 8,089.2 2.6 -3.0 ▼ 23 0.0 +6 ▲ Estater Gestao e Financas 23 17 5,553.1 3.3 -0.9 4 0.1 -3 28.1 1.2 0.1 ▲
    Nomura 24 19 5,756.0 1.8 -1.6 ▼ 9 0.0 +1 ▲ Banco Bradesco SA 24 15 5,293.3 3.2 -1.3 10 0.2 +2 24.8 1.1 0.4 ▲
    Lazard 25 31 5 668 3
    5,668.3 18
    1.8 04 ▲
    0.4 14 0 0 +5
    0.0 ▲ CITIC 25 39 3 734 4
    3,734.4 22
    2.2 15
    1.5 4 0 1 +2
    0.1 53
    5.3 02
    0.2 01 ▼
    0.1
    Industry Total 316,406.3 100.0 6,466 +780 Industry Total 167,161.7 100.0 4,021 +316 2,279.0 100.0

    Industry % Change from Same Period Last Year 62.8% ▲ 13.7% ▲ Industry % Change from Same Period Last Year 12.5% ▲ 8.5% ▲ 35.3% ▲
    Industry % Change from Last Quarter -19.2% ▼ -4.5% ▼ Industry % Change from Last Quarter -24.1% ▼ -12.2% ▼ -10.8% ▼

    * tie

    BRIC Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010

    14%
    22% 12%
    Materials Energy and Power Telecommunications
    8%
    Financials Industrials Real Estate
    6%
    23% 5%
    Consumer Staples Healthcare Media and Entertainment

    High Technology Consumer Products and Services Retail

    Any BRIC Involvement Announced - Top Deals Jan 1 2010 – Sep 30 2010
    Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
    2/15/2010 6/8/2010 Zain Africa BV (100%) Bharti Airtel Ltd India / Nigeria 10,700.0 Telecommunications / Wireless
    6/30/2010 Pending Polyus Zoloto (100%) KazakhGold Group Ltd Kazakhstan / Russian Fed 10,261.1 Materials / Metals & Mining
    5/10/2010 9/27/2010 Brasilcel NV (50%) Telefonica SA Spain / Brazil 9,742.8 Telecommunications / Telecommunications Services
    8/16/2010 Pending Cairn India Ltd (40%) Vedanta Resources PLC United Kingdom / India 6,595.9 Energy and Power / Oil & Gas
    8/13/2010 Pending TAM SA (100%) LAN Airlines SA Chile / Brazil 6,502.0 Industrials / Transportation & Infrastructure
    3/5/2010 Pending Shanghai Pudong Dvlp Bk (20%) China Mobile Grp Guangdong Co China / China 5,830.6 Financials / Banks
    7/30/2010 Intended NK LUKOIL (11.6%) NK LUKOIL Russian Fed / Russian Fed 5,525.3 Energy and Power / Oil & Gas
    2/1/2010 Pending Shell International Petroleum- (100%) Cosan SA-Brazilian Assets Brazil / Brazil 4,925.0 Energy and Power / Oil & Gas
    5/2/2010 Pending Vale SA-Aluminum Operations (100%) Norsk Hydro ASA Norway / Brazil 4,900.0 Materials / Metals & Mining
    3/19/2010 5/12/2010 Republic of Venezuela-Carabobo (40%) Investor Group India / Venezuela 4,848.0 Energy and Power / Oil & Gas

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    First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors

    Latin American M&A


    Any Latin American Involvement Announced Jan 1 2010 – Sep 30 2010 Any Latin American Involvement Completed (AF45) Jan 1 2010 – Sep 30 2010

    Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
    2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
    Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
    Credit Suisse 1 1 70,972.5 42.3 14.1 ▲ 30 2.3 +6 ▲ Credit Suisse 1 5 63,980.7 56.7 30.0 ▲ 25 2.9 +2 ▲ 110.4 8.7 2.9 ▲
    Citi 2 8 48,410.0 28.8 16.7 ▲ 11 0.8 -8 ▼ Citi 2 4 44,719.4 39.6 12.0 ▲ 11 1.3 -12 ▼ 31.4 2.5 4.6 ▼
    Santander 3 2 39,674.3 23.6 -0.5 ▼ 26 2.0 +7 ▲ Santander 3 14 35,049.5 31.1 25.1 ▲ 15 1.8 +2 ▲ 48.8 3.9 2.1 ▲
    Banco BTG Pactual SA 4 9 28,999.8 17.3 5.5 ▲ 40 3.0 +35 ▲ Morgan Stanley 4 1 18,296.3 16.2 -28.5 ▼ 10 1.2 -12 ▼ 27.4 2.2 4.5 ▼
    Morgan Stanley 5 4 28,948.2 17.2 -1.7 ▼ 17 1.3 -5 ▼ Bank of America Merrill Lynch 5 13 17,972.9 15.9 9.8 ▲ 10 1.2 +4 ▲ 29.2 2.3 1.1 ▲
    JP Morgan 6 3 26,551.4 15.8 -8.2 ▼ 23 1.8 -8 ▼ Deutsche Bank AG 6 20 14,267.7 12.6 9.4 ▲ 8 0.9 +2 ▲ 45.1 3.6 2.4 ▲
    Bank of America Merrill Lynch 7 14 26,146.7 15.6 9.6 ▲ 19 1.4 +11 ▲ JP Morgan 7 7 13,370.1 11.9 -2.0 ▼ 22 2.6 -3 ▼ 76.1 6.0 3.8 ▼
    UBS 8 11 20,913.9 12.5 3.6 ▲ 12 0.9 +1 ▲ Rothschild 8 2 12,006.1 10.6 -31.7 ▼ 7 0.8 -11 ▼ 35.8 2.8 1.8 ▼
    Rothschild 9 5 13,637.3 8.1 -10.6 ▼ 13 1.0 -6 ▼ UBS 9 10 11,842.3 10.5 1.9 ▲ 8 0.9 0 - 36.3 2.9 0.7 ▲
    Banco Espirito Santo SA 10 51* 13,617.5 8.1 8.1 ▲ 6 0.5 +4 ▲ Societe Generale 10 - 11,207.8 9.9 9.9 ▲ 3 0.4 +3 ▲ 10.3 0.8 0.8 ▲
    Deutsche Bank AG 11 13 13,288.7 7.9 1.6 ▲ 9 0.7 +3 ▲ Banco Espirito Santo SA 11 45* 9,831.3 8.7 8.7 ▲ 3 0.4 +1 ▲ 9.6 0.8 0.6 ▲
    Mediobanca 12 - 11,160.5 6.6 6.6 ▲ 3 0.2 +3 ▲ Mediobanca 12 - 9,742.8 8.6 8.6 ▲ 1 0.1 +1 ▲ .9 0.1 0.1 ▲
    Societe Generale 13 - 10,500.8 6.3 6.3 ▲ 2 0.2 +2 ▲ Banco BTG Pactual SA 13 6 8,961.7 7.9 -6.9 ▼ 19 2.2 +12 ▲ 38.2 3.0 0.0 -
    Allen & Co Inc 14 - 8,765.0 5.2 5.2 ▲ 3 0.2 +3 ▲ Allen & Co Inc 14 - 7,325.0 6.5 6.5 ▲ 1 0.1 +1 ▲ 13.4 1.1 1.1 ▲
    Itau Unibanco 15 6 8,089.2 4.8 -9.9 ▼ 23 1.8 +6 ▲ Itau Unibanco 15 3 6,498.8 5.8 -32.2 ▼ 26 3.1 +9 ▲ 47.7 3.8 2.4 ▲
    Banco Bradesco SA 16 7 5,635.1 3.4 -10.6 ▼ 12 0.9 -4 ▼ BNP Paribas SA 16 17 6,157.8 5.5 1.8 ▲ 14 1.6 +2 ▲ 32.2 2.6 0.9 ▲
    Goldman Sachs & Co 17 17 5,083.6 3.0 -1.0 ▼ 7 0.5 +1 ▲ Estater Gestao e Financas 17 11 5,553.1 4.9 -3.2 ▼ 4 0.5 -3 ▼ 28.1 2.2 0.1 ▼
    Estater Gestao e Financas 18 12 4,160.9 2.5 -6.1 ▼ 3 0.2 -6 ▼ Banco Bradesco SA 18 9 5,293.3 4.7 -4.0 ▼ 10 1.2 +2 ▲ 24.8 2.0 0.6 ▲
    BR Partners 19 - 3,639.1 2.2 2.2 ▲ 10 0.8 +10 ▲ Credit Agricole CIB 19 26 3,063.4 2.7 2.2 ▲ 5 0.6 +4 ▲ 16.9 1.3 1.1 ▲
    BNP Paribas SA 20 10 3,155.4 1.9 -7.6 ▼ 9 0.7 -3 ▼ Banco Comercial Portugues SA 20 - 2,697.1 2.4 2.4 ▲ 3 0.4 +3 ▲ 7.7 0.6 0.6 ▲
    Jefferies & Co Inc 21 44 3,127.3 1.9 1.9 ▲ 2 0.2 +1 ▲ Goldman Sachs & Co 21 18 2,693.2 2.4 -1.3 ▼ 4 0.5 -4 ▼ 8.9 0.7 3.1 ▼
    Barclays Capital 22 15 3,018.7 1.8 -3.9 ▼ 3 0.2 -1 ▼ RBS 22 45* 2,250.0 2.0 2.0 ▲ 1 0.1 -2 ▼ 3.3 0.3 0.1 ▲
    Lazard 23 19 2,809.8 1.7 -1.6 ▼ 10 0.8 +4 ▲ HSBC Holdings PLC 23 32 2,117.1 1.9 1.8 ▲ 4 0.5 0 - 8.2 0.7 0.3 ▲
    HSBC Holdings PLC 24 23 2,723.7 1.6 -0.7 ▼ 5 0.4 0 - Banco Standard De Investimento 24 - 1,777.4 1.6 1.6 ▲ 1 0.1 +1 ▲ 2.9 0.2 0.2 ▲
    Banco Comercial Portugues SA 25 - 2 697 1
    2,697.1 16
    1.6 16 ▲
    1.6 3 0 2 +3
    0.2 ▲ RBC Capital Markets 25 33 1 709 0
    1,709.0 15
    1.5 14 ▲
    1.4 4 0 5 +3
    0.5 ▲ 35
    3.5 03
    0.3 01 ▲
    0.1
    Industry Total 167,957.6 100.0 1,314 +271 Industry Total 112,845.7 100.0 849 +123 1,262.9 100.0

    Industry % Change from Same Period Last Year 127.8% ▲ 26.0% ▲ Industry % Change from Same Period Last Year 46.2% ▲ 16.9% ▲ 57.5% ▲
    Industry % Change from Last Quarter -15.6% ▼ 2.3% ▲ Industry % Change from Last Quarter -65.0% ▼ -5.1% ▼ -22.4% ▼

    * tie * tie

    Latin American Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010

    19% 17%

    10%
    Telecommunications Materials Energy and Power
    9%
    30% Consumer Staples Industrials Financials
    6%
    2%
    Real Estate Media and Entertainment Retail

