3Q10 MA Financial Advisory Review

MERGERS & ACQUISITIONS REVIEW
FINANCIAL ADVISORS
First Nine Months 2010

First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors
M&A Financial Advisory Review

Table of Contents
Global M&A 1 Any European Involvement Announced (AD21) 10 Any New Zealand Involvement Announced (AD39) 17
Global Deals Intelligence 1 Any European Involvement Completed (AF3) 10 Any New Zealand Involvement Completed (AF46) 17
Scorecard: Worldwide Announced M&A 2 Any UK Involvement Announced (AD32) 11 Japan M&A 18
Scorecard: Worldwide Completed M&A 2 Any UK Involvement Completed (AF39) 11 Japan Deals Intelligence 18
Top Fifteen Worldwide Announced Deals 2 Any French Involvement Announced (AD33) 11 Top Ten Japanese Involvement Announced Deals 18
Worldwide Announced (AD1) 3 Any French Involvement Completed (AF40) 11 Any Japanese Involvement Announced (AD19) 19
Worldwide Completed (AF1) 3 Any Spanish Involvement Announced (AD34) 12 Any Japanese Involvement Completed (AF23) 19
Americas M&A 6 Any Spanish Involvement Completed (AF41) 12

Fairness Opinion Rankings 20
Americas Deals Intelligence 6 Any German Involvement Announced (AD35) 12
Worldwide Announced Fairness Opinion 20
Top Ten US Announced Deals 6 Any German Involvement Completed (AF42) 12
Any Americas Announced Fairness Opinion 20
Any Americas Involvement Announced (AD49) 7 Any Italian Involvement Announced (AD36) 13
Any USAnnounced Fairness Opinion 20
Any Americas Involvement Completed (AF55) 7 Any Italian Involvement Completed (AF43) 13
Any EMEA Announced Fairness Opinion 20
US Target Announced (AD2) 7 Any Nordic Involvement Announced (AD37) 13
Any Asia Pacific Announced Fairness Opinion 20
US Target Completed (AF2) 7 Any Nordic Involvement Completed (AF44) 13
Any Japanese Announced Fairness Opinion 20
Any US Involvement Announced (AD41) 8 Any Benelux Involvement Announced (AD40) 14
Any US Involvement Completed (AF48) 8 Any Benelux Involvement Completed (AF47) 14 Criteria Summary 21
Any Canadian Involvement Announced (AD42) 8 Asia Pacific (ex-Japan) M&A 15 Mergers & Acquisitions Criteria Summary 21
Any Canadian Involvement Completed (AF49) 8 Asia Pacific (ex-Japan) Deals Intelligence 15 Regional Contacts 21
EMEA M&A 9 Top Ten Any Asia (ex-Japan) Involvement Announced Deals 15
Thomson ONE for Investment Banking 22
European Deals Intelligence 9 Any Asia (ex-Japan) Involvement Announced (AD25) 16

About Thomson Reuters 22
Top Ten European Involvement Announced Deals 9 Any Asia (ex-Japan) Involvement Completed (AF32) 16
Any EMEA Involvement Announced (AD47) 10 Any Australian Involvement Announced (AD24) 16
Any EMEA Involvement Completed (AF53) 10 Any Australian Involvement Completed (AF31) 16
https://www.thomsonone.com
First Nine Months 2010
FINANCIAL ADVISORS
MERGERS & ACQUISITIONS REVIEW

Worldwide M&A Up 21% to US$1.75 trillion l Emerging Markets Drive 32% of M&A l Goldman Sachs Tops Rankings l Estimated Advisory Fees Up 38%
Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees

WORLDWIDE M&A UP 21%, STRONGEST QUARTER SINCE Q308 - The value of worldwide M&A totaled
US$1.75 trillion during the first nine months of 2010, a 21% increase from comparable 2009 levels and the
Americas
strongest nine month period for M&A since 2008. By number of deals, M&A activity is up 3.8% compared to last $7
year with over 29,000 announced deals. Third quarter M&A activity increased 21% over the second quarter of
Emea
2010, to US$676.9 billion, the largest quarter for worldwide M&A since the third quarter of 2008.
Asia Pacific (ex Central Asia)
$6
EMERGING MARKETS ACCOUNT FOR 32% OF M&A - Mergers and acquisitions involving companies located in
the emerging markets totaled US$551.6 billion during the first nine months of 2010, a 72.6% increase over the first Japan
nine months of 2009. For the three quarters of 2010, emerging markets M&A accounted for 32.2% of worldwide
M&A volume compared to 22% during the comparable period in 2009. Cross Border M&A activity totaled $5
US$723.0 billion during the first nine months of 2010, accounting for 41.2% of overall M&A volume, compared to
26.1% last year at this time.
Imputed Fees (US$b)

$4
COMPLETED ADVISORY FEES UP 38% - According to estimates from Thomson Reuters/Freeman Consulting,
M&A advisory fees from completed transactions totaled US$19.9 billion for the first nine months of 2010, a 38%
increase from the comparable period in 2009. Deal activity in the Americas accounted for 49% of the worldwide fee
pool, while Europe, Middle East and Africa accounted for 32%. Asia Pacific and Japan contributed 14% and 4%, $3
respectively.
RESOURCES FINANCIALS LEAD ACTIVITY - The Energy and Power sector was most active during the first nine
RESOURCES,
$2
months of 2010, commanding 20.5% of announced M&A, while the Financials and Materials sectors accounted for
15.5% and 12.8% of M&A activity, respectively. Deals in the Financials, Healthcare and Industrials sectors have all
experienced double-digit percentage declines over the first nine months of 2009.
$1
LARGEST QUARTER FOR PRIVATE EQUITY M&A SINCE Q208 - Worldwide private-equity-backed M&A activity
totaled US$149.7 billion during the first nine months of 2010, the largest opening period since the first nine months
of 2008. Accounting for 9% of worldwide announced M&A during the first nine months, private-equity-backed M&A
increased 116.2% compared to the first nine months of 2009. $0
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10
Worldwide Volume by Deal Status Worldwide Unsolicited Bids

$1,800 Withdrawn Completed Pending % of Withdrawn to Completed 70% $300 9%
Q4 Volume (US$b)
Q3 Volume (US$b) 8.0%

$1,600 59.3% 8%
60% Q2 Volume (US$b)
$250
7.0%
$1,400 Q1 Volume (US$b) 7%
% of YTD Global M&A 6.2%
50%
$1,200 $200 6%
5.1%
Rank Value (US$b)
% of Global Volume
Rank Value (US$b)
% of Global M&A
40% 4.7% 5%
$1,000
4.2%
$150 4.3%
30.5%
$800 28.7% 4%
30%
3.2%
23.5% 24.3% 23.7% 2.8%
21.8% $100 3%
$600 20.4% 21.2% 2.6%
18.8%
20% 2.2%
16.0% 16.6% 15.6% 15.8%
14.7% 13.7%
$400 2%
11.1%
9.3% $50
7.5% 10%
$200 1%
$0 0% $0 0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
1Q06
06
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06
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3Q07
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08
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3Q09
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3Q10
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1
Mergers & Acquisitions
Scorecard: Worldwide Announced M&A Scorecard: Worldwide Completed M&A Worldwide Announced M&A by Target Industry
1/1/2010 - 9/30/2010 1/1/2009 - 9/30/2009 % Change 1/1/2010 - 9/30/2010 1/1/2009 - 9/30/2009 % Change
Rank Val No. Rank Val No. in Rank Rank Val No. Rank Val No. in Rank
Target Region/Nation US$m Deals US$m Deals Value Target Region/Nation US$m Deals US$m Deals Value
2%
Worldwide 1,752,416.1 29,589 1,448,457.3 28,504 21.0 ▲ Worldwide 1,280,626.6 21,805 1,200,312.8 21,946 6.7 ▲ 3%
Americas 869,620.4 8,806 629,376.8 8,519 38.2 ▲ Americas 616,218.8 6,675 577,312.2 6,665 6.7 ▲ 4%
20%
Caribbean 12,264.0 170 5,718.1 110 114.5 ▲ Caribbean 6,880.9 102 5,168.2 84 33.1 ▲
Central America 51,195.2 236 2,324.3 176 2,102.6 ▲ Central America 46,603.7 140 1,958.6 106 2,279.4 ▲ 5%
Mexico 47,807.1 187 1,927.3 128 2,380.5 ▲ Mexico 44,477.2 108 1,586.6 70 2,703.3 ▲
North America 707,768.2 7,426 556,316.7 7,440 27.2 ▲ North America 506,512.1 5,802 499,327.3 5,921 1.4 ▲
United States 595,113.3 5,760 501,752.4 5,720 18.6 ▲ United States 451,636.6 4,735 458,231.8 4,784 -1.4 ▼ 6%
Canada 112,654.9 1,666 54,564.3 1,720 106.5 ▲ Canada 54,875.5 1,067 41,095.5 1,137 33.5 ▲
South America 98,393.0 974 65,017.7 793 51.3 ▲ South America 56,222.2 631 70,858.0 554 -20.7 ▼
Brazil 75,072.7 424 46,533.1 310 61.3 ▲ Brazil 38,692.8 280 54,012.4 239 -28.4 ▼
Chile 6,541.9 131 3,682.4 123 77.7 ▲ Chile 5,722.6 88 4,961.8 88 15.3 ▲
Africa/Middle East 78,961.2 880 30,441.5 685 159.4 ▲ Africa/Middle East 48,172.3 503 28,166.5 439 71.0 ▲ 7%
Middle East 26,428.5 357 6,549.4 251 303.5 ▲ Middle East 12,429.6 232 5,462.6 176 127.5 ▲
North Africa 7,159.2 104 3,717.3 69 92.6 ▲ North Africa 10,079.2 57 3,624.8 49 178.1 ▲
16%
Sub-Saharan Africa 37,674.1 377 13,736.7 315 174.3 ▲ Sub-Saharan Africa 17,565.3 184 13,658.8 184 28.6 ▲
Europe 435,310.7 10,605 441,891.2 10,021 -1.5 ▼ Europe 334,924.7 8,802 418,530.3 8,529 -20.0 ▼
Eastern Europe 71,642.9 3,340 32,161.0 3,098 122.8 ▲ Eastern Europe 29,950.7 2,850 29,085.4 2,614 3.0 ▲ 8%
Western Europe 363,667.9 7,265 409,730.2 6,923 -11.2 ▼ Western Europe 304,974.0 5,952 389,444.9 5,915 -21.7 ▼
United Kingdom 119,830.6 1,750 131,092.2 1,532 -8.6 ▼ United Kingdom 96,985.6 1,474 110,419.6 1,325 -12.2 ▼
Spain 55,934.6 664 46,423.7 608 20.5 ▲ Germany 40,354.9 774 46,603.0 772 -13.4 ▼
France 37,422.1 963 32,639.2 828 14.7 ▲ France 32,919.1 846 27,012.0 752 21.9 ▲
8%
Asia-Pacific 292 095 3
292,095.3 7 716
7,716 275 547 3
275,547.3 7 393
7,393 60
6.0 ▲ Asia-Pacific 197 629 5
197,629.5 4 482
4,482 136 106 5
136,106.5 4 563
4,563 45 2
45.2 ▲
Australasia 75,268.2 1,499 105,704.0 1,490 -28.8 ▼ Australasia 45,235.8 1,098 33,502.5 1,115 35.0 ▲ 13%
Australia 64,209.3 1,357 104,602.1 1,339 -38.6 ▼ Australia 35,019.0 985 31,869.6 1,002 9.9 ▲ 8%
Papua New Guin 8,771.6 10 162.2 15 5,307.9 ▲ New Zealand 8,797.6 8 380.2 8 2,213.9 ▲
South East Asia 42,248.1 1,748 31,090.1 1,601 35.9 ▲ South East Asia 32,574.4 1,176 26,439.9 1,163 23.2 ▲
Indonesia 11,847.1 321 11,332.6 277 4.5 ▲ Singapore 10,872.2 211 8,568.7 196 26.9 ▲ Energy and Power Financials
Malaysia 11,606.6 506 3,840.5 514 202.2 ▲ Thailand 6,829.8 397 3,111.3 428 119.5 ▲ Materials Telecommunications
North Asia 141,657.9 3,552 124,638.6 3,393 13.7 ▲ North Asia 102,394.0 1,638 59,899.9 1,676 70.9 ▲
Healthcare Industrials
China 85,595.2 2,309 74,385.2 1,824 15.1 ▲ China 38,203.9 784 31,802.5 665 20.1 ▲
High Technology Real Estate
Hong Kong 28,826.5 524 20,997.1 571 37.3 ▲ Hong Kong 25,678.7 476 16,004.6 660 60.4 ▲
Consumer Staples Media and Entertainment
South Asia 32,921.1 917 14,114.5 909 133.2 ▲ South Asia 17,425.3 570 16,264.2 609 7.1 ▲
Consumer Products and Services Retail
Central Asia 7,699.5 42 6,438.1 50 19.6 ▲ Central Asia 8,098.3 30 5,420.3 30 49.4 ▲
Government and Agencies
Japan 76,428.6 1,582 71,200.4 1,886 7.3 ▲ Japan 83,681.3 1,343 40,197.4 1,750 108.2 ▲
Top Fifteen Worldwide Announced 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
8/17/2010 Pending Potash Corp of Saskatchewan (100%) BHP Billiton PLC United Kingdom / Canada 43,180.5 Materials / Metals & Mining
1/13/2010 6/16/2010 Carso Global Telecom SAB de CV (100%) America Movil SAB de CV Mexico / Mexico 27,483.4 Telecommunications / Telecommunications Services
8/10/2010 Pending GDF Suez Energy International (100%) International Power PLC United Kingdom / United States 25,090.2 Energy and Power / Power
4/22/2010 Pending Qwest Commun Intl Inc (100%) CenturyLink Inc United States / United States 22,170.2 Telecommunications / Telecommunications Services
8/29/2010 Pending Genzyme Corp (100%) Sanofi-Aventis SA France / United States 19,259.8 Healthcare / Biotechnology
3/8/2010 Pending American Life Insurance Co Inc (100%) MetLife Inc United States / United States 15,543.5 Financials / Insurance
6/15/2010 Intended British Sky Bdcstg Grp PLC (60.9%) News Corp United States / United Kingdom 13,730.4 Media and Entertainment / Cable
2/25/2010 Pending Coca-Cola Entr Inc-NA Bus (100%) Coca-Cola Co United States / United States 13,440.7 Consumer Staples / Food and Beverage
2/21/2010 8/27/2010 Smith International Inc (100%) Schlumberger Ltd United States / United States 12,223.6 Energy and Power / Oil & Gas
9/30/2010 Pending Zain Group (46%) Etisalat Utd Arab Em / Kuwait 11,771.8 Telecommunications / Wireless
1/19/2010 2/17/2010 The Williams Cos Inc-Gas (100%) Williams Partners LP United States / United States 11,750.4 Energy and Power / Oil & Gas
1/4/2010 Pending Alcon Inc (24.6%) Novartis AG Switzerland / Switzerland 11,120.4 Healthcare / Healthcare Equipment & Supplies
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
2
Worldwide Rankings
Worldwide Announced (AD1) Jan 1 2010 – Sep 30 2010 Worldwide Completed (AF1) 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.
Goldman Sachs & Co 1 2 399,257.3 22.8 -7.2 ▼ 263 0.9 +54 ▲ Goldman Sachs & Co 1 3 282,905.0 22.1 -4.3 ▼ 210 1.0 +47 ▲ 1,326.8 6.7 1.1 ▲
Morgan Stanley 2 1 355,156.4 20.3 -16.2 ▼ 287 1.0 +73 ▲ Morgan Stanley 2 1 238,366.6 18.6 -12.7 ▼ 226 1.0 +57 ▲ 926.7 4.7 0.1 ▲
JP Morgan 3 4 353,178.6 20.2 -1.7 ▼ 223 0.8 +8 ▲ Citi 3 2 232,187.3 18.1 -12.7 ▼ 119 0.5 -16 ▼ 507.7 2.6 0.6 ▼
Credit Suisse 4 5 274,887.9 15.7 -5.6 ▼ 221 0.7 +37 ▲ JP Morgan 4 5 231,458.5 18.1 -3.3 ▼ 190 0.9 +9 ▲ 968.3 4.9 0.3 ▼
Bank of America Merrill Lynch 5 8 263,408.7 15.0 -1.3 ▼ 173 0.6 +24 ▲ Credit Suisse 5 9 205,185.1 16.0 1.5 ▲ 157 0.7 +19 ▲ 655.5 3.3 0.6 ▲
Deutsche Bank AG 6 7 250,589.2 14.3 -2.7 ▼ 192 0.6 +17 ▲ Barclays Capital 6 16 196,435.0 15.3 9.7 ▲ 93 0.4 +49 ▲ 494.8 2.5 1.0 ▲
Barclays Capital 7 11 236,020.2 13.5 1.7 ▲ 111 0.4 +50 ▲ UBS 7 8 174,176.8 13.6 -4.2 ▼ 162 0.7 -4 ▼ 575.5 2.9 0.5 ▼
UBS 8 9 203,909.1 11.6 -2.8 ▼ 202 0.7 +19 ▲ Bank of America Merrill Lynch 8 4 169,947.3 13.3 -12.1 ▼ 139 0.6 +1 ▲ 651.9 3.3 0.1 ▲
Lazard 9 6 180,782.0 10.3 -7.0 ▼ 199 0.7 +33 ▲ Deutsche Bank AG 9 7 164,770.3 12.9 -5.4 ▼ 149 0.7 -18 ▼ 575.6 2.9 0.3 ▼
Citi 10 3 180,037.3 10.3 -17.0 ▼ 130 0.4 -23 ▼ Lazard 10 6 103,202.0 8.1 -10.6 ▼ 153 0.7 +4 ▲ 567.3 2.9 0.0 -
BNP Paribas SA 11 21 151,791.8 8.7 5.7 ▲ 109 0.4 +29 ▲ Rothschild 11 10 93,744.7 7.3 -5.8 ▼ 163 0.7 -12 ▼ 535.8 2.7 0.3 ▼
Rothschild 12 10 114,690.2 6.5 -6.4 ▼ 189 0.6 0 - Evercore Partners 12 13 69,595.5 5.4 -3.0 ▼ 25 0.1 +8 ▲ 136.4 0.7 0.2 ▲
Nomura 13 19 104,583.5 6.0 2.6 ▲ 128 0.4 0 - Nomura 13 28 61,959.4 4.8 1.4 ▲ 114 0.5 +21 ▲ 211.2 1.1 0.3 ▲
Societe Generale 14 30 94,612.6 5.4 3.8 ▲ 30 0.1 +11 ▲ HSBC Holdings PLC 14 29 58,223.8 4.6 1.2 ▲ 47 0.2 +4 ▲ 132.0 0.7 0.1 ▲
Santander 15 23 90,207.9 5.2 2.4 ▲ 39 0.1 +12 ▲ Jefferies & Co Inc 15 69 56,331.2 4.4 4.1 ▲ 66 0.3 +29 ▲ 201.8 1.0 0.5 ▲
RBC Capital Markets 16 22 85,991.5 4.9 2.1 ▲ 96 0.3 +32 ▲ Greenhill & Co, LLC 16 15 52,184.0 4.1 -2.5 ▼ 29 0.1 +6 ▲ 140.5 0.7 0.1 ▲
RBS 17 24 73,570.6 4.2 1.5 ▲ 39 0.1 -16 ▼ Centerview Partners LLC 17 42 45,881.3 3.6 2.6 ▲ 11 0.1 +9 ▲ 99.6 0.5 0.4 ▲
Blackstone Group LP 18 17 68,217.4 3.9 -0.2 ▼ 30 0.1 +11 ▲ BNP Paribas SA 18 11 43,255.6 3.4 -9.7 ▼ 76 0.3 -2 ▼ 162.3 0.8 0.4 ▼
HSBC Holdings PLC 19 18 66,174.3 3.8 0.0 ▲ 53 0.2 -4 ▼ Santander 19 17 36,388.5 2.8 -2.7 ▼ 24 0.1 -5 ▼ 54.4 0.3 0.2 ▼
TD Securities Inc 20 41 59,447.2 3.4 2.6 ▲ 47 0.2 +22 ▲ Mizuho Financial Group 20 46 33,362.8 2.6 1.9 ▲ 78 0.4 -11 ▼ 86.5 0.4 0.1 ▼
Perella Weinberg Partners LP 21 28 55 921 1
55,921.1 32
3.2 14 ▲
1.4 22 0 1 +12
0.1 ▲ Perella Weinberg Partners LP 21 32 31 291 6
31,291.6 24
2.4 01 ▲
0.1 16 0 1 +8
0.1 ▲ 117 2
117.2 06
0.6 04 ▲
0.4
Evercore Partners 22 12 54,197.3 3.1 -7.6 ▼ 26 0.1 +4 ▲ RBC Capital Markets 22 30 30,796.4 2.4 -0.5 ▼ 78 0.4 +20 ▲ 193.9 1.0 0.2 ▲
Greenhill & Co, LLC 23 31 48,318.2 2.8 1.2 ▲ 38 0.1 +4 ▲ Houlihan Lokey 23 25 30,087.0 2.4 -1.5 ▼ 90 0.4 +8 ▲ 177.1 0.9 0.1 ▼
Standard Chartered PLC 24 51 34,545.0 2.0 1.6 ▲ 20 0.1 -6 ▼ Daiwa Securities Group Inc 24 51 27,269.1 2.1 1.5 ▲ 53 0.2 -2 ▼ 49.2 0.3 0.0 -
BMO Capital Markets 25 45 31,990.9 1.8 1.1 ▲ 43 0.1 +2 ▲ Societe Generale 25 26 26,784.2 2.1 -1.7 ▼ 17 0.1 -2 ▼ 59.4 0.3 0.1 ▲
Industry Total 1,752,416.1 100.0 29,589 +1,085 Industry Total 1,280,626.6 100.0 21,805 -141 19,896.2 100.0
Industry % Change from Same Period Last Year 21.0% ▲ 3.8% ▲ Industry % Change from Same Period Last Year 6.7% ▲ -0.6% ▼ 38.0% ▲
Industry % Change from Last Quarter 21.0% ▲ -5.9% ▼ Industry % Change from Last Quarter -12.3% ▼ -12.3% ▼ -2.0% ▼
* tie
Top Worldwide Announced M&A Advisors by Target Industry Top Worldwide Announced M&A Advisors by Transaction Size (AD1) Jan 1 2010 - Sep 30 2010
Rank Val Mkt. No.
US$m Rank Share Deals $450 Qwest Commun/CenturyLink
Energy and Power 358,627.5 2,557
Goldman Sachs & Co 91,372.1 1 26.0 37 GDF Suez/International Power
JP Morgan 77,549.0 2 22.0 40 $400
Morgan Stanley 71,571.8 3 20.3 31 Carso Global/America Movil
Financials 272,408.3 3,824 $350 Potash Corp/BHP Billiton
Deutsche Bank AG 59,228.0 1 22.2 47
Morgan Stanley 53,550.4 2 20.0 63 Other Top 15 Deals
$300
Goldman Sachs & Co 49,398.5 3 18.5 39
Rank Value (US$b)
Materials 223,427.6 4,190 All Other Transactions