    Healthcare Consumer Products and Services High Technology

    Any Latin American Involvement Announced - Top Deals Jan 1 2010 – Sep 30 2010
    Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
    1/13/2010 6/16/2010 Carso Global Telecom SAB de CV America Movil SAB de CV Mexico / Mexico 27,483.4 Telecommunications / Telecommunications Services
    5/10/2010 9/27/2010 Brasilcel NV (50%) Telefonica SA Spain / Brazil 9,742.8 Telecommunications / Telecommunications Services
    1/11/2010 4/30/2010 FEMSA-Beer Op (100%) Investor Group Netherlands / Mexico 7,325.0 Consumer Staples / Food and Beverage
    8/13/2010 Pending TAM SA (100%) LAN Airlines SA Chile / Brazil 6,502.0 Industrials / Transportation & Infrastructure
    7/23/2010 Pending Southern Copper Corp (20%) Americas Mining Corp United States / United States 5,508.3 Materials / Metals & Mining
    1/13/2010 6/16/2010 Telmex Internacional SAB de CV (32.9%) America Movil SAB de CV Mexico / Mexico 5,477.8 Telecommunications / Wireless
    2/1/2010 Pending Shell International Petroleum- (100%) Cosan SA-Brazilian Assets Brazil / Brazil 4,925.0 Energy and Power / Oil & Gas
    5/2/2010 Pending Vale SA-Aluminum Operations (100%) Norsk Hydro ASA Norway / Brazil 4,900.0 Materials / Metals & Mining
    3/19/2010 5/12/2010 Republic of Venezuela-Carabobo (40%) Investor Group India / Venezuela 4,848.0 Energy and Power / Oil & Gas
    1/22/2010 4/27/2010 Quattor Participacoes SA (60%) Braskem SA Brazil / Brazil 4,131.9 Energy and Power / Petrochemicals

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    First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors

    Brazilian M&A
    Any Brazilian Involvement Announced (AD44) Jan 1 2010 – Sep 30 2010 Any Brazilian Involvement Completed (AF51) Jan 1 2010 – Sep 30 2010

    Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
    2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
    Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
    Banco BTG Pactual SA 1 7 28,999.8 32.7 14.9 ▲ 40 8.2 +35 ▲ Credit Suisse 1 4 21,025.7 43.1 9.2 ▲ 17 5.2 -5 ▼ 73.7 9.9 1.1 ▲
    Credit Suisse 2 2 25,908.2 29.2 -1.2 ▼ 21 4.3 +1 ▲ Morgan Stanley 2 1 15,911.8 32.6 -21.4 ▼ 7 2.2 -8 ▼ 21.8 2.9 3.9 ▼
    Morgan Stanley 3 8 23,349.9 26.3 10.0 ▲ 15 3.1 +6 ▲ Bank of America Merrill Lynch 3 12 11,543.8 23.7 15.5 ▲ 6 1.9 0 - 16.7 2.3 0.2 ▲
    JP Morgan 4 3 21,977.4 24.7 0.4 ▲ 17 3.5 -1 ▼ UBS 4 13 10,092.8 20.7 12.7 ▲ 2 0.6 -2 ▼ 22.1 3.0 1.8 ▲
    UBS 5 16 20,535.6 23.1 18.4 ▲ 6 1.2 +4 ▲ Banco Espirito Santo SA 5 31* 9,831.3 20.1 20.1 ▲ 3 0.9 +1 ▲ 9.6 1.3 1.0 ▲
    Bank of America Merrill Lynch 6 14 17,217.1 19.4 14.4 ▲ 12 2.5 +6 ▲ Mediobanca 6* - 9,742.8 20.0 20.0 ▲ 1 0.3 +1 ▲ .9 0.1 0.1 ▲
    Banco Espirito Santo SA 7 39* 13,617.5 15.3 15.3 ▲ 6 1.2 +4 ▲ Societe Generale 6* - 9,742.8 20.0 20.0 ▲ 1 0.3 +1 ▲ .9 0.1 0.1 ▲
    Mediobanca 8* - 10,500.8 11.8 11.8 ▲ 2 0.4 +2 ▲ Banco BTG Pactual SA 8 6 8,961.7 18.4 -1.4 ▼ 19 5.9 +12 ▲ 38.2 5.1 0.0 -
    Societe Generale 8* - 10,500.8 11.8 11.8 ▲ 2 0.4 +2 ▲ Deutsche Bank AG 9 31* 7,169.7 14.7 14.7 ▲ 5 1.5 +4 ▲ 21.4 2.9 2.5 ▲
    Santander 10 1 9,687.4 10.9 -22.0 ▼ 22 4.5 +5 ▲ Santander 10 14 7,090.0 14.5 6.6 ▲ 9 2.8 -1 ▼ 28.0 3.8 1.2 ▲
    Itau Unibanco 11 4 8,089.2 9.1 -13.2 ▼ 23 4.7 +6 ▲ Itau Unibanco 11 3 6,498.8 13.3 -37.5 ▼ 26 8.0 +9 ▲ 47.7 6.4 4.0 ▲
    Deutsche Bank AG 12 39* 8,066.7 9.1 9.1 ▲ 6 1.2 +5 ▲ JP Morgan 12 10 5,897.8 12.1 1.6 ▲ 10 3.1 -3 ▼ 40.7 5.5 3.0 ▼
    Citi 13 10 6,385.1 7.2 -4.0 ▼ 3 0.6 -8 ▼ Estater Gestao e Financas 13 9 5,553.1 11.4 0.5 ▲ 4 1.2 -3 ▼ 28.1 3.8 0.0 -
    Rothschild 14 6 6,174.0 7.0 -11.2 ▼ 10 2.0 +2 ▲ BNP Paribas SA 14 18 5,449.8 11.2 8.0 ▲ 9 2.8 +8 ▲ 21.7 2.9 2.2 ▲
    Banco Bradesco SA 15 5 5,635.1 6.3 -14.9 ▼ 12 2.5 -4 ▼ Banco Bradesco SA 15 8 5,293.3 10.8 -0.9 ▼ 10 3.1 +2 ▲ 24.8 3.3 0.9 ▲
    Estater Gestao e Financas 16 9 4,160.9 4.7 -8.3 ▼ 3 0.6 -6 ▼ Credit Agricole CIB 16 - 3,063.4 6.3 6.3 ▲ 4 1.2 +4 ▲ 16.3 2.2 2.2 ▲
    BR Partners 17 - 3,639.1 4.1 4.1 ▲ 10 2.0 +10 ▲ Banco Comercial Portugues SA 17 - 2,697.1 5.5 5.5 ▲ 3 0.9 +3 ▲ 7.7 1.0 1.0 ▲
    BNP Paribas SA 18 11 3,152.4 3.6 -4.4 ▼ 7 1.4 +3 ▲ Rothschild 18 2 2,431.1 5.0 -47.0 ▼ 4 1.2 -9 ▼ 17.8 2.4 3.5 ▼
    Jefferies & Co Inc 19 - 3,127.3 3.5 3.5 ▲ 2 0.4 +2 ▲ Goldman Sachs & Co 19 17 2,356.9 4.8 0.0 ▲ 3 0.9 -1 ▼ 7.6 1.0 3.5 ▼
    Banco Comercial Portugues SA 20 - 2,697.1 3.0 3.0 ▲ 3 0.6 +3 ▲ Banco Standard De Investimento 20 - 1,777.4 3.6 3.6 ▲ 1 0.3 +1 ▲ 2.9 0.4 0.4 ▲
    Singular Partners 21 26 2,284.0 2.6 1.2 ▲ 2 0.4 +1 ▲ HSBC Holdings PLC 21 25 1,772.1 3.6 3.4 ▲ 3 0.9 0 - 5.0 0.7 0.2 ▲
    Goldman Sachs & Co 22 13 2,240.7 2.5 -3.4 ▼ 4 0.8 -1 ▼ RBC Capital Markets 22 - 1,649.4 3.4 3.4 ▲ 2 0.6 +2 ▲ 2.3 0.3 0.3 ▲
    Vinci Partners 23 - 2,212.7 2.5 2.5 ▲ 1 0.2 +1 ▲ BR Partners 23 - 1,208.3 2.5 2.5 ▲ 7 2.2 +7 ▲ 17.1 2.3 2.3 ▲
    Credit Agricole CIB 24 18* 2,113.9 2.4 -0.9 ▼ 5 1.0 +4 ▲ Caixa Geral de Depositos 24 - 1,192.3 2.4 2.4 ▲ 3 0.9 +3 ▲ 4.3 0.6 0.6 ▲
    HSBC Holdings PLC 25 31 1 772 1
    1,772.1 20
    2.0 18 ▲
    1.8 3 06
    0.6 0 - Barclays Capital 25 - 1 032 0
    1,032.0 21
    2.1 21 ▲
    2.1 2 0 6 +2
    0.6 ▲ 59
    5.9 08
    0.8 08 ▲
    0.8
    Industry Total 88,820.4 100.0 489 -554 Industry Total 48,810.3 100.0 324 +56 742.3 100.0

    Industry % Change from Same Period Last Year 81.9% ▲ 39.3% ▲ Industry % Change from Same Period Last Year -15.4% ▼ 20.9% ▲ 57.1% ▲
    Industry % Change from Last Quarter -34.8% ▼ -3.0% ▼ Industry % Change from Last Quarter 7.2% ▲ -14.9% ▼ 8.0% ▲

    * tie

    Brazil Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010

    17%
    19% 12%
    Materials Energy and Power Telecommunications
    10%

    25% 4% Industrials Consumer Staples Real Estate


    4%

    Financials Media and Entertainment Healthcare

    High Technology Consumer Products and Services Retail

    Any Brazilian Involvement Announced (AD44) - Top Deals Jan 1 2010 – Sep 30 2010
    Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
    5/10/2010 9/27/2010 Brasilcel NV (50%) Telefonica SA Spain / Brazil 9,742.8 Telecommunications / Telecommunications Services
    8/13/2010 Pending TAM SA (100%) LAN Airlines SA Chile / Brazil 6,502.0 Industrials / Transportation & Infrastructure
    2/1/2010 Pending Shell International Petroleum- (100%) Cosan SA-Brazilian Assets Brazil / Brazil 4,925.0 Energy and Power / Oil & Gas
    5/2/2010 Pending Vale SA-Aluminum Operations (100%) Norsk Hydro ASA Norway / Brazil 4,900.0 Materials / Metals & Mining
    1/22/2010 4/27/2010 Quattor Participacoes SA (60%) Braskem SA Brazil / Brazil 4,131.9 Energy and Power / Petrochemicals
    1/15/2010 5/27/2010 Bunge Participacoes e (100%) Vale SA Brazil / Brazil 3,800.0 Consumer Staples / Food and Beverage
    5/21/2010 Pending Peregrino Project,Campos Basin (40%) Sinochem Group China / Brazil 3,070.0 Energy and Power / Oil & Gas
    7/28/2010 Pending LF Tel SA (35%) Portugal Telecom SGPS SA Portugal / Brazil 2,656.0 Telecommunications / Telecommunications Services
    8/4/2010 Pending NET Servicos de Comunicacao SA (%) Embratel Brazil / Brazil 2,615.6 Media and Entertainment / Cable
    4/30/2010 4/30/2010 BSG Resources Guinea Ltd (51%) Vale SA Brazil / Guernsey 2,500.0 Materials / Metals & Mining

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    First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors

    Middle Eastern & North African M&A


    Any Middle East & N African Inv Announced Jan 1 2010 – Sep 30 2010 Any Middle Eastern & North African Involvement Completed (AF60) Jan 1 2010 – Sep 30 2010

    Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
    2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
    Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
    Morgan Stanley 1 2 26,492.6 40.7 4.8 ▲ 7 1.1 -1 ▼ Morgan Stanley 1 2 18,566.9 34.2 10.8 ▲ 6 1.4 -3 ▼ 31.2 5.2 2.9 ▼
    BNP Paribas SA 2 30* 14,189.9 21.8 21.5 ▲ 3 0.5 -1 ▼ HSBC Holdings PLC 2 8 17,336.1 32.0 23.1 ▲ 4 1.0 +2 ▲ 20.7 3.5 0.7 ▲
    Barclays Capital 3 - 12,416.0 19.1 19.1 ▲ 3 0.5 +3 ▲ Barclays Capital 3 7 12,416.0 22.9 12.5 ▲ 3 0.7 0 - 13.0 2.2 1.1 ▼
    HSBC Holdings PLC 4 10 12,129.3 18.6 12.3 ▲ 4 0.6 +1 ▲ UBS 4 9 12,120.0 22.3 13.5 ▲ 3 0.7 -4 ▼ 16.7 2.8 0.8 ▼
    UBS 5 5 12,120.0 18.6 -12.9 ▼ 3 0.5 -3 ▼ Standard Chartered PLC 5 39* 11,000.0 20.3 20.3 ▲ 2 0.5 0 - 9.2 1.5 1.4 ▲
    Standard Chartered PLC 6 22 11,650.0 17.9 17.2 ▲ 4 0.6 -1 ▼ Global Investment House (KSCC) 6* 42* 10,700.0 19.7 19.7 ▲ 1 0.2 0 - 5.9 1.0 0.9 ▲
    Global Investment House (KSCC) 7 - 10,700.0 16.4 16.4 ▲ 1 0.2 +1 ▲ BNP Paribas SA 6* 42* 10,700.0 19.7 19.7 ▲ 1 0.2 0 - 13.6 2.3 2.2 ▲
    Goldman Sachs & Co 8 4 8,045.5 12.4 -23.0 ▼ 8 1.2 +1 ▲ Lazard 8 16 10,192.8 18.8 16.2 ▲ 5 1.2 +2 ▲ 47.9 8.0 6.8 ▲
    Lazard 9 14 4,985.9 7.7 4.6 ▲ 4 0.6 0 - Goldman Sachs & Co 9 3 7,395.5 13.6 -7.7 ▼ 6 1.4 -2 ▼ 40.7 6.8 0.8 ▼
    RBS 10* - 4,931.3 7.6 7.6 ▲ 3 0.5 +3 ▲ RBS 10 - 4,956.1 9.1 9.1 ▲ 2 0.5 +2 ▲ 13.2 2.2 2.2 ▲
    Commerzbank AG 10* 16* 4,931.3 7.6 5.4 ▲ 1 0.2 -1 ▼ Commerzbank AG 11 14* 4,931.3 9.1 5.8 ▲ 1 0.2 -1 ▼ 12.9 2.2 0.8 ▲
    Deutsche Bank AG 12 3 4,585.6 7.0 -28.9 ▼ 6 0.9 +2 ▲ Deutsche Bank AG 12 6 4,385.3 8.1 -5.0 ▼ 5 1.2 +1 ▲ 13.6 2.3 2.7 ▼
    JP Morgan 13 11 2,940.2 4.5 -1.7 ▼ 4 0.6 -1 ▼ JP Morgan 13 11 3,831.4 7.1 2.8 ▲ 4 1.0 -1 ▼ 23.4 3.9 1.1 ▲
    Credit Suisse 14 6 2,732.1 4.2 -26.1 ▼ 5 0.8 -1 ▼ Credit Suisse 14 12 2,732.1 5.0 1.5 ▲ 5 1.2 0 - 27.6 4.6 1.9 ▲
    Bank of America Merrill Lynch 15 8 1,950.0 3.0 -7.7 ▼ 2 0.3 -1 ▼ Bank of America Merrill Lynch 15 1 1,911.2 3.5 -22.2 ▼ 3 0.7 -2 ▼ 7.0 1.2 3.0 ▼
    The First Investor QSC 16 - 1,748.2 2.7 2.7 ▲ 1 0.2 +1 ▲ The First Investor QSC 16 - 1,748.2 3.2 3.2 ▲ 1 0.2 +1 ▲ 4.2 0.7 0.7 ▲
    Greenhill & Co, LLC 17* 15 1,566.3 2.4 0.0 ▲ 1 0.2 -2 ▼ Aurige Finance 17 - 1,708.0 3.2 3.2 ▲ 1 0.2 +1 ▲ 12.5 2.1 2.1 ▲
    Blackstone Group LP 17* - 1,566.3 2.4 2.4 ▲ 1 0.2 +1 ▲ Qatar National Bank 18* - 1,429.3 2.6 2.6 ▲ 1 0.2 +1 ▲ .9 0.2 0.2 ▲
    Qatar National Bank 19* - 1,429.3 2.2 2.2 ▲ 1 0.2 +1 ▲ QInvest LLC 18* - 1,429.3 2.6 2.6 ▲ 1 0.2 +1 ▲ .9 0.2 0.2 ▲
    QInvest LLC 19* - 1,429.3 2.2 2.2 ▲ 1 0.2 +1 ▲ RBC Capital Markets 20 10 1,386.9 2.6 -5.8 ▼ 2 0.5 -1 ▼ 2.6 0.4 2.0 ▼
    RBC Capital Markets 21 12 1,402.3 2.2 -3.6 ▼ 2 0.3 -2 ▼ Ernst & Young LLP 21 24 960.8 1.8 1.2 ▲ 6 1.4 +1 ▲ 2.3 0.4 0.3 ▲
    Citi 22 7 1,140.3 1.8 -28.0 ▼ 8 1.2 +4 ▲ KPMG 22 25 618.4 1.1 0.6 ▲ 2 0.5 -1 ▼ .8 0.1 0.0 -
    EFG Hermes 23 24* 1,032.5 1.6 1.0 ▲ 4 0.6 +3 ▲ EFG Hermes 23 22* 490.5 0.9 0.1 ▲ 2 0.5 +1 ▲ 6.4 1.1 0.4 ▲
    Rothschild 24 1 891.2 1.4 -37.7 ▼ 3 0.5 -6 ▼ Greenhill & Co, LLC 24* 13 441.2 0.8 -2.7 ▼ 1 0.2 -2 ▼ 2.9 0.5 0.2 ▼
    Ernst & Young LLP 25 26 428 0
    428.0 07
    0.7 03 ▲
    0.3 7 1 1 +4
    1.1 ▲ Blackstone Group LP 24* 21 441 2
    441.2 08
    0.8 -0.1
    01 ▼ 1 02
    0.2 0 - 42
    4.2 07
    0.7 06 ▲
    0.6
    Industry Total 65,146.3 100.0 642 +165 Industry Total 54,243.9 100.0 417 +66 597.2 100.0

    Industry % Change from Same Period Last Year 52.8% ▲ 34.6% ▲ Industry % Change from Same Period Last Year 85.8% ▲ 18.8% ▲ 24.9% ▲
    Industry % Change from Last Quarter 28.2% ▲ -9.6% ▼ Industry % Change from Last Quarter -49.2% ▼ -7.6% ▼ -18.6% ▼

    * tie

    Middle Eastern & N African Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010

    12% 11%
    18% 8% Telecommunications Financials Real Estate
    8%
    6% Healthcare Industrials Energy and Power
    24% 5%
    1% 1% 3% 3%
    Materials Retail Media and Entertainment

    Consumer Staples Consumer Products and Services High Technology

    Any Middle East & N African Inv Announced - Top Deals Jan 1 2010 – Sep 30 2010
    Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
    9/30/2010 Pending Zain Group (46%) Etisalat Utd Arab Em / Kuwait 11,771.8 Telecommunications / Wireless
    2/15/2010 6/8/2010 Zain Africa BV (100%) Bharti Airtel Ltd India / Nigeria 10,700.0 Telecommunications / Wireless
    3/18/2010 8/10/2010 Ratiopharm International GmbH (100%) Teva Pharm Inds Ltd Israel / Germany 4,931.3 Healthcare / Pharmaceuticals
    2/16/2010 2/16/2010 Aldar-Infra & Ppty Assets (100%) Abu Dhabi Utd Arab Em / Utd Arab Em 2,492.3 Real Estate / Non Residential
    6/16/2010 6/16/2010 UniCredit SpA (4.99%) Aabar Petroleum Invest Co PJSC Utd Arab Em / Italy 2,253.0 Financials / Banks
    5/7/2010 5/7/2010 Harrods (100%) Qatar Holding LLC Qatar / United Kingdom 2,227.1 Retail / Apparel Retailing
    1/10/2010 4/14/2010 Qatar RE Invest Co QSC (100%) Barwa Real Estate Co QSC Qatar / Qatar 1,748.2 Real Estate / Other Real Estate
    3/25/2010 7/15/2010 ONA SA (49.61%) Investor Group Morocco / Morocco 1,705.7 Financials / Other Financials
    7/7/2010 Pending Northern Ireland Electricity (100%) Electricity Supply Board Ireland-Rep / United Kingdom 1,566.3 Energy and Power / Power
    1/30/2010 4/14/2010 Qatar Navigation Co QSC (100%) Qatar Shipping Co QSC Qatar / Qatar 1,429.3 Industrials / Transportation & Infrastructure

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    First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors

    South African M&A


    Any South African Involvement Announced Jan 1 2010 – Sep 30 2010 Any South African Involvement Completed (AF61) Jan 1 2010 – Sep 30 2010

    Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
    2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
    Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
    Deutsche Bank AG 1 5 7,387.5 31.0 19.7 ▲ 6 1.9 +1 ▲ Goldman Sachs & Co 1 4 706.9 20.5 3.8 ▲ 2 1.2 -1 ▼ 7.8 7.0 1.3 ▲
    Goldman Sachs & Co 2 2 6,477.1 27.2 11.1 ▲ 6 1.9 +3 ▲ Fenchurch Advisory Partners 2 - 525.0 15.2 15.2 ▲ 2 1.2 +2 ▲ 7.6 6.8 6.8 ▲
    JP Morgan 3 1 5,097.9 21.4 -13.0 ▼ 4 1.3 -2 ▼ Citi 3* 8 388.0 11.3 8.3 ▲ 1 0.6 -1 ▼ 2.1 1.9 0.2 ▼
    Investec 4 10 3,649.3 15.3 13.0 ▲ 10 3.2 +7 ▲ Lasanoz Finance Sp zoo Spk 3* 28* 388.0 11.3 11.2 ▲ 1 0.6 0 - 2.1 1.9 1.7 ▲
    RMB Holdings Ltd 5 6 3,400.6 14.3 10.4 ▲ 9 2.8 -1 ▼ JP Morgan 5 1 383.0 11.1 -42.9 ▼ 2 1.2 -6 ▼ 4.9 4.4 16.8 ▼
    Grant Thornton LLP 6 30 2,774.7 11.6 11.5 ▲ 1 0.3 0 - Standard Bank Group Ltd 6 6 299.8 8.7 2.8 ▲ 2 1.2 -2 ▼ 4.4 4.0 0.9 ▲
    Morgan Stanley 7 - 2,730.3 11.4 11.4 ▲ 1 0.3 +1 ▲ RMB Holdings Ltd 7 12 264.9 7.7 6.0 ▲ 2 1.2 -5 ▼ 2.0 1.8 0.5 ▲
    Lazard 8 19* 1,990.7 8.3 7.7 ▲ 4 1.3 +3 ▲ Lexicon Partners 8 - 206.1 6.0 6.0 ▲ 1 0.6 +1 ▲ 1.5 1.3 1.3 ▲
    Java Capital (Proprietary) Ltd 9 33* 1,049.5 4.4 4.4 ▲ 12 3.8 +11 ▲ Nedcor Bank Ltd 9 16 165.7 4.8 3.7 ▲ 2 1.2 -3 ▼ 2.5 2.2 0.9 ▲
    Qinisele Resources (Pty) Ltd 10 32 869.0 3.6 3.6 ▲ 1 0.3 0 - Java Capital (Proprietary) Ltd 10 - 154.0 4.5 4.5 ▲ 6 3.7 +6 ▲ 3.2 2.9 2.9 ▲
    Nomura 11 - 682.6 2.9 2.9 ▲ 1 0.3 +1 ▲ RFA Consulting Pty Ltd 11 - 87.4 2.5 2.5 ▲ 1 0.6 +1 ▲ 1.8 1.6 1.6 ▲
    Standard Bank Group Ltd 12 4 653.6 2.7 -8.9 ▼ 3 0.9 -5 ▼ Azure Capital 12 - 83.1 2.4 2.4 ▲ 1 0.6 +1 ▲ .7 0.6 0.6 ▲
    Citi 13 8 620.5 2.6 0.2 ▲ 2 0.6 +1 ▲ Deutsche Bank AG 13 5 82.6 2.4 -7.4 ▼ 2 1.2 -1 ▼ 1.8 1.6 0.5 ▲
    Standard Chartered PLC 14 - 586.2 2.5 2.5 ▲ 2 0.6 +2 ▲ Deloitte & Touche 14 32* 73.6 2.1 2.1 ▲ 3 1.8 0 - .3 0.3 0.3 ▲
    Fenchurch Advisory Partners 15 - 525.0 2.2 2.2 ▲ 2 0.6 +2 ▲ Paradigm Capital Inc 15* - 58.9 1.7 1.7 ▲ 1 0.6 +1 ▲ .6 0.5 0.5 ▲
    KPMG 16 17 444.4 1.9 1.0 ▲ 5 1.6 -1 ▼ RBC Capital Markets 15* 15 58.9 1.7 0.6 ▲ 1 0.6 -2 ▼ 1.4 1.3 0.4 ▲
    PSG Capital (Pty) Ltd 17 29 411.3 1.7 1.6 ▲ 5 1.6 +4 ▲ Macquarie Group 17 9 58.0 1.7 -1.2 ▼ 1 0.6 -6 ▼ 1.0 0.9 1.7 ▼
    Lasanoz Finance Sp zoo Spk 18 27* 388.0 1.6 1.5 ▲ 1 0.3 0 - Euroz Securities Ltd 18* - 44.3 1.3 1.3 ▲ 2 1.2 +2 ▲ .8 0.8 0.8 ▲
    Brunswick Corp 19 - 353.7 1.5 1.5 ▲ 1 0.3 +1 ▲ Black Swan Equity Partners 18* - 44.3 1.3 1.3 ▲ 2 1.2 +2 ▲ .9 0.8 0.8 ▲
    UBS 20 3 331.9 1.4 -10.8 ▼ 1 0.3 -3 ▼ Leaf Capital (Pty) Ltd 20 - 43.2 1.3 1.3 ▲ 2 1.2 +2 ▲ .9 0.8 0.8 ▲
    Lexicon Partners 21 - 206.1 0.9 0.9 ▲ 1 0.3 +1 ▲ One Capital 21 - 34.8 1.0 1.0 ▲ 1 0.6 +1 ▲ .1 0.1 0.1 ▲
    Nedcor Bank Ltd 22 14 176.7 0.7 -0.8 ▼ 4 1.3 -6 ▼ PricewaterhouseCoopers 22 22 28.0 0.8 0.3 ▲ 1 0.6 -1 ▼ .1 0.1 0.1 ▲
    PricewaterhouseCoopers 23 33* 89.5 0.4 0.4 ▲ 4 1.3 +3 ▲ KPMG 23 14 22.2 0.6 -0.6 ▼ 1 0.6 -6 ▼ .0 0.0 0.2 ▼
    RFA Consulting Pty Ltd 24 - 87.4 0.4 0.4 ▲ 1 0.3 +1 ▲ Investec 24 10 17.6 0.5 -1.9 ▼ 4 2.4 +2 ▲ 1.2 1.1 0.3 ▼
    Deloitte & Touche 25 33* 73 6
    73.6 03
    0.3 03 ▲
    0.3 3 09
    0.9 0 - PSG Capital (Pty) Ltd 25 - 95
    9.5 03
    0.3 03 ▲
    0.3 1 0 6 +1
    0.6 ▲ .3
    3 03
    0.3 03 ▲
    0.3
    Industry Total 23,858.0 100.0 317 +15 Industry Total 3,449.1 100.0 164 -18 111.2 100.0

    Industry % Change from Same Period Last Year 68.3% ▲ 5.0% ▲ Industry % Change from Same Period Last Year -74.9% ▼ -9.9% ▼ -56.6% ▼
    Industry % Change from Last Quarter 227.0% ▲ -12.8% ▼ Industry % Change from Last Quarter 1.0% ▲ -36.8% ▼ -10.4% ▼

    * tie

    South African Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010

    15% 12%
    19% Materials Retail Financials
    12%
    Media and Entertainment High Technology Healthcare
    9%
    21% 8%
    Real Estate Industrials Telecommunications

    Energy and Power Consumer Staples Consumer Products and Services

    Any South African Involvement Announced - Top Deals Jan 1 2010 – Sep 30 2010
    Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
    9/27/2010 Intended Massmart Holdings Ltd (100%) Wal-Mart Stores Inc United States / South Africa 4,173.5 Retail / Food & Beverage Retailing
    2/18/2010 Pending Tsogo Sun Holdings(Pty)Ltd (100%) Gold Reef Resorts Ltd South Africa / South Africa 2,774.7 Media and Entertainment / Hotels and Lodging
    7/15/2010 Pending Dimension Data Holdings PLC (100%) Nippon Telegraph & Telephone Japan / South Africa 2,730.3 High Technology / IT Consulting & Services
    8/26/2010 Pending Momentum Group Ltd (100%) Metropolitan Holdings Ltd South Africa / South Africa 2,067.7 Financials / Asset Management
    8/10/2010 Pending ArcelorMittal SA Ops(Pty)Ltd (21%) Lexshell 771 Invest(Pty)Ltd South Africa / South Africa 1,264.8 Materials / Metals & Mining
    5/24/2010 Pending Wesizwe Platinum Ltd (51%) Investor Group China / South Africa 869.0 Materials / Metals & Mining
    8/16/2010 Pending Herron Pharmaceuticals Pty Ltd (100%) Aspen Pharmacare Holdings Ltd South Africa / Australia 807.8 Healthcare / Pharmaceuticals
    5/21/2010 Pending Sigma Pharm Ltd-Pharm Div (100%) Aspen Pharmacare Holdings Ltd South Africa / Australia 803.4 Healthcare / Pharmaceuticals
    3/24/2010 Intended Hyprop Investments Ltd (54.8%) Redefine Properties Ltd South Africa / South Africa 801.6 Real Estate / Non Residential
    8/31/2010 Pending South Africa Ppty Portfolio (100%) Bonatla Properties(Pty)Ltd South Africa / South Africa 676.6 Real Estate / Non Residential

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    First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors

    Eastern European M&A


    Any Eastern European Inv Announced (AD52) Jan 1 2010 – Sep 30 2010 Any Eastern European Involvement Completed (AF59) Jan 1 2010 – Sep 30 2010

    Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
    2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
    Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
    Morgan Stanley 1 13 17,655.3 23.4 19.7 ▲ 18 0.5 +11 ▲ JP Morgan 1 1 6,888.9 21.8 -6.7 ▼ 6 0.2 -4 ▼ 26.1 3.7 3.4 ▼
    BMO Capital Markets 2 24 11,315.8 15.0 13.8 ▲ 3 0.1 +2 ▲ Credit Suisse 2 7 6,430.7 20.4 11.8 ▲ 5 0.2 -3 ▼ 21.8 3.1 0.4 ▼
    HSBC Holdings PLC 3 23 10,346.0 13.7 12.2 ▲ 3 0.1 -4 ▼ Morgan Stanley 3 21 6,259.8 19.8 18.1 ▲ 9 0.3 +5 ▲ 23.3 3.3 1.9 ▲
    Deutsche Bank AG 4 12 7,678.2 10.2 6.0 ▲ 10 0.3 +2 ▲ Rothschild 4 9 6,075.7 19.2 12.1 ▲ 9 0.3 +2 ▲ 28.5 4.0 2.1 ▲
    Raiffeisen Zentralbank 5 22 7,519.6 10.0 8.3 ▲ 9 0.3 +4 ▲ UBS 5 16 5,588.9 17.7 13.0 ▲ 3 0.1 -3 ▼ 10.9 1.5 2.5 ▼
    Nomura 6 38 7,056.8 9.4 9.0 ▲ 5 0.1 +4 ▲ Raiffeisen Zentralbank 6 12 2,006.7 6.4 0.7 ▲ 7 0.2 +1 ▲ 14.8 2.1 0.1 ▼
    Bank of America Merrill Lynch 7 8 5,724.2 7.6 1.9 ▲ 5 0.1 +1 ▲ KIT Finance Investment Bank 7 - 1,606.7 5.1 5.1 ▲ 2 0.1 +2 ▲ 10.2 1.4 1.4 ▲
    Allied Irish Banks PLC 8 - 5,533.8 7.3 7.3 ▲ 2 0.1 +2 ▲ UniCredit Group 8 18 1,127.7 3.6 1.3 ▲ 17 0.6 +9 ▲ 21.8 3.1 1.6 ▲
    Santander 9 - 5,343.5 7.1 7.1 ▲ 1 0.0 +1 ▲ Goldman Sachs & Co 9 15 588.0 1.9 -3.6 ▼ 3 0.1 -1 ▼ 28.8 4.0 1.7 ▲
    JP Morgan 10 2 4,388.9 5.8 -8.8 ▼ 13 0.4 +1 ▲ Lazard 10 11 538.6 1.7 -4.1 ▼ 4 0.1 -1 ▼ 11.3 1.6 1.4 ▼
    Goldman Sachs & Co 11 7 3,655.3 4.8 -1.6 ▼ 10 0.3 +1 ▲ Standard Unlu 11 60* 490.3 1.6 1.6 ▲ 10 0.3 +8 ▲ 10.8 1.5 1.3 ▲
    Lazard 12 5 3,434.1 4.6 -4.1 ▼ 7 0.2 +1 ▲ SEB Enskilda 12 44 467.9 1.5 1.4 ▲ 2 0.1 -2 ▼ 5.8 0.8 0.5 ▲
    Credit Suisse 13 4 1,141.8 1.5 -7.6 ▼ 5 0.1 -6 ▼ Turkiye Is Bankasi AS 13 45 443.3 1.4 1.3 ▲ 4 0.1 -1 ▼ 6.7 0.9 0.7 ▲
    CIBC World Markets Inc 14 55 1,100.5 1.5 1.5 ▲ 2 0.1 +1 ▲ Deutsche Bank AG 14 5 400.0 1.3 -15.8 ▼ 3 0.1 -6 ▼ 9.2 1.3 2.3 ▼
    UniCredit Group 15 18 1,065.5 1.4 -1.0 ▼ 17 0.5 +8 ▲ Citi 15* 3 388.0 1.2 -18.3 ▼ 1 0.0 -2 ▼ 2.1 0.3 1.4 ▼
    ING 16 9 951.6 1.3 -3.6 ▼ 8 0.2 -1 ▼ Lasanoz Finance Sp zoo Spk 15* 46* 388.0 1.2 1.1 ▲ 1 0.0 0 - 2.1 0.3 0.2 ▲
    Turkiye Is Bankasi AS 17 52* 835.0 1.1 1.1 ▲ 4 0.1 0 - PricewaterhouseCoopers 17 37 359.1 1.1 0.7 ▲ 9 0.3 +2 ▲ 1.2 0.2 0.1 ▲
    BNP Paribas SA 18 10 717.9 1.0 -3.4 ▼ 7 0.2 +3 ▲ ING 18 23 291.7 0.9 -0.6 ▼ 7 0.2 +4 ▲ 5.5 0.8 0.1 ▲
    Houlihan Lokey 19 66* 675.0 0.9 0.9 ▲ 4 0.1 +1 ▲ Nomura 19 32 279.1 0.9 0.2 ▲ 1 0.0 -1 ▼ 4.0 0.6 0.1 ▲
    Rothschild 20 19 462.9 0.6 -1.5 ▼ 8 0.2 -1 ▼ Gazprombank 20 4 275.5 0.9 -17.5 ▼ 5 0.2 -1 ▼ 4.9 0.7 2.6 ▼
    DC Advisory Partners 21 44 435.2 0.6 0.5 ▲ 3 0.1 +2 ▲ CAG 21 46* 242.7 0.8 0.7 ▲ 2 0.1 -1 ▼ 4.2 0.6 0.4 ▲
    Citi 22* 3 388.0 0.5 -11.8 ▼ 2 0.1 -5 ▼ Houlihan Lokey 22 - 215.1 0.7 0.7 ▲ 4 0.1 +4 ▲ 5.0 0.7 0.7 ▲
    Lasanoz Finance Sp zoo Spk 22* 49* 388.0 0.5 0.5 ▲ 1 0.0 0 - DC Advisory Partners 23 42 202.0 0.6 0.5 ▲ 2 0.1 +1 ▲ .3 0.0 0.1 `
    Gazprombank 24 1 275.5 0.4 -15.2 ▼ 4 0.1 -4 ▼ VTB Capital 24 - 200.0 0.6 0.6 ▲ 2 0.1 +2 ▲ 22.3 3.1 3.1 ▲
    Standard Unlu 25 66* 247 3
    247.3 03
    0.3 03 ▲
    0.3 8 0 2 +7
    0.2 ▲ Bank of America Merrill Lynch 25 2 190 4
    190.4 06
    0.6 -24.0
    24 0 ▼ 2 01
    0.1 -4
    4 ▼ 11 6
    11.6 16
    1.6 20 ▼
    2.0
    Industry Total 75,467.0 100.0 3,468 +229 Industry Total 31,595.0 100.0 2,935 +227 713.3 100.0