Goldman Sachs & Co 68,287.9 1 30.6 33 $250
JP Morgan 67,976.2 2 30.5 25
Bank of America Merrill Lynch 66,704.3 3 29.9 17
$200
Telecommunications 142,950.5 601
Morgan Stanley 65,154.3 1 49.6 23
Credit Suisse 46,463.8 2 35.4 8 $150
Barclays Capital 41,781.1 3 31.8 8
Healthcare 136,756.8 1,557 $100
Goldman Sachs & Co 67,508.8 1 49.4 29
JP Morgan 33,827.1 2 24.8 22
Credit Suisse 30,985.4 3 22.7 12 $50
$0
Goldman Morgan JP Morgan Credit Suisse Bank of Deutsche Barclays UBS Lazard Citi
Sachs & Co Stanley America Merrill Bank AG Capital
Lynch
3
Worldwide M&A Matrix
Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA

2010 UP World Americas USA Canada EMEA Europe UK Asia ex. Japan Japan
2010 DOWN 2009
Consumer Products and Services 11.8x 11.2x 10.8x 14.6x 11.8x 11.2x - 4.7x 13.8x 11.2x 14.0x 11.4x 9.8x 9.0x 7.4x 9.8x 12.7x 9.8x
Consumer Staples 10.6x 10.9x 11.3x 12.0x 10.6x 10.9x 9.0x 3.2x 11.8x 10.9x 11.8x 7.4x 7.8x 7.8x 10.3x 12.0x 5.6x 12.0x
Energy and Power 12.1x 9.6x 14.1x 6.2x 12.1x 9.6x 14.7x 5.7x 11.0x 9.6x 11.1x 12.3x 13.7x 18.9x 12.3x 13.1x 8.4x 13.1x
Healthcare 12.9x 11.0x 12.2x 10.1x 12.9x 11.0x 3.8x - 13.5x 11.0x 13.8x 12.3x 6.9x 13.2x 16.7x 12.6x 8.3x 12.6x
High Technology 12.5x 10.3x 15.1x 13.3x 12.5x 10.3x 14.0x 10.1x 12.2x 10.3x 12.5x 10.1x 10.4x 10.5x 11.2x 10.4x 12.4x 10.4x
Industrials 10.8x 9.7x 9.3x 6.5x 10.8x 9.7x 5.8x 4.3x 10.7x 9.7x 10.6x 8.9x 8.8x 12.1x 14.0x 11.5x 6.3x 11.5x
Materials 11.5x 10.6x 11.5x 13.9x 11.5x 10.6x 14.4x 12.9x 13.2x 10.6x 15.5x 17.6x 28.1x 11.6x 11.5x 9.4x 8.7x 9.4x
Media and Entertainment 11.8x 10.0x 9.3x 13.3x 11.8x 10.0x 4.3x 7.5x 10.9x 10.0x 10.1x 10.1x 8.1x 8.0x 14.5x 8.1x 9.2x 8.1x
Real Estate 19.8x 14.7x 26.0x 14.3x 19.8x 14.7x - 11.6x 20.5x 14.7x 34.7x 20.3x - 12.9x 14.3x 12.4x 18.3x 12.4x
Retail 10.5x 11.4x 13.6x 13.8x 10.5x 11.4x 8.9x 5.3x 11.4x 11.4x 11.2x 8.5x 13.7x 5.8x 11.4x 14.2x 8.5x 14.2x
Telecommunications 7.0x 9.3x 7.7x 5.3x 7.0x 9.3x - 5.7x 5.9x 9.3x 6.1x 6.2x 7.4x - 13.1x 13.1x 14.7x 13.1x
Average Industry Total 11.8x 10.6x 12.6x 10.9x 11.8x 10.6x 12.3x 7.9x 11.8x 10.6x 12.1x 11.0x 11.4x 11.1x 12.2x 11.3x 10.1x 11.3x
Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price
2010 UP World Americas USA Canada EMEA Europe UK Asia ex. Japan Japan
2010 DOWN 2009
Consumer Products and Services 30.3 39.5 38.7 31.7 38.7 29.2 - 51.9 33.9 38.1 34.0 38.1 - - 15.9 42.5 25.8 41.8
Consumer Staples 30.6 28.0 21.7 43.9 28.5 53.6 1.0 - 33.1 26.8 33.1 26.8 89.2 44.1 19.3 17.9 62.8 33.4
Energy and Power 27.2 38.6 30.7 43.0 30.4 37.7 33.9 43.3 19.2 28.1 18.1 28.1 32.6 22.2 15.7 39 1.3 -
Financials 26.7 23.5 47.2 20.7 46.7 19.7 17.6 30 22.9 24.3 25.4 23.4 41.9 22.3 14.6 19.2 24.4 35.8
Healthcare 38.9 33.6 43.8 33.0 44.8 33.2 25.1 31.3 39.8 24.3 39.8 24.3 72.5 27.8 21.3 37.2 27.2 23.6
High Technology 28.8 31.7 37.7 43.2 36.8 45.3 41.5 40.3 24.4 27.4 23.5 27.5 32.1 33.9 26.8 25.5 24.5 32.8
Industrials 26.5 31.3 43.6 54.1 44.7 54.3 31.9 59.8 26.9 30.9 26.9 29.6 42.2 34 20.6 18.1 23.3 39.2
Materials 32.8 35.9 35.8 38.0 36.2 40.8 36.0 38.1 29.9 26.9 31.2 30.1 32.4 50.1 24.8 19.8 40.7 53
Media and Entertainment 28.8 34.9 35.1 53.4 38.8 11.1 13.0 - 22.1 50.3 19.8 50.3 29.6 46.5 32.3 15.9 26.6 27.6
Real Estate 25.0 31.7 29.1 33.9 18.5 38.2 47.0 23.7 30.8 27.6 35.5 28.6 44.2 32.9 17.2 27.6 21.0 34.2
Retail 30.4 33.5 27.6 23.5 36.2 34.2 3.4 11.7 36.4 36.7 38.3 36.7 31.2 72.4 8.5 19.4 38.4 42.8
Telecommunications 28.8 33.8 34.2 35.4 43.6 35.4 33.4 - 16.5 33.5 16.5 33.5 25.1 25 30.2 27.4 - 42
Average Industry Total 29.9 32.2 36.9 35.2 38.9 32.5 34.6 38.8 27.3 29.7 27.9 29.9 38.6 33.5 21.1 23.6 31.3 37.4
*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 - 06/30/2010. 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.
4
Worldwide Announced Rankings* - A Decade in Review

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
0 0
1 1 Goldman Sachs & Co
2 2 Morgan Stanley
3 3 JP Morgan
4 4 Credit Suisse
rank
5 5 Bank of America Merrill Lynch
6 6 Deutsche Bank AG
7 7 Barclays Capital
8 8 UBS
9 9 Lazard
10 10 Citi
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
*League Table positions reflect consolidation within the banking sector
5
Americas M&A
US M&A Increases 19% | US Leveraged Deals Accounts for 9% of US Volume | Energy & Power Sector Gains Lead
Americas Deals Intelligence LBOs as a Percentage of US Targeted Announced M&A
M&A activity with US involvement in the first nine months of 2010 increased 21.9% compared to the same period last $700 40%
year, to US$732 billion.. This represents the first year-on-year increase since 2007. LBO Non-LBO LBO as % of US M&A
$600 35%
The Energy & Power sector led the market, with deal volume totaling US$179.4 billion, a 30.2% share of US M&A activity
during the first nine months of 2010 and a 428.8% increase compared to the same period last year. Healthcare took the 30%
$500
second slot, with US$78.9 billion. High Technology led the market based on number of deals, with 1,122 transactions.
Rank Value (US$b)

25%
$400
% of US M&A
US LBO transactions largely held onto the M&A market share re-established in the second quarter of 2010, at just under
20%
10% of total value. Notable buyout transactions in the first nine months included the US$4.7 billion acquisition of Dynegy
$300
Inc by Blackstone Group and the US$3.9 billion acquisition of Burger King Holdings Inc, by 3G Capital. 15%
M&A activity with Canadian involvement during the first nine months of 2010 increased by 76.9% compared to the same $200
10%
period last year, to US$159.1 billion. Canadian activity based on number of deals increased by 3.1%, compared to the
equivalent period last year, to 2,534 deals. BHP Billiton's proposed acquisition of Canadian company Potash Corp for $100
5%
US$43.1 billion was the largest global transaction announced in the first nine months of 2010.
$0 0%
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
3Q03
4Q03
1Q04
2Q04
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
T
Top 10 US A
Announced
d M&A Ad
Advisors
i b
by T
Targett IIndustry
d t (AD2) Jan 1 2010 – Sep 30 2010 US Announced Advisors by Target Industry
Rank Val Mkt. No.
(US$m) Rank Share Deals
100% Energy and Power 179,401.6 554
Goldman Sachs & Co 78,993.2 1 43.6 20
90% Morgan Stanley 54,813.9 2 30.3 17
JP Morgan 46,148.7 3 25.5 15
80%
Healthcare 78,974.4 528
% Volume Composition
70% Goldman Sachs & Co 47,328.4 1 61.4 22

JP Morgan 28,409.5 2 36.8 14
60%
Credit Suisse 27,064.2 3 35.1 4
50% High Technology 66,173.6 1,122
Goldman Sachs & Co 26,286.1 1 40.4 22
40%
Morgan Stanley 19,421.1 2 29.9 17
30% Barclays Capital 14,676.7 3 22.6 10
Financials 52,532.4 671
20%
Bank of America Merrill Lynch 26,130.5 1 50.7 20
10% Morgan Stanley 22,601.5 2 43.9 12
Goldman Sachs & Co 21,972.0 3 42.6 12
0%
Goldman Sachs & Morgan Stanley JP Morgan Credit Suisse Barclays Capital Bank of America Deutsche Bank Lazard Citi Blackstone Group * tie
Co Merrill Lynch AG LP
Telecommunications Retail Real Estate Media and Entertainment Materials

Industrials High Technology Healthcare Government and Agencies Financials
Energy and Power Consumer Staples Consumer Products and Services
Top Ten US Announced Deals Jan 1 2010 – Sep 30 2010

4/22/2010 Pending Qwest Commun Intl Inc (100%) CenturyLink Inc United States / United States 22,170.2 Telecommunications / Telecommunications Services
3/8/2010 Pending American Life Insurance Co Inc (100%) MetLife Inc United States / United States 15,543.5 Financials / Insurance
2/25/2010 Pending Coca-Cola Entr Inc-NA Bus (100%) Coca-Cola Co United States / United States 13,440.7 Consumer Staples / Food and Beverage
2/21/2010 8/27/2010 Smith International Inc (100%) Schlumberger Ltd United States / United States 12,223.6 Energy and Power / Oil & Gas
1/19/2010 2/17/2010 The Williams Cos Inc-Gas (100%) Williams Partners LP United States / United States 11,750.4 Energy and Power / Oil & Gas
9/7/2010 Pending Enterprise GP Holdings LP (100%) Enterprise Products Partners United States / United States 9,000.5 Energy and Power / Oil & Gas
2/11/2010 Pending Allegheny Energy Inc (100%) FirstEnergy Corp United States / United States 8,943.9 Energy and Power / Power
6/16/2010 7/1/2010 Questar Market Resources Inc (100%) Shareholders United States / United States 7,723.0 Energy and Power / Oil & Gas
6
Americas Rankings
Any Americas Involvement Announced (AD49) Jan 1 2010 – Sep 30 2010 Any Americas Involvement Completed (AF55) Jan 1 2010 – Sep 30 2010
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.
Goldman Sachs & Co 1 2 312,437.1 30.9 -1.7 ▼ 177 1.6 +71 ▲ Goldman Sachs & Co 1 3 179,012.6 24.3 -6.5 ▼ 129 1.6 +51 ▲ 914.2 7.6 1.1 ▲
JP Morgan 2 4 260,477.2 25.8 -3.6 ▼ 136 1.3 +16 ▲ Citi 2 2 164,560.3 22.3 -8.7 ▼ 72 0.9 -6 ▼ 364.1 3.0 0.9 ▼
Morgan Stanley 3 1 245,865.7 24.3 -17.9 ▼ 153 1.4 +24 ▲ Barclays Capital 3 12 160,150.4 21.7 12.1 ▲ 70 0.9 +33 ▲ 427.6 3.6 0.9 ▲
Credit Suisse 4 8 227,918.0 22.5 6.8 ▲ 147 1.4 +57 ▲ JP Morgan 4 8 151,245.4 20.5 8.2 ▲ 126 1.5 +38 ▲ 701.3 5.9 1.1 ▲
Bank of America Merrill Lynch 5 5 211,981.5 21.0 -1.4 ▼ 137 1.3 +46 ▲ Morgan Stanley 5 1 148,818.2 20.2 -18.2 ▼ 115 1.4 +12 ▲ 596.4 5.0 1.2 ▼
Barclays Capital 6 6 195,846.5 19.4 -2.6 ▼ 88 0.8 +36 ▲ Credit Suisse 6 20 139,321.1 18.9 11.9 ▲ 101 1.2 +39 ▲ 459.2 3.8 0.9 ▲
Deutsche Bank AG 7 11 147,251.3 14.6 4.7 ▲ 99 0.9 +30 ▲ Deutsche Bank AG 7 6 117,384.9 15.9 2.7 ▲ 83 1.0 +27 ▲ 403.1 3.4 1.1 ▲
Citi 8 3 138,632.0 13.7 -17.7 ▼ 77 0.7 -12 ▼ Bank of America Merrill Lynch 8 4 114,089.3 15.5 -12.1 ▼ 105 1.3 +23 ▲ 512.8 4.3 0.0 -
UBS 9 13 124,197.6 12.3 3.6 ▲ 114 1.1 +32 ▲ UBS 9 11 92,534.4 12.5 2.8 ▲ 86 1.1 +22 ▲ 334.9 2.8 0.2 ▲
BNP Paribas SA 10 26 92,653.7 9.2 7.7 ▲ 27 0.3 +7 ▲ Evercore Partners 10 5 67,027.0 9.1 -6.1 ▼ 22 0.3 +7 ▲ 123.3 1.0 0.0 -
Lazard 11 9 85,527.5 8.5 -6.0 ▼ 93 0.9 +8 ▲ Lazard 11 9 55,533.4 7.5 -3.7 ▼ 82 1.0 +15 ▲ 281.7 2.4 0.4 ▼
Santander 12 23 83,086.8 8.2 5.8 ▲ 29 0.3 +10 ▲ Jefferies & Co Inc 12 56 55,509.0 7.5 7.3 ▲ 54 0.7 +27 ▲ 182.1 1.5 0.8 ▲
RBC Capital Markets 13 17 77,008.4 7.6 2.3 ▲ 80 0.7 +22 ▲ Centerview Partners LLC 13 29 45,881.3 6.2 4.4 ▲ 11 0.1 +9 ▲ 99.6 0.8 0.7 ▲
Blackstone Group LP 14 14 64,845.7 6.4 -1.6 ▼ 25 0.2 +7 ▲ Rothschild 14 7 44,754.5 6.1 -7.0 ▼ 68 0.8 +10 ▲ 258.6 2.2 0.1 ▼
TD Securities Inc 15 25 59,447.2 5.9 4.4 ▲ 47 0.4 +22 ▲ Santander 15 28 36,310.4 4.9 2.7 ▲ 18 0.2 +1 ▲ 52.0 0.4 0.1 ▼
Rothschild 16 10 57,493.2 5.7 -6.4 ▼ 72 0.7 +2 ▲ Houlihan Lokey 16 19 29,790.3 4.0 -3.1 ▼ 82 1.0 +9 ▲ 165.8 1.4 0.4 ▼
Societe Generale 17 64 56,966.6 5.6 5.4 ▲ 7 0.1 +6 ▲ HSBC Holdings PLC 17 34 26,923.4 3.7 2.5 ▲ 17 0.2 +5 ▲ 40.1 0.3 0.1 ▼
Perella Weinberg Partners LP 18 21 55,550.8 5.5 2.2 ▲ 20 0.2 +12 ▲ Tudor Pickering & Co LLC 18 46 22,893.0 3.1 2.7 ▲ 15 0.2 +8 ▲ 77.8 0.7 0.4 ▲
Evercore Partners 19 7 51,428.7 5.1 -15.5 ▼ 22 0.2 +2 ▲ RBC Capital Markets 19 23 22,786.4 3.1 -2.0 ▼ 65 0.8 +15 ▲ 162.3 1.4 0.1 ▼
RBS 20 37 47,473.8 4.7 3.9 ▲ 13 0.1 -3 ▼ Perella Weinberg Partners LP 20 30 22,425.0 3.0 1.2 ▲ 13 0.2 +10 ▲ 79.9 0.7 0.4 ▲
Nomura 21 35 38,333.0 3.8 3.0 ▲ 17 0.2 +2 ▲ Blackstone Group LP 21 16 16,285.0 2.2 -5.7 ▼ 22 0.3 +10 ▲ 88.7 0.7 0.0 -
Jefferies & Co Inc 22 31 30,947.8 3.1 2.1 ▲ 73 0.7 +34 ▲ BMO Capital Markets 22 40 14,850.1 2.0 1.1 ▲ 34 0.4 +5 ▲ 99.8 0.8 0.1 ▲
Tudor Pickering & Co LLC 23 47 29,076.3 2.9 2.5 ▲ 26 0.2 +18 ▲ CIBC World Markets Inc 23 26 14,330.6 1.9 -1.9 ▼ 32 0.4 +9 ▲ 114.9 1.0 0.0 -
Banco BTG Pactual SA 24 29 28,999.8 2.9 1.7 ▲ 40 0.4 +35 ▲ Societe Generale 24 251* 14,057.4 1.9 1.9 ▲ 8 0.1 +7 ▲ 29.2 0.2 0.2 ▲
HSBC Holdings PLC 25 19 27,874.6 2.8 -1.0 ▼ 19 0.2 +5 ▲ Greenhill & Co, LLC 25 10 13,793.9 1.9 -9.0 ▼ 22 0.3 +7 ▲ 91.7 0.8 0.2 ▼
Industry Total 1 011 493 4 100.0
1,011,493.4 100 0 10 756
10,756 +607 Industry Total 738 329 6 100.0
738,329.6 100 0 8 149
8,149 +238 11 968 8 100.0
11,968.8 100 0
Industry % Change from Same Period Last Year 35.2% ▲ 6.0% ▲ Industry % Change from Same Period Last Year 11.9% ▲ 3.0% ▲ 67.8% ▲
US Target Announced (AD2) Jan 1 2010 – Sep 30 2010 US Target Completed (AF2) Jan 1 2010 – Sep 30 2010
Goldman Sachs & Co 1 2 228,965.2 38.5 1.3 ▲ 126 2.2 +58 ▲ Goldman Sachs & Co 1 2 136,189.5 30.2 -8.8 ▼ 90 1.9 +40 ▲ 724.1 9.9 1.7 ▲
Morgan Stanley 2 1 172,458.1 29.0 -19.7 ▼ 91 1.6 +26 ▲ JP Morgan 2 18 118,666.7 26.3 16.4 ▲ 75 1.6 +38 ▲ 492.5 6.7 2.9 ▲
JP Morgan 3 3 150,637.9 25.3 -11.0 ▼ 80 1.4 +15 ▲ Barclays Capital 3 10 116,218.1 25.7 12.8 ▲ 58 1.2 +27 ▲ 345.8 4.7 0.9 ▲
Credit Suisse 4 9 132,556.5 22.3 9.5 ▲ 71 1.2 +22 ▲ Bank of America Merrill Lynch 4 4 78,641.4 17.4 -17.9 ▼ 76 1.6 +26 ▲ 422.5 5.8 0.3 ▲
Barclays Capital 5 7 128,804.8 21.6 -3.8 ▼ 72 1.3 +30 ▲ Citi 5 3 76,364.8 16.9 -19.6 ▼ 42 0.9 +6 ▲ 259.4 3.5 0.4 ▼
Bank of America Merrill Lynch 6 5 98,318.5 16.5 -13.8 ▼ 92 1.6 +32 ▲ Evercore Partners 6 5 66,865.9 14.8 -6.5 ▼ 20 0.4 +6 ▲ 119.8 1.6 0.1 ▲
Deutsche Bank AG 7 17 90,525.9 15.2 12.0 ▲ 46 0.8 +10 ▲ Morgan Stanley 7 1 63,204.0 14.0 -27.7 ▼ 60 1.3 +10 ▲ 373.3 5.1 1.2 ▼
Lazard 8 8 73,897.0 12.4 -3.6 ▼ 60 1.0 -2 ▼ Jefferies & Co Inc 8 34 53,257.4 11.8 11.5 ▲ 44 0.9 +27 ▲ 155.6 2.1 1.3 ▲
Citi 9 4 71,281.8 12.0 -23.5 ▼ 44 0.8 -1 ▼ Deutsche Bank AG 9 8 50,265.3 11.1 -2.2 ▼ 40 0.8 +10 ▲ 235.3 3.2 1.1 ▲
Blackstone Group LP 10 11 64,450.2 10.8 -0.8 ▼ 22 0.4 +7 ▲ UBS 10 13 37,648.4 8.3 -2.5 ▼ 43 0.9 +4 ▲ 192.7 2.6 0.3 ▼
UBS 11 16 64,409.2 10.8 6.0 ▲ 66 1.1 +17 ▲ Credit Suisse 11 25 31,760.7 7.0 4.6 ▲ 46 1.0 +21 ▲ 229.1 3.1 0.9 ▲
Evercore Partners 12 6 49,847.7 8.4 -21.7 ▼ 18 0.3 -1 ▼ Centerview Partners LLC 12 23 24,463.3 5.4 2.7 ▲ 9 0.2 +7 ▲ 92.7 1.3 1.1 ▲
Perella Weinberg Partners LP 13 15 49,104.3 8.3 3.4 ▲ 14 0.2 +6 ▲ Tudor Pickering & Co LLC 13 28 22,893.0 5.1 4.5 ▲ 15 0.3 +8 ▲ 77.8 1.1 0.6 ▲
Societe Generale 14 - 45,944.6 7.7 7.7 ▲ 3 0.1 +3 ▲ Lazard 14 6 22,732.3 5.0 -10.2 ▼ 50 1.1 +3 ▲ 192.9 2.6 1.1 ▼
BNP Paribas SA 15 52 44,826.6 7.5 7.3 ▲ 5 0.1 +1 ▲ Perella Weinberg Partners LP 15 24 21,443.4 4.8 2.3 ▲ 12 0.3 +9 ▲ 71.4 1.0 0.5 ▲
Rothschild 16 10 29,465.5 5.0 -7.2 ▼ 22 0.4 -7 ▼ Blackstone Group LP 16 12 15,889.6 3.5 -7.5 ▼ 19 0.4 +10 ▲ 84.6 1.2 0.1 ▲
Nomura 17 31 29,389.8 4.9 4.4 ▲ 3 0.1 0 - Greenhill & Co, LLC 17 7 10,492.8 2.3 -12.7 ▼ 12 0.3 +4 ▲ 68.9 0.9 0.1 ▼
Tudor Pickering & Co LLC 18 26 29,076.3 4.9 4.3 ▲ 26 0.5 +18 ▲ Rothschild 18 20 8,926.5 2.0 -7.8 ▼ 24 0.5 +4 ▲ 88.4 1.2 0.7 ▼
Jefferies & Co Inc 19 23 26,044.3 4.4 3.4 ▲ 60 1.0 +30 ▲ Foros 19 - 8,160.1 1.8 1.8 ▲ 4 0.1 +4 ▲ 20.2 0.3 0.3 ▲
Ondra Partners 20 - 25,090.2 4.2 4.2 ▲ 1 0.0 +1 ▲ Guggenheim Securities LLC 20 - 8,094.1 1.8 1.8 ▲ 3 0.1 +3 ▲ 16.6 0.2 0.2 ▲
HSBC Holdings PLC 21 123 23,229.4 3.9 3.9 ▲ 6 0.1 +5 ▲ Houlihan Lokey 21 17 7,988.7 1.8 -8.3 ▼ 71 1.5 +6 ▲ 151.6 2.1 0.7 ▼
Greenhill & Co, LLC 22 19 20,287.5 3.4 1.0 ▲ 12 0.2 0 - RBC Capital Markets 22 36 7,474.2 1.7 1.4 ▲ 36 0.8 +12 ▲ 81.3 1.1 0.5 ▲
Houlihan Lokey 23 12 16,167.4 2.7 -6.7 ▼ 68 1.2 -6 ▼ Moelis & Co 23 38 6,229.6 1.4 1.2 ▲ 24 0.5 +7 ▲ 85.1 1.2 0.6 ▲
Centerview Partners LLC 24 18 14,031.1 2.4 -0.6 ▼ 8 0.1 +6 ▲ Stifel Financial Corp 24 69 5,450.8 1.2 1.1 ▲ 19 0.4 +7 ▲ 35.9 0.5 0.3 ▲
Allen & Co Inc 25 22 13,952.7 2.3 1.2 ▲ 3 0.1 -4 ▼ SunTrust Banks 25 42 5,175.1 1.2 1.0 ▲ 4 0.1 +2 ▲ 18.1 0.3 0.2 ▲
Industry Total 595,113.3 100.0 5,760 +40 Industry Total 451,636.6 100.0 4,735 -49 7,335.7 100.0
Industry % Change from Same Period Last Year 18.6% ▲ 0.7% ▲ Industry % Change from Same Period Last Year -1.4% ▼ -1.0% ▼ 73.8% ▲
Industry % Change from Last Quarter 11.1% ▲ 3.0% ▲ Industry % Change from Last Quarter -1.1% ▼ -3.7% ▼ 7.2% ▲
* tie
7
Americas Rankings
Any US Involvement Announced (AD41) Jan 1 2010 – Sep 30 2010 Any US Involvement Completed (AF48) Jan 1 2010 – Sep 30 2010
Goldman Sachs & Co 1 2 258,038.8 35.3 -2.9 ▼ 163 2.1 +69 ▲ Goldman Sachs & Co 1 2 174,736.5 30.1 -6.6 ▼ 119 1.9 +52 ▲ 880.6 9.1 1.6 ▲
Morgan Stanley 2 1 209,844.9 28.7 -18.1 ▼ 130 1.7 +29 ▲ Barclays Capital 2 10 152,754.8 26.4 14.5 ▲ 66 1.0 +30 ▲ 408.9 4.2 0.9 ▲
JP Morgan 3 4 189,822.3 25.9 -7.4 ▼ 117 1.5 +21 ▲ JP Morgan 3 7 135,742.0 23.4 10.0 ▲ 105 1.7 +33 ▲ 626.2 6.5 1.4 ▲
Credit Suisse 4 9 156,934.2 21.4 6.5 ▲ 111 1.4 +48 ▲ Citi 4 3 117,382.2 20.3 -14.3 ▼ 64 1.0 +8 ▲ 343.2 3.5 0.4 ▼
Barclays Capital 5 5 143,877.2 19.7 -6.9 ▼ 83 1.1 +34 ▲ Morgan Stanley 5 1 116,087.6 20.0 -18.4 ▼ 97 1.5 +20 ▲ 527.9 5.5 1.1 ▼
Bank of America Merrill Lynch 6 6 133,357.4 18.2 -8.3 ▼ 114 1.5 +34 ▲ Deutsche Bank AG 6 9 101,044.3 17.4 4.8 ▲ 73 1.2 +26 ▲ 356.3 3.7 1.5 ▲
Deutsche Bank AG 7 14 132,249.0 18.1 9.7 ▲ 89 1.2 +28 ▲ Bank of America Merrill Lynch 7 4 88,752.9 15.3 -18.4 ▼ 91 1.4 +18 ▲ 463.2 4.8 0.5 ▼
UBS 8 13 94,508.2 12.9 4.1 ▲ 96 1.2 +26 ▲ Credit Suisse 8 23 77,691.1 13.4 10.9 ▲ 81 1.3 +44 ▲ 378.5 3.9 1.7 ▲
Citi 9 3 86,353.8 11.8 -25.9 ▼ 67 0.9 -4 ▼ UBS 9 12 75,614.9 13.0 2.3 ▲ 72 1.1 +16 ▲ 284.3 2.9 0.0 -
Lazard 10 8 84,271.3 11.5 -5.9 ▼ 83 1.1 +9 ▲ Evercore Partners 10 5 66,865.9 11.5 -7.6 ▼ 21 0.3 +6 ▲ 121.8 1.3 0.1 ▲
Blackstone Group LP 11 12 64,756.7 8.9 -1.0 ▼ 24 0.3 +6 ▲ Jefferies & Co Inc 11 43 55,406.0 9.6 9.3 ▲ 53 0.8 +26 ▲ 181.0 1.9 1.0 ▲
Perella Weinberg Partners LP 12 18 55,424.9 7.6 3.5 ▲ 19 0.2 +11 ▲ Lazard 12 6 54,257.5 9.4 -4.7 ▼ 71 1.1 +12 ▲ 263.7 2.7 0.8 ▼
Evercore Partners 13 7 51,267.7 7.0 -18.6 ▼ 21 0.3 +1 ▲ Centerview Partners LLC 13 24 45,881.3 7.9 5.6 ▲ 11 0.2 +9 ▲ 99.6 1.0 0.8 ▲
Societe Generale 14 - 46,465.9 6.4 6.4 ▲ 5 0.1 +5 ▲ Houlihan Lokey 14 18 29,790.3 5.1 -3.8 ▼ 80 1.3 +9 ▲ 164.8 1.7 0.5 ▼
BNP Paribas SA 15 48 46,238.9 6.3 6.1 ▲ 15 0.2 +6 ▲ Rothschild 15 19 25,420.7 4.4 -4.4 ▼ 54 0.9 +20 ▲ 204.9 2.1 0.2 ▲
Nomura 16 24 37,079.7 5.1 4.1 ▲ 13 0.2 -1 ▼ HSBC Holdings PLC 16 38 24,863.5 4.3 3.8 ▲ 14 0.2 +8 ▲ 33.3 0.3 0.2 ▲
Rothschild 17 10 36,402.4 5.0 -6.6 ▼ 51 0.7 +4 ▲ Tudor Pickering & Co LLC 17 33 22,893.0 4.0 3.4 ▲ 15 0.2 +8 ▲ 77.8 0.8 0.4 ▲
Tudor Pickering & Co LLC 18 32 29,076.3 4.0 3.5 ▲ 26 0.3 +18 ▲ Perella Weinberg Partners LP 18 25 22,425.0 3.9 1.7 ▲ 13 0.2 +10 ▲ 79.9 0.8 0.4 ▲
Jefferies & Co Inc 19 23 27,859.9 3.8 2.8 ▲ 71 0.9 +34 ▲ Blackstone Group LP 19 14 16,196.0 2.8 -7.2 ▼ 21 0.3 +9 ▲ 87.7 0.9 0.0 -
Ondra Partners 20 - 25,090.2 3.4 3.4 ▲ 1 0.0 +1 ▲ Greenhill & Co, LLC 20 8 13,217.7 2.3 -10.9 ▼ 21 0.3 +11 ▲ 89.5 0.9 0.0 -
Greenhill & Co, LLC 21 20 24,089.1 3.3 1.3 ▲ 24 0.3 +9 ▲ RBC Capital Markets 21 48 11,651.6 2.0 1.8 ▲ 42 0.7 +15 ▲ 96.4 1.0 0.4 ▲
HSBC Holdings PLC 22 19 23,823.4 3.3 -0.7 ▼ 14 0.2 +7 ▲ Foros 22 - 8,982.1 1.6 1.6 ▲ 6 0.1 +6 ▲ 25.4 0.3 0.3 ▲
Houlihan Lokey 23 11 18,568.4 2.5 -9.0 ▼ 78 1.0 -5 ▼ Guggenheim Securities LLC 23 - 8,094.1 1.4 1.4 ▲ 3 0.0 +3 ▲ 16.6 0.2 0.2 ▲
Allen & Co Inc 24 25 16,214.7 2.2 1.3 ▲ 7 0.1 -1 ▼ Nomura 24 32 7,253.8 1.3 0.7 ▲ 9 0.1 -3 ▼ 20.7 0.2 0.0 -
Centerview Partners LLC 25 17 14,078.1 1.9 -4.2 ▼ 10 0.1 +7 ▲ UniCredit Group 25 95 6,317.6 1.1 1.1 ▲ 7 0.1 +5 ▲ 15.1 0.2 0.2 ▲
Industry Total 732 072 0 100.0
732,072.0 100 0 7 725
7,725 +320 Industry Total 579 734 1 100.0
579,734.1 100 0 6 296
6,296 +149 9 682 1 100.0
9,682.1 100 0
Industry % Change from Last Quarter 12.1% ▲ -0.3% ▼ Industry % Change from Last Quarter -13.4% ▼ -4.7% ▼ 1.0% ▲
Any Canadian Involvement Announced (AD42) Jan 1 2010 – Sep 30 2010 Any Canadian Involvement Completed (AF49) Jan 1 2010 – Sep 30 2010
RBC Capital Markets 1 1 63,706.4 40.0 -0.7 ▼ 38 1.5 +2 ▲ Morgan Stanley 1 2 21,209.7 24.9 -7.1 ▼ 15 0.1 +5 ▲ 87.7 4.6 0.2 ▲
Goldman Sachs & Co 2 5 62,071.3 39.0 19.5 ▲ 15 0.6 -1 ▼ BMO Capital Markets 2 13 14,365.1 16.9 12.3 ▲ 25 0.1 +5 ▲ 87.8 4.6 2.1 ▲
TD Securities Inc 3 7 59,445.5 37.4 24.9 ▲ 43 1.7 +19 ▲ CIBC World Markets Inc 3 3 14,330.6 16.8 -13.9 ▼ 32 0.1 +9 ▲ 114.9 6.0 0.2 ▼
Bank of America Merrill Lynch 4 14 59,164.5 37.2 32.1 ▲ 13 0.5 +9 ▲ RBC Capital Markets 4 1 11,925.1 14.0 -25.7 ▼ 28 0.1 +1 ▲ 72.7 3.8 3.4 ▼
JP Morgan 5 9 54,048.0 34.0 23.8 ▲ 7 0.3 -2 ▼ Scotiabank-Bank of Nova Scotia 5 14 10,552.4 12.4 8.2 ▲ 12 0.1 +1 ▲ 35.6 1.9 0.2 ▼
Barclays Capital 6 25 52,195.6 32.8 30.8 ▲ 5 0.2 +3 ▲ JP Morgan 6 9 10,137.3 11.9 2.8 ▲ 12 0.1 +4 ▲ 68.6 3.6 0.9 ▲
RBS 7 - 44,607.7 28.0 28.0 ▲ 4 0.2 +4 ▲ TD Securities Inc 7 8 9,482.6 11.1 1.7 ▲ 34 0.2 +8 ▲ 85.8 4.5 1.6 ▲
BNP Paribas SA 8* 19 43,180.5 27.1 23.6 ▲ 1 0.0 0 - Rothschild 8 10 8,941.4 10.5 1.7 ▲ 14 0.1 +7 ▲ 45.8 2.4 0.3 ▲
Santander 8* - 43,180.5 27.1 27.1 ▲ 1 0.0 +1 ▲ Bank of America Merrill Lynch 9 21 8,867.5 10.4 8.8 ▲ 8 0.0 +3 ▲ 35.8 1.9 0.5 ▲
BMO Capital Markets 10 12 20,093.7 12.6 5.6 ▲ 30 1.2 +2 ▲ GMP Capital Corp 10 26 8,694.5 10.2 9.4 ▲ 24 0.1 +12 ▲ 47.2 2.5 1.6 ▲
Morgan Stanley 11 3 19,748.3 12.4 -12.1 ▼ 16 0.6 +2 ▲ Goldman Sachs & Co 11 6 8,133.9 9.6 -6.6 ▼ 11 0.1 0 - 61.2 3.2 0.6 ▼
CIBC World Markets Inc 12 2 19,424.9 12.2 -15.3 ▼ 38 1.5 +16 ▲ Deutsche Bank AG 12 4 7,401.5 8.7 -14.4 ▼ 6 0.0 +2 ▲ 27.3 1.4 1.2 ▼
UBS 13 11 15,812.5 9.9 2.5 ▲ 15 0.6 +7 ▲ UBS 13 12 7,135.1 8.4 3.6 ▲ 11 0.1 +5 ▲ 34.5 1.8 0.1 ▲
Scotiabank-Bank of Nova Scotia 14 16 10,576.0 6.7 2.5 ▲ 11 0.4 -6 ▼ Barclays Capital 14 52 6,443.6 7.6 7.5 ▲ 4 0.0 +3 ▲ 16.6 0.9 0.8 ▲
Deutsche Bank AG 15 4 8,504.5 5.3 -15.7 ▼ 7 0.3 +4 ▲ Jefferies & Co Inc 15 - 5,966.5 7.0 7.0 ▲ 6 0.0 +6 ▲ 27.5 1.4 1.0 ▲
GMP Capital Corp 16 15 8,381.3 5.3 0.9 ▲ 18 0.7 +1 ▲ Citi 16 11 5,389.4 6.3 -0.3 ▼ 4 0.0 +1 ▲ 12.4 0.7 0.2 ▼
Rothschild 17 10 8,310.7 5.2 -2.5 ▼ 14 0.6 +6 ▲ Credit Suisse 17 7 5,386.0 6.3 -5.6 ▼ 4 0.0 +1 ▲ 18.8 1.0 2.1 ▼
Citi 18 13 8,089.6 5.1 -1.5 ▼ 4 0.2 -1 ▼ Macquarie Group 18 5 3,704.6 4.4 -17.4 ▼ 13 0.1 -12 ▼ 32.6 1.7 4.1 ▼
Credit Suisse 19 8 6,964.7 4.4 -6.1 ▼ 6 0.2 +2 ▲ FirstEnergy Capital Corp 19 16 3,219.3 3.8 1.0 ▲ 14 0.1 +6 ▲ 28.9 1.5 0.1 ▲
Jefferies & Co Inc 20 21 4,830.4 3.0 0.4 ▲ 5 0.2 +2 ▲ Canaccord Genuity 20 18 2,759.1 3.2 0.7 ▲ 13 0.1 +1 ▲ 29.4 1.5 0.0 -
Moelis & Co 21 - 3,859.9 2.4 2.4 ▲ 3 0.1 +3 ▲ Cormark Securities Inc 21 20 2,068.2 2.4 0.5 ▲ 15 0.1 +8 ▲ 22.3 1.2 0.5 ▲
Macquarie Group 22 6 3,344.9 2.1 -15.8 ▼ 12 0.5 -17 ▼ National Bank Financial Inc 22 35 1,835.9 2.2 1.9 ▲ 12 0.1 +6 ▲ 17.7 0.9 0.6 ▲
Standard Chartered PLC 23 41 3,250.0 2.0 1.7 ▲ 1 0.0 0 - Lazard 23 28 1,538.2 1.8 1.2 ▲ 8 0.0 +4 ▲ 15.3 0.8 0.4 ▲
Houlihan Lokey 24 44 3,238.0 2.0 1.8 ▲ 7 0.3 +2 ▲ Nomura 24* - 1,225.3 1.4 1.4 ▲ 3 0.0 +3 ▲ 6.0 0.3 0.3 ▲
FirstEnergy Capital Corp 25 17 2,863.3 1.8 -2.4 ▼ 12 0.5 +1 ▲ Mackie Research Capital Corp 24* 68 1,225.3 1.4 1.4 ▲ 2 0.0 0 - 15.4 0.8 0.8 ▲
Industry Total 159,149.8 100.0 2,534 +76 Industry Total 85,196.1 100.0 1,543 -24 1,926.2 100.0
Industry % Change from Same Period Last Year 76.9% ▲ 3.1% ▲ Industry % Change from Same Period Last Year 3.8% ▲ -1.5% ▼ 63.0% ▲
Industry % Change from Last Quarter 114.9% ▲ -8.4% ▼ Industry % Change from Last Quarter 43.1% ▲ -11.6% ▼ 24.5% ▲
* tie
8
EMEA M&A
EMEA Announced M&A Up 24% While Fees from Completed M&A Up 13% | Busiest Quarter in Two Years | JP Morgan Finishes First
EMEA Deals Intelligence European Financial Sponsor Investments