    Industry % Change from Same Period Last Year 95.7% ▲ 7.1% ▲ Industry % Change from Same Period Last Year -9.4% ▼ 8.4% ▲ -1.9% ▼
    Industry % Change from Last Quarter -0.7% ▼ -17.1% ▼ Industry % Change from Last Quarter -23.4% ▼ -13.2% ▼ -42.8% ▼

    * tie

    Eastern Europe Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010

    21% 20%
    Energy and Power Telecommunications Materials

    14%
    31% Financials Industrials Consumer Staples
    4% 4%
    2%
    Media and Entertainment Real Estate Consumer Products and Services

    Retail High Technology Healthcare

    Any Eastern European Inv Announced (AD52) - Top Deals Jan 1 2010 – Sep 30 2010
    Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
    6/30/2010 Pending Polyus Zoloto (100%) KazakhGold Group Ltd Kazakhstan / Russian Fed 10,261.1 Materials / Metals & Mining
    7/30/2010 Intended NK LUKOIL (11.6%) NK LUKOIL Russian Fed / Russian Fed 5,525.3 Energy and Power / Oil & Gas
    9/10/2010 Intended Bank Zachodni WBK SA (100%) Banco Santander SA Spain / Poland 5,343.5 Financials / Banks
    7/28/2010 8/16/2010 NK LUKOIL (7.6%) NK LUKOIL Russian Fed / Russian Fed 3,442.2 Energy and Power / Oil & Gas
    8/9/2010 Pending Bogazici Elektrik Dagitim AS (100%) Investor Group Turkey / Turkey 2,990.0 Energy and Power / Power
    9/15/2010 Pending Energa SA (84.2%) PGE Polska Grupa Energetyczna Poland / Poland 2,578.5 Energy and Power / Power
    5/13/2010 Pending TsentrTelekom (100%) Rostelekom Russian Fed / Russian Fed 2,392.1 Telecommunications / Telecommunications Services
    5/12/2010 Pending Uralsvyaz'inform (100%) Rostelekom Russian Fed / Russian Fed 2,037.3 Telecommunications / Telecommunications Services
    8/9/2010 Pending Gediz Elektrik Dagitim AS (100%) Investor Group Turkey / Turkey 1,920.0 Energy and Power / Other Energy & Power
    5/13/2010 Pending Sibir'telekom (100%) Rostelekom Russian Fed / Russian Fed 1,750.6 Telecommunications / Telecommunications Services

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    First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors

    Russian M&A
    Any Russian Involvement Announced (AD58) Jan 1 2010 – Sep 30 2010 Any Russian Involvement Completed (AF65) Jan 1 2010 – Sep 30 2010

    Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
    2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
    Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
    Morgan Stanley 1 11,619.1 23.6 23.3 ▲ 14 0.6 +11 ▲ JP Morgan 1 1 6,488.9 31.9 -8.6 ▼ 3 0.1 -3 ▼ 16.9 5.2 5.2 ▼
    BMO Capital Markets 2 2 11,315.8 22.9 21.1 ▲ 3 0.1 +2 ▲ Credit Suisse 2 7 6,333.9 31.2 18.4 ▲ 3 0.1 -5 ▼ 18.6 5.7 0.5 ▼
    HSBC Holdings PLC 3 1 10,261.1 20.8 19.9 ▲ 1 0.0 0 - Morgan Stanley 3 20* 6,069.4 29.9 29.6 ▲ 6 0.3 +4 ▲ 15.5 4.8 4.0 ▲
    JP Morgan 4 18 3,717.5 7.5 -10.3 ▼ 8 0.3 +4 ▲ Rothschild 4 17 6,039.3 29.7 28.6 ▲ 6 0.3 +5 ▲ 23.7 7.3 6.2 ▲
    Goldman Sachs & Co 5 9 3,598.6 7.3 -1.4 ▼ 8 0.3 +2 ▲ UBS 5 9 5,588.9 27.5 20.5 ▲ 1 0.0 -3 ▼ 6.9 2.1 1.6 ▼
    Lazard 6 4 3,434.1 7.0 3.4 ▲ 6 0.3 +4 ▲ KIT Finance Investment Bank 6 - 1,606.7 7.9 7.9 ▲ 2 0.1 +2 ▲ 10.2 3.1 3.1 ▲
    Deutsche Bank AG 7 6 1,744.4 3.5 -2.9 ▼ 6 0.3 -1 ▼ Goldman Sachs & Co 7 8 588.0 2.9 -4.7 ▼ 3 0.1 0 - 28.8 8.9 5.0 ▲
    Raiffeisen Zentralbank 8 - 1,537.6 3.1 3.1 ▲ 2 0.1 +2 ▲ Citi 8* 2 388.0 1.9 -27.1 ▼ 1 0.0 -2 ▼ 2.1 0.6 2.4 ▼
    CIBC World Markets Inc 9 1,100.5 2.2 2.2 ▲ 2 0.1 +1 ▲ Lasanoz Finance Sp zoo Spk 8* - 388.0 1.9 1.9 ▲ 1 0.0 +1 ▲ 2.1 0.6 0.6 ▲
    Credit Suisse 10 10 1,045.0 2.1 -7.9 ▼ 3 0.1 -6 ▼ Gazprombank 10 3 275.5 1.4 -25.9 ▼ 5 0.2 -1 ▼ 4.9 1.5 4.4 ▼
    ING 11 837.6 1.7 1.7 ▲ 2 0.1 +1 ▲ Lazard 11* 11 219.5 1.1 -2.7 ▼ 2 0.1 -1 ▼ 3.5 1.1 2.0 ▼
    Rothschild 12 450.4 0.9 0.9 ▲ 4 0.2 +3 ▲ Raiffeisen Zentralbank 11* - 219.5 1.1 1.1 ▲ 1 0.0 +1 ▲ 1.5 0.5 0.5 ▲
    Citi 13* 11 388.0 0.8 -10.6 ▼ 2 0.1 -2 ▼ VTB Capital 13 - 200.0 1.0 1.0 ▲ 2 0.1 +2 ▲ 22.3 6.8 6.8 ▲
    Lasanoz Finance Sp zoo Spk 13* - 388.0 0.8 0.8 ▲ 1 0.0 +1 ▲ Troika Dialog 14* 31* 82.4 0.4 0.4 ▲ 2 0.1 0 - .7 0.2 0.5 ▼
    Gazprombank 15 24 275.5 0.6 -23.4 ▼ 4 0.2 -4 ▼ Standard Unlu 14* - 82.4 0.4 0.4 ▲ 1 0.0 +1 ▲ .7 0.2 0.2 ▲
    VTB Capital 16 - 200.0 0.4 0.4 ▲ 2 0.1 +2 ▲ RBC Capital Markets 16* - 78.1 0.4 0.4 ▲ 2 0.1 +2 ▲ 1.8 0.6 0.6 ▲
    Haywood Securities Ltd. 17 - 108.5 0.2 0.2 ▲ 1 0.0 +1 ▲ Pareto Securities 16* - 78.1 0.4 0.4 ▲ 2 0.1 +2 ▲ .8 0.2 0.2 ▲
    Troika Dialog 18* 1 82.4 0.2 -0.6 ▼ 2 0.1 -1 ▼ UniCredit Group 18 - 40.0 0.2 0.2 ▲ 2 0.1 +2 ▲ 1.2 0.4 0.4 ▲
    Standard Unlu 18* - 82.4 0.2 0.2 ▲ 1 0.0 +1 ▲ ING 19 - 11.1 0.1 0.1 ▲ 1 0.0 +1 ▲ .7 0.2 0.2 ▲
    RBC Capital Markets 20* - 78.1 0.2 0.2 ▲ 2 0.1 +2 ▲
    Pareto Securities 20* - 78.1 0.2 0.2 ▲ 2 0.1 +2 ▲
    UniCredit Group 22 - 40.0 0.1 0.1 ▲ 2 0.1 +2 ▲

    Industry Total 49,324.5 100.0 2,350 +19 Industry Total 20,313.5 100.0 2,098 +94 325.3 100.0

    Industry % Change from Same Period Last Year 97.2% ▲ 0.8% ▲ Industry % Change from Same Period Last Year -13.5% ▼ 4.7% ▲ -20.1% ▼
    Industry % Change from Last Quarter -43.7% ▼ -9.6% ▼ Industry % Change from Last Quarter 0.6% ▲ -6.7% ▼ -27.4% ▼