$300 25%
EMEA M&A announced during the first nine months of the year totaled US$797.3 billion, representing a 23.8% increase Q4 Volume (US$b)
compared to the same period last year. Deal activity during the third quarter reached US$343.1 billion, which was the $275 Q3 Volume (US$b)
21.4%
highest quarterly volume in two years and was a 31.4% increase from the second quarter. Q2 Volume (US$b)
$250 19.9%
Q1 Volume (US$b) 20%
Estimated fees on completed EMEA deals totaled US$2.6 billion during the third quarter of 2010, a 4.9% decrease from the 18.0%
$225 % of YTD European M&A
previous quarter, according to Thomson Reuters/Freeman Consulting. However, year-to-date fees reached US$8.2 billion, a
16.3%
12.6% increase compared to the same period last year. $200
Rank Value (US$b)
% of European M&A
The third quarter saw a number of mega transactions as each of the top three deals for the year thus far were announced in 15%
$175
August. These pending acquisitions of Potash Corp, GDF Suez Energy International and Genzyme Corp were worth a 13.3% 13.0% 12.6%
combined US$87.5 billion and accounted for approximately a quarter of EMEA deal activity during the last three months and $150
11% year-to-date. 9.9%
$125
9.0% 10%
Buy-side financial sponsor activity continued its recovery in Europe with the announcements of deals worth a combined
$100
US$32.7 billion, almost 50% higher than the first two quarters of 2010 combined as year-to-date volume comprised 12.6% of
5.4%
regional activity (compared to 5.4% last year). The largest sponsor-driven deals included the US$4.6 billion offer for Tomkins $75
by Onex and Canada Pension Investment Board and CVC and ACS's US$3.8 billion minority stake purchase in Abertis. 4.4% 5%
$50
Quarterly European Cross Border Volume
$25
$900 000
$900,000 Outbound (US$m) Inbound (US$m) Number of deals 1 800
1,800
$0 0%
$800,000 1,600 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
$700,000 1,400
European Involvement Announced Advisors by Target Industry
Mkt.
Rank Value (US$m)
$600,000 1,200
Rank Val US$m Rank Share No. Deals
Energy and Power 162,849.7 1,057
# of Deals
$500,000 1,000 JP Morgan 66,125.9 1 39.3 28
Goldman Sachs & Co 54,399.8 2 32.3 18
$400,000 800 Rothschild 44,510.1 3 26.4 15
Financials 119,599.5 1,521
$300,000 600 Deutsche Bank AG 38,607.1 1 32.4 30
Morgan Stanley 26,074.6 2 21.9 36
Lazard 23,511.8 3 19.7 35
$200,000 400 Materials 92,443.1 1,049
JP Morgan 53,281.6 1 56.2 11
$100,000 200 Goldman Sachs & Co 52,320.5 2 55.2 15
BNP Paribas SA 49,788.5 3 52.5 9
$0 0
* tie
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
3Q03
4Q03
1Q04
2Q04
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
Top Ten European Involvement Announced Deals Jan 1 2010 – Sep 30 2010
8/17/2010 Pending Potash Corp of Saskatchewan (100%) BHP Billiton PLC United Kingdom / Canada 43,180.5 Materials / Metals & Mining
6/15/2010 Intended British Sky Bdcstg Grp PLC (60.9%) News Corp United States / United Kingdom 13,730.4 Media and Entertainment / Cable
1/4/2010 Pending Alcon Inc (24.6%) Novartis AG Switzerland / Switzerland 11,120.4 Healthcare / Healthcare Equipment & Supplies
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
7/30/2010 Pending EDF Energy-UK Power Distn Bus (100%) Investor Group Hong Kong / United Kingdom 9,056.4 Energy and Power / Power
6/22/2010 Pending Bancaja SA (100%) Caja Madrid Spain / Spain 8,140.3 Financials / Banks
8/16/2010 Intended Aviva PLC-Insurance Business (100%) RSA Insurance Group PLC United Kingdom / United Kingdom 7,787.5 Financials / Insurance
9
EMEA Rankings
Any EMEA Involvement Announced (AD47) Jan 1 2010 – Sep 30 2010 Any EMEA Involvement Completed (AF53) Jan 1 2010 – Sep 30 2010
JP Morgan 1 8 214,133.4 26.9 9.6 ▲ 116 0.4 -2 ▼ Morgan Stanley 1 9 133,029.1 26.7 4.0 ▲ 110 1.1 +34 ▲ 415.6 5.1 1.0 ▲
Goldman Sachs & Co 2 3 198,421.3 24.9 -7.9 ▼ 100 0.3 +4 ▲ Goldman Sachs & Co 2 3 125,199.2 25.1 -4.9 ▼ 72 0.7 -5 ▼ 537.6 6.6 0.5 ▲
Morgan Stanley 3 2 183,020.6 23.0 -16.9 ▼ 138 0.5 +44 ▲ Credit Suisse 3 6 122,995.6 24.7 -0.2 ▼ 79 0.8 -7 ▼ 335.0 4.1 0.4 ▲
BNP Paribas SA 4 15 146,317.1 18.4 12.5 ▲ 91 0.3 +29 ▲ Citi 4 2 105,071.7 21.1 -10.1 ▼ 38 0.4 -18 ▼ 158.5 1.9 1.0 ▼
Bank of America Merrill Lynch 5 10 143,798.9 18.0 4.9 ▲ 56 0.2 -1 ▼ UBS 5 5 102,962.0 20.6 -6.3 ▼ 75 0.7 -28 ▼ 275.9 3.4 0.9 ▼
Deutsche Bank AG 6 5 143,160.8 18.0 -13.3 ▼ 117 0.4 +17 ▲ Deutsche Bank AG 6 8 92,854.3 18.6 -5.2 ▼ 79 0.8 -23 ▼ 256.1 3.1 1.0 ▼
Credit Suisse 7 1 117,573.0 14.8 -26.1 ▼ 116 0.4 +2 ▲ Barclays Capital 7 29 87,641.6 17.6 15.5 ▲ 37 0.4 +20 ▲ 159.4 2.0 0.7 ▲
Barclays Capital 8 11 112,334.6 14.1 4.5 ▲ 40 0.1 +18 ▲ JP Morgan 8 1 82,507.0 16.5 -18.0 ▼ 85 0.8 -28 ▼ 364.7 4.5 1.9 ▼
Rothschild 9 9 100,394.4 12.6 -4.5 ▼ 149 0.5 +11 ▲ Rothschild 9 12 75,953.8 15.2 2.6 ▲ 130 1.2 +9 ▲ 425.4 5.2 1.5 ▲
UBS 10 7 98,668.7 12.4 -13.6 ▼ 98 0.3 -16 ▼ Lazard 10 4 72,839.0 14.6 -13.0 ▼ 102 1.0 0 - 370.6 4.5 0.7 ▲
Societe Generale 11 22 94,612.6 11.9 8.5 ▲ 30 0.1 +12 ▲ HSBC Holdings PLC 11 18 53,090.4 10.6 4.4 ▲ 31 0.3 0 - 86.3 1.1 0.2 ▲
Lazard 12 6 86,924.0 10.9 -17.9 ▼ 134 0.5 +27 ▲ Bank of America Merrill Lynch 12 7 49,714.9 10.0 -14.7 ▼ 36 0.3 -29 ▼ 170.7 2.1 0.9 ▼
Citi 13 4 71,448.7 9.0 -22.9 ▼ 55 0.2 -11 ▼ BNP Paribas SA 13 10 40,511.2 8.1 -10.5 ▼ 63 0.6 -3 ▼ 141.1 1.7 0.3 ▼
RBC Capital Markets 14 27 67,228.0 8.4 6.0 ▲ 25 0.1 +10 ▲ Greenhill & Co, LLC 14 15 32,376.5 6.5 -2.8 ▼ 10 0.1 +3 ▲ 48.6 0.6 0.1 ▲
RBS 15 16 67,162.7 8.4 2.9 ▲ 27 0.1 -14 ▼ Societe Generale 15 17 26,784.2 5.4 -2.7 ▼ 17 0.2 -2 ▼ 59.4 0.7 0.2 ▲
Santander 16 20 55,026.5 6.9 2.7 ▲ 22 0.1 +7 ▲ Houlihan Lokey 16 97 26,092.1 5.2 5.1 ▲ 23 0.2 +4 ▲ 34.1 0.4 0.1 ▲
Nomura 17 32 46,891.1 5.9 4.3 ▲ 50 0.2 +27 ▲ Centerview Partners LLC 17 - 25,118.0 5.0 5.0 ▲ 4 0.0 +4 ▲ 13.2 0.2 0.2 ▲
TD Securities Inc 18 35 46,748.6 5.9 5.1 ▲ 7 0.0 -1 ▼ RBS 18 19 19,802.8 4.0 -0.9 ▼ 24 0.2 -11 ▼ 63.4 0.8 0.4 ▼
Blackstone Group LP 19 33 41,732.6 5.2 4.2 ▲ 12 0.0 +7 ▲ Perella Weinberg Partners LP 19 25 17,919.2 3.6 0.8 ▲ 6 0.1 +1 ▲ 68.7 0.8 0.6 ▲
HSBC Holdings PLC 20 14 38,339.1 4.8 -2.9 ▼ 35 0.1 -6 ▼ RBC Capital Markets 20 28 17,860.1 3.6 1.3 ▲ 18 0.2 +5 ▲ 50.9 0.6 0.0 -
Standard Chartered PLC 21 44 29,246.2 3.7 3.2 ▲ 14 0.0 -5 ▼ Credit Agricole CIB 21 30 17,831.3 3.6 1.5 ▲ 15 0.1 -8 ▼ 46.6 0.6 0.1 ▲
Ondra Partners 22 - 25,090.2 3.2 3.2 ▲ 1 0.0 +1 ▲ Mediobanca 22 16 17,051.3 3.4 -5.9 ▼ 26 0.2 -9 ▼ 43.0 0.5 0.7 ▼
Evercore Partners 23 26 23,903.3 3.0 0.5 ▲ 8 0.0 +3 ▲ Standard Chartered PLC 23 63 16,498.9 3.3 3.0 ▲ 7 0.1 -4 ▼ 68.6 0.8 0.6 ▲
Mediobanca 24 17 22,232.1 2.8 -2.0 ▼ 42 0.1 +10 ▲ Banco Espirito Santo SA 24 87 12,301.3 2.5 2.4 ▲ 19 0.2 +5 ▲ 25.4 0.3 0.2 ▲
Credit Agricole CIB 25 31 17,337.7 2.2 0.5 ▲ 30 0.1 +5 ▲ UniCredit Group 25 24 11,481.1 2.3 -0.7 ▼ 30 0.3 +6 ▲ 54.8 0.7 0.2 ▲
Industry Total 797 311 1
797,311.1 100 0
100.0 12 967
12,967 +844 Industry Total 498 993 0
498,993.0 100 0
100.0 10 412
10,412 +346 8 183 0
8,183.0 100 0
100.0
Industry % Change from Same Period Last Year 23.8% ▲ 7.0% ▲ Industry % Change from Same Period Last Year -11.7% ▼ 3.4% ▲ 12.6% ▲
Industry % Change from Last Quarter 31.4% ▲ -13.2% ▼ Industry % Change from Last Quarter 4.5% ▲ -17.6% ▼ -4.9% ▼
Any European Involvement Announced (AD21) Jan 1 2010 – Sep 30 2010 Any European Involvement Completed (AF3) Jan 1 2010 – Sep 30 2010
JP Morgan 1 9 207,045.1 28.8 12.1 ▲ 110 0.9 +4 ▲ Goldman Sachs & Co 1 3 123,151.0 27.2 -3.7 ▼ 68 0.7 -5 ▼ 525.3 6.9 0.7 ▲
Goldman Sachs & Co 2 3 190,934.8 26.5 -7.5 ▼ 93 0.8 0 - Credit Suisse 2 6 122,490.6 27.1 1.2 ▲ 78 0.8 -3 ▼ 326.5 4.3 0.6 ▲
Morgan Stanley 3 2 156,389.2 21.7 -19.3 ▼ 134 1.1 +46 ▲ Morgan Stanley 3 9 116,902.7 25.8 3.2 ▲ 105 1.1 +36 ▲ 387.7 5.1 1.2 ▲
Bank of America Merrill Lynch 4 10 142,498.9 19.8 6.3 ▲ 55 0.5 +2 ▲ Citi 4 2 104,701.4 23.1 -9.7 ▼ 36 0.4 -15 ▼ 154.3 2.0 1.0 ▼
Deutsche Bank AG 5 5 133,020.8 18.5 -13.8 ▼ 104 0.9 +8 ▲ Deutsche Bank AG 5 8 90,219.4 19.9 -4.7 ▼ 71 0.7 -26 ▼ 241.8 3.2 1.0 ▼
BNP Paribas SA 6 15 132,367.1 18.4 12.2 ▲ 87 0.7 +30 ▲ UBS 6 5 84,051.3 18.6 -9.1 ▼ 68 0.7 -26 ▼ 235.3 3.1 1.2 ▼
Credit Suisse 7 1 117,068.0 16.3 -26.0 ▼ 115 0.9 +7 ▲ JP Morgan 7 1 78,592.5 17.4 -17.2 ▼ 80 0.8 -20 ▼ 340.6 4.5 1.4 ▼
Rothschild 8 8 100,351.6 13.9 -3.9 ▼ 146 1.2 +10 ▲ Rothschild 8 12 75,911.0 16.8 3.6 ▲ 129 1.3 +10 ▲ 425.1 5.6 1.7 ▲
Barclays Capital 9 11 100,334.5 13.9 3.8 ▲ 37 0.3 +15 ▲ Barclays Capital 9 31 75,641.6 16.7 15.0 ▲ 35 0.4 +21 ▲ 151.2 2.0 0.8 ▲
Societe Generale 10 22 94,612.6 13.1 9.5 ▲ 30 0.2 +12 ▲ Lazard 10 4 63,484.6 14.0 -15.1 ▼ 97 1.0 -4 ▼ 307.4 4.0 0.0 -
UBS 11 7 79,758.1 11.1 -15.4 ▼ 91 0.8 -17 ▼ Bank of America Merrill Lynch 11 7 47,973.7 10.6 -14.6 ▼ 34 0.3 -26 ▼ 166.8 2.2 0.7 ▼
Lazard 12 6 75,958.4 10.6 -19.7 ▼ 128 1.1 +24 ▲ HSBC Holdings PLC 12 18 40,961.1 9.1 3.0 ▲ 28 0.3 -1 ▼ 77.6 1.0 0.2 ▲
Citi 13 4 70,775.9 9.8 -23.2 ▼ 49 0.4 -12 ▼ Greenhill & Co, LLC 13 15 31,935.3 7.1 -2.7 ▼ 9 0.1 +4 ▲ 45.8 0.6 0.1 ▲
RBS 14 16 67,162.7 9.3 3.6 ▲ 25 0.2 -15 ▼ BNP Paribas SA 14 10 29,811.2 6.6 -13.0 ▼ 61 0.6 +3 ▲ 126.9 1.7 0.3 ▼
RBC Capital Markets 15 28 65,869.2 9.2 7.1 ▲ 23 0.2 +13 ▲ Societe Generale 15 17 26,784.2 5.9 -2.7 ▼ 17 0.2 -2 ▼ 59.4 0.8 0.3 ▲
Santander 16 20 55,026.5 7.6 3.2 ▲ 22 0.2 +7 ▲ Houlihan Lokey 16 97 25,977.7 5.7 5.6 ▲ 20 0.2 +3 ▲ 32.5 0.4 0.2 ▲
TD Securities Inc 17 36 46,474.3 6.5 5.7 ▲ 6 0.0 -1 ▼ Centerview Partners LLC 17 - 25,118.0 5.6 5.6 ▲ 4 0.0 +4 ▲ 13.2 0.2 0.2 ▲
Nomura 18 32 46,138.5 6.4 4.8 ▲ 47 0.4 +25 ▲ RBS 18 19 19,802.8 4.4 -0.8 ▼ 24 0.2 -11 ▼ 63.4 0.8 0.4 ▼
Blackstone Group LP 19 33 41,732.6 5.8 4.8 ▲ 12 0.1 +7 ▲ Credit Agricole CIB 19 28 17,831.3 3.9 1.7 ▲ 15 0.2 -8 ▼ 46.6 0.6 0.1 ▲
HSBC Holdings PLC 20 14 26,209.8 3.6 -4.1 ▼ 31 0.3 -7 ▼ Perella Weinberg Partners LP 20 26 17,548.9 3.9 1.0 ▲ 5 0.1 +1 ▲ 63.8 0.8 0.7 ▲
Ondra Partners 21 - 25,090.2 3.5 3.5 ▲ 1 0.0 +1 ▲ Mediobanca 21 16 17,051.3 3.8 -6.0 ▼ 26 0.3 -9 ▼ 43.0 0.6 0.7 ▼
Evercore Partners 22 26 23,903.3 3.3 0.6 ▲ 8 0.1 +3 ▲ RBC Capital Markets 22 30 16,414.4 3.6 1.6 ▲ 15 0.2 +6 ▲ 46.9 0.6 0.1 ▲
Mediobanca 23 17 22,232.1 3.1 -1.9 ▼ 42 0.3 +10 ▲ Banco Espirito Santo SA 23 86 12,301.3 2.7 2.6 ▲ 19 0.2 +5 ▲ 25.4 0.3 0.2 ▲
Standard Chartered PLC 24 47 17,660.0 2.5 2.0 ▲ 9 0.1 -5 ▼ UniCredit Group 24 24 11,481.1 2.5 -0.6 ▼ 30 0.3 +6 ▲ 54.8 0.7 0.1 ▲
Credit Agricole CIB 25 31 17,337.7 2.4 0.6 ▲ 30 0.2 +5 ▲ Nomura 25 20 10,266.4 2.3 -2.7 ▼ 31 0.3 +11 ▲ 46.0 0.6 0.1 ▲
Industry Total 719,818.2 100.0 12,125 +658 Industry Total 452,661.6 100.0 9,912 +278 7,602.6 100.0
Industry % Change from Last Quarter 23.3% ▲ -13.3% ▼ Industry % Change from Last Quarter 8.4% ▲ -17.4% ▼ -5.7% ▼
* tie
10
EMEA Rankings
Any UK Involvement Announced (AD32) Jan 1 2010 – Sep 30 2010 Any UK Involvement Completed (AF39) Jan 1 2010 – Sep 30 2010
JP Morgan 1 12 143,363.4 49.6 39.8 ▲ 59 2.1 +21 ▲ Barclays Capital 1 18 47,979.3 32.8 30.5 ▲ 20 0.1 +14 ▲ 64.1 2.4 0.8 ▲
Bank of America Merrill Lynch 2 11 94,945.8 32.9 19.8 ▲ 25 0.9 +11 ▲ Morgan Stanley 2 5 46,313.2 31.7 -2.2 ▼ 36 0.2 +17 ▲ 150.0 5.7 2.2 ▲
Goldman Sachs & Co 3 4 93,439.0 32.4 -9.5 ▼ 34 1.2 +1 ▲ UBS 3 2 43,388.1 29.7 -13.4 ▼ 28 0.1 -3 ▼ 96.9 3.7 1.9 ▼
Barclays Capital 4 10 80,332.3 27.8 11.2 ▲ 24 0.9 +14 ▲ Credit Suisse 4 3 42,417.0 29.0 -13.3 ▼ 26 0.1 +4 ▲ 107.3 4.1 1.6 ▲
BNP Paribas SA 5 22 78,836.1 27.3 26.3 ▲ 19 0.7 +12 ▲ Citi 5 1 38,150.3 26.1 -22.6 ▼ 12 0.1 -11 ▼ 49.7 1.9 1.7 ▼
Morgan Stanley 6 2 66,166.3 22.9 -40.1 ▼ 41 1.5 +12 ▲ JP Morgan 6 9 37,619.3 25.7 2.5 ▲ 32 0.1 -2 ▼ 158.5 6.0 0.0 -
Rothschild 7 18 62,243.0 21.6 18.1 ▲ 68 2.5 +30 ▲ Goldman Sachs & Co 7 11 37,550.3 25.7 12.5 ▲ 28 0.1 +7 ▲ 171.2 6.5 0.7 ▲
RBS 8 16 60,608.2 21.0 14.3 ▲ 14 0.5 +1 ▲ Deutsche Bank AG 8 8 31,973.1 21.9 -2.6 ▼ 15 0.1 -9 ▼ 60.1 2.3 0.7 ▼
RBC Capital Markets 9 49 59,566.4 20.6 20.4 ▲ 14 0.5 +10 ▲ Lazard 9 6 31,489.8 21.5 -6.2 ▼ 31 0.1 0 - 129.0 4.9 0.1 ▼
UBS 10 6 50,933.0 17.6 -22.3 ▼ 47 1.7 +3 ▲ HSBC Holdings PLC 10 16 26,072.3 17.8 14.6 ▲ 19 0.1 +9 ▲ 44.8 1.7 0.9 ▲
Deutsche Bank AG 11 7 50,037.4 17.3 -17.8 ▼ 21 0.8 -4 ▼ Rothschild 11 10 22,937.2 15.7 0.9 ▲ 55 0.3 +16 ▲ 167.4 6.4 1.7 ▲
TD Securities Inc 12 19 43,540.4 15.1 13.2 ▲ 2 0.1 -1 ▼ Houlihan Lokey 12 69 22,087.3 15.1 15.0 ▲ 8 0.0 +2 ▲ 16.4 0.6 0.1 ▲
Santander 13 - 43,531.6 15.1 15.1 ▲ 3 0.1 +3 ▲ Centerview Partners LLC 13 - 21,418.0 14.6 14.6 ▲ 3 0.0 +3 ▲ 7.5 0.3 0.3 ▲
Credit Suisse 14 1 34,766.8 12.0 -53.0 ▼ 38 1.4 +3 ▲ Bank of America Merrill Lynch 14 4 19,884.1 13.6 -28.1 ▼ 14 0.1 +1 ▲ 60.7 2.3 0.5 ▼
Nomura 15 21 31,142.2 10.8 9.7 ▲ 22 0.8 +14 ▲ RBC Capital Markets 15 38 16,180.7 11.1 10.7 ▲ 11 0.1 +7 ▲ 38.6 1.5 1.2 ▲
Blackstone Group LP 16 20 30,091.6 10.4 8.9 ▲ 7 0.3 +5 ▲ Perella Weinberg Partners LP 16 23* 9,698.3 6.6 5.5 ▲ 2 0.0 +1 ▲ 42.6 1.6 1.5 ▲
Citi 17 3 29,179.8 10.1 -34.6 ▼ 17 0.6 -6 ▼ RBS 17 14 7,119.0 4.9 0.7 ▲ 11 0.1 +4 ▲ 16.6 0.6 0.5 ▼
Societe Generale 18 95* 28,864.3 10.0 10.0 ▲ 3 0.1 +2 ▲ Greenhill & Co, LLC 18 79* 3,874.7 2.7 2.6 ▲ 6 0.0 +5 ▲ 21.0 0.8 0.7 ▲
Ondra Partners 19 - 25,090.2 8.7 8.7 ▲ 1 0.0 +1 ▲ Broadpoint Gleacher Sec Group 19 13 3,607.5 2.5 -8.2 ▼ 1 0.0 -2 ▼ .0 0.0 0.9 ▼
Lazard 20 5 21,890.3 7.6 -33.1 ▼ 42 1.5 +10 ▲ Standard Chartered PLC 20 42 3,432.3 2.4 2.1 ▲ 3 0.0 -3 ▼ 34.0 1.3 0.9 ▲
Standard Chartered PLC 21 30 16,893.4 5.9 5.4 ▲ 8 0.3 -1 ▼ Peter J. Solomon Co Ltd 21 52* 3,159.9 2.2 2.0 ▲ 1 0.0 0 - 3.7 0.1 0.0 -
Enam Securities 22 - 9,486.6 3.3 3.3 ▲ 2 0.1 +2 ▲ Foros 22 - 3,031.2 2.1 2.1 ▲ 1 0.0 +1 ▲ 2.6 0.1 0.1 ▲
Scotiabank-Bank of Nova Scotia 23 67 7,000.0 2.4 2.3 ▲ 1 0.0 0 - DC Advisory Partners 23 33 2,951.1 2.0 1.4 ▲ 19 0.1 +7 ▲ 30.2 1.2 0.2 ▲
HSBC Holdings PLC 24 13 5,592.9 1.9 -7.2 ▼ 21 0.8 +7 ▲ Ernst & Young LLP 24 83 2,873.7 2.0 1.9 ▲ 18 0.1 0 - 3.3 0.1 0.1 ▲
Mediobanca 25 36 4,896.7 1.7 1.3 ▲ 4 0.1 0 - Nomura 25 19 2,612.5 1.8 0.1 ▲ 14 0.1 +9 ▲ 15.5 0.6 0.0 -
288,842.9 100 0
100.0 2 748
2,748 +309 Industry Total 146 279 3
146,279.3 100 0
100.0 2 194
2,194 +164 2 628 0
2,628.0 100 0
100.0
Industry % Change from Last Quarter 117.3% ▲ -13.8% ▼ Industry % Change from Last Quarter -12.7% ▼ -19.9% ▼ 10.2% ▲
Any French Involvement Announced (AD33) Jan 1 2010 – Sep 30 2010 Any French Involvement Completed (AF40) Jan 1 2010 – Sep 30 2010
* tie 2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
BNP Paribas SA 1 1 74,680.4 61.1 20.5 ▲ 55 3.7 +27 ▲ JP Morgan 1 2 23,152.6 30.9 -28.4 ▼ 13 1.0 0 - 74.0 5.7 1.1 ▲
Societe Generale 2 3 61,313.9 50.2 16.8 ▲ 15 1.0 +1 ▲ Lazard 2 3 21,108.0 28.1 -21.7 ▼ 31 2.5 -3 ▼ 88.7 6.8 0.2 ▲
JP Morgan 3 5 58,019.7 47.5 15.5 ▲ 23 1.5 +9 ▲ Rothschild 3 5 20,872.0 27.8 -14.5 ▼ 39 3.1 -5 ▼ 119.3 9.2 0.4 ▼
Goldman Sachs & Co 4 12 54,625.1 44.7 32.9 ▲ 12 0.8 +4 ▲ BNP Paribas SA 4 1 20,492.3 27.3 -38.8 ▼ 29 2.3 -2 ▼ 75.4 5.8 2.0 ▼
Rothschild 5 7 45,321.0 37.1 5.6 ▲ 47 3.2 +6 ▲ Credit Agricole CIB 5 14 17,227.2 23.0 10.2 ▲ 13 1.0 -6 ▼ 36.8 2.8 0.3 ▲
Morgan Stanley 6 13 35,445.3 29.0 19.7 ▲ 12 0.8 +4 ▲ Morgan Stanley 6 10 17,004.2 22.7 2.6 ▲ 16 1.3 +9 ▲ 76.0 5.8 3.9 ▲
Credit Suisse 7 2 34,247.7 28.0 -9.1 ▼ 16 1.1 +5 ▲ Goldman Sachs & Co 7 17 16,380.0 21.8 18.9 ▲ 13 1.0 +7 ▲ 59.9 4.6 2.8 ▲
Nomura 8 24 27,112.7 22.2 20.5 ▲ 9 0.6 +4 ▲ Deutsche Bank AG 8 11 15,184.2 20.2 0.5 ▲ 11 0.9 -3 ▼ 32.0 2.5 0.9 ▼
Deutsche Bank AG 9 4 27,041.5 22.1 -9.9 ▼ 24 1.6 +8 ▲ Societe Generale 9 7 15,075.8 20.1 -18.8 ▼ 13 1.0 0 - 43.1 3.3 0.9 ▲
Ondra Partners 10* - 25,090.2 20.5 20.5 ▲ 1 0.1 +1 ▲ Credit Suisse 10 9 13,949.3 18.6 -9.0 ▼ 14 1.1 +4 ▲ 77.0 5.9 2.1 ▲
Blackstone Group LP 10* 34 25,090.2 20.5 19.6 ▲ 1 0.1 -1 ▼ HSBC Holdings PLC 11 12 11,417.7 15.2 -3.9 ▼ 4 0.3 -6 ▼ 24.1 1.9 0.1 ▼
Evercore Partners 12 14 19,259.8 15.8 8.3 ▲ 1 0.1 -1 ▼ Citi 12 6 10,658.2 14.2 -27.1 ▼ 8 0.6 -1 ▼ 23.7 1.8 1.4 ▼
Lazard 13 9 18,853.8 15.4 -14.2 ▼ 38 2.6 +10 ▲ Perella Weinberg Partners LP 13 - 9,477.8 12.6 12.6 ▲ 2 0.2 +2 ▲ 40.9 3.1 3.1 ▲
Barclays Capital 14 20* 17,849.8 14.6 11.9 ▲ 4 0.3 +3 ▲ Barclays Capital 14 - 9,326.7 12.4 12.4 ▲ 4 0.3 +4 ▲ 15.4 1.2 1.2 ▲
Credit Agricole CIB 15 11 15,919.5 13.0 0.9 ▲ 25 1.7 +7 ▲ UBS 15 8 7,971.7 10.6 -18.0 ▼ 16 1.3 +1 ▲ 30.1 2.3 1.7 ▼
RBS 16 77* 10,323.3 8.5 8.5 ▲ 6 0.4 0 - Bank of America Merrill Lynch 16 4 6,797.6 9.1 -35.7 ▼ 4 0.3 -8 ▼ 13.7 1.1 3.6 ▼
Citi 17 10 6,759.7 5.5 -7.9 ▼ 5 0.3 -5 ▼ RBC Capital Markets 17 25* 4,051.9 5.4 4.4 ▲ 2 0.2 +1 ▲ 9.7 0.8 0.7 ▲
RBC Capital Markets 18 26 6,633.2 5.4 3.8 ▲ 4 0.3 +2 ▲ Jefferies & Co Inc 18 25* 2,885.0 3.8 2.8 ▲ 4 0.3 +3 ▲ 26.2 2.0 1.4 ▲
Bank of America Merrill Lynch 19 6 6,627.6 5.4 -26.1 ▼ 3 0.2 -7 ▼ Gruppo Banca Leonardo 19 - 2,032.2 2.7 2.7 ▲ 4 0.3 +4 ▲ 11.4 0.9 0.9 ▲
HSBC Holdings PLC 20 8 6,211.5 5.1 -26.1 ▼ 5 0.3 -7 ▼ Nomura 20 21 1,929.8 2.6 1.4 ▲ 7 0.6 +3 ▲ 12.7 1.0 0.3 ▲
UBS 21 15 3,518.1 2.9 -4.0 ▼ 21 1.4 +4 ▲ Itau Unibanco 21* - 1,777.4 2.4 2.4 ▲ 1 0.1 +1 ▲ 6.2 0.5 0.5 ▲
Jefferies & Co Inc 22 27* 2,902.9 2.4 1.0 ▲ 5 0.3 +4 ▲ Banco Standard De Investimento 21* - 1,777.4 2.4 2.4 ▲ 1 0.1 +1 ▲ 2.9 0.2 0.2 ▲
Wagram Corporate Finance 23 46 2,261.0 1.9 1.6 ▲ 2 0.1 -4 ▼ Aurige Finance 23 - 1,708.0 2.3 2.3 ▲ 1 0.1 +1 ▲ 12.5 1.0 1.0 ▲
Ernst & Young LLP 24 36 2,216.4 1.8 1.0 ▲ 15 1.0 +5 ▲ Ernst & Young LLP 24 62 1,546.3 2.1 2.1 ▲ 12 1.0 +3 ▲ 1.1 0.1 0.1 ▲
Gruppo Banca Leonardo 25 37 2,032.2 1.7 1.0 ▲ 5 0.3 +3 ▲ RBS 25 18 1,196.3 1.6 -1.3 ▼ 4 0.3 -1 ▼ 11.5 0.9 0.4 ▲
Industry Total 122,212.3 100.0 1,486 +171 Industry Total 75,034.2 100.0 1,241 +70 1,301.2 100.0
* tie
11
EMEA Rankings
Any Spanish Involvement Announced (AD34) Jan 1 2010 – Sep 30 2010 Any Spanish Involvement Completed (AF41) Jan 1 2010 – Sep 30 2010
Morgan Stanley 1 11 36,652.2 38.0 10.6 ▲ 21 2.5 +19 ▲ UBS 1 9 19,015.7 45.6 10.8 ▲ 12 1.8 +7 ▲ 45.8 7.3 4.5 ▲
Deutsche Bank AG 2 3 33,833.5 35.1 -6.7 ▼ 15 1.8 +7 ▲ Morgan Stanley 2 15 17,305.1 41.5 23.2 ▲ 12 1.8 +10 ▲ 47.9 7.6 6.2 ▲
Societe Generale 3 28 28,366.6 29.4 29.1 ▲ 13 1.6 +12 ▲ Banco Espirito Santo SA 3 26* 12,035.6 28.9 28.1 ▲ 10 1.5 +8 ▲ 19.9 3.2 2.9 ▲
Lazard 4 5 23,224.2 24.1 -14.4 ▼ 14 1.7 +6 ▲ Societe Generale 4 19 11,708.4 28.1 18.5 ▲ 4 0.6 +2 ▲ 16.3 2.6 2.1 ▲
Credit Suisse 5 6 21,214.9 22.0 -15.3 ▼ 11 1.3 +3 ▲ Bank of America Merrill Lynch 5 14 10,601.7 25.4 4.0 ▲ 2 0.3 -8 ▼ 12.3 2.0 1.1 ▼
Bank of America Merrill Lynch 6 10 20,095.7 20.8 -6.7 ▼ 7 0.8 +1 ▲ Credit Suisse 6 13 9,993.2 24.0 0.8 ▲ 3 0.4 -5 ▼ 22.2 3.5 0.6 ▲
Goldman Sachs & Co 7 7 17,678.6 18.3 -18.0 ▼ 9 1.1 +4 ▲ Mediobanca 7 6 9,779.8 23.5 -19.3 ▼ 3 0.4 -5 ▼ 1.3 0.2 4.4 ▼
UBS 8 17 16,938.2 17.6 14.7 ▲ 9 1.1 +4 ▲ Citi 8 5 8,575.1 20.6 -34.8 ▼ 8 1.2 0 - 20.5 3.3 0.1 ▲
Mediobanca 9 9 15,268.5 15.8 -19.8 ▼ 6 0.7 +2 ▲ Rothschild 9 20 6,603.3 15.8 9.8 ▲ 7 1.0 0 - 17.5 2.8 0.4 ▲
Citi 10 8 14,885.5 15.4 -20.8 ▼ 10 1.2 +3 ▲ JP Morgan 10 2 6,477.7 15.5 -55.2 ▼ 10 1.5 -5 ▼ 25.9 4.1 4.3 ▼
Banco Espirito Santo SA 11 19 12,666.9 13.1 10.9 ▲ 16 1.9 +13 ▲ BNP Paribas SA 11 8 4,973.9 11.9 -23.9 ▼ 9 1.3 +1 ▲ 35.0 5.6 2.3 ▲
Santander 12 2 10,049.7 10.4 -34.6 ▼ 15 1.8 +5 ▲ Goldman Sachs & Co 12 4 3,810.4 9.1 -49.6 ▼ 6 0.9 -5 ▼ 14.2 2.3 9.9 ▼
Nomura 13 32* 9,543.9 9.9 9.6 ▲ 6 0.7 +5 ▲ Deutsche Bank AG 13 11 3,483.9 8.4 -18.1 ▼ 6 0.9 -3 ▼ 25.2 4.0 1.6 ▼
Allied Irish Banks PLC 14 - 5,533.8 5.7 5.7 ▲ 2 0.2 +2 ▲ Lazard 14 3 2,259.9 5.4 -53.8 ▼ 7 1.0 -8 ▼ 17.6 2.8 2.5 ▼
JP Morgan 15 4 5,020.1 5.2 -34.5 ▼ 11 1.3 +2 ▲ DC Advisory Partners 15 32 1,829.4 4.4 4.1 ▲ 7 1.0 -2 ▼ 8.9 1.4 0.6 ▲
BBVA 16 1 4,301.1 4.5 -51.1 ▼ 10 1.2 0 - Barclays Capital 16 21* 1,662.1 4.0 1.7 ▲ 2 0.3 +1 ▲ .2 0.0 1.7 ▼
Natixis 17 - 3,949.6 4.1 4.1 ▲ 1 0.1 +1 ▲ Santander 17 1 1,639.5 3.9 -69.9 ▼ 12 1.8 -8 ▼ 8.7 1.4 6.0 ▼
Rothschild 18 13 2,931.4 3.0 -5.9 ▼ 5 0.6 -1 ▼ Duff and Phelps 18 46* 1,338.7 3.2 3.2 ▲ 1 0.1 0 - 4.9 0.8 0.8 ▲
Violy & Co 19* - 2,220.0 2.3 2.3 ▲ 1 0.1 +1 ▲ Caixa Geral de Depositos 19 26* 1,187.6 2.9 2.1 ▲ 3 0.4 +2 ▲ 1.5 0.2 0.0 -
Tegris Advisors 19* - 2,220.0 2.3 2.3 ▲ 1 0.1 +1 ▲ KPMG 20 7 1,149.7 2.8 -35.3 ▼ 17 2.5 -1 ▼ 1.5 0.2 0.0 -
KPMG 21 18 1,374.2 1.4 -1.1 ▼ 19 2.3 +5 ▲ Socios Financieros SA 21 46* 989.3 2.4 2.4 ▲ 3 0.4 0 - 2.6 0.4 0.2 ▲
Berenson & Co LLP 22 - 1,296.0 1.3 1.3 ▲ 3 0.4 +3 ▲ Credit Agricole CIB 22 24 948.7 2.3 1.2 ▲ 1 0.1 -2 ▼ 11.0 1.8 1.3 ▲
DC Advisory Partners 23 20 1,050.4 1.1 -0.8 ▼ 8 1.0 -1 ▼ Ernst & Young LLP 23 - 858.9 2.1 2.1 ▲ 1 0.1 +1 ▲ .4 0.1 0.1 ▲
Ernst & Young LLP 24 - 976.3 1.0 1.0 ▲ 2 0.2 +2 ▲ HSBC Holdings PLC 24 - 785.6 1.9 1.9 ▲ 2 0.3 +2 ▲ 3.8 0.6 0.6 ▲
RBC Capital Markets 25 - 956.7 1.0 1.0 ▲ 1 0.1 +1 ▲ Moseley Securities Corporation 25 - 723.8 1.7 1.7 ▲ 2 0.3 +2 ▲ 8.4 1.3 1.3 ▲
96,414.5 100 0
100.0 830 +86 Industry Total 41 676 6
41,676.6 100 0
100.0 673 +28 628 2
628.2 100 0
100.0
Industry % Change from Same Period Last Year 91.0% ▲ 11.6% ▲ Industry % Change from Same Period Last Year -50.4% ▼ 4.3% ▲ -28.9% ▼
Industry % Change from Last Quarter -55.7% ▼ -24.5% ▼ Industry % Change from Last Quarter 4.2% ▲ -27.5% ▼ -2.3% ▼
Any German Involvement Announced (AD35) Jan 1 2010 – Sep 30 2010 Any German Involvement Completed (AF42) Jan 1 2010 – Sep 30 2010
Goldman Sachs & Co 1 3 27,572.5 42.6 42.6 ▲ 11 0.8 -13 ▼ Goldman Sachs & Co 1 3 34,061.8 43.6 -0.2 ▼ 13 1.1 -5 ▼ 152.7 14.3 5.7 ▲
Deutsche Bank AG 2 1 20,887.3 32.3 32.3 ▲ 20 1.4 -17 ▼ Deutsche Bank AG 2 1 21,712.4 27.8 -28.5 ▼ 28 2.4 -11 ▼ 89.6 8.4 2.0 ▼
Bank of America Merrill Lynch 3 20 13,737.4 21.2 21.2 ▲ 5 0.4 -3 ▼ Perella Weinberg Partners LP 3 13 15,365.2 19.7 1.9 ▲ 2 0.2 0 - 45.1 4.2 4.1 ▲
Credit Suisse 4 9 12,612.8 19.5 19.5 ▲ 10 0.7 0 - JP Morgan 4 2 14,536.6 18.6 -27.3 ▼ 12 1.0 -1 ▼ 67.0 6.3 1.3 ▼
Lazard 5 7 11,557.4 17.9 17.9 ▲ 13 0.9 -3 ▼ UBS 5 7 13,380.3 17.1 -9.5 ▼ 7 0.6 -13 ▼ 28.7 2.7 4.1 ▼
JP Morgan 6 8 9,791.3 15.1 15.1 ▲ 11 0.8 -3 ▼ Morgan Stanley 6 8 11,125.6 14.3 -10.5 ▼ 20 1.7 +3 ▲ 70.6 6.6 0.1 ▲
Blackstone Group LP 7 - 7,625.0 11.8 11.8 ▲ 1 0.1 +1 ▲ Barclays Capital 7 25 10,111.8 13.0 10.5 ▲ 3 0.3 +1 ▲ 21.0 2.0 1.0 ▲
Guggenheim Securities LLC 8* - 6,869.0 10.6 10.6 ▲ 1 0.1 +1 ▲ UniCredit Group 8 11 9,057.4 11.6 -7.2 ▼ 5 0.4 -3 ▼ 19.8 1.9 0.7 ▲
Perella Weinberg Partners LP 8* - 6,869.0 10.6 10.6 ▲ 1 0.1 +1 ▲ RBS 9 17* 7,531.2 9.6 -2.2 ▼ 3 0.3 0 - 19.8 1.9 0.7 ▲
BNP Paribas SA 10 - 6,635.6 10.3 10.3 ▲ 8 0.6 +8 ▲ Guggenheim Securities LLC 10 - 6,869.0 8.8 8.8 ▲ 1 0.1 +1 ▲ 12.7 1.2 1.2 ▲
Barclays Capital 11 12 5,410.5 8.4 8.4 ▲ 1 0.1 -5 ▼ Bank of America Merrill Lynch 11 10 6,361.5 8.2 -11.5 ▼ 3 0.3 -7 ▼ 36.1 3.4 1.1 ▲
UBS 12 6 5,370.5 8.3 8.3 ▲ 7 0.5 -13 ▼ Credit Suisse 12 15 6,194.9 7.9 -8.3 ▼ 7 0.6 -2 ▼ 15.7 1.5 1.1 ▼
Societe Generale 13 64* 5,370.0 8.3 8.3 ▲ 2 0.1 +1 ▲ Nomura 13 14 5,534.3 7.1 -9.7 ▼ 4 0.3 +2 ▲ 11.2 1.1 0.8 ▲
RBS 14* 64* 4,931.3 7.6 7.6 ▲ 1 0.1 -1 ▼ Commerzbank AG 14 9 4,931.3 6.3 -16.5 ▼ 8 0.7 -3 ▼ 16.5 1.5 0.0 -
Commerzbank AG 14* 22 4,931.3 7.6 7.6 ▲ 10 0.7 +3 ▲ Lazard 15 6 4,508.3 5.8 -21.9 ▼ 8 0.7 -4 ▼ 45.0 4.2 0.1 ▼
Rothschild 16 5 4,216.0 6.5 6.5 ▲ 13 0.9 -15 ▼ Rothschild 16 12 4,259.0 5.5 -13.0 ▼ 15 1.3 +2 ▲ 40.0 3.7 1.2 ▲
Morgan Stanley 17 4 2,754.7 4.3 4.3 ▲ 15 1.1 -3 ▼ Ernst & Young LLP 17 16 4,080.2 5.2 -9.8 ▼ 17 1.5 +3 ▲ 2.8 0.3 0.0 -
Citi 18 2 2,515.7 3.9 3.9 ▲ 4 0.3 -3 ▼ BNP Paribas SA 18 17* 3,461.6 4.4 -7.4 ▼ 7 0.6 +5 ▲ 7.3 0.7 0.3 ▲
Evercore Partners 19 - 1,400.0 2.2 2.2 ▲ 1 0.1 +1 ▲ ING 19 17* 1,648.9 2.1 -9.7 ▼ 2 0.2 0 - 6.1 0.6 0.4 ▲
Nomura 20 16 1,135.8 1.8 1.8 ▲ 6 0.4 +2 ▲ Duff and Phelps 20 - 1,338.7 1.7 1.7 ▲ 2 0.2 +2 ▲ 5.7 0.5 0.5 ▲
KPMG 21 10 913.1 1.4 1.4 ▲ 18 1.3 -2 ▼ KPMG 21 5 1,244.1 1.6 -29.3 ▼ 21 1.8 -1 ▼ 6.2 0.6 0.1 ▲
Freitag & Co 22 64* 803.9 1.2 1.2 ▲ 2 0.1 -1 ▼ Citi 22 4 1,115.7 1.4 -35.0 ▼ 4 0.3 -3 ▼ 11.2 1.1 3.5 ▼
Ernst & Young LLP 23 24 592.1 0.9 0.9 ▲ 16 1.1 -1 ▼ Jefferies & Co Inc 23 46 556.9 0.7 0.5 ▲ 4 0.3 -2 ▼ 8.5 0.8 0.0 -
Jefferies & Co Inc 24 46 556.9 0.9 0.9 ▲ 4 0.3 -4 ▼ Societe Generale 24 64* 500.6 0.6 0.6 ▲ 1 0.1 0 - 6.0 0.6 0.5 ▲
Jones Lang LaSalle Inc 25 37* 362.9 0.6 0.6 ▲ 3 0.2 +2 ▲ Freitag & Co 25 64* 421.2 0.5 0.5 ▲ 2 0.2 0 - 5.0 0.5 0.1 ▲
Industry Total 64,740.4 100.0 1,403 -7 Industry Total 78,096.1 100.0 1,162 -34 1,069.1 100.0
Industry % Change from Same Period Last Year -31.1% ▼ -0.5% ▼ Industry % Change from Same Period Last Year 2.4% ▲ -2.8% ▼ -6.3% ▼
Industry % Change from Last Quarter -36.4% ▼ -8.1% ▼ Industry % Change from Last Quarter 62.3% ▲ -13.7% ▼ 67.5% ▲
* tie
12
EMEA Rankings
Any Italian Involvement Announced (AD36) Jan 1 2010 – Sep 30 2010 Any Italian Involvement Completed (AF43) Jan 1 2010 – Sep 30 2010
Mediobanca 1 1 6,999.4 30.2 -28.1 ▼ 36 6.1 +9 ▲ Mediobanca 1 1 7,307.4 38.3 -22.3 ▼ 24 5.2 -1 ▼ 42.1 10.4 2.8 ▲
Morgan Stanley 2 2 6,092.7 26.3 -18.8 ▼ 13 2.2 +3 ▲ Morgan Stanley 2 6 6,984.3 36.6 -5.4 ▼ 13 2.8 +7 ▲ 28.7 7.1 2.9 ▲
Deutsche Bank AG 3 10 5,882.2 25.4 -10.4 ▼ 11 1.9 +4 ▲ Intesa SanPaolo 3 4 6,388.4 33.5 -14.6 ▼ 17 3.7 -10 ▼ 30.4 7.5 2.5 ▲
Intesa SanPaolo 4 4 4,844.1 20.9 -19.1 ▼ 18 3.0 -7 ▼ Deutsche Bank AG 4 8 5,557.5 29.2 -11.4 ▼ 6 1.3 -1 ▼ 9.9 2.5 1.1 ▼
Credit Suisse 5 5 3,556.7 15.4 -23.7 ▼ 8 1.3 +1 ▲ Goldman Sachs & Co 5 7 4,289.1 22.5 -19.3 ▼ 7 1.5 +3 ▲ 32.2 8.0 4.5 ▲
Citi 6 9 3,294.7 14.2 -21.7 ▼ 6 1.0 +3 ▲ Rothschild 6 21 3,079.6 16.2 13.3 ▲ 11 2.4 -6 ▼ 31.0 7.7 3.0 ▲
Lazard 7 7 3,173.7 13.7 -23.5 ▼ 18 3.0 +4 ▲ Credit Suisse 7 5 2,616.0 13.7 -30.6 ▼ 3 0.7 0 - 6.9 1.7 0.5 ▲
Goldman Sachs & Co 8 6 2,809.4 12.1 -26.5 ▼ 7 1.2 +4 ▲ BNP Paribas SA 8 13 1,509.7 7.9 -3.9 ▼ 6 1.3 -2 ▼ 5.4 1.3 0.4 ▼
BNP Paribas SA 9 12 2,136.0 9.2 -2.7 ▼ 12 2.0 -1 ▼ Lazard 9 2 1,404.1 7.4 -47.6 ▼ 17 3.7 +3 ▲ 28.6 7.1 0.6 ▼
UniCredit Group 10 16 2,080.2 9.0 3.1 ▲ 14 2.4 0 - Barclays Capital 10* - 1,338.7 7.0 7.0 ▲ 1 0.2 +1 ▲ .2 0.1 0.1 ▲
Rothschild 11 14 1,919.6 8.3 2.3 ▲ 14 2.4 -4 ▼ Duff and Phelps 10* - 1,338.7 7.0 7.0 ▲ 1 0.2 +1 ▲ 4.9 1.2 1.2 ▲
Santander 12 8 1,876.3 8.1 -28.6 ▼ 4 0.7 0 - KPMG 12 20 1,335.8 7.0 3.4 ▲ 13 2.8 -4 ▼ 3.3 0.8 0.5 ▲
JP Morgan 13 3 1,538.5 6.6 -38.1 ▼ 4 0.7 -3 ▼ Deloitte & Touche 13 22 1,179.8 6.2 3.4 ▲ 5 1.1 +3 ▲ .2 0.1 0.0 -
Nomura 14 25 1,261.4 5.4 4.4 ▲ 5 0.8 +3 ▲ Nomura 14 25 1,109.2 5.8 4.6 ▲ 4 0.9 +2 ▲ 3.6 0.9 0.6 ▲
Deloitte & Touche 15 21 1,212.4 5.2 2.7 ▲ 10 1.7 +6 ▲ Gruppo Banca Leonardo 15* 17 911.7 4.8 0.6 ▲ 1 0.2 -1 ▼ 1.2 0.3 0.2 ▼
Banco Espirito Santo SA 16 48* 1,119.4 4.8 4.8 ▲ 4 0.7 +3 ▲ Credit Agricole CIB 15* 14 911.7 4.8 -5.0 ▼ 1 0.2 -1 ▼ .0 0.0 0.8 ▼
Gruppo Banca Leonardo 17* - 911.7 3.9 3.9 ▲ 2 0.3 +2 ▲ UniCredit Group 17 16 781.0 4.1 -1.2 ▼ 9 2.0 -1 ▼ 11.3 2.8 0.2 ▼
Credit Agricole CIB 17* 23 911.7 3.9 2.5 ▲ 2 0.3 +1 ▲ Piper Jaffray Cos 18 - 500.0 2.6 2.6 ▲ 1 0.2 +1 ▲ 6.0 1.5 1.5 ▲
UBS 19 15 771.4 3.3 -2.7 ▼ 2 0.3 -1 ▼ Ernst & Young LLP 19 45* 410.0 2.2 2.2 ▲ 5 1.1 +1 ▲ 2.4 0.6 0.6 ▲
KPMG 20 19 751.0 3.2 -0.2 ▼ 10 1.7 -6 ▼ Greenhill & Co, LLC 20 - 327.0 1.7 1.7 ▲ 1 0.2 +1 ▲ 2.0 0.5 0.5 ▲
Piper Jaffray Cos 21 - 500.0 2.2 2.2 ▲ 1 0.2 +1 ▲ PricewaterhouseCoopers 21 30 252.7 1.3 1.0 ▲ 4 0.9 0 - .5 0.1 0.0 -
Sonenshine Pastor & Co LLC 22* - 250.0 1.1 1.1 ▲ 1 0.2 +1 ▲ Itau Unibanco 22* - 148.4 0.8 0.8 ▲ 2 0.4 +2 ▲ 1.6 0.4 0.4 ▲
Borghesi Colombo & Associati 22* - 250.0 1.1 1.1 ▲ 1 0.2 +1 ▲ Banco BTG Pactual SA 22* - 148.4 0.8 0.8 ▲ 2 0.4 +2 ▲ 1.6 0.4 0.4 ▲
Vitale & Associati SpA 24 30* 186.8 0.8 0.4 ▲ 4 0.7 +1 ▲ Bain & Co 24* - 136.3 0.7 0.7 ▲ 1 0.2 +1 ▲ .0 0.0 0.0 -
Itau Unibanco 25* 24 148.4 0.6 -0.7 ▼ 2 0.3 +1 ▲ Roland Berger & Partner GmbH 24* - 136.3 0.7 0.7 ▲ 1 0.2 +1 ▲ .0 0.0 0.0 -
Banco BTG Pactual SA 25* - 148 4
148.4 06
0.6 06
0.6 ▲ 2 0 3 +2
0.3 ▲ Industry Total 19 059 7
19,059.7 100 0
100.0 459 -138
138 403 1
403.1 100 0
100.0
Industry Total 23,174.2 100.0 593 -112
Industry % Change from Same Period Last Year -50.2% ▼ -23.1% ▼ -36.5% ▼
Industry % Change from Same Period Last Year -46.3% ▼ -15.9% ▼ Industry % Change from Last Quarter -47.3% ▼ -9.3% ▼ -33.5% ▼
Industry % Change from Last Quarter 41.7% ▲ 3.3% ▲
Any Nordic Involvement Announced (AD37) Jan 1 2010 – Sep 30 2010 Any Nordic Involvement Completed (AF44) Jan 1 2010 – Sep 30 2010
Citi 1 53 11,620.3 20.1 20.0 ▲ 8 0.5 +6 ▲ JP Morgan 1 16 12,234.9 37.9 33.3 ▲ 6 0.5 -9 ▼ 54.7 7.5 3.4 ▲
Morgan Stanley 2 8 11,410.3 19.7 8.9 ▲ 16 1.0 +5 ▲ Morgan Stanley 2 9 8,689.2 26.9 12.2 ▲ 10 0.8 +1 ▲ 32.6 4.5 1.3 ▲
UBS 3 11 9,676.8 16.7 12.5 ▲ 8 0.5 -6 ▼ Rothschild 3 4 7,642.4 23.6 0.4 ▲ 7 0.6 -7 ▼ 30.9 4.2 0.4 ▼
Deutsche Bank AG 4 14 6,915.7 12.0 8.2 ▲ 8 0.5 +4 ▲ UBS 4 10 7,404.8 22.9 11.9 ▲ 5 0.4 -9 ▼ 19.5 2.7 1.4 ▼
JP Morgan 5 16 6,643.7 11.5 8.2 ▲ 5 0.3 -8 ▼ Credit Suisse 5 15 5,778.9 17.9 13.1 ▲ 3 0.2 -1 ▼ 12.3 1.7 0.2 ▲
Goldman Sachs & Co 6 1 6,129.9 10.6 -33.3 ▼ 7 0.4 0 - Carnegie 6 30 4,588.6 14.2 12.7 ▲ 12 0.9 +3 ▲ 22.1 3.0 1.6 ▲
SEB Enskilda 7 9 4,958.8 8.6 0.0 ▲ 27 1.6 +13 ▲ SEB Enskilda 7 8 4,019.9 12.4 -3.8 ▼ 28 2.2 +11 ▲ 51.3 7.0 2.0 ▲
Carnegie 8 22 4,712.5 8.1 6.5 ▲ 18 1.1 +9 ▲ Lazard 8 35 3,609.3 11.2 10.1 ▲ 5 0.4 0 - 18.5 2.5 1.2 ▲
Rothschild 9 2 4,532.6 7.8 -34.2 ▼ 8 0.5 -4 ▼ Citi 9 18 2,652.5 8.2 3.9 ▲ 3 0.2 +2 ▲ 11.6 1.6 1.1 ▲
BNP Paribas SA 10 17* 3,508.8 6.1 3.4 ▲ 4 0.2 +3 ▲ KPMG 10 3 2,051.7 6.4 -19.3 ▼ 16 1.3 +4 ▲ 1.8 0.2 0.0 -
Lazard 11 10 3,431.5 5.9 -1.6 ▼ 11 0.7 +4 ▲ Danske Markets 11 23 1,843.8 5.7 2.3 ▲ 11 0.9 +6 ▲ 17.6 2.4 1.8 ▲
Jefferies & Co Inc 12 15 3,425.9 5.9 2.6 ▲ 4 0.2 0 - Bank of America Merrill Lynch 12 2 1,364.1 4.2 -22.3 ▼ 3 0.2 -1 ▼ 14.8 2.0 0.0 -
Credit Suisse 13 13 3,027.0 5.2 1.3 ▲ 3 0.2 -1 ▼ Scotiabank-Bank of Nova Scotia 13 - 1,300.0 4.0 4.0 ▲ 1 0.1 +1 ▲ 6.1 0.8 0.8 ▲
DnB NOR BANK ASA 14 30 2,480.1 4.3 3.5 ▲ 2 0.1 -4 ▼ Deutsche Bank AG 14 11 1,167.6 3.6 -4.9 ▼ 7 0.6 +3 ▲ 21.2 2.9 0.1 ▲
KPMG 15 5* 2,003.3 3.5 -25.5 ▼ 17 1.0 +5 ▲ DC Advisory Partners 15 69* 1,148.8 3.6 3.6 ▲ 3 0.2 +2 ▲ 6.9 0.9 0.1 ▲
Danske Markets 16 69* 1,848.8 3.2 3.2 ▲ 15 0.9 +9 ▲ First Securities ASA 16 43 915.8 2.8 2.4 ▲ 5 0.4 -1 ▼ 7.7 1.1 0.6 ▲
First Securities ASA 17 40 1,819.1 3.1 2.7 ▲ 9 0.5 +3 ▲ HDR Partners 17 - 768.4 2.4 2.4 ▲ 2 0.2 +2 ▲ 7.3 1.0 1.0 ▲
Bank of America Merrill Lynch 18 3 1,730.1 3.0 -28.5 ▼ 5 0.3 0 - DnB NOR BANK ASA 18 27 756.6 2.3 0.0 ▲ 1 0.1 -5 ▼ 3.6 0.5 0.2 ▲
FIH Partners AS 19 25 1,704.9 3.0 1.7 ▲ 10 0.6 +3 ▲ FIH Partners AS 19 26 738.3 2.3 -0.6 ▼ 7 0.6 +1 ▲ 9.7 1.3 0.2 ▼
Pareto Securities 20 37 1,648.3 2.9 2.5 ▲ 3 0.2 -1 ▼ PricewaterhouseCoopers 20 32 666.7 2.1 0.7 ▲ 16 1.3 +4 ▲ .7 0.1 0.0 -
Nomura 21 - 1,551.8 2.7 2.7 ▲ 6 0.4 +6 ▲ Nordea 21 12 588.3 1.8 -6.7 ▼ 9 0.7 +2 ▲ 11.0 1.5 0.6 ▼
HSBC Holdings PLC 22 - 1,550.4 2.7 2.7 ▲ 2 0.1 +2 ▲ Hawkpoint Partners 22 54 588.1 1.8 1.7 ▲ 2 0.2 +1 ▲ 6.2 0.8 0.7 ▲
Nordea 23 19 1,453.9 2.5 -0.1 ▼ 6 0.4 0 - Goldman Sachs & Co 23 1 547.8 1.7 -28.0 ▼ 2 0.2 -5 ▼ 6.7 0.9 2.8 ▼
ABG Sundal Collier 24 38 1,360.1 2.4 2.0 ▲ 14 0.8 +6 ▲ Catella AB 24 21 505.6 1.6 -1.9 ▼ 4 0.3 -7 ▼ 8.2 1.1 0.1 ▼
Barclays Capital 25 - 1,284.7 2.2 2.2 ▲ 2 0.1 +2 ▲ ABG Sundal Collier 25 29 437.6 1.4 -0.2 ▼ 12 0.9 +6 ▲ 7.1 1.0 0.5 ▲
Industry Total 57,868.4 100.0 1,674 +268 Industry Total 32,321.7 100.0 1,272 +148 733.0 100.0
Industry % Change from Last Quarter -15.7% ▼ -9.4% ▼ Industry % Change from Last Quarter -66.0% ▼ -22.4% ▼ -52.8% ▼
* tie
13
EMEA Rankings
Any Benelux Involvement Announced (AD40) Jan 1 2010 – Sep 30 2010 Any Benelux Involvement Completed (AF47) Jan 1 2010 – Sep 30 2010
JP Morgan 1 6 21,396.7 27.8 1.5 ▲ 19 1.7 +2 ▲ Citi 1 3 23,221.8 36.4 -3.6 ▼ 8 0.9 +1 ▲ 43.8 3.8 1.7 ▼
Citi 2 4 17,747.9 23.1 -4.6 ▼ 10 0.9 +1 ▲ Morgan Stanley 2 5 22,885.9 35.9 6.7 ▲ 21 2.3 +12 ▲ 66.3 5.8 3.5 ▲
Credit Suisse 3 13 15,733.6 20.5 8.1 ▲ 17 1.5 +8 ▲ Deutsche Bank AG 3 9 19,800.1 31.0 9.9 ▲ 15 1.6 +4 ▲ 62.5 5.4 2.4 ▲
Morgan Stanley 4 14 15,490.6 20.1 8.0 ▲ 21 1.9 +11 ▲ Rothschild 4 14 19,485.8 30.5 19.3 ▲ 15 1.6 +4 ▲ 75.7 6.6 2.7 ▲
Deutsche Bank AG 5 5 13,650.2 17.8 -8.7 ▼ 15 1.4 +2 ▲ Credit Suisse 5 16 18,251.5 28.6 21.3 ▲ 17 1.9 +11 ▲ 51.6 4.5 3.6 ▲
UBS 6 16 12,508.0 16.3 9.8 ▲ 23 2.1 +19 ▲ Barclays Capital 6 38 11,695.2 18.3 17.7 ▲ 8 0.9 +7 ▲ 50.6 4.4 3.7 ▲
Rothschild 7 1 11,298.7 14.7 -14.2 ▼ 12 1.1 -10 ▼ UBS 7 6 10,946.3 17.2 -11.4 ▼ 12 1.3 +3 ▲ 41.9 3.7 0.6 ▲
Goldman Sachs & Co 8 2 9,946.2 12.9 -16.0 ▼ 12 1.1 -9 ▼ Goldman Sachs & Co 8 10 9,306.7 14.6 -4.0 ▼ 10 1.1 -2 ▼ 69.7 6.1 1.0 ▲
Barclays Capital 9 11 8,455.8 11.0 -3.5 ▼ 9 0.8 +2 ▲ Allen & Co Inc 9 - 7,325.0 11.5 11.5 ▲ 1 0.1 +1 ▲ 13.4 1.2 1.2 ▲
BNP Paribas SA 10 18 8,332.3 10.8 7.5 ▲ 18 1.6 +7 ▲ RBS 10 13 5,965.0 9.4 -3.6 ▼ 8 0.9 -8 ▼ 29.1 2.5 0.5 ▼
Allen & Co Inc 11 - 7,325.0 9.5 9.5 ▲ 1 0.1 +1 ▲ UniCredit Group 11 - 5,960.4 9.3 9.3 ▲ 4 0.4 +4 ▲ 12.5 1.1 1.1 ▲
Bank of America Merrill Lynch 12 9 5,935.3 7.7 -7.3 ▼ 6 0.5 +1 ▲ JP Morgan 12 2 5,426.7 8.5 -37.7 ▼ 15 1.6 +3 ▲ 52.7 4.6 2.6 ▼
RBC Capital Markets 13 19 5,590.9 7.3 4.1 ▲ 5 0.5 +3 ▲ Nomura 13 21 5,195.2 8.1 5.5 ▲ 3 0.3 -1 ▼ 6.1 0.5 0.1 ▼
Lazard 14 8 5,391.9 7.0 -11.1 ▼ 17 1.5 +5 ▲ KPMG 14 8 4,910.1 7.7 -18.3 ▼ 40 4.4 +6 ▲ 5.0 0.4 0.1 ▼
Banco BTG Pactual SA 15 - 4,925.0 6.4 6.4 ▲ 1 0.1 +1 ▲ Bank of America Merrill Lynch 15 11 4,877.4 7.6 -8.3 ▼ 4 0.4 -2 ▼ 14.0 1.2 2.1 ▼
Jefferies & Co Inc 16 32 4,899.2 6.4 4.8 ▲ 3 0.3 -2 ▼ Ernst & Young LLP 16 41 4,733.8 7.4 6.9 ▲ 7 0.8 -1 ▼ 2.4 0.2 0.1 ▲
Peter J. Solomon Co Ltd 17 - 3,159.9 4.1 4.1 ▲ 2 0.2 +2 ▲ RBC Capital Markets 17 29* 3,699.5 5.8 4.6 ▲ 3 0.3 +2 ▲ 6.2 0.5 0.3 ▲
KPMG 18 3 3,072.1 4.0 -24.3 ▼ 42 3.8 +3 ▲ Rabobank NV 18 31 3,221.2 5.1 4.3 ▲ 14 1.5 -20 ▼ 17.2 1.5 1.2 ▼
Moelis & Co 19 - 2,919.2 3.8 3.8 ▲ 4 0.4 +4 ▲ Peter J. Solomon Co Ltd 19 - 3,159.9 5.0 5.0 ▲ 2 0.2 +2 ▲ 4.3 0.4 0.4 ▲
RBS 20 10 2,162.8 2.8 -11.9 ▼ 8 0.7 -11 ▼ ING 20 12 2,994.9 4.7 -11.1 ▼ 16 1.8 -9 ▼ 23.6 2.1 1.7 ▼
Houlihan Lokey 21 46 2,075.5 2.7 2.4 ▲ 4 0.4 -3 ▼ Lazard 21 1 1,795.8 2.8 -46.9 ▼ 15 1.6 +5 ▲ 27.5 2.4 1.2 ▼
TD Securities Inc 22 61 1,891.4 2.5 2.5 ▲ 1 0.1 -2 ▼ BNP Paribas SA 22 4 1,728.5 2.7 -30.0 ▼ 9 1.0 -5 ▼ 11.5 1.0 0.7 ▼
Rabobank NV 23 20 1,688.9 2.2 -0.2 ▼ 16 1.4 -23 ▼ Gruppo Banca Leonardo 23 63* 1,653.6 2.6 2.6 ▲ 4 0.4 +3 ▲ 16.9 1.5 1.5 ▲
Gruppo Banca Leonardo 24 66* 1,653.6 2.2 2.2 ▲ 4 0.4 +3 ▲ Kempen and Co NV 24 70* 1,603.0 2.5 2.5 ▲ 1 0.1 -2 ▼ 2.7 0.2 0.0 -
Centerview Partners LLC 25 - 1,200.0 1.6 1.6 ▲ 1 0.1 +1 ▲ Clairfield Partners 25 70* 1,041.2 1.6 1.6 ▲ 10 1.1 +5 ▲ 15.0 1.3 0.9 ▲
76,914.5 100 0
100.0 1 111
1,111 -295
295 Industry Total 63 814 7
63,814.7 100 0
100.0 910 -214
214 1 149 6
1,149.6 100 0
100.0
Industry % Change from Same Period Last Year -15.0% ▼ 0.5% ▲ Industry % Change from Same Period Last Year -10.9% ▼ -2.3% ▼ 35.0% ▲
* tie
Top 10 European Involvement Announced M&A Advisors by Target Industry (AD21) Jan 1 2010 – Sep 30 2010
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
JP Morgan Goldman Sachs & Co Morgan Stanley Bank of America Merrill Deutsche Bank AG BNP Paribas SA Credit Suisse Rothschild Barclays Capital Societe Generale
Lynch
Telecommunications Retail Real Estate Media and Entertainment Materials Industrials High Technology Healthcare Government and Agencies Financials Energy and Power Consumer Staples Consumer Products and Services
14
Asia Pacific (ex-Japan) M&A

Asian M&A Grows 50% I China Outbound Focuses on Energy & Power I Australian M&A Driven by BHP Offer for Potash Corp
Asia Pacific (ex-Japan) Deals Intelligence Asia (ex-Japan) Involvement Announced M&A by Target Industry
In the first nine months of 2010, Asian M&A reached US$308 billion, a 49.8% increase from US$205.6 billion recorded
in the same period last year and only 7.2% off the record volume registered for the equivalent period of 2008. The
largest deal for the region thus far this year was Bharti Airtel’s acquisition of Zain Africa for US$10.7 billion. Telecommunications
1/1/2009 - 9/30/2009
With 6 out of the top 10 deals, the Energy & Power industry accounted for US$65.7 billion in deal activity with a 21.3% 1/1/2010 - 9/30/2010
market share. Financials and Materials followed with US$57.7 billion and US$55.3 billion, respectively.
Industrials
China cross-border activity amounted to US$55.5 billion, a 17.8% rise from the US$47.1 billion recorded in the same
period in 2009. Outbound activity reached US$35.8 billion, with US$13.3 billion being invested in the Energy & Power
industry. Inbound activity totaled US$19.7 billion. Real Estate
M&A activity in Australia totaled US$127.2 billion increasing by 10.6% from the US$115 billion recorded last year,
mainly due to BHP Billiton’s US$43.2 billion hostile offer for Potash Corp. This was the largest announced deal globally
for the first three quarters of 2010. Materials
China Cross-Border Announced M&A Financials
$50 100%
Outbound (US$b) Energy and Power
Inbound (US$b)
% of Cross Border is Outbound