    * tie

    Russian Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010

    27%
    25% Telecommunications Materials Energy and Power

    30% 7% Financials Industrials Consumer Staples


    1% 4% 5%

    Consumer Products and Services High Technology Media and Entertainment

    Retail Real Estate Healthcare

    Any Russian Involvement Announced (AD58) - Top Deals Jan 1 2010 – Sep 30 2010
    Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
    6/30/2010 Pending Polyus Zoloto (100%) KazakhGold Group Ltd Kazakhstan / Russian Fed 10,261.1 Materials / Metals & Mining
    7/30/2010 Intended NK LUKOIL (11.6%) NK LUKOIL Russian Fed / Russian Fed 5,525.3 Energy and Power / Oil & Gas
    7/28/2010 8/16/2010 NK LUKOIL (7.6%) NK LUKOIL Russian Fed / Russian Fed 3,442.2 Energy and Power / Oil & Gas
    5/13/2010 Pending TsentrTelekom (100%) Rostelekom Russian Fed / Russian Fed 2,392.1 Telecommunications / Telecommunications Services
    5/12/2010 Pending Uralsvyaz'inform (100%) Rostelekom Russian Fed / Russian Fed 2,037.3 Telecommunications / Telecommunications Services
    5/13/2010 Pending Sibir'telekom (100%) Rostelekom Russian Fed / Russian Fed 1,750.6 Telecommunications / Telecommunications Services
    5/12/2010 Pending VolgaTelekom (100%) Rostelekom Russian Fed / Russian Fed 1,479.6 Telecommunications / Telecommunications Services
    5/12/2010 Pending SZT (100%) Rostelekom Russian Fed / Russian Fed 1,433.2 Telecommunications / Telecommunications Services
    7/20/2010 Pending AKB Rosbank (32.7%) Societe Generale SA France / Russian Fed 1,337.1 Financials / Banks
    6/18/2010 Pending OAO Unimilk Co-Fresh Dairy (100%) Groupe Danone SA-Fresh Dairy Russian Fed / Russian Fed 1,318.1 Consumer Staples / Food and Beverage

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    First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors

    Asia Pacific M&A


    † †
    Any Asia Pacific Emerging Market Inv Announced Jan 1 2010 – Sep 30 2010 Any Asia Pacific Emerging Market Involvement Completed Jan 1 2010 – Sep 30 2010

    Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
    2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
    Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
    UBS 1 9 28,910.6 12.4 6.9 ▲ 27 0.5 +5 ▲ Morgan Stanley 1 2 31,242.5 21.8 9.5 ▲ 28 0.8 +10 ▲ 83.2 4.4 0.0 -
    Standard Chartered PLC 2 20 26,486.3 11.3 8.9 ▲ 13 0.2 +3 ▲ UBS 2 4 28,737.8 20.0 10.8 ▲ 26 0.7 +5 ▲ 92.0 4.9 2.5 ▲
    JP Morgan 3 19 24,816.6 10.6 8.1 ▲ 18 0.3 +9 ▲ Deutsche Bank AG 3 9 19,124.0 13.3 7.3 ▲ 21 0.5 -1 ▼ 69.5 3.7 0.4 ▲
    Morgan Stanley 4 3 24,582.1 10.5 2.8 ▲ 22 0.4 -8 ▼ Barclays Capital 4 96 18,964.1 13.2 13.1 ▲ 12 0.5 +11 ▲ 43.9 2.3 2.2 ▲
    Bank of America Merrill Lynch 5 12 21,587.5 9.2 4.6 ▲ 16 0.3 -1 ▼ Standard Chartered PLC 5 20 16,813.0 11.7 8.9 ▲ 9 0.4 +2 ▲ 32.3 1.7 0.8 ▲
    Deutsche Bank AG 6 11 18,922.8 8.1 3.5 ▲ 20 0.4 -9 ▼ Bank of America Merrill Lynch 6 12 15,935.6 11.1 5.7 ▲ 17 0.4 +3 ▲ 65.3 3.5 0.8 ▲
    China International Capital Co 7 4 17,973.2 7.7 0.2 ▲ 21 0.4 +13 ▲ Lazard 7 17 15,480.7 10.8 7.0 ▲ 6 0.4 +2 ▲ 65.7 3.5 2.8 ▲
    Credit Suisse 8 2 17,400.0 7.4 -0.9 ▼ 39 0.7 +23 ▲ China International Capital Co 8 19 15,095.3 10.5 7.3 ▲ 11 0.4 +2 ▲ 10.8 0.6 0.2 ▲
    Barclays Capital 9 27 16,685.1 7.1 5.5 ▲ 10 0.2 +8 ▲ BNP Paribas SA 9 8 12,325.2 8.6 2.3 ▲ 11 0.3 0 - 24.5 1.3 0.4 ▼
    Goldman Sachs & Co 10 8 15,533.5 6.6 1.1 ▲ 23 0.4 +8 ▲ HSBC Holdings PLC 10 7 12,032.5 8.4 1.5 ▲ 8 0.3 -4 ▼ 14.3 0.8 0.9 ▼
    BNP Paribas SA 11 15 14,965.8 6.4 2.5 ▲ 15 0.3 +6 ▲ Credit Suisse 11 1 11,057.7 7.7 -11.8 ▼ 23 0.3 +8 ▲ 54.8 2.9 2.4 ▼
    HSBC Holdings PLC 12 13 14,216.4 6.1 1.9 ▲ 11 0.2 -1 ▼ Global Investment House (KSCC) 12 - 10,700.0 7.5 7.5 ▲ 1 0.3 +1 ▲ 5.9 0.3 0.3 ▲
    Rothschild 13 45 13,763.9 5.9 5.3 ▲ 20 0.4 +8 ▲ Nomura 13 11 9,472.4 6.6 1.2 ▲ 13 0.2 +4 ▲ 36.2 1.9 0.4 ▼
    CIMB Group Sdn Bhd 14 50 11,761.0 5.0 4.5 ▲ 31 0.6 +8 ▲ Macquarie Group 14 29 9,404.2 6.6 5.1 ▲ 5 0.2 -5 ▼ 21.5 1.1 0.2 ▲
    Global Investment House (KSCC) 15 - 10,700.0 4.6 4.6 ▲ 1 0.0 +1 ▲ Greenhill & Co, LLC 15 30* 9,018.7 6.3 4.9 ▲ 2 0.2 +1 ▲ 17.6 0.9 0.7 ▲
    Lazard 16 40 10,692.9 4.6 3.8 ▲ 8 0.1 +4 ▲ Citi 16 15 7,913.0 5.5 0.6 ▲ 17 0.2 +3 ▲ 44.4 2.3 0.5 ▲
    Enam Securities 17 77 9,946.2 4.3 4.1 ▲ 14 0.3 +7 ▲ CIMB Group Sdn Bhd 17 40 7,759.6 5.4 4.7 ▲ 22 0.2 +8 ▲ 32.2 1.7 1.4 ▲
    Macquarie Group 18 43 9,177.9 3.9 3.2 ▲ 8 0.1 -3 ▼ Goldman Sachs & Co 18 5 7,490.7 5.2 -3.9 ▼ 16 0.2 +2 ▲ 47.0 2.5 0.0 -
    Greenhill & Co, LLC 19 36* 8,577.5 3.7 2.7 ▲ 1 0.0 0 - JP Morgan 19 6 6,079.1 4.2 -4.6 ▼ 15 0.2 +6 ▲ 49.6 2.6 0.4 ▼
    Nomura 20 7 8,195.8 3.5 -2.6 ▼ 10 0.2 -2 ▼ Rothschild 20 10 3,807.8 2.7 -3.2 ▼ 9 0.1 -9 ▼ 23.2 1.2 1.6 ▼
    Citi 21 10 6,201.1 2.7 -2.1 ▼ 15 0.3 +3 ▲ CITIC 21 32 3,734.4 2.6 1.5 ▲ 4 0.1 +2 ▲ 5.3 0.3 0.1 ▼
    Jefferies & Co Inc 22 73 5,555.7 2.4 2.1 ▲ 7 0.1 +5 ▲ RBS 22 27 3,502.2 2.4 0.7 ▲ 4 0.1 +1 ▲ 10.9 0.6 0.1 ▲
    RHB 23 102 5,311.3 2.3 2.2 ▲ 13 0.2 +7 ▲ RHB 23 81 3,412.7 2.4 2.3 ▲ 11 0.1 +1 ▲ 9.1 0.5 0.3 ▲
    RBS 24 35 5,015.7 2.1 1.1 ▲ 5 0.1 +3 ▲ Singhi Advisors Ltd 24 118 2,842.2 2.0 2.0 ▲ 4 0.1 -1 ▼ 13.5 0.7 0.6 ▲
    Anglo Chinese Corp Finance 25 193* 3 515 9
    3,515.9 15
    1.5 15 ▲
    1.5 9 0 2 +8
    0.2 ▲ Haitong Securities 25 79 2 813 7
    2,813.7 20
    2.0 19 ▲
    1.9 4 0 1 +3
    0.1 ▲ .8
    8 00
    0.0 00 -
    0.0
    Industry Total 234,043.7 100.0 5,339 +777 Industry Total 143,438.4 100.0 2,798 +198 1,894.9 100.0

    Industry % Change from Same Period Last Year 64.0% ▲ 17.0% ▲ Industry % Change from Same Period Last Year 49.5% ▲ 7.6% ▲ 52.3% ▲
    Industry % Change from Last Quarter -11.8% ▼ -5.5% ▼ Industry % Change from Last Quarter -4.2% ▼ -21.2% ▼ 7.0% ▲

    * tie

    Asia Pacific Emerging Market Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010

    18%
    21% 7% Materials Energy and Power Financials
    7%
    7% Industrials Real Estate Telecommunications
    24% 4%
    1% 2% 2% 3% 4% ` Healthcare Consumer Staples Media and Entertainment

    High Technology Consumer Products and Services Retail

    Any Asia Pacific Emerging Market Inv Announced† - Top Deals Jan 1 2010 – Sep 30 2010
    Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
    2/15/2010 6/8/2010 Zain Africa BV (100%) Bharti Airtel Ltd India / Nigeria 10,700.0 Telecommunications / Wireless
    4/1/2010 8/30/2010 Lihir Gold Ltd (100%) Newcrest Mining Ltd Australia / Papua N Guinea 8,577.5 Materials / Metals & Mining
    8/16/2010 Pending Cairn India Ltd (40%) Vedanta Resources PLC United Kingdom / India 6,595.9 Energy and Power / Oil & Gas
    3/5/2010 Pending Shanghai Pudong Dvlp Bk (20%) China Mobile Grp Guangdong Co China / China 5,830.6 Financials / Banks
    3/19/2010 5/12/2010 Republic of Venezuela-Carabobo (40%) Investor Group India / Venezuela 4,848.0 Energy and Power / Oil & Gas
    4/12/2010 6/25/2010 Syncrude Canada Ltd (9.03%) Sinopec Intl China / Canada 4,650.0 Energy and Power / Oil & Gas
    9/1/2010 Pending Shenzhen Dvlp Bank Co Ltd (24.2%) Ping An Ins(Grp)Co of China China / China 4,312.7 Financials / Banks
    5/21/2010 9/8/2010 Piramal Healthcare Ltd- (100%) Abbott Laboratories United States / India 3,712.9 Healthcare / Pharmaceuticals
    3/14/2010 Pending Bridas Corp (50%) CNOOC Ltd China / Argentina 3,100.0 Energy and Power / Oil & Gas
    5/21/2010 Pending Peregrino Project,Campos Basin (40%) Sinochem Group China / Brazil 3,070.0 Energy and Power / Oil & Gas

    † Asia Pacific Emerging Market totals include countries in North Asia


    Asia, South Asia
    Asia, Southeast Asia
    Asia, and Australasia (excluding Australia
    Australia, Hong Kong
    Kong, Myanmar
    Myanmar, New Zealand
    Zealand, Singapore
    Singapore, South Korea
    Korea, Taiwan
    Taiwan, and Western Samoa)
    Samoa).