$40 80% $0 $10 $20 $30 $40 $50 $60 $70
Rank Value (US$b)
Rank Value (US$b)
$30 60%
% Outbound
Asia (ex-Japan) Involvement Announced Advisors by Target Industry
Rank Val Mkt.
US$m Rank Share No. Deals
$20 40% Energy and Power 65,728.8 498
Deutsche Bank AG 19,804.4 1 30.1 5.0
JP Morgan 14,613.2 2 22.2 5.0
RBS 14,288.8 3 21.7 4.0
Financials 57,708.2 1,066
$10 20% China International Capital Co 10,143.3 1 17.6 2.0
Goldman Sachs & Co 8,810.8 2 15.3 7.0
Credit Suisse 8,352.3 3 14.5 10.0
Materials 55,317.8 1,138
UBS 7,620.0 1 13.8 14.0
$0 0% Goldman Sachs & Co 4,698.5 2 8.5 12.0
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
Credit Suisse 4,057.5 3 7.3 12.0
Top Ten Any Asia (ex-Japan) Involvement Announced Deals Jan 1 2010 – Sep 30 2010
2/15/2010 6/8/2010 Zain Africa BV (100%) Bharti Airtel Ltd India / Nigeria 10,700.0 Telecommunications / Wireless
7/30/2010 Pending EDF Energy-UK Power Distn Bus (100%) Investor Group Hong Kong / United Kingdom 9,056.4 Energy and Power / Power
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
15
Asia (ex-Japan) Rankings

Any Asia (ex-Japan) Involvement Announced (AD25) Jan 1 2010 – Sep 30 2010 Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 2010 – Sep 30 2010
Morgan Stanley 1 1 34,120.0 11.1 0.9 ▲ 39 0.6 -8 ▼ Morgan Stanley 1 2 45,974.4 22.3 10.5 ▲ 48 1.2 +23 ▲ 167.1 5.8 2.0 ▲
UBS 2 6 31,965.7 10.4 4.0 ▲ 40 0.6 +9 ▲ UBS 2 4 27,310.4 13.3 3.7 ▲ 41 1.0 +16 ▲ 110.2 3.8 1.4 ▲
Deutsche Bank AG 3 8 28,785.0 9.4 3.5 ▲ 25 0.4 -10 ▼ Barclays Capital 3 120 20,123.2 9.8 9.8 ▲ 13 0.3 +12 ▲ 48.3 1.7 1.7 ▲
Standard Chartered PLC 4 20 27,191.3 8.8 6.6 ▲ 16 0.2 +3 ▲ Deutsche Bank AG 4 7 19,357.6 9.4 2.4 ▲ 21 0.5 -6 ▼ 76.5 2.7 0.2 ▼
Barclays Capital 5 29 26,900.6 8.7 7.4 ▲ 13 0.2 +10 ▲ Standard Chartered PLC 5 22 17,367.9 8.4 6.2 ▲ 11 0.3 +4 ▲ 37.6 1.3 0.6 ▲
JP Morgan 6 13 26,851.4 8.7 5.0 ▲ 26 0.4 +11 ▲ Yuanta-Corepacific Securities 6 72 16,184.1 7.9 7.7 ▲ 10 0.3 +4 ▲ 41.6 1.4 1.2 ▲
BNP Paribas SA 7 15 26,269.6 8.5 5.5 ▲ 22 0.3 +3 ▲ Bank of America Merrill Lynch 7 18 15,991.7 7.8 4.5 ▲ 22 0.6 +1 ▲ 87.6 3.0 0.7 ▲
Bank of America Merrill Lynch 8 14 20,769.1 6.7 3.2 ▲ 19 0.3 -7 ▼ China International Capital Co 8 21 15,498.1 7.5 5.0 ▲ 13 0.3 +4 ▲ 13.2 0.5 0.2 ▲
Credit Suisse 9 2 20,586.6 6.7 -1.1 ▼ 53 0.8 +30 ▲ HSBC Holdings PLC 9 9 15,393.9 7.5 0.8 ▲ 17 0.4 +2 ▲ 47.3 1.6 0.3 ▲
Goldman Sachs & Co 10 3 20,261.6 6.6 -1.1 ▼ 37 0.5 +12 ▲ BNP Paribas SA 10 11 14,313.1 6.9 1.9 ▲ 17 0.4 +5 ▲ 36.4 1.3 0.0 -
China International Capital Co 11 9 18,376.0 6.0 0.2 ▲ 23 0.3 +14 ▲ Credit Suisse 11 1 13,178.6 6.4 -9.0 ▼ 33 0.8 +13 ▲ 75.8 2.6 1.5 ▼
RBS 12 46 16,909.3 5.5 4.8 ▲ 10 0.1 +6 ▲ Nomura 12 10 12,465.9 6.1 -0.6 ▼ 18 0.5 +4 ▲ 61.1 2.1 0.3 ▼
HSBC Holdings PLC 13 12 16,708.6 5.4 1.5 ▲ 19 0.3 +3 ▲ Goldman Sachs & Co 13 3 11,856.2 5.8 -5.2 ▼ 30 0.8 +12 ▲ 87.4 3.0 0.4 ▲
Rothschild 14 33 14,915.0 4.8 3.6 ▲ 25 0.4 +10 ▲ Global Investment House (KSCC) 14 - 10,700.0 5.2 5.2 ▲ 1 0.0 +1 ▲ 5.9 0.2 0.2 ▲
CIMB Group Sdn Bhd 15 50 12,151.9 4.0 3.4 ▲ 37 0.5 -11 ▼ CIMB Group Sdn Bhd 15 40 8,644.0 4.2 3.3 ▲ 29 0.7 +2 ▲ 35.9 1.3 1.0 ▲
Nomura 16 4 10,748.0 3.5 -3.6 ▼ 16 0.2 -5 ▼ JP Morgan 16 5 8,484.1 4.1 -3.4 ▼ 22 0.6 +10 ▲ 72.0 2.5 0.7 ▲
Global Investment House (KSCC) 17 - 10,700.0 3.5 3.5 ▲ 1 0.0 +1 ▲ Citi 17 8 8,382.6 4.1 -2.7 ▼ 21 0.5 0 - 52.3 1.8 0.3 ▼
Enam Securities 18 95 9,946.2 3.2 3.0 ▲ 14 0.2 +7 ▲ RBS 18 35 6,262.4 3.0 1.8 ▲ 6 0.2 +2 ▲ 15.6 0.5 0.2 ▲
Citi 19 5 8,239.9 2.7 -4.1 ▼ 24 0.3 +4 ▲ KPMG 19 50 5,585.0 2.7 2.2 ▲ 34 0.9 -2 ▼ 3.0 0.1 0.1 ▼
KPMG 20 35 6,321.1 2.1 1.0 ▲ 40 0.6 +1 ▲ Deloitte & Touche 20 71 5,155.6 2.5 2.3 ▲ 35 0.9 +28 ▲ 5.3 0.2 0.1 ▲
Jefferies & Co Inc 21 90 5,555.7 1.8 1.6 ▲ 7 0.1 +5 ▲ Rothschild 21 13 5,041.1 2.5 -1.8 ▼ 14 0.4 -3 ▼ 35.1 1.2 0.6 ▼
RHB 22 126 5,311.3 1.7 1.6 ▲ 13 0.2 +7 ▲ Somerley Ltd 22 25 4,411.8 2.1 0.3 ▲ 20 0.5 +2 ▲ 19.3 0.7 0.6 ▲
Somerley Ltd 23 26 5,114.8 1.7 0.3 ▲ 29 0.4 -9 ▼ Macquarie Group 23 27 4,049.3 2.0 0.5 ▲ 12 0.3 -4 ▼ 18.6 0.7 0.3 ▼
Deloitte & Touche 24 73 4,426.3 1.4 1.1 ▲ 32 0.5 +20 ▲ Ernst & Young LLP 24 17 4,046.3 2.0 -1.4 ▼ 39 1.0 +6 ▲ 7.1 0.2 0.1 ▲
Lazard 25 24 4,208.4 1.4 0.0 - 12 0.2 +7 ▲ CITIC 25 41 3,734.4 1.8 1.0 ▲ 4 0.1 +2 ▲ 5.3 0.2 0.1 ▼
307,984.8 100 0
100.0 7 019
7,019 +558 Industry Total 206 124 8
206,124.8 100 0
100.0 3 931
3,931 +125 2 882 0
2,882.0 100 0
100.0
Any Australian Involvement Announced (AD24) Jan 1 2010 – Sep 30 2010 Any Australian Involvement Completed (AF31) Jan 1 2010 – Sep 30 2010
Goldman Sachs & Co 1 1 70,526.6 55.5 -13.5 ▼ 34 2.0 -8 ▼ UBS 1 4 15,047.1 28.1 9.9 ▲ 21 1.8 +5 ▲ 70.7 7.2 1.0 ▲
Bank of America Merrill Lynch 2 19 55,831.7 43.9 42.2 ▲ 8 0.5 +6 ▲ Macquarie Group 2 2 13,872.8 25.9 -5.1 ▼ 23 1.9 -8 ▼ 44.3 4.5 3.3 ▼
JP Morgan 3 8 48,393.7 38.1 31.6 ▲ 12 0.7 +4 ▲ Goldman Sachs & Co 3 1 13,100.4 24.5 -15.8 ▼ 30 2.5 +4 ▲ 94.2 9.6 0.8 ▼
Barclays Capital 4 - 47,658.2 37.5 37.5 ▲ 4 0.2 +4 ▲ Bank of America Merrill Lynch 4 23 12,668.8 23.7 22.7 ▲ 7 0.6 +4 ▲ 33.5 3.4 2.5 ▲
RBC Capital Markets 5 59 43,881.2 34.5 34.5 ▲ 7 0.4 +4 ▲ Lazard 5 16 11,133.1 20.8 17.9 ▲ 3 0.3 -2 ▼ 23.8 2.4 0.2 ▲
RBS 6 13 43,846.7 34.5 30.9 ▲ 5 0.3 -2 ▼ Greenhill & Co, LLC 6 9 8,731.6 16.3 11.4 ▲ 5 0.4 -2 ▼ 20.7 2.1 0.5 ▲
TD Securities Inc 7 - 43,481.2 34.2 34.2 ▲ 2 0.1 +2 ▲ Morgan Stanley 7 12 6,800.1 12.7 8.8 ▲ 9 0.8 +5 ▲ 41.2 4.2 2.7 ▲
BNP Paribas SA 8 21* 43,305.9 34.1 32.7 ▲ 3 0.2 +2 ▲ Citi 8 21 5,163.3 9.7 8.5 ▲ 6 0.5 0 - 27.4 2.8 1.5 ▲
Santander 9 21* 43,180.5 34.0 32.6 ▲ 1 0.1 0 - Credit Suisse 9 44 4,876.9 9.1 9.0 ▲ 11 0.9 +8 ▲ 27.7 2.8 2.7 ▲
UBS 10 7 29,591.6 23.3 13.0 ▲ 23 1.3 +3 ▲ Rothschild 10 3 3,830.4 7.2 -14.3 ▼ 8 0.7 -3 ▼ 20.1 2.1 1.8 ▼
Lazard 11 5 25,308.4 19.9 -32.5 ▼ 9 0.5 +3 ▲ Deutsche Bank AG 11 6 3,463.3 6.5 -6.3 ▼ 8 0.7 -14 ▼ 17.3 1.8 4.0 ▼
Macquarie Group 12 2 20,216.8 15.9 -46.5 ▼ 16 0.9 -22 ▼ JP Morgan 12 5 3,023.4 5.7 -7.9 ▼ 8 0.7 0 - 17.7 1.8 2.5 ▼
Greenhill & Co, LLC 13 10 10,890.6 8.6 3.6 ▲ 10 0.6 -2 ▼ Singhi Advisors Ltd 13 - 2,739.9 5.1 5.1 ▲ 1 0.1 +1 ▲ 11.5 1.2 1.2 ▲
Gresham Partners 14 4 10,227.9 8.0 -45.9 ▼ 8 0.5 -6 ▼ Barclays Capital 14 - 2,714.2 5.1 5.1 ▲ 2 0.2 +2 ▲ 7.5 0.8 0.8 ▲
Deutsche Bank AG 15 11 7,395.5 5.8 1.0 ▲ 12 0.7 -8 ▼ Grant Samuel 15 7 2,125.1 4.0 -1.3 ▼ 6 0.5 0 - 3.0 0.3 0.4 ▼
Morgan Stanley 16 3 6,287.9 4.9 -49.3 ▼ 6 0.4 -5 ▼ Gresham Partners 16 13 1,741.9 3.3 0.0 ▲ 8 0.7 +1 ▲ 15.4 1.6 0.2 ▲
Citi 17 12 5,543.8 4.4 -0.3 ▼ 7 0.4 -3 ▼ Ernst & Young LLP 17 19 1,337.3 2.5 1.0 ▲ 10 0.8 -2 ▼ 1.7 0.2 0.1 ▲
Credit Suisse 18 6 5,386.4 4.2 -47.1 ▼ 14 0.8 +5 ▲ Fort Street Advisers 18 - 830.0 1.6 1.6 ▲ 3 0.3 +3 ▲ 7.9 0.8 0.8 ▲
Rothschild 19 9 4,390.6 3.5 -2.5 ▼ 11 0.6 +2 ▲ CIBC World Markets Inc 19 - 693.8 1.3 1.3 ▲ 2 0.2 +2 ▲ 7.8 0.8 0.8 ▲
Moelis & Co 20 63 2,763.4 2.2 2.2 ▲ 1 0.1 0 - RBS 20 32 594.4 1.1 0.4 ▲ 6 0.5 0 - 3.2 0.3 0.3 ▼
Singhi Advisors Ltd 21 - 2,739.9 2.2 2.2 ▲ 1 0.1 +1 ▲ SFRI LLC 21 - 565.0 1.1 1.1 ▲ 1 0.1 +1 ▲ 3.7 0.4 0.4 ▲
Blackstone Group LP 22 - 2,126.4 1.7 1.7 ▲ 3 0.2 +3 ▲ Nomura 22 18 540.4 1.0 -1.1 ▼ 3 0.3 +2 ▲ 6.5 0.7 0.4 ▲
Grant Samuel 23 15 2,109.0 1.7 -0.5 ▼ 5 0.3 -4 ▼ Cameron Partners Ltd 23 63* 519.1 1.0 1.0 ▲ 1 0.1 0 - 1.3 0.1 0.1 ▲
ANZ Banking Group 24 - 1,853.7 1.5 1.5 ▲ 4 0.2 +4 ▲ Azure Capital 24 14 475.5 0.9 -2.4 ▼ 7 0.6 +2 ▲ 5.9 0.6 0.1 ▲
Ernst & Young LLP 25 28 1,454.7 1.1 0.6 ▲ 12 0.7 -1 ▼ KPMG 25 39 454.6 0.9 0.7 ▲ 11 0.9 -4 ▼ 1.3 0.1 0.0 -
Industry Total 127,188.5 100.0 1,710 +46 Industry Total 53,512.1 100.0 1,191 +2 981.6 100.0
Industry % Change from Last Quarter 127.0% ▲ 15.2% ▲ Industry % Change from Last Quarter 168.4% ▲ 2.3% ▲ 66.3% ▲
* tie
16
Asia (ex-Japan) Rankings

Any New Zealand Involvement Announced (AD39) Jan 1 2010 – Sep 30 2010 Any New Zealand Involvement Completed (AF46) Jan 1 2010 – Sep 30 2010
Credit Suisse 1 - 6,171.2 71.4 71.4 ▲ 2 1.3 +2 ▲ UBS 1 11* 677.7 38.2 38.2 ▲ 3 2.4 +2 ▲ 7.5 12.9 8.2 ▲
Perella Weinberg Partners LP 2* - 5,998.6 69.4 69.4 ▲ 1 0.6 +1 ▲ First NZ Capital 2 11* 290.4 16.3 16.3 ▲ 2 1.6 0 - 3.0 5.1 4.2 ▲
HSBC Holdings PLC 2* - 5,998.6 69.4 69.4 ▲ 1 0.6 +1 ▲ Credit Suisse 3 - 198.7 11.2 11.2 ▲ 2 1.6 +2 ▲ 1.4 2.4 2.4 ▲
UBS 4 3 651.5 7.5 -1.1 ▼ 2 1.3 0 - Goldman Sachs & Co 4 6 134.5 7.6 5.5 ▲ 3 2.4 +1 ▲ 4.1 7.0 5.8 ▲
First NZ Capital 5 14* 230.6 2.7 2.7 ▲ 4 2.6 +3 ▲ Macquarie Group 5 4 123.3 6.9 -9.7 ▼ 1 0.8 -2 ▼ 1.9 3.3 3.4 ▼
Goldman Sachs & Co 6 10 134.5 1.6 0.1 ▲ 3 1.9 0 - Ernst & Young LLP 6 11* 95.3 5.4 5.4 ▲ 3 2.4 +1 ▲ .3 0.5 0.4 ▲
Macquarie Group 7 6 123.3 1.4 -0.9 ▼ 1 0.6 -1 ▼ Azure Capital 7 - 63.3 3.6 3.6 ▲ 1 0.8 +1 ▲ 1.0 1.6 1.6 ▲
Ernst & Young LLP 8* 11 63.3 0.7 -0.3 ▼ 2 1.3 -1 ▼ Adelaide Equity Partners Ltd 8 - 48.9 2.8 2.8 ▲ 1 0.8 +1 ▲ .9 1.5 1.5 ▲
Azure Capital 8* - 63.3 0.7 0.7 ▲ 1 0.6 +1 ▲ Grant Thornton LLP 9* 10 35.4 2.0 1.4 ▲ 2 1.6 +1 ▲ .1 0.1 0.0 -
Rabobank NV 10 - 58.1 0.7 0.7 ▲ 1 0.6 +1 ▲ RFC Corporate Finance 9* - 35.4 2.0 2.0 ▲ 1 0.8 +1 ▲ .2 0.4 0.4 ▲
Campbell MacPherson Ltd 11 - 30.6 0.4 0.4 ▲ 1 0.6 +1 ▲ Blair Franklin Capital Part 9* - 35.4 2.0 2.0 ▲ 1 0.8 +1 ▲ .2 0.4 0.4 ▲
KPMG 12 4 17.0 0.2 -5.1 ▼ 9 5.8 -2 ▼ PricewaterhouseCoopers 12 8 26.2 1.5 0.6 ▲ 8 6.5 -6 ▼ .2 0.4 0.3 ▼
Deloitte & Touche 13 8 6.4 0.1 -1.5 ▼ 12 7.8 +3 ▲ KPMG 13 5 17.0 1.0 -2.9 ▼ 10 8.1 -2 ▼ .2 0.4 0.6 ▼
Brewin Dolphin 14 - 5.1 0.1 0.1 ▲ 2 1.3 +2 ▲ Deloitte & Touche 14 7 5.8 0.3 -1.2 ▼ 10 8.1 +1 ▲ .1 0.2 0.2 ▼
Brewin Dolphin 15 - 5.1 0.3 0.3 ▲ 2 1.6 +2 ▲ .7 1.2 1.2 ▲
Industry Total 8,643.6 100.0 154 -11 Industry Total 1,776.5 100.0 123 -10 58.5 100.0
Industry % Change from Same Period Last Year 528.5% ▲ -6.7% ▼ Industry % Change from Same Period Last Year 19.2% ▲ -7.5% ▼ 37.6% ▲
* tie
Top 10 Asia (ex-Japan) Involvement Announced M&A Advisors by Target Industry (AD25) Jan 1 2010 – Sep 30 2010
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Morgan Stanley UBS Deutsche Bank AG Standard Chartered PLC Barclays Capital JP Morgan BNP Paribas SA Bank of America Merrill Credit Suisse Goldman Sachs & Co
Lynch
Telecommunications Retail Real Estate Media and Entertainment Materials
Industrials High Technology Healthcare Government and Agencies Financials
Energy and Power Consumer Staples Consumer Products and Services
17
Japan M&A
Japan M&A Up 25% | Financials Leads Activity | Cross-border M&A Surges
Japan Deals Intelligence Any Japanese Involvement Announced M&A
Any Japanese Involvement M&A activity during the first nine months of 2010 increased by 24.5% to US$109 billion $200 Q4 Volume (US$b) 3,500
compared to the same period last year. In contrast, the number of deals decreased by 8.7%, to 2,024 deals, the lowest Q3 Volume (US$b)
deal count since 2005 for the first nine months of the year. Q2 Volume (US$b)
$175
Q1 Volume (US$b) 3,000
# of Deals
Financials was the most active sector during the first nine months of 2010, driven by notable transactions $150
including the US$9.1 billion merger between Chuo Mitsui Trust Holdings and Sumitomo Trust & Banking, Resona 2,500
Rank Value (US$b)