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    First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors

    Indian M&A
    Any Indian Involvement Announced (AD60) Jan 1 2010 – Sep 30 2010 Any Indian Involvement Completed (AF67) Jan 1 2010 – Sep 30 2010

    Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
    2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
    Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
    Standard Chartered PLC 1 46* 22,455.8 35.9 35.9 ▲ 8 0.8 +4 ▲ UBS 1 12 17,125.0 39.2 34.3 ▲ 10 1.5 +3 ▲ 44.0 7.1 5.3 ▲
    UBS 2 9 17,057.1 27.3 22.0 ▲ 10 1.0 +3 ▲ Barclays Capital 2 27 15,717.7 36.0 35.7 ▲ 7 1.0 +6 ▲ 30.1 4.8 4.5 ▲
    Barclays Capital 3 - 15,980.3 25.6 25.6 ▲ 7 0.7 +7 ▲ Morgan Stanley 3 1 15,058.3 34.5 5.2 ▲ 7 1.0 +3 ▲ 35.4 5.7 0.8 ▼
    Morgan Stanley 4 5 14,965.3 24.0 11.0 ▲ 9 0.9 +7 ▲ Standard Chartered PLC 4 45* 12,969.2 29.7 29.7 ▲ 5 0.7 +3 ▲ 16.2 2.6 2.4 ▲
    JP Morgan 5 - 13,448.8 21.5 21.5 ▲ 7 0.7 +7 ▲ HSBC Holdings PLC 5 18 11,893.3 27.2 26.3 ▲ 4 0.6 +3 ▲ 12.4 2.0 1.4 ▲
    HSBC Holdings PLC 6 21 12,279.0 19.7 18.7 ▲ 6 0.6 +5 ▲ BNP Paribas SA 6 - 11,091.6 25.4 25.4 ▲ 3 0.4 +3 ▲ 15.4 2.5 2.5 ▲
    Rothschild 7 49* 11,619.2 18.6 18.6 ▲ 9 0.9 +7 ▲ Global Investment House (KSCC) 7 - 10,700.0 24.5 24.5 ▲ 1 0.1 +1 ▲ 5.9 1.0 1.0 ▲
    BNP Paribas SA 8 - 11,091.6 17.8 17.8 ▲ 3 0.3 +3 ▲ Deutsche Bank AG 8 28 4,848.0 11.1 10.8 ▲ 1 0.1 0 - 19.1 3.1 2.8 ▲
    Global Investment House (KSCC) 9 - 10,700.0 17.1 17.1 ▲ 1 0.1 +1 ▲ Citi 9 2 4,059.0 9.3 -15.1 ▼ 7 1.0 -4 ▼ 23.1 3.7 2.1 ▼
    Bank of America Merrill Lynch 10 6 10,631.6 17.0 4.9 ▲ 3 0.3 -1 ▼ Bank of America Merrill Lynch 10 7 3,020.8 6.9 -6.2 ▼ 5 0.7 0 - 11.5 1.9 2.5 ▼
    Enam Securities 11 15 9,946.2 15.9 13.9 ▲ 14 1.3 +7 ▲ Singhi Advisors Ltd 11 36 2,842.2 6.5 6.4 ▲ 4 0.6 -1 ▼ 13.5 2.2 2.0 ▲
    Deutsche Bank AG 12 26 6,531.5 10.5 10.1 ▲ 2 0.2 0 - Nomura 12 9 2,805.0 6.4 -1.3 ▼ 4 0.6 +2 ▲ 11.6 1.9 0.1 ▼
    Citi 13 1 3,949.0 6.3 -19.1 ▼ 6 0.6 0 - Jefferies & Co Inc 13 - 2,453.4 5.6 5.6 ▲ 5 0.7 +5 ▲ 10.8 1.7 1.7 ▲
    Singhi Advisors Ltd 14 40 2,882.2 4.6 4.5 ▲ 5 0.5 +1 ▲ JP Morgan 14 4 2,065.4 4.7 -11.9 ▼ 3 0.4 +1 ▲ 13.2 2.1 0.3 ▲
    Goldman Sachs & Co 15 11* 2,801.3 4.5 0.6 ▲ 7 0.7 +4 ▲ Rothschild 15 47* 2,063.0 4.7 4.7 ▲ 4 0.6 +1 ▲ 7.5 1.2 0.0 -
    Nomura 16 7 2,788.9 4.5 -4.3 ▼ 3 0.3 +2 ▲ Goldman Sachs & Co 16 10 1,879.1 4.3 -2.0 ▼ 6 0.9 +1 ▲ 18.5 3.0 0.1 ▲
    Jefferies & Co Inc 17 29* 2,407.9 3.9 3.6 ▲ 4 0.4 +3 ▲ Enam Securities 17 17 1,752.7 4.0 2.4 ▲ 10 1.5 +5 ▲ 7.3 1.2 0.3 ▲
    Lazard 18 17 2,115.4 3.4 2.1 ▲ 6 0.6 +4 ▲ Ernst & Young LLP 18 8 1,530.8 3.5 -8.2 ▼ 16 2.4 -2 ▼ 1.3 0.2 0.2 ▼
    KPMG 19 25 1,851.7 3.0 2.6 ▲ 6 0.6 +1 ▲ Religare Enterprises Ltd 19 - 1,018.3 2.3 2.3 ▲ 4 0.6 +4 ▲ 8.7 1.4 1.4 ▲
    RMB Holdings Ltd 20 - 1,337.9 2.1 2.1 ▲ 3 0.3 +3 ▲ RBS 20 - 685.3 1.6 1.6 ▲ 1 0.1 +1 ▲ 3.2 0.5 0.5 ▲
    Religare Enterprises Ltd 21 16 1,112.3 1.8 0.4 ▲ 8 0.8 +6 ▲ Motilal Oswal Financial Svcs 21 - 571.4 1.3 1.3 ▲ 2 0.3 +2 ▲ 4.5 0.7 0.7 ▲
    JM Financial Group 22 2 959.5 1.5 -18.8 ▼ 4 0.4 -1 ▼ Credit Suisse 22 - 519.8 1.2 1.2 ▲ 4 0.6 +4 ▲ 4.3 0.7 0.7 ▲
    Kotak Mahindra Bank Ltd 23 3 940.3 1.5 -16.5 ▼ 17 1.6 +6 ▲ Kotak Mahindra Bank Ltd 23 6 461.1 1.1 -14.0 ▼ 9 1.3 -2 ▼ 4.2 0.7 2.5 ▼
    Credit Agricole CIB 24 - 696.6 1.1 1.1 ▲ 2 0.2 +2 ▲ Greenhill & Co, LLC 24* - 441.2 1.0 1.0 ▲ 1 0.1 +1 ▲ 2.9 0.5 0.5 ▲
    RBS 25 - 685 3
    685.3 11
    1.1 11 ▲
    1.1 1 0 1 +1
    0.1 ▲ Blackstone Group LP 24* - 441 2
    441.2 10
    1.0 10 ▲
    1.0 1 0 1 +1
    0.1 ▲ 42
    4.2 07
    0.7 07 ▲
    0.7
    Industry Total 62,483.6 100.0 1,043 +87 Industry Total 43,701.0 100.0 673 +22 623.4 100.0

    Industry % Change from Same Period Last Year 316.7% ▲ 9.1% ▲ Industry % Change from Same Period Last Year 154.3% ▲ 3.4% ▲ 101.7% ▲
    Industry % Change from Last Quarter 5.9% ▲ 13.6% ▲ Industry % Change from Last Quarter -32.3% ▼ -9.4% ▼ -8.6% ▼

    * tie

    Indian Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010

    24%
    13% Energy and Power Telecommunications Materials

    9%
    Healthcare Financials High Technology
    36%
    7%
    2% 3%
    Industrials Real Estate Consumer Staples

    Media and Entertainment Consumer Products and Services Retail

    Any Indian Involvement Announced (AD60) - Top Deals Jan 1 2010 – Sep 30 2010
    Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
    2/15/2010 6/8/2010 Zain Africa BV (100%) Bharti Airtel Ltd India / Nigeria 10,700.0 Telecommunications / Wireless
    8/16/2010 Pending Cairn India Ltd (40%) Vedanta Resources PLC United Kingdom / India 6,595.9 Energy and Power / Oil & Gas
    3/19/2010 5/12/2010 Republic of Venezuela-Carabobo (40%) Investor Group India / Venezuela 4,848.0 Energy and Power / Oil & Gas
    5/21/2010 9/8/2010 Piramal Healthcare Ltd- (100%) Abbott Laboratories United States / India 3,712.9 Healthcare / Pharmaceuticals
    8/16/2010 Intended Cairn India Ltd (20%) Sesa Goa Ltd India / India 2,890.8 Energy and Power / Oil & Gas
    8/3/2010 8/3/2010 Linc Energy-Galilee Basin Coal (100%) Adani Mining Pty Ltd Australia / Australia 2,739.9 Materials / Metals & Mining
    1/14/2010 7/19/2010 Aircel Ltd-Mobile Towers (100%) CNIL India / India 1,703.7 Telecommunications / Telecommunications Services
    4/9/2010 4/21/2010 Atlas Energy Inc-Marcellus (40%) Reliance Industries Ltd India / United States 1,700.0 Energy and Power / Oil & Gas
    5/21/2010 Pending KBL European Private Bankers (100%) Hinduja Group India / Luxembourg 1,683.5 Financials / Banks
    7/5/2010 Pending Reliance Natural Resources Ltd (100%) Reliance Power Ltd India / India 1,522.4 Energy and Power / Oil & Gas

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    First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors

    Chinese M&A
    Any Chinese Involvement Announced (AD56) Jan 1 2010 – Sep 30 2010 Any Chinese Involvement Completed (AF63) Jan 1 2010 – Sep 30 2010

    Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
    2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
    Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
    China International Capital Co 1 3 17,973.2 14.6 4.6 ▲ 21 0.8 +13 ▲ China International Capital Co 1 10 15,095.3 27.2 21.0 ▲ 11 1.2 +2 ▲ 10.8 1.8 0.7 ▲
    Credit Suisse 2 2 12,304.4 10.0 -0.2 ▼ 22 0.8 +12 ▲ Morgan Stanley 2 9 10,932.9 19.7 13.4 ▲ 14 1.5 +6 ▲ 40.1 6.6 2.2 ▲
    Goldman Sachs & Co 3 7 8,309.3 6.8 0.3 ▲ 10 0.4 0 - Deutsche Bank AG 3 5 8,220.1 14.8 5.3 ▲ 11 1.2 -2 ▼ 25.5 4.2 1.5 ▼
    JP Morgan 4 18 8,167.6 6.6 3.9 ▲ 5 0.2 -2 ▼ Credit Suisse 4 1 7,267.1 13.1 -7.9 ▼ 10 1.1 +4 ▲ 23.8 3.9 4.3 ▼
    UBS 5 8 6,363.7 5.2 -0.6 ▼ 8 0.3 -1 ▼ Goldman Sachs & Co 5 11 4,207.6 7.6 3.3 ▲ 7 0.7 +2 ▲ 16.9 2.8 1.5 ▲
    Deutsche Bank AG 6 10 6,215.0 5.1 -0.2 ▼ 10 0.4 -6 ▼ Nomura 6 14 3,927.5 7.1 3.8 ▲ 6 0.6 +3 ▲ 10.6 1.7 0.6 ▼
    Morgan Stanley 7 6 3,758.0 3.1 -4.9 ▼ 4 0.2 -19 ▼ Citi 7 - 3,854.0 6.9 6.9 ▲ 8 0.9 +8 ▲ 20.1 3.3 3.3 ▲
    Anglo Chinese Corp Finance 8 121* 3,515.9 2.9 2.9 ▲ 9 0.3 +8 ▲ CITIC 8 19 3,734.4 6.7 4.7 ▲ 4 0.4 +2 ▲ 5.3 0.9 0.2 ▼
    BNP Paribas SA 9 11 3,395.2 2.8 -2.2 ▼ 9 0.3 +3 ▲ Haitong Securities 9 51 2,813.7 5.1 4.9 ▲ 4 0.4 +3 ▲ .8 0.1 0.1 ▲
    Jefferies & Co Inc 10 56 3,097.8 2.5 2.2 ▲ 2 0.1 +1 ▲ Guotai Junan Securities 10 60 2,658.4 4.8 4.7 ▲ 4 0.4 0 - .4 0.1 0.0 -
    Nomura 11 12 2,967.1 2.4 -2.5 ▼ 6 0.2 -1 ▼ Somerley Ltd 11 16 2,592.0 4.7 1.9 ▲ 10 1.1 -1 ▼ 8.0 1.3 1.1 ▲
    Huatai United Securities Co 12 48 2,519.7 2.1 1.7 ▲ 11 0.4 +9 ▲ Bank of America Merrill Lynch 12 15 2,567.8 4.6 1.8 ▲ 6 0.6 +4 ▲ 21.1 3.4 2.8 ▲
    Citi 13 19 2,252.1 1.8 -0.6 ▼ 8 0.3 +4 ▲ Barclays Capital 13 - 2,469.7 4.5 4.5 ▲ 2 0.2 +2 ▲ 12.3 2.0 2.0 ▲
    Southwestern Securities Co 14 42 2,148.2 1.8 1.2 ▲ 4 0.2 -4 ▼ JP Morgan 14 23* 2,454.6 4.4 2.8 ▲ 5 0.5 +3 ▲ 18.1 3.0 2.2 ▲
    GF Securities 15 1 2,073.6 1.7 -9.7 ▼ 10 0.4 +1 ▲ Orient Securities Co Ltd 15 - 2,105.0 3.8 3.8 ▲ 8 0.9 +8 ▲ 1.4 0.2 0.2 ▲
    Everbright Securities Co 16 37 1,765.9 1.4 0.6 ▲ 7 0.3 +3 ▲ UBS 16 8 2,068.1 3.7 -2.8 ▼ 5 0.5 -3 ▼ 7.5 1.2 1.1 ▼
    Santander 17* - 1,701.6 1.4 1.4 ▲ 7 0.3 +7 ▲ Hongyuan Securities Co Ltd 17 - 2,038.1 3.7 3.7 ▲ 1 0.1 +1 ▲ .4 0.1 0.1 ▲
    Banco Standard De Investimento 17* - 1,701.6 1.4 1.4 ▲ 7 0.3 +7 ▲ TD Securities Inc 18 - 1,737.1 3.1 3.1 ▲ 1 0.1 +1 ▲ 9.6 1.6 1.6 ▲
    Somerley Ltd 19 24 1,506.6 1.2 -0.7 ▼ 12 0.5 -14 ▼ Rothschild 19 28 1,500.0 2.7 1.5 ▲ 3 0.3 -7 ▼ 12.9 2.1 1.0 ▼
    Rothschild 20 45 1,500.0 1.2 0.8 ▲ 4 0.2 -4 ▼ M&A International 20 - 1,496.8 2.7 2.7 ▲ 3 0.3 +3 ▲ .3 0.1 0.1 ▲
    CITIC 21 9 1,455.1 1.2 -4.2 ▼ 11 0.4 -3 ▼ Mackie Research Capital Corp 21 - 1,225.3 2.2 2.2 ▲ 2 0.2 +2 ▲ 15.4 2.5 2.5 ▲
    Mega Financial Holding Co 22 - 1,395.1 1.1 1.1 ▲ 1 0.0 +1 ▲ BNP Paribas SA 22 3 1,166.6 2.1 -8.4 ▼ 6 0.6 -1 ▼ 8.1 1.3 1.6 ▼
    Bank of China Ltd 23 40 1,380.4 1.1 0.4 ▲ 4 0.2 +2 ▲ Macquarie Group 23 39 815.8 1.5 1.1 ▲ 3 0.3 -2 ▼ 6.6 1.1 0.5 ▲
    Blackstone Group LP 24 - 1,350.0 1.1 1.1 ▲ 1 0.0 +1 ▲ Anglo Chinese Corp Finance 24 - 743.3 1.3 1.3 ▲ 6 0.6 +6 ▲ 6.6 1.1 1.1 ▲
    Mackie Research Capital Corp 25 - 1 225 3
    1,225.3 10
    1.0 10 ▲
    1.0 2 0 1 +2
    0.1 ▲ Hina Group 25 - 732 7
    732.7 13
    1.3 13 ▲
    1.3 1 0 1 +1
    0.1 ▲ 24
    2.4 04
    0.4 04 ▲
    0.4
    Industry Total 123,077.9 100.0 2,609 +548 Industry Total 55,503.7 100.0 936 +142 612.1 100.0

    Industry % Change from Same Period Last Year 15.9% ▲ 26.6% ▲ Industry % Change from Same Period Last Year 10.2% ▲ 17.9% ▲ 22.2% ▲
    Industry % Change from Last Quarter -7.4% ▼ -6.2% ▼ Industry % Change from Last Quarter -52.7% ▼ -24.9% ▼ -20.0% ▼

    * tie

    Chinese Involvement Announced M&A by Target Industry Jan 1 2010 – Sep 30 2010

    17%
    23%
    11% Materials Financials Energy and Power

    10% Real Estate Industrials Consumer Staples


    25% 4%
    3%
    Media and Entertainment High Technology Consumer Products and Services

    Healthcare Retail Telecommunications

    Any Chinese Involvement Announced (AD56) - Top Deals Jan 1 2010 – Sep 30 2010
    Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
    3/5/2010 Pending Shanghai Pudong Dvlp Bk (20%) China Mobile Grp Guangdong Co China / China 5,830.6 Financials / Banks
    4/12/2010 6/25/2010 Syncrude Canada Ltd (9.03%) Sinopec Intl China / Canada 4,650.0 Energy and Power / Oil & Gas
    9/1/2010 Pending Shenzhen Dvlp Bank Co Ltd (24.2%) Ping An Ins(Grp)Co of China China / China 4,312.7 Financials / Banks
    3/14/2010 Pending Bridas Corp (50%) CNOOC Ltd China / Argentina 3,100.0 Energy and Power / Oil & Gas
    5/21/2010 Pending Peregrino Project,Campos Basin (40%) Sinochem Group China / Brazil 3,070.0 Energy and Power / Oil & Gas
    5/19/2010 Pending Denway Motors Ltd (62.1%) China Lounge Investments Ltd Hong Kong / Hong Kong 3,047.5 Industrials / Automobiles & Components
    6/9/2010 Pending Hangang Hanbao Iron & Steel Co (100%) Hebei Iron & Steel Co Ltd China / China 2,345.0 Materials / Metals & Mining
    2/3/2010 Pending Yima Coal Ind Grp Co Ltd-Coal (100%) Nanjing Xinwang Tech Co Ltd China / China 1,996.1 Materials / Metals & Mining
    5/16/2010 Pending Expansion Transmissao Itumbiar (100%) State Grid Brazil Holding Ltda Brazil / Brazil 1,701.6 Energy and Power / Power
    3/28/2010 8/2/2010 Volvo Car Corp (100%) Zhejiang Geely Hldg Grp Co Ltd China / Sweden 1,500.0 Industrials / Automobiles & Components

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    First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors

    Ranking Criteria Summary

    - Announced league tables include all deals that were announced between January 1, 2009 and September 30, 2010 and of which Thomson Reuters was made aware. All current data
    If you would like to participate in the submission and previous year's data is as of 5:00pm EST on September 30, 2010.
    process, receive quarterly press releases, or have
    questions about league table criteria please
    - League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
    contact: - A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.

    - Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the
    Americas time of announcement of terms.
    Stephen Case
    Tel: +1 646 223 8424 - Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion
    E-mail: stephen.case@thomsonreuters.com of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for
    the transaction agreed to or, in the absence of an agreement, the value of the highest offer.
    Europe
    Victor Eng - Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation.
    Tel: +44 (0) 207 542 9665
    E-mail: victor.eng@thomsonreuters.com - League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and
    unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
    Asia-Pacific - Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter
    Jason Pacannuayan or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are
    Tel: +632 858 7262
    E-mail: jason.pacannuayan@thomsonreuters.com allocated to syndicated members.
    - League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firms
    in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures are
    Japan
    Catherina Guinto-Roldan reflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.
    Tel: +813 5218 6591
    E-mail: catherina.guinto@thomsonreuters.com

    - Thomson Reuters includes the following nations in the Emerging Markets M&A Tables:

    Americas Asia-Pacific Europe, Middle East & Africa

    Central America South America Central Asia Australasia South-East Asia Eastern Europe Middle East Sub-Saharan Africa
    Belize Argentina Afghanistan American Samoa Brunei Albania Iran Angola Guinea-Bissau Somalia
    Costa Rica Bolivia Armenia Cook Islands Cambodia Belarus Iraq Benin Angola Kenya South Africa
    El Salvador Brazil Azerbaijan Fiji Indonesia Bosnia-Herzegovina Jordan Botswana Lesotho St. Helena
    Guatemala Chile Kazakhstan French Polynesia Laos Bulgaria Lebanon Burkina Faso Liberia Sudan
    Honduras Columbia Kyrgyzstan Guam Malaysia Croatia Syria Burundi Madagascar Swaziland
    Mexico Ecuador Tajikistan Kiribati Philippines Czech Republic Yemen Cameroon Malawi Tanzania
    Nicaragua Falkland Islands (UK) Turkmenistan Marshall Islands Timor-Leste Estonia Bahrain Cape Verde Mali Togo
    Panama Guyana Uzbekistan N. Mariana Islands Thailand Georgia Israel Central African Republic Mauritania Uganda
    Paraguay Nauru Vietnam Hungary Kuwait Chad Mauritius Western Sahara
    Peru South Asia New Caledonia Latvia Oman Comoros Mayotte Zaire
    Suriname Bangladesh Niue North Asia Lithuania Qatar Congo, Republic of Mozambique Zambia
    Uruguay Bhutan Norfolk Islands Mongolia Macedonia Saudi Arabia Cote d'Ivoire Namibia Zimbabwe
    Venezuela India Palau North Korea Moldova United Arab Emirates Dijbouti Niger
    Maldives Papua New Guina China Montenegro DR Congo Nigeria
    Nepal Solomon Islands Russia North Africa Equatorial Guinea Reunion
    Pakistan Tokelau Serbia Algeria Eritrea Rwanda
    Sri Lanka Tonga Slovak Republic Egypt Ethiopia Sao Tome e Principe
    Tuvalu Slovenia Libya Gabon Senegal
    Wallis & Futuna Is. Turkey Morocco Gambria Seychelles
    Western Somoa Ukraine Tunisia Ghana Sierra Leone

    While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for
    any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to
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    selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

    © 2010 Thomson Reuters. All rights reserved.

    Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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