Holdings’ US$5 billion buyback transaction and Prudential Financial's US$4.8 billion acquisition of AIG Star Life
$125
Insurance and AIG Edison Life Insurance.
# of Deals
2,000
$100
Backed by the strong yen, outbound activity increased by 100.3% with a total value of US$31.5 billion; the second
highest volume recorded for the first nine months of the year since 2000. In terms of number of deals, the first nine 1,500
$75
months of 2010 marked the highest number of announced transactions in history with 367 deals. The US remains the
most targeted nation based on number of deals by Japanese companies, with China ranking in second place. 1,000
$50
Announced inbound deals also increased by 204.2% during the first nine months of 2010 compared to the same period
last year. $25 500
$0 0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Japanese Involvement Announced M&A - Top Advisors by Target Industry Japanese Cross Border Volume
Rank Val Mkt.
US$m Rank Share No. Deals $35 Outbound (US$b) Inbound (US$b) # of Deals 200
Financials 25,618.4 161
Nomura 20,413.7 1 79.7 14 180
$30
JP Morgan 19,132.7 2 74.7 6
Daiwa Securities Group Inc 10,148.9 3 39.6 5 160
High Technology 16,990.6 316
Rank Value (US$b)
$25 140
Nomura 10,615.4 1 62.5 12
Daiwa Securities Group Inc 5,029.9 2 29.6 9
# of Deals
120
ABeam M&A Consulting Ltd 4,859.6 3 28.6 2 $20
Real Estate 11,518.2 119
100
Mitsubishi UFJ Morgan Stanley 1,956.0 1 17.0 3
JP Morgan 1,545.7 2 13.4 3 $15
80
Sumitomo Mitsui Finl Grp Inc 443.2 3 3.9 5
Industrials 10,945.5 281
$10 60
Deutsche Bank AG 7,780.6 1 71.1 2
Nomura 7,426.7 2 67.9 9
40
Mizuho Financial Group 816.7 3 7.5 19
$5
20
* tie
$0 0
1Q04
2Q04
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
Top Ten Japanese Involvement Announced Deals Jan 1 2010 – Sep 30 2010
8/24/2010 Pending Sumitomo Trust & Bkg Co Ltd (100%) Chuo Mitsui Trust Holdings Inc Japan / Japan 9,148.9 Financials / Banks
1/19/2010 Pending Japan Airlines Corp (100%) ETIC Japan / Japan 7,002.2 Industrials / Transportation & Infrastructure
8/26/2010 8/31/2010 Resona Holdings Inc (31.46%) Resona Holdings Inc Japan / Japan 5,040.1 Financials / Banks
7/29/2010 Pending Sanyo Electric Co Ltd (49.8%) Panasonic Corp Japan / Japan 4,859.6 High Technology / Electronics
9/30/2010 Pending AIG Star Life Insurance Co Ltd (100%) Prudential Financial Inc United States / Japan 4,800.0 Financials / Insurance
9/10/2010 9/29/2010 JNFL (66.67%) Investor Group Japan / Japan 4,752.8 Energy and Power / Oil & Gas
7/29/2010 Pending Panasonic Elec Works Co Ltd (48.2%) Panasonic Corp Japan / Japan 4,560.0 High Technology / Electronics
1/24/2010 2/18/2010 Liberty Global-Subsidiaries(3) (100%) KDDI Corp Japan / United States 4,000.0 Media and Entertainment / Cable
3/1/2010 6/8/2010 OSI Pharmaceuticals Inc (100%) Ruby Acquisition Inc United States / United States 3,837.9 Healthcare / Pharmaceuticals
7/15/2010 Pending Dimension Data Holdings PLC (100%) Nippon Telegraph & Telephone Japan / South Africa 2,730.3 High Technology / IT Consulting & Services
18
Japan Rankings
Any Japanese Involvement Announced (AD19) Jan 1 2010 – Sep 30 2010 Any Japanese Involvement Completed (AF23) Jan 1 2010 – Sep 30 2010
Nomura 1 1 50,316.3 46.2 13.3 ▲ 85 4.2 -12 ▼ Nomura 1 1 41,234.5 38.3 18.9 ▲ 87 5.4 +18 ▲ 124.1 9.0 2.6 ▲
JP Morgan 2 10 31,537.8 28.9 20.7 ▲ 18 0.9 +8 ▲ Mizuho Financial Group 2 3 33,362.8 31.0 16.6 ▲ 78 4.8 -11 ▼ 86.5 6.3 0.7 ▼
Daiwa Securities Group Inc 3 4 18,813.4 17.3 -3.6 ▼ 42 2.1 -29 ▼ JP Morgan 3 6 28,793.5 26.7 18.0 ▲ 14 0.9 +2 ▲ 63.2 4.6 1.3 ▲
Bank of America Merrill Lynch 4 9 17,719.8 16.3 7.5 ▲ 15 0.7 -10 ▼ Bank of America Merrill Lynch 4 7 28,681.6 26.6 19.0 ▲ 11 0.7 -6 ▼ 47.2 3.4 0.4 ▼
Mitsubishi UFJ Morgan Stanley 5 - 16,102.1 14.8 - - 38 1.9 - - Daiwa Securities Group Inc 5 4 26,977.3 25.0 13.3 ▲ 51 3.2 -4 ▼ 45.6 3.3 1.7 ▼
UBS 6 8 13,197.4 12.1 2.8 ▲ 6 0.3 -5 ▼ UBS 6 12 23,806.2 22.1 16.0 ▲ 9 0.6 -2 ▼ 35.9 2.6 0.3 ▼
Citi 7 5 12,339.5 11.3 -8.2 ▼ 15 0.7 -10 ▼ Goldman Sachs & Co 7 14 23,264.4 21.6 17.2 ▲ 17 1.1 +7 ▲ 71.3 5.2 3.8 ▲
Goldman Sachs & Co 8 2 11,183.3 10.3 -14.9 ▼ 12 0.6 +2 ▲ Citi 8 17 20,035.5 18.6 15.0 ▲ 21 1.3 +8 ▲ 50.7 3.7 1.8 ▲
Sumitomo Mitsui Finl Grp Inc 9 29 9,735.9 8.9 7.9 ▲ 69 3.4 +43 ▲ Mitsubishi UFJ Financial Group 9 11 16,085.2 14.9 8.6 ▲ 34 2.1 -9 ▼ 47.4 3.5 0.8 ▲
Deutsche Bank AG 10 11 8,554.0 7.9 -0.2 ▼ 12 0.6 +3 ▲ Mitsubishi UFJ Morgan Stanley 10 - 12,841.4 11.9 - - 24 1.5 - - 50.9 3.7 - -
KPMG 11 22 6,313.8 5.8 4.3 ▲ 23 1.1 -3 ▼ Sumitomo Mitsui Finl Grp Inc 11 24 7,807.8 7.3 6.0 ▲ 57 3.5 +30 ▲ 40.0 2.9 1.8 ▲
ABeam M&A Consulting Ltd 12 32 5,484.1 5.0 4.4 ▲ 5 0.2 -4 ▼ KPMG 12 15 6,610.1 6.1 2.0 ▲ 26 1.6 +3 ▲ 24.3 1.8 1.4 ▲
Barclays Capital 13 15 5,417.7 5.0 2.2 ▲ 6 0.3 +4 ▲ Deutsche Bank AG 13 10 5,631.3 5.2 -1.6 ▼ 13 0.8 0 - 37.5 2.7 0.2 ▼
Perella Weinberg Partners LP 14 - 4,800.0 4.4 4.4 ▲ 2 0.1 +2 ▲ Lazard 14 8 5,176.8 4.8 -2.6 ▼ 10 0.6 +1 ▲ 24.3 1.8 0.3 ▼
Mizuho Financial Group 15 3 4,309.6 4.0 -20.8 ▼ 68 3.4 -48 ▼ Credit Suisse 15 13 5,077.5 4.7 -1.3 ▼ 5 0.3 -3 ▼ 16.4 1.2 0.8 ▼
Lazard 16 19 4,187.4 3.8 2.0 ▲ 5 0.2 -4 ▼ Centerview Partners LLC 16 - 3,837.9 3.6 3.6 ▲ 1 0.1 +1 ▲ 7.9 0.6 0.6 ▲
Centerview Partners LLC 17 - 3,837.9 3.5 3.5 ▲ 1 0.0 +1 ▲ Deloitte & Touche 17 31 2,225.0 2.1 1.7 ▲ 24 1.5 +6 ▲ 2.5 0.2 0.1 ▲
Rothschild 18 76 2,559.1 2.4 2.4 ▲ 5 0.2 +2 ▲ Greenhill & Co, LLC 18 44 1,877.8 1.7 1.5 ▲ 3 0.2 +1 ▲ 6.0 0.4 0.0 -
GCA Savvian Group Corp 19 23 2,451.4 2.3 0.9 ▲ 19 0.9 -20 ▼ Sangyo Sosei Advisory Inc 19 - 1,654.3 1.5 1.5 ▲ 2 0.1 +2 ▲ 4.6 0.3 0.3 ▲
BNP Paribas SA 20 27* 1 278 3
1,278.3 12
1.2 02 ▲
0.2 6 0 3 +4
0.3 ▲ ING 20 25* 1 475 7
1,475.7 14
1.4 02 ▲
0.2 3 0 2 +2
0.2 ▲ 76
7.6 06
0.6 05 ▲
0.5
Deloitte & Touche 21 30 1,174.5 1.1 0.2 ▲ 33 1.6 +13 ▲ Societe Generale 21 104* 1,465.0 1.4 1.4 ▲ 2 0.1 +1 ▲ 9.4 0.7 0.6 ▲
Lexicon Partners 22 - 1,066.5 1.0 1.0 ▲ 4 0.2 +4 ▲ Barclays Capital 22 39* 1,401.2 1.3 1.1 ▲ 5 0.3 +4 ▲ 11.4 0.8 0.7 ▲
Grisons Peak LLP 23 - 1,000.0 0.9 0.9 ▲ 1 0.0 +1 ▲ PricewaterhouseCoopers 23 5 1,391.5 1.3 -7.6 ▼ 14 0.9 -10 ▼ 3.2 0.2 0.2 ▼
PricewaterhouseCoopers 24 17 839.2 0.8 -1.8 ▼ 15 0.7 -6 ▼ GCA Savvian Group Corp 24 16 1,290.0 1.2 -2.6 ▼ 16 1.0 -19 ▼ 12.9 0.9 0.9 ▼
RBC Capital Markets 25 - 771.6 0.7 0.7 ▲ 5 0.2 +5 ▲ BNP Paribas SA 25 25* 1,088.1 1.0 -0.2 ▼ 5 0.3 +4 ▲ 5.3 0.4 0.3 ▲
Industry Total 109,023.8 100.0 2,024 -192 Industry Total 107,743.0 100.0 1,617 -395 1,375.2 100.0
Industry % Change from Same Period Last Year 24.5% ▲ -8.7% ▼ Industry % Change from Same Period Last Year 91.4% ▲ -19.6% ▼ 42.6% ▲
* tie
Top 10 Any Japanese Involvement Announced M&A Advisors by Target Industry (AD19) Jan 1 2010 – Sep 30 2010
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Nomura JP Morgan Daiwa Securities Group Bank of America Merrill Mitsubishi UFJ Morgan UBS Citi Goldman Sachs & Co Sumitomo Mitsui Finl Grp Deutsche Bank AG
Inc Lynch Stanley Inc
Telecommunications Retail Real Estate Media and Entertainment Materials Industrials High Technology Healthcare Government and Agencies Financials Energy and Power Consumer Staples Consumer Products and Services
19
Fairness Opinion Rankings †
Worldwide Announced Fairness Any Americas Announced Any US Announced Fairness

Opinion Jan 1 2010 – Sep 30 2010 Fairness Opinion Jan 1 2010 – Sep 30 2010 Opinion Jan 1 2010 – Sep 30 2010
Based on Number of Transactions Based on Number of Transactions Based on Number of Transactions
# of Deals per Advisor Rank Value (US$m) # of Deals per Advisor Rank Value (US$m) # of Deals per Advisor Rank Value (US$m)
2010 2009 # of Market Change in Rank Value Market 2010 2009 # of Market Change in Rank Value Market 2010 2009 # of Market Change in Rank Value Market
Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%)
UBS 1 8* 30 8.7 +20 ▲ 38,106.9 16.1 JP Morgan 1 1 14 8.7 +3 ▲ 25,025.4 14.5 Houlihan Lokey 1* 2 13 11.4 +4 ▲ 5,360.7 4.7
JP Morgan 2 3* 20 5.8 +7 ▲ 38,415.4 16.3 Houlihan Lokey 2 2* 13 8.1 +4 ▲ 5,360.7 3.1 JP Morgan 1* 1 13 11.4 +3 ▲ 24,101.4 21.1
Houlihan Lokey 3* 10* 14 4.1 +5 ▲ 5,389.0 2.3 UBS 3* 9* 11 6.8 +6 ▲ 31,691.2 18.3 Goldman Sachs & Co 3 3 11 9.7 +3 ▲ 37,161.4 32.5
Lazard 3* 35* 14 4.1 +11 ▲ 8,003.2 3.4 Goldman Sachs & Co 3* 4 11 6.8 +3 ▲ 37,161.4 21.5 UBS 4 11* 10 8.8 +7 ▲ 31,451.2 27.5
Deutsche Bank AG 5* 12* 12 3.5 +4 ▲ 9,221.4 3.9 Morgan Stanley 5 9* 9 5.6 +4 ▲ 20,283.0 11.7 Morgan Stanley 5 7* 8 7.0 +4 ▲ 19,829.3 17.3
Morgan Stanley 5* 12* 12 3.5 +4 ▲ 23,121.4 9.8 RBC Capital Markets 6* 15* 5 3.1 +2 ▲ 3,101.3 1.8 Tudor Pickering & Co LLC 6 31* 5 4.4 +4 ▲ 2,519.7 2.2
Goldman Sachs & Co 7 5* 11 3.2 0 ‐ 37,161.4 15.7 Tudor Pickering & Co LLC 6* 44* 5 3.1 +4 ▲ 2,519.7 1.5 Ladenburg Thalmann & Co 7 17* 4 3.5 +2 ▲ 203.5 0.2
China International Capital Co 8 92* 9 2.6 +8 ▲ 1,355.6 0.6 Deutsche Bank AG 8* 44* 4 2.5 +3 ▲ 3,329.1 1.9 Deutsche Bank AG 8* 31* 3 2.6 +2 ▲ 3,197.1 2.8
Everbright Securities Co 9 92* 7 2.0 +6 ▲ 1,765.9 0.7 Credit Suisse 8* 7* 4 2.5 -2 ▼ 9,328.1 5.4 Paradigm Capital Inc 8* - 3 2.6 +3 ▲ 161.0 0.1
PricewaterhouseCoopers 10* 35* 6 1.7 +3 ▲ 541.4 0.2 Banco Bradesco SA 8* - 4 2.5 +4 ▲ 4,163.7 2.4 Stifel Financial Corp 8* 11* 3 2.6 0 ‐ 4,451.0 3.9
China Merchants Bank 10* 58* 6 1.7 +4 ▲ 486.2 0.2 Ladenburg Thalmann & Co 8* 25* 4 2.5 +2 ▲ 203.5 0.1 RBC Capital Markets 8* - 3 2.6 +3 ▲ 1,280.5 1.1
RBC Capital Markets 10* 35* 6 1.7 +3 ▲ 3,203.5 1.4 Paradigm Capital Inc 12* 44* 3 1.9 +2 ▲ 161.0 0.1 Berenson & Co LLP 8* - 3 2.6 +3 ▲ 1,296.0 1.1
Credit Suisse 10* 12* 6 1.7 -2 ▼ 11,040.8 4.7 Stifel Financial Corp 12* 15* 3 1.9 0 ‐ 4,451.0 2.6 Western Reserve Partners LLC 8* - 3 2.6 +3 ▲ 12.8 0.0
Somerley Ltd 14* 3* 5 1.5 -8 ▼ 1,426.0 0.6 Berenson & Co LLP 12* - 3 1.9 +3 ▲ 1,296.0 0.7 Jefferies & Co Inc 8* 11* 3 2.6 0 ‐ 4,852.0 4.2
GF Securities 14* 20* 5 1.5 -1 ▼ 707.5 0.3 Wallbanck Brothers Sec (HK) 12* - 3 1.9 +3 ▲ 335.4 0.2 Thomas Weisel Partners 15* 31* 2 1.8 +1 ▲ 687.1 0.6
CITIC 14* 12* 5 1.5 -3 ▼ 5.7 0.0 GMP Capital Corp 12* 9* 3 1.9 -2 ▼ 322.5 0.2 Lazard 15* 17* 2 1.8 0 ‐ 7,103.7 6.2
Tudor Pickering & Co LLC 14* 92* 5 1.5 +4 ▲ 2,519.7 1.1 Western Reserve Partners LLC 12* - 3 1.9 +3 ▲ 12.8 0.0 Kotak Mahindra Bank Ltd 15* - 2 1.8 +2 ▲ 18.0 0.0
Qilu Securities Co Ltd 14* 92* 5 1.5 +4 ▲ 173.1 0.1 Jefferies & Co Inc 12* 15* 3 1.9 0 ‐ 4,852.0 2.8 Piper Jaffray Cos 15* 17* 2 1.8 0 ‐ 2,756.1 2.4
Huatai United Securities Co 14* 92* 5 1.5 +4 ▲ 747.1 0.3 Centerview Partners LLC 15* 17* 2 1.8 0 ‐ 863.8 0.8
Ladenburg Thalmann & Co 14* 58* 5 1.5 +3 ▲ 203.5 0.1 Moelis & Co 15* - 2 1.8 +2 ▲ 2,169.5 1.9
KeyBanc Capital Markets Inc 15* 31* 2 1.8 +1 ▲ 124.0 0.1
Industry Total 345 -56 236,372.6 100.0 Industry Total 161 +3 173,184.2 100.0 Industry Total 114 +3 114,411.9 100.0
Industry % Change from Same Period Last Year 14.0% ▼ 19.2% ▼ Industry % Change from Same Period Last Year 1.9% ▲ 20.2% ▼ Industry % Change from Same Period Last Year 2.7% ▲ 35.2% ▼
Industry % Change from Last Quarter 17.5% ▼ 7.2% ▲ Industry % Change from Last Quarter 8.3% ▼ 0.7% ▲ Industry % Change from Last Quarter 7.3% ▲ 25.3% ▲
Any EMEA Announced Fairness Any Asia Pacific Announced

Opinion Jan 1 2010 – Sep 30 2010 Fairness Opinion Jan 1 2010 – Sep 30 2010
Based on Number of Transactions Based on Number of Transactions
# of Deals per Advisor Rank Value (US$m) # of Deals per Advisor Rank Value (US$m)
2010 2009 # of Market Change in Rank Value Market 2010 2009 # of Market Change in Rank Value Market
Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%)
UBS 1 2 22 24.7 +15 ▲ 21,433.2 21.6 China International Capital Co 1 42* 9 6.6 +8 ▲ 1,355.6 6.3
Lazard 2 20* 13 14.6 +12 ▲ 984.5 1.0 Everbright Securities Co 2 42* 7 5.2 +6 ▲ 1,765.9 8.2
Deutsche Bank AG 3 4* 9 10.1 +5 ▲ 6,292.4 6.3 China Merchants Bank 3 24* 6 4.4 +4 ▲ 486.2 2.3
JP Morgan 4 9* 6 6.7 +3 ▲ 13,003.7 13.1 Somerley Ltd 4* 3 5 3.7 -8 ▼ 1,426.0 6.6
Mediobanca 5* 4* 4 4.5 0 ‐ 10,590.7 10.7 GF Securities 4* 8 5 3.7 -1 ▼ 707.5 3.3
Houlihan Lokey 5* 4* 4 4.5 0 ‐ 4,187.9 4.2 CITIC 4* 5* 5 3.7 -3 ▼ 5.7 0.0
Morgan Stanley 5* 14* 4 4.5 +2 ▲ 1,296.0 1.3 Qilu Securities Co Ltd 4* 42* 5 3.7 +4 ▲ 173.1 0.8
Credit Suisse 5* 3 4 4.5 -1 ▼ 5,632.6 5.7 Huatai United Securities Co 4* 42* 5 3.7 +4 ▲ 747.1 3.5
Berenson & Co LLP 9* - 3 3.4 +3 ▲ 1,296.0 1.3 Guangdong Securities 9* 1 4 2.9 -12 ▼ 90.1 0.4
Collins Stewart Tullett 9* - 3 3.4 +3 ▲ 10.3 0.0 Southwestern Securities Co 9* 9 4 2.9 -1 ▼ 2,148.2 10.0
KPMG 9* 1 3 3.4 -5 ▼ 426.3 0.4 PricewaterhouseCoopers 9* - 4 2.9 +4 ▲ 231.8 1.1
Deloitte & Touche 12* 14* 2 2.3 0 ‐ 4.5 0.0 Access Capital Ltd 9* 42* 4 2.9 +3 ▲ 259.2 1.2
PricewaterhouseCoopers 12* 9* 2 2.3 -1 ▼ 309.6 0.3 Wallbanck Brothers Sec (HK) 9* 24* 4 2.9 +2 ▲ 337.5 1.6
Santander 12* - 2 2.3 +2 ▲ 37.0 0.0 Orient Securities Co Ltd 9* 10* 4 2.9 0 ‐ 380.1 1.8
Goldman Sachs & Co 12* 4* 2 2.3 -2 ▼ 8,413.5 8.5 CIMB Group Sdn Bhd 9* 2 4 2.9 -10 ▼ 229.6 1.1
Societe Generale 12* - 2 2.3 +2 ▲ 10,500.8 10.6 Guosen Securities Co Ltd 16* 24* 3 2.2 +1 ▲ 730.6 3.4
UBS 16* 42* 3 2.2 +2 ▲ 1,594.9 7.4
Kotak Mahindra Bank Ltd 16* - 3 2.2 +3 ▲ 18.0 0.1
Public Investment Bank Bhd 16* - 3 2.2 +3 ▲ 1,317.1 6.1
Industrial & Comm Bank China 20* - 2 1.5 +2 ▲ 109.3 0.5
DBS Group Holdings 20* 42* 2 1.5 +1 ▲ 4.9 0.0
Hongta Securities Co Ltd 20* 42* 2 1.5 +1 ▲ 19.3 0.1
Veda Capital Ltd 20* 15* 2 1.5 -1 ▼ 25.9 0.1
Industry Total 89 +26 99,170.8 100.0 Industry Total 136 -64 21,557.2 100.0
Industry % Change from Same Period Last Year 41.3% ▲ 58.1% ▲ Industry % Change from Same Period Last Year 32.0% ▼ 44.4% ▼
Industry % Change from Last Quarter 7.0% ▲ 163.3% ▲ Industry % Change from Last Quarter 34.1% ▼ 43.7% ▼
* tie
†
Fairnes Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness
opinions provided as part of a broader advisory mandate.
20
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
contact:
- League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
Americas
Stephen Case
Tel: +1 646 223 8424
E-mail: stephen.case@thomsonreuters.com - 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.
Europe
Victor Eng
Tel: +44 (0) 207 542 9665 - 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
E-mail: victor.eng@thomsonreuters.com time of announcement of terms.
Asia-Pacific
Jason Pacannuayan
Tel: +632 858 7262 - 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: jason.pacannuayan@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.
Japan
Catherina Guinto-Roldan
Tel: +813 5218 6591
E-mail: catherina.guinto@thomsonreuters.com
- 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.
- 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.
- 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
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
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
reflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.
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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or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or
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.
21
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MERGERS & ACQUISITIONS REVIEW

First Nine Months 2010

M&A Financial Advisory Review

Americas M&A 6 Any Spanish Involvement Completed (AF41) 12

European Deals Intelligence 9 Any Asia (ex-Japan) Involvement Announced (AD25) 16

MERGERS & ACQUISITIONS REVIEW

Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees

Imputed Fees (US$b)

Worldwide Volume by Deal Status Worldwide Unsolicited Bids

Q3 Volume (US$b) 8.0%

Mergers & Acquisitions

Top Fifteen Worldwide Announced Deals Jan 1 2010 – Sep 30 2010

Materials 223,427.6 4,190 All Other Transactions

Worldwide M&A Matrix

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

Worldwide Announced Rankings* - A Decade in Review

1 1 Goldman Sachs & Co

5 5 Bank of America Merrill Lynch

*League Table positions reflect consolidation within the banking sector

Americas Deals Intelligence LBOs as a Percentage of US Targeted Announced M&A

Rank Value (US$b)

70% Goldman Sachs & Co 47,328.4 1 61.4 22

Telecommunications Retail Real Estate Media and Entertainment Materials

Top Ten US Announced Deals Jan 1 2010 – Sep 30 2010

EMEA Deals Intelligence European Financial Sponsor Investments

Rank Value (US$b)

Asia Pacific (ex-Japan) M&A

China Cross-Border Announced M&A Financials

% of Cross Border is Outbound

Credit Suisse 4,057.5 3 7.3 12.0

Asia (ex-Japan) Rankings

Asia (ex-Japan) Rankings

Telecommunications Retail Real Estate Media and Entertainment Materials

Industrials High Technology Healthcare Government and Agencies Financials

Energy and Power Consumer Staples Consumer Products and Services

Japan Deals Intelligence Any Japanese Involvement Announced M&A

Rank Value (US$b)

Fairness Opinion Rankings †

Worldwide Announced Fairness Any Americas Announced Any US Announced Fairness

Any EMEA Announced Fairness Any Asia Pacific Announced

Ranking Criteria Summary

© 2010 Thomson Reuters. All rights reserved.

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One Solution. One Framework

Thomson I/B/E/S Thomson Investext Thomson SDC

Thomson Reuters Deals Content is the most

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